#United States #Greenville #Southern First Bank #Southern First Bancshares #Art Seaver

Southern First Bancshares Reports Powerful Growth in Second Quarter 2025

Southern First Bancshares, Inc., the parent company of Southern First Bank, recently unveiled its financial results for the second quarter of 2025. Headquartered in Greenville, South Carolina, the financial institution has shown remarkable resilience and growth amid a competitive banking landscape.

Record Financial Highlights

In the six-month period ending June 30, 2025, Southern First reported a net income of $6.58 million, translating to earnings per diluted share of $0.81. This represents a significant 25% increase from the $0.65 per share reported in the previous quarter and a staggering 119% increase compared to the same quarter last year. This exemplary performance stems from a combination of effective pricing strategies and robust balance sheet management.

Art Seaver, the CEO of Southern First, attributes this success to the dedication of the bank's teams and their commitment to delivering high-quality, profitable growth across their markets. "This quarter marks one of the highest revenue-generating periods in our 25-year history, showcasing our focused efforts on both margins and asset quality," Seaver stated during the announcement.

The total revenue clocked in at $28.6 million, reflecting a 24% growth year-over-year. This growth in revenue can be closely linked to a substantial increase in net interest income, which rose to $25.3 million—an increase of 29.5% from the previous quarter.

Increase in Deposits and Loans

The bank's asset quality continues to be strong, with nonperforming assets amounting to just 0.27% of total assets. Recent reports indicate total loans of $3.7 billion, marking a 7% annualized growth since the previous quarter. Additionally, core deposits have also seen a growth similar in magnitude, settling at $2.9 billion.

The net interest margin improved to 2.50%, up from 2.41% in Q1 2025 and substantially higher than the 1.98% recorded in Q2 2024. This uptick demonstrates the bank's efficient management of its interest-earning assets against its liabilities.

New Leadership Additions

Moreover, Southern First Bancshares has recently expanded its board by welcoming three new members. These board members, each prominent in their respective markets, are expected to significantly contribute to the bank's strategic direction. The addition of these seasoned professionals illustrates the bank’s move towards enhancing its market presence and bolstering its leadership capabilities. Seaver expressed optimism about attracting top-tier talent, stating, "Our focus on fostering a culture of service will undoubtedly create more opportunities to deepen relationships with clients in our communities."

Future Outlook

Looking ahead, Southern First Bancshares is optimistic regarding its growth trajectory for the rest of 2025. Seaver noted that the bank’s robust business pipelines should ensure continued growth moving forward. With a strong balance sheet and solid asset quality metrics, Southern First appears well-positioned to navigate any challenges posed by a fluctuating economic environment.

In conclusion, Southern First Bancshares, Inc. has successfully demonstrated its capability to generate impressive growth while ensuring asset quality through disciplined management practices. Stakeholders will be keenly watching how the institution capitalizes on its current momentum in the upcoming quarters.