secwatch.observer — SEC 8-K summary
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Issuer:     SOUTHERN FIRST BANCSHARES INC (SFST)
CIK:        0001090009
Form:       8-K
Filed at:   2023-07-25T23:59:59+00:00
Accession:  0001206774-23-000817
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 Q2 net income $2.5M ($0.31 EPS), down 66% YoY; NIM falls to 2.05%
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1090009/000120677423000817/0001206774-23-000817-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1090009/000120677423000817/sfst4223471-8k.htm
  HTML page:      https://secwatch.observer/filing/0001206774-23-000817

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