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 2020-09-30 Filed 2020-11-02
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 2020-10-27
8-K 2020-07-28
8-K 2020-06-29
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-3.1 sfb3823841-ex31.htm
EX-31.1 sfb3823841-ex311.htm
EX-31.2 sfb3823841-ex312.htm
EX-32 sfb3823841-ex32.htm

Southern First Bancshares Earnings 2020-09-30

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 September 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

image provided by client

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: 7,737,594 shares of common stock, par value $0.01 per share, were issued and outstanding as of October 23, 2020.


SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY

September 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

25

Item 3.Qualitative and Quantitative Disclosures about Market Risk

44

Item 4.Controls and Procedures

44

PART II – OTHER INFORMATION

Item 1.Legal Proceedings

44

Item 1A.Risk Factors

44

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

44

Item 3.Defaults upon Senior Securities

45

Item 4.Mine Safety Disclosures

45

Item 5.Other Information

45

Item 6.Exhibits

45

2


PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

September 30,

December 31,

(dollars in thousands, except share data)

2020

2019

(Unaudited)

(Audited)

ASSETS

Cash and cash equivalents:

Cash and due from banks

$

14,916

19,196

Federal funds sold

83,106

89,256

Interest-bearing deposits with banks

64,893

19,364

Total cash and cash equivalents

162,915

127,816

Investment securities:

Investment securities available for sale

87,991

67,694

Other investments

2,589

6,948

Total investment securities

90,580

74,642

Mortgage loans held for sale

63,823

27,046

Loans

2,078,540

1,943,525

Less allowance for loan losses

(42,219

)

(16,642

)

Loans, net

2,036,321

1,926,883

Bank owned life insurance

40,821

40,011

Property and equipment, net

61,386

58,478

Deferred income taxes

6,510

4,275

Other assets

17,055

8,044

Total assets

$

2,479,411

2,267,195

LIABILITIES

Deposits

$

2,181,056

1,876,124

Federal Home Loan Bank advances and other borrowings

-

110,000

Subordinated debentures

35,971

35,890

Other liabilities

43,635

39,321

Total liabilities

2,260,662

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, 7,737,594 and 7,672,678 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

77

77

Nonvested restricted stock

(989

)

(803

)

Additional paid-in capital

108,337

106,152

Accumulated other comprehensive income (loss)

865

(298

)

Retained earnings

110,459

100,732

Total shareholders’ equity

218,749

205,860

Total liabilities and shareholders’ equity

$

2,479,411

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

September 30,

For the nine months ended

September 30,

(dollars in thousands, except share data)

2020

2019

2020

2019

Interest income

Loans

$

23,042

22,817

69,963

65,804

Investment securities

310

576

1,090

1,664

Federal funds sold and interest-bearing deposits with banks

63

663

218

1,288

Total interest income

23,415

24,056

71,271

68,756

Interest expense

Deposits

2,393

6,409

11,195

17,959

Borrowings

385

368

1,569

1,161

Total interest expense

2,778

6,777

12,764

19,120

Net interest income

20,637

17,279

58,507

49,636

Provision for loan losses

11,100

650

27,300

1,250

Net interest income after provision for loan losses

9,537

16,629

31,207

48,386

Noninterest income

Mortgage banking income

6,277

3,055

14,721

7,741

Service fees on deposit accounts

211

271

670

802

ATM and debit card income

465

464

1,258

1,287

Income from bank owned life insurance

270

282

810

720

Other income

361

324

3,249

930

Total noninterest income

7,584

4,396

20,708

11,480

Noninterest expenses

Compensation and benefits

8,894

7,668

25,216

21,850

Occupancy

1,602

1,416

4,635

4,099

Real estate owned expenses

673

-

673

-

Outside service and data processing costs

1,225

1,073

3,646

3,078

Insurance

377

145

995

743

Professional fees

568

399

1,591

1,252

Marketing

176

237

535

733

Other

668

546

1,907

1,745

Total noninterest expenses

14,183

11,484

39,198

33,500

Income before income tax expense

2,938

9,541

12,717

26,366

Income tax expense

721

2,129

2,990

5,705

Net income available to common shareholders

$

2,217

7,412

9,727

20,661

Earnings per common share

Basic

$

0.29

0.98

1.26

2.75

Diluted

0.28

0.95

1.24

2.66

Weighted average common shares outstanding

Basic

7,732,293

7,548,184

7,711,181

7,501,337

Diluted

7,815,265

7,780,504

7,820,345

7,759,611

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 September 30,

For the nine months

ended September 30,

(dollars in thousands)

2020

2019

2020

2019

Net income

$

2,217

7,412

9,727

20,661

Other comprehensive income:

Unrealized gain on securities available for sale:

Unrealized holding gain arising during the period, pretax

77

301

1,472

1,705

Tax expense

(17

)

(64

)

(309

)

(358

)

Reclassification of realized gain

-

(2

)

-

(8

)

Tax expense

-

1

-

2

Other comprehensive income

60

236

1,163

1,341

Comprehensive income

$

2,277

7,648

10,890

22,002

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 September 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

June 30, 2019

7,557,923

76

-

-

(887

)

104,354

188

86,123

189,854

Net income

-

-

-

-

-

-

-

7,412

7,412

Proceeds from exercise of stock options

56,596

-

-

-

-

557

-

-

557

Issuance of restricted stock

4,000

-

-

-

(143

)

143

-

-

-

Compensation expense related to restricted stock, net of tax

-

-

-

-

111

-

-

-

111

Compensation expense related to stock options, net of tax

-

-

-

-

-

324

-

-

324

Other comprehensive income

-

-

-

-

-

-

236

-

236

September 30, 2019

7,618,519

$

76

-

$

-

$

(919

)

$

105,378

$

424

$

93,535

$

198,494

June 30, 2020

7,734,644

77

-

-

(1,001

)

108,031

805

108,242

216,154

Net income

-

-

-

-

-

-

-

2,217

2,217

Proceeds from exercise of stock options

250

-

-

-

-

1

-

-

1

Issuance of restricted stock

2,700

-

-

-

(88

)

88

-

-

-

Compensation expense related to restricted stock, net of tax

-

-

-

-

100

-

-

-

100

Compensation expense related to stock options, net of tax

-

-

-

-

-

217

-

-

217

Other comprehensive income

-

-

-

-

-

-

60

-

60

 

September 30, 2020

7,737,594

$

77

-

$

-

$

(989

)

$

108,337

$

865

$

110,459

$

218,749

 

For the nine months ended September 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

-

-

-

-

-

-

-

20,661

20,661

Proceeds from exercise of stock options

137,338

1

-

-

-

1,315

-

-

1,316

Issuance of restricted stock

14,700

-

-

-

(490

)

490

-

-

-

Compensation expense related to restricted stock, net of tax

-

-

-

-

312

-

-

-

312

Compensation expense related to stock options, net of tax

-

-

-

-

-

948

-

-

948

Other comprehensive income

-

-

-

-

-

-

1,341

-

1,341

September 30, 2019

7,618,519

$

76

-

$

-

$

(919

)

$

105,378

$

424

$

93,535

$

198,494

December 31, 2019

7,672,678

77

-

-

(803

)

106,152

(298

)

100,732

205,860

Net income

-

-

-

-

-

-

-

9,727

9,727

Proceeds from exercise of stock options

52,716

-

-

-

-

963

-

-

963

Issuance of restricted stock

12,200

-

-

-

(494

)

494

-

-

-

Compensation expense related to restricted stock, net of tax

-

-

-

-

308

-

-

-

308

Compensation expense related to stock options, net of tax

-

-

-

-

-

728

-

-

728

Other comprehensive income

-

-

-

-

-

-

1,163

-

1,163

 

September 30, 2020

7,737,594

$

77

-

$

-

$

(989

)

$

108,337

$

865

$

110,459

$

218,749

 

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 nine months ended

September 30,

(dollars in thousands)

2020

 

2019

Operating activities

 

Net income

$

9,727

20,661

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

Provision for loan losses

27,300

1,250

Depreciation and other amortization

1,569

1,390

Accretion and amortization of securities discounts and premium, net

497

293

Write-down of real estate owned

513

-

Net change in operating leases

157

534

Compensation expense related to stock options and restricted stock grants

1,036

1,260

Gain on sale of loans held for sale

(14,377

)

(7,456

)

Loans originated and held for sale

(412,069

)

(276,018

)

Proceeds from sale of loans held for sale

389,669

252,085

Increase in cash surrender value of bank owned life insurance