Southern First Bancshares Files Q2 2024 10-Q
Ticker: SFST · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 1090009
Sentiment: neutral
Topics: 10-Q, financials, banking
Related Tickers: SFST
TL;DR
SFST Q2 10-Q is in: check balance sheet & income statement for performance trends.
AI Summary
Southern First Bancshares, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first six months of 2024, detailing changes in its balance sheet and income statement compared to prior periods. Key financial data and disclosures relevant to investors and stakeholders are presented.
Why It Matters
This filing provides crucial financial performance data for Southern First Bancshares, allowing investors to assess the company's profitability, asset quality, and overall financial health during the second quarter of 2024.
Risk Assessment
Risk Level: medium — As a financial institution, Southern First Bancshares is subject to various market, credit, and regulatory risks inherent in the banking industry.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 20240731 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- SOUTHERN FIRST BANCSHARES INC (company) — Filer of the 10-Q report
- GREENVILLE FIRST BANCSHARES INC (company) — Former name of Southern First Bancshares Inc.
- 20240630 (date) — End of the reporting period for the 10-Q
- 20240731 (date) — Date the 10-Q was filed
FAQ
What were the total assets of Southern First Bancshares as of June 30, 2024?
The filing does not explicitly state the total assets figure in the provided text snippet, but it indicates the reporting period ended on 20240630.
What is the primary business of Southern First Bancshares?
Southern First Bancshares, Inc. is classified under NATIONAL COMMERCIAL BANKS [6021].
When did Southern First Bancshares change its name from Greenville First Bancshares Inc?
The date of the name change was 19990707.
What is the fiscal year end for Southern First Bancshares?
The fiscal year end for Southern First Bancshares is December 31 (1231).
What SEC Act is this filing under?
This filing is made under the Securities Exchange Act of 1934 (1934 Act).
Filing Stats: 4,634 words · 19 min read · ~15 pages · Grade level 14.5 · Accepted 2024-07-31 14:40:47
Key Financial Figures
- $0.01 — 5,097 shares of common stock, par value $0.01 per share, were issued and outstanding
Filing Documents
- sfst4359601-10q.htm (10-Q) — 3182KB
- sfst4359601-ex3_1.htm (EX-3.1) — 61KB
- sfst4359601-ex311.htm (EX-3.1) — 3KB
- sfst4359601-ex31_1.htm (EX-31.1) — 14KB
- sfst4359601-ex31_2.htm (EX-31.2) — 14KB
- sfst4359601-ex32.htm (EX-32) — 7KB
- sfst4359601-10q1x1x1.jpg (GRAPHIC) — 28KB
- 0001206774-24-000719.txt ( ) — 15034KB
- sfst-20240630.xsd (EX-101.SCH) — 58KB
- sfst-20240630_pre.xml (EX-101.PRE) — 378KB
- sfst-20240630_lab.xml (EX-101.LAB) — 449KB
- sfst-20240630_cal.xml (EX-101.CAL) — 67KB
- sfst-20240630_def.xml (EX-101.DEF) — 229KB
- sfst4359601-10q_htm.xml (XML) — 4407KB
– CONSOLIDATED FINANCIAL INFORMATION
PART I – CONSOLIDATED FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Shareholders' Equity 6 Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 45 Item 4.
Controls and Procedures
Controls and Procedures 46
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 46 Item 1A.
Risk Factors
Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 47 2 Table of Contents
CONSOLIDATED FINANCIAL INFORMATION
PART I. CONSOLIDATED FINANCIAL INFORMATION
CONSOLIDATED FINANCIAL STATEMENTS
Item 1. CONSOLIDATED FINANCIAL STATEMENTS SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS June 30, December 31, (dollars in thousands, except share data) 2024 2023 (Unaudited) (Audited) ASSETS Cash and cash equivalents: Cash and due from banks $ 21,567 28,020 Federal funds sold 164,432 119,349 Interest-bearing deposits with banks 8,828 8,801 Total cash and cash equivalents 194,827 156,170 Investment securities: Investment securities available for sale 121,353 134,702 Other investments 18,653 19,939 Total investment securities 140,006 154,641 Mortgage loans held for sale 14,759 7,194 Loans 3,622,521 3,602,627 Less allowance for credit losses ( 40,157 ) ( 40,682 ) Loans, net 3,582,364 3,561,945 Bank owned life insurance 53,263 52,501 Property and equipment, net 91,533 94,301 Deferred income taxes, net 12,339 12,200 Other assets 20,758 16,837 Total assets $ 4,109,849 4,055,789 LIABILITIES Deposits $ 3,459,869 3,379,564 FHLB advances and related debt 240,000 275,000 Subordinated debentures 36,376 36,322 Other liabilities 54,856 52,436 Total liabilities 3,791,101 3,743,322 SHAREHOLDERS' EQUITY Preferred stock, par value $ .01 per share, 10,000,000 shares authorized - - Common stock, par value $ .01 per share, 20,000,000 shares authorized, 8,155,097 shares issued and outstanding at June 30, 2024; 10,000,000 shares authorized, 8,088,186 shares issued and outstanding at December 31, 2023 82 81 Nonvested restricted stock ( 4,710 ) ( 3,596 ) Additional paid-in capital 124,174 121,777 Accumulated other comprehensive loss ( 11,866 ) ( 11,342 ) Retained earnings 211,068 205,547 Total shareholders' equity 318,748 312,467 Total liabilities and shareholders' equity $ 4,109,849 4,055,789 See notes to consolidated financial statements that are an integral part of these consolidated statements. 3 Table of Content