Q4 net income $12.0M ($1.49 EPS) vs $8.6M ($1.10) YoY; loans up 16%

SOUTHERN FIRST BANCSHARES INC

2021-FY EPS reported $5.85 revenue$11,376,000

Net income $12.0M for Q4 2021 vs $8.6M in Q4 2020; diluted EPS $1.49 vs $1.10.
Total loans $2.49B (+16.2% YoY); deposits $2.56B (+19.7% YoY).
Net interest margin 3.35% (tax-equivalent), down 20 bps YoY due to yield compression.
Reversal of provision for loan losses $4.2M in Q4 vs $2.3M provision in Q4 2020.
Expects CECL adoption on Jan 1, 2022 with retained earnings charge of $3.5M-$7.0M.

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