Net interest income accelerated 28.0% year-over-year to $32.4 million in 2026Q2, supported by net interest margin expansion to 0.7% and an improved efficiency ratio of 33.1%.
Southern First Bancshares, Inc. (SFST) annual income statement — 27-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 118.9M | 104.95M | 81.22M | 77.65M | 97.62M | 87.73M | 79.81M | 67.27M | 60.15M | 50.88M | 43M | 38.53M | 33.04M | 29.02M | 26M | 23.29M | 20.21M | 19.28M | 18.36M | 16.74M | 14.35M | 12.08M | 8.65M | 6.1M | 4.66M | 2.96M | 1.62M | 0 |
| NII Growth % | 119.06% | 29.22% | 4.59% | -20.45% | 11.27% | 9.93% | 18.64% | 11.83% | 18.23% | 18.32% | 11.6% | 16.61% | 13.85% | 11.64% | 11.63% | 15.22% | 4.82% | 5.02% | 9.68% | 16.65% | 18.74% | 39.74% | 41.69% | 30.96% | 57.6% | 82.03% | - | - |
| Net Interest Margin % | 2.53% | 2.38% | 1.99% | 1.91% | 2.64% | 3% | 3.21% | 2.97% | 3.16% | 3.13% | 3.21% | 3.17% | 3.21% | 3.26% | 3.26% | 3.03% | 2.74% | 2.68% | 2.65% | 2.66% | 2.82% | 2.98% | 2.74% | 2.65% | 2.74% | 2.49% | 2.64% | 0% |
| Interest Income | 222.26M | 211.48M | 201.21M | 177.6M | 117.66M | 93.17M | 94.82M | 92.65M | 76.66M | 61.21M | 51.19M | 46.03M | 39.95M | 36.12M | 34.7M | 35.14M | 35.53M | 36.18M | 40.21M | 39.52M | 30.93M | 21.67M | 13.96M | 9.72M | 8.15M | 6.31M | 3.15M | 0 |
| Interest Expense | 103.36M | 106.53M | 119.99M | 99.94M | 20.04M | 5.43M | 15.01M | 25.38M | 16.5M | 10.33M | 8.19M | 7.5M | 6.91M | 7.1M | 8.7M | 11.85M | 15.32M | 16.89M | 21.85M | 22.78M | 16.58M | 9.58M | 5.32M | 3.62M | 3.49M | 3.35M | 1.52M | 10K |
| Loan Loss Provision | -20.53M | 2.95M | 125K | 1.26M | 6.16M | -12.4M | 29.6M | 2.3M | 1.9M | 2M | 2.3M | 3.2M | 4.17M | 3.48M | 4.55M | 5.27M | 5.61M | 4.31M | 3.16M | 2.05M | 1.65M | 1M | 1.31M | 1.05M | 1.05M | 600K | 600K | -10K |
| Non-Interest Income | -10.61M | 13.14M | 12.11M | 9.86M | 9.97M | 17.09M | 27.35M | 10.04M | 6.05M | 9.34M | 10.85M | 8.42M | 5.78M | 3.8M | 3.76M | 2.77M | 3.04M | 1.84M | 1.53M | 1.26M | 579.5K | 825.78K | 761.46K | 421.68K | 520.25K | 283.99K | 58.35K | 80K |
| Non-Interest Income % | -9.8% | 11.13% | 12.98% | 11.27% | 9.27% | 16.3% | 25.52% | 12.99% | 9.14% | 15.51% | 20.14% | 17.93% | 14.89% | 11.58% | 12.64% | 10.63% | 13.09% | 8.72% | 7.7% | 7.01% | 3.88% | 6.4% | 8.09% | 6.46% | 10.04% | 8.76% | 3.47% | 100% |
| Total Net Revenue | 108.29M | 118.09M | 93.33M | 87.51M | 107.59M | 104.82M | 107.16M | 77.31M | 66.2M | 60.21M | 53.84M | 46.95M | 38.82M | 32.82M | 29.76M | 26.06M | 23.26M | 21.13M | 19.89M | 18M | 14.93M | 12.91M | 9.41M | 6.53M | 5.18M | 3.24M | 1.68M | 80K |
| Revenue Growth % | 4.02% | 26.52% | 6.65% | -18.66% | 2.64% | -2.18% | 38.61% | 16.78% | 9.94% | 11.83% | 14.7% | 20.93% | 18.27% | 10.3% | 14.2% | 12.04% | 10.09% | 6.2% | 10.5% | 20.58% | 15.63% | 37.21% | 44.2% | 25.95% | 59.84% | 92.59% | 2003.73% | - |
| Non-Interest Expense | 77.77M | 75.53M | 73.3M | 68.83M | 62.93M | 56.43M | 53.74M | 39.53M | 35.61M | 34.55M | 31.18M | 28.21M | 24.91M | 21.81M | 19.51M | 17.87M | 16.56M | 15.05M | 14.25M | 10.87M | 7.35M | 7.86M | 4.85M | 3.85M | 4.13M | 2.78M | 1.78M | 630K |
| Efficiency Ratio | 71.82% | 63.96% | 78.53% | 78.65% | 58.49% | 53.83% | 50.15% | 51.13% | 53.79% | 57.38% | 57.9% | 60.09% | 64.16% | 66.45% | 65.57% | 68.57% | 71.22% | 71.25% | 71.65% | 60.41% | 49.24% | 60.85% | 51.58% | 59.04% | 79.73% | 85.84% | 105.92% | 787.5% |
| Operating Income | 51.05M | 39.6M | 19.91M | 17.43M | 38.11M | 60.8M | 23.82M | 35.48M | 28.69M | 23.66M | 20.37M | 15.54M | 9.74M | 7.54M | 5.7M | 2.92M | 1.08M | 1.76M | 2.48M | 5.08M | 5.93M | 4.06M | 3.25M | 1.62M | 0 | -141.18K | -699.55K | -530K |
| Operating Margin % | 47.14% | 33.54% | 21.33% | 19.91% | 35.42% | 58.01% | 22.23% | 45.89% | 43.34% | 39.3% | 37.83% | 33.09% | 25.09% | 22.96% | 19.14% | 11.21% | 4.66% | 8.35% | 12.46% | 28.2% | 39.71% | 31.41% | 34.5% | 24.86% | 0% | -4.36% | -41.57% | -662.5% |
| Operating Income Growth % | - | 98.9% | 14.26% | -54.28% | -37.32% | 155.27% | -32.86% | 23.66% | 21.25% | 16.16% | 31.11% | 59.54% | 29.22% | 32.33% | 94.97% | 169.71% | -38.61% | -28.81% | -51.19% | -14.36% | 46.18% | 24.91% | 100.09% | - | 100% | 79.82% | -31.99% | - |
| Pretax Income | 51.05M | 39.6M | 19.91M | 17.43M | 38.11M | 60.8M | 23.82M | 35.48M | 28.69M | 23.66M | 20.37M | 15.54M | 9.74M | 7.54M | 5.7M | 2.92M | 1.08M | 1.76M | 2.48M | 5.08M | 5.93M | 4.06M | 3.25M | 1.62M | 0 | -141.18K | -699.55K | -530K |
| Pretax Margin % | 47.14% | 33.54% | 21.33% | 19.91% | 35.42% | 58.01% | 22.23% | 45.89% | 43.34% | 39.3% | 37.83% | 33.09% | 25.09% | 22.96% | 19.14% | 11.21% | 4.66% | 8.35% | 12.46% | 28.2% | 39.71% | 31.41% | 34.5% | 24.86% | 0% | -4.36% | -41.57% | -662.5% |
| Income Tax | 11.44M | 9.24M | 4.38M | 4M | 9M | 14.09M | 5.49M | 7.62M | 6.4M | 10.62M | 7.33M | 5.37M | 3.11M | 2.42M | 1.83M | 833K | 193K | 345K | 626K | 1.64M | 2.03M | 1.54M | 1.23M | 616.53K | -752.42K | -22K | -38K | -10K |
| Effective Tax Rate % | 22.42% | 23.33% | 22.01% | 22.96% | 23.61% | 23.18% | 23.05% | 21.48% | 22.31% | 44.87% | 36% | 34.56% | 31.97% | 32.06% | 32.19% | 28.52% | 17.82% | 19.56% | 25.26% | 32.33% | 34.19% | 38% | 38% | 38% | - | 15.58% | 5.43% | 1.89% |
| Net Income | 39.6M | 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 | -520K |
| Net Margin % | 36.57% | 25.71% | 16.64% | 15.34% | 27.06% | 44.56% | 17.1% | 36.03% | 33.67% | 21.66% | 24.21% | 21.66% | 17.07% | 15.6% | 12.98% | 8.01% | 3.83% | 6.72% | 9.31% | 19.08% | 26.13% | 19.47% | 21.39% | 15.42% | 14.52% | -3.68% | -39.31% | -650% |
| Net Income Growth % | 81.19% | 95.53% | 15.67% | -53.89% | -37.67% | 154.86% | -34.21% | 24.99% | 70.86% | 0.07% | 28.22% | 53.46% | 29.39% | 32.57% | 84.96% | 134.61% | -37.28% | -23.38% | -46.09% | -11.93% | 55.15% | 24.92% | 100.08% | 33.69% | 731.34% | 81.99% | -27.22% | - |
| Net Income (Continuing) | 39.6M | 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 | -520K |
| EPS (Diluted) | 4.25 | 3.75 | 1.91 | 1.66 | 3.61 | 5.85 | 2.34 | 3.58 | 2.88 | 1.76 | 1.94 | 1.55 | 1.10 | 0.98 | 0.64 | 0.22 | -0.06 | 0.06 | 0.44 | 0.80 | 0.90 | 0.59 | 0.61 | 0.36 | 0.29 | -0.05 | -0.26 | -0.21 |
| EPS Growth % | 73.33% | 96.34% | 15.06% | -54.02% | -38.29% | 150% | -34.64% | 24.31% | 63.64% | -9.28% | 25.16% | 40.91% | 12.24% | 53.13% | 190.91% | 466.67% | -199.83% | -86.34% | -45% | -11.11% | 52.54% | -3.28% | 69.44% | 24.14% | 737.36% | 82.5% | -23.81% | - |
| EPS (Basic) | - | 3.77 | 1.92 | 1.67 | 3.66 | 5.96 | 2.37 | 3.70 | 3.02 | 1.86 | 2.06 | 1.64 | 1.15 | 1.02 | 0.65 | 0.22 | -0.06 | 0.06 | 0.47 | 0.88 | 1.00 | 0.65 | 0.70 | 0.40 | 0.30 | -0.05 | -0.26 | -0.21 |
| Diluted Shares Outstanding | 9.32M | 8.09M | 8.12M | 8.08M | 8.07M | 7.99M | 7.82M | 7.77M | 7.74M | 7.41M | 6.72M | 6.56M | 5.2M | 4.46M | 4.34M | 4.29M | 4.18M | 4.51M | 4.22M | 4.3M | 4.31M | 4.29M | 3.28M | 2.75M | 2.57M | 2.53M | 2.53M | 2.53M |
Quick answers to the most common questions about buying SFST stock.
For fiscal year 2025, Southern First Bancshares, Inc. (SFST) reported total revenue of $118.1M. This represents a 147511.3% increase compared to $0.1M in 1999.
Southern First Bancshares, Inc. (SFST) is profitable, generating $30.4M in net income for the fiscal year ending 2025 with a net profit margin of 13.5%.
Southern First Bancshares, Inc. (SFST) reported an operating income of $39.6M, resulting in an operating profit margin of 17.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Southern First Bancshares, Inc. (SFST) generated $115.1M in gross profit for the year, representing a gross profit margin of 51.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fee income volatility and credit cycle exposure
Metrics are mathematically derived from official filings.
Net Interest Income Acceleration
Net interest income has accelerated sharply, growing 28.0% year-over-year in 2026Q2 to $32.4 million, driven by a combination of loan volume expansion and a favorable rate environment that has lifted the net interest margin to 0.7%.
The sustained acceleration in NII growth, from single-digit rates in early 2024 to consistent high-20% growth, suggests the bank is successfully repricing its asset base and growing earning assets. This trajectory implies strong underlying loan demand and effective management of funding costs, positioning the bank to benefit from the current rate cycle.
Net Interest Margin Expansion
The net interest margin has expanded meaningfully from 0.5% in early 2024 to 0.7% in recent quarters, indicating that asset yields are outpacing the rise in funding costs and driving core profitability higher.
The 20 basis point expansion in NIM over the past two years is a significant driver of the bank's earnings power, suggesting effective asset-liability management. This margin improvement, combined with strong NII growth, indicates the bank is well-positioned to generate robust pre-provision net revenue (PPNR) as long as the rate environment remains stable.
Efficiency Ratio Improvement
The efficiency ratio improved to 33.1% in 2026Q2 from 35.5% in 2024Q1, demonstrating strong operating leverage as revenue growth outpaces non-interest expense growth.
The consistent improvement in the efficiency ratio, excluding the anomalous 2026Q1 quarter, indicates disciplined expense management and scalable operations. This trend suggests the bank is effectively converting top-line growth into bottom-line earnings, a key indicator of operational health for a regional bank.
Provision Volatility and Credit Quality
Provision expense has been volatile, ranging from a $23.1 million benefit in 2026Q1 to a $650,000 expense in 2025Q4, suggesting management is actively adjusting reserves based on evolving credit conditions.
The significant swings in provision expense, particularly the large negative provision in 2026Q1, warrant close monitoring as they can obscure underlying credit quality trends. While recent quarters show lower provisions, the volatility implies the bank may be navigating a shifting credit cycle, and investors should watch for signs of normalization or deterioration in asset quality.
Fee Income Composition and Stability
Non-interest income has been volatile, with a notable negative $20.8 million in 2026Q1, but has otherwise contributed a stable 5-6% of total revenue, indicating a reliance on core banking operations rather than fee-based businesses.
The low and volatile contribution from non-interest income suggests the bank's earnings are heavily dependent on net interest income, which is typical for a community bank model. The large negative fee quarter in 2026Q1 appears to be an outlier, but it highlights the potential for non-recurring items to impact reported earnings in any given period.
Earnings Quality and One-Time Items
The 2026Q1 quarter, with a negative $20.8 million in non-interest income and a $23.1 million provision benefit, significantly distorts trend analysis and raises questions about the quality and sustainability of reported earnings.
The anomalous 2026Q1 results, which appear to include significant one-time items, make it difficult to assess the bank's true underlying earnings trajectory. Investors should focus on the more normalized quarters to gauge sustainable profitability, as the volatility in this single period could mask underlying trends in both fee income and credit costs.