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FOURTH QUARTER 2025 INVESTOR PRESENTATION January 22, 2026
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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 11.44% • Consistent TBV growth • Outstanding Asset Quality • NPAs of 0.32% • 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 • ~315 associates
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$40.47 $41.33 $42.23 $43.51 $44.89 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Book Value Per Share 2.25% 2.41% 2.50% 2.62% 2.72% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Interest Margin 0.54% 0.52% 0.63% 0.80% 0.90% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Return on Average Assets $0.70 $0.65 $0.81 $1.07 $1.21 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Earnings Per Share PERFORMANCE SUMMARY 4 $0.14 / 13% QoQ and $0.51 / 73% YoY 10 bp QoQ and 47 bp YoY $1.38 / 13% QoQ (annualized) and $4.42 / 11% YoY 10 bp QoQ and 36 bp YoY Note: Quarter-over-Quarter (QoQ) results are annualized for dollar values.
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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—Q4-25 results are 49% 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 • More specifically, loan growth in 2025 has had a significant impact in steepening revenue improvements • Noninterest expenses have remained stable with our lower cost, efficient operating model * Total Revenue, excluding mortgage revenue. $25.9 $26.9 $25.5 $21.9 $20.3 $20.9 $20.5 $20.1 $21.2 $22.4 $24.2 $25.1 $27.0 $29.5 $30.1 $15.8 $16.0 $16.4 $17.1 $17.4 $17.3 $17.0 $18.1 $18.6 $18.0 $18.5 $18.8 $19.3 $18.9 $18.4 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $ in Millions Revenue* and Expense Trends Total Revenue (excl. mortgage) Noninterest Expense
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HIGH-GROWTH METRO MARKET EXPANSION Source: S&P Global Markets; (1) Charleston MSA includes the city of Summerville, SC, which SFST entered in 2018.6 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 2026 Population (Actual) '20 - ‘26 Pop. Change % '26 - ‘31 Proj. Pop. Growth '26 - ‘31 Proj. HHI. Growth % Greenville, SC 2000 4 48.6% 1,018,490 9.7 6.7 14.3 Charleston, SC(1) 2012 3 19.3% 893,430 11.7 7.5 13.3 Atlanta, GA 2017 1 12.8% 6,500,242 6.5 4.2 11.4 Columbia, SC 2007 1 8.2% 882,398 6.4 4.8 11.9 Raleigh, NC 2016 1 6.0% 1,611,719 13.4 8.3 13.3 Greensboro, NC 2018 1 3.5% 808,012 4.1 3.3 12.2 Charlotte, NC 2021 1 1.5% 2,958,768 11.2 7.2 13.2 MSA Totals 12 14,673,059 Wtd. Avg. SFST MSAs 9.5 6.3 13.4 National Average 3.5 2.3 11.3
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FINANCIAL HIGHLIGHTS – Q4 2025 7 • Diluted earnings per common share of $1.21, up $0.14, or 13%, from Q3 2025, and $0.51, or 73%, compared to Q4 2024 • Net interest margin of 2.72%, compared to 2.62% for Q3 2025 and 2.25% for Q4 2024 • Total loans of $3.8 billion, up 6% from Q4 2024; Total deposits of $3.7 billion, up 8% from Q4 2024; Core deposits of $2.9 billion, up 8% from Q4 2024 • Nonperforming assets to total assets of 0.32% and past due loans to total loans of 0.13% • Book value per common share of $44.89 increased 3% from Q3 2025 and 11% compared to Q4 2024; Tangible Common Equity (TCE) ratio of 8.37%
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Owner occupied RE 19.2% Non-owner occupied RE 24.9% Construction 1.7% Business 16.1% Real Estate 30.0% Home equity 6.5% Construction 0.7% Other 1.1% *Total loans excludes mortgage loans held for sale. LOAN & DEPOSIT COMPOSITION Commercial, 61.8% Consumer, 38.2% 8 Total Loans* $3.63 Billion Total Deposits $3.68 Billion Non-Interest Bearing Checking 19.7% Interest Bearing Checking 11.4% Money Market 42.3% Savings 0.8% Retail CDs 10.9% Wholesale CDs 14.9%
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0.27% 0.26% 0.27% 0.27% 0.32% 0.44% 0.43% 0.43% 0.41% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SFST KRX Index 0.18% 0.27% 0.14% 0.18% 0.13% 0.34% 0.30% 0.31% 0.28% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SFST KRX Index 0.17% 0.07% 0.10% 0.32% 0.28% 0.29% 2021 2022 2023 0.03% 0.04% 0.31%0.25% 0.26% 0.33% 2021 2022 2023 ASSET QUALITY *Excludes mortgage loans held for sale. Source: S&P Global Markets9 Accruing loans 30 days or more past due/loans* Nonperforming assets/total assets • Credit performance remains favorable to peers • Past due loans are monitored and well-managed at 0.13% of total loans • NPA ratio increased slightly over prior quarter, but not indicative of new credit quality concerns • No net charge-offs 0.00% 0.00% 0.01% 0.00% 0.00% 0.20% 0.17% 0.18% 0.18% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SFST KRX Index -0.05% 0.00% 0.06% 0.05% 0.13% 2021 2022 2023 Net charge-offs (recoveries)/average loans* (QTD Annualized)
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$1.86 $1.97 $2.04 $2.05 $2.10 $0.97 $1.00 $0.99 $1.00 $1.01 2.54% 2.43% 2.42% 2.36% 2.18% 3.36% 3.33% 3.17% 3.21% 2.76% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $ in billions Retail Deposits Commercial Consumer Deposit Cost New Production $2.24 $2.25 $2.28 $2.33 $2.38 $1.40 $1.43 $1.46 $1.46 $1.47 5.18% 5.20% 5.28% 5.35% 5.29% 7.22% 7.08% 7.07% 6.94% 6.78% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 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 6% (annualized) for Q4 2025 and 6% for YTD 2025 • Retail deposit growth was 7% (annualized) for Q4 2025 and 10% for YTD 2025 • Loan yield has decreased with interest rate cuts by the Fed; however, it remains historically strong and the rate of decrease has been substantially less than the decrease in deposit costs • We unwound our $300 million pay-fixed swap in Q4 2025, which nominally decreased loan yield • Retail deposit rates decreased 50bps from 2.54% in Q4 2024 to 2.18% in Q4 2025; due to our initiatives to expand margin, we have been highly effective in capturing Fed rate decreases BALANCE SHEET TRENDS *Total loans excludes mortgage loans held for sale.10
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$116 $106 $91 $36 $1 $98 $122 $103 $70 $29 3.74% 3.56% 3.39% 3.06% 2.46% 4.12% 4.28% 4.10% 4.19% 3.88% Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 $ in millions Time Deposit Contractual Maturities Retail CDs Wholesale CDs Weighted Avg Rate - Retail CDs Weighted Avg Rate - Wholesale CDs $105 $105 $98 $83 $322 $293 3.91% 3.90% 3.92% 4.08% 4.05% 3.93% Q1 2026 Q2 2026 Q3 2026 Q4 2026 Year 2 Year 3 $ in thousands Fixed Rate Loan Repricing <6%* Principal Balance WAR • Balance sheet is well-positioned for the current interest rate and business environment; interest rate risk is well-balance for multiple possible scenarios • We expect $3.5 billion in deposits will reprice for 2026; approximately $1.5 billion inassets will reprice • Non-contractual loan payoffs of principal outstanding at rates <6% were $26 million in Q4 2025 and $116 million in 2025, which added to the velocity of repricing not reflected in the charts, above • We have continued to lower deposit rates opportunistically and have taken full advantage of interest rate cuts BALANCE SHEET REPRICING OPPORTUNITIES *Loan repricing estimates include scheduled amortization, prepayments, and rate resets.11 Year 2 = Q1 2027-Q4 2027 Year 3 = Q1 2028-Q4 2028
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$1,024 $1,424 $1,569 $1,600 $1,689 $499 $539 $567 $625 $634 $607 $552 $586 $601 $638 $407 $402 $413 $439 $450 $242 $197 $199 $335 $194 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $ in thousands Noninterest Income* Mortgage Banking Service Fees ATM/Debit Card Fees Bank Owned Life Insurance Other 1.78% 1.87% 1.86% 1.74% 1.68% 2.11% 2.10% 2.14% 2.16% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Noninterest Expense/Avg Assets Noninterest expense/Avg Assets KRX Median NONINTEREST INCOME AND EXPENSE 12 • Our business model with fewer, more productive banking offices has allowed us to operate more efficiently than peers • 12 banking offices – average core deposits of $240.3 million per office • ~ 315 associates *Total noninterest income, excluding loss on sale of securities
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88% 86% 88% 84% 72% 12% 14% 12% 16% 28% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Mortgage Locks – Purchase vs. Refinance Purchase Refinance $53 $71 $81 $70 $74 $41 $42 $56 $54 $61 2.10% 2.64% 2.29% 2.68% 2.65% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Mortgages Closed Mortgages closed Loans sold Gain on sale % MORTGAGE ACTIVITY TRENDS 13 • Closings increased to $74 million compared to $70 million in Q3 2025 and increased compared to $53 million in Q4 2024 • Sold $61 million loans in Q4 2025, compared to $54 million sold in Q3 2025 and $41million in Q4 2024 • Purchase volume remained the primary driver of originations at 72% of the total in Q4 2025; however, the refinance volume has increased with decreasing interest rates over the past few quarters $ in millions
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CAPITAL RATIOS Holding Company Capital Ratios:(1) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Total risk-based capital ratio 12.89% 12.79% 12.63% 12.69% 12.70% Tier 1 risk-based capital ratio 11.44% 11.26% 11.11% 11.15% 11.16% Leverage ratio 8.93% 8.72% 8.73% 8.79% 8.55% Common equity tier 1 ratio(2) 11.06% 10.88% 10.71% 10.75% 10.75% Tangible common equity(3) 8.37% 8.18% 8.02% 7.88% 8.08% (1) December 31, 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. 14 • Regulatory capital ratios have steadily increased on average as profitability continues to expand • We believe we can continue support our desired asset growth targets while maintaining strong ratios • 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 $11.5 million is currently priced at market rates and currently has sufficient, albeit diminishing capital treatment; we continue to evaluate and closely monitor market conditions for potential refinancing opportunities, if desired
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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 • Stay focused on growing core retail/customer deposit growth as a primary objective; further increase and deepen loan relationships with the prudent underwriting standards we are known for • Remain consistent to our philosophy of whole relationship banking and organic growth, one client at a time 15
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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 16