Southern First Q1 net income $8.0M ($0.98 EPS); loans up 22% to $2.7B

SOUTHERN FIRST BANCSHARES INC

2022-Q1 EPS reported $0.98 revenue$1,494,000

Net income $8.0M, diluted EPS $0.98 vs $1.49 in Q4 2021 and $1.31 in Q1 2021.
Total loans $2.66B, up 22% YoY; deposits $2.71B, up 20% YoY; loan growth strongest quarter in history.
Net interest margin stable at 3.37%; net interest income $23.2M, up $307K QoQ and $1.9M YoY.
Provision for credit losses $1.1M under new CECL methodology; $86.4M hotel loans upgraded.
Mortgage banking income fell to $1.5M from $4.6M in prior year quarter due to lower volume.

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