Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Q3 2025 Earnings Presentation
19 slides from Southern First Bancshares's earnings presentation, Oct 28, 2025
Slide 1: Third Quarter 2025 Investor Presentation
Southern THIRD QUARTER 2025 INVESTOR PRESENTATION October 28, 2025 DM ane
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 + $4.4 Billion - Total Assets + $3.8 Billion - Total Loans + $3.7 Billion - Total Deposits * Solid Balance Sheet / Capital Levels * Tier 1 RBC of 11.26% * Consistent TBV growth » Outstanding Asset Quality *
Slide 4: Performance Summary
PERFORMANCE SUMMARY Earnings Per Share Return on Average Assets $1.07 0.80% $0.54 FP $0.26 / 32% QoQ and $0.53 / 98% YoY 0.17 bp QoQ and 37 bp YoY Q3 2024 42024 Qt 2025 Q2.2025 Q3.2025 Q3 2024 Q4.2024 Qi 2025 Q2 2025 Q3 2025 Net Interest Margin Book Value Per Share 2.62% $43.51 2.50% $41.33 $40.04 9
Slide 5: Performance Summary: Total Revenue
PERFORMANCE SUMMARY Total Revenue $31.1 « Revenue continues to reach historically high levels at a steady rate, primarily bolstered by a consistently expanding margin $30 $28 » Revenue has been steadily increasing since 2024— Q3-25 results are 46% higher than Q1-24—fueled by a combination of solid,
Slide 6: Investment Considerations
INVESTMENT CONSIDERATIONS
Slide 7: 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 8: Financial Highlights - Q3 2025
FINANCIAL HIGHLIGHTS - Q3 2025 Diluted earnings per common share of $1.07, up $0.26, or 32%, from Q2 2025, and $0.53, or 98%, compared to Q3 2024 Net interest margin of 2.62%, compared to 2.50% for Q2 2025 and 2.08% for Q3 2024 Total loans of $3.8 billion, up 4% (annualized) from Q2 2025; core depos
Slide 9: Loan & Deposit Composition
LOAN & DEPOSIT COMPOSITION Construction Other 0.7% 1.0% Home equity 6.3% Owner occupied RE 18.6% Real estate 30.6% Total Loans* $3.79 Billion Non-owner occupied RE 24.9% Business 16.0% Construction 1.9% & Commercial, 61.4% @ Consumer, 38.6% *Total loans excludes mortgage loans held for sale. Wholesa
Slide 10: Asset Quality
ASSET QUALITY Accruing loans 30 days or more past due/loans* 0.33% 2021 2022 = 2023 Q3 2024 §=—Q4.2024 |= Q1.2025 = Q22025 = 3.2025 —O=SFST —@=KRX Index * NPA ratio was consistent with past quarters, showing no new credit quality concerns * Credit performance remains favorable to peers + Past due lo
Slide 11: Office Portfolio
OFFICE PORTFOLIO Non-Owner Occupied Office Exposure = Medical Office = Office - Multiple Tenant = Office - Single Tenant Q3 2025 Portfolio Total Credit Exposure % of Total Loans Average Loan Size Median Loan Size Largest Loan Size 30+ Days Past Due Special Mention Substandard Accruing Nonaccruals ct
Slide 12: Balance Sheet Trends
BALANCE SHEET TRENDS Total Loans Retail Deposits $in billions $ in billions Q3 2024 Q4 2024 Qt 2025 Q2.2025 32025 Q3 2024 42024 Q1 2025 Q2 2025 Q3 2025 tm Commercial Loans fim Consumer Loans =@=Loan Yield —@=New Production mmmCommercial tummiConsumer =@=Deposit Cost. —@=New Production » Our loan and
Slide 13: Balance Sheet Repricing Opportunities
BALANCE SHEET REPRICING OPPORTUNITIES Fixed Rate Loan Repricing <6% Time Deposit Contractual Maturities 5 5 3 = = 4AN% £ E 428% 4.19% 4.10% 4.19% c £ a wa 3.91% 3.90% 3.92% 3.71% 42025 12026 = Q2.2026. «© Q3.2026.~—S‘Year 2 Year 3 Qa 2025 Qi 2026 2.2026 3 2026 4.2026 (@mm Principal Balance —®=WAR mm
Slide 14: Noninterest Income and Expense
NONINTEREST INCOME AND EXPENSE Noninterest Income Noninterest Expense/Avg Assets $335 $: aa $439 2.13% 274 SES $413 : 2.10% 3 $407 FS & $ 3 s £ ° 1.87% 1.86% 1.78% 1.75% 1.74% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 m Mortgage Banking m Service Fees —®=Noninterest expense/Avg Assets =@=KRX Median =
Slide 15: Mortgage Activity Trends
MORTGAGE ACTIVITY TRENDS Mortgages Closed Mortgage Locks - Purchase vs. Refinance 2.7% 2.5% 2.6% 2.3% Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 lm Mortgages closed mmm Loans sold == =@=Gain on sale % $ in millions mPurchase m™ Refinance » Closings decreased to $
Slide 16: Capital Ratios
CAPITAL RATIOS Holding Company Capital Ratios: | Q3 2025 Q2 2025 Q1 2025 | Q42024 | Q3 2024 Total risk-based capital ratio 12.79% 12.63% 12.69% 12.70% 12.61% Tier 1 risk-based capital ratio 11.26% 11.11% 11.15% 11.16% 10.99% Leverage ratio 8.72% 8.73% 8.79% 8.55% 8.50% Common equity tier 1 ratio 10.
Slide 17: 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 18: 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 high career satisfaction Utilizes
Slide 19: Southern
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