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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, 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 ☒ 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: 9,471,755 shares of common stock, par value $0.01 per share, were issued and outstanding as of July 28, 2026.

Table of Contents

SOUTHERN FIRST BANCSHARES, INC. AND SUBSIDIARY
June 30, 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	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	47

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)	2026			2025
	(Unaudited)			(Audited)
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	30,102			27,821
Federal funds sold		259,049			183,473
Interest-bearing deposits with banks		72,483			58,289
Total cash and cash equivalents		361,634			269,583
Investment securities:
Investment securities available for sale		144,388			127,730
Other investments		20,484			20,063
Total investment securities		164,872			147,793
Mortgage loans held for sale		8,594			11,569
Loans		4,030,255			3,845,124
Less allowance for credit losses		(44,232	)		(42,280	)
Loans, net		3,986,023			3,802,844
Bank owned life insurance		56,677			55,775
Property and equipment, net		88,006			83,465
Deferred income taxes, net		13,946			13,702
Other assets		20,419			18,763
Total assets	$	4,700,171			4,403,494
LIABILITIES
Deposits	$	3,935,452			3,716,803
Federal Home Loan Bank advances and other borrowings		240,000			240,000
Subordinated debentures		13,403			24,903
Other liabilities		59,048			53,131
Total liabilities		4,247,903			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, 9,468,467 and 8,213,328 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively.		95			82
Nonvested restricted stock		(912	)		(1,338	)
Additional paid-in capital		188,932			125,924
Accumulated other comprehensive loss		(8,372	)		(7,454	)
Retained earnings		272,525			251,443
Total shareholders’ equity		452,268			368,657
Total liabilities and shareholders’ equity	$	4,700,171			4,403,494

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)	2026		2025		2026		2025
Interest income
Loans	$	53,077		48,992		104,334		96,077
Investment securities		1,504		1,357		2,903		2,760
Federal funds sold and interest-bearing deposits with banks		3,550		1,969		5,505		3,128
Total interest income		58,131		52,318		112,742		101,965
Interest expense
Deposits		23,094		24,300		44,791		47,869
Borrowings		2,667		2,723		5,322		5,418
Total interest expense		25,761		27,023		50,113		53,287
Net interest income		32,370		25,295		62,629		48,678
Provision for credit losses		1,025		700		2,325		1,450
Net interest income after provision for credit losses		31,345		24,595		60,304		47,228
Noninterest income
Mortgage banking income		1,323		1,569		2,816		2,993
Service fees on deposit accounts		866		567		1,621		1,106
ATM and debit card income		651		586		1,238		1,138
Income from bank owned life insurance		457		413		902		816
Other income		211		199		470		394
Total noninterest income		3,508		3,334		7,047		6,447
Noninterest expenses
Compensation and benefits		12,252		11,674		24,232		22,978
Occupancy		2,551		2,523		5,042		5,071
Outside service and data processing		2,416		2,189		4,683		4,226
Insurance		858		910		1,749		1,919
Professional fees		782		609		1,456		1,118
Marketing		423		397		822		771
Other		1,111		1,034		2,423		2,088
Total noninterest expenses		20,393		19,336		40,407		38,171
Income before income tax expense		14,460		8,593		26,944		15,504
Income tax expense		3,265		2,012		5,862		3,657
Net income	$	11,195		6,581		21,082		11,847
Earnings per common share
Basic	$	1.22		0.81		2.43		1.46
Diluted		1.20		0.81		2.39		1.46
Weighted average common shares outstanding
Basic		9,184,699		8,118,895		8,676,877		8,098,737
Diluted		9,318,515		8,133,789		8,808,517		8,122,215

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)	2026			2025			2026			2025
Net income	$	11,195			6,581			21,082			11,847
Other comprehensive income (loss):
Unrealized gain (loss) on securities available for sale:
Unrealized holding gain (loss) arising during the period, pretax		(642	)		516			(1,162	)		2,358
Tax benefit (expense)		135			(109	)		244			(495	)
Other comprehensive income (loss)		(507	)		407			(918	)		1,863
Comprehensive income	$	10,688			6,988			20,164			13,710

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)



Retained earnings	For the three months ended June 30,
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
March 31, 2025		8,168,865		$	82		-	$	-	$	(3,372	)	$	124,561		$	(10,016	)	$	226,343	$	337,598
Net income		-			-		-		-		-			-			-			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 forfeitures		-			-		-		-		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
March 31, 2026		8,247,665		$	82		-	$	-	$	(1,302	)	$	127,168		$	(7,865	)	$	261,330	$	379,413
Net income		-			-		-		-		-			-			-			11,195		11,195
Net issuance of common stock		1,207,500			13		-		-		-			61,262			-			-		61,275
Proceeds from exercise of stock options		6,000			-		-		-		-			239			-			-		239
Net issuance of restricted stock		8,150			-		-		-		(312	)		312			-			-		-
Restricted shares withheld for taxes		(848	)		-		-		-		-			(49	)		-			-		(49	)
Share-based compensation expense, net of forfeitures		-			-		-		-		702			-			-			-		702
Other comprehensive loss		-			-		-		-		-			-			(507	)		-		(507	)
June 30, 2026		9,468,467		$	95		-	$	-	$	(912	)	$	188,932		$	(8,372	)	$	272,525	$	452,268


	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, 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
December 31, 2025		8,213,328		$	82		-	$	-	$	(1,338	)	$	125,924		$	(7,454	)	$	251,443	$	368,657
Net income		-			-		-		-		-			-			-			21,082		21,082
Net issuance of common stock		1,207,500			13		-		-		-			61,262			-			-		61,275
Proceeds from exercise of stock options		41,750			-		-		-		-			1,538			-			-		1,538
Net issuance of restricted stock		18,302			-		-		-		(899	)		899			-			-		-
Restricted shares withheld for taxes		(12,413	)		-		-		-		-			(691	)		-			-		(691	)
Share-based compensation expense, net of forfeitures		-			-		-		-		1,325			-			-			-		1,325
Other comprehensive loss		-			-		-		-		-			-			(918	)		-		(918	)
June 30, 2026		9,468,467		$	95		-	$	-	$	(912	)	$	188,932		$	(8,372	)	$	272,525	$	452,268

Nonvested restricted stock

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)	2026			2025
Operating activities
Net income	$	21,082			11,847
Adjustments to reconcile net income to cash provided by operating activities:
Provision for credit losses		2,325			1,450
Depreciation and other amortization		1,901			2,297
Accretion and amortization of securities discounts and premium, net		(175	)		221
Net change in operating leases		270			48
Gain on sale of real estate owned		(3	)		-
Stock-based compensation expense		1,325			1,142
Gain on sale of loans held for sale		(2,916	)		(2,813	)
Loans originated and held for sale		(102,396	)		(102,716	)
Proceeds from sale of loans held for sale		108,287			99,355
Increase in cash surrender value of bank owned life insurance		(902	)		(816	)
Decrease in deferred tax asset		-			1
(Increase) decrease in other assets		(556	)		2,450
Increase in other liabilities		576			5,591
Net cash provided by operating activities		28,818			18,057
Investing activities
Increase (decrease) in cash realized from:
Increase in loans, net		(186,905	)		(115,378	)
Purchase of property and equipment		(1,596	)		(221	)
Purchase of investment securities:
Available for sale		(25,471	)		-
Other investments		(421	)		(24	)
Payments and maturities, calls and repayments of investment securities:
Available for sale		7,826			5,397
Other investments		-			(392	)
Proceeds from the sale of real estate acquired in settlement of loans		529			-
Net cash used for investing activities		(206,038	)		(110,618	)
Financing activities
Increase (decrease) in cash realized from:
Increase in deposits, net		218,649			200,564
Repayment of subordinated debentures		(11,500	)		-
Proceeds from issuance of common stock		61,275			-
Proceeds from the exercise of stock options		1,538			516
Restricted shares withheld for taxes		(691	)		(350	)
Net cash provided by financing activities		269,271			200,730
Net increase in cash and cash equivalents		92,051			108,169
Cash and cash equivalents at beginning of the period		269,583			162,863
Cash and cash equivalents at end of the period	$	361,634			271,032
Supplemental information
Cash paid for
Interest	$	50,288			52,945
Income taxes		7,066			4,654
Schedule of non-cash transactions
Unrealized (loss) gain on securities, net of income taxes		(918	)		1,863
Foreclosure of other real estate		1,626			275
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		5,761			-

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, 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 economic activity is expanding at a solid pace despite elevated uncertainty and that inflation remains elevated relative to its 2% objective, in part reflecting supply shocks affecting certain sectors, including energy. Changes in interest rates, inflation, economic growth, employment conditions, trade and tariff policies, energy prices, supply disruptions, 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

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loss allowance and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations.

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, 2026 and December 31, 2025, real estate loans represented 81.0% and 82.8%, respectively, of total loans. However, borrowers’ ability to repay their loans is not dependent upon any specific economic sector.

As of June 30, 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 June 30, 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

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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.

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 may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. 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:



	June 30, 2026
	Amortized		Gross Unrealized				Fair
(dollars in thousands)Corporate bonds [Member]	Cost		Gains		Losses		Value
Available for saleAsset-backed securities [Member]
Corporate bonds	$	1,692		-		109		1,583
US government agenciesUS government agencies [Member]		12,635		34		1,036		11,633
State and political subdivisions		19,820		-		2,109		17,711
Asset-backed securities		12,258		6		114		12,150
Mortgage-backed securitiesMortgage-backed securities [Member]		108,580		9		7,278		101,311
Total investment securities available for sale	$	154,985		49		10,646		144,388

	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 June 30, 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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																June 30, 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]	$	-		-		$	1,583		2.04	%	$	-		-		$	-		-		$	1,583		2.04	%
US government agenciesUS government agencies [Member]		-		-			4,833		1.37	%		6,800		4.02	%		-		-			11,633		2.92	%
State and political subdivisions		-		-			3,439		1.61	%		4,579		2.27	%		9,693		2.12	%		17,711		2.06	%
Asset-backed securitiesAsset-backed securities [Member]		-		-			-		-			-		-			12,150		4.69	%		12,150		4.69	%
Mortgage-backed securitiesMortgage-backed securities [Member]		21		2.21	%		6,820		3.62	%		14,871		3.42	%		79,599		4.09	%		101,311		3.96	%
Total investment securitiesTotal investment securities [Member]	$	21		2.21	%	$	16,675		2.40	%	$	26,250		3.37	%	$	101,442		3.41	%	$	144,388		3.68	%


																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 June 30, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.



													June 30, 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	$	1,583	$	109		1	$	1,583	$	109
US government agencies		-		-		-		7		8,312		1,036		7		8,312		1,036
State and political subdivisions		-		-		-		29		17,711		2,109		29		17,711		2,109
Asset-backed securities		1		2,224		7		3		7,330		107		4		9,554		114
Mortgage-backed securities		20		60,948		1,118		54		36,650		6,160		74		97,598		7,278
Total investment securities		21	$	63,172	$	1,125		94	$	71,586	$	9,521		115	$	134,758	$	10,646


															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

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At June 30, 2026, the Company had 115 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 types of securities held at June 30, 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.

State and political subdivisions – 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 & Poor’s or Fitch.

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

As such, there is no allowance for credit losses on available for sale securities recognized as of June 30, 2026.

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, 2026		December 31, 2025
Federal Home Loan Bank stock	$	14,796		14,540
Other nonmarketable investments		5,285		5,120
Investment in Trust Preferred subsidiaries		403		403
Total other investments	$	20,484		20,063

The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of June 30, 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 June 30, 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 June 30, 2026, mortgage loans held for sale totaled $8.6 million compared to $11.6 million at December 31, 2025.

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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 $5.6 million as of June 30, 2026 and December 31, 2025.



Owner occupied RE [Member]	June 30, 2026						December 31, 2025
(dollars in thousands)Commercial [Member]	Amount			% of Total			Amount			% of Total
Commercial
Owner occupied real estate (“RE”)	$	755,419			18.7	%	$	736,979			19.2	%
Non-owner occupied REOwner occupied RE [Member]		967,698			24.0	%		956,812			24.9	%
ConstructionConstruction [Member]		66,105			1.6	%		63,666			1.7	%
Business		713,017			17.7	%		619,667			16.0	%
Total commercial loansConsumer [Member]		2,502,239			62.0	%		2,377,124			61.8	%
Consumer
Real estateReal estate [Member]		1,167,282			29.0	%		1,153,285			30.0	%
Home equityHome equity [Member]		273,017			6.8	%		248,685			6.5	%
ConstructionNon-owner occupied RE [Member]		36,371			0.9	%		24,997			0.6	%
OtherOther [Member]		51,346			1.3	%		41,033			1.1	%
Total consumer loans		1,528,016			38.0	%		1,468,000			38.2	%
Total gross loans, net of deferred fees		4,030,255			100.0	%		3,845,124			100.0	%
Less—allowance for credit losses		(44,232	)					(42,280	)
Total loans, net	$	3,986,023					$	3,802,844

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, 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	$	42,286		359,275		336,375		17,483		755,419
Non-owner occupied RE		144,483		633,640		174,150		15,425		967,698
Construction		23,326		27,401		15,378		-		66,105
Business		162,903		398,046		149,731		2,337		713,017
Total commercial loans		372,998		1,418,362		675,634		35,245		2,502,239
Consumer
Real estate		22,820		110,592		200,666		833,204		1,167,282
Home equity		5,116		32,483		231,425		3,993		273,017
Construction		30,308		2,857		3,206		-		36,371
Other		12,661		33,776		4,234		675		51,346
Total consumer loans		70,905		179,708		439,531		837,872		1,528,016
Total gross loans, net of deferred fees	$	443,903		1,598,070		1,115,165		873,117		4,030,255

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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.



	June 30, 2026				December 31, 2025
	Interest Rate						Interest Rate
(dollars in thousands)	Fixed		Floating or Adjustable		Fixed		Floating or Adjustable
Commercial
Owner occupied RE	$	647,368		65,765	$	630,228		57,465
Non-owner occupied RE		683,524		139,691		682,360		113,926
Construction		12,511		30,268		11,455		34,854
Business		299,411		250,703		285,215		195,449
Total commercial loans		1,642,814		486,427		1,609,258		401,694
Consumer
Real estate		915,575		228,887		963,817		162,877
Home equity		8,498		259,403		8,789		233,823
Construction		6,063		-		5,944		-
Other		8,302		30,383		9,100		26,385
Total consumer loans		938,438		518,673		987,650		423,085
Total gross loans, net of deferred fees	$	2,581,252		1,005,100	$	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 June 30, 2026.

Schedule of classified by credit quality indicators by year of origination

																June 30, 2026
(dollars in thousands)	2026		2025			2024			2023		2022		Prior			Revolving			Revolving Converted to Term		Total
Commercial
Owner occupied RE
Pass	$	59,742		99,307			56,797			32,760		169,821		289,389			61			-		707,877
Watch		938		2,036			432			5,531		2,807		12,752			-			-		24,496
Special Mention		-		3,501			-			1,229		12,245		3,404			-			-		20,379
Substandard		-		2,166			-			-		248		253			-			-		2,667
Total Owner occupied RE		60,680		107,010			57,229			39,520		185,121		305,798			61			-		755,419

Non-owner occupied RE
Pass		84,361		74,619			49,444			59,301		272,554		370,525			2,358			-		913,162
Watch		-		-			490			968		21,429		19,904			-			-		42,791
Special Mention		-		-			267			476		-		7,678			-			-		8,421
Substandard		-		-			-			-		1,294		2,030			-			-		3,324
Total Non-owner occupied RE		84,361		74,619			50,201			60,745		295,277		400,137			2,358			-		967,698

Construction
Pass		13,408		29,605			15,762			-		2,911		42			-			-		61,728
Watch		-		-			-			-		2,517		1,860			-			-		4,377
Total Construction		13,408		29,605			15,762			-		5,428		1,902			-			-		66,105

Business
Pass		75,599		108,185			39,260			40,000		89,837		61,212			248,694			1,626		664,413
Watch		-		3,397			638			442		2,132		24,061			7,174			73		37,917
Special Mention		-		58			649			722		652		632			6,255			-		8,968
Substandard		-		546			-			626		-		72			475			-		1,719
Total Business		75,599		112,186			40,547			41,790		92,621		85,977			262,598			1,699		713,017
Current period gross write-offs		-		-			-			-		-		-			(174	)		-		(174	)
Total Commercial loans		234,048		323,420			163,739			142,055		578,447		793,814			265,017			1,699		2,502,239

Consumer
Real estate
Pass		95,491		129,857			53,364			105,691		239,100		495,721			-			-		1,119,224
Watch		194		99			392			4,169		5,235		15,393			-			-		25,482
Special Mention		-		187			879			2,329		5,087		9,087			-			-		17,569
Substandard		-		-			1,295			1,244		626		1,842			-			-		5,007
Total Real estate		95,685		130,143			55,930			113,433		250,048		522,043			-			-		1,167,282
Current period gross write-offs		-		-			(28	)		-		-		-			-			-		(28	)

Home equity
Pass		-		-			-			-		-		-			258,583			-		258,583
Watch		-		-			-			-		-		-			8,643			-		8,643
Special Mention		-		-			-			-		-		-			5,347			-		5,347
Substandard		-		-			-			-		-		-			444			-		444
Total Home equity		-		-			-			-		-		-			273,017			-		273,017

Construction
Pass		10,503		21,428			1,547			-		-		-			642			-		34,120
Watch		-		194			-			2,057		-		-			-			-		2,251
Total Construction		10,503		21,622			1,547			2,057		-		-			642			-		36,371

Other
Pass		3,131		4,451			540			520		901		1,224			39,367			-		50,134
Watch		-		19			109			24		15		408			230			-		805
Special Mention		-		8			21			4		311		45			18			-		407
Total Other		3,131		4,478			670			548		1,227		1,677			39,615			-		51,346
Current period gross write-offs		-		(4	)		-			-		-		(22	)		(5	)		-		(31	)
Total Consumer loans		109,319		156,243			58,147			116,038		251,275		523,720			313,274			-		1,528,016
Total loans	$	343,367		479,663			221,886			258,093		829,722		1,317,534			578,291			1,699		4,030,255
Total Current period gross write-offs		-		(4	)		(28	)		-		-		(22	)		(179	)		-		(233	)

Table of Contents

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			-			-		17,355
Substandard		-			1,118		1,034		647		715			2,916			-			-		6,430
Total Real estate		137,284			61,690		132,778		266,971		259,221			295,341			-			-		1,153,285

Home equity
Pass		-			-		-		-		-			-			232,962			-		232,962
Watch		-			-		-		-		-			-			8,730			-		8,730
Special Mention		-			-		-		-		-			-			5,501			-		5,501
Substandard		-			-		-		-		-			-			1,492			-		1,492
Total Home equity		-			-		-		-		-			-			248,685			-		248,685

Construction
Pass		20,031			2,308		-		-		-			-			648			-		22,987
Watch		-			-		2,010		-		-			-			-			-		2,010
Total Construction		20,031			2,308		2,010		-		-			-			648			-		24,997

Other
Pass		5,048			623		586		1,062		340			1,102			31,027			-		39,788
Watch		23			134		34		24		322			109			135			-		781
Special Mention		13			26		5		316		47			38			19			-		464
Total Other		5,084			783		625		1,402		709			1,249			31,181			-		41,033
Current period gross write-offs		(30	)		-		-		-		(20	)		-			(10	)		-		(60	)
Total Consumer loans		162,399			64,781		135,413		268,373		259,930			296,590			280,514			-		1,468,000
Total loans	$	485,890			260,655		288,002		894,462		573,171			837,359			503,110			2,475		3,845,124
Total Current period gross write-offs		(30	)		-		-		-		(20	)		(78	)		(223	)		-		(351	)

Table of Contents

The following tables present loan balances by age and payment status.


	June 30, 2026
(dollars in thousands)	Accruing 30-59 days past due		Accruing 60-89 days past due		Accruing 90 days or more past due		Nonaccrual loans		Accruing current		Total
Commercial
Owner occupied RE	$	1,283		-		-		2,667		751,469		755,419
Non-owner occupied RE		964		-		-		2,030		964,704		967,698
Construction		-		-		-		-		66,105		66,105
Business		326		92		-		1,330		711,269		713,017
Consumer
Real estate		282		755		-		4,805		1,161,440		1,167,282
Home equity		242		-		-		354		272,421		273,017

SOUTHERN FIRST BANCSHARES INC 10-Q