Southern First Bancshares (SFST) 8-K Regulation FD Disclosure

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GREENVILLE  FIRST  BANCSHARES, INC.

www.greenvillefirst.com

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Southeast - February 6-7, 2006

Forward-Looking Statements

During the course of this presentation, management may make projections and forward-looking statements regarding events or the future financial performance of Greenville First Bancshares, Inc.  We wish to caution you that these forward-looking statements involve certain risks and uncertainties, including a variety of factors that may cause Greenville First's actual results to differ materially from the anticipated results expressed in these forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements and are advised to review the risk factors that may affect Greenville First's operating results in documents filed by Greenville First Bancshares, Inc. with the Securities and Exchange Commission, including the Form SB-2 Registration Statement, the Annual report on Form 10-KSB and other required filings.  Greenville First assumes no duty to update the forward-looking statements made in this presentation.

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Greenville First Bancshares - Corporate Profile

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• Greenville First Bank opened in 2000

• $405 million in total assets (1)

• Greenville SC market - $7.6 billion in deposits (2)

• 3.1% Market Share (2)

• GVBK - NASDAQ market

• 23% Insider Ownership

• $65 million - Market Capitalization (1)

• 3 offices / 53 employees

1 - As of December 31, 2005

2 - FDIC Data - June, 2005

GVBK - Investment Profile 

• Growth Story

• Performance Driven Leadership

• Unique Client FIRST  Model

• Dynamic Greenville, SC Market

• Performance / Momentum

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GVBK - Growth Story 

• Assets exceed $400 million / 28% growth over 2004

• Loans increased 21% for 2005

 Total Assets (in millions)

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Loans (in millions)

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GVBK - Growth Story 

• Net earnings increased 25% to $2.5 million and reflect 4th quarter charge related to move of corporate headquarters

• Operating earnings increased 71% to $3.4 million

Net Earnings (in thousands)

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Net Operating Earnings (in thousands)

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GVBK - Performance Driven Leadership 

• Board & Executive Team

• Interests aligned with shareholders

• Performance based compensation structure - 35% of executive compensation is incentive based

• Market Knowledge & Experience

• Average executive team member has worked in the market for more than 20 years

• Executive team brings experience from 7 separate banks

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Corporate Strategy - Unique Model

Client FIRST

• Targeted Focus - Professional & Executive Market

• Relationship Team Structure - Personal Banker

-        Drives growth

-        Provides superior client service

-        Produces sustainable efficiencies

• Highly Experienced Bank Team

-        Winning culture

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Dynamic Greenville Market

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• SC's most populous county

• Largest deposit market in SC with over $7.6 billion in deposits

• Deposit growth averaging 9% annually over the past five years

• Diverse economy as market is home to over 240 international companies including BMW & Michelin

Source - FDIC 2005

GVBK - Market Share Data

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Source - FDIC - June 2005

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Performance Highlight - Disciplined Credit Culture

• Loan loss reserve / total loans = 1.33% (1)

• Reserve covers nonperforming loans 9.6 times

 NCO's to Avg. Total Loans

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NPA's /Total Assets

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Notes:

(1)   Data as of December 31, 2005 / includes nonperforming loans

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Performance Highlight - Efficiency 

• Efficiency ratio = 49.2% for 2005

• 36% increase in the number of people in the last year

Efficiency Ratio

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Performance Highlight - Efficiency Comparison 

• Assets per employee = $7.7 million (1)

• Earnings per employee = $54.9 thousand (year to date) (1)

Assets per Employee

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Earnings per Employee      

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Notes:

(1)   Data as of September 30, 2005

Source - FDIC - September 2005

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GVBK - Momentum

-        ROA & margin improvement

-        Operating earnings increased 71%

-        36% increase in retail deposits

-        24% increase in transaction accounts

Return on Assets - operating earnings

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Net Interest Margin

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GVBK - Growth Plan

•  Market expansion

•  Parkway office opened March 2005

•  Augusta Road office opened November 2005

•  New headquarter building in June 2006

• Retail funding focus

• transaction account balances up 92% since beginning of 2004

• Banker acquisition strategy

• 3 key bankers acquired in the last year

• Capitalize on market / merger disruption

• Summit National Bank

• CCB

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GVBK - Summary 

• Experienced & Performance Driven Leadership

• Unique Client FIRST  Model

• Attractive Greenville, SC Market

• Growth Story

• Solid Performance / Disciplined Credit Culture

• Momentum

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Reconciliation of Non-GAAP Financial Measures

This presentation contains financial information determined by methods other than in accordance with Generally Accepted Accounting Principles ("GAAP").  Operating noninterest expense is used to compute the operating efficiency ratio.

Net income, (GAAP)                                                                $2,514

      Non-operating items:

      Impairment on real estate, net of income taxes                          930

Operating earnings                                                                $3,444

Noninterest expense, (GAAP)                                                  $7,856

      Non-operating items:         

      Impairment on real estate                                                      1,500

Operating noninterest expense                                             $6,356

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