Southern First Q3 profit rises 41% to $12.2 million

• Southern First Bancshares reported third-quarter 2026 net income of $12.2 million, up 41.2% year over year, while diluted earnings increased to $1.28 per share from $1.06.
• Quarterly revenue increased 20.6% to $37.5 million, supported by higher net interest income, expanding net interest margins and continued loan and deposit growth.
• Loans reached $4.2 billion and retail deposits grew to $3.7 billion, although credit-loss provisions and nonperforming assets increased sequentially.

Southern First Bancshares (NASDAQ:SFST) reported third-quarter 2026 net income of $12.2 million, up 41.2% year over year, supported by stronger lending income.

Diluted earnings increased to $1.28 per share from $1.06 a year earlier and $1.20 sequentially, while revenue rose 20.6% to $37.5 million.

Net interest income increased 25.9% to $34.7 million, reflecting stronger lending activity and an improvement in the bank's net interest margin.

Net interest margin widened to 3.02% from 2.62% a year earlier and 2.87% sequentially, while noninterest income declined 20.4% to $2.9 million.

Southern First reported quarterly loan growth of $145 million and a $163 million increase in retail deposits, bringing balances to $4.2 billion and $3.7 billion, respectively.

Credit-loss provisions increased to $1.4 million from $1.025 million sequentially, while nonperforming assets rose to 0.30% of total assets from 0.27%.

The bank's tangible common equity ratio declined to 9.47% from 9.62% in the second quarter but remained above its year-earlier level of 8.18%.