Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Q2 2024 Earnings Presentation
14 slides from Southern First Bancshares's earnings presentation, Jul 18, 2024
Slide 1: Second Quarter 2024 Investor Presentation
N\A XX XXX KKK ZZ Southern SECOND QUARTER 2024 INVESTOR PRESENTATION July 18, 2024 TIC OCC OCC
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
SOUTHERN FIRST BANCSHARES, INC. Raleigh CAROLINA CAROLINA GEORGIA CORPORATE PROFILE Authentic community bank with 25 years of service excellence + $4.1 Billion - Total Assets * $3.6 Billion - Total Loans * $3.5 Billion - Total Deposits + Solid Capital Levels + Tier 1 RBC of 10.80% + Consistent TBV g
Slide 4: Investment Considerations
INVESTMENT CONSIDERATIONS
Slide 5: High-Growth Metro Markets
HIGH-GROWTH METRO MARKETS 2024 Population (Actual) SFST's % of Total Deposits 120 - '24 Pop.| 24 - 29 Proj. SFST's % of Offices Change % | Pop. Growth Year Entered Total Deposits| 24 Proj. HHI. |Growth %| Greenville, SC 2000 4 49.29% 978,230 54 52 77 Charleston, SC 2012 3 19.96% 851,938 65 62 91 Atl
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS Net income was $3.0 million and diluted earnings per common share were $0.37 for Q2 2024 Total loans were $3.6 billion at Q2 2024, a decrease of $21.2 million, or 2.35% annualized, from Q1 2024 Total deposits were $3.5 billion at Q2 2024, a decrease of $812 thousand, or 0.09% an
Slide 7: Loan & Deposit Composition
LOAN & DEPOSIT COMPOSITION Construction Other Wholesale CDs 0.9% 1.2% Home equity 13.4% om Owner Nor-interest occupied RE Bearing Checking 17.7% Interest- o Total Loans on Total Deposits cheeing savings 8.5% $3.62 Billion om $3.46 Billion Non-owner ‘occupied RE 25.3% me Business 14.6% Construction M
Slide 8: Balance Sheet Trends
$3.70 $3.60 $3.50 $3.40 $3.30 $3.20 $3.10 Note: BALANCE SHEET TRENDS Loans Core Deposits 5.20% $290 $2.88 2.87 $3.64 $3.62 s a $2.81 $3.60 5.10% $3.55 $2.80 ead $3.54 ~ 5.00% $2.70 4.90% 2 4.80% 4.70% $2.50 4.60% $2.40 4.50% 4.40% $2.30 22023 32023 42023 Q12024 = 2.2024 Q22023 Q32023 42023 Q12024 =
Slide 9: Asset Quality
ASSET QUALITY Loans 30 days or more past due/loans* + NPAs increased by $7.6 million, and charge-offs were $1.0 million, primarily due to one Assisted Living-related relationship 1.00% 0.80% in one of our markets. a + Our exposure to Assisted Living-related credits outside of the one ° 37 nonperform
Slide 10: Office Portfolio
OFFICE PORTFOLIO Q2 2024 Portfolio Characteristics Non-Owner Occupied Office Exposure $7,194 *Number in thousands = Medical Office = Office - Multiple Tenant = Office - Single Tenant Retail/Office with Residential Total Credit Exposure % of Total Loans Average Loan Size Median Loan Size Largest Loan
Slide 11: Capital Ratios
CAPITAL RATIOS Holding Company Capital Ratios: Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Total risk-based capital ratio 12.77% 12.59% 12.57% 12.56% 12.40% Tier 1 risk-based capital ratio 10.80% 10.63% 10.60% 10.58% 10.42% Leverage ratio 8.27% 8.43% 8.14% 8.17% 8.48% Common equity tier 1 ratio 10.39% 1
Slide 12: Financial Management Opportunities
Financial Management Opportunities Balance current earnings decisions with long- term balance sheet management considerations Improve net interest margin Seek to optimize loan, deposit and wholesale pricing Reduce loan- to-deposit ratio Capital accretion and high-quality growth Strategic Opportuniti
Slide 13: Our Culture of Success
OUR CULTURE OF SUCCESS with a focus on ETare| 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 toa that results in strong career satisfaction and low turnover Utilizes a to augm
Slide 14: N\A XX XXX KKK ZZ
N\A XX XXX KKK ZZ Southern TIC OCC OCC
Southern First Bancshares — Q2 2024 Earnings Presentation on 6ix