Southern First Bancshare | 8-K: FY2026 Q2 Revenue: USD 35.88 M

Revenue: As of FY2026 Q2, the actual value is USD 35.88 M.

EPS: As of FY2026 Q2, the actual value is USD 1.2, beating the estimate of USD 1.19.

EBIT: As of FY2026 Q2, the actual value is USD 17.13 M.

Financial Highlights – Second Quarter 2026

Segment Revenue

• Net interest income for Southern First Bancshares, Inc. was $32,370 thousand, an increase of $7,075 thousand or 28.0% compared to the second quarter of 2025 .
• Noninterest income was $3,508 thousand, an increase of $174 thousand or 5.2% compared to the second quarter of 2025 .
• Total revenue amounted to $35,878 thousand, representing an increase of $7,249 thousand or 25.3% year-over-year .

Operational Metrics

• Net income available to common shareholders was $11,195 thousand, marking a $4,614 thousand or 70.1% increase compared to the second quarter of 2025 .
• Return on average assets was 0.96%, compared to 0.63% for the second quarter of 2025 .
• Return on average equity was 10.28%, compared to 7.71% for the second quarter of 2025 .
• Net interest margin was 2.87%, a 37-basis point increase from 2.50% for the second quarter of 2025 .
• Noninterest expense totaled $20,393 thousand, an increase of $1,057 thousand or 5.5% compared to the second quarter of 2025 .
• Provision for credit losses was $1,025 thousand, an increase of $325 thousand or 46.4% compared to the second quarter of 2025 . This included a $950 thousand provision for loan losses and a $75 thousand provision for unfunded commitments .
• Noninterest expense to average assets was 1.75%, compared to 1.86% for the second quarter of 2025 .
• The efficiency ratio was 56.84%, compared to 67.54% for the second quarter of 2025 .

Unique Metrics

Balance Sheet Total loans were $4,030,255 thousand, an increase of $283,414 thousand or 7.6% from the second quarter of 2025 . Total deposits reached $3,935,452 thousand, up $299,123 thousand or 8.2% from the second quarter of 2025 . Retail deposits were $3,556,045 thousand, an increase of $480,414 thousand or 15.6% from the second quarter of 2025 . Wholesale deposits were $379,407 thousand, a reduction of - $181,290 thousand or -32.3% from the second quarter of 2025 . Total assets amounted to $4,700,171 thousand, an increase of $392,104 thousand or 9.1% from the second quarter of 2025 . Book value per common share was $47.77, up $5.54 or 13.1% from the second quarter of 2025 . The tangible common equity (TCE) ratio was 9.62%, up from 8.02% for the second quarter of 2025 . The Common Equity Tier 1 (CET1) ratio was 12.82%, up from 10.71% for the second quarter of 2025 .

Asset Quality Nonperforming assets to total assets were 0.27%, consistent with the second quarter of 2025 . Classified assets/Tier 1 capital plus allowance for credit losses was 3.15%, compared to 4.35% for the second quarter of 2025 . Accruing loans 30 days or more past due/loans decreased to 0.10%, compared to 0.14% for the second quarter of 2025 . Net charge-offs (recoveries) as a percentage of average loans (annualized) was 0.01%, consistent with the second quarter of 2025 . Allowance for credit losses to total loans remained at 1.10% for the quarter, consistent with the second quarter of 2025 . Allowance for credit losses to nonaccrual loans was 395.41%, compared to 362.35% for the second quarter of 2025 .

Loan Composition (Q2 2026 vs Q2 2025) Total commercial loans were $2,502,239 thousand, an increase of $218,570 thousand or 9.6% . Owner occupied RE loans were $755,419 thousand, up $68,995 thousand or 10.1% . Non-owner occupied RE loans were $967,698 thousand, up $28,535 thousand or 3.0% . Construction loans were $66,105 thousand, a decrease of - $2,316 thousand or -3.4% . Business loans were $713,017 thousand, up $123,356 thousand or 20.9% . Total consumer loans were $1,528,016 thousand, an increase of $64,844 thousand or 4.4% . Real estate loans were $1,167,282 thousand, up $3,095 thousand or 0.3% . Home equity loans were $273,017 thousand, up $38,409 thousand or 16.4% . Construction loans were $36,371 thousand, up $11,161 thousand or 44.3% . Other consumer loans were $51,346 thousand, up $12,179 thousand or 31.1% .

Deposit Composition (Q2 2026 vs Q2 2025) Non-interest bearing deposits were $799,246 thousand, up $37,754 thousand or 5.0% . Interest bearing deposits included: NOW accounts at $538,443 thousand, up $196,540 thousand or 57.5% . Money market accounts at $1,765,697 thousand, up $228,297 thousand or 14.8% . Savings accounts at $29,460 thousand, down - $2,874 thousand or -8.9% . Time deposits less than $250,000 were $175,971 thousand, down - $18,093 thousand or -9.3% . Time deposits $250,000 and over were $626,635 thousand, down - $142,501 thousand or -18.5% .

Outlook/Guidance

Southern First Bancshares, Inc.’s CEO, Art Seaver, stated that the company’s second quarter 2026 accomplishments position them for continued success in the second half of 2026 . The company strengthened its capital position by raising gross proceeds of $65.2 million and issuing 1.2 million additional common shares to support strong growth expectations . They also redeemed a portion of subordinated notes to optimize regulatory capital treatment and reduce higher interest rates .