Employee Benefit Plan

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plan

NOTE 20 – Employee Benefit Plan

On January 1, 2000, the Company adopted the Southern First Bancshares, Inc. Profit Sharing and 401(k) Plan for the benefit of all eligible employees. The Company contributes to the Plan annually upon approval by the Board of Directors. Contributions made to the Plan for the years ended December 31, 2022, 2021, and 2020 amounted to $995,000, $905,000, and $881,000, respectively.

The Company also provides a nonqualified deferred compensation plan for 22 executive officers in the form of a Supplemental Executive Retirement Plan (“SERP”). The SERP provides retirement income for these officers. As of December 31, 2022 and 2021, the Company had an accrued benefit obligation of $8.4 million and $9.2 million, respectively. The Company had a $284,000 reversal of expenses related to this plan for the twelve months ended December 31, 2022 and incurred expenses related to this plan of $1.0 million and $1.6 million in 2021 and 2020, respectively.