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8-K - 8-K - SOUTHERN FIRST BANCSHARES INC | d30478.htm |
Exhibit 99.1
Southern First Bancshares, Inc. (SFST)
Annual Shareholders Meeting May 21st, 2013
Forward Looking Statements:
During the course of this presentation, management may make projections and forward-looking statements regarding events or the future financial performance of Southern First Bancshares, Inc. We wish to caution you that these forward-looking statements involve certain risks and uncertainties, including a variety of factors (including a downturn in the economy, greater than expected non-interest expenses, increased competition, fluctuations in interest rates, regulatory actions, excessive loan losses and other factors) that may cause Southern Firsts actual results to differ materially from the anticipated results expressed or implied in these forward-looking statements. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. Investors are cautioned not to place undue reliance on these forward-looking statements and are advised to review the risk factors that may affect Southern Firsts operating results in documents filed by Southern First Bancshares, Inc. with the Securities and Exchange Commission, including the annual report on Form 10-K and other required filings. Southern First assumes no duty to update the forward-looking statements made in this presentation.
Southern First Bancshares
Corporate Profile
Headquartered in Greenville SC
135 total employees
$822 million in total assets (*)
9th largest bank headquartered in SC
Greenville SC market 4 offices
largest banking market in SC
#6 market share out of 34 banks (**)
Columbia SC market 3 offices
2nd largest banking market in SC
surpassed $145 million in deposits (*)
3rd office opened in Q4 2012
Charleston SC market
3rd largest banking market in SC
new expansion
significant market experience
(*) Mar 2013
(**) FDIC data
2012 Operating Highlights:
SFST valuation increased $11 million or 43%
Net income increased 85% to $3.9 million
Margin improved by 31 basis points to 3.61%
Loans increased by over $47 million
Noninterest income increased by 36%
Nonperforming assets improved to 1.24%
SFST Valuation
Increased $11 million in 2012 (up 43%)
SFST 43.1%
Bank Index 30.2%
S&P 500 13.4%
SFST Valuation
Increased $11 million YTD 2013 (up 31%)
SFST 30.7%
Bank Index 14.6%
S&P 500 14.5%
2012 / 2013 Strategic Highlights
Focused on improving shareholder value
Exited TARP program through preferred share auction
Redeemed $2 million of preferred shares
Conversion to state chartered bank
Expansion of mortgage operations
Expansion to Charleston market
Opened additional office in Columbia
Charleston expansion opportunity:
Right market / Right time / Right bankers
Charleston Team:
Len Howell
Eddie Tuttle
Blake Dressler
Jessica Pigott
Southern First Strategic Vision:
One Chance / One Step
Operating Initiatives:
Continue building earnings momentum
Capitalize on growth opportunities
Increase noninterest income
Reduce credit costs
Continue overhead efficiencies
Create world class client experiences
Invest in strategic talent and risk management infrastructure
Southern First Strategic Vision:
One Chance / One Step
Strategic Initiatives:
Manage capital effectively
Preferred stock redemption plan
Recognize dilutive exposure
Monitor capital market options
Increase communication of the SFST story
Monitor strategic growth opportunities
Operating Initiatives:
Generate earnings momentum
Revenue growing
Net interest income up 12% in 2012
8% loan growth in 2012
Fee income increasing
Up 36% in 2012
Momentum
2013 monthly revenue up 12% on average
Operating Initiatives:
Reduce credit costs
Nonperforming assets improved to 1.07% in Q1 2013
NPAs declined 36% since Q1 2012
Annualized charge-offs only .52% in Q1 2013
Charge-offs totaled .71% in 2012
*
Credit costs provision expense plus other real estate expenses
Operating Initiatives:
Continue overhead efficiencies
(1) FDIC Dec 2012
Q1 2013 Performance
Earnings Momentum 40% increase in Q1
Southern First Bancshares
Investment Value
Earnings Momentum
Leadership Depth
Unique Model
Risk Management
Outstanding Markets
Growth Company
Southern First Bancshares
Focused on shareholder value
2013 Shareholder Meeting
Thank you for your continued support