Southern First Reports Record Earnings for Q1 2021
Greenville, South Carolina, April 27, 2021 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three-month period ended March 31, 2021.
“We are off to a strong start in 2021 with record earnings for the first quarter,” stated Art Seaver, the company’s Chief Executive Officer. “I am proud of our team for continuing to provide a distinguishing value to our clients and for the impressive growth on both sides of our balance sheet. Our mortgage team had another excellent quarter, and we are excited about our overall performance.
2021 First Quarter Highlights
- Net income improved to $10.4 million, a 266.0% increase over Q1 2020
- Diluted earnings per common share improved to $1.31 per share, a 263.9% increase over Q1 2020
- Total loans increased 7.6% to $2.2 billion at Q1 2021, compared to $2.0 billion at Q1 2020
- Total deposits increased 11.5% to $2.3 billion at Q1 2021, compared to $2.0 billion at Q1 2020
- Net interest margin improved to 3.60%, compared to 3.43% for Q1 2020
For more information, and to read the press release in its entirety, please visit our Investor Relations page.