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Southern First reports Q1 increase over 2018

Staff Report //April 30, 2019//

Southern First reports Q1 increase over 2018

Staff Report //April 30, 2019//

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Greenville-based Southern First Bancshares Inc., holding company for Southern First Bank, reports net income available to common shareholders of $6 million, or 78 cents per diluted share, for the first quarter of 2019. In comparison, net income available to common shareholders was $5.2 million, or 67 cents per diluted share, for the first quarter of 2018, according to a news release.

“I am proud to report a great start to the new year with record earnings of $6 million for the first quarter and core deposit growth in excess of $90 million for the quarter,” Art Seaver, Southern First CEO, said in the release. “Our team is intent on serving our clients and providing a unique client experience, as evidenced by the growth in new client relationships and retail deposits as well as excellent production by our mortgage team.”

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

  • Total loans increased 19% to $1.73 billion at Q1 2019, compared to $1.46 billion at Q1 2018
  • Total deposits increased 16% to $1.76 billion at Q1 2019, compared to $1.52 billion at Q1 2018
  • Core deposits increased 14% to $1.53 billion at Q1 2019, compared to $1.34 billion at Q1 2018
  • Total revenue increased 14% to $18.8 million at Q1 2019, compared to $16.5 million at Q1 2018

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