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Southern First Southern First Reports Results for Third Quarter 2021 Greenville , South Carolina , October 26 , 2021 - Southern First Bancshares , Inc. ( NASDAQ : SFST ) , holding company for Southern First Bank , today announced its financial results for the three- and nine - month periods ended September 30 , 2021 . " The third quarter was a record quarter for Southern First , " stated Art Seaver , the company's Chief Executive Officer . " Our team generated record loan growth , strong deposit growth , and the highest quarterly net income in our company's history . " 2021 Third Quarter Highlights . Net income improved to $ 14.0 million , compared to $ 2.2 million for Q3 2020 Diluted earnings per common share improved to $ 1.75 per share , compared to $ 0.28 for Q3 2020 • Loan loss reversal of $ 6.0 million , compared to provision of $ 11.1 million for Q3 2020 • • Total loans increased 14.9 % to $ 2.4 billion at Q3 2021 , compared to $ 2.1 billion at Q3 2020 Total deposits increased 11.6 % to $ 2.4 billion at Q3 2021 , compared to $ 2.2 billion at Q3 2020 September 30 2021 June 30 2021 Quarter Ended March 31 2021 December 31 September 30 2020 2020 Earnings ( $ in thousands , except per share data ) : Net income available to common shareholders $ Earnings per common share , diluted 14,017 1.75 10,323 10,366 8,601 2,217 1.29 1.31 1.10 0.28 Total revenue ( 1 ) 26,411 25,052 27,177 27,947 28,221 Net interest margin ( tax - equivalent ) ( 2 ) 3.38 % 3.50 % 3.60 % 3.55 % 3.52 % Return on average assets ( 3 ) 2.03 % 1.61 % 1.68 % 1.38 % 0.36 % Return on average equity ( 3 ) Efficiency ratio ( 4 ) 21.67 % 16.96 % 18.22 % 15.51 % 4.03 % 53.15 % 53.87 % 52.11 % 52.04 % 50.26 % Total deposits Noninterest expense to average assets Balance Sheet ( $ in thousands ) : Total loans ( 5 ) Core deposits ( 6 ) Total assets Loans to deposits Holding Company Capital Ratios ( 7 ) : Total risk - based capital ratio Tier 1 risk - based capital ratio ( 3 ) 2.06 % 2.10 % 2.30 % 2.36 % 2.34 % $ 2,650,183 2,389,047 2,254,135 2,183,682 2,433,018 2,310,892 2,258,751 2,367,841 2,220,577 2,161,759 2,784,176 98.19 % 2,142,867 2,078,540 2,142,758 2,181,056 2,011,903 2,011,919 2,579,922 2,482,587 2,479,411 97.54 % 96.68 % 100.01 % 95.30 % 14.88 % 14.98 % 14.82 % 14.38 % 14.15 % 12.59 % 12.63 % 12.43 % 11.97 % 11.72 % Leverage ratio 10.20 % 10.27 % 10.12 % 9.70 % 9.47 % Common equity tier 1 ratio ( 8 ) 12.00 % 12.00 % 11.79 % 11.32 % 11.06 % Tangible common equity ( 9 ) 9.54 % 9.50 % 9.28 % 9.20 % 8.82 % Asset Quality Ratios : Nonperforming assets / total assets 0.50 % 0.27 % 0.30 % 0.37 % 0.42 % Classified assets / tier one capital plus allowance for loan losses Loans 30 days or more past due / loans ( 5 ) 14.90 % 13.36 % 14.42 % 8.18 % 7.00 % 0.49 % 0.14 % 0.12 % 0.17 % 0.26 % Net charge - offs ( recoveries ) / average loans ( 5 ) ( YTD annualized ) ( 0.01 % ) 0.00 % 0.07 % 0.10 % 0.11 % Allowance for loan losses / loans ( 5 ) 1.51 % 1.86 % 1.99 % 2.06 % 2.03 % Allowance for loan losses / nonaccrual loans 259.95 % 619.47 % 557.47 % 547.14 % 482.43 % [ Footnotes to table located on page 6 ] 1