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SFST:officers SFST:Investments

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 March 31, 2026
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 x 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 x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 9,455,165 shares of common stock, par value $0.01 per share, were issued and outstanding as of April 27, 2026.

Table of Contents

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
March 31, 2026 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	42

Item 4.	Controls and Procedures	43

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	43

Item 1A.	Risk Factors	43

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44

Item 3.	Defaults upon Senior Securities	44

Item 4.	Mine Safety Disclosures	44

Item 5.	Other Information	44

Item 6.	Exhibits	44

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PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS



	March 31,			December 31,
(dollars in thousands, except share data)	2026			2025
	(Unaudited)			(Audited)
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	32,723			27,821
Federal funds sold		228,235			183,473
Interest-bearing deposits with banks		81,818			58,289
Total cash and cash equivalents		342,776			269,583
Investment securities:
Investment securities available for sale		124,224			127,730
Other investments		20,377			20,063
Total investment securities		144,601			147,793
Mortgage loans held for sale		13,723			11,569
Loans		3,942,219			3,845,124
Less allowance for credit losses		(43,378	)		(42,280	)
Loans, net		3,898,841			3,802,844
Bank owned life insurance		56,221			55,775
Property and equipment, net		88,580			83,465
Deferred income taxes, net		13,812			13,702
Other assets		19,848			18,763
Total assets	$	4,578,402			4,403,494
LIABILITIES
Deposits	$	3,873,455			3,716,803
Federal Home Loan Bank advances and other borrowings		240,000			240,000
Subordinated debentures		24,903			24,903
Other liabilities		60,631			53,131
Total liabilities		4,198,989			4,034,837
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, 8,247,665 and 8,213,328 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively.		82			82
Nonvested restricted stock		(1,302	)		(1,338	)
Additional paid-in capital		127,168			125,924
Accumulated other comprehensive loss		(7,865	)		(7,454	)
Retained earnings		261,330			251,443
Total shareholders’ equity		379,413			368,657
Total liabilities and shareholders’ equity	$	4,578,402			4,403,494

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

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



	For the three months
	ended March 31,
(dollars in thousands, except share data)	2026		2025
Interest income
Loans	$	51,257		47,085
Investment securities		1,399		1,403
Federal funds sold and interest-bearing deposits with banks		1,955		1,159
Total interest income		54,611		49,647
Interest expense
Deposits		21,697		23,569
Borrowings		2,655		2,695
Total interest expense		24,352		26,264
Net interest income		30,259		23,383
Provision for credit losses		1,300		750
Net interest income after provision for credit losses		28,959		22,633
Noninterest income
Mortgage banking income		1,493		1,424
Service fees on deposit accounts		756		539
ATM and debit card income		588		552
Income from bank owned life insurance		446		403
Other income		257		196
Total noninterest income		3,540		3,114
Noninterest expenses
Compensation and benefits		11,980		11,304
Occupancy		2,490		2,548
Outside service and data processing		2,267		2,037
Insurance		892		1,010
Professional fees		675		509
Marketing		399		374
Other		1,312		1,054
Total noninterest expenses		20,015		18,836
Income before income tax expense		12,484		6,911
Income tax expense		2,597		1,645
Net income	$	9,887		5,266
Earnings per common share
Basic	$	1.21		0.65
Diluted		1.19		0.65
Weighted average common shares outstanding
Basic		8,163,412		8,078,355
Diluted		8,292,852		8,110,514

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

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



	For the three months ended March 31,
(dollars in thousands)	2026			2025
Net income	$	9,887			5,266
Other comprehensive income (loss):
Unrealized gain (loss) on securities available for sale:
Unrealized holding gain (loss) arising during the period, pretax		(520	)		1,842
Tax benefit (expense)		109			(386	)
Other comprehensive income (loss)		(411	)		1,456
Comprehensive income	$	9,476			6,722

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

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



Additional paid-in capital	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, 2024 Retained earnings		8,164,872		$	82		-	$	-	$	(3,884	)	$	124,641		$	(11,472	)	$	221,077	$	330,444
Net income		-			-		-		-		-			-			-			5,266		5,266
Proceeds from exercise of stock options		12,500			-		-		-		-			210			-			-		210
Restricted shares withheld for taxes		(8,507	)		-		-		-		-			(315	)		-			-		(315	)
Share-based compensation expense, net of forfeitures		-			-		-		-		512			25			-			-		537
Other comprehensive income		-			-		-		-		-			-			1,456			-		1,456
March 31, 2025		8,168,865		$	82		-	$	-	$	(3,372	)	$	124,561		$	(10,016	)	$	226,343	$	337,598
December 31, 2025		8,213,328		$	82		-	$	-	$	(1,338	)	$	125,924		$	(7,454	)	$	251,443	$	368,657
Net income		-			-		-		-		-			-			-			9,887		9,887
Proceeds from exercise of stock options		35,750			-		-		-		-			1,299			-			-		1,299
Net issuance of restricted stock		10,152			-		-		-		(587	)		587			-			-		-
Restricted shares withheld for taxes		(11,565	)		-		-		-		-			(642	)		-			-		(642	)
Share-based compensation expense, net of forfeitures		-			-		-		-		623			-			-			-		623
Other comprehensive loss		-			-		-		-		-			-			(411	)		-		(411	)
March 31, 2026		8,247,665		$	82		-	$	-	$	(1,302	)	$	127,168		$	(7,865	)	$	261,330	$	379,413

Nonvested restricted stock

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

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

(Unaudited)


	For the three months ended March 31,
(dollars in thousands)	2026			2025
Operating activities
Net income	$	9,887			5,266
Adjustments to reconcile net income to cash provided by operating activities:
Provision for credit losses		1,300			750
Depreciation and other amortization		945			1,169
Accretion and amortization of securities discounts and premium, net		(104	)		101
Net change in operating leases		135			24
Loss on sale of real estate owned		38			-
Stock-based compensation expense		623			537
Gain on sale of loans held for sale		(1,323	)		(1,269	)
Loans originated and held for sale		(51,956	)		(46,715	)
Proceeds from sale of loans held for sale		51,125			41,025
Increase in cash surrender value of bank owned life insurance		(446	)		(403	)
Decrease in deferred tax asset		1			1
Decrease (increase) in other assets		(886	)		2,280
Increase in other liabilities		1,434			4,816
Net cash provided by operating activities		10,773			7,582
Investing activities
Increase (decrease) in cash realized from:
Increase in loans, net		(97,622	)		(52,404	)
Purchase of property and equipment		(280	)		(141	)
Purchase of investment securities:
Available for sale		(2,477	)		-
Other investments		(314	)		(437	)
Payments and maturities, calls and repayments of investment securities:
Available for sale		5,567			2,578
Other investments		-			-
Proceeds from the sale of real estate acquired in settlement of loans		237			-
Net cash used for investing activities		(94,889	)		(50,404	)
Financing activities
Increase (decrease) in cash realized from:
Increase in deposits, net		156,652			185,121
Proceeds from the exercise of stock options		1,299			210
Restricted shares withheld for taxes		(642	)		(315	)
Net cash provided by financing activities		157,309			185,016
Net increase in cash and cash equivalents		73,193			142,194
Cash and cash equivalents at beginning of the period		269,583			162,863
Cash and cash equivalents at end of the period	$	342,776		$	305,057
Supplemental information
Cash paid for
Interest	$	24,238		$	26,623
Schedule of non-cash transactions
Unrealized gain (loss) on securities, net of income taxes		(411	)		1,456
Foreclosure of other real estate		475			275
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		6,243			-

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

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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-month period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. 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, 2025 as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 24, 2026. 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.

Risks and Uncertainties

In the normal course of its business, the Company is subject to economic and regulatory risks. The principal economic risks inherent in the Company’s business include interest rate risk, credit risk, liquidity risk and market risk. Interest rate risk arises from changes in market interest rates and from differences in the repricing and maturity characteristics of the Company’s interest-earning assets and interest-bearing liabilities. Credit risk is the risk of loss arising from a borrower’s inability or unwillingness to satisfy contractual repayment obligations. Liquidity risk is the risk that the Company may be unable to meet cash flow needs, fund loan demand, satisfy depositor withdrawal requests or otherwise operate on a cost-effective basis in the ordinary course of business. Market risk reflects changes in the value of collateral securing loans, the valuation of real estate held by the Company, the fair value of investment securities and loans, and broader changes in financial market conditions. The Company also operates in a highly regulated industry and may be affected by changes in laws, regulations, regulatory expectations and supervisory practices.

The Federal Reserve has stated that inflation remains somewhat elevated and that uncertainty about the economic outlook remains elevated. Changes in interest rates, inflation, economic growth, employment conditions, geopolitical developments and other domestic and international events may affect loan demand, deposit levels and funding costs, asset quality, borrower repayment capacity and the value of financial assets. In addition, credit conditions in certain sectors, including commercial real estate, continue to warrant close attention, particularly as loans mature and borrowers face refinancing risk. The extent to which these factors, as well as any related legislative, regulatory or supervisory responses, may adversely affect the Company’s business, financial condition, results of operations and cash flows 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.

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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 March 31, 2026 and December 31, 2025, real estate loans represented 81.8% and 82.8%, respectively, of total loans. However, borrowers’ ability to repay their loans is not dependent upon any specific economic sector.

As of March 31, 2026, 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 March 31, 2026, 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.

Change in Accounting Estimate

During the first quarter of 2025, the Company changed 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.

Reclassifications

Certain amounts, previously reported, have been reclassified to present all periods on a comparable basis and such reclassification 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.

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

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prior periods presented in the financial statements. The Company does not expect these amendments to have a material effect on its financial statements.

In December 2025, the FASB amended the Interim Reporting topic in the Accounting Standards Codification to clarify current interim reporting requirements. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update can be applied prospectively or retrospectively. The Company does not expect these amendments to have a material effect on its financial statements.

NOTE 2 – Investment Securities

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

Schedule of amortized costs and fair value of investment securities

	March 31, 2026
	Amortized		Gross Unrealized				Fair
(dollars in thousands)Corporate bonds [Member]	Cost		Gains		Losses		Value
Available for saleAsset-backed securities [Member]
Corporate bonds	$	1,698		-		102		1,596
US government agenciesUS government agencies [Member]		12,906		38		997		11,947
State and political subdivisions		19,877		-		2,160		17,717
Asset-backed securitiesMortgage-backed securities [Member]		12,670		2		104		12,568
Mortgage-backed securities		87,028		8		6,640		80,396
Total investment securities available for sale	$	134,179		48		10,003		124,224

	December 31, 2025
	Amortized		Gross Unrealized				Fair
	Cost		Gains		Losses		Value
Available for sale
Corporate bonds	$	1,703		-		103		1,600
US government agencies		13,225		33		980		12,278
State and political subdivisions		19,934		-		2,064		17,870
Asset-backed securities		16,505		32		118		16,419
Mortgage-backed securities		85,798		14		6,249		79,563
Total investment securities available for sale	$	137,165		79		9,514		127,730

Contractual maturities and yields on the Company’s investment securities at March 31, 2026 and December 31, 2025 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.

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Schedule of maturities and yields on the company’s investment securities

																March 31, 2026
	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 bondsCorporate bonds [Member]	$	-		-		$	1,596		2.04	%	$	-		-		$	-		-		$	1,596		2.04	%
US government agenciesUS government agencies [Member]		-		-			4,863		1.37	%		7,084		4.08	%		-		-			11,947		2.98	%
State and political subdivisions		-		-			3,470		1.61	%		4,618		2.33	%		9,629		2.41	%		17,717		2.23	%
Asset-backed securitiesAsset-backed securities [Member]		-		-			-		-			-		-			12,568		4.79	%		12,568		4.79	%
Mortgage-backed securitiesMortgage-backed securities [Member]		35		2.28	%		4,623		3.33	%		9,660		2.69	%		66,078		4.10	%		80,396		3.88	%
Total investment securitiesTotal investment securities [Member]	$	35		2.28	%	$	14,552		2.13	%	$	21,362		3.07	%	$	88,275		3.33	%	$	124,224		3.63	%

																December 31, 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	$	-		-		$	1,600		2.04	%	$	-		-		$	-		-		$	1,600		2.04	%
US government agencies		-		-			4,871		1.37	%		7,407		4.39	%		-		-			12,278		3.20	%
State and political subdivisions		-		-			2,561		1.62	%		5,565		2.21	%		9,744		2.41	%		17,870		2.23	%
Asset-backed securities		-		-			-		-			3,486		5.19	%		12,933		5.12	%		16,419		5.14	%
Mortgage-backed securities		19		2.37	%		2,229		1.70	%		9,272		2.74	%		68,043		4.17	%		79,563		3.93	%
Total investment securities	$	19		2.37	%	$	11,261		1.59	%	$	25,730		3.43	%	$	90,720		4.12	%	$	127,730		3.76	%

The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

Schedule of gross unrealized losses on investment securities and fair market value of related securities

													March 31, 2026
	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	$	1,596	$	102		1	$	1,596	$	102
US government agencies		-		-		-		7		8,350		997		7		8,350		997
State and political subdivisions		-		-		-		29		17,717		2,160		29		17,717		2,160
Asset-backed securities		1		2,324		5		3		7,554		99		4		9,878		104
Mortgage-backed securities		12		41,590		561		54		37,769		6,079		66		79,359		6,640
Total investment securities		13	$	43,914	$	566		94	$	72,986	$	9,437		107	$	116,900	$	10,003

															December 31, 2025
	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	$	1,600	$	103		1	$	1,600	$	103
US government agencies		-		-		-		7		8,367		980		7		8,367		980
State and political subdivisions		-		-		-		29		17,870		2,064		29		17,870		2,064
Asset-backed securities		3		4,483		22		2		6,035		96		5		10,518		118
Mortgage-backed securities		7		34,538		163		57		42,546		6,086		64		77,084		6,249
Total investment securities		10	$	39,021	$	185		96	$	76,418	$	9,329		106	$	115,439	$	9,514

At March 31, 2026, the Company had 107 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 and the issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. 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. Additional information related to the

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types of securities held at March 31, 2026, other than securities issued or guaranteed by US government entities or agencies including US Treasuries and substantially all of the Company’s mortgage-backed securities, is as follows:

Corporate securities – The Company has one holding in corporate debt securities for which there have been no payment defaults.

Municipal securities – All of the Company’s holdings of municipal bonds were investment grade and there have been no payment defaults. All of these securities have been rated A+ or higher by Moody’s or Standard & Poors or Fitch.

Asset-backed securities – There were four investment grade asset-backed securities, and there have been no payment default on these securities.

As such, there is no allowance for credit losses on available for sale securities recognized as of March 31, 2026.

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

Schedule of other investments

(dollars in thousands)	March 31, 2026		December 31, 2025
Federal Home Loan Bank stock	$	14,762		14,540
Other nonmarketable investments		5,212		5,120
Investment in Trust Preferred subsidiaries		403		403
Total other investments	$	20,377		20,063

The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of March 31, 2026 and December 31, 2025 and ultimate recoverability of the par value of the investments is probable. All of the FHLB stock is used to collateralize advances to the FHLB.

At March 31, 2026 and December 31, 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. Loans held for sale and their fair values are estimated using observable quoted market or contracted prices or market price equivalents, which would be used by other market participants. 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 March 31, 2026, mortgage loans held for sale totaled $13.7 million compared to $11.6 million at December 31, 2025.

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 March 31, 2026 and $5.6 million as of December 31, 2025.

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	March 31, 2026						December 31, 2025
(dollars in thousands)Commercial [Member]	Amount			% of Total			Amount			% of Total
Commercial
Owner occupied REOwner occupied RE [Member]	$	759,602			19.3	%	$	736,979			19.2	%
Non-owner occupied RE		950,696			24.1	%		956,812			24.9	%
ConstructionConstruction [Member]		69,463			1.8	%		63,666			1.7	%
Business		677,742			17.2	%		619,667			16.0	%
Total commercial loansConsumer [Member]		2,457,503			62.4	%		2,377,124			61.8	%
Consumer
Real estateReal estate [Member]		1,148,129			29.1	%		1,153,285			30.0	%
Home equityHome equity [Member]		262,530			6.6	%		248,685			6.5	%
ConstructionNon-owner occupied RE [Member]		33,879			0.9	%		24,997			0.6	%
OtherOther [Member]		40,178			1.0	%		41,033			1.1	%
Total consumer loans		1,484,716			37.6	%		1,468,000			38.2	%
Total gross loans, net of deferred fees		3,942,219			100.0	%		3,845,124			100.0	%
Less—allowance for credit losses		(43,378	)					(42,280	)
Total loans, net	$	3,898,841					$	3,802,844

Maturities and Sensitivity of Loans to Changes in Interest Rates

The information in the following tables summarize 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.



					March 31, 2026
(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	$	47,092		339,455		355,439		17,616		759,602
Non-owner occupied RE		148,056		614,369		170,887		17,384		950,696
Construction		18,303		33,880		17,280		-		69,463
Business		146,960		380,513		147,012		3,257		677,742
Total commercial loans		360,411		1,368,217		690,618		38,257		2,457,503
Consumer
Real estate		20,294		108,747		215,375		803,713		1,148,129
Home equity		5,819		34,243		218,443		4,025		262,530
Construction		27,037		2,045		4,797		-		33,879
Other		8,878		26,359		4,302		639		40,178
Total consumer loans		62,028		171,394		442,917		808,377		1,484,716
Total gross loans, net of deferred fees	$	422,439		1,539,611		1,133,535		846,634		3,942,219

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					December 31, 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	$	49,286		294,424		374,220		19,049		736,979
Non-owner occupied RE		160,526		588,542		190,475		17,269		956,812
Construction		17,357		27,808		18,501		-		63,666
Business		139,003		349,904		127,474		3,286		619,667
Total commercial loans		366,172		1,260,678		710,670		39,604		2,377,124
Consumer
Real estate		26,591		115,347		218,489		792,858		1,153,285
Home equity		6,073		36,692		201,872		4,048		248,685
Construction		19,053		1,379		4,565		-		24,997
Other		5,548		30,433		4,406		646		41,033
Total consumer loans		57,265		183,851		429,332		797,552		1,468,000
Total gross loans, net of deferred fees	$	423,437		1,444,529		1,140,002		837,156		3,845,124

The following table summarizes loans due after one year (i.e., excluding loans due one year or less), by category and by interest rate type.

Schedule of loans due after one year by category

	March 31, 2026				December 31, 2025
	Interest Rate						Interest Rate
(dollars in thousands)	Fixed		Floating or Adjustable		Fixed		Floating or Adjustable
Commercial
Owner occupied RE	$	652,274		60,236	$	630,228		57,465
Non-owner occupied RE		685,318		117,322		682,360		113,926
Construction		10,304		40,856		11,455		34,854
Business		293,877		236,905		285,215		195,449
Total commercial loans		1,641,773		455,319		1,609,258		401,694
Consumer
Real estate		940,293		187,542		963,817		162,877
Home equity		8,488		248,223		8,789		233,823
Construction		6,842		-		5,944		-
Other		8,645		22,655		9,100		26,385
Total consumer loans		964,268		458,420		987,650		423,085
Total gross loans, net of deferred fees	$	2,606,041		913,739	$	2,596,908		824,779

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, it still has acceptable credit risk.

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

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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 March 31, 2026.



													March 31, 2026
(dollars in thousands)	2026		2025		2024		2023		2022		Prior		Revolving			Revolving Converted to Term		Total
Commercial
Owner occupied RE
Pass	$	38,014		110,769		58,947		34,005		185,141		300,701		71			-		727,648
Watch		-		2,047		434		4,580		4,058		12,247		-			-		23,366
Special Mention		-		-		-		1,235		1,606		3,430		-			-		6,271
Substandard		-		2,066		-		-		251		-		-			-		2,317
Total Owner occupied RE		38,014		114,882		59,381		39,820		191,056		316,378		71			-		759,602

Non-owner occupied RE
Pass		35,985		74,760		51,621		61,967		298,499		376,971		1,162			-		900,965
Watch		-		-		490		1,162		13,023		22,630		-			-		37,305
Special Mention		-		-		269		480		941		7,731		-			-		9,421
Substandard		-		-		-		-		1,294		1,711		-			-		3,005
Total Non-owner occupied RE		35,985		74,760		52,380		63,609		313,757		409,043		1,162			-		950,696

Construction
Pass		4,276		27,111		30,568		-		2,912		47		-			-		64,914
Watch		-		-		-		-		2,405		2,144		-			-		4,549
Total Construction		4,276		27,111		30,568		-		5,317		2,191		-			-		69,463

Business
Pass		48,014		114,549		39,779		43,370		93,907		82,220		231,254			532		653,625
Watch		-		798		666		408		2,610		6,077		7,752			74		18,385
Special Mention		-		69		667		738		677		650		1,716			-		4,517
Substandard		-		133		-		626		-		72		384			-		1,215
Total Business		48,014		115,549		41,112		45,142		97,194		89,019		241,106			606		677,742
Current period gross write-offs		-		-		-		-		-		-		(74	)		-		(74	)

Total Commercial loans		126,289		332,302		183,441		148,571		607,324		816,631		242,339			606		2,457,503

Consumer
Real estate
Pass		33,325		133,599		56,500		112,154		247,726		513,509		-			-		1,096,813
Watch		195		99		565		4,498		6,275		15,654		-			-		27,286
Special Mention		-		190		844		2,034		5,122		9,140		-			-		17,330
Substandard		-		-		980		1,257		635		3,828		-			-		6,700
Total Real estate		33,520		133,888		58,889		119,943		259,758		542,131		-			-		1,148,129

Home equity
Pass		-		-		-		-		-		-		247,672			-		247,672
Watch		-		-		-		-		-		-		8,828			-		8,828
Special Mention		-		-		-		-		-		-		5,159			-		5,159
Substandard		-		-		-		-		-		-		871			-		871
Total Home equity		-		-		-		-		-		-		262,530			-		262,530

Construction
Pass		2,956		24,660		3,384		-		-		-		645			-		31,645
Watch		-		194		-		2,040		-		-		-			-		2,234
Total Construction		2,956		24,854		3,384		2,040		-		-		645			-		33,879

Other
Pass		389		4,595		594		542		958		1,338		30,563			-		38,979
Watch		-		21		115		29		20		419		151			-		755
Special Mention		-		13		23		4		313		73		18			-		444
Total Other		389		4,629		732		575		1,291		1,830		30,732			-		40,178
Current period gross write-offs		-		-		-		-		-		-		(4	)		-		(4	)

Total Consumer loans		36,865		163,371		63,005		122,558		261,049		543,961		293,907			-		1,484,716
Total loans	$	163,154		495,673		246,446		271,129		868,373		1,360,592		536,246			606		3,942,219
Total Current period gross write-offs		-		-		-		-		-		-		(78	)		-		(78	)

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The following table presents loan balances classified by credit quality indicators by year of origination as of December 31, 2025.


														December 31, 2025
(dollars in thousands)	2025		2024		2023		2022		2021		Prior			Revolving			Revolving Converted to Term		Total
Commercial
Owner occupied RE
Pass	$	109,796		62,028		36,348		187,991		120,627		187,495			100			596		704,981
Watch		2,062		438		5,833		5,734		2,249		9,929			-			-		26,245
Special Mention		2,070		-		-		-		-		3,424			-			-		5,494
Substandard		-		-		-		259		-		-			-			-		259
Total Owner occupied RE		113,928		62,466		42,181		193,984		122,876		200,848			100			596		736,979

Non-owner occupied RE
Pass		75,982		60,413		61,961		302,086		142,876		255,478			760			1,012		900,568
Watch		-		618		1,653		13,553		13,886		9,453			-			-		39,163
Special Mention		-		144		-		-		190		7,586			-			-		7,920
Substandard		-		-		-		2,244		-		6,917			-			-		9,161
Total Non-owner occupied RE		75,982		61,175		63,614		317,883		156,952		279,434			760			1,012		956,812

Construction
Pass		23,211		28,284		-		7,921		53		-			-			-		59,469
Watch		-		-		-		1,766		2,431		-			-			-		4,197
Total Construction		23,211		28,284		-		9,687		2,484		-			-			-		63,666

Business
Pass		109,351		42,578		44,987		100,908		28,743		55,659			210,992			465		593,683
Watch		799		719		1,180		3,006		2,186		4,090			8,675			402		21,057
Special Mention		71		652		-		621		-		664			1,807			-		3,815
Substandard		149		-		627		-		-		74			262			-		1,112
Total Business		110,370		43,949		46,794		104,535		30,929		60,487			221,736			867		619,667
Current period gross write-offs		-		-		-		-		-		(78	)		(213	)		-		(291	)
Total Commercial loans		323,491		195,874		152,589		626,089		313,241		540,769			222,596			2,475		2,377,124

Consumer
Real estate
Pass		136,015		58,846		125,186		254,815		248,173		276,765			-			-		1,099,800
Watch		1,076		1,237		5,045		6,351		7,899		8,092			-			-		29,700
Special Mention		193		489		1,513		5,158		2,434		7,568

SOUTHERN FIRST BANCSHARES INC 10-Q