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SECOND QUARTER 2026 INVESTOR PRESENTATION July 21, 2026
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FORWARD-LOOKING STATEMENTS Greensboro Raleigh Charlotte Charleston Summerville Greenville Columbia Atlanta GEORGI A South Carolina North Carolina 2 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.
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Company Overview A CORPORATE PROFILE Headquartered in Greenville, SC Founded in 2000 Efficient branch footprint in some of the most dynamic markets in the Southeast 12 branches located in 8 fast-growing Southeast metropolitan markets Relationship-driven commercial banking model Targeted clients include small to medium sized businesses, business owners and professionals Supported by significant investment in technology Focused on organic growth versus M&A Simple business model OPERATING MARKETS Greensboro Raleigh Charlotte Charleston Summerville Greenville Columbia Atlanta GEORGI A South Carolina North Carolina Relationship Banking with 25+ Years of Service Excellence 3
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Company Overview Greensboro Raleigh Charlotte Charleston Summerville Greenville Columbia Atlanta GEORGI A South Carolina North Carolina Market Data and Financial Snapshot for Q2 2026 Market Data MRQ Financial Metrics Q2 2026 Financial Highlights Diluted EPS of $1.20, up 48% YoY NIM of 2.87% ⁴, down 1bp QoQ and up 37 bps YoY Total loans ² of $4.0 billion, up 8% YoY Total deposits of $3.9 billion, up 8% YoY Retail deposits ⁵ of $3.6 billion, up 16% YoY Non-performing assets (“NPAs”) to total assets of 0.27% and past due loans to total loans of 0.10% Book value per share of $47.77, up 4% QoQ and 13% YoY Zero intangible assets $579 Million Market Capitalization 128% Price / Book Value Per Share 12.1x Price / Est. 2026 EPS ¹ 9.9x Price / Est. 2027 EPS ¹ $4.7 Billion Total Assets $4.0 Billion Total Loans ² $3.9 Billion Total Deposits 9.62% TCE / TA ³ 0.96% Return on Average Assets 10.28% Return on Average Equity 2.87% Net Interest Margin ⁴ 0.01% Net Charge-offs / Average Loans Note: Financial data as of or for the period ended June 30, 2026; market data as of June 30, 2026 1) Based on consensus Wall Street analyst estimates for diluted earnings per common share as of June 30, 2026 2) Excludes mortgage loans held for sale 3) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets 4) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis 5) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $379.4 million as of June 30, 2026 4
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Company Overview Key Investment Highlights Profitability momentum highlighted by continued balance sheet repricing opportunities, improving cost of funds, and efficient delivery model Experienced, founder-led management team with 25+ year focus on creating a unique client experience and producing returns for shareholders Strong asset quality results driven by a robust risk management culture and a focus on relationship banking Long track record and demonstrated ability to produce balance sheet growth organically and through de novo market expansion Operating in highly attractive dynamic Southeast metro markets, resulting in scarcity value and a differentiated growth profile 5
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(100%) 0% 100% 200% 300% 400% 500% 600% 700% 800% 900% 1000% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 SFST KRX S&P 500 Company Overview 6 Growth in Shareholder Value Over Time Note: Market data as of June 30, 2026 Source: S&P Capital IQ Pro SFST KRX S&P 500 1-Year 61% 26% 21% 5-Year 19% 22% 75% 10-Year 154% 82% 257% 15-Year 770% 181% 468% Relative Performance
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Company Overview Who We Are Our Mission Our mission is to impact lives in the communities we serve Our Culture We focus on the things that matter most: family, community, and teamwork Our Purpose We exist to enable dreams, earn trust, and exceed expectations 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 risk Highly efficient delivery system – branch light footprint Located in major metro, high-growth Southeastern markets Dedicated to an entrepreneurial, team-focused culture that results in high career satisfaction Utilize a strong relationship mortgage component to augment noninterest income Proven and driven leadership team Lead and operate with wisdom and clarity 7
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Company Overview Business Model Provides a Distinct Competitive Advantage A Relationship Model Commercial Real Estate Loans Commercial Business Loans Deposit and Treasury Services Other Consumer Loans Consumer Real Estate and Home Equity Loans Construction Real Estate Loans Relationship Team Client A Business Strategy Focus on profitable organic growth in our metro markets Provide a distinctive client experience Maintain a rigorous risk management infrastructure with an efficient delivery model Attract talented banking professionals with a relationship focus Hired ~30 new bankers in the last 4 years; 6 hires YTD in 2026 8
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Company Overview Presence in High-growth Metro Markets 2025 2025 2026 20 - '26 26 - '31 Year Deposits Deposits Population Pop. Change Proj. Pop Market Entered Offices ($M) (%) (#000s) (%) Change (%) State South Carolina 2000 8 2,782 76% 5,593 9.3 6.1 Georgia 2017 1 470 13% 11,314 5.6 3.7 North Carolina 2016 3 405 11% 11,238 7.6 5.1 MSA Greenville, SC 2000 4 1,777 49% 1,018 9.7 6.6 Charleston, SC 1 2012 3 705 19% 893 11.7 7.5 Atlanta, GA 2017 1 470 13% 6,500 6.5 4.2 Columbia, SC 2007 1 300 8% 882 6.4 4.8 Raleigh, NC 2016 1 221 6% 1,612 14.0 8.3 Greensboro, NC 2018 1 128 4% 808 4.0 3.3 Charlotte, NC 2021 1 56 2% 2,959 11.2 7.2 Weighted Avg. SFST MSAs 9.5 6.3 Nationwide Average 3.5 2.6 Note: Deposit data as of June 30, 2025 1) Charleston, SC MSA includes the city of Summerville, SC, which SFST entered in 2018 Source: S&P Capital IQ Pro 9
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Company Overview Proven Ability to Gain Market Share 10 Note: Deposit data as of June 30, 2025 1) Charleston MSA includes the city of Summerville, SC 2) Raleigh, NC MSA market growth impacted by FCNCA acquisitions Source: S&P Capital IQ Pro Greenville, SC MSA – Deposit Market Share Expansion Markets – Deposit Growth CAGRs 5-Year 2025 2025 Deposit Market 2025 Branch Deposits CAGR Share Rank Institution Count ($M) (%) (%) 1 Truist Financial Corporation 24 3,621 0.9 13.9 2 Wells Fargo & Company 20 3,048 (0.6) 11.7 3 Bank of America Corporation 15 2,547 2.4 9.8 4 The Toronto-Dominion Bank 14 2,501 (2.4) 9.6 5 United Community Banks, Inc. 14 2,059 13.7 7.9 6 SouthState Bank Corporation 12 1,906 6.9 7.3 7 4 1,777 10.6 6.8 8 First Citizens BancShares, Inc. 17 1,547 4.9 6.0 9 Travelers Rest Bancshares, Inc. 10 1,370 9.6 5.3 10 Pinnacle Financial Partners, Inc. 7 691 5.5 2.7 Total in Market 239 $25,997 4.6% 100% Charleston, SC ¹ (10-year) Atlanta, GA (5-year) Columbia, SC (10-year) Raleigh, NC (5-year) Greensboro, NC (5-year) Charlotte, NC (3-year) 21.0 7.4 SFST Market 24.2 4.9 SFST Market 5.4 4.3 SFST Market 25.3 24.0 SFST Market ² 10.3 1.2 SFST Market 46.2 12.4 SFST Market #1 deposit market share in South Carolina for banks with less than $10 billion in assets
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$21.8 $20.2 $20.9 $20.5 $20.1 $21.1 $22.3 $24.2 $25.1 $27.1 $29.5 $30.1 $32.3 $34.6 $17.1 $17.4 $17.3 $17.0 $18.1 $18.6 $18.0 $18.5 $18.8 $19.3 $18.9 $18.4 $20.0 $20.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Core Revenue ¹ ($M) Noninterest Expense ($M) Core revenue ¹ has increased 72% since Q1 2024 Revenue momentum is expected to continue through NIM expansion and strong loan growth Noninterest expense has only increased 13% since Q1 2024 Expense management, one of our core competencies, is enabled by our efficient operating model Our noninterest expense to average asset ratio has steadily improved Company Overview Operating Leverage Trends are Improving 1) Defined as net interest income, plus total noninterest income, less mortgage banking income 2023 2024 2025 2026 1.75% NIE / Avg. Assets +72% 11
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NIM increased 37 bps versus Q2 2025 and was relatively flat from Q1 2026 Balance sheet is well-positioned for the current interest rate and business environment Non-contractual loan payoffs with rates <6% were $55 million in Q2 2026, which added to the velocity of repricing Average yield on new loan production in Q2 2026 was 6.45% We are lowering deposit rates opportunistically and expect to benefit from maturities of higher cost CDs Average cost of new retail ¹ deposits in Q2 2026 was 3.08% Company Overview Substantial Balance Sheet Repricing Opportunities Exist Note: Illustrative of current balance sheet composition and contractual repricing characteristics based on existing asset and liability positions as of June 30, 2026; information derived from the Company’s internal asset-liability management analysis and publicly reported balances 1) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $379.4 million as of June 30, 2026 2) Loan repricing estimates include scheduled amortization, prepayments and rate resets * Year 2 represents July 2027 – June 2028; Year 3 represents July 2028 – June 2029 Fixed Rate Loan Repricing <6% ² Time Deposit Contractual Maturities 12 $183 $137 $56 $24 $21 $135 $134 $0 $0 $29 3.36% 3.56% 3.39% 3.08% 3.65% 4.14% 4.13% 4.03% Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Retail CDs ($M) Wholesale CDs ($M) Weighted Avg Rate - Retail CDs Weighted Avg Rate - Wholesale CDs $114 $91 $83 $88 $298 $2514.09% 3.90% 3.78% 3.85% 4.37% 3.81% Q3 2026 Q4 2026 Q1 2027 Q2 2027 Year 2* Year 3* Principal Balance ($M) Weighted Avg. Rate
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$228 $278 $295 $312 $330 $369 $452 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 $2,143 $2,564 $3,134 $3,380 $3,436 $3,717 $3,935 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 $2,143 $2,490 $3,273 $3,603 $3,632 $3,845 $4,030 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 $2,483 $2,926 $3,692 $4,056 $4,088 $4,403 $4,700 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 Financial Highlights Demonstrated Ability to Drive Meaningful Balance Sheet Growth 1) Excludes loans held for sale Total Assets ($M) Total Loans ($M) ¹ Common Equity ($M)Total Deposits ($M) 13
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50.15% 53.83% 58.71% 78.65% 78.54% 63.96% 56.84% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 3.48% 3.45% 3.19% 2.07% 2.06% 2.57% 2.87% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 8.49% 18.64% 10.20% 4.44% 4.84% 8.73% 10.28% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 0.76% 1.75% 0.90% 0.34% 0.38% 0.72% 0.96% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 Financial Highlights Recent Profitability Improvement Has Been Substantial 1) Shown on a tax-equivalent basis; the tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis 2) Noninterest expense divided by the sum of net interest income and noninterest income Return on Average Assets (%) Return on Average Equity (%) Efficiency Ratio (%) ²Net Interest Margin - Tax-equivalent (%) ¹ 14
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$14.98 $17.00 $20.37 $23.29 $26.83 $29.37 $35.07 $36.76 $38.63 $40.47 $44.89 $47.77 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 $1.55 $1.94 $1.76 $2.88 $3.58 $2.34 $5.85 $3.61 $1.66 $1.91 $3.72 $1.20 $4.79 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 Financial Highlights History of Strong Earnings and Book Value Growth over Long Term 1) Q2 2026 diluted EPS is presented on both a quarterly actual and an annualized basis Diluted Earnings per Share ($) ¹ Book Value per Share ($) 15
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NIM of 2.87% for Q2 2026, up 37 bps and relatively flat compared to Q2 2025 and Q1 2026, respectively Average loan yield has improved despite the Fed lowering interest rates, while deposit costs have declined from 2024 levels Average rate on new loan production remains above the average loan yield (+110 bps for Q2 2026) Continued NIM improvement is expected; additional interest rate cuts by the Fed would accelerate expansion Financial Highlights Net Interest Margin 1) Shown on a tax-equivalent basis; the tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis Net Interest Margin Dynamics 16 3.48% 3.45% 3.19% 2.07% 2.06% 2.57% 2.87% 4.42% 3.96% 3.98% 4.75% 5.15% 5.28% 5.35% 0.63% 0.17% 0.64% 2.72% 3.15% 2.68% 2.37% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q2 2026 NIM ¹ Average Loan Yield Average Cost of Deposits
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$3,273 $3,603 $3,632 $3,845 $4,030 2022Y 2023Y 2024Y 2025Y Q2 2026 Other Construction Home equity Consumer RE Business Construction Non-owner occupied RE Owner occupied RE 262% 271% 247% 236% 238% 77% 79% 57% 45% 51% 2022Y 2023Y 2024Y 2025Y Q2 2026 CRE Concentration ADC Concentration Owner occupied RE 18.8% Non-owner occupied RE 24.0% Construction 1.6% Business 17.7% Real Estate 28.9% Home equity 6.8% Construction 0.9% Other 1.3% Well-diversified loan portfolio reflective of the balanced state of our markets Loan ¹ growth was 9.0% annualized for Q2 2026, with commercial real estate and business loans contributing ~51% of net growth Financial Highlights Diversified Loan Portfolio Note: Information as of June 30, 2026, unless otherwise noted 1) Excludes loans held for sale 2) Bank level financial information shown CRE and ADC Concentration Ratios 2 Loan Portfolio Composition ¹ Growth Over Time ($M) ¹ Total Loans $4.03 Billion 17
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Non- Interest Bearing Checking 20.3% Interest Bearing Checking 13.7% Money Market 44.9% Savings 0.7% Retail CDs 10.8% Wholesale CDs 9.6% 104.5% 106.6% 105.7% 103.5% 102.4% 2022Y 2023Y 2024Y 2025Y Q2 2026 Total deposit growth was 6.4% annualized for Q2 2026; retail ¹ deposit growth was 21.9% annualized for Q2 2026 Wholesale deposits decreased by $173.5 million since year end and decreased to 10% of deposits in Q2 2026 vs 15% at Q4 2025 Financial Highlights Deposit Franchise Note: Information as of June 30, 2026, unless otherwise noted 1) Retail deposits defined as total deposits less wholesale deposits 2) Excludes mortgage loans held for sale Loan-to-Deposit Ratio 2 Deposit Composition Growth Over Time ($M) Total Deposits $3.94 Billion 18
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8.94% 11.27% 13.00% 11.13% 9.78% 0.30% 0.25% 0.30% 0.31% 0.30% 2022Y 2023Y 2024Y 2025Y Q2 2026 Noninterest Income / Revenue Noninterest Income / Avg. Assets Q2 2026 noninterest income grew 5.2% YoY to $3.5 million, driven by deposit service fees within treasury management No planned acquisitions of fee income businesses (e.g., wealth management, insurance, etc.); current strategy to grow treasury management services revenue Financial Highlights Noninterest Income Select Noninterest Income Metrics Composition Over Time ($000) Mortgage Activity ($M) 19 $240 $243 $246 $296 $102 $176 $143 $193 $214 $57 1.34% 2.17% 2.50% 2.61% 2.43% 2022Y 2023Y 2024Y 2025Y Q2 2026 Mortgages closed Loans sold Gain on sale %
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$241 $250 $240 $264 $296 $262 $282 $286 $310 $328 2022Y 2023Y 2024Y 2025Y Q2 2026 Total Deposits per Branch Retail Deposits per Branch ² $62,933 $68,827 $73,326 $75,534 $20,393 2022Y 2023Y 2024Y 2025Y Q2 2026 Compensation Occupancy Data costs Insurance Professional fees Marketing Other 1.95% 1.75% 1.79% 1.78% 1.75% 58.49% 78.65% 78.54% 63.69% 56.84% 2022Y 2023Y 2024Y 2025Y Q2 2026 Noninterest Expense / Avg. Assets Efficiency Ratio ¹ Q2 2026 noninterest expense increased 5.5% YoY to $20.4 million; driven primarily by compensation and benefits related to new hires and data processing related costs; NIE / avg. assets of 1.75% for Q2 2026 Opportunistic approach to hiring; targeting top talent in the right markets at the right time Financial Highlights Noninterest Expense 1) Noninterest expense divided by the sum of net interest income and noninterest income 2) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $379.4 million as of June 30, 2026 Select Noninterest Expense Metrics Composition Over Time ($000) Deposits per Branch ($M) 20
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NPAs / assets of 0.27% at June 30, 2026, and NCOs / average loans of 0.01% for Q2 2026 Commercial criticized and classified loans equal 1.13% and 0.19% of loans, respectively Financial Highlights Asset Quality Note: Information as of June 30, 2026, unless otherwise noted 1) NPAs / Assets = (Nonaccrual Loans + OREO) / Total Assets ACL / Gross Loans (%) NPAs / Assets (%) ¹ NCOs / Average Loans (%) 21 $38.6 $40.7 $39.9 $42.3 $44.2 1.18% 1.13% 1.10% 1.10% 1.10% $20 .0 $25 .0 $30 .0 $35 .0 $40 .0 $45 .0 $50 .0 $55 .0 $60 .0 2022Y 2023Y 2024Y 2025Y Q2 2026 Allowance for Credit Losses ($M) ACL / Loans (%) ($1.4) $0.2 $1.3 $0.1 $0.1 (0.05%) 0.00% 0.04% 0.00% 0.01% ($ 1. 5) ($ 1. 0) ($ 0. 5) $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2022Y 2023Y 2024Y 2025Y Q2 2026 Net Charge-offs ($M) NCOs / Average Loans (%) $2.6 $4.0 $10.9 $14.1 $12.6 0.07% 0.10% 0.27% 0.32% 0.27% $0.0 $5.0 $10 .0 $15 .0 $20 .0 $25 .0 2022Y 2023Y 2024Y 2025Y Q2 2026 Nonperforming Assets ($M) NPAs / Assets (%)
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Regulatory capital ratios have increased as profitability has improved Completed $65.2 million capital raise, issuing 1,207,500 new shares in April 2026 Redeemed remaining $11.5 million of subordinated notes on June 30 Floating rate of 3-month SOFR + 340.8 bps Diminishing Tier 2 capital treatment Robust combination of on-balance sheet liquidity and contingent sources of liquidity Financial Highlights Capital Overview Note: Information as of June 30, 2026 and does not include the impact of our recent follow-on offering of common stock 1) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets Consolidated Capital Ratios 22 8.0% 9.6% 8.7% 10.1%10.7% 12.8% 11.1% 13.2%12.6% 14.4% Q2 2025 Q2 2026 Tangible Common Equity/Tangible Assets1 Tier 1 Leverage Ratio CET1 Ratio Tier 1 RBC Ratio Total RBC Ratio