secwatch.observer — SEC 8-K summary
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Issuer:     SOUTHERN FIRST BANCSHARES INC (SFST)
CIK:        0001090009
Form:       8-K
Filed at:   2023-04-25T23:59:59+00:00
Accession:  0001206774-23-000537
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1090009/000120677423000537/0001206774-23-000537-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1090009/000120677423000537/sfb4121731-8k.htm
  HTML page:      https://secwatch.observer/filing/0001206774-23-000537

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