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THIRD QUARTER 2025 INVESTOR PRESENTATION October 28, 2025
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FORWARD-LOOKING STATEMENTS During the course of this presentation, management may make projections and forward- looking statements regarding events or the future financial performance of Southern First Bancshares, Inc. We wish to caution you that these forward-looking statements involve certain risks and uncertainties, including a variety of factors (including a downturn in the economy, greater than expected interest and non-interest expenses, increased competition, fluctuations in interest rates, regulatory actions, excessive loan losses and other factors) that may cause Southern First’s actual results to differ materially from the anticipated results expressed or implied in these forward-looking statements. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. Investors are cautioned not to place undue reliance on these forward-looking statements and are advised to review the risk factors that may affect Southern First’s operating results in documents filed by Southern First Bancshares, Inc. with the Securities and Exchange Commission, including the annual report on Form 10-K and other required filings. Southern First assumes no duty to update the forward-looking statements made in this presentation. 2
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SOUTHERN FIRST BANCSHARES, INC. 3 OUR PHILOSOPHYCORPORATE PROFILE Our Mission Our mission is to impact lives in the communities we serve. Our Purpose We exist to enable dreams, earn trust, and exceed expectations. Our Culture We focus on the things that matter most: family, community, and teamwork. Authentic relationship banking with 25 years of service excellence • $4.4 Billion – Total Assets • $3.8 Billion – Total Loans • $3.7 Billion – Total Deposits • Solid Balance Sheet / Capital Levels • Tier 1 RBC of 11.26% • Consistent TBV growth • Outstanding Asset Quality • NPAs of 0.27% • NCOs of 0.00% • Efficient, High-Powered Banking Model • 12 banking offices located in 8 of the most dynamic and fastest growing Southeast metro markets • ~300 associates
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$40.04 $40.47 $41.33 $42.23 $43.51 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Book Value Per Share 2.08% 2.25% 2.41% 2.50% 2.62% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Interest Margin $0.54 $0.70 $0.65 $0.81 $1.07 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Earnings Per Share PERFORMANCE SUMMARY 4 0.43% 0.54% 0.52% 0.63% 0.80% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Return on Average Assets $0.26 / 32% QoQ and $0.53 / 98% YoY 12 bp QoQ and 54 bp YoY $1.28 / 12% QoQ (annualized) and $3.47 / 9% YoY 17 bp QoQ and 37 bp YoY Note: Quarter-over-Quarter (QoQ) results are annualized for dollar values
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$27.1 $28.1 $25.8 $22.5 $21.6 $22.1 $21.4 $21.3 $23.1 $23.8 $25.2 $26.5 $28.6 $31.1 $20 $22 $24 $26 $28 $30 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Total Revenue PERFORMANCE SUMMARY 5 • Revenue continues to reach historically high levels at a steady rate, primarily bolstered by a consistently expanding margin • Revenue has been steadily increasing since 2024— Q3- 25 results are 46% higher than Q1-24—fueled by a combination of solid, high- quality growth as well as focused pricing efforts on both sides of the balance sheet
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INVESTMENT CONSIDERATIONS Located in dynamic, high growth southeastern metro markets History of above-peer organic growth with exceptional credit metrics Highly-efficient cost structure Solid capital ratios with consistent tangible book value growth Culture of exceptional long-term relationship banking 6 Experienced management team with success operating through cycles
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HIGH-GROWTH METRO MARKETS Source: S&P Global Markets; (1) Charleston MSA includes the city of Summerville, SC, which SFST entered in 20187 SFST's % of Total Deposits Greenville, SC Charleston, SC Atlanta, GA Columbia, SC Raleigh, NC Greensboro, NC MSA Year Entered Offices SFST's % of Total Deposits 2025 Population (Actual) '20 - '25 Pop. Change % '25 - '30 Proj. Pop. Growth '25 - '30 Proj. HHI. Growth % Greenville, SC 2000 4 48.72% 1,001,499 7.9 6.4 6.3 Charleston, SC (1) 2012 3 19.96% 876,962 9.7 7.4 10.1 Atlanta, GA 2017 1 12.19% 6,421,346 5.2 4.4 7.7 Columbia, SC 2007 1 9.16% 874,647 5.5 4.6 7.7 Raleigh, NC 2016 1 5.37% 1,555,961 10.0 7.4 11.8 Greensboro, NC 2018 1 3.04% 798,793 2.9 2.7 7.0 Charlotte, NC 2021 1 1.58% 2,822,670 8.7 6.6 10.3 MSA Totals 12 14,411,878 Wtd. Avg. SFST MSAs 7.7 6.1 7.7 National Average 1.2 2.4 8.8
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FINANCIAL HIGHLIGHTS – Q3 2025 8 • Diluted earnings per common share of $1.07, up $0.26, or 32%, from Q2 2025, and $0.53, or 98%, compared to Q3 2024 • Net interest margin of 2.62%, compared to 2.50% for Q2 2025 and 2.08% for Q3 2024 • Total loans of $3.8 billion, up 4% (annualized) from Q2 2025; core deposits of $2.9 billion, up 2% (annualized) from Q2 2025 • Nonperforming assets to total assets of 0.27% and past due loans to total loans of 0.18% • Book value per common share of $43.51 increased 12% (annualized) from Q2 2025 and 9% compared to Q3 2024; Tangible Common Equity (TCE) ratio of 8.18%
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LOAN & DEPOSIT COMPOSITION Owner occupied RE 18.6% Non-owner occupied RE 24.9% Construction 1.9% Business 16.0% Real estate 30.6% Home equity 6.3% Construction 0.7% Other 1.0% Total Loans* $3.79 Billion Commercial, 61.4% Consumer, 38.6% *Total loans excludes mortgage loans held for sale.9 Non-Interest Bearing Checking 20.0% Interest- Bearing Checking 9.4% Money Market 42.8% Savings 0.8% Retail CDs 11.6% Wholesale CDs 15.4% Total Deposits $3.68 Billion
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0.28% 0.27% 0.26% 0.27% 0.27% 0.39% 0.41% 0.40% 0.38% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 SFST KRX Index 0.00% 0.00% 0.00% 0.01% 0.00% 0.17% 0.21% 0.18% 0.18% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 SFST KRX Index 0.09% 0.18% 0.27% 0.14% 0.18% 0.35% 0.34% 0.30% 0.30% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 SFST KRX Index ASSET QUALITY *Excludes mortgage loans held for sale. Source: S&P Global Markets.10 Accruing loans 30 days or more past due/loans* Net charge-offs (recoveries)/average loans* (QTD Annualized) Nonperforming assets/total assets -0.05% 0.00% 0.06% 0.05% 0.16% 2021 2022 2023 0.17% 0.07% 0.10% 0.23% 0.19% 0.28% 2021 2022 2023 0.03% 0.04% 0.31% 0.25% 0.26% 0.33% 2021 2022 2023 • NPA ratio was consistent with past quarters, showing no new credit quality concerns • Credit performance remains favorable to peers • Past due loans are monitored and well-managed at 0.18% of total loans • Minimal direct credit exposure to private credit providers / NDFIs — one small, well underwritten loan to an established client
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$44 million $137 million $57 million Non-Owner Occupied Office Exposure Medical Office Office - Multiple Tenant Office - Single Tenant OFFICE PORTFOLIO 11 Q3 2025 Portfolio Characteristics Total Credit Exposure $238 million % of Total Loans 5.2% Average Loan Size $1.4 million Median Loan Size $697 thousand Largest Loan Size $10.0 million 30+ Days Past Due None Special Mention None Substandard Accruing $76,096 Nonaccruals $76,096
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$1.90 $1.86 $1.97 $2.04 $2.05 $0.96 $0.97 $1.00 $0.99 $1.00 2.83% 2.54% 2.41% 2.42% 2.33% 4.00% 3.36% 3.33% 3.17% 3.21% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $ in billions Retail Deposits Commercial Consumer Deposit Cost New Production $2.23 $2.24 $2.25 $2.28 $2.33 $1.39 $1.40 $1.43 $1.46 $1.46 5.21% 5.18% 5.20% 5.28% 5.35% 7.42% 7.22% 7.08% 7.07% 6.94% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $ in billions Total Loans Commercial Loans Consumer Loans Loan Yield New Production • Our loan and deposit pipelines remain consistent and strong across our footprint; we have maintained pricing discipline, which is driving profitable growth • Total loan growth was 4% (annualized) for Q3 2025 and 6% (annualized) for YTD 2025 • Retail deposit growth was 4% (annualized) for Q3 2025 and 10% (annualized) for YTD 2025 • Loan yield has remained relatively stable; run-off has been offset with loan production at higher yields • Retail deposit rates decreased 50bps from 2.83% in Q3 2024 to 2.33% in Q3 2025 • Funding costs have been actively managed through strategic deposit initiatives based on lower pricing opportunities; due to our initiatives to expand margin, we have been nimble in capturing Fed rate decreases BALANCE SHEET TRENDS Note: Total loans excludes mortgage loans held for sale 12
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$110 $105 $105 $98 $332 $293 3.71% 3.91% 3.90% 3.92% 4.08% 3.93% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Year 2 Year 3 $ in thousands Fixed Rate Loan Repricing <6% Principal Balance WAR $149 $90 $63 $58 $2 $80 $73 $97 $103 $70 3.96% 3.88% 3.66% 3.59% 2.37% 4.28% 4.19% 4.41% 4.10% 4.19% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 $ in millions Time Deposit Contractual Maturities Retail CDs Wholesale CDs Weighted Avg Rate - Retail CDs Weighted Avg Rate - Wholesale CDs • Balance sheet is well-positioned for the current interest rate and business environment • We expect $2.8 billion in deposits will reprice through 2026; approximately $1.5 billion inassets will reprice • By year end 2027, nearly $1.0 billion or one-half of fixed loans < 6% will contractually reprice at substantially higher rates • Non-contractual loan payoffs at rates <6% were approximately $90 million year-to-date 2025, which adds to the velocity of repricing not reflected in the charts, above • We are strategically and proactively lowering deposit rates for certain products on a regular basis during each quarter BALANCE SHEET REPRICING OPPORTUNITIES *Loan repricing includes scheduled amortization, prepayments, and rate resets.13 Year 2 = Q4 2026-Q3 2027 Year 3 = Q4 2027-Q3 2028
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$1,449 $1,024 $1,424 $1,569 $1,600 $455 $499 $539 $567 $625 $599 $607 $552 $586 $601 $401 $407 $403 $413 $439$271 $242 $196 $199 $335 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $ in thousands Noninterest Income Mortgage Banking Service Fees ATM/Debit Card Fees Bank Owned Life Insurance Other NONINTEREST INCOME AND EXPENSE 14 • Our business model with fewer banking offices has allowed us to operate more efficiently than peers • 12 banking offices – average core deposits of $240.4 million per office • ~ 300 associates 1.75% 1.78% 1.87% 1.86% 1.74% 2.08% 2.08% 2.10% 2.13% Noninterest Expense/Avg Assets Noninterest expense/Avg Assets KRX Median
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MORTGAGE ACTIVITY TRENDS 15 • Closings decreased to $70 million compared to $81 million in Q2 2025 and increased compared to $57 million in Q3 2024 • Sold $54 million loans in Q3 2025, compared to $56 million sold in Q2 2025 and $49 million in Q3 2024 • Purchase volume remained the primary driver of originations at 84% of the total in Q3 2025 $57 $53 $71 $81 $70 $49 $41 $42 $56 $54 2.5% 2.1% 2.6% 2.3% 2.7% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Mortgages Closed Mortgages closed Loans sold Gain on sale % 94% 88% 86% 88% 84% 6% 12% 14% 12% 16% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Mortgage Locks – Purchase vs. Refinance Purchase Refinance $ in millions
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CAPITAL RATIOS Holding Company Capital Ratios: (1) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Total risk-based capital ratio 12.79% 12.63% 12.69% 12.70% 12.61% Tier 1 risk-based capital ratio 11.26% 11.11% 11.15% 11.16% 10.99% Leverage ratio 8.72% 8.73% 8.79% 8.55% 8.50% Common equity tier 1 ratio (2) 10.88% 10.71% 10.75% 10.75% 10.58% Tangible common equity (3) 8.18% 8.02% 7.88% 8.08% 7.82% (1) September 30, 2025 ratios are preliminary. (2) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets. (3) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets. 16 • Regulatory capital ratios have steadily increased on average as profitability continues to expand; we believe we can support our desired stability and growth targets • Repaid $11.5 million of subordinated debt during Q3 2024 to mitigate the negative impact from an impending increase to a higher floating rate • The remaining debt instrument is approaching maturity, resulting in diminishing tier 2 capital treatment • It is currently priced potentially at or below market rates and carries a sufficient capital impact for the time being without refinancing; we continue to evaluate as time passes and market conditions change
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CONSISTENT FOCUS ON KEY PERFORMANCE OPPORTUNITIES Financial Management Opportunities • Continue to strengthen the balance sheet through high-quality, profitable growth and capital accretion • Balance current earnings improvement decisions with long-term balance sheet management considerations • Execute on prudent action steps to increase net interest margin and maintain expense discipline • Seek to optimize loan, deposit and wholesale pricing • Reduce loan-to-deposit ratio Strategic Opportunities • Focused on growing core retail/customer deposits and increasing loan relationships with the prudent underwriting standards we are known for • Remain consistent to our philosophy of relationship banking and organic growth, one client at a time 17
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OUR CULTURE OF SUCCESS Relationship driven with a focus on exceptional service and authentic hospitality Embrace technology and the evolution of our industry Committed to organic growth versus M&A Superb at managing risk - credit risk and enterprise risks Highly efficient delivery – branch light footprint Located in major metro, high-growth Southeastern markets Dedicated to an entrepreneurial, team-focused culture that results in high career satisfaction Utilizes a strong mortgage component to augment noninterest income Proven and driven leadership team Lead and operate with wisdom and clarity 18