Southern First Bancshares Posts 70% Profit Surge in Second Quarter

The bank’s performance was anchored by a 28% rise in net interest income, reaching $32.4 million as new loan volume offset higher funding costs. CEO Art Seaver highlighted the momentum of the organization’s organic growth strategy, noting that retail client deposits grew by $184 million during the quarter. To further support this trajectory, the company successfully raised $65.2 million through a common stock offering, allowing it to redeem higher-interest subordinated notes.

Diluted earnings per share hit $1.20, a 48% improvement over the same period last year. Asset quality remained stable, with net charge-offs staying low at 0.01% of average loans. The bank, which operates across South Carolina, North Carolina, and Georgia, maintained a strong capital foundation, with its Common Equity Tier 1 ratio rising to 12.81%. Management expects these results to set a firm foundation for the remainder of 2026.