Southern First reports income increase

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Greenville-based Southern First Bancshares Inc., holding company for Southern First Bank, reports net income available to common shareholders of $5.8 million, or 75 cents per diluted share, for the third quarter of 2018. In comparison, net income available to common shareholders was $4.3 million, or 55 cents per diluted share, for the third quarter of 2017, according to a news release.

For the nine months ending Sept. 30, net income available to common shareholders was $16.5 million, or $2.13 per diluted share, compared to $11 million, or $1.50 per diluted share the same period last year.

“I am proud of our Southern First team and our third quarter results as we report record earnings and loan growth for the quarter,” said Southern First CEO Art Seaver, in the release. “Our team continues to build and develop client relationships in each of our markets, generating strong momentum as we finish out 2018.”

In addition to an increase in net income, the bank reports:

• Total loans increased 22% to $1.62 billion at Q3 2018, compared to $1.33 billion at Q3 2017
• Total deposits increased 18% to $1.59 billion at Q3 2018, compared to $1.34 billion at Q3 2017
• Total core deposits increased 20% to $1.39 billion at Q3 2018, compared to $1.16 billion at Q3 2017
• Net interest margin remained at 3.60% for Q3 2018 compared to Q3 2017