Southern First Q3 EPS $1.28, up 21% YoY; NIM 3.02% as net interest income grows 26%

SOUTHERN FIRST BANCSHARES INC

Net income $12.2M, up 41% YoY and 9% QoQ; diluted EPS $1.28 vs $1.06 a year ago; total revenue $37.5M, up 21% YoY.
Net interest margin 3.02%, up 40 bps YoY and 15 bps QoQ; net interest income $34.7M (+26% YoY); return on average assets 1.03% vs 0.80%.
Loans $4.18B, up $145M (14% annualized) QoQ; retail deposits $3.72B, up $163M (18% annualized) and 20% YoY; wholesale deposits cut 32% YoY to $386.5M.
Noninterest income fell to $2.9M from $3.6M as mortgage banking income dropped 60% to $638K on retaining loans; service fees on deposits rose 45% to $906K.
Credit metrics steady: NPAs 0.30% of assets, net charge-offs 0.07% annualized, provision $1.4M, ACL 1.07% of loans; TCE 9.47%, CET1 12.74%, BVPS $48.68.

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