Company Quick10K Filing
Southern First Bancshares
Price35.32 EPS3
Shares8 P/E13
MCap275 P/FCF-251
Net Debt-135 EBIT45
TEV140 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-04-28
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-03-02
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-03
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-03-04
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-03-05
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-09
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-11
10-K 2010-12-31 Filed 2011-03-07
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-03-02
8-K 2020-07-28 Earnings, Regulation FD, Exhibits
8-K 2020-06-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-05-12
8-K 2020-04-28
8-K 2020-03-11
8-K 2020-02-19
8-K 2020-01-28
8-K 2020-01-23
8-K 2019-10-22
8-K 2019-10-02
8-K 2019-09-30
8-K 2019-08-06
8-K 2019-07-30
8-K 2019-07-23
8-K 2019-05-21
8-K 2019-04-23
8-K 2019-01-31
8-K 2019-01-22
8-K 2018-11-20
8-K 2018-10-23
8-K 2018-07-24
8-K 2018-05-15
8-K 2018-04-24
8-K 2018-02-21
8-K 2018-01-23

SFST 10Q Quarterly Report

Part I. Consolidated Financial Information
Item 1. Consolidated Financial Statements
Note 1 – Nature of Business and Basis of Presentation
Note 2 – Investment Securities
Note 3 – Mortgage Loans Held for Sale
Note 4 – Loans and Allowance for Loan Losses
Note 5 – Troubled Debt Restructurings
Note 6 – Derivative Financial Instruments
Note 7 – Fair Value Accounting
Note 8 – Leases
Note 9 – Earnings per Common Share
Note 10 – Reportable Segments
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 sfb35772727-ex101.htm
EX-10.2 sfb35772727-ex102.htm
EX-31.1 sfb35772727-ex311.htm
EX-31.2 sfb35772727-ex312.htm
EX-32 sfb35772727-ex32.htm

Southern First Bancshares Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.31.81.40.90.50.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

SOUTHERN FIRST BANCSHARES INC
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from    to

Commission file number 000-27719

sfb2.gif

Southern First Bancshares, Inc.

(Exact name of registrant as specified in its charter)

South Carolina

 

58-2459561

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

100 Verdae Boulevard, Suite 100,

Greenville, S.C.

 

29607

(Address of principal executive offices)

 

(Zip Code)

 

864-679-9000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

SFST

The Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller Reporting Company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 7,734,644 shares of common stock, par value $0.01 per share, were issued and outstanding as of July 30, 2020.


SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY

June 30, 2020 Form 10-Q

INDEX

PART I – CONSOLIDATED FINANCIAL INFORMATION

Page

Item 1.Consolidated Financial Statements

Consolidated Balance Sheets

3

Consolidated Statements of Income

4

Consolidated Statements of Comprehensive Income

5

Consolidated Statements of Shareholders’ Equity

6

Consolidated Statements of Cash Flows

7

Notes to Unaudited Consolidated Financial Statements

8

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.Qualitative and Quantitative Disclosures about Market Risk

43

Item 4.Controls and Procedures

43

PART II – OTHER INFORMATION

Item 1.Legal Proceedings

43

Item 1A.Risk Factors

43

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.Defaults upon Senior Securities

44

Item 4.Mine Safety Disclosures

44

Item 5.Other Information

44

Item 6.Exhibits

44

2


PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

June 30,

December 31,

(dollars in thousands, except share data)

2020

2019

(Unaudited)

(Audited)

ASSETS

Cash and cash equivalents:

Cash and due from banks

$

47,292

19,196

Federal funds sold

87,743

89,256

Interest-bearing deposits with banks

103,371

19,364

Total cash and cash equivalents

238,406

127,816

Investment securities:

Investment securities available for sale

70,997

67,694

Other investments

2,610

6,948

Total investment securities

73,607

74,642

Mortgage loans held for sale

44,169

27,046

Loans

2,036,801

1,943,525

Less allowance for loan losses

(31,602

)

(16,642

)

Loans, net

2,005,199

1,926,883

Bank owned life insurance

40,551

40,011

Property and equipment, net

61,344

58,478

Deferred income taxes

4,017

4,275

Other assets

15,002

8,044

Total assets

$

2,482,295

2,267,195

LIABILITIES

Deposits

$

2,188,643

1,876,124

Federal Home Loan Bank advances and other borrowings

-

110,000

Subordinated debentures

35,944

35,890

Other liabilities

41,554

39,321

Total liabilities

2,266,141

2,061,335

SHAREHOLDERS’ EQUITY

Preferred stock, par value $.01 per share, 10,000,000 shares authorized

-

-

Common stock, par value $.01 per share, 10,000,000 shares authorized, 7,734,644 and 7,672,678 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

77

77

Nonvested restricted stock

(1,001

)

(803

)

Additional paid-in capital

108,031

106,152

Accumulated other comprehensive income (loss)

805

(298

)

Retained earnings

108,242

100,732

Total shareholders’ equity

216,154

205,860

Total liabilities and shareholders’ equity

$

2,482,295

2,267,195

See notes to consolidated financial statements that are an integral part of these consolidated statements.

3


SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

For the three months ended June 30,

For the six months ended

June 30,

(dollars in thousands, except share data)

2020

2019

2020

2019

Interest income

Loans

$

23,554

22,098

46,921

42,988

Investment securities

384

539

780

1,087

Federal funds sold and interest-bearing deposits with banks

53

451

155

625

Total interest income

23,991

23,088

47,856

44,700

Interest expense

Deposits

3,627

6,175

8,802

11,550

Borrowings

590

374

1,184

793

Total interest expense

4,217

6,549

9,986

12,343

Net interest income

19,774

16,539

37,870

32,357

Provision for loan losses

10,200

300

16,200

600

Net interest income after provision for loan losses

9,574

16,239

21,670

31,757

Noninterest income

Mortgage banking income

5,776

2,830

8,444

4,687

Service fees on deposit accounts

197

265

459

530

ATM and debit card income

394

443

793

823

Income from bank owned life insurance

270

222

540

438

Other income

2,570

330

2,889

606

Total noninterest income

9,207

4,090

13,125

7,084

Noninterest expenses

Compensation and benefits

8,450

7,399

16,322

14,182

Occupancy

1,498

1,343

3,033

2,682

Outside service and data processing costs

1,228

1,045

2,420

2,005

Insurance

298

280

619

598

Professional fees

527

414

1,023

853

Marketing

101

236

359

496

Other

542

651

1,240

1,200

Total noninterest expenses

12,644

11,368

25,016

22,016

Income before income tax expense

6,137

8,961

9,779

16,825

Income tax expense

1,459

1,721

2,269

3,576

Net income available to common shareholders

$

4,678

7,240

7,510

13,249

Earnings per common share

Basic

$

0.61

0.97

0.98

1.77

Diluted

0.60

0.93

0.96

1.71

Weighted average common shares outstanding

Basic

7,722,419

7,495,508

7,700,508

7,477,525

Diluted

7,818,651

7,755,821

7,822,912

7,748,879

See notes to consolidated financial statements that are an integral part of these consolidated statements.

4


SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

For the three months

ended June 30,

For the six months

ended June 30,

(dollars in thousands)

2020

2019

2020

2019

Net income

$

4,678

7,240

7,510

13,249

Other comprehensive income:

Unrealized gain on securities available for sale:

Unrealized holding gain arising during the period, pretax

500

720

1,395

1,404

Tax expense

(105

)

(151

)

(292

)

(294

)

Reclassification of realized gain

-

(2

)

-

(6

)

Tax expense

-

-

-

1

Other comprehensive income

395

567

1,103

1,105

Comprehensive income

$

5,073

7,807

8,613

14,354

See notes to consolidated financial statements that are an integral part of these consolidated statements.

5


SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

 

For the three months ended June 30,

Accumulated

Nonvested

Additional

other

Common stock

Preferred stock

restricted

paid-in

comprehensive

Retained

(dollars in thousands, except share data)

Shares

Amount

Shares

Amount

stock

capital

income (loss)

earnings

Total

March 31, 2019

7,505,636

75

-

-

(993

)

103,600

(379

)

78,883

181,186

Net income

-

-

-

-

-

-

-

7,240

7,240

Proceeds from exercise of stock options

52,287

1

-

-

-

436

-

-

437

Compensation expense related to restricted stock, net of tax

-

-

-

-

106

-

-

-

106

Compensation expense related to stock options, net of tax

-

-

-

-

-

318

-

-

318

Other comprehensive income

-

-

-

-

-

-

567

-

567

June 30, 2019

7,557,923

$

76

-

$

-

$

(887

)

$

104,354

$

188

$

86,123

$

189,854

March 31, 2020

7,717,582

77

-

-

(1,105

)

107,529

410

103,564

210,475

Net income

-

-

-

-

-

-

-

4,678

4,678

Proceeds from exercise of stock options

17,062

-

-

-

-

222

-

-

222

Compensation expense related to restricted stock, net of tax

-

-

-

-

104

-

-

-

104

Compensation expense related to stock options, net of tax

-

-

-

-

-

280

-

-

280

Other comprehensive income

-

-

-

-

-

-

395

-

395

 

June 30, 2020

7,734,644

$

77

-

$

-

$

(1,001

)

$

108,031

$

805

$

108,242

$

216,154

 

For the six months ended June 30,

Accumulated

Nonvested

Additional

other

Common stock

Preferred stock

restricted

paid-in

comprehensive

Retained

(dollars in thousands, except share data)

Shares

Amount

Shares

Amount

stock

capital

income (loss)

earnings

Total

December 31, 2018

7,466,481

75

-

-

(741

)

102,625

(917

)

72,874

173,916

Net income

-

-

-

-

-

-

-

13,249

13,249

Proceeds from exercise of stock options

80,742

1

-

-

-

758

-

-

759

Issuance of restricted stock

10,700

-

-

-

(347

)

347

-

-

-

Compensation expense related to restricted stock, net of tax

-

-

-

-

201

-

-

-

201

Compensation expense related to stock options, net of tax

-

-

-

-

-

624

-

-

624

Other comprehensive income

-

-

-

-

-

-

1,105

-

1,105

June 30, 2019

7,557,923

$

76

-

$

-

$

(887

)

$

104,354

$

188

$

86,123

$

189,854

December 31, 2019

7,672,678

77

-

-

(803

)

106,152

(298

)

100,732

205,860

Net income

-

-

-

-

-

-

-

7,510

7,510

Proceeds from exercise of stock options

52,466

-

-

-

-

962

-

-

962

Issuance of restricted stock

9,500

-

-

-

(406

)

406

-

-

-

Compensation expense related to restricted stock, net of tax

-

-

-

-

208

-

-

-

208

Compensation expense related to stock options, net of tax

-

-

-

-

-

511

-

-

511

Other comprehensive income

-

-

-

-

-

-

1,103

-

1,103

 

June 30, 2020

7,734,644

$

77

-

$

-

$

(1,001

)

$

108,031

$

805

$

108,242

$

216,154

 

See notes to consolidated financial statements that are an integral part of these consolidated statements.

6


SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

For the six months ended

June 30,

(dollars in thousands)

2020

 

2019

Operating activities

 

Net income

$

7,510

13,249

Adjustments to reconcile net income to cash provided by (used for) operating activities:

Provision for loan losses

16,200

600

Depreciation and other amortization

1,059

913

Accretion and amortization of securities discounts and premium, net

273

182

Net change in operating leases

112

492

Compensation expense related to stock options and restricted stock grants

719

825

Gain on sale of loans held for sale

(8,031

)

(4,411

)

Loans originated and held for sale

(254,492

)

(154,785

)

Proceeds from sale of loans held for sale

245,400

143,928

Increase in cash surrender value of bank owned life insurance

(540

)

(438

)

Increase in deferred tax asset

(35

)

(3,323

)

Increase in other assets

(6,975

)

(774

)

Increase in other liabilities

880

3,481

Net cash provided by (used for) operating activities

2,080

(61

)