Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Q2 2020 Earnings Presentation
7 slides from Southern First Bancshares's earnings presentation, Jul 28, 2020
Slide 1: SFST - Q2 Results
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 ris
Slide 3: Corporate Profile
CORPORATE PROFILE NORTH CAROLINA es Greenville, SC | 2000 Columbia,SC | 2007 Charleston, SC | 2012 Raleigh, NC | 2016 Atlanta, GA | 2017 Greensboro, NC | 2018 SOUTH CAROLINA Oconee GEORGIA
Slide 4: Income Statement
Q2 RESULTS: INCOME STATEMENT Net Income of $4.7 million - $.60 diluted EPS * Q2 provision of $10.2 million ($6.0 million in Q1 2020) * Completed sale of PPP loans - recognized net fee income of $2.2M * Net mortgage income - $3.4M ($0.9M in Q1 2020) Net interest margin - 3.42% (3.43% in Q1 2020) ¢ Lo
Slide 5: Balance Sheet
Q2 RESULTS: BALANCE SHEET Core deposits increased $187 million in Q2 2020 ($148 million in Q1 2020) Total loans increased $7 million in Q2 2020 (87m in 91 2020) * $98M of PPP loans were originated and sold during Q2 2020 Loan to Deposit ratio - 93% Capital ratios: ¢ Leverage ratio - 9.38% * Total ri
Slide 6: Credit / COVID
Q2 RESULTS: CREDIT / COVID Provided payment modifications on 863 loans totaling $647M * 56% of loans with payment modifications ($362 million) have returned to normal payment status Continuing to monitor nine targeted portfolios to manage potential risk Asset quality ratios: + Nonperforming assets -
Slide 7: Key Takeaways
KEY TAKEAWAYS e 56% of our deferrals are back on normal payment status e Provision of $10.2 million for the quarter takes our Allowance for Loan & Lease Losses to 1.55% e Lower deposit costs and significant core deposit growth is a driver of margin stability e Capital is strong, and credit issues ar
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