Southern First Bancshares (NASDAQ:SFST), the holding company for Southern First Bank, delivered a record-setting performance for the first quarter of 2026.
The results highlight a period of aggressive scaling for the regional lender, which saw its profitability nearly double compared to the prior year, driven by higher interest income and a successful public offering of its common stock.
For the quarter ended March 31, 2026, Southern First reported net income of $9.9 million, or $1.19 per diluted share, representing an 83% increase over the same period in 2025.
The bottom-line growth was fueled by a 29% rise in net interest income, which reached $30.3 million.
The bank’s performance was bolstered by a disciplined lending environment, with total loans increasing to a record $3.94 billion.
A significant pillar of the quarter’s activity was the completion of a substantial capital raise.
The company issued 1,207,500 shares of common stock at a price of $54.00 per share, generating gross proceeds of approximately $65.2 million.
Management stated the new capital would be utilized to support ongoing organic growth, satisfy regulatory capital requirements, and provide flexibility for potential strategic opportunities within its high-growth Southeastern markets.
Deposit activity also remained strong despite a competitive landscape for funding.
Retail deposits grew by $207.8 million during the quarter, providing the necessary liquidity to support the bank's expanding loan portfolio.