SOUTHERN FIRST BANCSHARES INC 8-K

What Happened
Southern First Bancshares, Inc. announced on March 5, 2026 that it entered into a Modification of Loan amending the Loan Agreement and Promissory Note (originally dated December 28, 2023) with TIB, National Association. The amendment extends the maturity date of the company’s revolving multiple-advance loan (up to $15.0 million) to March 5, 2027. The Modification also adds a Non-Usage Fee of 0.25%, described in the agreement, and the company reported a zero principal balance outstanding under the Promissory Note as of March 10, 2026.

Key Details

• Loan facility: revolving multiple-advance loan with a capacity of up to $15.0 million.
• New maturity: extended to March 5, 2027 (per the March 5, 2026 Modification Agreement).
• Non-Usage Fee: 0.25% (stated as $37,500 less interest accrued and paid under the Note), payable/collected on the maturity date.
• Lender: TIB, National Association; zero principal outstanding on March 10, 2026.

Why It Matters
This amendment preserves Southern First’s access to a committed $15.0M credit line through March 2027, which supports the company’s liquidity and borrowing flexibility even though no balance was outstanding at the filing date. Investors should note the added non-usage fee, which represents a cost of keeping the line available and will affect cash flows only if the fee is assessed at maturity. The filing does not report any immediate borrowing or material changes to operations.