Exhibit 99.1
Greenville, South Carolina, July 21, 2026 – Southern First Bancshares, Inc. (NASDAQ: SFST) (Southern First), today announced its financial results for the three months ended June 30, 2026. Strong loan growth and continued margin expansion drove year-over-year net interest income growth of 28%. Net income was $11.2 million and diluted earnings per share was $1.20, representing a $0.39, or 48% increase over the second quarter of 2025, and a slight increase from the first quarter of 2026. Return on average assets was 0.96%, up 33 basis points over the second quarter of last year, and tangible common equity to assets was 9.62%, up 160 basis points from the second quarter of 2025. Key asset quality metrics were consistent both on a linked quarter and year-over-year basis. Net charge-offs were approximately $96 thousand, or 0.01% of average loans, annualized, and nonperforming assets were 0.27% of total assets. Provision for credit losses decreased by $275 thousand from the prior quarter, and the allowance for credit losses represented 1.10% of loans.
“Our second quarter 2026 results continue to show impressive momentum. We increased retail client deposits by $184 million in the second quarter, representing a 22% annualized growth rate, and our loan portfolio grew at an annualized rate of 9% during the quarter. Our efficient business model, vibrant markets, and focus on organic growth are creating value for our clients and our shareholders. Our second quarter net income was $11.2 million, a 70% increase from the same quarter last year and a 13% increase over the first quarter of 2026. We also strengthened our capital position by raising gross proceeds of $65.2 million and issuing 1.2 million additional common shares earlier in the quarter to support our strong growth expectations. As planned, we redeemed a portion of our subordinated notes, which were subject to phase-out from regulatory capital treatment and carried a higher interest rate. We are proud of our team and our accomplishments this quarter, which we believe positions us for continued success in the second half of 2026,” stated Art Seaver, Chief Executive Officer.
Financial Highlights – Second Quarter 2026:
Earnings
- Diluted earnings per common share was $1.20, up $0.39 or 48% compared to the second quarter of 2025 and up by $0.01 from the first quarter of 2026
- Net income improved to $11.2 million, a $4.6 million increase or 70% compared to the second quarter of 2025 and a $1.3 million increase or 13%, compared to the first quarter of 2026
- Total revenue was $35.9 million, an increase of $7.2 million or 25% year-over-year and $2.1 million on a linked quarter basis
- Net interest income improved by $7.1 million or 28% year-over-year driven primarily by new loan volume
- Net interest margin was 2.87%, a 37-basis point increase from 2.50% for the second quarter of 2025 and a one basis point decrease from the first quarter of 2026, which included a one-time increase in interest income from the repayment of a $5.1 million nonperforming loan
- Noninterest income was $3.5 million compared to $3.3 million for the second quarter of 2025
- Service fees on deposit accounts increased 53% compared to the second quarter of 2025 and 15% from last quarter due in part to an increased focus on treasury management services
- Noninterest expense to average assets was 1.75%, compared to 1.86% for the second quarter of 2025
- Return on average equity was 10.28%, compared to 7.71% for the second quarter of 2025
- Return on average assets was 0.96%, compared to 0.63% for the second quarter of 2025
Balance Sheet
- Total loans were $4.0 billion, up $88 million or 9% (annualized) from the first quarter of 2026
- Retail deposits were $3.6 billion, up $184 million or 22% (annualized) from the first quarter of 2026
- Wholesale deposits were reduced by $181.3 million, or 32% from the second quarter of 2025 and $122.3 million or 98% (annualized) from the first quarter of 2026
- Book value per common share was $47.77, an increase of 15% (annualized) from the first quarter of 2026
- Tangible common equity (TCE) ratio was 9.62%, up 133 basis points on a linked quarter basis and up from 8.02% for the second quarter of 2025
- Common Equity Tier 1 ratio (CET1) was 12.81%, up 178 basis points from the first quarter of 2026 and up from 10.71% for the second quarter 2025
- Book value per share, tangible common equity ratio and Common Equity Tier 1 ratio were each positively affected by our recent capital raise of $65.2 million
Asset Quality
- Nonperforming assets to total assets were 0.27%, compared to 0.26% for the linked quarter, while accruing loans 30 days or more past due to total loans decreased to 0.10%, compared to 0.20% for the first quarter
- Classified assets/Tier 1 capital plus allowance for credit losses was 3.15% compared to 3.25% for the linked quarter end
- Provision for credit losses was $1.0 million and includes a $950 thousand provision for loan losses and a $75 thousand provision for unfunded commitments driven by new loan growth; allowance for credit losses to total loans remained at 1.10% for the quarter
- Net charge-offs were 0.01% as a percentage of average loans on an annualized basis
SELECTED FINANCIAL DATA
| Line item | Quarter Ended | ||||||
|---|---|---|---|---|---|---|---|
| June 30 | March 31 | December 31 | September 30 | June 30 | 2Q26 vs 2Q25 | ||
| 2026 | 2026 | 2025 | 2025 | 2025 | $ Change | % Change | |
| Income Statement Summary ($ in thousands): | |||||||
| Net interest income | $32,370 | 30,259 | 28,744 | 27,529 | 25,295 | 7,075 | 28.0% |
| Noninterest income | 3,508 | 3,540 | 3,090 | 3,600 | 3,334 | 174 | 5.2% |
| Total Revenue | 35,878 | 33,799 | 31,834 | 31,129 | 28,629 | 7,249 | 25.3% |
| Provision for credit losses | 1,025 | 1,300 | 650 | 850 | 700 | 325 | 46.4% |
| Noninterest expense | 20,393 | 20,015 | 18,416 | 18,946 | 19,336 | 1,057 | 5.5% |
| Income before income tax expense | 14,460 | 12,484 | 12,768 | 11,333 | 8,593 | 5,867 | 68.3% |
| Income tax expense | 3,265 | 2,597 | 2,911 | 2,671 | 2,012 | 1,253 | 62.3% |
| Net income available to common shareholders | 11,195 | 9,887 | 9,857 | 8,662 | 6,581 | 4,614 | 70.1% |
| Earnings ($ in thousands, except per share data): | |||||||
| Earnings per common share, diluted | 1.20 | 1.19 | 1.20 | 1.06 | 0.81 | 0.39 | 48.2% |
| Net interest margin (tax-equivalent)(1) | 2.87% | 2.88% | 2.72% | 2.62% | 2.50% | -— | -— |
| Return on average assets(2) | 0.96% | 0.91% | 0.90% | 0.80% | 0.63% | -— | -— |
| Return on average equity(2) | 10.28% | 10.67% | 10.77% | 9.78% | 7.71% | -— | -— |
| Efficiency ratio(3) | 56.84% | 59.22% | 57.85% | 60.86% | 67.54% | -— | -— |
| Noninterest expense to average assets (2) | 1.75% | 1.84% | 1.68% | 1.74% | 1.86% | -— | -— |
| Balance Sheet ($ in thousands): | |||||||
| Total loans(4) | $4,030,255 | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 283,414 | 7.6% |
| Total deposits | 3,935,452 | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 299,123 | 8.2% |
| Retail deposits(5) | 3,556,045 | 3,371,721 | 3,163,914 | 3,108,411 | 3,075,631 | 480,414 | 15.6% |
| Total assets | 4,700,171 | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 392,104 | 9.1% |
| Book value per common share | 47.77 | 46.00 | 44.89 | 43.51 | 42.23 | 5.54 | 13.1% |
| Loans to deposits | 102.41% | 101.78% | 103.45% | 103.06% | 103.04% | -— | -— |
| Holding Company Capital Ratios(6): | |||||||
| Total risk-based capital ratio | 14.42% | 12.83% | 12.89% | 12.79% | 12.63% | -— | -— |
| Tier 1 risk-based capital ratio | 13.19% | 11.40% | 11.44% | 11.26% | 11.11% | -— | -— |
| Leverage ratio | 10.11% | 9.05% | 8.93% | 8.72% | 8.73% | -— | -— |
| Common Equity Tier 1 ratio(7) | 12.82% | 11.03% | 11.06% | 10.88% | 10.71% | -— | -— |
| Tangible common equity(8) | 9.62% | 8.29% | 8.37% | 8.18% | 8.02% | -— | -— |
| Asset Quality Ratios: | |||||||
| Nonperforming assets/total assets | 0.27% | 0.26% | 0.32% | 0.27% | 0.27% | -— | -— |
| Classified assets/Tier 1 capital plus allowance for credit losses | 3.15% | 3.25% | 4.28% | 3.97% | 4.35% | -— | -— |
| Accruing loans 30 days or more past due/loans(4) | 0.10% | 0.20% | 0.14% | 0.18% | 0.14% | -— | -— |
| Net charge-offs (recoveries)/average loans(4) (YTD annualized) | 0.01% | 0.01% | 0.00% | 0.00% | 0.00% | -— | -— |
| Allowance for credit losses/loans(4) | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | -— | -— |
| Allowance for credit losses/nonaccrual loans | 395.41% | 378.22% | 305.65% | 364.50% | 362.35% | -— | -— |
income statements – Unaudited
| Southern First Reports Second Quarter 2026 Results |
|---|
[Footnotes to table located on page 6]
Net interest income and margin - Unaudited
| (dollars in thousands) | June 30, 2026Average Balance | For the Three Months Ended · March 31, 2026Income/ Expense | June 30, 2025Yield/ Rate(2) | Average Balance | Income/ Expense | Yield/ Rate(2) | Average Balance | Income/ Expense | Yield/ Rate(2) |
|---|---|---|---|---|---|---|---|---|---|
| Interest-earning assets | |||||||||
| Federal funds sold and interest-bearing deposits | $ 384,694 | $ 3,550 | 3.70% | $ 211,039 | $ 1,956 | 3.76% | $ 179,095 | $ 1,969 | 4.41% |
| Investment securities, taxable | 147,886 | 1,473 | 4.00% | 141,309 | 1,368 | 3.93% | 141,898 | 1,315 | 3.72% |
| Investment securities, nontaxable(1) | 6,283 | 40 | 2.57% | 6,332 | 40 | 2.58% | 7,740 | 55 | 2.83% |
| Loans(9) | 3,978,639 | 53,077 | 5.35% | 3,899,002 | 51,257 | 5.33% | 3,724,064 | 48,992 | 5.28% |
| Total interest-earning assets | 4,517,502 | 58,140 | 5.16% | 4,257,682 | 54,621 | 5.20% | 4,052,797 | 52,331 | 5.18% |
| Noninterest-earning assets | 157,905 | 156,466 | 154,051 | ||||||
| Total assets | $4,675,407 | $ 4,414,148 | $4,206,848 | ||||||
| Interest-bearing liabilities | |||||||||
| NOW accounts | $ 500,978 | 1,738 | 1.39% | $ 421,527 | 1,102 | 1.06% | $ 331,811 | 752 | 0.91% |
| Savings & money market | 1,752,548 | 12,908 | 2.95% | 1,649,248 | 11,819 | 2.91% | 1,566,345 | 13,398 | 3.43% |
| Time deposits | 871,563 | 8,448 | 3.89% | 895,101 | 8,776 | 3.98% | 942,880 | 10,150 | 4.32% |
| Total interest-bearing deposits | 3,125,089 | 23,094 | 2.96% | 2,965,876 | 21,697 | 2.97% | 2,841,036 | 24,300 | 3.43% |
| FHLB advances and other borrowings | 240,000 | 2,252 | 3.76% | 240,000 | 2,245 | 3.79% | 240,000 | 2,270 | 3.79% |
| Subordinated debentures | 24,777 | 415 | 6.72% | 24,903 | 411 | 6.69% | 24,903 | 453 | 7.30% |
| Total interest-bearing liabilities | 3,389,866 | 25,761 | 3.05% | 3,230,779 | 24,353 | 3.06% | 3,105,939 | 27,023 | 3.49% |
| Noninterest-bearing liabilities | 848,704 | 807,686 | 758,626 | ||||||
| Shareholders’ equity | 436,837 | 375,683 | 342,283 | ||||||
| Total liabilities and shareholders’ equity | $ 4,675,407 | $ 4,414,148 | $4,206,848 | ||||||
| Net interest spread | 2.11% | 2.15% | 1.69% | ||||||
| Net interest income (tax equivalent) / margin | $ 32,379 | 2.87% | $ 30,268 | 2.88% | $ 25,308 | 2.50% | |||
| Less: tax-equivalent adjustment(1) | 9 | 9 | 13 | ||||||
| Net interest income | $ 32,370 | $ 30,259 | $ 25,295 |
[Footnotes to table located on page 6]
Balance sheets - Unaudited
| Line item | Ending Balance | ||||||
|---|---|---|---|---|---|---|---|
| Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | 2Q26 vs 2Q25 | ||
| (in thousands, except per share data) | 2026 | 2026 | 2025 | 2025 | 2025 | $ Change | % Change |
| Assets | |||||||
| Cash and cash equivalents: | |||||||
| Cash and due from banks | $30,102 | 32,723 | 27,821 | 24,600 | 25,184 | 4,918 | 19.5% |
| Federal funds sold | 259,049 | 228,235 | 183,473 | 178,534 | 180,834 | 78,215 | 43.3% |
| Interest-bearing deposits with banks | 72,483 | 81,818 | 58,289 | 79,769 | 65,014 | 7,469 | 11.5% |
| Total cash and cash equivalents | 361,634 | 342,776 | 269,583 | 282,903 | 271,032 | 90,602 | 33.4% |
| Investment securities: | |||||||
| Investment securities available for sale | 144,388 | 124,224 | 127,730 | 131,040 | 128,867 | 15,521 | 12.0% |
| Other investments | 20,484 | 20,377 | 20,063 | 20,066 | 19,906 | 578 | 2.9% |
| Total investment securities | 164,872 | 144,601 | 147,793 | 151,106 | 148,773 | 16,099 | 10.8% |
| Mortgage loans held for sale | 8,594 | 13,723 | 11,569 | 6,906 | 10,739 | (2,145) | (20.0%) |
| Loans (4) | 4,030,255 | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 283,414 | 7.6% |
| Less allowance for credit losses | (44,232) | (43,378) | (42,280) | (41,799) | (41,285) | (2,947) | 7.1% |
| Loans, net | 3,986,023 | 3,898,841 | 3,802,844 | 3,747,222 | 3,705,556 | 280,467 | 7.6% |
| Bank owned life insurance | 56,677 | 56,221 | 55,775 | 55,324 | 54,886 | 1,792 | 3.3% |
| Property and equipment, net | 88,006 | 88,580 | 83,465 | 84,586 | 85,921 | 2,085 | 2.4% |
| Deferred income taxes | 13,946 | 13,812 | 13,702 | 12,657 | 12,971 | 975 | 7.5% |
| Other assets | 20,419 | 19,848 | 18,763 | 17,885 | 18,189 | 2,229 | 12.3% |
| Total assets | $4,700,171 | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 392,104 | 9.1% |
| Liabilities | |||||||
| Deposits | $3,935,452 | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 299,123 | 8.2% |
| FHLB Advances | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | - | 0.0% |
| Subordinated debentures | 13,403 | 24,903 | 24,903 | 24,903 | 24,903 | (11,500) | (46.2%) |
| Other liabilities | 59,048 | 60,631 | 53,131 | 60,921 | 61,373 | (2,325) | (3.8%) |
| Total liabilities | 4,247,903 | 4,198,989 | 4,034,837 | 4,002,241 | 3,962,605 | 285,298 | 7.2% |
| Shareholders’ equity | |||||||
| Preferred stock - $.01 par value; 10,000,000 shares authorized | - | - | - | - | - | - | - |
| Common Stock - $.01 par value; 10,000,000 shares authorized | 95 | 82 | 82 | 82 | 82 | 13 | 15.9% |
| Nonvested restricted stock | (912) | (1,302) | (1,338) | (1,929) | (2,774) | 1,862 | (67.1%) |
| Additional paid-in capital | 188,932 | 127,168 | 125,924 | 125,035 | 124,839 | 64,093 | 51.3% |
| Accumulated other comprehensive loss | (8,372) | (7,865) | (7,454) | (8,426) | (9,609) | 1,237 | (12.9%) |
| Retained earnings | 272,525 | 261,330 | 251,443 | 241,586 | 232,924 | 39,601 | 17.0% |
| Total shareholders’ equity | 452,268 | 379,413 | 368,657 | 356,348 | 345,462 | 106,806 | 30.9% |
| Total liabilities and shareholders’ equity | $4,700,171 | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 392,104 | 9.1% |
| Common Stock | |||||||
| Book value per common share | $47.77 | 46.00 | 44.89 | 43.51 | 42.23 | 5.54 | 13.1% |
| Stock price: | |||||||
| High | 61.51 | 61.08 | 55.50 | 45.54 | 38.51 | 23.00 | 59.7% |
| Low | 54.95 | 51.26 | 41.15 | 38.74 | 30.61 | 24.34 | 79.5% |
| Period end | 61.10 | 54.50 | 51.52 | 44.12 | 38.03 | 23.07 | 60.7% |
| Common shares outstanding | 9,468 | 8,248 | 8,213 | 8,189 | 8,181 | 1,287 | 15.7% |
[Footnotes to table located on page 6]
Asset quality measures - Unaudited
| (dollars in thousands) | Quarter Ended · June 302026 | March 312026 | December 312025 | September 302025 | June 302025 |
|---|---|---|---|---|---|
| Nonperforming Assets | |||||
| Commercial | |||||
| Owner occupied RE | $2,667 | 2,317 | 259 | 262 | - |
| Non-owner occupied RE | 2,030 | 1,712 | 6,917 | 6,911 | 6,941 |
| Commercial business | 1,330 | 909 | 189 | 195 | 717 |
| Consumer | |||||
| Real estate | 4,805 | 5,786 | 5,763 | 3,394 | 3,028 |
| Home equity | 354 | 745 | 705 | 705 | 708 |
| Total nonaccrual loans | 11,186 | 11,469 | 13,833 | 11,467 | 11,394 |
| Other real estate owned | 1,375 | 475 | 275 | 275 | 275 |
| Total nonperforming assets | $12,561 | 11,944 | 14,108 | 11,742 | 11,669 |
| Nonperforming assets as a percentage of: | |||||
| Total assets | 0.27% | 0.26% | 0.32% | 0.27% | 0.27% |
| Total loans | 0.31% | 0.30% | 0.37% | 0.31% | 0.31% |
| Classified assets/Tier 1 capital plus allowance for credit losses | 3.15% | 3.25% | 4.28% | 3.97% | 4.35% |
| Accruing loans 30 days or more past due/loans(4) | 0.10% | 0.20% | 0.14% | 0.18% | 0.14% |
| Quarter Ended | |||||
| June 30 | March 31 | December 31 | September 30 | June 30 | |
| (dollars in thousands) | 2026 | 2026 | 2025 | 2025 | 2025 |
| Allowance for Credit Losses | |||||
| Balance, beginning of period | $43,378 | 42,280 | 41,799 | 41,285 | 40,687 |
| Loans charged-off | (155) | (78) | (150) | (55) | (68) |
| Recoveries of loans previously charged-off | 59 | 26 | 81 | 69 | 16 |
| Net loans (charged-off) recovered | (96) | (52) | (69) | 14 | (52) |
| Provision for credit losses | 950 | 1,150 | 550 | 500 | 650 |
| Balance, end of period | $44,232 | 43,378 | 42,280 | 41,799 | 41,285 |
| Allowance for credit losses to gross loans | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Allowance for credit losses to nonaccrual loans | 395.41% | 378.22% | 305.65% | 364.50% | 362.35% |
| Net charge-offs (recoveries) to average loans QTD (annualized) | 0.01% | 0.01% | 0.01% | 0.00% | 0.01% |
[Footnotes to table located on page 6]
LOAN COMPOSITION - Unaudited
| Line item | Quarter Ended | ||||||
|---|---|---|---|---|---|---|---|
| Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | 2Q26 vs 2Q25 | ||
| (dollars in thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | $ Change | % Change |
| Commercial | |||||||
| Owner occupied RE | $755,419 | 759,602 | 736,979 | 705,383 | 686,424 | 68,995 | 10.1% |
| Non-owner occupied RE | 967,698 | 950,696 | 956,812 | 943,304 | 939,163 | 28,535 | 3.0% |
| Construction | 66,105 | 69,463 | 63,666 | 71,928 | 68,421 | (2,316) | (3.4%) |
| Business | 713,017 | 677,742 | 619,667 | 604,411 | 589,661 | 123,356 | 20.9% |
| Total commercial loans | 2,502,239 | 2,457,503 | 2,377,124 | 2,325,026 | 2,283,669 | 218,570 | 9.6% |
| Consumer | |||||||
| Real estate | 1,167,282 | 1,148,129 | 1,153,285 | 1,159,693 | 1,164,187 | 3,095 | 0.3% |
| Home equity | 273,017 | 262,530 | 248,685 | 239,996 | 234,608 | 38,409 | 16.4% |
| Construction | 36,371 | 33,879 | 24,997 | 25,842 | 25,210 | 11,161 | 44.3% |
| Other | 51,346 | 40,178 | 41,033 | 38,464 | 39,167 | 12,179 | 31.1% |
| Total consumer loans | 1,528,016 | 1,484,716 | 1,468,000 | 1,463,995 | 1,463,172 | 64,844 | 4.4% |
| Total gross loans, net of deferred fees | 4,030,255 | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 283,414 | 7.6% |
| Less—allowance for credit losses | (44,232) | (43,378) | (42,280) | (41,799) | (41,285) | (2,947) | 7.1% |
| Total loans, net | $3,986,023 | 3,898,841 | 3,802,844 | 3,747,222 | 3,705,556 | 280,467 | 7.6% |
| Yield on average loans | 5.35% | 5.33% | 5.29% | 5.35% | 5.28% | -— | -— |
DEPOSIT COMPOSITION - Unaudited
| Line item | Quarter Ended | ||||||
|---|---|---|---|---|---|---|---|
| Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | 2Q26 vs 2Q25 | ||
| (dollars in thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | $ Change | % Change |
| Non-interest bearing | $799,246 | 799,692 | 732,287 | 736,518 | 761,492 | 37,754 | 5.0% |
| Interest bearing: | |||||||
| NOW accounts | 538,443 | 495,657 | 423,270 | 343,615 | 341,903 | 196,540 | 57.5% |
| Money market accounts | 1,765,697 | 1,652,125 | 1,573,039 | 1,572,738 | 1,537,400 | 228,297 | 14.8% |
| Savings | 29,460 | 30,332 | 29,470 | 29,381 | 32,334 | (2,874) | (8.9%) |
| Time deposits, less than $250,000 | 175,971 | 170,496 | 180,783 | 202,353 | 194,064 | (18,093) | (9.3%) |
| Time deposits, $250,000 and over(10) | 626,635 | 725,153 | 777,954 | 791,812 | 769,136 | (142,501) | (18.5%) |
| Total deposits | $3,935,452 | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 299,123 | 8.2% |
| Total retail deposits | 3,556,045 | 3,371,721 | 3,163,914 | 3,108,411 | 3,075,631 | 480,414 | 15.6% |
| Total wholesale deposits | 379,407 | 501,734 | 552,889 | 568,006 | 560,697 | (181,290) | (32.3%) |
| Cost of average deposits | 2.37% | 2.37% | 2.50% | 2.69% | 2.75% | -— | -— |
| Cost of average retail deposits | 2.11% | 2.06% | 2.18% | 2.36% | 2.42% | -— | -— |
| Loans to deposits | 102.41% | 101.78% | 103.45% | 103.06% | 103.04% | -— | -— |
Footnotes to tables:
| (1) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis. |
| (2) Annualized for the respective three-month period. |
| (3) Noninterest expense divided by the sum of net interest income and noninterest income. |
| (4) Excludes mortgage loans held for sale. |
| (5) Excludes out of market (wholesale) deposits totaling $379.4 million. |
| (6) June 30, 2026 ratios are preliminary. |
| (7) The Common Equity Tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets. |
| (8) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets. |
| (9) Includes mortgage loans held for sale. |
| (10) Includes out of market deposits |
About Southern First Bancshares
Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The company’s wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $4.7 billion, and its common stock is traded on The NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com.
MEDIA CONTACT: ART SEAVER 864-679-9010
FINANCIAL CONTACT:
CHRIS ZYCH 864-679-9070
WEB SITE: www.southernfirst.com SOURCE: Southern First Bancshares, Inc.
| Quarter Ended | ||||||||
| Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | 2Q26 vs 2Q25 | |||
| (in thousands, except per share data) | 2026 | 2026 | 2025 | 2025 | 2025 | $ Change | % Change | |
| Interest income | ||||||||
| Loans | $ | 53,077 | 51,257 | 51,069 | 50,999 | 48,992 | 4,085 | 8.3% |
| Investment securities | 1,504 | 1,399 | 1,268 | 1,342 | 1,357 | 147 | 10.8% | |
| Federal funds sold | 3,550 | 1,955 | 2,193 | 2,645 | 1,969 | 1,581 | 80.3% | |
| Total interest income | 58,131 | 54,611 | 54,530 | 54,986 | 52,318 | 5,813 | 11.1% | |
| Interest expense | ||||||||
| Deposits | 23,094 | 21,697 | 23,052 | 24,703 | 24,300 | (1,206) | (5.0%) | |
| Borrowings | 2,667 | 2,655 | 2,734 | 2,754 | 2,723 | (56) | (2.1%) | |
| Total interest expense | 25,761 | 24,352 | 25,786 | 27,457 | 27,023 | (1,262) | (4.7%) | |
| Net interest income | 32,370 | 30,259 | 28,744 | 27,529 | 25,295 | 7,075 | 28.0% | |
| Provision for credit losses | 1,025 | 1,300 | 650 | 850 | 700 | 325 | 46.4% | |
| Net interest income after provision for credit losses | 31,345 | 28,959 | 28,094 | 26,679 | 24,595 | 6,750 | 27.4% | |
| Noninterest income | ||||||||
| Mortgage banking income | 1,323 | 1,493 | 1,689 | 1,600 | 1,569 | (246) | (15.7%) | |
| Service fees on deposit accounts | 866 | 756 | 634 | 625 | 567 | 299 | 52.7% | |
| ATM and debit card income | 651 | 588 | 638 | 601 | 586 | 65 | 11.1% | |
| Income from bank owned life insurance | 457 | 446 | 450 | 439 | 413 | 44 | 10.7% | |
| Loss on sale of securities | - | - | (515) | - | - | - | 0.0% | |
| Other income | 211 | 257 | 194 | 335 | 199 | 12 | 6.0% | |
| Total noninterest income | 3,508 | 3,540 | 3,090 | 3,600 | 3,334 | 174 | 5.2% | |
| Noninterest expense | ||||||||
| Compensation and benefits | 12,252 | 11,980 | 10,529 | 11,299 | 11,674 | 578 | 5.0% | |
| Occupancy | 2,551 | 2,490 | 2,465 | 2,447 | 2,523 | 28 | 1.1% | |
| Outside service and data processing costs | 2,416 | 2,267 | 2,144 | 2,158 | 2,189 | 227 | 10.4% | |
| Insurance | 858 | 892 | 994 | 961 | 910 | (52) | (5.7%) | |
| Professional fees | 782 | 675 | 732 | 605 | 609 | 173 | 28.4% | |
| Marketing | 423 | 399 | 346 | 412 | 397 | 26 | 6.5% | |
| Other | 1,111 | 1,312 | 1,206 | 1,064 | 1,034 | 77 | 7.4% | |
| Total noninterest expenses | 20,393 | 20,015 | 18,416 | 18,946 | 19,336 | 1,057 | 5.5% | |
| Income before provision for income taxes | 14,460 | 12,484 | 12,768 | 11,333 | 8,593 | 5,867 | 68.3% | |
| Income tax expense | 3,265 | 2,597 | 2,911 | 2,671 | 2,012 | 1,253 | 62.3% | |
| Net income available to common shareholders | $ | 11,195 | 9,887 | 9,857 | 8,662 | 6,581 | 4,614 | 70.1% |
| Earnings per common share – Basic | $ | 1.22 | 1.21 | 1.22 | 1.07 | 0.81 | 0.41 | 50.6% |
| Earnings per common share – Diluted | 1.20 | 1.19 | 1.20 | 1.06 | 0.81 | 0.39 | 48.2% | |
| Basic weighted average common shares | 9,185 | 8,163 | 8,106 | 8,091 | 8,090 | 1,095 | 13.5% | |
| Diluted weighted average common shares | 9,319 | 8,293 | 8,229 | 8,176 | 8,124 | 1,195 | 14.7% |