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Southern First reports income increase

Banking & Finance
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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 fourth quarter of 2018. In comparison, net income available to common shareholders was $2.1 million, or 27 cents per diluted share, for the fourth quarter of 2017, according to a news release.

For the year ending Dec. 31, net income available to common shareholders was $22.3 million, or $2.88 per diluted share, compared to $13 million, or $1.76 per diluted share, in 2017.

“2018 was a record year for Southern First as we generated net income of $22.3 million,” said Art Seaver, Southern First CEO, in the release. “Our team continues to focus on delivering a unique client experience, and we have been fortunate in building client relationships which have grown to be a $1.9 billion bank.”

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

  • Total loans increased 21% to $1.68 billion in Q4 2018, compared to $1.39 billion in Q4 2017
  • Total deposits increased 19% to $1.65 billion in Q4 2018, compared to $1.38 billion at Q4 2017
  • Total core deposits increased 17% to $1.43 billion in Q4 2018, compared to $1.22 billion in Q4 2017
  • Net interest margin remained at 3.59% for Q4 2018, the same as for Q4 2017.

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