Southern First Bancshares Q1 net income climbs 86.8% to $9.9 million; EPS rises to $1.19

• Southern First Bancshares first-quarter net income to common shareholders more than doubled to $9.9 million, with diluted EPS rising to $1.19.
• Net interest income climbed 29.4% to $30.3 million, lifting tax-equivalent net interest margin by 47 basis points to 2.88%.
• Provision for credit losses increased to $1.3 million from $750,000, driven primarily by loan growth.
• Noninterest income advanced 13.7% to $3.54 million, while noninterest expense rose 6.3% to $20.02 million and efficiency ratio improved to 59.2%.
• Subsequent to quarter-end, company completed a public offering of 1,207,500 shares at $54 per share for gross proceeds of about $65.2 million to support growth, provide capital to bank, repay debt, and for working capital.

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