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Southern First increases net income by 158%


Staff Report
Published Jan. 22, 2013

Greenville-based Southern First Bancshares Inc. announced net income increased 158% to $1.1 million during the fourth quarter of 2012, compared with $440,000 for the same period in 2011.

Southern First Bancshares is the holding company for Southern First Bank in the Midlands and Lowcountry, and Greenville First Bank in the Upstate.

For the year ended Dec. 31, 2012, net income was $3.9 million, compared with $2.1 million for 2011. Net income available to common shareholders was $2.8 million last year, compared with $944,000 in 2011.

For the fourth quarter, net income available to common shareholders was $929,000, compared with $152,000 for the fourth quarter of 2011.

Loan balances increased to $646 million as of Dec. 31, 2012 compared with $598.6 million in 2011. Nonperforming assets improved to 1.24% at the fourth quarter of 2012, compared with 1.82% in 2011.

Southern First Bancshares has assets of approximately $798 million. It is traded on the Nasdaq Global Market under the symbol SFST.

Previous coverage

Southern First posts spike in profit for Q3
Profits jump for Southern First
Southern First to expand to Charleston
Treasury sells stake in Southern First
Southern First reports best quarter in three years
Southern First returns to profitability
Profits increase for Greenville’s Southern First
Southern First reports improved finances


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