Southern First Bancshares, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Southern First Bancshares, Inc. has submitted its 2023 10-K filing detailing its financial performance and position.</b>

AI Summary

SOUTHERN FIRST BANCSHARES INC (SFST) filed a Annual Report (10-K) with the SEC on March 5, 2024. Southern First Bancshares, Inc. filed its 2023 Annual Report on Form 10-K on March 5, 2024. The report covers the fiscal year ending December 31, 2023. The company's principal business is national commercial banking. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement components such as common stock, preferred stock, and retained earnings are detailed for multiple fiscal year-ends.

Why It Matters

For investors and stakeholders tracking SOUTHERN FIRST BANCSHARES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Southern First Bancshares' financial health and operational results for the fiscal year 2023, crucial for investors assessing its performance. The detailed financial data allows stakeholders to analyze trends in equity, debt, and other key financial metrics over several years, aiding in investment decisions.

Risk Assessment

Risk Level: low — SOUTHERN FIRST BANCSHARES INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures, indicating a routine update of financial information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Southern First Bancshares' performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-03-05 — Filing Date (Date the 10-K was filed with the SEC)
• 6021 — SIC Code (Standard Industrial Classification for National Commercial Banks)
• SC — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• SOUTHERN FIRST BANCSHARES INC (company) — Filer name
• SFST (company) — Ticker symbol
• 2024-03-05 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• GREENVILLE (location) — Business address city
• SC (location) — Business address state
• 6 VERDAE BOULEVARD (address) — Business address street
• GREENVILLE FIRST BANCSHARES INC (company) — Former company name

FAQ

Industry Context

Southern First Bancshares operates within the National Commercial Banks industry, as indicated by its SIC code 6021.

Regulatory Implications

As a national commercial bank, Southern First Bancshares is subject to regulations from various financial authorities, though specific regulatory details are not provided in this header information.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including revenue, net income, and balance sheet information.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and strategies.
3. Review the Risk Factors section to identify potential challenges and uncertainties facing Southern First Bancshares.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-05: Filing Date — Date Southern First Bancshares submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing is the 2023 10-K, representing the company's annual financial disclosure for the most recent fiscal year.

Key Financial Figures

• $250.0 million — sult, our offices average approximately $250.0 million in total deposits. We believe this styl
• $65,681 — the Greenville-Anderson-Mauldin MSA was $65,681 for 2022. A large and diverse metropoli
• $78,927 — -North Charleston MSA was approximately $78,927 for 2022. One of our retail offices in
• $63,933 — usehold income for the Columbia MSA was $63,933 for 2022. Raleigh . The city of Raleig
• $92,739 — the Raleigh-Cary MSA was approximately $92,739 for 2022. Greensboro . The city of Gre
• $60,271 — nsboro-High Point MSA was approximately $60,271 for 2022. Charlotte . The city of Char
• $77,154 — -Concord-Gastonia MSA was approximately $77,154 for 2022. Atlanta . The Atlanta-Sandy
• $84,876 — Atlanta-Sandy Springs-Alpharetta MSA is $84,876 for 2022. We believe that the demograp

Filing Documents

• sfst4260121-10k.htm (10-K) — 4019KB
• sfst4260121-ex21.htm (EX-21) — 1KB
• sfst4260121-ex23.htm (EX-23) — 2KB
• sfst4260121-ex311.htm (EX-31.1) — 7KB
• sfst4260121-ex312.htm (EX-31.2) — 7KB
• sfst4260121-ex32.htm (EX-32) — 6KB
• sfst4260121-ex97.htm (EX-97.DESCRIPTION) — 17KB
• sfst4260121-10k1x47x1.jpg (GRAPHIC) — 68KB
• sfst4260121-ex971x1x1.jpg (GRAPHIC) — 32KB
• 0001206774-24-000233.txt (&nbsp;) — 18048KB
• sfst-20231231.xsd (EX-101.SCH) — 105KB
• sfst-20231231_pre.xml (EX-101.PRE) — 561KB
• sfst-20231231_lab.xml (EX-101.LAB) — 628KB
• sfst-20231231_cal.xml (EX-101.CAL) — 105KB
• sfst-20231231_def.xml (EX-101.DEF) — 350KB
• sfst4260121-10k_htm.xml (XML) — 4469KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 29 Item 1B. Unresolved Staff Comments 43 Item 1C. Cybersecurity 43 Item 2.

Properties

Properties 44 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 45 Item 6. [Reserved] 46 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 111 Item 9A.

Controls and Procedures

Controls and Procedures 111 Item 9B. Other Information 111 Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 111 PART III Item 10. Directors, Executive Officers and Corporate Governance 111 Item 11.

Executive Compensation

Executive Compensation 111 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 111 Item 13. Certain Relationships and Related Transactions, and Director Independence 111 Item 14. Principal Accounting Fees and Services 111 PART IV Item 15. Exhibits, Financial Statement Schedules 112

SIGNATURES

SIGNATURES 115 2 Table of Contents CAUTIONARY NOTE REGARDING

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements may relate to our financial condition, results of operation, plans, business strategy, objectives, or future performance. These statements are based on many assumptions and estimates and are not guarantees of future performance. Our actual results may differ materially from those anticipated in any forward-looking statements, as they will depend on many factors about which we are unsure, including many factors which are beyond our control. The words "may," "would," "could," "should," "will," "seek to," "strive," "focus," "expect," "anticipate," "predict," "project," "potential," "believe," "continue," "assume," "intend," "plan," and "estimate," as well as similar expressions, are meant to identify such forward-looking statements. Potential risks and uncertainties that could cause our actual results to differ from those anticipated in any forward-looking statements include, but are not limited to, those described below under Item 1A. Risk Factors and the following: Restrictions or conditions imposed by our regulators on our operations; Increases in competitive pressure in the banking and financial services industries; Changes in access to funding or increased regulatory requirements with regard to funding, which could impair our liquidity; Changes in deposit flows, which may be negatively affected by a number of factors, including rates paid by competitors, general interest rate levels, regulatory capital requirements, returns available to clients on alternative investments and general economic or industry conditions; Credit losses as a result of declining real estate values, increasing interest rates, increasing unemployment, changes in payment behavior or ot

Business

Item 1. Business General Southern First Bancshares, Inc. (the "Company") was incorporated in March 1999 under the laws of South Carolina and is a bank holding company registered under the Bank Holding Company Act of 1956 (the "BHCA"). Our primary business is to serve as the holding company for Southern First Bank (the "Bank"), a South Carolina state bank. The Bank is a commercial bank with eight retail offices located in the Greenville, Columbia, and Charleston markets of South Carolina, three retail offices in the Raleigh, Greensboro, and Charlotte markets of North Carolina and one retail office in Atlanta, Georgia. In addition, we opened our Dream Mortgage Center, a loan production office, located in Columbia, South Carolina during 2023. The Bank is primarily engaged in the business of accepting demand deposits and savings deposits insured by the Federal Deposit Insurance Corporation (the "FDIC"), and providing commercial, consumer and mortgage loans to the general public. Unless the context requires otherwise, references to the "Company," "we," "us," "our," or similar references mean Southern First Bancshares, Inc. and its subsidiaries. Our Competitive Strengths We believe that the following business strengths have been instrumental to the success of our core operations. We believe these attributes will enable us to continue profitable growth, while remaining fundamentally sound and driving value to our shareholders. Simple and Efficient ClientFIRST Model. We operate our Bank using a simple and efficient style of banking that is focused on providing core banking products and services to our clients through a team of talented and experienced bankers. We refer to this model as "ClientFIRST" and it is structured to deliver superior client service via "relationship teams," which provide each client with a specific banker contact and a consistent support team responsible for all of the client's banking needs. We believe this model results in a consistent and

View Full Filing

View this 10-K filing on SEC EDGAR