Parent Company Financial Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

NOTE 25 – 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)	2021		2020
Assets
Cash and cash equivalents	$	12,379		9,019
Investment in subsidiaries		301,880		255,518
Other assets		21		29
Total assets	$	314,280		264,566
Liabilities and Shareholders’ Equity
Accounts payable and accrued expenses	$	274		274
Subordinated debentures		36,105		35,998
Shareholders’ equity		277,901		228,294
Total liabilities and shareholders’ equity	$	314,280		264,566

107

Condensed Statements of Income

	For the years ended December 31,
(dollars in thousands)	2021			2020			2019
Revenues
Interest income	$	17			17			13
Total revenue		17			17			13
Expenses
Interest expense		1,523			1,708			929
Other expenses		285			283			240
Total expenses		1,808			1,991			1,169
Income tax benefit		376			415			243
Loss before equity in undistributed net income of subsidiaries		(1,415	)		(1,559	)		(913	)
Equity in undistributed net income of subsidiaries		48,126			19,887			28,771
Net income	$	46,711			18,328			27,858

Condensed Statements of Cash Flows

		For the years ended December 31,
(dollars in thousands)	2021			2020			2019
Operating activities
Net income	$	46,711			18,328			27,858
Adjustments to reconcile net income to cash provided by (used for) operating activities
Equity in undistributed net income of subsidiaries		(48,126	)		(19,887	)		(28,771	)
Compensation expense related to stock options and restricted stock grants		1,647			1,397			1,698
(Increase) decrease in other assets		8			(23	)		12
Increase (decrease) in accounts payable and accrued expenses		108			63			(202	)
Net cash provided by (used for) operating activities		348			(122	)		595
Investing activities
Investment in subsidiaries, net		-			-			-
Net cash used for investing activities		-			-			-
Financing activities
Issuance of common stock		-			-			-
Proceeds from the exercise of stock options and warrants		3,012			1,388			1,769
Net cash provided by financing activities		3,012			1,388			1,769
Net increase in cash and cash equivalents		3,360			1,266			2,364
Cash and cash equivalents, beginning of year		9,019			7,753			5,389
Cash and cash equivalents, end of year	$	12,379			9,019			7,753