Exhibit 99.1
Southern First Reports Results for Third Quarter 2019
Greenville, South Carolina, October 22, 2019 – Southern First Bancshares, Inc.(NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three- and nine-month periods ended September 30, 2019.
2019 Third Quarter Highlights
● | Net income improved to $7.4 million, a 28.2% increase over Q3 2018 |
● | Diluted EPS improved to $0.95 per share, a 26.7% increase over Q3 2018 |
● | Efficiency ratio of 53.0% for Q3 2019, compared to 56.5% for Q3 2018 |
● | Loan growth of $29.1 million, or 6.4% on an annualized basis |
● | Deposit growth of $45.3 million, or 9.7% on an annualized basis |
● | Core deposit growth of $70.6 million, or 17.3% on an annualized basis |
● | Completion of $23.0 million, 4.75% fixed-to-floating rate, subordinated debt offering |
“I am proud to report another quarter of outstanding performance with $7.4 million in earnings and core deposit growth of $70.6 million,” stated Art Seaver, the Company’s Chief Executive Officer. “Our team is intent on serving our clients and providing a unique client experience, as evidenced by the growth in new client relationships and retail deposits as well as excellent production by our mortgage team.”
Quarter Ended | ||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
2019 | 2019 | 2019 | 2018 | 2018 | ||||||||||||
Earnings($ in thousands, except per share data): | ||||||||||||||||
Net income available to common shareholders | $ | 7,412 | 7,240 | 6,009 | 5,783 | 5,782 | ||||||||||
Earnings per common share, diluted | 0.95 | 0.93 | 0.78 | 0.75 | 0.75 | |||||||||||
Total revenue(1) | 21,675 | 20,629 | 18,812 | 18,473 | 18,034 | |||||||||||
Net interest margin (tax-equivalent)(2) | 3.36 | % | 3.43 | % | 3.52 | % | 3.59 | % | 3.60 | % | ||||||
Return on average assets(3) | 1.37 | % | 1.43 | % | 1.28 | % | 1.24 | % | 1.28 | % | ||||||
Return on average equity(3) | 15.20 | % | 15.72 | % | 13.74 | % | 13.46 | % | 13.98 | % | ||||||
Efficiency ratio(4) | 52.98 | % | 55.11 | % | 56.60 | % | 56.25 | % | 56.49 | % | ||||||
Noninterest expense to average assets(3) | 2.12 | % | 2.24 | % | 2.26 | % | 2.23 | % | 2.26 | % | ||||||
Balance Sheet($ in thousands): | ||||||||||||||||
Total Loans(5) | $ | 1,838,427 | 1,809,355 | 1,733,964 | 1,677,332 | 1,620,201 | ||||||||||
Total deposits | 1,899,295 | 1,854,008 | 1,758,235 | 1,648,136 | 1,589,483 | |||||||||||
Core deposits(6) | 1,690,294 | 1,619,722 | 1,527,755 | 1,434,125 | 1,390,626 | |||||||||||
Total assets | 2,201,626 | 2,116,044 | 2,014,426 | 1,900,614 | 1,857,707 | |||||||||||
Loans to deposits | 96.80 | % | 97.59 | % | 98.62 | % | 101.77 | % | 101.93 | % | ||||||
Holding Company Capital Ratios(7): | ||||||||||||||||
Total risk-based capital ratio | 13.63 | % | 12.31 | % | 12.43 | % | 12.49 | % | 12.50 | % | ||||||
Tier 1 risk-based capital ratio | 11.51 | % | 11.40 | % | 11.48 | % | 11.53 | % | 11.48 | % | ||||||
Leverage ratio | 9.82 | % | 9.95 | % | 10.17 | % | 10.14 | % | 10.15 | % | ||||||
Common equity tier 1 ratio(8) | 10.80 | % | 10.67 | % | 10.72 | % | 10.73 | % | 10.66 | % | ||||||
Tangible common equity(9) | 9.02 | % | 8.97 | % | 8.99 | % | 9.15 | % | 8.99 | % | ||||||
Asset Quality Ratios: | ||||||||||||||||
Nonperforming assets as a percentage of total assets | 0.32 | % | 0.27 | % | 0.30 | % | 0.31 | % | 0.33 | % | ||||||
Net charge-offs as a percentage of average loans(5) (YTD annualized) | 0.09 | % | 0.03 | % | 0.00 | % | 0.11 | % | 0.06 | % | ||||||
Allowance for loan losses as a percentage of loans(5) | 0.86 | % | 0.89 | % | 0.93 | % | 0.94 | % | 1.00 | % | ||||||
Allowance for loan losses as a percentage of nonaccrual loans | 225.50 | % | 277.91 | % | 265.35 | % | 270.36 | % | 270.54 | % | ||||||
[Footnotes to table located on page 6] |
1
INCOME STATEMENTS - Unaudited | |||||||||||||||
Quarter Ended | Nine months Ended | ||||||||||||||
Sept 30 | June 30 | Mar 31 | Dec 31 | Sept 30 | Sept 30 | ||||||||||
(in thousands, except per share data) | 2019 | 2019 | 2019 | 2018 | 2018 | 2019 | 2018 | ||||||||
Interest income | |||||||||||||||
Loans | $ | 22,817 | 22,098 | 20,889 | 20,405 | 19,159 | 65,804 | 53,314 | |||||||
Investment securities | 576 | 539 | 549 | 517 | 487 | 1,664 | 1,284 | ||||||||
Federal funds sold | 663 | 451 | 174 | 157 | 219 | 1,288 | 980 | ||||||||
Total interest income | 24,056 | 23,088 | 21,612 | 21,079 | 19,865 | 68,756 | 55,578 | ||||||||
Interest expense | |||||||||||||||
Deposits | 6,409 | 6,175 | 5,375 | 4,645 | 3,928 | 17,959 | 10,191 | ||||||||
Borrowings | 368 | 374 | 419 | 437 | 436 | 1,161 | 1,232 | ||||||||
Total interest expense | 6,777 | 6,549 | 5,794 | 5,082 | 4,364 | 19,120 | 11,423 | ||||||||
Net interest income | 17,279 | 16,539 | 15,818 | 15,997 | 15,501 | 49,636 | 44,155 | ||||||||
Provision for loan losses | 650 | 300 | 300 | 600 | 400 | 1,250 | 1,300 | ||||||||
Net interest income after provision for loan losses | 16,629 | 16,239 | 15,518 | 15,397 | 15,101 | 48,386 | 42,855 | ||||||||
Noninterest income | |||||||||||||||
Mortgage banking income | 3,055 | 2,830 | 1,857 | 1,233 | 1,354 | 7,741 | 4,311 | ||||||||
Service fees on deposit accounts | 271 | 265 | 265 | 271 | 257 | 802 | 769 | ||||||||
ATM and debit card income | 464 | 443 | 380 | 404 | 381 | 1,287 | 1,085 | ||||||||
Income from bank owned life insurance | 282 | 222 | 216 | 217 | 221 | 720 | 662 | ||||||||
Other income | 324 | 330 | 276 | 351 | 320 | 930 | 898 | ||||||||
Total noninterest income | 4,396 | 4,090 | 2,994 | 2,476 | 2,533 | 11,480 | 7,725 | ||||||||
Noninterest expense | |||||||||||||||
Compensation and benefits | 7,668 | 7,399 | 6,783 | 6,753 | 6,599 | 21,850 | 18,808 | ||||||||
Occupancy | 1,416 | 1,343 | 1,339 | 1,286 | 1,350 | 4,099 | 3,763 | ||||||||
Outside service and data processing costs | 1,073 | 1,045 | 960 | 902 | 841 | 3,078 | 2,400 | ||||||||
Insurance | 145 | 280 | 318 | 298 | 376 | 743 | 987 | ||||||||
Professional fees | 399 | 414 | 439 | 365 | 275 | 1,252 | 1,208 | ||||||||
Marketing | 237 | 236 | 260 | 204 | 215 | 733 | 652 | ||||||||
Other | 546 | 651 | 549 | 583 | 532 | 1,745 | 1,554 | ||||||||
Total noninterest expenses | 11,484 | 11,368 | 10,648 | 10,391 | 10,188 | 33,500 | 29,372 | ||||||||
Income before provision for income taxes | 9,541 | 8,961 | 7,864 | 7,482 | 7,446 | 26,366 | 21,208 | ||||||||
Income tax expense | 2,129 | 1,721 | 1,855 | 1,699 | 1,664 | 5,705 | 4,702 | ||||||||
Net income available to common shareholders | $ | 7,412 | 7,240 | 6,009 | 5,783 | 5,782 | 20,661 | 16,506 | |||||||
Earnings per common share – Basic | $ | 0.98 | 0.97 | 0.81 | 0.78 | 0.78 | 2.75 | 2.24 | |||||||
Earnings per common share – Diluted | 0.95 | 0.93 | 0.78 | 0.75 | 0.75 | 2.66 | 2.13 | ||||||||
Basic weighted average common shares | 7,548 | 7,496 | 7,459 | 7,428 | 7,400 | 7,501 | 7,369 | ||||||||
Diluted weighted average common shares | 7,781 | 7,756 | 7,742 | 7,726 | 7,746 | 7,760 | 7,741 |
Net income for the third quarter of 2019 was $7.4 million, a 28.2% increase over the third quarter of 2018. For the nine months ended September 30, 2019, net income was $20.7 million, an increase of 25.2% over the nine months ended September 30, 2018. Net interest income increased 11.5% for the third quarter of 2019 compared to the third quarter of 2018 and 12.4% for the first nine months of 2019 as compared to the first nine months of 2018. The increase in net interest income was driven by growth in interest-earning assets, partially offset by growth in interest-bearing deposits.
Noninterest income increased $1.9 million, or 73.5%, during the three months ended September 30, 2019 compared to the three months ended September 30, 2018, and increased $3.8 million, or 48.6%, for the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018. The increase for both the three- and nine-month periods was driven by higher mortgage banking income as a result of additional mortgage executives and the favorable mortgage rate environment.
Noninterest expense increased $1.3 million, or 12.7%, for the third quarter of 2019 compared to the third quarter of 2018, and increased $4.1 million, or 14.1%, for the first nine months of 2019 compared to the first nine months of 2018. The increase in noninterest expense for both the three- and nine-month periods related primarily to increases in compensation and benefits, occupancy, and data processing and related costs as we continue to expand our footprint in South Carolina, North Carolina, and Georgia. Included in noninterest expense are mortgage banking expenses of $1.9 million and $4.7 million for the three and nine months ended September 30, 2019, respectively, and $1.1 million and $3.2 million for the three and nine months ended September 30, 2018, respectively.
2
Our effective tax rate was 22.3% for both three-month periods ended September 30, 2019 and 2018 and 21.6% and 22.2% for the nine months ended September 30, 2019 and September 30, 2018, respectively.
NET INTEREST INCOME AND MARGIN - Unaudited | |||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||
September 30, 2019 | June 30, 2019 | September 30, 2018 | |||||||||||||||||||||||||
(dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ |
| Yield/ | |||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||
Federal funds sold and interest-bearing deposits | $ | 111,169 | $ | 663 | 2.37 | % | $ | 71,905 | $ | 451 | 2.52 | % | $ | 44,532 | $ | 219 | 1.95 | % | |||||||||
Investment securities, taxable | 83,183 | 538 | 2.57 | % | 74,172 | 501 | 2.71 | % | 66,706 | 446 | 2.65 | % | |||||||||||||||
Investment securities, nontaxable(2) | 5,097 | 51 | 3.94 | % | 5,288 | 49 | 3.74 | % | 5,431 | 53 | 3.89 | % | |||||||||||||||
Loans(10) | 1,840,450 | 22,817 | 4.92 | % | 1,786,532 | 22,098 | 4.96 | % | 1,592,279 | 19,159 | 4.77 | % | |||||||||||||||
Total interest-earning assets | 2,039,899 | 24,069 | 4.68 | % | 1,937,897 | 23,099 | 4.78 | % | 1,708,948 | 19,877 | 4.61 | % | |||||||||||||||
Noninterest-earning assets | 109,395 | 94,673 | 77,708 | ||||||||||||||||||||||||
Total assets | $ | 2,149,294 | $ | 2,032,570 | $ | 1,786,656 | |||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||
NOW accounts | $ | 215,125 | 159 | 0.29 | % | $ | 199,118 | 140 | 0.28 | % | $ | 240,454 | 121 | 0.20 | % | ||||||||||||
Savings & money market | 899,407 | 4,106 | 1.81 | % | 849,570 | 3,879 | 1.83 | % | 686,609 | 2,324 | 1.34 | % | |||||||||||||||
Time deposits | 374,200 | 2,144 | 2.27 | % | 381,593 | 2,156 | 2.27 | % | 328,516 | 1,483 | 1.79 | % | |||||||||||||||
Total interest-bearing deposits | 1,488,732 | 6,409 | 1.71 | % | 1,430,281 | 6,175 | 1.73 | % | 1,255,579 | 3,928 | 1.24 | % | |||||||||||||||
FHLB advances and other borrowings | 25,037 | 218 | 3.45 | % | 25,136 | 217 | 3.46 | % | 36,151 | 285 | 3.13 | % | |||||||||||||||
Subordinated debentures | 13,642 | 150 | 4.36 | % | 13,403 | 157 | 4.70 | % | 13,403 | 151 | 4.47 | % | |||||||||||||||
Total interest-bearing liabilities | 1,527,411 | 6,777 | 1.76 | % | 1,468,820 | 6,549 | 1.79 | % | 1,305,133 | 4,364 | 1.33 | % | |||||||||||||||
Noninterest-bearing liabilities | 428,444 | 379,023 | 317,423 | ||||||||||||||||||||||||
Shareholders’ equity | 193,439 | 184,727 | 164,100 | ||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,149,294 | $ | 2,032,570 | $ | 1,786,656 | |||||||||||||||||||||
Net interest spread | 2.92 | % | 2.99 | % | 3.28 | % | |||||||||||||||||||||
Net interest income (tax equivalent) / margin | $ | 17,292 | 3.36 | % | $ | 16,550 | 3.43 | % | $ | 15,513 | 3.60 | % | |||||||||||||||
Less: tax-equivalent adjustment(2) | 13 | 11 | 12 | ||||||||||||||||||||||||
Net interest income | $ | 17,279 | $ | 16,539 | $ | 15,501 |
Net interest income was $17.3 million for the third quarter of 2019, a $740,000 increase from the second quarter of 2019 and a $1.8 million increase from the third quarter of 2018. The increases in net interest income resulted primarily from the growth in our cash balances and loan portfolio, which was partially offset by growth in interest-bearing deposits. Our net interest margin, on a tax-equivalent basis, was 3.36% for the third quarter of 2019, a seven basis point decrease from 3.43% for the second quarter of 2019 and a 24 basis point decrease from 3.60% for the third quarter of 2018. Our average interest-earning assets increased by $102.0 million during the third quarter of 2019 for interest income of $24.1 million, or a yield of 4.68%, while our average interest-bearing liabilities increased by $58.6 million for interest expense of $6.8 million, or a cost of 1.76%. While our average loans grew by $53.9 million and our average federal funds sold and interest-bearing deposits grew by $39.3 million during the third quarter, our yield on interest-earning assets declined by 10 basis points from the second quarter of 2019. In addition, our interest-bearing liabilities, which consist primarily of interest-bearing deposits, grew by $58.6 million, while the total cost of funds declined three basis points in the third quarter of 2019.
3
BALANCE SHEETS - Unaudited | ||||||||||||||||
Ending Balance | ||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(in thousands, except per share data) | 2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and due from banks | $ | 44,349 | 12,220 | 16,853 | 17,434 | 15,199 | ||||||||||
Federal funds sold | 19,215 | 64,520 | 75,207 | 35,882 | 21,836 | |||||||||||
Interest-bearing deposits with banks | 70,959 | 40,044 | 25,246 | 19,557 | 52,956 | |||||||||||
Total cash and cash equivalents | 134,523 | 116,784 | 117,306 | 72,873 | 89,991 | |||||||||||
Investment securities: | ||||||||||||||||
Investment securities available for sale | 89,427 | 75,252 | 73,300 | 74,905 | 66,886 | |||||||||||
Other investments | 3,307 | 3,311 | 3,309 | 4,121 | 4,929 | |||||||||||
Total investment securities | 92,734 | 78,563 | 76,609 | 79,026 | 71,815 | |||||||||||
Mortgage loans held for sale | 40,630 | 24,509 | 9,393 | 9,241 | 9,298 | |||||||||||
Loans(5) | 1,838,427 | 1,809,355 | 1,733,964 | 1,677,332 | 1,620,201 | |||||||||||
Less allowance for loan losses | (15,848 | ) | (16,144 | ) | (16,051 | ) | (15,762 | ) | (16,140 | ) | ||||||
Loans, net | 1,822,579 | 1,793,211 | 1,717,913 | 1,661,570 | 1,604,061 | |||||||||||
Bank owned life insurance | 39,730 | 39,448 | 34,226 | 34,010 | 33,793 | |||||||||||
Property and equipment, net | 54,846 | 48,262 | 47,262 | 32,430 | 32,670 | |||||||||||
Deferred income taxes | 8,970 | 7,049 | 3,877 | 4,020 | 7,998 | |||||||||||
Other assets | 7,614 | 8,218 | 7,840 | 7,444 | 8,081 | |||||||||||
Total assets | $ | 2,201,626 | 2,116,044 | 2,014,426 | 1,900,614 | 1,857,707 | ||||||||||
Liabilities | ||||||||||||||||
Deposits | $ | 1,899,295 | 1,854,008 | 1,758,235 | 1,648,136 | 1,589,483 | ||||||||||
Federal Home Loan Bank advances | 25,000 | 25,000 | 25,000 | 50,000 | 68,500 | |||||||||||
Subordinated debentures | 35,887 | 13,403 | 13,403 | 13,403 | 13,403 | |||||||||||
Other liabilities | 42,950 | 33,779 | 36,602 | 15,159 | 19,377 | |||||||||||
Total liabilities | 2,003,132 | 1,926,190 | 1,833,240 | 1,726,698 | 1,690,763 | |||||||||||
Shareholders’ equity | ||||||||||||||||
Preferred stock - $.01 par value; 10,000,000 shares authorized | - | - | - | - | - | |||||||||||
Common Stock - $.01 par value; 10,000,000 shares authorized | 76 | 76 | 75 | 75 | 74 | |||||||||||
Nonvested restricted stock | (919 | ) | (887 | ) | (993 | ) | (741 | ) | (770 | ) | ||||||
Additional paid-in capital | 105,378 | 104,354 | 103,600 | 102,625 | 102,171 | |||||||||||
Accumulated other comprehensive income (loss) | 424 | 188 | (379 | ) | (917 | ) | (1,622 | ) | ||||||||
Retained earnings | 93,535 | 86,123 | 78,883 | 72,874 | 67,091 | |||||||||||
Total shareholders’ equity | 198,494 | 189,854 | 181,186 | 173,916 | 166,944 | |||||||||||
Total liabilities and shareholders’ equity | $ | 2,201,626 | 2,116,044 | 2,014,426 | 1,900,614 | 1,857,707 | ||||||||||
Common Stock | ||||||||||||||||
Book value per common share | $ | 26.05 | 25.12 | 24.14 | 23.29 | 22.41 | ||||||||||
Stock price: | ||||||||||||||||
High | 41.69 | 39.16 | 39.10 | 39.00 | 47.00 | |||||||||||
Low | 36.27 | 33.97 | 31.63 | 30.26 | 39.20 | |||||||||||
Period end | 39.85 | 39.16 | 33.87 | 32.07 | 39.30 | |||||||||||
Common shares outstanding | 7,619 | 7,558 | 7,506 | 7,466 | 7,449 |
4
ASSET QUALITY MEASURES - Unaudited | ||||||||||||||||
Quarter Ended | ||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(dollars in thousands) | 2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||
Nonperforming Assets | ||||||||||||||||
Commercial | ||||||||||||||||
Owner occupied RE | $ | - | - | - | - | - | ||||||||||
Non-owner occupied RE | 1,963 | 372 | 403 | 210 | 1,680 | |||||||||||
Construction | - | - | - | - | - | |||||||||||
Commercial business | 198 | 65 | 72 | 81 | 89 | |||||||||||
Consumer | ||||||||||||||||
Real estate | 1,637 | 1,710 | 1,840 | 1,980 | 1,153 | |||||||||||
Home equity | 467 | 442 | 1,249 | 1,006 | 850 | |||||||||||
Construction | - | - | - | - | - | |||||||||||
Other | - | - | - | 12 | - | |||||||||||
Nonaccruing troubled debt restructurings | 2,763 | 3,220 | 2,485 | 2,541 | 2,194 | |||||||||||
Total nonaccrual loans | 7,028 | 5,809 | 6,049 | 5,830 | 5,966 | |||||||||||
Other real estate owned | - | - | - | - | 117 | |||||||||||
Total nonperforming assets | $ | 7,028 | 5,809 | 6,049 | 5,830 | 6,083 | ||||||||||
Nonperforming assets as a percentage of: | ||||||||||||||||
Total assets | 0.32 | % | 0.27 | % | 0.30 | % | 0.31 | % | 0.33 | % | ||||||
Total loans | 0.38 | % | 0.32 | % | 0.35 | % | 0.35 | % | 0.38 | % | ||||||
Accruing troubled debt restructurings | $ | 5,791 | 6,935 | 6,839 | 6,742 | 6,699 | ||||||||||
Quarter Ended | ||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(dollars in thousands) | 2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||
Allowance for Loan Losses | ||||||||||||||||
Balance, beginning of period | $ | 16,144 | 16,051 | 15,762 | 16,140 | 16,100 | ||||||||||
Loans charged-off | (963 | ) | (237 | ) | (41 | ) | (987 | ) | (556 | ) | ||||||
Recoveries of loans previously charged-off | 17 | 30 | 30 | 9 | 196 | |||||||||||
Net loans charged-off | (946 | ) | (207 | ) | (11 | ) | (978 | ) | (360 | ) | ||||||
Provision for loan losses | 650 | 300 | 300 | 600 | 400 | |||||||||||
Balance, end of period | $ | 15,848 | 16,144 | 16,051 | 15,762 | 16,140 | ||||||||||
Allowance for loan losses to gross loans | 0.86 | % | 0.89 | % | 0.93 | % | 0.94 | % | 1.00 | % | ||||||
Allowance for loan losses to nonaccrual loans | 225.50 | % | 277.91 | % | 265.35 | % | 270.36 | % | 270.54 | % | ||||||
Net charge-offs to average loans QTD (annualized) | 0.21 | % | 0.06 | % | 0.00 | % | 0.23 | % | 0.09 | % |
Total nonperforming assets increased by $1.2 million to $7.0 million, which represents 0.32% of total assets, an increase of five basis points compared to June 30, 2019. The increase in nonperforming assets was primarily a result of $2.9 million added to nonaccrual loans during the third quarter, partially offset by $1.6 million of nonaccrual loans removed or charged-off. The allowance for loan losses as a percentage of nonaccrual loans was 225.5% at September 30, 2019, a decrease from 277.9% at June 30, 2019 and 270.5% at September 30, 2018.
At September 30, 2019, the allowance for loan losses was $15.8 million, or 0.86% of total loans compared to $16.1 million, or 0.89% of total loans at June 30, 2019 and $15.8 million, or 0.94% of total loans at December 31, 2018. Net charge-offs were $946,000, or 0.21% on an annualized basis, for the third quarter of 2019 compared to $207,000, or 0.06% of net charge-offs, annualized, for the second quarter of 2019. Net charge-offs were $360,000 for the third quarter of 2018, or 0.09% on an annualized basis.
5
LOAN COMPOSITION - Unaudited | ||||||||||||||||
Quarter Ended | ||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(dollars in thousands) | 2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||
Commercial | ||||||||||||||||
Owner occupied RE | $ | 392,896 | 390,727 | 386,256 | 367,018 | 372,120 | ||||||||||
Non-owner occupied RE | 481,865 | 455,346 | 423,953 | 404,296 | 399,166 | |||||||||||
Construction | 75,710 | 85,065 | 80,561 | 84,411 | 68,415 | |||||||||||
Business | 290,154 | 292,564 | 281,502 | 272,980 | 244,348 | |||||||||||
Total commercial loans | 1,240,625 | 1,223,702 | 1,172,272 | 1,128,705 | 1,084,049 | |||||||||||
Consumer | ||||||||||||||||
Real estate | 346,512 | 342,100 | 330,538 | 320,943 | 311,271 | |||||||||||
Home equity | 174,611 | 170,861 | 167,146 | 165,937 | 163,654 | |||||||||||
Construction | 49,548 | 46,247 | 39,838 | 37,925 | 38,015 | |||||||||||
Other | 27,131 | 26,445 | 24,170 | 23,822 | 23,212 | |||||||||||
Total consumer loans | 597,802 | 585,653 | 561,692 | 548,627 | 536,152 | |||||||||||
Total gross loans, net of deferred fees | 1,838,427 | 1,809,355 | 1,733,964 | 1,677,332 | 1,620,201 | |||||||||||
Less—allowance for loan losses | (15,848 | ) | (16,144 | ) | (16,051 | ) | (15,762 | ) | (16,140 | ) | ||||||
Total loans, net | $ | 1,822,579 | 1,793,211 | 1,717,913 | 1,661,570 | 1,604,061 | ||||||||||
DEPOSIT COMPOSITION - Unaudited | ||||||||||||||||
Quarter Ended | ||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(dollars in thousands) | 2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||
Non-interest bearing | $ | 414,704 | 368,906 | 359,754 | 346,570 | 300,331 | ||||||||||
Interest bearing: | ||||||||||||||||
NOW accounts | 230,676 | 229,109 | 211,613 | 186,795 | 237,860 | |||||||||||
Money market accounts | 891,784 | 857,478 | 791,490 | 730,765 | 680,824 | |||||||||||
Savings | 15,912 | 15,180 | 15,451 | 15,486 | 16,041 | |||||||||||
Time, less than $100,000 | 55,501 | 59,382 | 61,331 | 63,073 | 62,744 | |||||||||||
Time and out-of-market deposits, $100,000 and over | 290,718 | 323,953 | 318,596 | 305,447 | 291,683 | |||||||||||
Total deposits | $ | 1,899,295 | 1,854,008 | 1,758,235 | 1,648,136 | 1,589,483 |
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 Bank 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 $2.2 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.
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-month period. |
(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) | September 30, 2019 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 mortgage loans held for sale. |
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,” “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.
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FINANCIAL CONTACT: MIKE DOWLING 864-679-9070
MEDIA CONTACT: ART SEAVER 864-679-9010
WEB SITE:www.southernfirst.com
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