GREENVILLE, S.C., Jan. 22, 2026 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three and twelve months ended December 31, 2025.
"We are very pleased to report our fourth quarter financial performance, which was our strongest of 2025 and clearly demonstrates the continued momentum we achieved throughout the year. We maintained solid loan growth, funded by even stronger growth in client deposits. Our full banking relationship strategy continues to drive improving financial returns, including an expanding net interest margin that increased 10 basis points from last quarter and 36 basis points over last year. We continue to strengthen our balance sheet with higher capital levels and have again achieved outstanding asset quality. Our team remains highly motivated and intentional about improving financial performance while delivering client service at levels that are second to none, and that commitment was clearly reflected in our results this quarter and throughout the year. We are fortunate to operate in some of the strongest markets in the Southeast and will continue expanding our teams to grow our business in the disciplined manner that has defined our success. While we remain mindful of broader economic conditions and factors impacting our business, our markets have proven to be resilient and offer tremendous growth opportunities that we intend to fully capitalize on," stated Art Seaver, Chief Executive Officer. "Looking ahead to the new year, we are optimistic and have high expectations for continued financial performance improvement. Our business pipeline is strong and our team is ready. We expect to build on our track record of attracting experienced bankers who share our commitment to exceptional client service and to supporting our local communities, which remains at the core of everything we do."
2025 Fourth Quarter Highlights
- Diluted earnings per common share of $1.21, up $0.14, or 13%, from Q3 2025, and up $0.51, or 73%, compared to Q4 2024
- Net interest margin of 2.72%, compared to 2.62% for Q3 2025 and 2.25% for Q4 2024
- Total loans of $3.8 billion, up 6% from Q4 2024; Total deposits of $3.7 billion, up 8% from Q4 2024; Core deposits of $2.9 billion, up 8% from Q4 2024
- Nonperforming assets to total assets of 0.32% and past due loans to total loans of 0.13%
- Book value per common share of $44.89 increased 3% from Q3 2025 and increased 11% compared to Q4 2024; Tangible Common Equity (TCE) ratio of 8.37%
Quarter Ended
December 31 September 30 June 30 March 31 December 31
2025 2025 2025 2025 2024
Earnings ($ in thousands, except per share data):
Net income available to common shareholders $
9,857 8,662 6,581 5,266 5,627
Earnings per common share, diluted 1.21 1.07 0.81 0.65 0.70
Total revenue(1) 31,834 31,129 28,629 26,497 25,237
Net interest margin (tax-equivalent)(2) 2.72 % 2.62 % 2.50 % 2.41 % 2.25 %
Return on average assets(3) 0.90 % 0.80 % 0.63 % 0.52 % 0.54 %
Return on average equity(3) 10.77 % 9.78 % 7.71 % 6.38 % 6.80 %
Efficiency ratio(4) 57.85 % 60.86 % 67.54 % 71.08 % 73.48 %
Noninterest expense to average assets (3) 1.68 % 1.74 % 1.86 % 1.87 % 1.78 %
Balance Sheet ($ in thousands):
Total loans(5) $
3,845,124 3,789,021 3,746,841 3,683,919 3,631,767
Total deposits 3,716,803 3,676,417 3,636,329 3,620,886 3,435,765
Core deposits(6) 2,884,163 2,884,604 2,867,193 2,820,194 2,661,736
Total assets 4,403,494 4,358,589 4,308,067 4,284,311 4,087,593
Book value per common share 44.89 43.51 42.23 41.33 40.47
Loans to deposits 103.45 % 103.06 % 103.04 % 101.74 % 105.70 %
Holding Company Capital Ratios(7):
Total risk-based capital ratio 12.89 % 12.79 % 12.63 % 12.69 % 12.70 %
Tier 1 risk-based capital ratio 11.44 % 11.26 % 11.11 % 11.15 % 11.16 %
Leverage ratio 8.93 % 8.72 % 8.73 % 8.79 % 8.55 %
Common equity tier 1 ratio(8) 11.06 % 10.88 % 10.71 % 10.75 % 10.75 %
Tangible common equity(9) 8.37 % 8.18 % 8.02 % 7.88 % 8.08 %
Asset Quality Ratios:
Nonperforming assets/total assets 0.32 % 0.27 % 0.27 % 0.26 % 0.27 %
Classified assets/tier one capital plus allowance for credit losses 4.22 % 3.90 % 4.28 % 4.24 % 4.25 %
Accruing loans 30 days or more past due/loans(5) 0.13 % 0.18 % 0.14 % 0.27 % 0.18 %
Net charge-offs (recoveries)/average loans(5) (YTD annualized) 0.00 % 0.00 % 0.00 % 0.00 % 0.04 %
Allowance for credit losses/loans(5) 1.10 % 1.10 % 1.10 % 1.10 % 1.10 %
Allowance for credit losses/nonaccrual loans 305.65 % 364.50 % 362.35 % 378.09 % 366.94 %
[Footnotes to table located on page 6]
INCOME STATEMENTS -
Unaudited
Quarter Ended Twelve Months Ended
Dec 31 Sept 30 Jun 30 Mar 31 Dec 31 December 31
(in thousands, except per share data) 2025 2025 2025 2025 2024 2025 2024
Interest income
Loans $
51,069 50,999 48,992 47,085 47,163 198,145 186,863
Investment securities 1,268 1,342 1,357 1,403 1,504 5,370 5,812
Federal funds sold 2,193 2,645 1,969 1,159 2,465 7,966 8,537
Total interest income 54,530 54,986 52,318 49,647 51,132 211,481 201,212
Interest expense
Deposits 23,052 24,703 24,300 23,569 25,901 95,624 108,774
Borrowings 2,734 2,754 2,723 2,695 2,773 10,906 11,216
Total interest expense 25,786 27,457 27,023 26,264 28,674 106,530 119,990
Net interest income 28,744 27,529 25,295 23,383 22,458 104,951 81,222
Provision (reversal) for credit losses 650 850 700 750 (200) 2,950 125
Net interest income after provision for credit losses 28,094 26,679 24,595 22,633 22,658 102,001 81,097
Noninterest income
Mortgage banking income 1,689 1,600 1,569 1,424 1,024 6,282 5,560
Service fees on deposit accounts 634 625 567 539 499 2,365 1,764
ATM and debit card income 638 601 586 552 607 2,377 2,337
Income from bank owned life insurance 450 439 413 403 407 1,705 1,569
Loss on sale of securities (515) (515)
Other income 194 335 199 196 242 924 911
Total noninterest income 3,090 3,600 3,334 3,114 2,779 13,138 12,141
Noninterest expense
Compensation and benefits 10,529 11,299 11,674 11,304 10,610 44,806 43,546
Occupancy 2,465 2,447 2,523 2,548 2,587 9,983 10,291
Outside service and data processing costs 2,144 2,158 2,189 2,037 2,003 8,528 7,741
Insurance 994 961 910 1,010 1,077 3,875 4,022
Professional fees 732 605 609 509 656 2,455 2,404
Marketing 346 412 397 374 335 1,529 1,412
Other 1,206 1,064 1,034 1,054 1,276 4,358 3,910
Total noninterest expenses 18,416 18,946 19,336 18,836 18,544 75,534 73,326
Income before provision for income taxes 12,768 11,333 8,593 6,911 6,893 39,605 19,912
Income tax expense 2,911 2,671 2,012 1,645 1,266 9,239 4,382
Net income available to common shareholders $
9,857 8,662 6,581 5,266 5,627 30,366 15,530
Earnings per common share - Basic $
1.23 1.08 0.81 0.65 0.70 3.77 1.92
Earnings per common share - Diluted 1.21 1.07 0.81 0.65 0.70 3.75 1.91
Basic weighted average common shares 8,045 8,031 8,036 8,078 8,023 8,048 8,081
Diluted weighted average common shares 8,123 8,080 8,051 8,111 8,097 8,091 8,117
[Footnotes to table located on page 6]
Net income for the fourth quarter of 2025 was $9.9 million, or $1.21 per diluted share, a $1.2 million increase from the third quarter of 2025 and a $4.2 million increase from the fourth quarter of 2024. Net interest income increased $1.2 million during the fourth quarter of 2025, as compared to the third quarter of 2025, and increased $6.3 million, as compared to the fourth quarter of 2024. The increase in net interest income from the prior quarter and prior year was primarily driven by an increase in interest income on loans, combined with a decrease in interest expense on deposits.
The provision for credit losses was $650 thousand for the fourth quarter of 2025 compared to a provision for credit losses of $850 thousand for the third quarter of 2025 and a $200 thousand reversal of the provision for credit losses for the fourth quarter of 2024. The provision during the fourth quarter of 2025 includes a $550 thousand provision for credit losses and a $100 thousand provision for the reserve for unfunded commitments. The provision for credit losses in the fourth quarter of 2025 was primarily driven by an increase in the impairment on individually evaluated loans.
Noninterest income was $3.1 million for the fourth quarter of 2025, compared to $3.6 million for the third quarter of 2025, and $2.8 million for the fourth quarter of 2024. Mortgage banking income continues to be the largest component of noninterest income at $1.7 million in fee revenue for the fourth quarter of 2025 and $1.0 million for the fourth quarter of 2024. The decrease in noninterest income from the previous quarter was driven by a $515 thousand loss on the sale of securities, as we executed transactions in our portfolio as part of our overall balance sheet and interest rate risk management strategies.
Noninterest expense for the fourth quarter of 2025 was $18.4 million, a $530 thousand decrease from the third quarter of 2025, and a $128 thousand decrease from the fourth quarter of 2024. The decrease in noninterest expense from the previous quarter was driven by a decrease in compensation and benefits primarily related to a reduction in group medical insurance expense, offset in part by an increase in professional fees and other noninterest expenses. The decrease in noninterest expense from the previous year related primarily to decreases in compensation and benefits, occupancy, and insurance expense, offset in part by an increase in outside service and data processing costs.
The effective tax rate was 22.8% for the fourth quarter of 2025, 23.6% for the third quarter of 2025, and 18.4% for the fourth quarter of 2024. The changes in the effective tax rate are driven by the effect of equity compensation transactions during the quarter.
NET INTEREST INCOME AND MARGIN -
Unaudited
For the Three Months Ended
December 31, 2025 September 30, 2025 December 31, 2024
(dollars in
thousands) Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate(3) Balance Expense Rate(3) Balance Expense Rate(3)
Interest-earning assets
Federal funds sold
and interest-
bearing deposits $218,291 $2,193 3.99 % $238,552 $2,645 4.40 % $203,065 $2,465 4.83 %
Investment
securities,
taxable 138,616 1,229 3.52 % 141,143 1,307 3.67 % 145,932 1,462 3.99 %
Investment
securities,
nontaxable(2) 7,641 51 2.63 % 7,811 45 2.31 % 7,988 55 2.72 %
Loans(10) 3,830,741 51,069 5.29 % 3,783,885 50,999 5.35 % 3,620,765 47,163 5.18 %
Total interest-
earning assets 4,195,289 54,542 5.16 % 4,171,391 54,996 5.23 % 3,977,750 51,145 5.12 %
Noninterest-
earning assets 151,515 150,552 158,779
Total assets $4,346,804 $4,321,943 $4,136,529
Interest-bearing liabilities
NOW accounts $360,509 834 0.92 % $329,301 746 0.90 % $300,902 693 0.92 %
Savings & money
market 1,614,469 12,530 3.08 % 1,599,710 13,509 3.35 % 1,492,534 13,525 3.61 %
Time deposits 937,557 9,688 4.10 % 984,078 10,448 4.21 % 992,335 11,683 4.68 %
Total interest-
bearing deposits 2,912,535 23,052 3.14 % 2,913,089 24,703 3.36 % 2,785,771 25,901 3.70 %
FHLB advances and
other borrowings 240,000 2,295 3.79 % 240,087 2,296 3.79 % 240,000 2,295 3.80 %
Subordinated
debentures 24,903 439 6.99 % 24,903 458 7.30 % 24,903 478 7.64 %
Total interest-
bearing
liabilities 3,177,438 25,786 3.22 % 3,178,079 27,457 3.43 % 3,050,674 28,674 3.74 %
Noninterest-
bearing
liabilities 806,235 792,575 756,636
Shareholders'
equity 363,131 351,289 329,219
Total liabilities
and shareholders'
equity $4,346,804 $4,321,943 $4,136,529
Net interest spread 1.94 % 1.80 % 1.38 %
Net interest income (tax
equivalent) /margin $28,756 2.72 % $27,539 2.62 % $22,471 2.25 %
Less: tax-equivalent
adjustment(2) 12 10 13
Net interest income $28,744 $27,529 $22,458
[Footnotes to table located on page 6]
Net interest income was $28.7 million for the fourth quarter of 2025, a $1.2 million increase from the third quarter of 2025, driven by a $1.7 million decrease in interest expense. The decrease in interest expense was driven by a 22 basis point decrease in the cost of our interest-bearing deposits over the previous quarter. In comparison to the fourth quarter of 2024, net interest income increased $6.3 million, resulting primarily from $218 million growth in the average balances of our interest-earning assets combined with a 56 basis point decrease in the cost of interest-bearing deposits. Net interest margin, on a tax-equivalent basis, was 2.72% for the fourth quarter of 2025, a 10 basis point increase from 2.62% for the third quarter of 2025 and a 47 basis point increase from 2.25% for the fourth quarter of 2024.
BALANCE SHEETS -
Unaudited
Ending Balance Dec 31 2025
-
Dec 31 Sept 30 Jun 30 Mar 31 Dec 31 Dec 31 2024
(in thousands, except per share data) 2025 2025 2025 2025 2024 % Change
Assets
Cash and cash equivalents:
Cash and due from banks $
27,821 24,600 25,184 24,904 22,553 23.36 %
Federal funds sold 183,473 178,534 180,834 263,612 128,452 42.83 %
Interest-bearing deposits with banks 58,289 79,769 65,014 16,541 11,858 391.56 %
Total cash and cash equivalents 269,583 282,903 271,032 305,057 162,863 65.53 %
Investment securities:
Investment securities available for sale 127,730 131,040 128,867 131,290 132,127 (3.33 %)
Other investments 20,063 20,066 19,906 19,927 19,490 2.94 %
Total investment securities 147,793 151,106 148,773 151,217 151,617 (2.52 %)
Mortgage loans held for sale 11,569 6,906 10,739 11,524 4,565 153.43 %
Loans (5) 3,845,124 3,789,021 3,746,841 3,683,919 3,631,767 5.87 %
Less allowance for credit losses (42,280) (41,799) (41,285) (40,687) (39,914) 5.93 %
Loans, net 3,802,844 3,747,222 3,705,556 3,643,232 3,591,853 5.87 %
Bank owned life insurance 55,775 55,324 54,886 54,473 54,070 3.15 %
Property and equipment, net 83,465 84,586 85,921 87,369 88,794 (6.00 %)
Deferred income taxes 13,702 12,657 12,971 13,080 13,467 1.75 %
Other assets 18,763 17,885 18,189 18,359 20,364 (7.86 %)
Total assets $
4,403,494 4,358,589 4,308,067 4,284,311 4,087,593 7.73 %
Liabilities
Deposits $
3,716,803 3,676,417 3,636,329 3,620,886 3,435,765 8.18 %
FHLB Advances 240,000 240,000 240,000 240,000 240,000 0.00 %
Subordinated debentures 24,903 24,903 24,903 24,903 24,903 0.00 %
Other liabilities 53,131 60,921 61,373 60,924 56,481 (5.93 %)
Total liabilities 4,034,837 4,002,241 3,962,605 3,946,713 3,757,149 7.39 %
Shareholders' equity
Preferred stock -$.01 par value; 10,000,000 shares authorized
Common Stock -$.01 par value; 10,000,000 shares authorized 82 82 82 82 82
Nonvested restricted stock (1,338) (1,929) (2,774) (3,372) (3,884) (65.55 %)
Additional paid-in capital 125,924 125,035 124,839 124,561 124,641 1.03 %
Accumulated other comprehensive loss (7,454) (8,426) (9,609) (10,016) (11,472) (35.02 %)
Retained earnings 251,443 241,586 232,924 226,343 221,077 13.74 %
Total shareholders' equity 368,657 356,348 345,462 337,598 330,444 11.56 %
Total liabilities and shareholders' equity $
4,403,494 4,358,589 4,308,067 4,284,311 4,087,593 7.73 %
Common Stock
Book value per common share $
44.89 43.51 42.23 41.33 40.47 10.92 %
Stock price:
High 55.50 45.54 38.51 38.50 44.86 23.72 %
Low 41.15 38.74 30.61 31.88 33.26 23.72 %
Period end 51.52 44.12 38.03 32.92 39.75 29.61 %
Common shares outstanding 8,213 8,189 8,181 8,169 8,165 0.59 %
[Footnotes to table located on page 6]
ASSET QUALITY MEASURES -
Unaudited
Quarter Ended
December 31 September 30 June 30 March 31 December 31
(dollars in thousands) 2025 2025 2025 2025 2024
Nonperforming Assets
Commercial
Owner occupied RE $
259 262
Non-owner occupied RE 6,917 6,911 6,941 6,950 7,641
Commercial business 189 195 717 1,087 1,016
Consumer
Real estate 5,763 3,394 3,028 2,414 1,908
Home equity 705 705 708 310 312
Total nonaccrual loans 13,833 11,467 11,394 10,761 10,877
Other real estate owned 275 275 275 275
Total nonperforming assets $
14,108 11,742 11,669 11,036 10,877
Nonperforming assets as a percentage of:
Total assets 0.32 % 0.27 % 0.27 % 0.26 % 0.27 %
Total loans 0.37 % 0.31 % 0.31 % 0.30 % 0.30 %
Classified assets/tier 1 capital plus allowance for credit losses 4.22 % 3.90 % 4.28 % 4.24 % 4.25 %
Quarter Ended
December 31 September 30 June 30 March 31 December 31
(dollars in thousands) 2025 2025 2025 2025 2024
Allowance for Credit Losses
Balance, beginning of period $
41,799 41,285 40,687 39,914 40,166
Loans charged-off (150) (55) (68) (78) (143)
Recoveries of loans previously charged-off 81 69 16 101 141
Net loans (charged-off) recovered (69) 14 (52) 23 (2)
Provision for (reversal of) credit losses 550 500 650 750 (250)
Balance, end of period $
42,280 41,799 41,285 40,687 39,914
Allowance for credit losses to gross loans 1.10 % 1.10 % 1.10 % 1.10 % 1.10 %
Allowance for credit losses to nonaccrual loans 305.65 % 364.50 % 362.35 % 378.09 % 366.94 %
Net charge-offs (recoveries) to average loans QTD (annualized) 0.01 % 0.00 % 0.01 % 0.00 % 0.00 %
Total nonperforming assets were $14.1 million at December 31, 2025, representing 0.32% of total assets compared to 0.27% for the third quarter of 2025 and 0.27% for the fourth quarter of 2024. In addition, the classified asset ratio increased to 4.22% for the fourth quarter of 2025 from 3.90% in the third quarter of 2025 and decreased from 4.25% in the fourth quarter of 2024.
At December 31, 2025, the allowance for credit losses was $42.3 million, or 1.10% of total loans, compared to $41.8 million, or 1.10% of total loans at September 30, 2025, and $39.9 million, or 1.10% of total loans, at December 31, 2024. We had net charge-offs of $69 thousand for the fourth quarter of 2025, compared to net recoveries of $14 thousand for the third quarter of 2025 and net charge-offs of $2 thousand for the fourth quarter of 2024. There was a provision for credit losses of $550 thousand for the fourth quarter of 2025, compared to a provision for credit losses of $500 thousand for the third quarter of 2025 and a reversal of the provision for credit losses of $250 thousand for the fourth quarter of 2024. The provision during the fourth quarter of 2025 was primarily driven by additional impairment on our individually evaluated loans.
LOAN COMPOSITION -
Unaudited
Quarter Ended
December 31 September 30 June 30 March 31 December 31
(dollars in thousands) 2025 2025 2025 2025 2024
Commercial
Owner occupied RE $
736,979 705,383 686,424 673,865 651,597
Non-owner occupied RE 956,812 943,304 939,163 926,246 924,367
Construction 63,666 71,928 68,421 90,021 103,204
Business 619,667 604,411 589,661 561,337 556,117
Total commercial loans 2,377,124 2,325,026 2,283,669 2,251,469 2,235,285
Consumer
Real estate 1,153,285 1,159,693 1,164,187 1,147,357 1,128,629
Home equity 248,685 239,996 234,608 223,061 204,897
Construction 24,997 25,842 25,210 23,540 20,874
Other 41,033 38,464 39,167 38,492 42,082
Total consumer loans 1,468,000 1,463,995 1,463,172 1,432,450 1,396,482
Total gross loans, net of deferred fees 3,845,124 3,789,021 3,746,841 3,683,919 3,631,767
Less-allowance for credit losses (42,280) (41,799) (41,285) (40,687) (39,914)
Total loans, net $
3,802,844 3,747,222 3,705,556 3,643,232 3,591,853
DEPOSIT COMPOSITION -
Unaudited
Quarter Ended
December 31 September 30 June 30 March 31 December 31
(dollars in thousands) 2025 2025 2025 2025 2024
Non-interest bearing $
732,287 736,518 761,492 671,609 683,081
Interest bearing:
NOW accounts 423,270 343,615 341,903 371,052 314,588
Money market accounts 1,573,039 1,572,738 1,537,400 1,563,181 1,438,530
Savings 29,470 29,381 32,334 32,945 31,976
Time, less than $250,000 180,783 202,353 194,064 181,407 193,562
Time and out-of-market deposits, $250,000 and over 777,954 791,812 769,136 800,692 774,028
Total deposits $
3,716,803 3,676,417 3,636,329 3,620,886 3,435,765
Footnotes to tables:
(1) Total revenue is the sum of net interest income and noninterest income.
(2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.
(3) Annualized for the respective three-month period.
(4) Noninterest expense divided by the sum of net interest income and noninterest income.
(5) Excludes mortgage loans held for sale.
(6) Excludes out of market deposits and time deposits greater than $250,000 totaling $777,954,000.
(7) December 31, 2025 ratios are preliminary.
(8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.
(9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.
(10) Includes mortgage loans held for sale.
ABOUT SOUTHERN FIRST BANCSHARES
Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The company's wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $4.4 billion and its common stock is traded on The NASDAQ Global Market under the symbol "SFST." More information can be found at www.southernfirst.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are identified by words such as "believe," "expect," "anticipate," "estimate," "preliminary", "intend," "plan," "target," "continue," "lasting," and "project," as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the company conducts operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan and deposit growth as well as pricing of each product, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, changes affecting oversight of the financial services industry or consumer protection; (5) the impact of changes to Congress and the office of the President on the regulatory landscape and capital markets; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the company; (7) changes in interest rates, which may continue to affect the company's net income, interest expense, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the company's assets, including its investment securities; (8) trade wars, government shutdowns, or a potential recession which may cause adverse risk to the overall economy, and could indirectly pose challenges to our clients and to our business; (9) any increase in FDIC assessments which have increased and may continue to increase our cost of doing business; and (10) changes in accounting principles, policies, practices, or guidelines. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf are expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
FINANCIAL & MEDIA CONTACT:
ART SEAVER 864-679-9010
WEB SITE: www.southernfirst.com
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SOURCE Southern First Bancshares, Inc.
