---
schema_version: "secwatch.filing_event.v1"
accession: "0001206774-23-000537"
form_type: "8-K"
ticker: "SFST"
cik: "0001090009"
company_name: "SOUTHERN FIRST BANCSHARES INC"
filed_at: "2023-04-25T23:59:59+00:00"
generated_at: "2026-06-16T15:27:40.444829+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001206774-23-000537
- form_type: 8-K
- ticker: SFST
- cik: 0001090009
- company_name: SOUTHERN FIRST BANCSHARES INC
- filed_at: 2023-04-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1090009/000120677423000537/0001206774-23-000537-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1090009/000120677423000537/sfb4121731-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001206774-23-000537
- JSON: https://secwatch.observer/filing/0001206774-23-000537.json
- Plain text: https://secwatch.observer/filing/0001206774-23-000537.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1090009/000120677423000537/0001206774-23-000537-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.