Southern First reports Q1 income increase

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Greenville-based Southern First Bancshares Inc., holding company for Southern First Bank, reported an increase in net income in the first quarter of 2018 compared with the first quarter of last year.

The bank reported net income available to common shareholders of $5.2 million, or 67 cents per diluted share, for the first quarter of 2018, compared with $3.1 million, or 46 cents per diluted share, for the same period last year.

“The first quarter of 2018 was simply outstanding as the Southern First team generated record earnings of $5.2 million. Our performance was highlighted by strong growth in new client relationships and retail deposits as well as excellent production by our mortgage team,” Southern First CEO Art Seaver said in a news release. “We continue to add experienced bankers to our team, and we are excited to announce our expansion into the Greensboro, N.C., market.”

For the first quarter of 2018, Southern First also reported:

• Total loans increased 20% to $1.46 billion, compared to $1.22 billion in the first quarter of 2017;
• Total deposits increased 26% to $1.52 billion, compared to $1.21 billion in the first quarter of 2017, and
• Efficiency ratio improved to 55.9% in the first quarter, compared to 61.2% the same time last year.