Toggle SGML Header (+)


Section 1: 8-K (CURRENT REPORT)

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)    July 23, 2019   



Southern First Bancshares, Inc.
(Exact name of registrant as specified in its charter)

South Carolina
(State or other jurisdiction of incorporation)

         000-27719                   58-2459561         
  (Commission File Number)     (IRS Employer Identification No.)  
 
100 Verdae Boulevard, Suite 100, Greenville, SC   29607  
(Address of principal executive offices) (Zip Code)

(864) 679-9000
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
     
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02. Results of Operations and Financial Condition

On July 23, 2019, Southern First Bancshares, Inc., holding company for Southern First Bank, issued a press release announcing its financial results for the period ended June 30, 2019. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 9.01. Financial Statements and Exhibits

(c) Exhibits

       Exhibit No.       Exhibit                                                                   
99.1 Earnings Press Release for period ended June 30, 2019.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SOUTHERN FIRST BANCSHARES, INC.                             
   
   
By:   /s/ Michael D. Dowling
Name:        Michael D. Dowling
Title:        Chief Financial Officer                                      

July 23, 2019


EXHIBIT INDEX

Exhibit Number       Description                                                                        
99.1 Earnings Press Release for the period ended June 30, 2019.


(Back To Top)

Section 2: EX-99.1 (EARNINGS PRESS RELEASE FOR THE PERIOD ENDED JUNE 30, 2019)

Exhibit 99.1


Southern First Reports Results for Second Quarter 2019

Greenville, South Carolina, July 23, 2019 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three- and six-month periods ended June 30, 2019.

2019 Second Quarter Highlights
Net income improved to $7.2 million, a 31.4% increase over Q2 2018
Diluted EPS improved to $0.93 per share, a 31.0% increase over Q2 2018
Total revenue growth of 18.7% over Q2 2018
Efficiency ratio of 55.1% for Q2 2019, compared to 57.4% for Q2 2018
Loan growth of $75.4 million, or 17.4% on an annualized basis
Deposit growth of $95.8 million, or 21.8% on an annualized basis, with 96% of the growth being in core deposits
Nonperforming assets of 0.27% of total assets
Net charge-offs of 0.06% of average loans on an annualized basis

“Our second quarter performance was exceptional as we made over $7.2 million in earnings for the quarter,” stated Art Seaver, the Company’s Chief Executive Officer. “I am grateful to our talented team of bankers as outstanding growth in core deposits, loans, and mortgage production were significant contributors to our results.”

Quarter Ended
June 30 March 31

December 31

 

September 30 

June 30
2019 2019 2018 2018 2018
Earnings ($ in thousands, except per share data):
Net income available to common shareholders      $     7,240      6,009      5,783      5,782      5,510
Earnings per common share, diluted 0.93 0.78 0.75 0.75 0.71
Total revenue(1) 20,629 18,812 18,473 18,034 17,383
Net interest margin (tax-equivalent)(2) 3.43% 3.52% 3.59% 3.60% 3.49%
Return on average assets(3) 1.43% 1.28% 1.24% 1.28% 1.26%
Return on average equity(3) 15.72% 13.74% 13.46% 13.98% 14.03%
Efficiency ratio(4) 55.11% 56.60% 56.25% 56.49% 57.41%
Noninterest expense to average assets(3) 2.24% 2.26% 2.23% 2.26% 2.28%
Balance Sheet ($ in thousands):
Total Loans(5) $     1,809,355 1,733,964 1,677,332 1,620,201 1,533,447
Total deposits 1,854,008 1,758,235 1,648,136 1,589,483 1,567,982
Core deposits(6) 1,619,722 1,527,755 1,434,125 1,390,626 1,387,928
Total assets 2,116,044 2,014,426 1,900,614 1,857,707 1,787,784
Loans to deposits 97.59% 98.62% 101.77% 101.93% 97.80%
Holding Company Capital Ratios(7):
Total risk-based capital ratio 12.31% 12.43% 12.49% 12.50% 12.77%
Tier 1 risk-based capital ratio 11.40% 11.48% 11.53% 11.48% 11.70%
Leverage ratio 9.95% 10.17% 10.14% 10.15% 9.96%
Common equity tier 1 ratio(8) 10.67% 10.72% 10.73% 10.66% 10.83%
Tangible common equity(9) 8.97% 8.99% 9.15% 8.99% 9.00%
Asset Quality Ratios:
Nonperforming assets as a percentage of total assets 0.27% 0.30% 0.31% 0.33% 0.44%
Net charge-offs as a percentage of average loans(5) (YTD annualized) 0.03% 0.00% 0.11% 0.06% 0.04%
Allowance for loan losses as a percentage of loans(5) 0.89% 0.93% 0.94% 1.00% 1.05%
Allowance for loan losses as a percentage of nonaccrual loans 277.91% 265.35% 270.36% 270.54% 208.52%
[Footnotes to table located on page 6]

1



INCOME STATEMENTS - Unaudited

 
Quarter Ended Six Months Ended
June 30 Mar 31 Dec 31 Sept 30 June 30 June 30
(in thousands, except per share data) 2019 2019 2018 2018 2018 2019 2018
Interest income
Loans      $     22,098      20,889      20,405      19,159      17,591      42,988      34,154
Investment securities 539 549 517 487 430 1,087 798
Federal funds sold 451 174 157 219 514 625 761
Total interest income 23,088 21,612 21,079 19,865 18,535 44,700 35,713
Interest expense
Deposits 6,175 5,375 4,645 3,928 3,524 11,550 6,263
Borrowing 374 419 437 436 399 793 797
Total interest expense 6,549 5,794 5,082 4,364 3,923 12,343 7,060
Net interest income 16,539 15,818 15,997 15,501 14,612 32,357 28,653
Provision for loan losses 300 300 600 400 400 600 900
Net interest income after provision for loan losses 16,239 15,518 15,397 15,101 14,212 31,757 27,753
Noninterest income
Mortgage banking income 2,830 1,857 1,233 1,354 1,629 4,687 2,957
Service fees on deposit accounts 265 265 271 257 256 530 512
ATM and debit card income 443 380 404 381 371 823 705
Income from bank owned life insurance 222 216 217 221 220 438 441
Other income 330 276 351 320 295 606 577
Total noninterest income 4,090 2,994 2,476 2,533 2,771 7,084 5,192
Noninterest expense
Compensation and benefits 7,399 6,783 6,753 6,599 6,365 14,182 12,208
Occupancy 1,343 1,339 1,286 1,350 1,276 2,682 2,413
Outside service and data processing costs 1,045 960 902 841 824 2,005 1,560
Insurance 280 318 298 376 297 598 610
Professional fees 414 439 365 275 457 853 933
Marketing 236 260 204 215 229 496 438
Other 651 549 583 532 531 1,200 1,022
Total noninterest expenses 11,368 10,648 10,391 10,188 9,979 22,016 19,184
Income before provision for income taxes 8,961 7,864 7,482 7,446 7,004 16,825 13,761
Income tax expense 1,721 1,855 1,699 1,664 1,494 3,576 3,037
Net income available to common shareholders $ 7,240 6,009 5,783 5,782 5,510 13,249 10,724
 
Earnings per common share – Basic $ 0.97 0.81 0.78 0.78 0.75 1.77 1.46
Earnings per common share – Diluted 0.93 0.78 0.75 0.75 0.71 1.71 1.39
Basic weighted average common shares 7,496 7,459 7,428 7,400 7,371 7,478 7,354
Diluted weighted average common shares 7,756 7,742 7,726 7,746 7,751 7,749 7,739

Net income for the second quarter of 2019 was $7.2 million, a 31.4% increase over the second quarter of 2018. For the six months ended June 30, 2019, net income was $13.2 million, an increase of 23.5% over the six months ended June 30, 2018. Net interest income increased 13.2% for the second quarter of 2019 compared to the second quarter of 2018 and 12.9% for the first six months of 2019 as compared to the first six months of 2018. The increase in net interest income was driven by overall loan growth, partially offset by growth in interest-bearing deposits.

Noninterest income increased $1.3 million, or 47.6%, during the three months ended June 30, 2019 compared to the three months ended June 30, 2018, and increased $1.9 million, or 36.4%, for the six months ended June 30, 2019 compared to the six months ended June 30, 2018. The increase for both the three- and six-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 $1.4 million, or 13.9%, for the second quarter of 2019 compared to the second quarter of 2018, and increased $2.8 million, or 14.8%, for the first six months of 2019 compared to the first six months of 2018. The increase in noninterest expense for both the three- and six-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 $1.7 million and $2.8 million for the three and six months ended June 30, 2019, respectively, and $1.2 million and $2.1 million for the three and six months ended June 30, 2018, respectively.

2


Our effective tax rate for the second quarter of 2019 declined to 19.2% from 21.3% for the second quarter of 2018 as a result of the favorable tax impact from various employee stock option transactions that occurred during the second quarter of 2019. Our effective tax rate was 21.3% and 22.1% for the six months ended June 30, 2019 and June 30, 2018, respectively.

NET INTEREST INCOME AND MARGIN - Unaudited
                                                 
For the Three Months Ended
June 30, 2019 March 31, 2019 June 30, 2018
Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
(dollars in thousands) Balance Expense Rate(3) Balance Expense Rate(3) Balance Expense Rate(3)
Interest-earning assets
Federal funds sold and interest-bearing deposits     $      71,905     $      451     2.52%     $      30,656     $     174     2.30%     $     113,238     $     514     1.82%
Investment securities, taxable 74,172 501 2.71% 71,876 508 2.87% 62,780 390 2.49%
Investment securities, nontaxable(2) 5,288 49 3.74% 5,427 53 3.98% 5,661 52 3.68%
Loans(10) 1,786,532 22,098 4.96% 1,715,570 20,889 4.94% 1,499,625 17,591 4.70%
Total interest-earning assets 1,937,897 23,099 4.78% 1,823,529 21,624 4.81% 1,681,304 18,547 4.42%
Noninterest-earning assets 94,673 86,431 75,851
Total assets $ 2,032,570 $ 1,909,960 $ 1,757,155
Interest-bearing liabilities
NOW accounts $ 199,118 140 0.28% $ 186,070 86 0.19% $ 235,235 102 0.17%
Savings & money market 849,570 3,879 1.83% 780,115 3,300 1.72% 671,065 2,099 1.25%
Time deposits 381,593 2,156 2.27% 371,694 1,989 2.17% 329,325 1,323 1.61%
Total interest-bearing deposits 1,430,281 6,175 1.73% 1,337,879 5,375 1.63% 1,235,625 3,524 1.14%
FHLB advances and other borrowings 25,136 217 3.46% 31,302 256 3.32% 28,600 239 3.35%
Junior subordinated debentures 13,403 157 4.70% 13,403 163 4.93% 13,403 160 4.79%
Total interest-bearing liabilities 1,468,820 6,549 1.79% 1,382,584 5,794 1.70% 1,277,628 3,923 1.23%
Noninterest-bearing liabilities 379,023 349,988 321,952
Shareholders’ equity 184,727 177,388 157,575
Total liabilities and shareholders’ equity $ 2,032,570 $ 1,909,960 $ 1,757,155
Net interest spread 2.99% 3.11% 3.19%
Net interest income (tax equivalent) / margin $ 16,550 3.43% $ 15,830 3.52% $ 14,624 3.49%
Less: tax-equivalent adjustment(2) 11 12 12
Net interest income $ 16,539 $ 15,818 $ 14,612

Net interest income was $16.5 million for the second quarter of 2019, a $721,000 increase from the first quarter of 2019 and a $1.9 million increase from the second quarter of 2018. The increases in net interest income resulted primarily from the growth in our loan portfolio, which was partially offset by growth in interest-bearing deposits. Our net interest margin, on a tax-equivalent basis, was 3.43% for the second quarter of 2019, a nine basis point decrease from 3.52% for the first quarter of 2019 and a six basis point decrease from 3.49% for the second quarter of 2018. Our average interest-earning assets increased by $114.4 million during the second quarter of 2019 for interest income of $23.1 million, or a yield of 4.78%, while our average interest-bearing liabilities increased by $86.2 million for interest expense of $6.5 million, or a cost of 1.79%. Despite a $71.0 million increase in average loans and a two basis point increase in loan yield, the $41.2 million increase in federal funds sold and interest-earning deposits resulted in a yield on total interest-earning assets of 4.78%, a three basis point decrease from the first quarter of 2019. The increase in total cost of funds for the second quarter of 2019 was driven by the $92.4 million increase in interest-bearing deposits with a 10 basis point increase in deposit costs from the first quarter of 2019.

3



BALANCE SHEETS - Unaudited
                       
Ending Balance
June 30 March 31 December 31 September 30 June 30
(in thousands, except per share data) 2019 2019 2018 2018 2018
Assets
Cash and cash equivalents:
Cash and due from banks      $     12,220      16,853      17,434      15,199      17,198
Federal funds sold 64,520 75,207 35,882 21,836 29,301
Interest-bearing deposits with banks 40,044 25,246 19,557 52,956 62,854
Total cash and cash equivalents 116,784 117,306 72,873 89,991 109,353
Investment securities:
Investment securities available for sale 75,252 73,300 74,905 66,886 70,067
Other investments 3,311 3,309 4,121 4,929 3,059
Total investment securities 78,563 76,609 79,026 71,815 73,126
Mortgage loans held for sale 24,509 9,393 9,241 9,298 8,075
Loans(5) 1,809,355 1,733,964 1,677,332 1,620,201 1,533,447
Less allowance for loan losses (16,144) (16,051) (15,762) (16,140) (16,100)
Loans, net 1,793,211 1,717,913 1,661,570 1,604,061 1,517,347
Bank owned life insurance 39,448 34,226 34,010 33,793 33,573
Property and equipment, net 48,262 47,262 32,430 32,670 32,720
Deferred income taxes 7,049 3,877 4,020 7,998 6,069
Other assets 8,218 7,840 7,444 8,081 7,521
Total assets $ 2,116,044 2,014,426 1,900,614 1,857,707 1,787,784
Liabilities
Deposits $ 1,854,008 1,758,235 1,648,136 1,589,483 1,567,982
Federal Home Loan Bank advances 25,000 25,000 50,000 68,500 28,600
Junior subordinated debentures 13,403 13,403 13,403 13,403 13,403
Other liabilities 33,779 36,602 15,159 19,377 16,943
Total liabilities 1,926,190 1,833,240 1,726,698 1,690,763 1,626,928
Shareholders’ equity
Preferred stock - $.01 par value; 10,000,000 shares authorized - - - - -
Common Stock - $.01 par value; 10,000,000 shares authorized 76 75 75 74 74
Nonvested restricted stock (887) (993) (741) (770) (853)
Additional paid-in capital 104,354 103,600 102,625 102,171 101,691
Accumulated other comprehensive income (loss) 188 (379) (917) (1,622) (1,365)
Retained earnings 86,123 78,883 72.874 67,091 61,309
Total shareholders’ equity 189,854 181,186 173,916 166,944 160,856
Total liabilities and shareholders’ equity $ 2,116,044 2,014,426 1,900,614 1,857,707 1,787,784
Common Stock
Book value per common share $ 25.12 24.14 23.29 22.41 21.66
Stock price:
High 39.16 39.10 39.00 47.00 48.35
Low 33.97 31.63 30.26 39.20 44.20
Period end 39.16 33.87 32.07 39.30 44.20
Common shares outstanding 7,558 7,506 7,466 7,449 7,426

4



ASSET QUALITY MEASURES - Unaudited
 
Quarter Ended
June 30 March 31 December 31 September 30 June 30
(dollars in thousands) 2019 2019 2018 2018 2018
Nonperforming Assets
Commercial
Owner occupied RE      $     -      -      -      -      -
Non-owner occupied RE 372 403 210 1,680 1,689
Construction - - - - -
Commercial business 65 72 81 89 94
Consumer
Real estate 1,710 1,840 1,980 1,153 1,174
Home equity 442 1,249 1,006 850 1,598
Construction - - - - -
Other - - 12 - -
Nonaccruing troubled debt restructurings 3,220 2,485 2,541 2,194 3,166
Total nonaccrual loans 5,809 6,049 5,830 5,966 7,721
Other real estate owned - - - 117 117
Total nonperforming assets $ 5,809 6,049 5,830 6,083 7,838
Nonperforming assets as a percentage of:
Total assets 0.27% 0.30% 0.31% 0.33% 0.44%
Total loans 0.32% 0.35% 0.35% 0.38% 0.51%
Accruing troubled debt restructurings $ 6,935 6,839 6,742 6,699 7,397
 
Quarter Ended
June 30 March 31 December 31 September 30 June 30
(dollars in thousands) 2019 2019 2018 2018 2018
Allowance for Loan Losses
Balance, beginning of period $ 16,051 15,762 16,140 16,100 15,852
Loans charged-off (237) (41) (987) (556) (311)
Recoveries of loans previously charged-off 30 30 9 196 159
Net loans charged-off (207) (11) (978) (360) (152)
Provision for loan losses 300 300 600 400 400
Balance, end of period $ 16,144 16,051 15,762 16,140 16,100
Allowance for loan losses to gross loans 0.89% 0.93% 0.94% 1.00% 1.05%
Allowance for loan losses to nonaccrual loans 277.92% 265.35% 270.36% 270.54% 208.52%
Net charge-offs to average loans QTD (annualized) 0.06% 0.00% 0.23% 0.09% 0.04%

Total nonperforming assets declined by $240,000 to $5.8 million, which represents 0.27% of total assets, a decrease of three basis points compared to March 31, 2019. The decrease in nonperforming assets was primarily a result of a $102 million increase in total assets during the second quarter. The allowance for loan losses as a percentage of nonaccrual loans was 277.9% at June 30, 2019, an increase from 265.4% at March 31, 2019 and 208.5% at June 30, 2018.

At June 30, 2019, the allowance for loan losses was $16.1 million, or 0.89% of total loans compared to $16.1 million, or 0.93% of total loans at March 31, 2019 and $15.8 million, or 0.94% of total loans at December 31, 2018. Net charge-offs were $207,000, or 0.06% on an annualized basis, for the second quarter of 2019 compared to $11,000 of net charge-offs for the first quarter of 2019. Net charge-offs were $978,000, or 0.23% on an annualized basis for the fourth quarter of 2018.

5



LOAN COMPOSITION - Unaudited
 
Quarter Ended
June 30 March 31 December 31 September 30 June 30
(dollars in thousands) 2019 2019 2018 2018 2018
Commercial
Owner occupied RE      $     390,727      386,256      367,018      372,120      358,169
Non-owner occupied RE 455,346 423,953 404,296 399,166 355,309
Construction 85,065 80,561 84,411 68,415 73,655
Business 292,564 281,502 272,980 244,348 238,402
Total commercial loans 1,223,702 1,172,272 1,128,705 1,084,049 1,025,535
Consumer
Real estate 342,100 330,538 320,943 311,271 290,433
Home equity 170,861 167,146 165,937 163,654 156,630
Construction 46,247 39,838 37,925 38,015 38,400
Other 26,445 24,170 23,822 23,212 22,449
Total consumer loans 585,653 561,692 548,627 536,152 507,912
Total gross loans, net of deferred fees 1,809,355 1,733,964 1,677,332 1,620,201 1,533,447
Less—allowance for loan losses (16,144) (16,051) (15,762) (16,140) (16,100)
Total loans, net $ 1,793,211 1,717,913 1,661,570 1,604,061 1,517,347
 
DEPOSIT COMPOSITION - Unaudited
 
Quarter Ended
June 30 March 31 December 31 September 30 June 30
(dollars in thousands) 2019 2019 2018 2018 2018
Non-interest bearing $ 368,906 359,754 346,570 300,331 310,709
Interest bearing:
NOW accounts 229,109 211,613 186,795 237,860 251,511
Money market accounts 857,478 791,490 730,765 680,824 659,353
Savings 15,180 15,451 15,486 16,041 15,913
Time, less than $100,000 59,382 61,331 63,073 62,744 60,632
Time and out-of-market deposits, $100,000 and over 323,953 318,596 305,447 291,683 269,864
Total deposits $ 1,854,008 1,758,235 1,648,136 1,589,483 1,567,982

ABOUT SOUTHERN FIRST BANCSHARES
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 $2.1 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) June 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.

6



The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the company’s loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in the United States legal and regulatory framework; and (5) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the company. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
 

FINANCIAL CONTACT: MIKE DOWLING 864-679-9070

MEDIA CONTACT: ART SEAVER 864-679-9010

WEB SITE: www.southernfirst.com

7


(Back To Top)