Southern First Bancshares, Inc. reported significant financial growth in its latest quarterly filing, with net income reaching $6.6 million for the three months ended June 30, 2025, compared to $3.0 million for the same period in 2024. This translates to diluted earnings per share of $0.81, up from $0.37 year-over-year. For the first half of 2025, net income totaled $11.8 million, a substantial increase from $5.5 million in the prior year, driven primarily by a 29.5% rise in net interest income, which reached $25.3 million in the second quarter.
The company’s total interest income for the second quarter of 2025 was $52.3 million, an increase from $50.5 million in the same quarter of 2024. Interest expense decreased significantly to $27.0 million from $31.0 million, contributing to a net interest margin of 2.50%, up from 1.98% a year earlier. The improved margin reflects a strategic reduction in interest costs on deposits, which fell to an average rate of 3.43% from 4.03% in the previous year.
In terms of operational metrics, Southern First Bancshares reported total assets of $4.31 billion as of June 30, 2025, a 5.4% increase from $4.09 billion at the end of 2024. The loan portfolio also expanded, with total loans increasing to $3.75 billion from $3.63 billion, primarily driven by growth in consumer loans secured by real estate. The company’s allowance for credit losses stood at $41.3 million, representing 1.10% of total loans, and providing coverage of 362.35% of nonperforming loans.
Strategically, the company has focused on enhancing its deposit base, with total deposits rising to $3.64 billion, up from $3.44 billion at the end of 2024. This growth was supported by a mix of retail and wholesale deposits, with retail deposits comprising 84.6% of total deposits. The company also maintained a line of credit of $15 million, which remained unused as of the reporting date. Looking ahead, Southern First Bancshares anticipates continued pressure on net interest margins due to competitive deposit rates but remains optimistic about its growth trajectory and operational efficiency.
About SOUTHERN FIRST BANCSHARES INC
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