Liquidity remains highly constrained with a thin cash buffer of $114.5 million against $4.6 billion in total assets, further complicated by erratic operating cash flows that previously swung to a negative $2.9 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 33.65M | 30.46M | 25.56M | 17.65M | 50.3M | 78.07M | 20.62M | 18.31M | 31.7M | 17.19M | 17.09M | 20.11M | 4.73M | 8.59M | 11.88M | 11.19M | 10.79M | 2.86M | 6.91M | 2.97M | -1.58M | 14.37M | 2.41M | 3.38M | 1.81M | 258.71K | 1.55M | -510K |
| Operating CF Growth % | 146.25% | 19.17% | 44.78% | -64.91% | -35.56% | 278.63% | 12.62% | -42.25% | 84.39% | 0.61% | -15.01% | 324.71% | -44.88% | -27.68% | 6.12% | 3.71% | 277.14% | -58.61% | 132.45% | 288.47% | -110.98% | 495.05% | -28.61% | 86.62% | 600.62% | -83.31% | 403.9% | - |
| Net Income | 34.99M | 30.37M | 15.53M | 13.43M | 29.11M | 46.71M | 18.33M | 27.86M | 22.29M | 13.04M | 13.04M | 10.17M | 6.63M | 5.12M | 3.86M | 2.09M | 890K | 1.42M | 1.85M | 3.44M | 3.9M | 2.51M | 2.01M | 1.01M | 752.42K | -119.18K | -661.55K | -530K |
| Depreciation & Amortization | 3.75M | 4.74M | 4.81M | 4.82M | 3.7M | 2.32M | 2.19M | 1.92M | 1.75M | 1.46M | 1.25M | 1.31M | 1.21M | 1.21M | 979K | 884K | 853K | 731K | 541K | 482.72K | 348.68K | 260.01K | 163.74K | 257.39K | 209.81K | 192.55K | 38.32K | 0 |
| Deferred Taxes | -1.3M | -1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.32M | -94.64K | -337K | -754.43K | -244.84K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -20.7M | -5.16M | 3.28M | -1.96M | 16.43M | 35.6M | -2.07M | -15.8M | 4.99M | -1.41M | 486K | 10.95M | -3.44M | 2.72M | 5.91M | 7.32M | 6.65M | 4.62M | 6.18M | 1.72M | 1.59M | 2.63M | 1.41M | 1.05M | 1.11M | 567.08K | 600K | -10K |
| Working Capital Changes | 14.56M | -458K | -345K | -576K | -965K | -8.21M | 775K | 2.64M | 1.17M | 2.84M | 318K | -3.08M | -283K | -969K | 778K | 627K | 2.15M | -4.03M | -409K | -2.57M | -7.08M | 9.72M | -923.65K | 1.07M | -255.95K | -381.74K | 1.57M | 30K |
| Cash from Investing | -250.82M | -206.33M | -28.86M | -378.57M | -792.58M | -410.63M | -230.77M | -275.58M | -301.71M | -239.01M | -139.92M | -175.96M | -130.78M | -88.06M | -30.69M | -67.86M | 13.59M | -27.72M | -74.2M | -119.98M | -113.17M | -71.11M | -86.81M | -59.5M | -51.31M | -59.32M | -48.16M | -8.68M |
| Purchase of Investments | -7M | -33.03M | -28.24M | -114.87M | -40.8M | -51.64M | -53.19M | -44.6M | -23.23M | -25.06M | -18.78M | -57.37M | -3.87M | -5.29M | -35.01M | -81.59M | -113.61M | -45.67M | -37.63M | -26.38M | -49.9M | -16.79M | -20.14M | -12.94M | -11.49M | -18.33M | -11.96M | 0 |
| Sale/Maturity of Investments | 48.41M | 40.99M | 30.54M | 66.96M | 44.2M | 22.53M | 30.43M | 50.07M | 15.25M | 22.82M | 43.12M | 22.92M | 18.24M | 13.26M | 57.3M | 47.43M | 133.2M | 38.4M | 31.95M | 13.31M | 11.79M | 9.39M | 6.58M | 12.7M | 14.44M | 9.39M | 11M | 0 |
| Net Investment Activity | 41.4M | 7.96M | 2.31M | -47.9M | 3.4M | -29.11M | -22.76M | 5.46M | -7.97M | -2.23M | 24.34M | -34.45M | 14.37M | 7.97M | 22.29M | -34.16M | 19.6M | -7.27M | -5.69M | -13.07M | -38.11M | -7.4M | -13.57M | -247.93K | 2.95M | -8.93M | -962.25K | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -291.5M | -213.72M | -30.38M | -329.43M | -782.03M | -355.01M | -200.74M | -272.61M | -291.79M | -231.4M | -158.83M | -136.86M | -142.93M | -93.73M | -50.61M | -31.34M | -5.68M | -15.01M | -61.66M | -107.8M | -73.85M | -58.38M | -71.89M | -59.05M | -54.15M | -49.91M | -46.63M | -8.57M |
| Cash from Financing | 254.89M | 282.6M | 9.99M | 346.22M | 745.94M | 399.08M | 183.02M | 312.22M | 250.71M | 267.44M | 106.52M | 177.45M | 128.11M | 89.26M | 25.22M | 25.83M | 17.39M | 23.78M | 63.48M | 117.4M | 105.72M | 77M | 82.79M | 58.59M | 50.99M | 57.19M | 49.99M | 10.65M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.01M | -778K | -845K | -865K | -865K | -620K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.65M |
| Stock Issued | 3.13M | 2.04M | 294K | 518K | 905K | 3.01M | 1.39M | 0 | 0 | 24.76M | 0 | 0 | 24.38M | 0 | 0 | 0 | 0 | 15.86M | 0 | 0 | 0 | 0 | 14.93M | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 3.13M | 2.04M | 294K | 518K | 905K | 3.01M | 1.39M | 0 | 0 | 24.76M | 0 | 0 | 24.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.93M | 0 | 0 | 0 | 0 | 10.65M |
| Debt Issuance (Net) | 0 | 0 | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 0 | -1000K | 1000K | -1000K | 1000K | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Other Financing | 251.76M | 280.55M | 56.2M | 245.7M | 570.04M | 421.07M | 266.63M | 229.76M | 267.91M | 290.68M | 106.52M | 197.45M | 108.94M | 104.21M | 12.58M | 26.69M | 42.51M | 26.27M | 56.72M | 67.32M | 91.36M | 49.28M | 35.9M | 35.4M | 40.86M | 42.71M | 49.99M | 10.65M |
| Net Change in Cash | 37.72M | 106.72M | 6.69M | -14.7M | 3.67M | 66.52M | -27.13M | 54.94M | -19.29M | 45.61M | -16.31M | 21.6M | 2.06M | 9.79M | 6.41M | -30.84M | 41.77M | -1.08M | -3.81M | 392.04K | -9.03M | 20.27M | -1.61M | 2.48M | 1.49M | -1.87M | 3.39M | 1.46M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 269.58M | 162.86M | 156.17M | 170.87M | 167.21M | 100.69M | 127.82M | 72.87M | 92.17M | 46.55M | 62.87M | 41.26M | 39.2M | 29.41M | 23M | 53.85M | 12.08M | 13.16M | 16.97M | 16.58M | 25.6M | 5.34M | 6.95M | 4.47M | 2.98M | 4.85M | 1.47M | 10K |
| Cash at End | 342.78M | 269.58M | 162.86M | 156.17M | 170.87M | 167.21M | 100.69M | 127.82M | 72.87M | 92.17M | 46.55M | 62.87M | 41.26M | 39.2M | 29.41M | 23M | 53.85M | 12.08M | 13.16M | 16.97M | 16.58M | 25.6M | 5.34M | 6.95M | 4.47M | 2.98M | 4.85M | 1.47M |
| Interest Paid | 104.47M | 106.85M | 119.35M | 93.35M | 18.88M | 6.4M | 16.31M | 25.16M | 15.41M | 9.99M | 8.31M | 7.29M | 6.91M | 7.57M | 8.67M | 11.9M | 15.64M | 17.12M | 22.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 5.99M | 10.64M | 3.77M | 1.51M | 11.83M | 21.65M | 2.74M | 7.88M | 5.45M | 8.39M | 6.68M | 6.63M | 4.54M | 2.88M | 2.13M | 1.69M | 0 | 605K | 1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 32.93M | 29.88M | 24.77M | 16.41M | 36.35M | 51.56M | 13.34M | 9.88M | 29.76M | 11.81M | 11.66M | 15.46M | 2.51M | 6.29M | 9.51M | 8.82M | 10.46M | -2.57M | 62K | 3.87M | -2.78M | 9.05M | 1.06M | 3.18M | 1.71M | -207.97K | 978.36K | -620K |
| FCF Growth % | -7.03% | 20.6% | 50.95% | -54.86% | -29.49% | 286.42% | 35.08% | -66.81% | 151.95% | 1.29% | -24.55% | 516.02% | -60.1% | -33.83% | 7.75% | -15.7% | 506.84% | -4248.39% | -98.4% | 239.14% | -130.75% | 752.34% | -66.64% | 86.32% | 921.07% | -121.26% | 257.8% | - |
CRE concentration and funding
As reported in financial statements, Southern First Bancshares has maintained a zero-dividend policy over the last ten quarters, suggesting that the bank is prioritizing the retention of all organic earnings to support its aggressive commercial loan growth strategy within the competitive Southeastern metropolitan corridors.
The absence of capital returns to shareholders indicates that management is currently focused on internal capital accumulation to navigate potential credit volatility. Investors should monitor whether this retention strategy remains sufficient to support regulatory capital requirements as the bank continues to expand its commercial loan book.
Based on recent SEC filings, the bank has demonstrated significant variability in its investment portfolio activity, highlighted by a $37.6 million sale of securities in 2025Q4, which appears to be a tactical move to generate liquidity rather than a reflection of long-term asset allocation strategy.
The frequent shifts between purchasing and selling investment securities suggest that the bank is utilizing its portfolio as a primary lever for managing short-term liquidity needs. This reliance on securities sales to manage cash flow may indicate that core deposit growth is not keeping pace with loan demand.
According to the provided cash flow data, the bank recorded a significant negative provision of $23.1 million in 2026Q1, a stark reversal from the consistent positive provisioning observed throughout 2025, which warrants further investigation into the underlying credit quality of the commercial loan portfolio.
This extreme volatility in provision expenses suggests that the bank's reported cash flows are being heavily influenced by accounting adjustments rather than operational performance. Such fluctuations may obscure the true level of credit risk inherent in the bank's concentrated commercial real estate and construction lending activities.
As indicated by the erratic operating cash flow figures, which swung from a high of $26.3 million in 2024Q3 to a negative $2.9 million in 2024Q1, the bank's cash position appears highly sensitive to the timing of loan originations and wholesale funding availability.
The lack of consistent operating cash flow generation suggests that the bank may be relying on external funding sources, such as FHLB advances, to bridge the gap between loan growth and deposit inflows. This reliance on non-core funding sources may leave the bank vulnerable to interest rate volatility.
Quick answers to the most common questions about buying SFST stock.
Southern First Bancshares, Inc. (SFST) generated $30.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Southern First Bancshares, Inc. (SFST) generated $29.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Southern First Bancshares, Inc. (SFST) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.