Southern First Q2 net income $2.5M ($0.31 EPS), down 66% YoY; NIM falls to 2.05%

SOUTHERN FIRST BANCSHARES INC

2023-Q2 EPS reported $0.64 revenue$1,959,000

Net income $2.5M vs $7.24M in Q2 2022; diluted EPS $0.31 vs $0.90; total revenue $21.6M down from $27.1M.
Net interest margin (tax-equivalent) fell to 2.05% from 3.35% a year ago, driven by 301bp rise in deposit costs.
Total loans grew 24% YoY to $3.54B; total deposits up 20% to $3.43B; core deposits down 2% from Q1.
Credit quality remains strong: nonperforming assets 0.08% of total assets; allowance for credit losses 1.16% of loans.
Provision for credit losses was $910K, down from $1.8M in Q1 2023; net charge-offs $425K (0.03% annualized).

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