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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Information

NOTE 22 – 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)  2024   2023 
Assets          
Cash and cash equivalents  $3,641    9,408 
Investment in subsidiaries   351,806    339,516 
Other assets   149    146 
Total assets  $355,596    349,070 
Liabilities and Shareholders’ Equity          
Accrued expenses  $249    281 
Subordinated debentures   24,903    36,322 
Shareholders’ equity   330,444    312,467 
Total liabilities and shareholders’ equity   $355,596   $349,070 

Condensed Statements of Income

         
     
   For the years ended December 31, 
(dollars in thousands)  2024   2023   2022 
Revenues               
Interest income  $12    15    20 
Total revenue   12    15    20 
Expenses               
Interest expense   2,149    2,197    1,730 
Other expenses   255    249    240 
Total expenses   2,404    2,446    1,970 
Income tax benefit   502    511    409 
Loss before equity in undistributed net income of subsidiaries   (1,890)   (1,920)   (1,541)
Equity in undistributed net income of subsidiaries    17,420    15,346    30,656 
Net income  $15,530    13,426    29,115 

Condensed Statements of Cash Flows

         
     
   For the years ended December 31, 
(dollars in thousands)  2024   2023   2022 
Operating activities               
Net income  $15,530    13,426    29,115 
Adjustments to reconcile net income to cash provided by operating activities               
Equity in undistributed net income of subsidiaries    (17,420)   (15,346)   (30,656)
Compensation expense related to stock options and restricted stock grants   2,283    1,943    2,026 
Increase in other assets    (3)   (125)   - 
Increase in accrued expenses   49    110    113 
Net cash provided by operating activities    439    8    598 
Investing activities               
Investment in subsidiaries, net    5,000    (5,000)   - 
Net cash provided by (used for) investing activities    5,000    (5,000)   - 
Financing activities               
Proceeds from the exercise of stock options and warrants   294    518    905 
Decrease in subordinated debentures   (11,500)   -    - 
Net cash (used) provided by financing activities    (11,206)   518    905 
Net (decrease) increase in cash and cash equivalents    (5,767)   (4,474)   1,503 
Cash and cash equivalents, beginning of year    9,408    13,882    12,379 
Cash and cash equivalents, end of year   $3,641    9,408    13,882