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Get filing alertsSouthern First reports Q2 2026 EPS of $1.20, up 48% YoY on strong loan/deposit growth
Filed July 21, 2026 · Period ending July 21, 2026 · ~1 min read
Key Changes
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high
Net income reached $11.2M with diluted EPS of $1.20, up 48% year-over-year; return on average assets improved to $11.2 million from 0.63% in Q2 2025, driven by 28% net interest income growth.
Exhibit 99.1 view on EDGAR → -
high
Retail deposits grew $184M (22% annualized) while loans expanded at 9% annualized rate in Q2; wholesale deposits reduced by $122M as the bank shifts toward retail funding.
Exhibit 99.1 view on EDGAR → -
high
Raised $65.2M in gross proceeds via 1.2M common share issuance to support growth; redeemed portion of subordinated notes phasing out of regulatory capital treatment.
Exhibit 99.1 view on EDGAR → -
medium
Net interest margin of 2.87% up 37 basis points year-over-year but down 1 basis point from Q1 2026, which included one-time benefit from $5.1M nonperforming loan repayment.
Exhibit 99.1 view on EDGAR → -
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Asset quality remains strong with net charge-offs of $96K (0.01% of average loans annualized), nonperforming assets at 0.27% of total assets, and allowance for credit losses at 1.10% of loans.
Exhibit 99.1 view on EDGAR →
Summary
Southern First Bancshares delivered strong second quarter 2026 results with net income of $11.2 million and diluted EPS of $1.20, representing 48% year-over-year growth. The performance was driven by robust balance sheet expansion: retail deposits grew $184 million at a 22% annualized rate while loans expanded 9% annualized, reaching $4.0 billion.
Net interest income increased 28% year-over-year as the bank successfully shifted away from wholesale funding, reducing those deposits by $122 million during the quarter. Return on average assets improved significantly to $11.2 million from 0.63% a year earlier.
The company strengthened its capital position by raising $65.2 million in gross proceeds through a 1.2 million share common stock offering to support continued growth expectations. Management also redeemed a portion of subordinated notes that were phasing out of regulatory capital treatment and carried higher interest rates. Asset quality metrics remained healthy with minimal net charge-offs of $96 thousand (0.01% of average loans annualized) and nonperforming assets at just 0.27% of total assets. Net interest margin of 2.87% was up 37 basis points year-over-year, though down slightly from the prior quarter which had benefited from a one-time nonperforming loan repayment.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Southern First Bancshares announced Q2 2026 financial results via press release.
Added in current filing · verify on EDGAR →
On July 21, 2026, Southern First Bancshares, Inc., holding company for Southern First Bank, issued a press release announcing its financial results for the period ended June 30, 2026.
The company disclosed its second quarter 2026 financial results through a press release. The 8-K itself does not contain the actual financial figures—those appear in the attached Exhibit 99.1 press release, which is not included in the body text provided here.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
We increased retail client deposits by $184 million in the second quarter, representing a 22% annualized growth rate, and our loan portfolio grew at an annualized rate of 9% during the quarter.
The bank grew retail deposits by $184 million (22% annualized) and loans at a 9% annualized rate in Q2 2026. Total loans reached $4.0 billion, up $88 million from Q1 2026, while retail deposits reached $3.6 billion. Wholesale deposits were reduced by $122.3 million from Q1 2026.
Added in current filing · view on EDGAR →
We also strengthened our capital position by raising gross proceeds of $65.2 million and issuing 1.2 million additional common shares earlier in the quarter to support our strong growth expectations. As planned, we redeemed a portion of our subordinated notes, which were subject to phase-out from regulatory capital treatment and carried a higher interest rate.
Southern First raised $65.2 million in gross proceeds by issuing 1.2 million common shares during Q2 2026 to support growth. The company also redeemed a portion of subordinated notes that were phasing out of regulatory capital treatment and carried higher interest rates. Subordinated debentures declined from $24.9 million to $13.4 million quarter-over-quarter.
Added in current filing · view on EDGAR →
Net interest margin was 2.87%, a 37-basis point increase from 2.50% for the second quarter of 2025 and a one basis point decrease from the first quarter of 2026, which included a one-time increase in interest income from the repayment of a $5.1 million nonperforming loan
Net interest margin was 2.87% in Q2 2026, up 37 basis points year-over-year but down 1 basis point from Q1 2026. The Q1 2026 margin included a one-time benefit from a $5.1 million nonperforming loan repayment. Net interest income grew 28% year-over-year to $32.4 million, driven by loan volume growth.
Added in current filing · view on EDGAR →
Net charge-offs were approximately $96 thousand, or 0.01% of average loans, annualized, and nonperforming assets were 0.27% of total assets. Provision for credit losses decreased by $275 thousand from the prior quarter, and the allowance for credit losses represented 1.10% of loans.
Asset quality remained strong with net charge-offs of only $96 thousand (0.01% of average loans, annualized) and nonperforming assets at 0.27% of total assets. The provision for credit losses was $1.0 million, down $275 thousand from Q1 2026, while the allowance for credit losses remained at 1.10% of loans.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 22, 2026 · How we verify