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Southern First Southern First Reports Results for Second Quarter 2021 Greenville , South Carolina , July 27 , 2021 - Southern First Bancshares , Inc. ( NASDAQ : SFST ) , holding company for Southern First Bank , today announced its financial results for the three- and six - month periods ended June 30 , 2021 . " We are incredibly excited about our performance in the second quarter of 2021 , " stated Art Seaver , the company's Chief Executive Officer . " Highlights from this quarter include solid earnings , significant growth in loans and deposits , and exciting recruiting success as we added talented new bankers in every market we serve . " 2021 Second Quarter Highlights Net income improved to $ 10.3 million , a 120.7 % increase over Q2 2020 • • • Diluted earnings per common share improved to $ 1.29 per share , a 115.0 % increase over Q2 2020 Total loans increased 10.7 % to $ 2.3 billion at Q2 2021 , compared to $ 2.0 billion at Q2 2020 Total deposits increased 5.6 % to $ 2.3 billion at Q2 2021 , compared to $ 2.2 billion at Q2 2020 Net interest margin improved to 3.50 % , compared to 3.42 % for Q2 2020 Earnings ( $ in thousands , except per share data ) : Quarter Ended June 30 2021 March 31 2021 2020 December 31 September 30 2020 June 30 2020 Net income available to common shareholders Earnings per common share , diluted Total revenue ( 1 ) $ 10,323 1.29 10,366 8,601 2,217 4,678 1.31 1.10 0.28 0.60 25,052 27,177 27,947 28,221 28,981 Net interest margin ( tax - equivalent ) ( 2 ) Return on average assets ( 3 ) 3.50 % 3.60 % 3.55 % 3.52 % 3.42 % 1.61 % 1.68 % 1.38 % 0.36 % 0.77 % Return on average equity ( 3 ) 16.96 % 18.22 % 15.51 % 4.03 % 8.78 % Efficiency ratio ( 4 ) 53.87 % 52.11 % 52.04 % 50.26 % 43.63 % Noninterest expense to average assets ( 3 ) 2.10 % 2.30 % 2.36 % 2.34 % 2.09 % Balance Sheet ( $ in thousands ) : Total loans ( 5 ) Total deposits Core deposits ( 6 ) Total assets Loans to deposits Holding Company Capital Ratios ( 7 ) : Total risk - based capital ratio Tier 1 risk - based capital ratio $ 2,254,135 2,183,682 2,310,892 2,258,751 2,220,577 2,161,759 2,650,183 2,579,922 2,142,867 2,142,758 2,181,056 2,188,643 2,011,903 2,011,919 1,991,005 2,482,587 2,479,411 2,482,295 2,078,540 2,036,801 97.54 % 96.68 % 100.01 % 95.30 % 93.06 % 14.98 % 14.82 % 14.40 % 14.15 % 13.76 % 12.63 % 12.43 % 11.99 % 11.73 % 11.37 % Leverage ratio 10.27 % 10.12 % 9.70 % 9.47 % 9.38 % Common equity tier 1 ratio ( 8 ) 12.00 % 11.79 % 11.34 % 11.07 % 10.72 % Tangible common equity ( 9 ) 9.50 % 9.28 % 9.20 % 8.82 % 8.71 % Asset Quality Ratios : Nonperforming assets / total assets 0.27 % 0.30 % 0.37 % 0.42 % 0.36 % Classified assets / tier one capital plus allowance for loan losses 13.36 % 14.42 % 8.18 % 7.00 % 7.51 % Loans 30 days or more past due 0.14 % 0.12 % 0.17 % 0.26 % 0.40 % Net charge - offs / average loans ( 5 ) ( YTD annualized ) 0.00 % 0.07 % 0.10 % 0.11 % 0.12 % Allowance for loan losses / loans ( 5 ) 1.86 % 1.99 % 2.06 % 2.03 % 1.55 % Allowance for loan losses / nonaccrual loans 619.47 % 557.47 % 547.14 % 482.43 % 350.74 % [ Footnotes to table located on page 6 ] 1