Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Q1 2025 Earnings Presentation
17 slides from Southern First Bancshares's earnings presentation, Apr 22, 2025
Slide 1: First Quarter 2025 Investor Presentation
Southern FIRST QUARTER 2025 INVESTOR PRESENTATION April 22, 2025 LMS SOOO COCO ELS
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: Corporate Profile
GEORGIA CORPORATE PROFILE Authentic relationship banking with 25 years of service excellence + $4.3 Billion - Total Assets + $3.7 Billion - Total Loans + $3.6 Billion - Total Deposits + Solid Capital Levels * Tier 1 RBC of 11.15% * Consistent TBV growth » Outstanding Asset Quality * NPAs of 0.26% +
Slide 4: Performance Summary
PERFORMANCE SUMMARY Earnings Per Share Return on Average Assets $0.70 0.54% 0.52% 0.43% 0.295 0.25% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Interest Margin Book Value Per Share 2.41% $41.33 2.25% 2.08% 1.98% 1.94% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 We
Slide 5: Investment Considerations
INVESTMENT CONSIDERATIONS
Slide 6: High-Growth Metro Markets
HIGH-GROWTH METRO MARKETS " ‘. . . SFST's % of Total Deposits srsrs%of | 9, 2025, | 29-25 |-a5.s0 pro} -<| Population ‘op. Total Deposits (Actual) Change % Pop. Growth Greenville, SC 2000 4 48.72% 1,001,499 7.9 6.4 6.3 Charleston, sc 2012 3 19.96% 876,962 9.7 74 10.1 Atlanta, GA 2017 1 12.19% 6,421,
Slide 7: Financial Highlights - Q1 2025
FINANCIAL HIGHLIGHTS - Q1 2025 Net income of $5.3 million and diluted earnings per common share of $0.65, up 109% compared to Q1 2024 Net interest margin of 2.41%, compared to 2.25% for Q4 2024 and 1.94% for Q1 2024 Total loans of $3.7 billion, up 6% (annualized) over Q4 2024 Core deposits of $2.8 b
Slide 8: Loan & Deposit Composition
LOAN & DEPOSIT COMPOSITION Construction Other 0.6% 1.0% Home equity 6.1% Owner occupied RE 18.3% Real estate 31.2% Total Loans $3.68 Billion Non-owner occupied RE 25.1% Business tb 15.2% Construction 2.5% Commercial, 61.1% @ Consumer, 38.9% *Total loans excludes mortgage loans held for sale. Wholesa
Slide 9: Asset Quality
9 ASSET QUALITY Accruing loans 30 days or more past due/loans* 0.35% 0.33% 0.34% 032% 39% com 0.25% 026% O15, i 0.03% 0. 2021 2022 2023 12024 22024 Q32024 42024 Qt 2025 SO SFST mee KRX Index Median » NPA ratio was modestly down and there were nominal charge-offs, as asset quality remains a source of
Slide 10: Office Portfolio
10 OFFICE PORTFOLIO Non-Owner Occupied Office Exposure = Medical Office = Office - Multiple Tenant 1 Office - Single Tenant Q1 2025 Portfol Total Credit Exposure % of Total Loans Average Loan Size Median Loan Size Largest Loan Size 30+ Days Past Due Special Mention Substandard Accruing Nonaccruals C
Slide 11: Balance Sheet Trends
$ in billions BALANCE SHEET TRENDS Retail Deposits Loans 2.94% 2.94% w 2 g a & e Q1 2024 Q2 2024 Q3 2024 Q4 2024 Qi 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Qi 2025 mmm Commercial Loans li Consumer Loans |= =@®=Loan Yield mmm Commercial mammConsumer —®=Weighted Avg Rate Balance sheet is well-positioned
Slide 12: Noninterest Income and Expense
NONINTEREST INCOME AND EXPENSE Noninterest Income Noninterest Expense/Avg Assets us 2.08% 2.08% 2.08% oe $271 $197 — _—- ° 192 $242 $402 2 z $377 $407 g s £ 1.87% £ * .: Qt 2024 Q2 2024 Q3 2024 42024 Qt 2025 Qi 2024 Q2 2024 93 2024 4 2024 Qt 2025 m Mortgage Banking m Service Fees —®=Noninterest expe
Slide 13: Mortgage Activity Trends
MORTGAGE ACTIVITY TRENDS Simon Mortgages Closed Mortgage Locks - Purchase vs. Refinance in millions 3.3% 3.0% mel 3.0% Qt 2024 22024 3 2024 4 2024 Q1 2025 1 2024 2.2024 3 2024 Qa 2024 Qt 2025 mm Mortgages closed mmmmLoans sold —@—Gain onsale % Purchase @™ Refinance * Closings increased to $71 millio
Slide 14: Capital Ratios
CAPITAL RATIOS Holding Company Capital Ratios: Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total risk-based capital ratio 12.69% 12.70% 12.61% 12.77% Tier 1 risk-based capital ratio 11.15% 11.16% 10.99% 10.80% Leverage ratio 8.79% 8.55% 8.50% 8.27% Common equity tier 1 ratio @ 10.75% 10.75% 10.58% 10.39
Slide 15: Financial Management Opportunities
Financial Management Opportunities Continue to strengthen the balance sheet through high-quality, profitable growth and capital accretion Balance current earnings improvement decisions with long-term balance sheet management considerations Execute on prudent action steps to increase net interest mar
Slide 16: Our Culture of Success
OUR CULTURE OF SUCCESS with a focus on and Embrace and the evolution of our industry Committed to versus M&A - credit risk and enterprise risks - branch light footprint Located in major metro, high-growth Dedicated to an entrepreneurial, team-focused that results in strong career satisfaction Utiliz
Slide 17: Southern First
Southern LMS SOOO COCO ELS
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