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Employee Benefit Plan
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plan

NOTE 18 – Employee Benefit Plan

On January 1, 2000, the Company adopted the Southern First Bancshares, Inc. Profit Sharing and 401(k) Plan for the benefit of all eligible employees. The Company contributes to the Plan annually upon approval by the Board of Directors. Contributions made to the Plan for the years ended December 31, 2023, 2022, and 2021 amounted to $1.1 million, $995,000, and $905,000, respectively.

The Company also provides a nonqualified deferred compensation plan for 20 executive officers in the form of a Supplemental Executive Retirement Plan (“SERP”). The SERP provides retirement income for these officers. As of December 31, 2023 and 2022, the Company had an accrued benefit obligation of $6.9 million and $8.4 million, respectively. The Company had a $1.1 million and $284,000 reversal of expenses related to this plan for the twelve months ended December 31, 2023 and December 31, 2022, respectively, and incurred expenses related to this plan of $1.0 million in 2021.