0001206774-18-002079.txt : 20180724 0001206774-18-002079.hdr.sgml : 20180724 20180724085554 ACCESSION NUMBER: 0001206774-18-002079 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20180724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180724 DATE AS OF CHANGE: 20180724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN FIRST BANCSHARES INC CENTRAL INDEX KEY: 0001090009 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 582459561 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27719 FILM NUMBER: 18965692 BUSINESS ADDRESS: STREET 1: 100 VERDAE BOULEVARD STREET 2: SUITE 100 CITY: GREENVILLE STATE: SC ZIP: 29607 BUSINESS PHONE: 8646799000 MAIL ADDRESS: STREET 1: 100 VERDAE BOULEVARD STREET 2: SUITE 100 CITY: GREENVILLE STATE: SC ZIP: 29607 FORMER COMPANY: FORMER CONFORMED NAME: GREENVILLE FIRST BANCSHARES INC DATE OF NAME CHANGE: 19990707 8-K 1 sfst3449841-8k.htm CURRENT REPORT

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)    July 24, 2018   

Southern First Bancshares, Inc.
(Exact name of registrant as specified in its charter)

South Carolina
(State or other jurisdiction of incorporation)

         000-27719                   58-2459561         
  (Commission File Number)     (IRS Employer Identification No.)  
 
100 Verdae Boulevard, Suite 100, Greenville, SC   29607  
(Address of principal executive offices) (Zip Code)

(864) 679-9000
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐       Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
     
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operations and Financial Condition

On July 24, 2018, Southern First Bancshares, Inc., holding company for Southern First Bank, issued a press release announcing its financial results for the period ended June 30, 2018. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 9.01. Financial Statements and Exhibits

(c) Exhibits

       Exhibit No.       Exhibit                                                                   
99.1 Earnings Press Release for period ended June 30, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SOUTHERN FIRST BANCSHARES, INC.
 
 
By:      /s/ Michael D. Dowling
Name:    Michael D. Dowling
Title:      Chief Financial Officer

July 24, 2018

EXHIBIT INDEX

Exhibit Number       Description
99.1 Earnings Press Release for the period ended June 30, 2018.

 EX-99.1 2 sfst3449841-ex991.htm EARNINGS PRESS RELEASE FOR THE PERIOD ENDED JUNE 30, 2018

Southern First Reports Results for Second Quarter of 2018

Greenville, South Carolina, July 24, 2018 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today reported net income available to common shareholders of $5.5 million, or $0.71 per diluted share, for the second quarter of 2018. In comparison, net income available to common shareholders was $3.6 million, or $0.49 per diluted share, for the second quarter of 2017. For the six months ended June 30, 2018, net income available to common shareholders was $10.7 million, or $1.39 per diluted share. In comparison, net income to common shareholders for the six months ended June 30, 2017 was $6.7 million, or $0.95 per diluted share.

2018 Second Quarter Highlights
●Net income available to common shareholders increased 53% to $5.5 million for Q2 2018 compared to $3.6 million for Q2 2017
●Total loans increased 18% to $1.53 billion at Q2 2018, compared to $1.30 billion at Q2 2017
●Total deposits increased 21% to $1.57 billion at Q2 2018, compared to $1.30 billion at Q2 2017
●Total core deposits increased 28% to $1.39 billion at Q2 2018, compared to $1.09 billion at Q2 2017
●Efficiency ratio improved to 57.4% for Q2 2018, compared to 58.8% for Q2 2017

“I am incredibly proud of the talent and unique culture of our team as we generated record earnings of $5.5 million in the second quarter of 2018,” stated Art Seaver, the company’s Chief Executive Officer. “We continue to see strong momentum in terms of core deposits, loans, and mortgage income.”

Quarter Ended
   June 30
2018		    March 31
2018		    December 31
2017		    September 30
2017		    June 30
2017
Earnings ($ in thousands, except per share data):
Net income available to common shareholders $ 5,510 5,214 2,080 4,250 3,604
Earnings per common share, diluted 0.71 0.67 0.27 0.55 0.49
Total revenue(1) 17,383 16,462 15,789 15,851 14,915
Net interest margin (tax-equivalent)(2) 3.49 % 3.63 % 3.59 % 3.60 % 3.49 %
Return on average assets(3) 1.26 % 1.28 % 0.52 % 1.09 % 0.97 %
Return on average equity(3) 14.03 % 13.88 % 5.50 % 11.60 % 10.92 %
Efficiency ratio(4) 57.41 % 55.92 % 54.61 % 55.55 % 58.75 %
Balance Sheet ($ in thousands):
Total loans(5) $     1,533,447 1,459,382 1,387,070 1,327,739 1,299,827
Total deposits 1,567,982 1,520,523 1,381,123 1,342,577 1,297,911
Core deposits(6) 1,387,928 1,336,363 1,221,363 1,160,906 1,085,687
Total assets 1,787,784 1,729,299 1,624,625 1,557,684 1,539,226
Holding Company Capital Ratios(7):
Total risk-based capital ratio 12.77 % 13.01 % 13.27 % 13.58 % 13.42 %
Tier 1 risk-based capital ratio 11.70 % 11.90 % 12.11 % 12.38 % 12.21 %
Leverage ratio 9.96 % 10.27 % 10.26 % 10.36 % 10.43 %
Common equity tier 1 ratio(8) 10.83 % 10.98 % 11.15 % 11.37 % 11.19 %
Tangible common equity(9) 9.00 % 8.95 % 9.21 % 9.47 % 9.27 %
Asset Quality Ratios:
Nonperforming assets as a percentage of total assets 0.44 % 0.43 % 0.46 % 0.39 % 0.37 %
Net charge-offs as a percentage of average loans(5) (YTD annualized) 0.04 % 0.05 % 0.10 % 0.08 % 0.07 %
Allowance for loan losses as a percentage of loans(5) 1.05 % 1.09 % 1.12 % 1.17 % 1.19 %
Allowance for loan losses as a percentage of nonaccrual loans 208.52 % 217.92 % 212.60 % 278.05 % 293.75 %
[Footnotes to table located on page 3]

1

Operating Results
Net interest margin was 3.49% for both three-month periods ending June 30, 2018 and 2017. During the second quarter of 2018, our average interest-earning assets increased by $252.9 million, compared to the second quarter of 2017, while the yield on our interest-earning assets increased by 21 basis points. In comparison, our average interest-bearing liabilities increased by $186.8 million during the second quarter of 2018, compared to the second quarter of 2017, with the respective cost increasing by 28 basis points.

Noninterest income was $2.8 million and $2.6 million for the three months ended June 30, 2018 and 2017, respectively. For the six months ended June 30, 2018 and 2017, noninterest income was $5.2 million and $4.6 million, respectively. The increase in noninterest income during the three-month period ended June 30, 2018 relates primarily to an increase in ATM and debit card income, income derived from bank owned life insurance, and other income. The increase in noninterest income during the six-month period ended June 30, 2018 was driven by increases in mortgage banking income, ATM and debit card income and income derived from bank owned life insurance. Mortgage banking revenue comprises a significant portion of our noninterest income and totaled $1.6 million and $3.0 million for the three and six months ended June 30, 2018, respectively, and $1.6 million and $2.7 million for the three and six months ended June 30, 2017, respectively.

Noninterest expense was $10.0 million and $8.8 million for the three months ended June 30, 2018 and 2017, respectively, and $19.2 million and $17.1 million for the six months ended June 30, 2018 and 2017, respectively. The increase in noninterest expense during the three and six-month periods ended June 30, 2018 was driven primarily by increases in compensation and benefits, occupancy, and professional fees. Included in noninterest expense are mortgage banking expenses of $1.2 million and $2.1 million for the three and six months ended June 30, 2018, respectively, and $1.0 million and $1.9 million for the three and six months ended June 30, 2017, respectively.

During the three months ended June 30, 2018, we recorded total credit costs of $388 thousand, including a $400 thousand provision for loan losses and a net $12 thousand gain related to the sale and management of other real estate owned. In addition, we had net charge-offs for the second quarter of 2018 of $152 thousand, or 0.04% of average loans, annualized. During the three months ended June 30, 2017, our total credit costs were $497 thousand, including a $500 thousand provision for loan losses and a net $3 thousand gain related to the sale and management of other real estate owned. Net loan charge-offs for the second quarter of 2017 were $343 thousand, or 0.11% of average loans, annualized. For the six months ended June 30, 2018 and 2017, total credit costs were $894 thousand million and $1.0 million, respectively. Our allowance for loan losses was $16.1 million, or 1.05% of loans, at June 30, 2018, which provides approximately 209% coverage of nonaccrual loans, compared to $15.4 million, or 1.19% of loans, and approximately 294% coverage of nonaccrual loans at June 30, 2017.

Nonperforming assets were $7.8 million, or 0.44% of total assets, as of June 30, 2018. Comparatively, nonperforming assets were $5.7 million, or 0.37% of total assets, at June 30, 2017. Of the $7.8 million in total nonperforming assets as of June 30, 2018, nonperforming loans represent $7.7 million and other real estate owned represents $117 thousand. Classified assets improved to 9% of tier 1 capital plus the allowance for loan losses at June 30, 2018, compared to 10% at June 30, 2017.

Gross loans were $1.53 billion, excluding mortgage loans held for sale, as of June 30, 2018, compared to $1.30 billion at June 30, 2017. Core deposits, which exclude out-of-market deposits and time deposits of $250,000 or more, increased to $1.34 billion at June 30, 2018 compared to $1.09 billion at June, 2017.

Shareholders’ equity totaled $160.9 million as of June 30, 2018, compared to $149.7 million at December 31, 2017, and $142.7 million at June 30, 2017. As of June 30, 2018, our capital ratios continue to exceed the regulatory requirements for a “well capitalized” institution.

2


FINANCIAL HIGHLIGHTS - Unaudited
 
Quarter Ended 2nd Qtr Six Months Ended YTD
June 30 2018-2017 June 30 2018-2017
(in thousands, except per share data)      2018      2017      % Change      2018      2017      % Change
Earnings Summary                 
Interest income $ 18,535 14,931 24.1 % 35,713 28,890 23.6 %
Interest expense 3,923 2,579 52.1 % 7,060 4,931 43.2 %
Net interest income 14,612 12,352 18.3 % 28,653 23,959 19.6 %
Provision for loan losses 400 500 (20.0 )% 900 1,000 (10.0 )%
Noninterest income 2,771 2,562 8.1 % 5,192 4,614 12.5 %
Noninterest expense 9,979 8,762 13.9 % 19,184 17,123 12.0 %
Income before provision for income taxes 7,004 5,652 23.9 % 13,761 10,450 31.7 %
Income tax expense 1,494 2,048 (27.1 )% 3,037 3,734 (18.7 )%
Net income available to common shareholders $ 5,510 3,604 52.9 % 10,724 6,716 59.7 %
Basic weighted average common shares 7,371 6,987 5.5 % 7,354 6,714 9.5 %
Diluted weighted average common shares 7,751 7,366 5.2 % 7,739 7,099 9.0 %
Earnings per common share – Basic $ 0.75 0.52 44.2 % 1.46 1.00 46.0 %
Earnings per common share – Diluted 0.71 0.49 44.9 % 1.39 0.95 46.3 %

Quarter Ended 2nd Qtr Quarter Ended
June 30 2018-2017 March 31 December 31 September 30
(in thousands, except per share data)    2018    2017    % Change    2018    2017    2017
Balance Sheet Highlights                 
Assets $    1,787,784 1,539,226 16.1 % 1,729,299 1,624,625  1,557,684
Investment securities 73,126 85,410 (14.4 )% 61,562 72,065 81,504
Mortgage loans held for sale 8,075 11,480 (29.7 )% 10,885 11,790 9,124
Loans 1,533,447 1,299,829 18.0 % 1,459,382 1,387,070 1,327,739
Allowance for loan losses 16,100 15,444 4.2 % 15,852 15,523 15,579
Other real estate owned 117 428 (72.7 )% 242 242 420
Noninterest bearing deposits 310,709 271,669 14.4 % 297,892 295,680 272,758
Interest bearing deposits 1,257,273 1,026,242 22.5 % 1,222,631 1,085,443 1,069,819
Total deposits 1,567,982 1,297,911 20.8 % 1,520,523 1,381,123 1,342,577
Other borrowings 28,600 73,200 (60.9 )% 28,600 67,200 39,200
Junior subordinated debentures 13,403 13,403 - 13,403 13,403 13,403
Tangible common equity 160,856 142,736 12.7 % 154,739 149,686 147,449
Total shareholders’ equity 160,856 142,736 12.7 % 154,739 149,686 147,449
Common Stock
Book value per common share $ 21.66 19.52 11.0 % 20.96 20.37 20.15
Stock price:
High 48.35 37.05 30.5 % 46.55 42.90 37.45
Low 44.20 31.75 39.2 % 41.00 36.75 33.50
Period end 44.20 37.05 19.3 % 44.50 41.25 36.35
Common shares outstanding 7,426 7,314 1.5 % 7,382 7,348 7,319
Other
Loans to deposits 97.80 % 100.15 % (2.3 )% 95.98 % 100.43 % 98.89 %
Team members 224 205 9.3 % 211 198 198
Average Balances ($ in thousands):
Loans(5) $ 1,491,246 1,250,077 20.0 % 1,444,343 1,351,355 1,314,061
Deposits 1,543,045 1,263,844 22.1 % 1,431,967 1,369,547 1,328,481
Assets 1,757,155 1,495,312 17.5 % 1,645,846 1,589,206 1,549,875
Equity 157,575 132,380 19.0 % 152,374 149,928 145,294
Footnotes to tables:
(1) Total revenue is the sum of net interest income and noninterest income.
(2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.
(3) Annualized for the respective three and six month periods.
(4) Noninterest expense divided by the sum of net interest income and noninterest income.
(5) Excludes mortgage loans held for sale.
(6) Excludes out of market deposits and time deposits greater than $250,000.
(7) June 30, 2018 ratios are preliminary.
(8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.
(9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.
(10) Includes loans held for sale.

3


ASSET QUALITY MEASURES - Unaudited
 
Quarter Ended
(dollars in thousands)    June 30
2018		    March 31
2018		    December 31
2017		    September 30
2017		   June 30
2017
Nonperforming Assets            
Commercial
Owner occupied RE $ - - - 244 245
Non-owner occupied RE 1,689 1,525 1,581 2,049 2,205
Construction - - - - -
Commercial business 94 102 910 1,116 1,324
Consumer
Real estate 1,174 1,091 992 1,267 534
Home equity 1,598 1,730 1,145 195 197
Construction - - - - -
Other - - 1 2 4
Nonaccruing troubled debt restructurings 3,166 2,826 2,673 730 749
Total nonaccrual loans 7,721 7,274 7,302 5,603 5,258
Other real estate owned 117 242 242 420 428
Total nonperforming assets $ 7,838 7,516 7,544 6,023 5,686
Nonperforming assets as a percentage of:
Total assets 0.44 % 0.43 % 0.46 % 0.39 % 0.37 %
Total loans 0.51 % 0.52 % 0.54 % 0.45 % 0.44 %
Accruing troubled debt restructurings $ 7,397 5,649 5,145 6,954 6,010
 
  Quarter Ended
(dollars in thousands) June 30
2018		 March 31
2018		 December 31
2017		 September 30
2017		 June 30
2017
Allowance for Loan Losses               
Balance, beginning of period $ 15,852 15,523 15,579 15,444 15,287
Loans charged-off (311 ) (293 ) (676 ) (399 ) (373 )
Recoveries of loans previously charged-off 159 122 120 34 30
Net loans charged-off (152 ) (171 ) (556 ) (365 ) (343 )
Provision for loan losses 400 500 500 500 500
Balance, end of period $ 16,100 15,852 15,523 15,579 15,444
Allowance for loan losses to gross loans 1.05 % 1.09 % 1.12 % 1.17 % 1.19 %
Allowance for loan losses to nonaccrual loans 208.52 % 217.92 % 212.60 % 278.05 % 293.75 %
Net charge-offs to average loans QTD (annualized) 0.04 % 0.05 % 0.17 % 0.11 % 0.11 %
 
LOAN COMPOSITION    
 
  Quarter Ended
(dollars in thousands) June 30
2018		 March 31
2018		 December 31
2017		 September 30
2017		 June 30
2017
Commercial            
Owner occupied RE $ 358,169 339,444 316,818 317,262 310,696
Non-owner occupied RE 355,309 339,231 312,798 301,360 292,001
Construction 73,655 56,210 51,179 32,332 42,447
Business 238,402 234,820 226,158 214,898 212,703
Total commercial loans 1,025,535 969,705 906,953 865,852 857,847
Consumer
Real estate 290,433 275,731 273,050 250,483 233,401
Home equity 156,630 155,507 156,141 150,371 147,091
Construction 38,400 35,017 28,351 38,766 39,758
Other 22,449 23,422 22,575 22,267 21,732
Total consumer loans 507,912 489,677 480,117 461,887 441,982
Total gross loans, net of deferred fees 1,533,447 1,459,382 1,387,070 1,327,739 1,299,829
Less—allowance for loan losses (16,100 ) (15,852 ) (15,523 ) (15,579 ) (15,444 )
Total loans, net $ 1,517,347 1,443,530 1,371,547 1,312,160 1,284,385

4


DEPOSIT COMPOSITION
 
Quarter Ended
(dollars in thousands)    June 30
2018		    March 31
2018		    December 31
2017		    September 30
2017		    June 30
2017
Non-interest bearing $ 310,709 297,892 295,680 272,758 271,669
Interest bearing:
NOW accounts 251,511 243,418 229,945 209,607 226,724
Money market accounts 659,353 642,333 545,029 533,575 452,385
Savings 15,913 15,952 16,298 15,659 15,345
Time, less than $100,000 60,632 56,778 55,461 54,133 51,328
Time and out-of-market deposits, $100,000 and over 269,864 264,150 238,710 256,845 280,460
Total deposits $     1,567,982 1,520,523 1,381,123 1,342,577 1,297,911

NONINTEREST INCOME & EXPENSE - Unaudited
 
Quarter Ended 2nd Qtr Six Months Ended YTD
June 30 2018-2017 June 30 2018-2017
(dollars in thousands)     2018     2017     % Change     2018     2017     % Change
Noninterest income
Mortgage banking income $ 1,629 1,603 1.6 % 2,957 2,660 11.2 %
Service fees on deposit accounts 256 284 (9.9 )% 512 561 (8.7 )%
ATM and debit card income 371 290 28.4 % 705 552 27.7 %
Income from bank owned life insurance 220 183 20.2 % 441 366 20.5 %
Other income 295 202 44.6 % 577 475   21.5 %
Total noninterest income $ 2,771 2,562 8.1 % 5,192 4,614 12.5 %
Noninterest income to average assets (3) 0.63 % 0.69 % (8.7 )% 0.62 % 0.65 % (5.0 )%
 
Noninterest expense
Compensation and benefits $ 6,365 5,524 15.2 % 12,208 10,798 13.1 %
Occupancy 1,276 1,033 23.5 % 2,413 1,999 20.7 %
Data processing and related costs 824 823 0.1 % 1,560 1,568 (0.5 )%
Insurance 297 297 - 610 587 3.9 %
Professional fees 457 382 19.6 % 933 695 34.2 %
Marketing 229 196 16.8 % 438 407 7.6 %
Other 531 507 6.5 % 1,022 1,069 (4.4 )%
Total noninterest expenses $      9,979 8,762 13.9 % 19,184 17,123 12.0 %
Noninterest expense to average assets (3) 2.28 % 2.35 % (3.0 )% 2.27 % 2.40 % (5.4 )%
 
AVERAGE YIELD/RATE - Unaudited
 
Quarter Ended
      June 30
2018		       March 31
2018		       December 31
2017		       September 30
2017		       June 30
2017
Yield/Rate(3)
Interest-earning assets
Federal funds sold 1.82 % 1.62 % 1.29 % 1.31 % 1.10 %
Investment securities, taxable 2.49 % 2.18 % 1.95 % 2.05 % 2.02 %
Investment securities, nontaxable 3.68 % 4.19 % 3.91 % 3.67 % 3.94 %
Loans(10) 4.70 % 4.65 % 4.59 % 4.59 % 4.55 %
Total interest-earning assets 4.42 % 4.44 % 4.31 % 4.31 % 4.21 %
Interest-bearing liabilities
NOW accounts 0.17 % 0.15 % 0.16 % 0.18 % 0.19 %
Savings & money market 1.25 % 1.07 % 0.90 % 0.84 % 0.74 %
Time deposits 1.61 % 1.38 % 1.21 % 1.08 % 0.99 %
Total interest-bearing deposits 1.14 % 0.97 % 0.84 % 0.78 % 0.70 %
FHLB advances and other borrowings 3.35 % 3.25 % 3.36 % 3.50 % 3.87 %
Junior subordinated debentures 4.79 % 3.48 % 3.49 % 3.43 % 3.32 %
Total interest-bearing liabilities 1.23 % 1.06 % 0.96 % 0.93 % 0.95 %
Net interest spread 3.19 % 3.38 % 3.35 % 3.38 % 3.26 %
Net interest income (tax equivalent) / margin 3.49 % 3.63 % 3.59 % 3.60 % 3.49 %

5

ABOUT SOUTHERN FIRST BANCSHARES

Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company’s wholly-owned subsidiary, Southern First Bank, is the third largest bank headquartered in South Carolina. Southern First Bancshares has been providing financial services since 1999 and now operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina, as well as the Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has assets of approximately $1.8 billion and its common stock is traded in the NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are identified by words such as “believes,” “expects,” “continues,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the company’s loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in the United States legal and regulatory framework; and (5) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the company. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
 

FINANCIAL CONTACT: MIKE DOWLING 864-679-9070

MEDIA CONTACT: ART SEAVER 864-679-9010

WEB SITE: www.southernfirst.com

6

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