Southern First Bancshares, Inc (SFST) has reported 3.53 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.11 million, or $0.46 a share in the quarter, compared with $3.01 million, or $0.45 a share for the same period last year. Revenue during the quarter grew 7.49 percent to $13.16 million from $12.24 million in the previous year period. Net interest income for the quarter rose 12.61 percent over the prior year period to $11.61 million. Non-interest income for the quarter fell 19.85 percent over the last year period to $2.05 million.
Southern First Bancshares has made provision of $0.50 million for loan losses during the quarter, down 20 percent from $0.62 million in the same period last year.
Net interest margin contracted 3 basis points to 3.61 percent in the quarter from 3.64 percent in the last year period. Efficiency ratio for the quarter deteriorated to 61.21 percent from 58.42 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“I am proud of our team as we generated record core deposit growth of over $63 million,” stated Art Seaver, the Company’s Chief Executive Officer. “With our first quarter loan growth of $55 million, we are seeing strong momentum in adding new client relationships. We are also excited as we added new members to our Columbia and Charleston teams as well as our first key bankers in the Atlanta market.”
Assets outpace liabilities growth
Total assets stood at $1,467.94 million as on Mar. 31, 2017, up 18.45 percent compared with $1,239.32 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,342.38 million as on Mar. 31, 2017, up 17.65 percent from $1,141.02 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,203.39 million as on Mar. 31, 2017, up 15.80 percent compared with $1,039.20 million on Mar. 31, 2016. Deposits stood at $1,211.27 million as on Mar. 31, 2017, up 11.01 percent compared with $1,091.15 million on Mar. 31, 2016. Loans to deposits ratio was 100.61 percent for the quarter, down from 103.55 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $253.32 million or 20.91 percent of total deposits on Mar. 31, 2017, compared with $235.54 million or 21.59 percent of total deposits on Mar. 31, 2016.
Investments stood at $68.36 million as on Mar. 31, 2017, down 2.65 percent or $1.86 million from year-ago. Shareholders equity stood at $113.57 million as on Mar. 31, 2017, up 15.54 percent or $15.27 million from year-ago.
Return on average assets moved down 8 basis points to 0.92 percent in the quarter from 1 percent in the last year period. At the same time, return on average equity decreased 120 basis points to 11.27 percent in the quarter from 12.47 percent in the last year period.
Credit quality improves
Southern First Bancshares, Inc recorded an improvement in credit quality during the quarter. Nonperforming assets moved down 19.19 percent or $1.63 million to $6.85 million on Mar. 31, 2017 from $8.47 million on Mar. 31, 2016. Nonperforming assets to total loans was 0.56 percent in the quarter, down from 0.82 percent in the last year period. Meanwhile, nonperforming assets to total assets was 0.47 percent in the quarter, down from 0.68 percent in the last year period. Book value per share was $17.53 for the quarter, up 13.17 percent or $2.04 compared to $15.49 for the same period last year.
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