secwatch.observer — SEC 8-K summary
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Issuer:     SOUTHERN FIRST BANCSHARES INC (SFST)
CIK:        0001090009
Form:       8-K
Filed at:   2024-04-18T23:59:59+00:00
Accession:  0001206774-24-000377
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1090009/000120677424000377/0001206774-24-000377-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1090009/000120677424000377/sfst4324931_8k.htm
  HTML page:      https://secwatch.observer/filing/0001206774-24-000377

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer