Southern First Reports Results for Third Quarter 2021
Greenville, South Carolina, October 26, 2021 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three- and nine- month periods ended September 30, 2021.
“The third quarter was a record quarter for Southern First,” stated Art Seaver, the company’s Chief Executive Officer. “Our team generated record loan growth, strong deposit growth, and the highest quarterly net income in our company’s history.”
2021 Third Quarter Highlights
- Net income improved to $14.0 million, compared to $2.2 million for Q3 2020
- Diluted earnings per common share improved to $1.75 per share, compared to $0.28 for Q3 2020
- Loan loss reversal of $6.0 million, compared to provision of $11.1 million for Q3 2020
- Total loans increased 14.9% to $2.4 billion at Q3 2021, compared to $2.1 billion at Q3 2020
- Total deposits increased 11.6% to $2.4 billion at Q3 2021, compared to $2.2 billion at Q3 2020
For more information, and to read the press release in its entirety, please visit our Investor Relations page.