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Employee Benefit Plan
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022 amounted to $1.1 million, $1.1 million, and $995,000, 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, 2024 and 2023, the Company had an accrued benefit obligation of $7.2 million and $6.9 million, respectively. The Company incurred expenses related to this plan of $417,000 for the year ended December 31, 2024. The Company had a reversal of $1.1 million for the year ended December 31, 2023 and incurred expenses of $284,000 for the twelve months ended December 31, 2022.