Southern First Bancshares Inc. Files Definitive Proxy Statement

TL;DR

<b>Southern First Bancshares Inc. filed its Definitive Proxy Statement for the fiscal year ending December 31, 2023, detailing executive compensation and financial reporting elements.</b>

AI Summary

SOUTHERN FIRST BANCSHARES INC (SFST) filed a Proxy Statement (DEF 14A) with the SEC on April 3, 2024. Southern First Bancshares Inc. filed a Definitive Proxy Statement (DEF 14A) on April 3, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 6 Verdae Boulevard, Greenville, SC 29607. The filing includes details on executive compensation components for PEO and Non-PEO/NEO members. Specific calculations for equity values, pension service costs, and stock/option awards are detailed for fiscal years 2020-2023.

Why It Matters

For investors and stakeholders tracking SOUTHERN FIRST BANCSHARES INC, this filing contains several important signals. This filing provides crucial information for shareholders regarding executive compensation practices and how they align with company performance. Shareholders can use this document to make informed voting decisions on executive compensation and other matters presented at the annual meeting.

Risk Assessment

Risk Level: low — SOUTHERN FIRST BANCSHARES INC shows low risk based on this filing. The filing is a routine DEF 14A, indicating standard disclosure practices for a public company without immediate red flags.

Analyst Insight

Review the executive compensation details and voting proposals to understand potential impacts on shareholder value and governance.

Key Numbers

• 2024-04-03 — Filing Date (Date the DEF 14A was filed)
• 2024-05-21 — Period of Report (Conformed period of report for the filing)
• 1231 — Fiscal Year End (Company's fiscal year end)
• 2023-12-31 — Fiscal Year End Date (End date of the reported fiscal year)
• 2020-01-01 — Data Start Year (Start date for detailed compensation data)
• 2023-12-31 — Data End Year (End date for detailed compensation data)

Key Players & Entities

• SOUTHERN FIRST BANCSHARES INC (company) — Filer name
• 6 VERDAE BOULEVARD (location) — Business and mailing address
• GREENVILLE (location) — City for business and mailing address
• SC (location) — State for business and mailing address
• 29607 (location) — ZIP code for business and mailing address
• GREENVILLE FIRST BANCSHARES INC (company) — Former company name

FAQ

Industry Context

Southern First Bancshares Inc. operates within the national commercial banking sector.

Regulatory Implications

As a publicly traded company, Southern First Bancshares Inc. is subject to SEC regulations for filings like the DEF 14A.

What Investors Should Do

1. Analyze the executive compensation tables for key executive pay figures and potential changes from prior years.
2. Review any proposals being put forth for shareholder vote, such as director elections or advisory resolutions on executive compensation.
3. Examine the disclosures related to the calculation of compensation components to understand the methodology used.

Key Dates

• 2024-04-03: Filing of DEF 14A — Indicates the company is providing its definitive proxy statement to shareholders.

Year-Over-Year Comparison

This filing is a DEF 14A, which is a standard disclosure document for annual meetings and executive compensation, rather than a quarterly or annual financial report.

Filing Documents

• sfst4260091-def14a.htm (DEF 14A) — 715KB
• sfst4260091-def14a1x2x1.jpg (GRAPHIC) — 36KB
• sfst4260091-def14a1x2x2.jpg (GRAPHIC) — 20KB
• sfst4260091-def14a1x40x1.jpg (GRAPHIC) — 67KB
• sfst4260091-def14a1x41x1.jpg (GRAPHIC) — 77KB
• sfst4260091-def14a1x41x2.jpg (GRAPHIC) — 73KB
• sfst4260091-def14a1x49x1.jpg (GRAPHIC) — 151KB
• sfst4260091-def14a1x49x2.jpg (GRAPHIC) — 147KB
• 0001206774-24-000334.txt (&nbsp;) — 2826KB
• sfst-20231231.xsd (EX-101.SCH) — 7KB
• sfst-20231231_pre.xml (EX-101.PRE) — 47KB
• sfst-20231231_lab.xml (EX-101.LAB) — 62KB
• sfst-20231231_def.xml (EX-101.DEF) — 12KB
• sfst4260091-def14a_htm.xml (XML) — 144KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant x Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to 240.14a-12 Southern First Bancshares, Inc. (Name of Registrant as Specified In Its Charter) _________________________________________________________ (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11 SOUTHERN FIRST BANCSHARES, INC. 6 Verdae Boulevard | Greenville, South Carolina 29607 Notice of Annual Meeting of Shareholders To Be Held on May 21, 2024 Dear Fellow Shareholder: We cordially invite you to attend the 2024 Annual Meeting of Shareholders (the "Annual Meeting") of Southern First Bancshares, Inc. (the "Company" or "Southern First"), the holding company for Southern First Bank (the "Bank"). At the meeting, we will report on our performance in 2023 and answer your questions. We look forward to discussing both our accomplishments and our future plans with you. We hope that you can attend the meeting and look forward to seeing you there. This letter serves as your official notice that we will hold the meeting on May 21, 2024 at the Bank's principal executive office located at 6 Verdae Boulevard, Greenville, South Carolina, at 9:30 a.m. Eastern Standard Time, for the following purposes: 1. To elect four directors to serve a one-year term; 2. To approve an amendment to the Articles of Incorporation of Southern First Bancshares, Inc. to increase the number of authorized shares of common stock to 20,000,000; 3. To approve an amendment to the Southern First Bancshares, Inc. 2020 Equity Incentive Plan to extend its term for an additional three years; 4. To approve the compensation of our named executive officers as disclosed in the accompanying proxy statement (this is a non-binding, advisory vote); 5. To ratify the appointment of Elliott Davis, LLC as our independent registered public accountant for the year ending December 31, 2024; and 6. To transact any other business that may properly come before the meeting or any adjournment of the meeting. Shareholders owning our common stock at the close of business on March 22, 2024 are entitled to attend and vote at the Annual Meeting. The enclosed proxy statement and proxy are first being sent to our shareholders on or about April 8, 2024. A complete list of these shareholders will be available at our offices prior to the meeting. If your shares are held in "street name," you will need to obtain a proxy form from the institution that holds your shares in order to vote at our annual meeting. In making your own decision regarding whether to attend the annual meeting, we advise our shareholders to take into account the current health environment and the risks to your personal health and the health of others. You have a number of ways to vote (mail-in proxy, on-line or telephone) in addition to voting by ballot if you are present in person at the meeting, and we encourage you to use them. Important Notice of Internet Availability . This proxy statement and the Annual Report on Form 10-K for the year ended December 31, 2023 are available to the public for viewing on the Internet at http://www.edocumentview.com/sfst . Directions to the annual meeting can be obtained by contacting Ms. Elizabeth Smeak at 864.679.9000. Please use this opportunity to take part in the affairs of your company by voting on the business to come before this meeting. Even if you plan to attend the meeting, we encourage you to complete and return the enclosed proxy to us as promptly as possible. By order of the Board of Directors, Greenville, South Carolina April 8, 2024 R. Arthur Seaver, Jr. Chief Executive Officer SOUTHERN FIRST BANCSHARES, INC. 100 Verdae Boulevard, Suite 100 Greenville, South Carolina 29607 Proxy Shareholders to be Held on May 21, 2024 Our Board of Directors is soliciting proxies for the 2024 Annual Meeting of Shareholders. This proxy statement contains important information for you to consider when deciding how to vote on the matters brought before the meeting. We encourage you to read it carefully. In this proxy statement, "we," "us," "our," "Southern First," or the "Company" refer to Southern First Bancshares, Inc., the "Bank" refers to Southern First Bank, and "you" and "your" refer to each shareholder of Southern First Bancshares, Inc. VOTING INFORMATION Record Date; Shares Outstanding Our Board of Directo

View Full Filing

View this DEF 14A filing on SEC EDGAR