Southern First Bancshares Files Q3 2024 10-Q
Ticker: SFST · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 1090009
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report, banking
Related Tickers: SFST
TL;DR
SFST 10-Q filed: Q3 2024 financials out. Check balance sheet & income statement for performance.
AI Summary
Southern First Bancshares, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including balance sheet information as of June 30, 2024, and September 30, 2024, and income statement data for the nine months ended September 30, 2024, and 2023.
Why It Matters
This filing provides investors with a detailed look at Southern First Bancshares' financial health and operational results for the third quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — As a financial institution, Southern First Bancshares is subject to various market and regulatory risks inherent in the banking sector.
Key Numbers
- Q3 2024 — Reporting Period (The quarterly period covered by the 10-Q filing.)
- 2024-09-30 — Period End Date (The specific date marking the end of the reporting quarter.)
- 2023-09-30 — Prior Year Period End (Comparison point for financial performance from the previous year.)
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.
- 20240930 (date) — End of the reporting period for the 10-Q
- 20241101 (date) — Filing date of the 10-Q
FAQ
What is the total asset value as of September 30, 2024?
The filing does not explicitly state the total asset value in the provided snippet, but it indicates balance sheet data is available for September 30, 2024.
What were the net earnings for the nine months ended September 30, 2024?
The filing does not explicitly state the net earnings for the nine months ended September 30, 2024, in the provided snippet, but it indicates income statement data is available for this period.
When did Southern First Bancshares change its name from Greenville First Bancshares Inc.?
The date of the name change was July 7, 1999 (19990707).
What is the Standard Industrial Classification (SIC) code for Southern First Bancshares?
The SIC code is 6021, which corresponds to NATIONAL COMMERCIAL BANKS.
What is the fiscal year end for Southern First Bancshares?
The fiscal year end for Southern First Bancshares is December 31 (1231).
Filing Stats: 4,604 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-11-01 14:02:08
Key Financial Figures
- $0.01 — 9,847 shares of common stock, par value $0.01 per share, were issued and outstanding
Filing Documents
- sfst4399411-10q.htm (10-Q) — 3292KB
- sfst4399411-ex311.htm (EX-31.1) — 13KB
- sfst4399411-ex312.htm (EX-31.2) — 12KB
- sfst4399411-ex32.htm (EX-32) — 6KB
- sfst4399411-10q1x1x1.jpg (GRAPHIC) — 26KB
- 0001206774-24-000990.txt ( ) — 15266KB
- sfst-20240930.xsd (EX-101.SCH) — 58KB
- sfst-20240930_pre.xml (EX-101.PRE) — 374KB
- sfst-20240930_lab.xml (EX-101.LAB) — 451KB
- sfst-20240930_cal.xml (EX-101.CAL) — 67KB
- sfst-20240930_def.xml (EX-101.DEF) — 226KB
- sfst4399411-10q_htm.xml (XML) — 4571KB
– 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 27 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 44 Item 4.
Controls and Procedures
Controls and Procedures 44
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 45 Item 1A.
Risk Factors
Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 45 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 September 30, December 31, (dollars in thousands, except share data) 2024 2023 (Unaudited) (Audited) ASSETS Cash and cash equivalents: Cash and due from banks $ 25,289 28,020 Federal funds sold 226,110 119,349 Interest-bearing deposits with banks 9,176 8,801 Total cash and cash equivalents 260,575 156,170 Investment securities: Investment securities available for sale 134,597 134,702 Other investments 19,640 19,939 Total investment securities 154,237 154,641 Mortgage loans held for sale 8,602 7,194 Loans 3,619,556 3,602,627 Less allowance for credit losses ( 40,166 ) ( 40,682 ) Loans, net 3,579,390 3,561,945 Bank owned life insurance 53,663 52,501 Property and equipment, net 90,158 94,301 Deferred income taxes, net 11,595 12,200 Other assets 16,411 16,837 Total assets $ 4,174,631 4,055,789 LIABILITIES Deposits $ 3,518,825 3,379,564 FHLB advances and related debt 240,000 275,000 Subordinated debentures 24,903 36,322 Other liabilities 64,365 52,436 Total liabilities 3,848,093 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, 8,156,097 shares issued and outstanding at September 30, 2024; 10,000,000 shares authorized, 8,088,186 shares issued and outstanding at December 31, 2023. 82 81 Nonvested restricted stock ( 4,219 ) ( 3,596 ) Additional paid-in capital 124,288 121,777 Accumulated other comprehensive loss ( 9,063 ) ( 11,342 ) Retained earnings 215,450 205,547 Total shareholders' equity 326,538 312,467 Total liabilities and shareholders' equity $ 4,174,631 4,055,789 See notes to consolidated financial statements that are an integral part of these consolidated statements. 3 Table of Conte