Southern First Reports Third Quarter 2026 Results
Key Highlights
- ➤Net income $12.2 million, up 41% year-over-year
- ➤Diluted EPS $1.28, up 21% year-over-year
- ➤Net interest income rose 26% as margin expanded to 3.02%
- ➤Total loans $4.2 billion, up 14% annualized quarter-over-quarter
- ➤Retail deposits grew $163 million, up 18% annualized quarter-over-quarter
Expert Statements
Art Seaver, Chief Executive Officer of Southern First Bancshares
“The consistent high performance of our company continued in the third quarter. We increased retail client deposits by $163 million, representing an 18% annualized growth rate, while our loan portfolio grew by $145 million or 14% annualized growth during the quarter. Our team's focus on organic growth and delivering an excellent client experience is creating tremendous value for our company and its shareholders. We capitalized on profitable growth opportunities and robust business activity across our markets while maintaining disciplined expense management. As a result, we further expanded margin and improved overall profitability metrics. Our third quarter net income was $12.2 million, a 41% increase from the same quarter last year and a 9% increase over the second quarter of 2026. We are proud of our accomplishments in the third quarter, which we believe put us in a great position to finish strong in 2026”
Southern First Reports Third Quarter 2026 Results PR Newswire
GREENVILLE, S.C., Oct. 20, 2026 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST) (Southern First), today announced its financial results for the three months ended September 30, 2026. Strong loan growth and continued margin expansion drove year-over-year net interest income growth of 26%. Net income was $12.2 million and diluted earnings per share was $1.28, representing a $0.22, or 21% increase over the third quarter of 2025, and an $0.08 increase from the second quarter of 2026. Return on average assets was 1.03%, up 23 basis points over the third quarter of last year, and tangible common equity to assets was 9.47%, up 129 basis points from the third quarter of 2025. Key asset quality metrics were consistent both on a linked quarter and year-over-year basis. Net charge-offs were approximately $719 thousand, or 0.07% of average loans, annualized, and nonperforming assets were 0.30% of total assets. Provision for credit losses increased by $375 thousand from the prior quarter, and the allowance for credit losses represented 1.07% of loans.
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