XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Parent Company Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2018
Parent Company Financial Information [Abstract] |
Parent Company Financial Information | 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) |  | 2018 |  | 2017
Assets |  |  |  |  |
Cash and cash equivalents |  | $ | 5,389 |  | 3,623
Investment in subsidiaries |  |  | 181,919 |  | 159,440
Other assets |  |  | 19 |  | 32
Total assets |  | $ | 187,327 |  | 163,095
Liabilities and Shareholders’ Equity |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 8 |  | 6
Junior subordinated debentures |  |  | 13,403 |  | 13,403
Shareholders’ equity |  |  | 173,916 |  | 149,686
Total liabilities and shareholders’ equity |  | $ | 187,327 |  | 163,095
Condensed Statements of Income
|  | For the years ended December 31, |
(dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Revenues |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 9 |  |  | 11 |  |  | 2 |
Total revenue |  |  | 9 |  |  | 11 |  |  | 2 |
Expenses |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 592 |  |  | 514 |  |  | 402 |
Other expenses |  |  | 240 |  |  | 246 |  |  | 243 |
Total expenses |  |  | 832 |  |  | 760 |  |  | 645 |
Income tax benefit |  |  | 173 |  |  | 262 |  |  | 172 |
Loss before equity in undistributed net income of subsidiaries |  |  | (650 | ) |  | (487 | ) |  | (471 | )
Equity in undistributed net income of subsidiaries |  |  | 22,939 |  |  | 13,532 |  |  | 13,507 |
Net income |  | $ | 22,289 |  |  | 13,045 |  |  | 13,036 |
Condensed Statements of Cash Flows
|  | For the years ended December 31, |
(dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Operating activities |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 22,289 |  |  | 13,045 |  |  | 13,036 |
Adjustments to reconcile net income to cash provided by (used for) operating activities |  |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiaries |  |  | (22,939 | ) |  | (13,532 | ) |  | (13,507 | )
Compensation expense related to stock options and restricted stock grants |  |  | 1,502 |  |  | 1,258 |  |  | 1,998 |
(Increase) decrease in other assets |  |  | 12 |  |  | 2,772 |  |  | (449 | )
Increase (decrease) in accounts payable and accrued expenses |  |  | 2 |  |  | 2 |  |  | (1 | )
Net cash provided by operating activities |  |  | 866 |  |  | 3,545 |  |  | 1,077 |
Investing activities |  |  |  |  |  |  |  |  |  |
Investment in subsidiaries, net |  |  | - |  |  | (27,334 | ) |  | (668 | )
Net cash used for investing activities |  |  | - |  |  | (27,334 | ) |  | (668 | )
Financing activities |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | - |  |  | 24,758 |  |  | - |
Proceeds from the exercise of stock options and warrants |  |  | 900 |  |  | 705 |  |  | 1,098 |
Net cash provided by financing activities |  |  | 900 |  |  | 25,463 |  |  | 1,098 |
Net increase (decrease) in cash and cash equivalents |  |  | 1,766 |  |  | 1,674 |  |  | 1,507 |
Cash and cash equivalents, beginning of year |  |  | 3,623 |  |  | 1,949 |  |  | 442 |
Cash and cash equivalents, end of year |  | $ | 5,389 |  |  | 3,623 |  |  | 1,949 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration