Southern First Bancshares Reports 6.6% Asset Growth and Increased Net Income in Latest Quarter

Southern First Bancshares, Inc. reported significant financial growth in its latest quarterly filing, with total assets reaching $4.36 billion as of September 30, 2025, a 6.6% increase from $4.09 billion at the end of 2024. The company's loan portfolio also expanded, totaling $3.79 billion, up from $3.63 billion, driven by a rise in both commercial and consumer loans. The increase in total deposits was notable, climbing to $3.68 billion from $3.44 billion, reflecting a strong demand for banking services.

The company’s net income for the third quarter of 2025 was $8.66 million, a substantial increase from $4.38 million in the same period last year. This growth translated to diluted earnings per share of $1.07, compared to $0.54 in the prior year. For the nine months ending September 30, 2025, net income reached $20.51 million, up from $9.90 million in 2024, with diluted earnings per share increasing to $2.54 from $1.22. The primary driver of this profitability was a 33.7% increase in net interest income, which rose to $27.53 million from $20.59 million, aided by a decrease in interest expenses.

Operationally, Southern First Bancshares has seen a rise in its customer base and engagement metrics. The company reported a total of 8,189,177 shares outstanding as of September 30, 2025, reflecting a slight increase from 8,164,872 shares at the end of 2024. The bank's focus on enhancing customer service through its "ClientFIRST" culture continues to be a strategic priority, contributing to its competitive advantage in the market.

In terms of credit quality, the allowance for credit losses stood at $41.8 million, representing 1.10% of total loans, with coverage of 364.50% of nonperforming loans. Nonperforming assets totaled $11.74 million, or 0.27% of total assets, consistent with the previous quarter. The company has adopted a discounted cash flow approach for estimating credit losses, which has allowed for more precise forecasting based on economic conditions.

Looking ahead, Southern First Bancshares remains optimistic about its growth trajectory, supported by a solid capital position and a well-capitalized status exceeding regulatory requirements. The company plans to continue expanding its loan portfolio while managing interest rate risk through effective asset-liability management strategies. The ongoing focus on enhancing customer relationships and service quality is expected to further bolster its market position in the competitive banking landscape.