Southern First Bancshares : 2024 Shareholders' Meeting Presentation
May 21, 2024 at 04:13 pm
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ANNUAL SHAREHOLDER MEETING
May 21, 2024
FORWARD-LOOKING STATEMENTS
Corporate Profile: SFST (NASDAQ)
Southern First Markets:
Greenville, SC
2000
Columbia, SC
2007
Charleston, SC
2012
Raleigh, NC
2016
Atlanta, GA
2017
Summerville, SC
2018
Greensboro, NC
2018
Charlotte, NC
2021
Headquartered in Greenville, SC
24 years old - 2000 de novo
As of December 31, 2023:
Total Assets
$4.1 Billion
Common Shares Outstanding
8.1 Million
Book Value Per Common Share
$ 38.63
2023 Year-End Highlights
GROWTH & FINANCIAL PERFORMANCE
2023 Net income
$13.4 million
Earnings per share (diluted)
$1.66
Book value
$38.63
5%
Deposit growth
$246 million
8%
Loan growth
$329 million
10%
Net charge-offs
0.0%
2022 -2024 Industry Environment
Federal Reserve begins increasing rates to fight historically high inflation
525 basis points from March 2022 - July 2023
Highest and fastest rate increase in over 40 years
Fed has pulled over $1 trillion in liquidity from the system
Increasing deposit costs reduces net interest margin
Increasing rates result in unrealized losses in investment portfolio
Increasing rates creates potential credit issues for borrowers
Recent Inflation Trend Reflects the Ongoing Battle
6
The Battle to Tame Inflation
Unprecedented action by the Fed
Utilizing monetary policy to slow economy
Fed target - 2.00% inflation
Impact of Fed Actions on Inflation
Inflation
Fed Funds rate
Monetary policy is working
Inflation reduced from 9% to 3%
•
Current inflation is bumpy
2.00%
Q1 2024 RESULTS
Net income of $2.5 million
$0.31 diluted EPS
Deposit growth of $81 million
Loan growth of $41 million
Book value increased 4% since Q1 2023 - $38.65 as of Q1 2024
Margin increased
Superb asset quality
Capital accretion - solid capital strength
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Southern First Bancshares Inc. published this content on
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Southern First Bancshares, Inc. is a bank holding company. The Companyâs primary business is to serve as the holding company for Southern First Bank (the Bank). The Bank is primarily engaged in the business of accepting demand deposits and savings deposits insured by the Federal Deposit Insurance Corporation (the FDIC), and providing commercial, consumer and mortgage loans to the general public. The Company, through the Bank, provides a range of financial services to individuals and companies in South Carolina, North Carolina, and Georgia. These services include demand, time, and savings deposits; lending services; automated teller machine (ATM) processing and mortgage banking services. In addition to deposit and loan services, it offer other bank services such as Internet banking, cash management, safe deposit boxes, direct deposit, automatic drafts, bill payment and mobile banking services. The Bank has approximately eight retail offices.
SOUTHERN FIRST BANCSHARES, INC. 
