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Southern First Reports Results for Second Quarter 2023
GREENVILLE, S.C., July 25, 2023 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its
About this update from Southern First Bancshares, Inc.
[{"type":"text","content":"GREENVILLE, S.C., July 25, 2023 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three-month period ended June 30, 2023.\n\n \n \n \n \n \n \n\n \n\"I am proud of our team's performance during a volatile quarter for the banking industry,\" stated Art Seaver, the Company's Chief Executive Officer. \"It was a strong quarter in terms of new deposit accounts, loan growth, mortgage production, and credit quality. We witnessed margin stabilization in the latter half of the quarter and expect continued momentum in the second half of the year.\"\n2023 Second Quarter Highlights \nNet income was $2.5 million and diluted earnings per common share were $0.31 for Q2 2023Total deposits increased 20% to $3.4 billion at Q2 2023, compared to $2.9 billion at Q2 2022Total loans increased 24% to $3.5 billion at Q2 2023, compared to $2.8 billion at Q2 2022Book value per common share increased to $37.42 at Q2 2023, or 6%, over Q2 2022Credit quality remains strong with nonperforming assets to total assets of 0.08% and past due loans to total loans of 0.07% at Q2 2023Core deposits decreased 2% to $2.9 billion at Q2 2023, compared to Q1 2023 and increased 11% from Q2 2022 \nQuarter Ended\nJune 30\nMarch 31\nDecember 31\nSeptember 30\nJune 30\n2023\n2023\n2022\n2022\n2022\nEarnings ($ in thousands, except per share data):\nNet income available to common shareholders\n$\n2,458\n2,703\n5,492\n8,413\n7,240\nEarnings per common share, diluted\n0.31\n0.33\n0.68\n1.05\n0.90\nTotal revenue(1)\n21,561\n22,468\n25,826\n28,134\n27,149\nNet interest margin (tax-equivalent)(2)\n2.05 %\n2.36 %\n2.88 %\n3.19 %\n3.35 %\nReturn on average assets(3)\n0.26 %\n0.30 %\n0.63 %\n1.00 %\n0.92 %\nReturn on average equity(3)\n3.27 %\n3.67 %\n7.44 %\n11.57 %\n10.31 %\nEfficiency ratio(4)\n80.67 %\n76.12 %\n63.55 %\n57.03 %\n58.16 %\nNoninterest expense to average assets (3)\n1.82 %\n1.89 %\n1.87 %\n1.92 %\n2.02 %\nBalance Sheet ($ in thousands):\nTotal loans(5)\n$\n3,537,616\n3,417,945\n3,273,363\n3,030,027\n2,845,205\nTotal deposits\n3,433,018\n3,426,774\n3,133,864\n3,001,452\n2,870,158\nCore deposits(6)\n2,880,507\n2,946,567\n2,759,112\n2,723,592\n2,588,283\nTotal assets\n4,002,107\n3,938,140\n3,691,981\n3,439,669\n3,287,663\nBook value per common share\n37.42\n37.16\n36.76\n35...