---
schema_version: "secwatch.filing_event.v1"
accession: "0001206774-24-000377"
form_type: "8-K"
ticker: "SFST"
cik: "0001090009"
company_name: "SOUTHERN FIRST BANCSHARES INC"
filed_at: "2024-04-18T23:59:59+00:00"
generated_at: "2026-06-03T18:06:16.265849+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Southern First Q1 net income falls to $2.5M from $2.7M YoY; NIM compresses to 1.94%

## Summary
- Net income $2.5M ($0.31 diluted EPS) vs $2.7M ($0.33) Q1 2023 and $4.2M ($0.51) Q4 2023.
- Net interest margin 1.94% vs 2.36% YoY; improved 2 bps from Q4 2023's 1.92%.
- Total loans $3.64B (+6.6% YoY); total deposits $3.46B (+1.0% YoY).
- Nonperforming assets 0.09% of assets; no provision for credit losses; net charge-offs 0.03% annualized.
- Efficiency ratio worsened to 84.94% from 76.12% a year ago; noninterest expense $18.1M.

## SEC filing metadata
- accession: 0001206774-24-000377
- form_type: 8-K
- ticker: SFST
- cik: 0001090009
- company_name: SOUTHERN FIRST BANCSHARES INC
- filed_at: 2024-04-18T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1090009/000120677424000377/0001206774-24-000377-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1090009/000120677424000377/sfst4324931_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001206774-24-000377
- JSON: https://secwatch.observer/filing/0001206774-24-000377.json
- Plain text: https://secwatch.observer/filing/0001206774-24-000377.txt

## Key facts
- Earnings Releases
  SOUTHERN FIRST BANCSHARES INC reported the three-month period ended March 31, 2024 results: net income $2.5 million, EPS $0.31.
  - Period: the three-month period ended March 31, 2024
  - Net income: $2.5 million
  - EPS: $0.31
  - Result: reported results
  source text: On April 18, 2024, Southern First Bancshares, Inc., holding company for Southern First Bank, issued a press release announcing its financial results for the period ended March 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1090009/000120677424000377/0001206774-24-000377-index.htm

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