Southern First Q1 net income $2.7M ($0.33 EPS), NIM compresses to 2.36%

SOUTHERN FIRST BANCSHARES INC

2023-Q1 EPS reported $0.33 revenue$622,000

Net income $2.7M, down 51% from Q4 2022 ($5.5M) and 66% from Q1 2022 ($8.0M); diluted EPS $0.33.
Net interest margin (tax-equivalent) fell to 2.36% from 2.88% in Q4 2022 and 3.37% in Q1 2022, driven by 475bp rate hikes.
Total deposits grew 27% YoY to $3.4B; total loans up 28% YoY to $3.4B.
Nonperforming assets increased to 0.12% of total assets (0.07% in Q4 2022) due to three commercial loans on nonaccrual.
Provision for credit losses $1.8M; allowance for credit losses 1.18% of loans.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SOUTHERN FIRST BANCSHARES INC reported first quarter of 2023 results: revenue 22,468, net income $2.7 million, EPS $0.33 per diluted share.

Period: first quarter of 2023
Revenue: 22,468
Net income: $2.7 million
EPS: $0.33 per diluted share
Result: reported results

Exact text from the filing

per share data) : Net income available to common shareholders $ 2,703 5,492 8,413 7,240 7,970 Earnings per common share, diluted 0.33 0.68 1.05 0.90 0.98 Total revenue (1) 22,468 25,826 28,134 27,149 26,091 Net interest margin (tax-equivalent) (2) 2.36% 2.88% 3.19% 3.35% 3.37% Return on average assets (3) 0.30% 0.63% 1.00% 0.92% 1.10% Return on average

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Source: SEC EDGAR

accession 0001206774-23-000537

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