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Southern First sees net income increase of 9% year-over-year

Banking & Finance
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Greenville-based Southern First Bancshares Inc. had a 9% year-over-year increase in its net income during the second quarter of 2017.

The holding company for Southern First Bank also reported year-over-year increases in gross loans and total deposits in the second quarter.

Its net income for the second quarter was $3.6 million, up from $3.3 million reported in the second quarter of 2016. For the first six months of 2017, Southern First had $6.7 million in net income compared to $6.3 million in the first six months of 2016.

“The investments and infrastructure are bearing fruit as we generated record growth in deposits, loans and reported quarterly income of $3.6 million during the second quarter,” said Art Seaver, Southern First CEO, in a news release.

Southern First had its gross loans increase 22% year-over-year in the second quarter to $1.3 billion while its total deposits were up 24% year-over-year to $1.3 billion.

The non-performing assets of the bank were $5.7 million, or 0.37% of its total assets.

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