2013 Highlights. TOTAL LOANS dollars in millions. TOTAL DEPOSITS dollars in millions. TOTAL REVENUE dollars in millions
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1 2013 Annual Report
2 welcome Southern First Bancshares, Inc., is the holding company for Southern First Bank. The company was established in 1999 and is headquartered in Greenville, South Carolina. In 2007, we expanded to Columbia, South Carolina, and then to Charleston, South Carolina, in Greenville, Columbia, and Charleston represent the largest banking markets in South Carolina. Each market has approximately $10 billion in deposits and continues to enjoy solid growth. Our unique model, dynamic markets, and experienced bank team provide the basis for the continued success of our company.
3 2013 Highlights The value of your SFST stock increased 57% Net income increased 58% Record growth in loans and deposits Significant decline in credit costs Momentum heading into TOTAL REVENUE dollars in millions TOTAL DEPOSITS dollars in millions TOTAL LOANS dollars in millions
4 shareholder letter Dear Fellow Shareholders It is a pleasure to highlight the performance of your company in Southern First Bank is now fourteen years old and operates in the three largest markets in South Carolina. During 2013, Southern First generated the strongest earnings in our company s history. The record results are attributed to sizable growth in new client relationships and continued improvement in overall credit costs. We are proud of the financial performance of Southern First in 2013 and remain focused on improving your value in the future Operating Highlights Valuation increases 57%: The value of your investment in Southern First improved 57% in Southern First s unique banking model translates into solid financial performance and an impressive return for our shareholders. The company s valuation now represents 114% of tangible book value. The primary focus of our team is to continue providing an attractive return on your investment. Net income increases 58%: Southern First recorded net income of $4.4 million in 2013, a 58% increase over the $2.8 million in earnings recorded in The growth in earnings is a result of solid growth in loans and core deposits, improved net margin, and lower credit costs. Record growth in loans and deposits: During 2013, Southern First s loan portfolio grew $91 million or 14% for the year. While the company s expansion to Charleston resulted in significant growth, our Greenville and Columbia markets also experienced impressive loan growth. Total deposits increased $104 million for the year, representing an 18% increase for the year. Our bankers continue to focus on core client relationships and grew core deposits 13% during Significant decline in credit costs: Southern First recorded total credit costs of $3.7 million in This total represents a 33% decrease from the $5.5 million in credit costs in The decline in overall credit costs is a direct result of improvement in nonperforming assets and charged-off loans. The company s charge-off ratio was.34% in 2013 compared to.71% in Momentum As Southern First entered 2013, we had just announced our initial expansion to the Charleston market and our third office in the Columbia market. Both of these strategic investments have surpassed our expectations and contributed significantly to the loan and core deposit growth experienced in 2013.
5 Our vision at Southern First is to create a unique client experience. Our Client FIRST model provides a senior banker and consistent support team to every client to ensure consistency and a superior level of professional service. This model continues to grow client relationships and our company now totals $891 million in total assets. Southern First enters 2014 with tremendous momentum. We have made significant investments in technology, infrastructure, and mortgage capabilities to improve the client experience and drive financial performance in the future. We have the capacity to grow and have assembled a dynamic team that is passionate about performance. We are focused on providing a unique and valued client experience and understand the privilege of serving the clients in our markets. Thank you for your continued support. Art Seaver Chief Executive Officer Justin Strickland President Jimmy Orders Chairman of the Board
6 financials Condensed Consolidated Balance Sheets Southern First Bancshares, Inc. & Subsidiary AS OF* ASSETS Cash and due from banks Federal funds sold and interest-bearing deposits Investments Loans Less allowance for loan losses Net loans Property and equipment, net Bank owned life insurance Other assets Total assets DEC $ $12,361 26,842 73, ,267 (10,213) 727,054 19,827 21,383 9,808 $ 890,831 DEC $ 13,063 16,350 86, ,949 (9,091) 636,858 18,733 18,725 8,253 $ 797,998 LIABILITIES Deposits FHLB advances and other borrowings Junior subordinated debentures Other Total liabilities SHAREHOLDERS EQUITY Preferred stock Common Stock Nonvested restricted stock Additional paid-in capital Accumulated other comprehensive income (loss) Retained earnings Total shareholders equity Total liabilities and shareholders equity *dollars in thousands $ 680, ,100 13,403 7, ,166 15, (636) 43,585 (1,348) 8,722 65,665 $ 890,831 $ 576, ,290 13,403 6, ,873 16, (160) 42,396 1,178 4,369 64,125 $ 797,998
7 Condensed Consolidated Statements of Income Southern First Bancshares, Inc. & Subsidiary FOR THE YEARS ENDED* DEC. 31, 2013 DEC. 31, 2012 INTEREST INCOME Loans Investments Total interest income INTEREST EXPENSE Net interest income PROVISION FOR LOAN LOSSES Net interest income after provision for loan losses NONINTEREST INCOME Loan fee income Service fees on deposit accounts Income from bank owned life insurance Gain on sale of investment securities Other income Total noninterest income NONINTEREST EXPENSES Compensation and benefits Occupancy Real estate owned activity Data processing and related costs Insurance Marketing Professional fees Other Total noninterest expenses Income before income tax expense INCOME TAX EXPENSE NET INCOME Preferred stock dividend Discount accretion Redemption of preferred stock NET INCOME AVAILABLE TO COMMON SHAREHOLDERS DILUTED INCOME PER COMMON SHARE WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED *dollars in thousands, except per share data $ 34,242 1,876 36,118 7,097 29,021 3,475 25,546 1, ,030 3,802 12,302 3, , ,462 21,812 7,536 2,416 $ 5, (20) $ 4,369 $ ,458,918 $ 32,668 2,030 34,698 8,702 25,996 4,550 21,446 1, ,762 10,073 2, ,070 1, ,118 19,513 5,695 1,833 $ 3, (96) $ 2,758 $ ,339,958
8 information Report of Independent Registered Public Accounting Firm To The Board of Directors, We have audited, in accordance with standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Southern First Bancshares, Inc., and Subsidiary as of December 31, 2013, and 2012, and the related consolidated statements of income, comprehensive income, shareholders equity, and cash flows for each of the years in the three-year period ended December 31, 2013, (not presented herein); and in our report dated March 4, 2014, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly stated, in all material respects, in conformity with U.S. generally accepted accounting principles in relation to the consolidated financial statements from which it has been derived. Greenville, South Carolina March 4, 2014 Forward-Looking Statements In this annual report, statements relating to future plans and expectations, are subject to risks and uncertainties, such as a downturn in the economy, greater than expected non-interest expenses, excessive loan losses and other matters, which could cause actual results to differ materially from the future plans and expectations anticipated by such forward-looking statements. For a more detailed description of factors that could cause such differences, please see our Annual Report on Form 10-K. We undertake no duty to update forward-looking statements. Common Stock Southern First Bancshares, Inc., holding company for Southern First Bank, is traded on the NASDAQ Global Market under the symbol SFST. A copy of Southern First Bancshares, Inc. s, Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, is available at no charge by contacting the Investor Relations Officer listed below or on the company s web site at Annual Shareholders Meeting The Annual Meeting of Shareholders of Southern First Bancshares, Inc., will be held at the Poinsett Club, 807 E. Washington Street, Greenville, South Carolina, on Tuesday, May 20, 2014, at 5:00 PM. Independent Registered Public Accounting Firm Elliott Davis LLC P.O. Box 6286 Greenville, South Carolina General Counsel Nelson Mullins Riley & Scarborough LLP P.O. Box Greenville, South Carolina Transfer Agent and Registrar Registrar and Transfer Company 10 Commerce Drive Cranford, New Jersey Investor Relations Officer Michael D. Dowling, Chief Financial Officer Southern First Bancshares, Inc. P.O. Box Greenville, South Carolina 29606
9 leadership Southern First Executive Officers R. Arthur Seaver, Jr. Chief Executive Officer F. Justin Strickland President Michael D. Dowling Chief Financial Officer Frederick Gilmer, III EVP Chief Lending Officer Carolyn A. Herbert EVP Client Services Len Howell EVP Charleston Regional Executive Michael M. Strickland EVP Chief Risk Officer Scott E. Bailey SVP Senior Mortgage Executive Sandra K. Boozer SVP Facilities and Physical Security Michael E. Edens Julie A. Fairchild SVP Controller Richard H. Furman SVP Senior Team Leader Theresia J. Garner SVP Deposit Operations W. David Keller Donald L. Kiser Matthew B. Kneeland Kevin E. Lee Brenda K. McKay SVP Market Manager K. Sharise Mundt SVP Human Resources Robert E. Reeves, Jr. Jason E. Starnes Chief Information Officer Blake G. Taylor Robert B. Thompson Edward W. Tuttle
10 Toni N. Whitten SVP Chief Credit Administrative Officer Sarah G. Baldwin Mortgage Executive Lisa C. Gilstrap Mortgage Executive Julia C. Howell Mortgage Executive Terryn C. Patterson Mortgage Executive Nelson C. Poe Mortgage Executive Southern First Board of Directors James B. Orders, III R. Arthur Seaver, Jr. Andrew B. Cajka, Jr. Mark A. Cothran Leighton M. Cubbage Anne S. Ellefson David G. Ellison Fred Gilmer, Jr. Tee Hooper Rudolph G. Johnstone, III William B. Sturgis
11 contact us Southern First Bancshares, Inc. 100 Verdae Boulevard, Suite 100 Greenville, South Carolina
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