Parent Company Financial Information

12 Months Ended

Dec. 31, 2014

Parent Company Financial Information [Abstract]

Parent Company Financial Information

NOTE 22 – Parent Company Financial Information

Following is condensed financial information of Southern First Bancshares, Inc. (parent company only):

Condensed Balance Sheets

	December 31,
(dollars in thousands)	2014		2013
Assets
Cash and cash equivalents	$	2,459	15
Investment in subsidiaries		91,778	78,593
Other assets		2,163	1,876
Total assets	$	96,400	80,484
Liabilities and Shareholders’ Equity
Accounts payable and accrued expenses	$	5	16
Other borrowings		-	1,400
Junior subordinated debentures		13,403	13,403
Shareholders’ equity		82,992	65,665
Total liabilities and shareholders’ equity	$	96,400	80,484

Condensed Statements of Income

	For the years ended December 31,
	2014			2013		2012
Revenues
Interest income	$	6		-		-
Total revenue		-		-		-
Expenses
Interest expense		420		416		406
Other expenses		630		514		342
Total expenses		1,050		930		748
Income tax benefit		234		316		254
Loss before equity in undistributed net income of subsidiaries		(810	)	(614	)	(494	)
Equity in undistributed net income of subsidiaries		7,435		5,734		4,356
Net income	$	6,625		5,120		3,862

Condensed Statements of Cash Flows

	For the years ended December 31,
	2014			2013		2012
Operating activities
Net income	$	6,625		5,120		3,862
Adjustments to reconcile net income to net cash used for
operating activities
Equity in undistributed net income of subsidiaries		(7,435	)	(5,734	)	(4,356	)
Compensation expense related to stock options and restricted stock grants		629		515		341
Increase in other assets		(287	)	(298	)	(241	)
Increase (decrease) in accounts payable and accrued expenses		(11	)	(1	)	11
Net cash used for operating activities		(479	)	(398	)	(383	)
Investing activities
Investment in subsidiaries, net		(4,100	)	1,900		1,804
Net cash provided by (used for) investing activities		(4,100	)	1,900		1,804
Financing activities
Increase (decrease) in note payable		(1,400	)	-		1,400
Cash dividend on preferred stock		(1,010	)	(778	)	(845	)
Redemption of preferred stock		(15,299	)	(980	)	(1,100	)
Issuance of common stock		24,376		-		-
Redemption of CPP Warrant		-		-		(904	)
Cash in lieu		-		(9	)	(2	)
Proceeds from the exercise of stock options and warrants		356		198		96
Net cash provided by (used for) financing activities		7,023		(1,569	)	(1,355	)
Net increase (decrease) in cash and cash equivalents		2,444		(67	)	66
Cash and cash equivalents, beginning of year		15		82		16
Cash and cash equivalents, end of year	$	2,459		15		82