Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Q1 2024 Earnings Presentation
25 slides from Southern First Bancshares's earnings presentation, Apr 18, 2024
Slide 1: First Quarter Results 2024
NN XXX XK XO Southern FIRST QUARTER RESULTS 2024 April 18, 2024 VEE OOCCC OCC CON
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS During the course of this presentation, management may make projections and forward- looking statements regarding events or the future financial performance of Southern First Bancshares, Inc. We wish to caution you that these forward-looking statements involve certain risk
Slide 3: Our Mission
e Our Mission ‘Our mission is to impact lives in the communities we serve OUR PHILOSOPHY Our Purpose We exist to enable dreams, earn trust, and exceed expectations. O 922 Our Culture We focus on the things that matter most: family, community, and teamwork. rt
Slide 4: Investment Thesis
INVESTMENT THESIS
Slide 5: Corporate Profile
CORPORATE PROFILE SOUTHERN FinsT MaRS Community Bankers Cup PIPER | SANDLER 2022SM-ALLSTARS ff (ere
Slide 6: High-Growth Markets
HIGH-GROWTH MARKETS GDP Growth Population Growth Pitti i al iam LIL CELA LPL CE EES Employment Growth i. a all sam LZ. fo OS eS FS Inbound Move Rate 2022
Slide 7: Executive Team
EXECUTIVE TEAM Will Aiken
Slide 8: Executive Team
EXECUTIVE TEAM Dave Favela q
Slide 9: Highlights
HIGHLIGHTS + Net income was $2.5 million and diluted earnings per common share were $0.31 for Q1 2024 + Total loans increased to $3.6 billion at Q1 2024, compared to $3.4 billion at Q1 2023, Total deposits increased to $3.5 billion at Q1 2024, compared to $3.4 billion at Q1 2023 + Strong credit qual
Slide 10: Proactive Balance Sheet & Earnings Management
PROACTIVE BALANCE SHEET & EARNINGS MANAGEMENT + We continued to balance current earnings decisions with long term balance sheet management considerations: + Net interest margin improvement + Loan pricing discipline + Deposit cost analysis + Reduce loan to deposit ratio * Capital accretion and growth
Slide 11: Loans & Deposits
LOANS & DEPOSITS Total Loans $3648 $3600 s3s4psass 0F3608 53428 $3400 s3278 $3,200 $3038 $3000 syes8 52600 52400, $2200 52000 won zon tz 203 203 2B 2a ™ : $3,600 $3400 $3,200 $3,000 $2,600 $2400 52200 52.000 Total Deposits 9343053.43 3598838 8 nae wen viz 2hzz 2003. 2003. 2003223 aoe
Slide 12: Loan & Deposit Yields
LOAN & DEPOSIT YIELDS Total Loans Total Interest-Bearing Deposits so asm 505% 4.00% arom — 820% Bd rm 3.50%, 425% rt basal ov 250% 4 2.00% 1.80% 1.50% perk cose son 20% afl c.c0% Qa @ 3 a a as a zona 2002 2022 23 ze 20 20232 wiz nom 2022 2003. 2003.23 2a 2H
Slide 13: Loan Composition
LOAN COMPOSITION Q1 2024 ome uty omecauty — Total Loans $3.64 Billion hesiguate Total Loans $3.42 Billion = Commercial, 623 a Consumer, 38% = Commercial, 623 Consumer, 38% ¥
Slide 14: Total Office Credit Exposure
TOTAL OFFICE CREDIT EXPOSURE Total Credit Exposure by Market Total Credit Exposure by Office Type soe = Medial of
Slide 15: Total Office Credit Exposure
TOTAL OFFICE CREDIT EXPOSURE Total Credit Exposure by Office Type: Total Credit Exposure by Office Type: wner Occupied Non-Owner Occupied sr ‘oe - Mule Tenant * ofce Single Tenant RetavOrice with Residential
Slide 16: Mes tgeasces om vs
Mes tgeasces om vs we $ teesna3s om ss naares0 oe Pre) os rer sae
Slide 17: Deposit Composition
DEPOSIT COMPOSITION Qt 2023 Q12024 Total Deposits w Total Deposits $3.43 Billion » $3.46 Billion enscing Money Mae
Slide 18: New Account Openings
2500 11500 mm NEW ACCOUNT OPENINGS 3.2022 82022 2.252 12025 1758 92.2023 1,200 952003, 1240 82075 1434 1 2028
Slide 19: Investment in Client Experience
INVESTMENT IN CLIENT EXPERIENCE + We put relationships first and as part of that we invest in be lass technology that extends the same approach to digital banking. In March, we debuted a new online and mobile personal banking experience with new features and enhancements to better support the way ou
Slide 20: Tangible Book Value Per Share
YE 2017 TANGIBLE BOOK VALUE PER SHARE $38.63 ye2o1g © YE2019 «= YE2020 «= YE 2021 ©««YE2022. «= ‘YE 2023 $38.65 1 2024 4
Slide 21: Asset Quality
ASSET QUALITY Loans 20 days or more past due/loans* Net charge-offs (recoveries)/average Toans* (YTD Annualized) 100% 0.80% 40% 0.60% bated aoe 0.37% 0.36% 020% 0.20% 0.10% 9.0746 0.11% 0.11% ory, 0.13: 0.00% 0.05%, a0 pes Clase anette one capital plus Nonpertorming sssets/total assets 008 ‘neon cos
Slide 22: Capital Ratios
CAPITAL RATIOS Holding Company Capital Ratios: “ Total risk-based capital ratio 12.59% 12.57% 1256% 12.40% 12.67% Tier 1 risk-based capital ratio 10.63% 10.60% 10.58% 10.42% 10.66% Leverage ratio 8.43% 8.14% 817% 8.48% 8.80% Common equity tier 1 ratio? 10.22% 10.19% 10.17% 10.00% 10.23% Tangible com
Slide 23: Consistently optimizing loan, deposit, and wholesale pricing
Consistently optimizing loan, deposit, and wholesale pricing Ongoing conversations with top performers in existing markets in preparation for a more normalized environment Staying consistent to our philosophy of relationship banking and organic growth
Slide 24: Our Culture of Success
OUR CULTURE OF SUCCESS Relationship driven with a focus on star talent Embrace technology and the evolution of our industry Committed to organic growth versus M&A Superb at managing risk - credit risk and enterprise risks Highly efficient delivery - branch light footprint Located in larger higher-gr
Slide 25: Southern First
NS XXX XK XZ Southern VEE OOCCC OCC CON
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