Parent Company Financial Information

12 Months Ended

Dec. 31, 2017

Parent Company Financial Information [Abstract]

NOTE 24 – Parent Company Financial Information

Following is condensed financial information of Southern First Bancshares, Inc. (parent company only):

Condensed Balance Sheets


	December 31,
(dollars in thousands)		2017	2016
Assets
Cash and cash equivalents	$	3,623	1,949
Investment in subsidiaries		159,440	118,526
Other assets		32	2,804
Total assets	$	163,095	123,279
Liabilities and Shareholders’ Equity
Accounts payable and accrued expenses	$	6	4
Junior subordinated debentures		13,403	13,403
Shareholders’ equity		149,686	109,872
Total liabilities and shareholders’ equity	$	163,095	123,279

Condensed Statements of Income


	For the years ended December 31,
(dollars in thousands)	2017			2016		2015
Revenues
Interest income	$	11		2		4
Total revenue		11		2		4
Expenses
Interest expense		514		402		349
Other expenses		246		243		829
Total expenses		760		645		1,178
Income tax benefit		262		172		212
Loss before equity in undistributed net income of subsidiaries		(487	)	(471	)	(962	)
Equity in undistributed net income of subsidiaries		13,532		13,507		11,129
Net income	$	13,045		13,036		10,167

Condensed Statements of Cash Flows


	For the years ended December 31,
(dollars in thousands)	2017			2016		2015
Operating activities
Net income	$	13,045		13,036		10,167
Adjustments to reconcile net income to cash provided by (used for) operating activities
Equity in undistributed net income of subsidiaries		(13,532	)	(13,507	)	(11,129	)
Compensation expense related to stock options and restricted stock grants		1,258		1,998		759
(Increase) decrease in other assets		2,772		(449	)	(192	)
Increase (decrease) in accounts payable and accrued expenses		2		(1	)	-
Net cash provided by (used for) operating activities		3,545		1,077		(395	)
Investing activities
Investment in subsidiaries, net		(27,334	)	(668	)	(2,250	)
Net cash used for investing activities		(27,334	)	(668	)	(2,250	)
Financing activities
Issuance of common stock		24,758		-		-
Proceeds from the exercise of stock options and warrants		705		1,098		628
Net cash provided by financing activities		25,463		1,098		628
Net increase (decrease) in cash and cash equivalents		1,674		1,507		(2,017	)
Cash and cash equivalents, beginning of year		1,949		442		2,459
Cash and cash equivalents, end of year	$	3,623		1,949		442

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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