Southern First Bancshares : Reports Results for Fourth Quarter of 2018

Section 1: 8-K (CURRENT REPORT)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) January 22, 2019

Southern First Bancshares, Inc.

(Exact name of registrant as specified in its charter)

South Carolina

(State or other jurisdiction of incorporation)

000-27719	58-2459561
(Commission File Number)	(IRS Employer Identification No.)
100 Verdae Boulevard, Suite 100, Greenville, SC	29607
(Address of principal executive offices)	(Zip Code)

[phone]

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

• ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

• ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

• ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operations and Financial Condition

On January 22, 2019, Southern First Bancshares, Inc., holding company for Southern First Bank, issued a press release announcing its financial results for the period ended December 31, 2018. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit No.99.1

Exhibit

Earnings Press Release for period ended December 31, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

January 22, 2019

SOUTHERN FIRST BANCSHARES, INC.

By:	/s/ Michael D. Dowling
Name:	Michael D. Dowling
Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit NumberDescription

99.1

Earnings Press Release for the period ended December 31, 2018.

(Back To Top)

Section 2: EX-99.1 (EARNINGS PRESS RELEASE FOR THE PERIOD ENDED DECEMBER 31, 2018)

Exhibit 99.1

Southern First Reports Results for 2018

Greenville, South Carolina, January 22, 2019 - Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today reported net income available to common shareholders of $5.8 million, or $0.75 per diluted share, for the fourth quarter of 2018. In comparison, net income available to common shareholders was $2.1 million, or $0.27 per diluted share, for the fourth quarter of 2017. For the year ended December 31, 2018, net income available to common shareholders was $22.3 million, or $2.88 per diluted share. In comparison, net income to common shareholders for the year ended December 31, 2017 was $13.0 million, or $1.76 per diluted share.

2018 Fourth Quarter Highlights

• ● Net income available to common shareholders increased 178% to $5.8 million for Q4 2018 compared to $2.1 million for

  Q4 2017 (JOBS Act-related deferred tax asset adjustment recorded in Q4 2017)

• ● Total loans increased 21% to $1.68 billion at Q4 2018, compared to $1.39 billion at Q4 2017

• ● Total deposits increased 19% to $1.65 billion at Q4 2018, compared to $1.38 billion at Q4 2017

• ● Total core deposits increased 17% to $1.43 billion at Q4 2018, compared to $1.22 billion at Q4 2017

• ● Net interest margin remained at 3.59% for Q4 2018, the same as for Q4 2017

"2018 was a record year for Southern First as we generated net income of $22.3 million. Our team continues to focus on delivering a unique client experience, and we have been fortunate in building client relationships which have grown to be a $1.9 billion bank," stated Art Seaver, the company's Chief Executive Officer.

Quarter Ended

December 31 2018

September 30 2018

June 30 2018

March 31 2018

December 31 2017

Earnings ($ in thousands, except per share data): Net income available to common shareholders Earnings per common share, diluted

$

5,783

5,782

5,510

0.75

0.75

0.71

Total revenue(1)

18,473

18,034

17,383

5,214 0.6716,462

2,080 0.2715,789

Net interest margin (tax-equivalent)(2) Return on average assets(3)

3.59%

3.60%

3.49%

3.63%3.59%

1.24%

1.28%

1.26%

1.28% 0.52%

Return on average equity(3) Efficiency ratio(4)

13.46%

13.98%

14.03%

13.88%5.50%

56.25%

56.49%

57.41%

55.92% 54.61%

Noninterest expense to average assets(3) Balance Sheet ($ in thousands):

2.23%

2.26%

2.28%

2.27%2.15%

Total loans(5)

$

1,677,3321,620,2011,533,4471,459,3821,387,070