Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Q1 2026 Earnings Presentation
22 slides from Southern First Bancshares's earnings presentation, Apr 21, 2026
Slide 1: First Quarter 2026 Investor Presentation
FIRST QUARTER 2026 INVESTOR PRESENTATION April 21, 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
FORWARD - LOOKING STATEMENTS Greensboro Raleigh Charlotte Charleston Summerville Greenville Columbia Atlanta GEORGI A South Carolina North Carolina 2 During the course of this presentation, management may make projections and forward - looking statements regarding events or the future financial perf
Slide 3: Company Overview: A Corporate Profile
Company Overview A CORPORATE PROFILE □ Headquartered in Greenville, SC x Founded in 2000 □ Efficient branch footprint in some of the most dynamic markets in the Southeast x 12 branches located in 8 fast - growing Southeast metropolitan markets □ Relationship - driven commercial banking model x Targe
Slide 4: Market Data and Financial Snapshot for Q1 2026
Company Overview Greensboro Raleigh Charlotte Charleston Summerville Greenville Columbia Atlanta GEORGI A South Carolina North Carolina Market Data and Financial Snapshot for Q1 2026 Market Data MRQ Financial Metrics Q1 2026 Financial Highlights □ Diluted EPS of $1.19, up 83% YoY □ NIM of 2.88% ⁴, u
Slide 5: Key Investment Highlights
Company Overview Key Investment Highlights Profitability momentum highlighted by continued balance sheet repricing opportunities, improving cost of funds, and efficient delivery model Experienced, founder - led management team with 25+ year focus on creating a unique client experience and producing
Slide 6: Who We Are
Company Overview Who We Are Our Mission Our mission is to impact lives in the communities we serve Our Culture We focus on the things that matter most: family, community, and teamwork Our Purpose We exist to enable dreams, earn trust, and exceed expectations Relationship driven with a focus on excep
Slide 7: Business Model Provides a Distinct Competitive Advantage
Company Overview Business Model Provides a Distinct Competitive Advantage A Relationship Model Commercial Real Estate Loans Commercial Business Loans Deposit and Treasury Services Other Consumer Loans Consumer Real Estate and Home Equity Loans Construction Real Estate Loans Relationship Team Client
Slide 8: Presence in High-growth Metro Markets
Company Overview Presence in High - growth Metro Markets 2025 2025 2026 20 - '26 26 - '31 Year Deposits Deposits Population Pop. Change Proj. Pop Market Entered Offices ($M) (%) (#000s) (%) Change (%) State South Carolina 2000 8 2,782 76% 5,593 9.3 6.1 Georgia 2017 1 470 13% 11,314 5.6 3.7 North Car
Slide 9: Operating Leverage Trends are Improving
$21.8 $20.2 $20.9 $20.5 $20.1 $21.1 $22.3 $24.2 $25.1 $27.1 $29.5 $30.1 $32.3 $17.1 $17.4 $17.3 $17.0 $18.1 $18.6 $18.0 $18.5 $18.8 $19.3 $18.9 $18.4 $20.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Core Revenue ¹ ($M) Noninterest Expense ($M) □ Core revenue ¹ has increased 60% since Q1 2024 □ Revenue m
Slide 10: Substantial Balance Sheet Repricing Opportunities Exist
$142 $164 $57 $28 $1 $122 $135 $134 3.43% 3.39% 3.45% 3.18% 1.69% 4.12% 4.02% 4.01% Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Retail CDs ($M) Wholesale CDs ($M) Weighted Avg Rate - Retail CDs Weighted Avg Rate - Wholesale CDs □ NIM increased 47 bps versus Q1 2025 and 16 bps versus Q4 2025 □ Balance sh
Slide 11: Demonstrated Ability to Drive Meaningful Balance Sheet Growth
Financial Highlights Demonstrated Ability to Drive Meaningful Balance Sheet Growth 1) Excludes loans held for sale Total Assets ($M) Total Loans ($M) ¹ Common Equity ($M) $2,483 $2,926 $3,692 $4,056 $4,088 $4,403 $4,578 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 $2,143 $2,490 $3,273 $3,603 $3,632 $
Slide 12: Recent Profitability Improvement Has Been Substantial
Financial Highlights Recent Profitability Improvement Has Been Substantial 1) Shown on a tax - equivalent basis; the tax - equivalent adjustment to net interest income adjusts the yield for assets earning tax - e xempt income to a comparable yield on a taxable basis 2) Noninterest expense divided by
Slide 13: History of Strong Earnings and Book Value Growth
Financial Highlights History of Strong Earnings and Book Value Growth over Long Term 1) Q1 2026 diluted EPS is presented on both a quarterly actual and an annualized basis Diluted Earnings per Share ($) ¹ $1.55 $1.94 $1.76 $2.88 $3.58 $2.34 $5.85 $3.61 $1.66 $1.91 $3.72 $1.19 $4.76 2015Y 2016Y 2017Y
Slide 14: Net Interest Margin
□ NIM of 2.88% for Q1 2026, up 47 bps and 16 bps compared to Q1 2025 and Q4 2025, respectively □ Average loan yield has improved despite the Fed lowering interest rates, while deposit costs have declined from 2024 levels □ Average rate on new loan production remains above the average loan yield (+11
Slide 15: Diversified Loan Portfolio
262% 271% 247% 236% 236% 77% 79% 57% 45% 49% 2022Y 2023Y 2024Y 2025Y Q1 2026 CRE Concentration ADC Concentration □ Well - diversified loan portfolio reflective of the balanced state of our markets □ Loan ¹ growth was 10.2% annualized for Q1 2026, with owner occupied real estate and business contribu
Slide 16: Deposit Franchise
□ Total deposit growth was 17.1% annualized for Q1 2026; retail ¹ deposit growth was 26.6% annualized for Q1 2026 □ Loan - to - deposit ratio 2 decreased 167 bps to 101.8% from year - end 2025 Financial Highlights Deposit Franchise Note: Information as of March 31, 2026, unless otherwise noted 1) Re
Slide 17: Noninterest Income
□ Q1 2026 noninterest income grew 13.7% YoY to $3.5 million, driven by deposit service fees within treasury management □ No planned acquisitions of fee income businesses (e.g., wealth management, insurance, etc.) Financial Highlights Noninterest Income Select Noninterest Income Metrics Composition O
Slide 18: Noninterest Expense
< < < < 4 1RQLQWHUHVW([SHQVH $YJ $VVHWV (ɝFLHQF\5DWLR { □ 2025 noninterest expense increased 6.3% YoY to $20.0 million; driven primarily by seasonal expense increases mainly related to compensation and benefits; NIE / avg. assets of 1.84% for Q1 2026 □ Opportunistic approach to hiring; targeting top
Slide 19: Asset Quality
$2.6 $4.0 $10.9 $14.1 $11.9 0.07% 0.10% 0.27% 0.32% 0.26% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 2022Y 2023Y 2024Y 2025Y Q1 2026 Nonperforming Assets ($M) NPAs / Assets (%) ($1.4) $0.2 $1.3 $0.1 $0.1 (0.05%) 0.00% 0.04% 0.00% 0.01% ($1.5) ($1.0) ($0.5) $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2022Y 2023Y 2024Y
Slide 20: Capital Overview
□ Regulatory capital ratios have increased as profitability has improved □ $11.5 million of subordinated notes due 2029 remain x Redeemed $11.5 million in Q3 2024 x Floating rate of 3 - month SOFR + 340.8 bps x Diminishing Tier 2 capital treatment □ Robust combination of on - balance sheet liquidity
Slide 21: Pro Forma Impact of Public Offering of Common Stock
□ Closed an underwritten public offering of common stock on April 17, 2026 x 1,207,500 shares of common stock sold at $54.00 per share, including 157,500 shares of common stock sold pursuant to the underwriters’ option x Represents gross proceeds of approximately $65.2 million before discounts and e
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Southern First Bancshares — Q1 2026 Earnings Presentation on 6ix