Earnings ·
Southern First Reports Q3 Diluted EPS of $1.28, Up 21% Year-Over-Year
SFSTSouthern First Bancshares Inc
Southern First Bancshares reported third-quarter net income of $12.2 million and diluted earnings per share of $1.28, representing a 41% increase from the prior year period and a 9% rise from the second quarter. Net interest income grew 26% to $34.7 million, driven by strong loan growth that expanded the portfolio by $145 million to $4.2 billion. The net interest margin improved 40 basis points year-over-year to 3.02%. Total revenue reached $37.5 million, while noninterest expense increased 7% to $20.3 million. Asset quality remained strong with nonperforming assets at 0.30% of total assets and net charge-offs annualized at 0.07% of average loans. The company operates as a bank holding company providing commercial banking services in the Southeast.