Attached files
| file | filename |
|---|---|
| 8-K - SOUTHERN FIRST BANCSHARES INC | esform8-k_012814.htm |
| EX-10.1 - SOUTHERN FIRST BANCSHARES INC | esexhibit10.htm |
| EX-10.2 - SOUTHERN FIRST BANCSHARES INC | esexhibit101.htm |
Exhibit 99.1
|
Transaction Overview |
• Raises common equity which is accretive to tangible book value
• Increases tangible common equity and tier 1 capital
• Reduces preferred stock dividend
|
Private Placement of Common stock |
|
|||
|
Common stock issued1 |
$6,175,000 |
|||
|
Conversion price |
$13.00 |
|||
|
Common shares issued |
475,000 |
|||
|
Redemption of Series T Preferred Stock |
|
|||
|
Preferred stock (at $1,000 par; 4,057 shares) |
$4,057,000 |
|||
|
|
|
|
|
|
|
At and for the three months ended 12/31/13: |
||||
|
Common stock |
Preferred stock |
|||
|
(Dollars in thousands) |
Reported |
Issuance, Net |
Redemption |
Pro Forma |
|
Common equity |
$50,366 |
$5,940 |
- |
$56,306 |
|
Preferred equity |
$15,299 |
($4,057) |
$11,242 |
|
|
Total shareholders' equity |
$65,665 |
$5,940 |
($4,057) |
$67,548 |
|
Common Shares |
4,319,750 |
475,000 |
- |
4,794,750 |
|
Book value per common share |
$11.66 |
$11.74 |
||
|
Book value per common share - accretion |
0.7% |
|||
|
Net income |
1,439 |
1,439 |
||
|
Preferred dividend |
$191 |
($51) |
$140 |
|
|
Net income available to common shareholders |
$1,248 |
$51 |
$1,299 |
|
|
Diluted earnings per share |
$0.27 |
$0.26 |
||
|
Diluted earnings per share - dilution |
(5.8)% |
|||
|
Tangible common equity/tangible assets |
5.65% |
6.32% |
||
|
Tier I common ratio |
7.09% |
7.90% |
||
|
Tier I leverage ratio |
9.13% |
9.35% |
||
|
Tier I risk-based ratio |
10.96% |
11.22% |
||
|
Total risk-based ratio |
12.22% |
12.47% |
||
|
1 Gross proceeds of common stock issued |
||||