Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Q4 2024 Earnings Presentation
16 slides from Southern First Bancshares's earnings presentation, Jan 28, 2025
Slide 1: Fourth Quarter 2024 Investor Presentation
SN XXX KL Southern FOURTH QUARTER 2024 INVESTOR PRESENTATION January 28, 2025 VO NOOO
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
Atlanta GEORGIA CORPORATE PROFILE Authentic relationship banking with 25 years of service excellence + $4.1 Billion - Total Assets » $3.6 Billion - Total Loans $3.4 Billion - Total Deposits » Solid Capital Levels + Tier 1 RBC of 11.16% + Consistent TBV growth » Outstanding Asset Quality + NPAs of 0.
Slide 4: Performance Summary
PERFORMANCE SUMMARY Earnings Per Share Return on Average Assets $0.80 $0.70 = 0.54% 0.50% $0.60 0.43% 0.40% 0.40% $0.40 0.29! 0.30% 25% $0.20 0.20% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net Interest Margi Book Value Per Share 2.30% $41.00 2.25% $40.47 2.20%
Slide 5: Investment Considerations
INVESTMENT CONSIDERATIONS
Slide 6: High-Growth Metro Markets
HIGH-GROWTH METRO MARKETS SFST's % of Total Deposits 2025 ‘20 -'25 Population | _ Pop. (Actual) | Change % SFST's % of "25 - '30 Proj. Pop. Growth Total Deposits Greenville, SC 2000 4 48.72% 1,001,499 79 64 63 Charleston, SC 2012 3 19.96% 876,962 97 74 10.1 Atlanta, GA 2017 1 12.19% 6,421,346 5.2 44
Slide 7: Financial Highlights - Q4 2024
FINANCIAL HIGHLIGHTS - Q4 2024 Net income of $5.6 million and diluted earnings per common share of $0.70, up 30% over Q3 2024 and 37% compared to Q4 2023 Total loans of $3.6 billion and total deposits of $3.4 billion Nonperforming assets to total assets of 0.27% and past due loans to total loans of
Slide 8: Loan & Deposit Composition - Q4 2024
8 LOAN & DEPOSIT COMPOSITION - Q4 2024 Construction Other 1.2% Home equity °-6% 5.6% Owner occupied RE 17.9% Real estate 311% Total Loans Non-owner > occupied RE _ “=a 1 \ 25.5% Business a 15.3% Construction 2.8% 1 Commercial, 61.5% @ Consumer, 38.5% *Total loans excludes mortgage loans held for sal
Slide 9: Asset Quality
9 ASSET QUALITY Nonperforming assets/total assets » NPA ratio was modestly down and there were nominal Brook charge-offs, as asset quality remains a source of strength. er * NPAs mainly consisted of two Assisted Living-related . credits addressed in prior quarters; credit exposure in this 0.27% 0.28
Slide 10: Office Portfolio
10 OFFICE PORTFOLIO Non-Owner Occupied Office Exposure $48 million = Medical Office = Office - Multiple Tenant «= Office - Single Tenant 2024 Portfolio Characteristics Total Credit Exposure % of Total Loans Average Loan Size Median Loan Size Largest Loan Size 30+ Days Past Due Special Mention Substa
Slide 11: Balance Sheet Trends
BALANCE SHEET TRENDS Core Deposits Loans $3.70 rey 5.40% $2.90 2.80% 2 $3.63 $3.60 $3.62 $3.62 2.60% $3.50 5.20% $2.70 s s 2.40% Ea a $3.30 5.00% $2.50 2.20% $3.10 4.80% $2.30 2.00% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Qi 2024 Q2 2024 Q3 2024 Q42024 jmmmLoans —e=Loan Yield mmm Core Deposi
Slide 12: Mortgage Activity Trends
MORTGAGE ACTIVITY TRENDS Sars Mortgages Closed Mortgage Locks - Purchase vs. Refinance in milions 3.3% 3.0% 3.1% 2.8% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 mmm Mortgages closed mmm Loans sold =@=Gain on sale % Purchase Refinance + Closings were down modestly
Slide 13: Capital Ratios
CAPITAL RATIOS Holding Company Capital Ratios: | Q42024 | Q32024 Q1 2024 Total risk-based capital ratio 12.70% 12.61% 12.77% 12.59% 12.57% Tier 1 risk-based capital ratio 11.16% 10.99% 10.80% 10.63% 10.60% Leverage ratio 8.55% 8.50% 8.27% 8.43% 8.14% Common equity tier 1 ratio @) 10.75% 10.58% 10.39
Slide 14: Financial Management Opportunities
14 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
Slide 15: 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 16: SN XXX KL
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