Southern First announces 2018 Q1 earnings

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Art Seaver, CEO of Southern First Bank. Photo by Will Crooks.

Southern First Banchares Inc. (NASDAQ: SFST), the holding company for Southern First Bank, has reported its net income available to common shareholders for the first quarter of 2018. The net income increased 68 percent to $5.2 million, or $0.67 per diluted share, compared with $3.1 million, or $0.46 per diluted share, for the first quarter of 2017.

Total loans increased 20 percent to $1.46 billion in the first quarter 2018, compared with $1.22 billion in the first quarter of 2017. Total deposits increased 26 percent to $1.52 billion in the first quarter of 2018, compared with $1.21 billion in the first quarter of 2017.

Southern First also announced its entrance into the Greensboro/Triad region of North Carolina with a team of three new bankers.

“The first quarter of 2018 was simply outstanding as the Southern First team generated record earnings of $5.2 million,” said CEO Art Seaver. “Our performance was highlighted by strong growth in new client relationships and retail deposits, as well as excellent production by our mortgage team. We continue to add experienced bankers to our team, and we are excited to announce our expansion into the Greensboro, N.C., market.”

As of March 31, 2018, SFB’s nonperforming assets were $7.5 million, or 0.43 percent of total assets. Gross loans were $1.5 billion, excluding mortgage loans held for sale. Core deposits, which exclude out-of-market deposits and time deposits of $250,000 or more, increased to $1.3 billion, compared with $1 billion at March 31, 2017.

Shareholders’ equity totaled $154.7 million as of March 31, 2018, compared with $149.7 million at December 31, 2017, and $113.6 million at March 31, 2017. As of March 31, 2018, SFB’s capital ratios continue to exceed the regulatory requirements for a “well-capitalized” institution.

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