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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
Commission file number 000-27719

Southern First Bancshares, Inc.

(Exact name of registrant as specified in its charter)

South Carolina		58-2459561
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6 Verdae Boulevard
Greenville, S.C.		29607
(Address of principal executive offices)		(Zip Code)

864-679-9000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	SFST	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller Reporting Company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 8,180,715 shares of common stock, par value $0.01 per share, were issued and outstanding as of July 24, 2025.

Table of Contents

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
June 30, 2025 Form 10-Q

INDEX


		Page
PART I – CONSOLIDATED FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements

	Consolidated Balance Sheets	3

	Consolidated Statements of Income	4

	Consolidated Statements of Comprehensive Income	5

	Consolidated Statements of Shareholders’ Equity	6

	Consolidated Statements of Cash Flows	7

	Notes to Unaudited Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	45

Item 4.	Controls and Procedures	46

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

Item 3.	Defaults upon Senior Securities	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information	47

Item 6.	Exhibits	47

Table of Contents

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS



	June 30,			December 31,
(dollars in thousands, except share data)	2025			2024
	(Unaudited)			(Audited)
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	25,184			22,553
Federal funds sold		180,834			128,452
Interest-bearing deposits with banks		65,014			11,858
Total cash and cash equivalents		271,032			162,863
Investment securities:
Investment securities available for sale		128,867			132,127
Other investments		19,906			19,490
Total investment securities		148,773			151,617
Mortgage loans held for sale		10,739			4,565
Loans		3,746,841			3,631,767
Less allowance for credit losses		(41,285	)		(39,914	)
Loans, net		3,705,556			3,591,853
Bank owned life insurance		54,886			54,070
Property and equipment, net		85,921			88,794
Deferred income taxes, net		12,971			13,467
Other assets		18,189			20,364
Total assets	$	4,308,067			4,087,593
LIABILITIES
Deposits	$	3,636,329			3,435,765
FHLB advances and related debt		240,000			240,000
Subordinated debentures		24,903			24,903
Other liabilities		61,373			56,481
Total liabilities		3,962,605			3,757,149
SHAREHOLDERS’ EQUITY
Preferred stock, par value $.01 per share, 10,000,000 shares authorized		-			-
Common stock, par value $.01 per share, 20,000,000 shares authorized, 8,180,715 shares issued and outstanding at June 30, 2025; 20,000,000 shares authorized, 8,164,872 shares issued and outstanding at December 31, 2024.		82			82
Nonvested restricted stock		(2,774	)		(3,884	)
Additional paid-in capital		124,839			124,641
Accumulated other comprehensive loss		(9,609	)		(11,472	)
Retained earnings		232,924			221,077
Total shareholders’ equity		345,462			330,444
Total liabilities and shareholders’ equity	$	4,308,067			4,087,593

See notes to consolidated financial statements that are an integral part of these consolidated statements.

Table of Contents

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)



	For the three months				For the six months
	ended June 30,				ended June 30,
(dollars in thousands, except share data)	2025		2024		2025		2024
Interest income
Loans	$	48,992		46,545		96,077		92,150
Investment securities		1,357		1,418		2,760		2,896
Federal funds sold and interest-bearing deposits with banks		1,969		2,583		3,128		3,863
Total interest income		52,318		50,546		101,965		98,909
Interest expense
Deposits		24,300		28,216		47,869		55,148
Borrowings		2,723		2,802		5,418		5,588
Total interest expense		27,023		31,018		53,287		60,736
Net interest income		25,295		19,528		48,678		38,173
Provision for credit losses		700		500		1,450		325
Net interest income after provision for credit losses		24,595		19,028		47,228		37,848
Noninterest income
Mortgage banking income		1,569		1,923		2,993		3,087
Service fees on deposit accounts		567		416		1,106		810
ATM and debit card income		586		587		1,138		1,131
Income from bank owned life insurance		413		384		816		762
Other income		199		213		394		397
Total noninterest income		3,334		3,523		6,447		6,187
Noninterest expenses
Compensation and benefits		11,674		11,290		22,978		22,147
Occupancy		2,523		2,552		5,071		5,109
Outside service and data processing		2,189		1,962		4,226		3,808
Insurance		910		965		1,919		1,920
Professional fees		609		582		1,118		1,200
Marketing		397		389		771		758
Other		1,034		903		2,088		1,801
Total noninterest expenses		19,336		18,643		38,171		36,743
Income before income tax expense		8,593		3,908		15,504		7,292
Income tax expense		2,012		909		3,657		1,771
Net income	$	6,581		2,999		11,847		5,521
Earnings per common share
Basic	$	0.81		0.37		1.46		0.68
Diluted		0.81		0.37		1.46		0.68
Weighted average common shares outstanding
Basic		8,118,895		8,125,869		8,098,737		8,118,059
Diluted		8,133,789		8,140,822		8,122,215		8,141,371

See notes to consolidated financial statements that are an integral part of these consolidated statements.

Table of Contents

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)



	For the three months ended June 30,						For the six months ended June 30,
(dollars in thousands)	2025			2024			2025			2024
Net income	$	6,581			2,999			11,847			5,521
Other comprehensive income (loss):
Unrealized gain (loss) on securities available for sale:
Unrealized holding gain (loss) arising during the period, pretax		516			(86	)		2,358			(664	)
Tax benefit (expense)		(109	)		17			(495	)		140
Other comprehensive income (loss)		407			(69	)		1,863			(524	)
Comprehensive income	$	6,988			2,930			13,710			4,997

See notes to consolidated financial statements that are an integral part of these consolidated statements.

Table of Contents

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)



	For the three months ended June 30,
	Common stock					Preferred stock				Nonvested restricted			Additional paid-in			Accumulated other comprehensive			Retained
(dollars in thousands, except share data)	Shares			Amount		Shares		Amount		stock			capital			income (loss)			earnings		Total
March 31, 2024		8,156,109		$	82		-	$	-	$	(5,257	)	$	124,159		$	(11,797	)	$	208,069	$	315,256
Net incomeAdditional paid-in capital		-			-		-		-		-			-			-			2,999		2,999
Proceeds from exercise of stock options		-			-		-		-		-			-			-			-		-
Issuance of restricted stock, net of forfeitures		(1,012	)		-		-		-		78			(78	)		-			-		-
Compensation expense related to restricted stock, net of taxPreferred stock		-			-		-		-		469			-			-			-		469
Compensation expense related to stock options, net of taxCommon stock		-			-		-		-		-			93			-			-		93
Other comprehensive loss		-			-		-		-		-			-			(69	)		-		(69	)
June 30, 2024		8,155,097		$	82		-	$	-	$	(4,710	)	$	124,174		$	(11,866	)	$	211,068	$	318,748
March 31, 2025		8,168,865		$	82		-	$	-	$	(3,372	)	$	124,561		$	(10,016	)	$	226,343	$	337,598
Net incomeNonvested restricted stock		-			-		-		-		-			-			-			6,581		6,581
Proceeds from exercise of stock options		13,000			-		-		-		-			306			-			-		306
Restricted shares withheld for taxes		(1,150	)		-		-		-		-			(35	)		-			-		(35	)
Share based compensation expense, net of forfeituresRetained earnings		-			-		-		-		598			7			-			-		605
Other comprehensive income		-			-		-		-		-			-			407			-		407
June 30, 2025		8,180,715		$	82		-	$	-	$	(2,774	)	$	124,839		$	(9,609	)	$	232,924	$	345,462


	For the six months ended June 30,
	Common stock					Preferred stock				Nonvested restricted			Additional paid-in			Accumulated other comprehensive			Retained
(dollars in thousands, except share data)	Shares			Amount		Shares		Amount		stock			capital			income (loss)			earnings		Total
December 31, 2023		8,088,186		$	81		-		-	$	(3,596	)	$	121,777		$	(11,342	)	$	205,547	$	312,467
Net income		-			-		-		-		-			-			-			5,521		5,521
Proceeds from exercise of stock options		11,000			-		-		-		-			167			-			-		167
Issuance of restricted stock, net of forfeitures		55,911			1		-		-		(2,035	)		2,034			-			-		-
Compensation expense related to restricted stock, net of tax		-			-		-		-		921			-			-			-		921
Compensation expense related to stock options, net of tax		-			-		-		-		-			196			-			-		196
Other comprehensive loss		-			-		-		-		-			-			(524	)		-		(524	)
June 30, 2024		8,155,097		$	82		-	$	-	$	(4,710	)	$	124,174		$	(11,866	)	$	211,068	$	318,748
December 31, 2024		8,164,872		$	82		-	$	-	$	(3,884	)	$	124,641		$	(11,472	)	$	221,077	$	330,444
Net income		-			-		-		-		-			-			-			11,847		11,847
Proceeds from exercise of stock options		25,500			-		-		-		-			516			-			-		516
Restricted shares withheld for taxes		(9,657	)		-		-		-		-			(350	)		-			-		(350	)
Share based compensation expense, net of forfeitures		-			-		-		-		1,110			32			-			-		1,142
Other comprehensive income		-			-		-		-		-			-			1,863			-		1,863
June 30, 2025		8,180,715		$	82		-	$	-	$	(2,774	)	$	124,839		$	(9,609	)	$	232,924	$	345,462

See notes to consolidated financial statements that are an integral part of these consolidated statements.

Table of Contents

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



		For the six months ended June 30,
(dollars in thousands)		2025		2024
Operating activities
Net income	$	11,847		5,521
Adjustments to reconcile net income to cash provided by operating activities:
Provision for credit losses		1,450		325
Depreciation and other amortization		2,297		2,418
Accretion and amortization of securities discounts and premium, net		221		281
Net change in operating leases		48		78
Stock-based compensation expense		1,142		1,117
Gain on sale of loans held for sale		(2,813	)	(2,757	)
Loans originated and held for sale		(102,716	)	(100,884	)
Proceeds from sale of loans held for sale		99,355		96,076
Increase in cash surrender value of bank owned life insurance		(816	)	(762	)
Decrease in deferred tax asset		1		-
Decrease (increase) in other assets		2,450		(3,921	)
Increase in other liabilities		5,591		3,543
Net cash provided by operating activities		18,057		1,035
Investing activities
Increase (decrease) in cash realized from:
Increase in loans, net		(115,378	)	(21,169	)
Purchase of property and equipment		(221	)	(372	)
Purchase of investment securities:
Available for sale		-		(5,191	)
Other investments		(24	)	(4,301	)
Payments and maturities, calls and repayments of investment securities:
Available for sale		5,397		17,596
Other investments		(392	)	5,587
Net cash used for investing activities		(110,618	)	(7,850	)
Financing activities
Increase (decrease) in cash realized from:
Increase in deposits, net		200,564		80,305
Decrease in Federal Home Loan Bank advances and other borrowings, net		-		(35,000	)
Proceeds from the exercise of stock options		516		167
Restricted shares withheld for taxes		(350	)	-
Net cash provided by financing activities		200,730		45,472
Net increase in cash and cash equivalents		108,169		38,657
Cash and cash equivalents at beginning of the period		162,863		156,170
Cash and cash equivalents at end of the period	$	271,032		194,827
Supplemental information
Cash paid for
Interest	$	52,945		57,297
Income taxes		4,654		1,190
Schedule of non-cash transactions
Unrealized gain (loss) on securities, net of income taxes		1,863		(524	)
Foreclosure of other real estate		275		-

See notes to consolidated financial statements that are an integral part of these consolidated statements.

Table of Contents

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – Summary of Significant Accounting Policies

Nature of Business

Southern First Bancshares, Inc. (the “Company”) is a South Carolina corporation that owns all of the capital stock of Southern First Bank (the “Bank”) and all of the stock of Greenville First Statutory Trusts I and II (collectively, the “Trusts”). The Trusts are special purpose non-consolidated entities organized for the sole purpose of issuing trust preferred securities. The Bank’s primary federal regulator is the Federal Deposit Insurance Corporation (the “FDIC”). The Bank is also regulated and examined by the South Carolina Board of Financial Institutions. The Bank is primarily engaged in the business of accepting demand deposits and savings deposits insured by the FDIC, and providing commercial, consumer and mortgage loans to the general public.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 3, 2025. The consolidated financial statements include the accounts of the Company and the Bank. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation,” the financial statements related to the Trusts have not been consolidated.

Risk and Uncertainties

In the normal course of its business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on different bases, than its interest-earning assets. Credit risk is the risk of default within the Company’s loan portfolio that results from borrowers’ inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans receivable and the valuation of real estate held by the Company. There were several notable bank failures in 2023, driven primarily by liquidity challenges as depositors rapidly withdrew funds. These failures were exacerbated by the impact of rising interest rates, which left affected banks unable to sell long-term investment securities without incurring significant losses. In response, regulators took steps to stabilize the banking system, including ensuring that losses to the Deposit Insurance Fund used to support uninsured depositors would be recovered through a special assessment on banks, as mandated by law. While the banking disruptions seen in 2023 have largely stabilized, the financial environment remains uncertain, shaped by ongoing inflationary pressures, and persistent concerns around commercial real estate values and refinancing risks. In early 2025, the Federal Reserve began lowering interest rates in response to easing inflation and slowing growth. While lower rates can support loan demand, they may also compress net interest margins. The Federal Reserve is also continuing balance sheet reduction, contributing to some funding and market volatility. The long-term impact of these developments on the economy, financial institutions, and regulatory frameworks remains uncertain.

The Company is subject to the regulations of various governmental agencies. These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject the Company to changes with respect to the valuation of assets, the amount of required credit loss allowance and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations.

Table of Contents

The Bank makes loans to individuals and businesses in the Upstate, Midlands, and Lowcountry regions of South Carolina as well as the Triangle, Triad and Charlotte regions of North Carolina and Atlanta, Georgia for various personal and commercial purposes. The Bank’s loan portfolio has a concentration of real estate loans. As of June 30, 2025 and December 31, 2024, real estate loans represented 83.2% and 83.5%, respectively, of total loans. However, borrowers’ ability to repay their loans is not dependent upon any specific economic sector.

As of June 30, 2025, the Company’s and the Bank’s capital ratios were in excess of all regulatory requirements. While management believes that we have sufficient capital to withstand an extended economic recession, our reported and regulatory capital ratios could be adversely impacted by future credit losses.

The Company maintains access to multiple sources of liquidity, including a $15.0 million holding company line of credit with another bank which could be used to support capital ratios at the subsidiary bank. As of June 30, 2025, the $15.0 million line was unused.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, real estate acquired in the settlement of loans, fair value of financial instruments, and valuation of deferred tax assets.

Reclassifications

Certain amounts, previously reported, have been reclassified to state all periods on a comparable basis and had no effect on shareholders’ equity or net income.

Subsequent Events

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA extends or makes permanent a number of provisions originally enacted in the 2017 Tax Cuts and Jobs Act and introduces new items affecting both individuals and businesses. Topic 740, Income Taxes, of the FASB Accounting Standards Codification requires the effects of newly enacted tax law to be recognized in the period of enactment. Because enactment occurred after the quarter-end date of June 30, 2025, we are evaluating OBBBA’s impact on our deferred tax assets and liabilities, effective tax rate, and tax-related processes (e.g., payroll reporting for qualifying wage items). Based on preliminary analysis, we do not currently expect the OBBBA to have a material impact on our 2025 estimated annual effective tax rate or on our consolidated financial statements, but our evaluation is ongoing.

Newly Issued, But Not Yet Effective Accounting Standards

In November 2024, the FASB amended the Income Statement – Reporting Comprehensive Income topic in the Accounting Standards Codification to require public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to the financial statements. The amendments are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will apply the amendments retrospectively to all prior periods presented in the financial statements. The Company does not expect these amendments to have a material effect on its financial statements.

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Operating Segments

The Company adopted Accounting Standards Update 2023-07 “Segment Reporting (Topic 280) – Improvement to Reportable Segment Disclosures” on January 1, 2024. The Company, through the Bank, provides a broad range of financial services to individuals and companies in South Carolina, North Carolina, and Georgia. The Company operates through a single operating and reporting segment, primarily as a bank through services including demand, time and savings deposits; lending services; ATM processing and mortgage banking services. The Company’s chief operating decision maker, the Company’s Chief Executive Officer, assesses performance for the Company and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets. While the chief operating decision maker monitors the operating results of its lines of business, operations are managed and financial performance is evaluated on a consolidated basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.

Change in Accounting Estimate

During the first quarter of 2025, the Company refined its methodology for estimating the allowance for credit losses (“ACL”) on loans by transitioning from a lifetime probability of default and loss given default model to a discounted cash flow (“DCF”) approach. The Company transitioned to the DCF method as it allows for a better estimation of credit losses through customization among the various inputs by loan segmentation. The DCF model uses regression techniques that relate one or more economic factors to the default rate of various portfolios to build reasonable and supportable forecasts to estimate future losses. The Company determined that the national gross domestic product and unemployment rate were the two economic factors which had the greatest correlation to historical performance for use in the forecasted portion of the model. In addition, the transition to the DCF model allowed the Company to reduce its reliance on qualitative factors and to analyze them on a more granular level, such as by segment. The refinement represents a change in accounting estimate under ASC Topic 250, Accounting Changes and Error Corrections, with prospective application beginning in the period of change. This change in accounting estimate did not have a material effect on the Company’s financial statements.

NOTE 2 – Investment Securities

The amortized costs and fair value of investment securities are as follows:


	June 30, 2025
	Amortized		Gross Unrealized				Fair
(dollars in thousands) Corporate bonds [Member]	Cost		Gains		Losses		Value
Available for sale Asset-backed securities [Member]
Corporate bonds US treasuries [Member]	$	2,109		-		147		1,962
US treasuries		999		-		63		936
US government agencies US government agencies [Member]		16,861		27		1,323		15,565
State and political subdivisions		22,261		-		2,759		19,502
Asset-backed securities Mortgage-backed securities [Member]		34,603		24		293		34,334
Mortgage-backed securities		64,197		11		7,640		56,568
Total investment securities available for sale	$	141,030		62		12,225		128,867

	December 31, 2024
	Amortized		Gross Unrealized				Fair
	Cost		Gains		Losses		Value
Available for sale
Corporate bonds	$	2,121		-		194		1,927
US treasuries		999		-		91		908
US government agencies		17,540		1		1,746		15,795
State and political subdivisions		22,387		-		3,065		19,322
Asset-backed securities		36,613		36		111		36,538
Mortgage-backed securities		66,988		19		9,370		57,637
Total investment securities available for sale	$	146,648		56		14,577		132,127

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Contractual maturities and yields on the Company’s investment securities at June 30, 2025 and December 31, 2024 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



																			June 30, 2025
	Less than one year					One to five years					Five to ten years					Over ten years						Total
(dollars in thousands)	Amount		Yield			Amount		Yield			Amount		Yield			Amount		Yield			Amount		Yield
Available for sale
Corporate bonds	$	-		-		$	1,962		2.03	%	$	-		-		$	-		-		$	1,962	2.03	%
US treasuries		-		-			936		1.27	%		-		-			-		-			936	1.27	%
US government agencies		-		-			5,196		1.10	%		10,369		4.11	%		-		-			15,565	3.11	%
State and political subdivisions		466		2.13	%		2,995		1.64	%		4,558		2.23	%		11,483		2.14	%		19,502	2.09	%
Asset-backed securities		-		-			-		-			3,449		5.23	%		30,885		5.51	%		34,334	5.48	%
Mortgage-backed securities		-		-			6,635		1.28	%		8,865		2.86	%		41,068		2.39	%		56,568	2.34	%
Total investment securities	$	466		2.13	%	$	17,724		1.37	%	$	27,241		3.53	%	$	83,436		3.51	%	$	128,867	3.22	%

																			December 31, 2024
		Less than one year					One to five years					Five to ten years					Over ten years					Total
(dollars in thousands)		Amount		Yield			Amount		Yield			Amount		Yield			Amount		Yield			Amount	Yield
Available for sale
Corporate bonds	$	-		-		$	1,927		2.02	%	$	-		-		$	-		-		$	1,927	2.02	%
US treasuries		-		-			908		1.27	%		-		-			-		-			908	1.27	%
US government agencies		-		-			5,021		1.10	%		10,774		4.51	%		-		-			15,795	3.43	%
State and political subdivisions		461		2.13	%		1,726		1.61	%		5,049		2.10	%		12,086		2.13	%		19,322	2.08	%
Asset-backed securities		-		-			23		6.14	%		3,420		5.25	%		33,095		5.87	%		36,538	5.81	%
Mortgage-backed securities		-		-			6,549		1.28	%		7,548		3.00	%		43,540		2.45	%		57,637	2.39	%
Total investment securities	$	461		2.13	%	$	16,154		1.35	%	$	26,791		3.73	%	$	88,721		3.68	%	$	132,127	3.40	%

The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.



													June 30, 2025
Total investment securities[Member]	Less than 12 months						12 months or longer						Total
(dollars in thousands)	#		Fair value		Unrealized losses		#		Fair value		Unrealized losses		#		Fair value		Unrealized losses
Available for sale
Corporate bonds		-	$	-	$	-		1	$	1,962	$	147		1	$	1,962	$	147
US treasuries		-		-		-		1		936		63		1		936		63
US government agencies		-		-		-		9		10,693		1,323		9		10,693		1,323
State and political subdivisions		2		945		107		31		18,557		2,652		33		19,502		2,759
Asset-backed		10		21,352		134		5		8,400		159		15		29,752		293
Mortgage-backed securities		8		11,319		197		59		44,283		7,443		67		55,602		7,640
Total investment securities		20	$	33,616	$	438		106	$	84,831	$	11,787		126	$	118,447	$	12,225

																December 31, 2024
		Less than 12 months						12 months or longer						Total
(dollars in thousands)		#		Fair value		Unrealized losses		#		Fair value		Unrealized losses		#		Fair value		Unrealized losses
Available for sale
Corporate bonds		-	$	-	$	-		1	$	1,927	$	194		1	$	1,927	$	194
US treasuries		-		-		-		1		908		91		1		908		91
US government agencies		1		2,694		1		9		10,269		1,745		10		12,963		1,746
State and political subdivisions		3		1,436		153		30		17,886		2,912		33		19,322		3,065
Asset-backed		6		15,828		83		5		5,344		28		11		21,172		111
Mortgage-backed securities		6		8,226		409		61		45,360		8,961		67		53,586		9,370
Total investment securities		16	$	28,184	$	646		107	$	81,694	$	13,931		123	$	109,878	$	14,577

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At June 30, 2025, the Company had 126 individual investments that were in an unrealized loss position. The unrealized losses were primarily attributable to changes in interest rates, rather than deterioration in credit quality. The individual securities are each investment grade securities. The Company considers factors such as the financial condition of the issuer including credit ratings and specific events affecting the operations of the issuer, volatility of the security, underlying assets that collateralize the debt security, and other industry and macroeconomic conditions. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As such, there is no allowance for credit losses on available for sale securities recognized as of June 30, 2025.

Other investments are comprised of the following and are recorded at cost which approximates fair value.

Schedule of other investments

(dollars in thousands)	June 30, 2025		December 31, 2024
Federal Home Loan Bank stock	$	14,540		14,516
Other nonmarketable investments		4,963		4,571
Investment in Trust Preferred subsidiaries		403		403
Total other investments	$	19,906		19,490

The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of June 30, 2025 and that ultimate recoverability of the par value of the investments is probable. All of the FHLB stock is used to collateralize advances with the FHLB.

At June 30, 2025, there were no securities pledged as collateral for repurchase agreements from brokers.

NOTE 3 – Mortgage Loans Held for Sale

Mortgage loans originated and intended for sale in the secondary market are reported as loans held for sale and carried at fair value under the fair value option with changes in fair value recognized in current period earnings. At the date of funding of the mortgage loan held for sale, the funded amount of the loan, the related derivative asset or liability of the associated interest rate lock commitment, less direct loan costs becomes the initial recorded investment in the loan held for sale. Such amount approximates the fair value of the loan. At June 30, 2025, mortgage loans held for sale totaled $10.7 million compared to $4.6 million at December 31, 2024.

NOTE 4 – Loans and Allowance for Credit Losses

The following table summarizes the composition of our loan portfolio. Total gross loans are recorded net of deferred loan fees and costs, which totaled $5.8 million as of June 30, 2025 and $6.2 million as of December 31, 2024.



	June 30, 2025						December 31, 2024
(dollars in thousands)Commercial [Member]	Amount			% of Total			Amount			% of Total
Commercial
Owner occupied REOwner occupied RE [Member]	$	686,424			18.3	%	$	651,597			17.9	%
Non-owner occupied RE		939,163			25.1	%		924,367			25.5	%
ConstructionConstruction [Member]		68,421			1.8	%		103,204			2.8	%
BusinessConsumer [Member]		589,661			15.7	%		556,117			15.3	%
Total commercial loans		2,283,669			60.9	%		2,235,285			61.5	%
Consumer
Real estateReal estate [Member]		1,164,187			31.1	%		1,128,629			31.1	%
Home equityHome equity [Member]		234,608			6.3	%		204,897			5.6	%
ConstructionNon-owner occupied RE [Member]		25,210			0.6	%		20,874			0.6	%
OtherOther [Member]		39,167			1.1	%		42,082			1.2	%
Total consumer loans		1,463,172			39.1	%		1,396,482			38.5	%
Total gross loans, net of deferred fees		3,746,841			100.0	%		3,631,767			100.0	%
Less—allowance for credit losses		(41,285	)					(39,914	)
Total loans, net	$	3,705,556					$	3,591,853

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Maturities and Sensitivity of Loans to Changes in Interest Rates

The information in the following tables summarizes the loan maturity distribution by type and related interest rate characteristics based on the contractual maturities of individual loans, including loans which may be subject to renewal at their contractual maturity. Renewal of such loans is subject to review and credit approval, as well as modification of terms upon maturity. Actual repayments of loans may differ from the maturities reflected below, because borrowers have the right to prepay obligations with or without prepayment penalties.



					June 30, 2025
(dollars in thousands)	One year or less		After one but within five years		After five but within fifteen years		After fifteen years		Total
Commercial
Owner occupied RE	$	29,789		246,900		378,099		31,636		686,424
Non-owner occupied RE		130,079		590,968		199,968		18,148		939,163
Construction		20,805		37,712		9,904		-		68,421
Business		125,294		324,197		136,484		3,686		589,661
Total commercial loans		305,967		1,199,777		724,455		53,470		2,283,669
Consumer
Real estate		30,212		115,579		232,412		785,984		1,164,187
Home equity		4,992		41,507		183,826		4,283		234,608
Construction		15,289		1,168		8,753		-		25,210
Other		6,128		31,119		1,194		726		39,167
Total consumer loans		56,621		189,373		426,185		790,993		1,463,172
Total gross loans, net of deferred fees	$	362,588		1,389,150		1,150,640		844,463		3,746,841

						December 31, 2024
(dollars in thousands)		One year or less		After one but within five years		After five but within fifteen years		After fifteen years		Total
Commercial
Owner occupied RE	$	21,235		220,648		369,748		39,966		651,597
Non-owner occupied RE		129,269		547,864		227,987		19,247		924,367
Construction		6,479		77,636		19,089		-		103,204
Business		129,978		277,830		144,056		4,253		556,117
Total commercial loans		286,961		1,123,978		760,880		63,466		2,235,285
Consumer
Real estate		20,982		82,896		281,091		743,660		1,128,629
Home equity		3,454		36,722		160,380		4,341		204,897
Construction		5,849		2,133		10,427		2,465		20,874
Other		7,660		30,633		3,040		749		42,082
Total consumer loans		37,945		152,384		454,938		751,215		1,396,482
Total gross loans, net of deferred fees	$	324,906		1,276,362		1,215,818		814,681		3,631,767

Table of Contents

The following table summarizes the loans due after one year by category.



	June 30, 2025			December 31, 2024
	Interest Rate					Interest Rate
(dollars in thousands)		Fixed	Floating or Adjustable		Fixed		Floating or Adjustable
Commercial
Owner occupied RE	$	609,739	46,896	$	599,179		31,183
Non-owner occupied RE		711,042	98,042		701,297		93,801
Construction		25,916	21,700		63,019		33,706
Business		293,806	170,561		281,316		144,823
Total commercial loans		1,640,503	337,199		1,644,811		303,513
Consumer
Real estate		1,133,975	-		1,107,647		-
Home equity		9,355	220,261		9,899		191,544
Construction		9,921	-		15,025		-
Other		7,264	25,775		8,038		26,384
Total consumer loans		1,160,515	246,036		1,140,609		217,928
Total gross loans, net of deferred fees	$	2,801,018	583,235	$	2,785,420		521,441

Credit Quality Indicators

The Company tracks credit quality based on its internal risk ratings. Upon origination, a loan is assigned an initial risk grade, which is generally based on several factors such as the borrower’s credit score, the loan-to-value ratio, the debt-to-income ratio, etc. After loans are initially graded, they are monitored regularly for credit quality based on many factors, such as payment history, the borrower’s financial status, and changes in collateral value. Loans can be downgraded or upgraded depending on management’s evaluation of these factors. Internal risk-grading policies are consistent throughout each loan type.

A description of the general characteristics of the risk grades is as follows:

Pass— A pass loan ranges from minimal to average credit risk; however, still has acceptable credit risk.

Watch—A watch loan exhibits above average credit risk due to minor weaknesses and warrants closer scrutiny by management.

Special mention—A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date.

Substandard—A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, which may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful—A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable.

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The following table presents loan balances classified by credit quality indicators by year of origination as of June 30, 2025.



														June 30, 2025
(dollars in thousands)	2025		2024		2023		2022		2021		Prior			Revolving			Revolving Converted to Term		Total
Commercial
Owner occupied RE
Pass	$	36,179		63,271		41,591		192,649		119,822		202,274			85			-		655,871
Watch		1,725		456		5,863		5,990		2,309		10,569			-			-		26,912
Special Mention		-		-		-		152		-		3,489			-			-		3,641
Total Owner occupied RE		37,904		63,727		47,454		198,791		122,131		216,332			85			-		686,424

Non-owner occupied RE
Pass		46,511		56,537		63,173		311,548		141,985		266,655			1,034			467		887,910
Watch		-		129		2,239		4,100		17,885		9,854			-			-		34,207
Special Mention		-		-		-		-		192		7,660			-			-		7,852
Substandard		-		-		-		2,253		-		6,941			-			-		9,194
Total Non-owner occupied RE		46,511		56,666		65,412		317,901		160,062		291,110			1,034			467		939,163

Construction
Pass		3,784		20,933		13,235		22,361		2,432		-			-			-		62,745
Watch		-		-		2,498		1,170		2,008		-			-			-		5,676
Total Construction		3,784		20,933		15,733		23,531		4,440		-			-			-		68,421

Business
Pass		66,768		50,566		51,579		110,431		32,082		58,200			193,411			1,518		564,555
Watch		476		833		900		4,063		2,330		5,356			6,579			406		20,943
Special Mention		83		1,027		-		639		-		603			643			-		2,995
Substandard		180		-		-		-		-		613			375			-		1,168
Total Business		67,507		52,426		52,479		115,133		34,412		64,772			201,008			1,924		589,661
Current period gross write-offs		-		-		-		-		-		(78	)		(63	)		-		(141	)

Total Commercial loans		155,706		193,752		181,078		655,356		321,045		572,214			202,127			2,391		2,283,669

Consumer
Real estate
Pass		87,205		69,031		135,777		267,699		255,257		297,284			-			-		1,112,253
Watch		100		667		4,259		6,802		8,555		8,134			-			-		28,517
Special Mention		151		818		1,728		5,143		2,636		7,066			-			-		17,542
Substandard		-		649		853		994		733		2,646			-			-		5,875
Total Real estate		87,456		71,165		142,617		280,638		267,181		315,130			-			-		1,164,187

Home equity
Pass		-		-		-		-		-		-			218,079			-		218,079
Watch		-		-		-		-		-		-			9,004			-		9,004
Special Mention		-		-		-		-		-		-			5,995			-		5,995
Substandard		-		-		-		-		-		-			1,530			-		1,530
Total Home equity		-		-		-		-		-		-			234,608			-		234,608

Construction
Pass		10,153		6,259		-		6,815		-		-			-			-		23,227
Watch		-		-		1,983		-		-		-			-			-		1,983
Total Construction		10,153		6,259		1,983		6,815		-		-			-			-		25,210

Other
Pass		969		1,041		678		1,233		469		2,961			30,469			-		37,820
Watch		-		165		42		33		354		119			107			-		820
Special Mention		5		32		6		320		58		44			32			-		497
Substandard		30		-		-		-		-		-			-			-		30
Total Other		1,004		1,238		726		1,586		881		3,124			30,608			-		39,167
Current period gross write-offs		-		-		-		-		-		-			(5	)		-		(5	)

Total Consumer loans		98,613		78,662		145,326		289,039		268,062		318,254			265,216			-		1,463,172
Total loans	$	254,319		272,414		326,404		944,395		589,107		890,468			467,343			2,391		3,746,841
Total Current period gross write-offs		-		-		-		-		-		(78	)		(68	)		-		(146	)

Table of Contents

The following table presents loan balances classified by credit quality indicators by year of origination as of December 31, 2024.


																December 31, 2024
(dollars in thousands)	2024		2023		2022		2021			2020			Prior			Revolving			Revolving Converted to Term		Total
Commercial
Owner occupied RE
Pass	$	51,338		47,997		186,361		122,306			66,561			145,743			160			238		620,704
Watch		480		1,180		3,638		1,962			8,828			11,012			-			-		27,100
Special Mention		-		-		162		-			-			2,840			-			-		3,002
Substandard		-		-		-		-			-			791			-			-		791
Total Owner occupied RE		51,818		49,177		190,161		124,268			75,389			160,386			160			238		651,597

Non-owner occupied RE
Pass		50,685		70,517		321,726		145,658			95,994			183,723			360			220		868,883
Watch		-		954		6,081		10,238			4,705			8,435			-			-		30,413
Special Mention		-		-		-		7,579			-			8,882			-			-		16,461
Substandard		-		-		969		-			-			7,641			-			-		8,610
Total Non-owner occupied RE		50,685		71,471		328,776		163,475			100,699			208,681			360			220		924,367
Current period gross write-offs		-		-		-		-			-			(1,029	)		-			-		(1,029	)

Construction
Pass		24,076		26,501		34,067		15,000			-			-			-			-		99,644
Watch		-		2,420		1,140		-			-			-			-			-		3,560
Total Construction		24,076		28,921		35,207		15,000			-			-			-			-		103,204

Business
Pass		54,814		41,743		129,450		38,312			15,716			51,566			196,246			803		528,650
Watch		-		132		5,353		2,174			1,423			5,243			8,776			389		23,490
Special Mention		660		95		805		-			65			533			-			206		2,364
Substandard		28		-		-		-			385			630			570			-		1,613
Total Business		55,502		41,970		135,608		40,486			17,589			57,972			205,592			1,398		556,117
Current period gross write-offs		-		-		-		(143	)		(347	)		(18	)		(72	)		-		(580	)

Total Commercial loans		182,081		191,539		689,752		343,229			193,677			427,039			206,112			1,856		2,235,285

Consumer
Real estate
Pass		78,287		144,487		277,854		263,079			160,007			153,584			-			-		1,077,298
Watch		671		2,409		6,961		8,573			4,147			4,632			-			-		27,393
Special Mention		817		1,536		5,987		2,664			2,804			5,181			-			-		18,989
Substandard		212		508		967		746			821			1,695			-			-		4,949
Total Real estate		79,987		148,940		291,769		275,062			167,779			165,092			-			-		1,128,629

Home equity
Pass		-		-		-		-			-			-			188,451			-		188,451
Watch		-		-		-		-			-			-			9,114			-		9,114
Special Mention		-		-		-		-			-			-			6,173			-		6,173
Substandard		-		-		-		-			-			-			1,159			-		1,159
Total Home equity		-		-		-		-			-			-			204,897			-		204,897
Current period gross write-offs		-

SOUTHERN FIRST BANCSHARES INC 10-Q