Southern First Bank reports 35 percent earnings increase for third quarter

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

Greenville’s Southern First Bank continues to generate record earnings.

Southern First Bancshares Inc., the holding company for Southern First Bank, announced its latest earnings results earlier this month, posting a 35 percent increase in net income during the third quarter of 2018.

The bank said its net income to common shareholders increased to $5.8 million, or 75 cents per diluted share, from $4.3 million, or 55 cents per diluted share, during the same period last year. Its net income increased 53 percent from $3.6 million, or 49 cents per diluted share, to $5.5 million, or 71 cents per diluted share, during the second quarter of 2018.

For the nine months ending June 30, Southern First said its net income available to common shareholders was $16.5 million, or $2.13 per diluted share, a 50 percent increase compared with $11 million, or $1.50 per diluted share, during the same period last year.

Southern First said its total revenue increased by 3.7 percent to $18 million during the third quarter, compared with $15.9 million the year before.

Among other quarterly highlights:

  • Total loans increased 22 percent to $1.62 billion during the third quarter of 2018, compared with $1.33 billion during the same quarter a year ago.
  • Total deposits increased 18 percent to $1.59 billion during the third quarter, compared with $1.34 billion during the same quarter a year ago.
  • Total core deposits, which exclude out-of-market deposits and time deposits of $250,000 or more, increased 20 percent to $1.39 billion during the third quarter, compared with $1.16 billion during the same quarter a year ago.
  • Net interest margin remained at 3.6 percent during the third quarter compared with the same quarter a year ago.

“I am proud of our Southern First team and our third quarter results as we report record earnings and loan growth for the quarter,” Art Seaver, Southern First CEO, said in a news release. “Our team continues to build and develop client relationships in each of our markets, generating strong momentum as we finish out 2018.”

For more information, visit www.southernfirst.com.

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