Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — IPO Roadshow (April 2026)
39 slides from Southern First Bancshares's IPO roadshow presentation, Apr 15, 2026
Slide 1: Follow-On Offering of Common Stock April 2026
FOLLOW - ON OFFERING OF COMMON STOCK April 2026
Slide 2: Important Notices and Disclaimers
Important Notices and Disclaimers Forward - Looking Statements This presentation of Southern First Bancshares, Inc. (“Southern First,” “SFST,” or the “Company”) contains forward - looking state ments within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include
Slide 3: Offering Summary
Offering Summary Issuer 1) Gross proceeds assuming SFST price per share of $58.53, the closing price as of April 13, 2026; for illustrative purposes onl y 2) Our executive officers and directors are subject to customary lock - up agreements restricting sales of our common stock for 90 da ys followin
Slide 4: Company Overview: Relationship Banking with 25+ Years of Service Excellence
A Company Overview 4 Relationship Banking with 25+ Years of Service Excellence 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 mark
Slide 5: Market Data and Financial Snapshot
Company Overview Market Data and Financial Snapshot Market Data ¹ Key Financial Metrics ¹ Q4 2025 Financial Highlights □ Diluted EPS of $1.20, up 13% QoQ and 71% YoY □ NIM of 2.72%, up 10bps QoQ and 47 bps YoY □ Total loans ³ of $3.8 billion, up 6% YoY □ Total deposits of $3.7 billion, up 8% YoY □ R
Slide 6: Key Investment Highlights
Profitability momentum highlighted by continued balance sheet repricing opportunities, improving cost of funds, and efficient delivery model Company Overview 6 Key Investment Highlights Experienced, founder - led management team with 25+ year focus on creating a unique client experience and producin
Slide 7: Growth in Shareholder Value Over Time
Company Overview Note: Market data as of April 13, 2026 Source: S&P Capital IQ Pro 7 Growth in Shareholder Value Over Time 6)67 .5; 6 3 SFST KRX S&P 500 1-Year 90% 37% 28% 5-Year 19% 11% 66% 10-Year 139% 69% 231% 15-Year 802% 152% 424% Relative Performance
Slide 8: Compelling Track Record of Organic Growth Through Market Expansion
$0.1 $0.1 $0.2 $0.2 $0.3 $0.4 $0.5 $0.6 $0.7 $0.7 $0.7 $0.8 $0.8 $0.9 $1.0 $1.2 $1.3 $1.6 $1.9 $2.3 $2.5 $2.9 $3.7 $4.1 $4.1 $4.4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Company Overview Compelling Track Record
Slide 9: Proven Executive Management Team
Company Overview 9 Proven Executive Management Team R. Arthur Seaver Jr. Founder & Chief Executive Officer Age: 62 • Chief Executive Officer since founding in 1999 • Over 37 years of banking industry experience • Previously held key leadership positions at Greenville National Bank, managing lending
Slide 10: Talented Senior Leadership Group
Company Overview 10 Talented Senior Leadership Group • Julie Fairchild joined the bank in 2005; has served as Chief Accounting Officer and Principal Accounting Officer since 2024 • Ms. Fairchild holds a Bachelor of Science degree in Accounting from Bob Jones University and is a certified public acco
Slide 11: Who We Are
Company Overview 11 Who We Are Our Mission Our mission is to impact lives in the communities we serve Our Culture We focus on the things that matter most: family, community, and teamwork Our Purpose We exist to enable dreams, earn trust, and exceed expectations Relationship driven with a focus on ex
Slide 12: Business Model Provides Distinct Competitive Advantages
A Company Overview 12 Business Model Provides Distinct Competitive Advantages Relationship Model Commercial Real Estate Loans Commercial Business Loans Deposit and Treasury Services Other Consumer Loans Consumer Real Estate and Home Equity Loans Construction Real Estate Loans Relationship Team Clien
Slide 13: Attractive Southeast Markets
2025 2026 20 - '26 26 - '31 26 - '31 Year Deposits Population Pop. Change Proj. Pop Proj. HHI Market Entered Offices ($M) (#000s) (%) Change (%) Growth (%) State South Carolina 2000 8 2,782 5,593 9.3 6.1 13.7 Georgia 2017 1 470 11,314 5.6 3.7 11.1 North Carolina 2016 3 405 11,238 7.6 5.1 13.5 MSA Gr
Slide 14: One of Few Remaining Publicly Traded Banks of Our Size in Our Markets
Company Overview Note: Financial information as of December 31, 2025 1) SFST markets defined as Georgia, North Carolina and South Carolina 2) Major exchanges defined as NASDAQCM, NASDAQGM, NASDAQGS, NYSE and NYSEAM Source: S&P Capital IQ Pro 14 One of Few Remaining Publicly Traded Banks of Our Size
Slide 15: Proven Ability to Gain Market Share
5-Year 2025 2025 Deposit Market 2025 Branch Deposits CAGR Share Rank Institution Count ($M) (%) (%) 1 Truist Financial Corporation 24 3,621 0.9 13.9 2 Wells Fargo & Company 20 3,048 (0.6) 11.7 3 Bank of America Corporation 15 2,547 2.4 9.8 4 The Toronto-Dominion Bank 14 2,501 (2.4) 9.6 5 United Comm
Slide 16: 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 $17.1 $17.4 $17.3 $17.0 $18.1 $18.6 $18.0 $18.5 $18.8 $19.3 $18.9 $18.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total Revenue (excl. mortgage) Noninterest Expense Company Overview 16 Operating Leverage Trends are Improving □ Core re
Slide 17: Substantial Balance Sheet Repricing Opportunities Exist
Company Overview 17 Substantial Balance Sheet Repricing Opportunities Exist □ NIM increased 47 bps versus Q4 2024 and 10 bps versus Q3 2025 □ Balance sheet is well - positioned for the current interest rate and business environment □ Non - contractual loan payoffs with rates <6% were $116 million in
Slide 18: Demonstrated Ability to Drive Meaningful Balance Sheet Growth
$2,483 $2,926 $3,692 $4,056 $4,088 $4,403 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y $2,143 $2,490 $3,273 $3,603 $3,632 $3,845 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y $228 $278 $295 $312 $330 $369 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y $2,143 $2,564 $3,134 $3,380 $3,436 $3,717 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y
Slide 19: Recent Profitability Improvement Has Been Substantial
0.76% 1.75% 0.90% 0.34% 0.38% 0.72% 0.90% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q4 2025 8.49% 18.64% 10.20% 4.44% 4.84% 8.73% 10.77% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q4 2025 50.15% 53.83% 58.49% 78.65% 78.54% 63.69% 56.93% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q4 2025 3.48% 3.45% 3.19% 2.07% 2.06% 2.
Slide 20: History of Strong Earnings and Book Value Growth over Long Term
$1.55 $1.94 $1.76 $2.88 $3.58 $2.34 $5.85 $3.61 $1.66 $1.91 $3.72 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y $14.98 $17.00 $20.37 $23.29 $26.83 $29.37 $35.07 $36.76 $38.63 $40.47 $44.89 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Diluted Earnings per Shar
Slide 21: Net Interest Margin Dynamics
3.48% 3.45% 3.19% 2.07% 2.06% 2.57% 2.72% 4.42% 3.96% 3.98% 4.75% 5.15% 5.28% 5.29% 0.63% 0.17% 0.64% 2.72% 3.15% 2.68% 2.50% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q4 2025 NIM ² Average Loan Yield Average Cost of Deposits Commentary □ NIM of 2.72% for Q4 2025, up 47 bps and 10 bps compared to Q4 2024
Slide 22: Diversified Loan Portfolio
Owner occupied RE 19.2% Non - owner occupied RE 24.9% Construction 1.7% Business 16.0% Real estate 30.0% Home equity 6.5% Construction 0.6% Other 1.1% Commentary □ Well - diversified loan portfolio reflective of the balanced state of our markets □ Owner occupied real estate + business lending make u
Slide 23: Loan Portfolio Detail
Non - owner Occupied CRE by Collateral Type Non - owner Occupied Office CRE Detail Note: Information as of December 31, 2025 Financial Highlights Loan Portfolio Detail 23 (Dollars in Millions) Average Weighted Average Collateral Type Loan Size Loan-to-Value Office $1.4 53% Retail $1.6 50% Hotel $7.7
Slide 24: Deposit Composition
$3,134 $3,380 $3,436 $3,717 2022Y 2023Y 2024Y 2025Y Time & Out-of-Market, >$250,000 Time, <$250,000 Savings Money Market Interest Bearing Checking Non-Interest Bearing Checking Commentary □ Retail ¹ deposit growth was 9.7% for 2025 x Wholesale deposit growth was 0.5% for 2025 □ Emphasis on treasury
Slide 25: Noninterest Income
Commentary □ 2025 noninterest income grew 8.2% from 2024 to $13.1 million x Driven by increased mortgage banking income and services fees on deposit accounts □ Treasury management platform was the primary driver of 34% growth in service fees versus 2024 □ No planned acquisitions of fee income busine
Slide 26: Noninterest Expense
$53,744 $56,430 $62,933 $68,827 $73,326 $75,534 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Compensation and benefits Occupancy Outside serv. / Data costs Insurance Professional fees Other Commentary □ 2025 noninterest expense increased 3.0% from 2024 to $75.5 million x NIE / avg. assets declined to 1.68% f
Slide 27: Asset Quality
Commentary □ NPAs / assets of 0.32% at December 31, 2025, and NCOs / average loans of 0.00% for 2025 x Majority of NPAs consist of a single senior housing relationship □ Commercial criticized and classified loans equal 0.72% and 0.27% of loans, respectively □ Granular loan portfolio with an average
Slide 28: Capital and Liquidity
Commentary □ 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 x Use of proceeds includes redemption of
Slide 29: Pro Forma Capital Ratios
Financial Highlights 1) Non - GAAP financial metric; see appendix for Non - GAAP reconciliation 2) Southern First Bank level Call Report data 3) Pro forma metrics are presented for illustrative purposes only and assume a $61.5 million common equity offering, a 5.25% und erw riting discount and appro
Slide 30: Preliminary Income Statement for Q1 2026
Income Statement (for Q1 2026) □ Net income expected to be approximately $9.9 million for the quarter ended March 31, 2026, as compared to $9.857 million for Q4 2025 and $5.266 million for Q1 2025 (approx. +88% Y/Y) □ Net interest income expected to be approximately $30.3 million (includes $543k in
Slide 31: Summary
Profitability momentum, improving funding costs, efficient delivery model Summary 31 Scarcity in Attractive Southeast Metro Markets Coupled with Exciting Operating Momentum Experienced and deep founder - led management team Strong asset quality; robust risk management culture Demonstrated ability to
Slide 32: Appendix
we XX RY WY Appendix
Slide 33: Investment Securities Portfolio Composition
Investment Securities Portfolio Composition Investment Securities Portfolio Commentary □ Conservatively managed securities portfolio measuring 3.4% of total assets □ Focused on managing liquidity needs with earnings contribution a secondary consideration □ Weighted average life of available - for -
Slide 34: Regional Peer Group
Appendix Note: Peer group excludes institutions with “non - traditional” business models and ethnically - focused institutions; Regional Pee rs defined as institutions headquartered in the Southeast or Southwest regions per S&P Capital IQ Pro and Kentucky; select regulatory capital ratios unavailabl
Slide 35: Board of Directors
Appendix 35 Board of Directors James B. Orders III | Chairman • Has served on the Board of Directors since 1999 • From 1986 to 2014, Mr. Orders was the President of Park Place Corporation Andrew B. Cajka Jr. | Director • Has served on the Board of Directors since 1999 • Mr. Cajka is the Founder and
Slide 36: Board of Directors (cont.)
Appendix 36 Board of Directors (cont.) Terry Grayson - Caprio | Director • Has served on the Board of Directors since 2021 • In 2020, Ms. Grayson - Caprio retired from KPMG after 35 years, where she was most recently the Managing Partner of the firm’s South Carolina practice Tecumseh Hooper Jr. | Di
Slide 37: Historical Consolidated Balance Sheet
Appendix 37 Historical Consolidated Balance Sheet For the Twelve Months Ended December 31,($000s) 2021 2022 2023 2024 2025 Assets Total cash and cash equivalents 167,209 170,874 156,170 162,863 269,583 Total investment securities 124,302 104,180 154,641 151,617 147,793 Mortgage loans held for sale 1
Slide 38: Historical Consolidated Income Statement
Appendix 38 Historical Consolidated Income Statement For the Twelve Months Ended December 31,($000s) 2021 2022 2023 2024 2025 Interest income Loans $91,599 $114,233 $166,137 $186,863 $198,145 Investment securities 1,335 1,990 4,463 5,812 5,370 Federal funds sold and interest-bearing deposits with ba
Slide 39: Non-GAAP Reconciliation
Appendix 1) Estimated March 31, 2026 amounts and related non - GAAP measures are based on management’s current estimates and currently availab le preliminary information and remain subject to completion of the Company’s financial closing procedures and other customary quarter - end review procedures
Southern First Bancshares — IPO Roadshow (April 2026) on 6ix