#United States #stock offering #Greenville #Southern First #SFST

Southern First Bancshares Completes Public Offering

Southern First Bancshares, Inc., headquartered in Greenville, South Carolina, has announced the successful closure of its latest public offering of common stock, a move that garnered substantial investor interest and financial backing for future initiatives. The Company, which is traded on NASDAQ under the symbol SFST, sold a total of 1,207,500 shares, including additional shares permitted under an option exercised by underwriters. This offering, priced at $54.00 per share, has resulted in gross proceeds of approximately $65.2 million before any fees and expenses.

Purpose of the Offering

The net proceeds from this offering are earmarked for various corporate purposes. Key areas of investment include supporting organic growth initiatives, providing capital to the Company’s bank subsidiary, Southern First Bank, which operates throughout select regions in North and South Carolina and Georgia. Furthermore, the funds will aid in the redemption or repurchase of existing debt, including subordinated debt, along with other working capital needs.

Piper Sandler & Co. served as the primary book-running manager for the offering, with Keefe, Bruyette & Woods, A Stifel Company, acting as a co-manager. These financial institutions played a critical role in facilitating the transaction and ensuring its smooth execution.

About Southern First Bancshares, Inc.

Established as a leading banking entity, Southern First Bancshares, Inc. has built a robust presence in the financial sector since its inception in 1999. With consolidated assets nearing $4.4 billion, it stands as the second-largest bank based in South Carolina. The bank operates in 12 locations across significant markets, including Greenville, Columbia, Charleston, and the regions of Charlotte, the Triangle, the Triad in North Carolina, and Atlanta, Georgia. This geographical footprint highlights the Company’s expansion and commitment to serving a wide range of clientele.

The Company has also filed a shelf registration statement with the Securities and Exchange Commission (SEC), ensuring compliance and transparency prior to any new security offerings. Investors are encouraged to review this information thoroughly as it provides detailed context regarding the offering and corporate financial health.

Looking Ahead: Growth and Stability

With this capital infusion, Southern First Bancshares positions itself for potential growth trajectories bolstered by a solid financial base. Future plans revolve around enhancing the banking operations, which may include opening new branches, investing in technology to improve customer experience, and exploring new market opportunities. However, the Company has appropriately layered its growth initiatives with caution, aware of market dynamics and potential risks.

Challenges such as competitive pressure within the banking sector and economic fluctuations remain pertinent concerns. The Company has acknowledged these factors and is proactively managing them through strategic financial planning and operational adjustments.

In conclusion, the successful closing of the public offering not only strengthens Southern First Bancshares’ financial standing but also signals its ongoing commitment to adapt and thrive within the evolving financial landscape. This offering is a testament to the trust investors place in the Company and sets the stage for a promising future as it continues to proceed with its growth-oriented agenda. Southern First Bancshares looks forward to implementing its plans and further cementing its status as an influential player in the banking market.