SOUTHERN FIRST BANCSHARES INC - FORM 8-K - EX-99.1 - EARNINGS PRESS RELEASE FOR PERIOD ENDED MARCH 31, 2021 - April 27, 2021

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EX-99.2 - SLIDE PRESENTATION - SOUTHERN FIRST BANCSHARES INCsfb3901981-ex992.htm
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Exhibit 99.1


Southern First Reports Results for First Quarter 2021

Greenville, South Carolina, April 27, 2021 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three-month period ended March 31, 2021.

“We are off to a strong start in 2021 with record earnings for the first quarter,” stated Art Seaver, the company’s Chief Executive Officer. “I am proud of our team for continuing to provide a distinguishing value to our clients and for the impressive growth on both sides of our balance sheet. Our mortgage team had another excellent quarter, and we are excited about our overall performance.”

2021 First Quarter Highlights

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Net income improved to $10.4 million, a 266.0% increase over Q1 2020

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Diluted earnings per common share improved to $1.31 per share, a 263.9% increase over Q1 2020

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Total loans increased 7.6% to $2.2 billion at Q1 2021, compared to $2.0 billion at Q1 2020

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Total deposits increased 11.5% to $2.3 billion at Q1 2021, compared to $2.0 billion at Q1 2020

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Net interest margin improved to 3.60%, compared to 3.43% for Q1 2020


Quarter Ended
March 31 December 31 September 30 June 30 March 31
     2021      2020      2020      2020      2020
Earnings ($ in thousands, except per share data):
Net income available to common shareholders $      10,366 8,601 2,217 4,678 2,832
Earnings per common share, diluted 1.31 1.10 0.28 0.60 0.36
Total revenue(1) 27,177 27,947 28,221 28,981 22,014
Net interest margin (tax-equivalent)(2) 3.60% 3.55% 3.52% 3.42% 3.43%
Return on average assets(3) 1.68% 1.38% 0.36% 0.77% 0.51%
Return on average equity(3) 18.22% 15.51% 4.03% 8.78% 5.42%
Efficiency ratio(4) 52.11% 52.04% 50.26% 43.63% 56.20%
Noninterest expense to average assets (3) 2.30% 2.36% 2.34% 2.09% 2.23%
Balance Sheet ($ in thousands):
Total loans(5) $ 2,183,682 2,142,867 2,078,540 2,036,801 2,030,261
Total deposits 2,258,751 2,142,758 2,181,056 2,188,643 2,025,698
Core deposits(6) 2,161,759 2,011,903 2,011,919 1,991,005 1,804,027
Total assets 2,579,922 2,482,587 2,479,411 2,482,295 2,372,249
Loans to deposits 96.68% 100.01% 95.30% 93.06% 100.23%
Holding Company Capital Ratios(7):
Total risk-based capital ratio 14.82% 14.40% 14.15% 13.76% 13.59%
Tier 1 risk-based capital ratio 12.43% 11.99% 11.73% 11.37% 11.29%
Leverage ratio 10.12% 9.70% 9.47% 9.38% 10.00%
Common equity tier 1 ratio(8) 11.79% 11.34% 11.07% 10.72% 10.63%
Tangible common equity(9) 9.28% 9.20% 8.82% 8.71% 8.87%
Asset Quality Ratios:
Nonperforming assets/ total assets 0.30% 0.37% 0.42% 0.36% 0.42%
Classified assets/tier one capital plus allowance for loan losses 14.42% 8.18% 7.00% 7.51% 7.99%
Loans 30 days or more past due 0.12% 0.17% 0.26% 0.40% 0.60%
Net charge-offs/average loans(5) (YTD annualized) 0.07% 0.10% 0.11% 0.12% 0.04%
Allowance for loan losses/loans(5) 1.99% 2.06% 2.03% 1.55% 1.11%
Allowance for loan losses/nonaccrual loans 557.47% 547.14% 482.43% 350.74% 226.14%
[Footnotes to table located on page 6]

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INCOME STATEMENTS – Unaudited
 
Quarter Ended
Mar 31 Dec 31 Sept 30 Jun 30 Mar 31
(in thousands, except per share data)       2021       2020       2020       2020       2020
Interest income
Loans $      22,465 23,171 23,042 23,554 23,367
Investment securities 301 325 310 384 396
Federal funds sold 47 51 63 53 103
Total interest income 22,813 23,547 23,415 23,991 23,866
Interest expense
Deposits 1,155 1,861 2,393 3,627 5,174
Borrowings 385 383 385 590 594
Total interest expense 1,540 2,244 2,778 4,217 5,768
Net interest income 21,273 21,303 20,637 19,774 18,098
Provision for loan losses (300) 2,300 11,100 10,200 6,000
Net interest income after provision for loan losses 21,573 19,003 9,537 9,574 12,098
Noninterest income
Mortgage banking income 4,633 5,064 6,277 5,776 2,668
Service fees on deposit accounts 185 190 211 197 262
ATM and debit card income 470 483 465 394 398
Income from bank owned life insurance 267 281 270 270 270
Loss on extinguishment of debt - - - (37) -
Net lender fees on PPP loan sale - - - 2,247 -
Other income 349 626 361 360 318
Total noninterest income 5,904 6,644 7,584 9,207 3,916
Noninterest expense
Compensation and benefits 6,683 6,836 6,666 6,394 6,390
Mortgage production costs 2,867 3,057 2,666 2,368 1,807
Occupancy 1,637 1,596 1,601 1,496 1,533
Other real estate owned expenses 387 550 673 - -
Outside service and data processing costs 1,142 1,052 1,046 1,055 1,070
Insurance 301 385 377 298 320
Professional fees 421 501 395 475 400
Marketing 182 146 165 86 230
Other 542 421 594 472 622
Total noninterest expenses 14,162 14,544 14,183 12,644 12,372
Income before provision for income taxes 13,315 11,103 2,938 6,137 3,642
Income tax expense 2,949 2,502 721 1,459 810
Net income available to common shareholders $ 10,366 8,601 2,217 4,678 2,832
 
Earnings per common share – Basic $ 1.33 1.11 0.29 0.61 0.37
Earnings per common share – Diluted 1.31 1.10 0.28 0.60 0.36
Basic weighted average common shares 7,807 7,741 7,732 7,722 7,679
Diluted weighted average common shares 7,941 7,836 7,815 7,819 7,827
[Footnotes to table located on page 6]

Net income for the first quarter of 2021 was $10.4 million, or $1.31 per diluted share, a $1.8 million increase from the fourth quarter of 2020 and a $7.5 million increase from the first quarter of 2020. Net interest income decreased $30 thousand for the first quarter of 2021, compared with the fourth quarter of 2020, and increased $3.2 million, or 17.5%, compared to the first quarter of 2020. While our interest expense continues to decrease compared to the prior periods, our interest income has also been reduced due to lower market rates.

The provision for loan losses decreased $2.6 million, resulting in a negative provision of $300 thousand for the first quarter of 2021, compared to $2.3 million for the fourth quarter of 2020 and $6.0 million for the first quarter of 2020. The negative provision for the first quarter of 2021 was driven by a reduction in qualitative adjustment factors related to improvement in the economic and business conditions at both the national and regional levels as of March 31, 2021, partially offset by downgrades in our hotel loan portfolio as we believe the tourism and hospitality industry remains at risk for credit losses due to the COVID-19 pandemic.

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Noninterest income totaled $5.9 million for the first quarter of 2021, a $740 thousand decrease from the fourth quarter of 2020 and a $2.0 million increase from the first quarter of 2020. As the largest component of our noninterest income, mortgage banking income was the driving factor in the change in noninterest income from the prior quarter and the prior year.

Noninterest expense for the first quarter of 2021 decreased $382 thousand compared with the fourth quarter of 2020 and increased $1.8 million compared with the first quarter of 2020. The variances from the prior quarter and prior year were driven by mortgage production costs and other real estate owned expenses.

Our effective tax rate was 22.1% for the first quarter of 2021, 22.5% for the fourth quarter of 2020, and 22.2% for the first quarter of 2020. The lower tax rate this quarter relates to the favorable tax impact of stock option transactions during the quarter.

NET INTEREST INCOME AND MARGIN - Unaudited
 
For the Three Months Ended
March 31, 2021 December 31, 2020 March 31, 2020
Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
(dollars in thousands)     Balance     Expense     Rate(3)     Balance     Expense     Rate(3)     Balance     Expense     Rate(3)
Interest-earning assets
Federal funds sold and interest-bearing deposits $ 89,522 $ 47 0.21% $ 112,473 $ 51 0.18% $ 46,101 $ 103 0.90%
Investment securities, taxable 85,136 245 1.17% 83,260 273 1.30% 66,640 381 2.30%
Investment securities, nontaxable(2) 11,000 73 2.68% 9,311 68 2.89% 3,815 19 2.05%
Loans(10) 2,209,569 22,465 4.12% 2,182,619 23,171 4.22% 2,003,554 23,367 4.69%
Total interest-earning assets 2,395,227 22,830 3.87% 2,387,663 23,563 3.93% 2,120,110 23,870 4.53%
Noninterest-earning assets 101,932 90,519 111,338
Total assets $ 2,497,159 $ 2,478,182 $ 2,231,448
Interest-bearing liabilities
NOW accounts $  280,737 46 0.07% $ 276,780 42 0.06% $ 227,688 168 0.30%
Savings & money market 1,084,467 586 0.22% 1,058,573 903 0.34% 956,588 3,369 1.42%
Time deposits 213,378 523 0.99% 260,579 916 1.40% 329,664 1,637 2.00%
Total interest-bearing deposits 1,578,582 1,155 0.30% 1,595,932 1,861 0.46% 1,513,940 5,174 1.37%
FHLB advances and other borrowings 2,809 5 0.72% 272 - - 43,470 158 1.46%
Subordinated debentures 36,008 380 4.28% 35,981 383 4.23% 35,900 436 4.88%
Total interest-bearing liabilities 1,617,399 1,540 0.39% 1,632,185 2,244 0.55% 1,593,310 5,768 1.46%
Noninterest-bearing liabilities 648,969 625,422 427,992
Shareholders’ equity 230,791 220,575 210,146
Total liabilities and shareholders’ equity $ 2,497,159 $ 2,478,182 $ 2,231,448
Net interest spread 3.48% 3.38% 3.07%
Net interest income (tax equivalent) / margin $ 21,290 3.60% $ 21,319 3.55% $ 18,102 3.43%
Less: tax-equivalent adjustment(2) 17 16 4
Net interest income $ 21,273 $ 21,303 $ 18,098
[Footnotes to table located on page 6]

Net interest income was $21.3 million for the first quarter of 2021, a slight decrease from the fourth quarter of 2020, resulting from a $733 thousand decrease in interest income, on a tax-equivalent basis, partially offset by a $704 thousand decrease in interest expense. The decrease in interest income was driven by a reduction in yield on our interest-earning assets, while the decrease in interest expense was driven by a reduction in cost of our interest-bearing deposits. In comparison to the first quarter of 2020, net interest income increased $3.2 million resulting primarily from lower deposit costs, partially offset by lower yields on interest-earning assets. Our net interest margin, on a tax-equivalent basis, was 3.60% for the first quarter of 2021, a five-basis point increase from 3.55% for the fourth quarter of 2020 and a 17-basis point increase from 3.43% for the first quarter of 2020. Reduced rates on our interest-bearing liabilities, partially offset by lower yields on our interest-earning assets resulted in the improvement to the net interest margin during the first quarter of 2021.

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BALANCE SHEETS - Unaudited
 
Ending Balance
March 31 December 31 September 30 June 30 March 31
(in thousands, except per share data)      2021      2020      2020      2020      2020
Assets
Cash and cash equivalents:
Cash and due from banks $      12,621 12,920 14,916 47,292 17,521
Federal funds sold 68,456 66,023 83,106 87,743 40,277
Interest-bearing deposits with banks 74,268 21,744 64,893 103,371 83,314
Total cash and cash equivalents 155,345 100,687 162,915 238,406 141,112
Investment securities:
Investment securities available for sale 92,997 94,729 87,991 70,997 70,507
Other investments 1,770 3,635 2,589 2,610 5,341
Total investment securities 94,767 98,364 90,580 73,607 75,848
Mortgage loans held for sale 57,073 60,257 63,823 44,169 34,948
Loans (5) 2,183,682 2,142,867 2,078,540 2,036,801 2,030,261
Less allowance for loan losses (43,499) (44,149) (42,219) (31,602) (22,462)
Loans, net 2,140,183 2,098,718 2,036,321 2,005,199 2,007,799
Bank owned life insurance 48,869 41,102 40,821 40,551 40,281
Property and equipment, net 61,710 60,236 61,386 61,344 58,656
Deferred income taxes 9,813 9,518 6,510 4,017 4,087
Other assets 12,162 13,705 17,055 15,002 9,518
Total assets $ 2,579,922 2,482,587 2,479,411 2,482,295 2,372,249
Liabilities
Deposits $ 2,258,751 2,142,758 2,181,056 2,188,643 2,025,698
Federal Home Loan Bank advances - 25,000 - - 65,000
Subordinated debentures 36,025 35,998 35,971 35,944 35,917
Other liabilities 45,624 50,537 43,635 41,554 35,159
Total liabilities 2,340,400 2,254,293 2,260,662 2,266,141 2,161,774
Shareholders’ equity
Preferred stock - $.01 par value; 10,000,000 shares authorized - - - - -
Common Stock - $.01 par value; 10,000,000 shares authorized 79 78 77 77 77
Nonvested restricted stock (1,075) (698) (989) (1,001) (1,105)
Additional paid-in capital 111,181 108,831 108,337 108,031 107,529
Accumulated other comprehensive income (loss) (90) 1,023 865 805 410
Retained earnings 129,427 119,060 110,459 108,242 103,564
Total shareholders’ equity 239,522 228,294 218,749 216,154 210,475
Total liabilities and shareholders’ equity $ 2,579,922 2,482,587 2,479,411 2,482,295 2,372,249
Common Stock
Book value per common share $ 30.58 29.37 28.27 27.95 27.27
Stock price:
High 54.09 35.80 27.96 30.49 42.72
Low 35.15 24.15 23.30 24.21 21.64
Period end 46.88 35.35 24.15 27.71 28.37
Common shares outstanding 7,853 7,773 7,738 7,735 7,718
[Footnotes to table located on page 6]

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ASSET QUALITY MEASURES - Unaudited
 
Quarter Ended
March 31 December 31 September 30 June 30 March 31
(dollars in thousands)      2021      2020      2020      2020      2020
Nonperforming Assets
Commercial
Owner occupied RE $      - - - - -
Non-owner occupied RE 1,127 1,143 1,059 2,428 3,268
Construction 135 139 143 - -
Commercial business 190 195 201 229 231
Consumer
Real estate 2,762 2,536 2,518 1,324 1,821
Home equity 439 547 632 360 427
Construction - - - - -
Other - - - - -
Nonaccruing troubled debt restructurings 3,150 3,509 4,198 4,669 4,186
Total nonaccrual loans 7,803 8,069 8,751 9,010 9,933
Other real estate owned - 1,169 1,684 - -
Total nonperforming assets $ 7,803 9,238 10,435 9,010 9,933
Nonperforming assets as a percentage of:
Total assets 0.30% 0.37% 0.42% 0.36% 0.42%
Total loans 0.36% 0.43% 0.50% 0.44% 0.49%
Accruing troubled debt restructurings (TDRs) $ 4,379 4,893 5,277 7,332 7,939
Classified assets/tier 1 capital plus allowance for loan losses 14.42% 8.18% 7.00% 7.51% 7.99%
 
Quarter Ended
March 31 December 31 September 30 June 30 March 31
(dollars in thousands) 2021 2020 2020 2020 2020
Allowance for Loan Losses
Balance, beginning of period $ 44,149 42,219 31,602 22,462 16,642
Loans charged-off (406) (1,000) (1,064) (1,083) (266)
Recoveries of loans previously charged-off 56 630 581 23 86
Net loans charged-off (350) (370) (483) (1,060) (180)
Provision for loan losses (300) 2,300 11,100 10,200 6,000
Balance, end of period $ 43,499 44,149 42,219 31,602 22,462
Allowance for loan losses to gross loans 1.99 % 2.06 % 2.03 % 1.55 % 1.11 %
Allowance for loan losses to nonaccrual loans 557.47 % 547.14 % 482.43 % 350.74 % 226.14 %
Net charge-offs to average loans QTD (annualized) 0.07 % 0.07 % 0.09 % 0.20 % 0.04 %

Total nonperforming assets decreased by $1.4 million to $7.8 million for the first quarter of 2021, representing 0.30% of total assets, compared to the fourth quarter of 2020. The decrease in nonperforming assets was primarily a result of the sale of $1.2 million in other real estate owned. The allowance for loan losses as a percentage of nonaccrual loans was 557.47% on March 31, 2021, compared to 547.14% on December 31, 2020 and 226.14% on March 31, 2020. During the first quarter of 2021, our classified asset ratio rose to 14.42% as a result of seven, or $26.2 million in the aggregate, hotel loans we downgraded to substandard. We believe that the hospitality and tourism industry is still at risk for credit loss due to reduced business and recreational travel in our markets. We will not know the depth of the impact of the pandemic on the hospitality and tourism industry until a significant portion of the population has received the vaccine and travel restrictions have been lifted. Downgrading these loans reflects our commitment to closely monitor our most at-risk clients.

On March 31, 2021, the allowance for loan losses was $43.5 million, or 1.99% of total loans, compared to $44.1 million, or 2.06% of total loans, at December 31, 2020 and $22.5 million, or 1.11% of total loans, at March 31, 2020. Net charge-offs were $350 thousand, or 0.07% on an annualized basis, for the first quarter of 2021 compared to $370 thousand, or 0.07% of net charge-offs, annualized, for the fourth quarter of 2020. Net charge-offs were $180 thousand for the first quarter of 2020. There was a negative provision for loan losses of $300 thousand for the first quarter of 2021 compared to $2.3 million for the fourth quarter of 2020 and $6.0 million for the first quarter of 2020. The negative provision for the quarter ended March 31, 2021 was driven by a reduction in qualitative adjustment factors related to improvement in the economic and business conditions at both the national and regional levels as of March 31, 2021, partially offset by downgrades in our hotel loan portfolio as we believe the tourism and hospitality industry remains at risk for credit losses due to the pandemic.

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LOAN COMPOSITION - Unaudited
 
Quarter Ended
March 31 December 31 September 30 June 30 March 31
(dollars in thousands)      2021      2020      2020      2020      2020
Commercial
Owner occupied RE $      448,505 433,320 419,316 420,858 422,124
Non-owner occupied RE 584,187 585,269 570,139 554,566 534,846
Construction 51,996 61,467 64,063 71,761 74,758
Business 303,895 307,599 303,760 310,212 317,702
Total commercial loans 1,388,583 1,387,655 1,357,278 1,357,397 1,349,430
Consumer
Real estate 574,541 536,311 496,684 437,742 427,697
Home equity 154,157 156,957 161,795 173,739 183,099
Construction 44,170 40,525 39,355 45,629 45,240
Other 22,231 21,419 23,428 22,294 24,795
Total consumer loans 795,099 755,212 721,262 679,404 680,831
Total gross loans, net of deferred fees 2,183,682 2,142,867 2,078,540 2,036,801 2,030,261
Less—allowance for loan losses (43,499) (44,149) (42,219) (31,602) (22,462)
Total loans, net $ 2,140,183 2,098,718 2,036,321 2,005,199 2,007,799
 
DEPOSIT COMPOSITION - Unaudited
 
Quarter Ended
March 31 December 31 September 30 June 30 March 31
(dollars in thousands) 2021 2020 2020 2020 2020
Non-interest bearing $ 677,282 576,610 575,195 573,548 437,855
Interest bearing:
NOW accounts 304,530 268,739 284,490 285,953 260,320
Money market accounts 1,064,659 1,042,745 1,025,518 1,006,233 979,861
Savings 31,589 27,254 23,837 22,675 19,563
Time, less than $100,000 31,856 36,454 38,510 41,610 43,596
Time and out-of-market deposits, $100,000 and over 148,835 190,956 233,506 258,624 284,503
Total deposits $ 2,258,751 2,142,758 2,181,056 2,188,643 2,025,698

Footnotes to tables:

(1) Total revenue is the sum of net interest income and noninterest income.

(2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.

(3) Annualized for the respective three-month period.

(4) Noninterest expense divided by the sum of net interest income and noninterest income.

(5) Excludes mortgage loans held for sale.

(6) Excludes out of market deposits and time deposits greater than $250,000.

(7) March 31, 2021 ratios are preliminary.

(8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.

(9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.

(10) Includes mortgage loans held for sale.

ABOUT SOUTHERN FIRST BANCSHARES

Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The company’s wholly-owned subsidiary, Southern First Bank, is the largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $2.6 billion and its common stock is traded on The NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “target,” and “project,” as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.

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The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the company conducts operations may be different than expected, including, but not limited to, due to the negative impacts and disruptions resulting from the national political turmoil as well as continuing impact of the novel coronavirus, or COVID-19, on the economies and communities the company serves, which may have an adverse impact on the company’s business, operations and performance, and could have a negative impact on the company’s credit portfolio, share price, borrowers, and on the economy as a whole, both domestically and globally; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, changes affecting oversight of the financial services industry or consumer protection; (5) the impact of changes to the U.S. presidential administration and Congress on the regulatory landscape, capital markets, and the response to and management of the COVID-19 pandemic; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the company; (7) changes in interest rates, which may affect the company’s net income, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the company’s assets, including its investment securities; and (8) changes in accounting principles, policies, practices, or guidelines. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

 

FINANCIAL CONTACT: MIKE DOWLING 864-679-9070

MEDIA CONTACT: ART SEAVER 864-679-9010

WEB SITE: www.southernfirst.com

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SOUTHERN FIRST BANCSHARES INC Reports