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Parent Company Financial Information | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Parent Company Financial Information | NOTE 25 – 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) |  | 2020 |  | 2019 |
Assets |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 9,019 |  |  | 7,753 |
Investment in subsidiaries |  |  | 255,518 |  |  | 234,310 |
Other assets |  |  | 29 |  |  | 6 |
Total assets |  | $ | 264,566 |  |  | 242,069 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 274 |  |  | 319 |
Subordinated debentures |  |  | 35,998 |  |  | 35,890 |
Shareholders’ equity |  |  | 228,294 |  |  | 205,860 |
Total liabilities and shareholders’ equity |  | $ | 264,566 |  |  | 242,069 |
108 Table of Contents Condensed Statements of Income
|  | For the years ended December 31,
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018 |
Revenues |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 17 |  |  | 13 |  |  | 9 |
Total revenue |  |  | 17 |  |  | 13 |  |  | 9 |
Expenses |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 1,708 |  |  | 929 |  |  | 592 |
Other expenses |  |  | 283 |  |  | 240 |  |  | 240 |
Total expenses |  |  | 1,991 |  |  | 1,169 |  |  | 832 |
Income tax benefit |  |  | 415 |  |  | 243 |  |  | 173 |
Loss before equity in undistributed net income of subsidiaries |  |  | (1,559 | ) |  | (913 | ) |  | (650 | )
Equity in undistributed net income of subsidiaries |  |  | 19,887 |  |  | 28,771 |  |  | 22,939 |
Net income |  | $ | 18,328 |  |  | 27,858 |  |  | 22,289 |
Condensed Statements of Cash Flows
|  |  | For the years ended December 31,
(dollars in thousands) |  | 2020 |  |  | 2019 |  | 2018 |
Operating activities |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 18,328 |  |  |  | 27,858 |  |  | 22,289 |
Adjustments to reconcile net income to cash provided by (used for) operating activities |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiaries |  |  | (19,887 | ) |  |  | (28,771 | ) |  | (22,939 | )
Compensation expense related to stock options and restricted stock grants |  |  | 1,397 |  |  |  | 1,698 |  |  | 1,502 |
(Increase) decrease in other assets |  |  | (23 | ) |  |  | 12 |  |  | 12 |
Increase (decrease) in accounts payable and accrued expenses |  |  | 63 |  |  |  | (202 | ) |  | 2 |
Net cash provided by (used for) operating activities |  |  | (122 | ) |  |  | 595 |  |  | 866 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Investment in subsidiaries, net |  |  | - |  |  |  | - |  |  | - |
Net cash used for investing activities |  |  | - |  |  |  | - |  |  | - |
Financing activities |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | - |  |  |  | - |  |  | - |
Proceeds from the exercise of stock options and warrants |  |  | 1,388 |  |  |  | 1,769 |  |  | 900 |
Net cash provided by financing activities |  |  | 1,388 |  |  |  | 1,769 |  |  | 900 |
Net increase in cash and cash equivalents |  |  | 1,266 |  |  |  | 2,364 |  |  | 1,766 |
Cash and cash equivalents, beginning of year |  |  | 7,753 |  |  |  | 5,389 |  |  | 3,623 |
Cash and cash equivalents, end of year |  | $ | 9,019 |  |  |  | 7,753 |  |  | 5,389 |

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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -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 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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