Exhibit 99.1

Southern First Reports Results for 2018

Greenville, South Carolina, January 22, 2019 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today reported net income available to common shareholders of $5.8 million, or $0.75 per diluted share, for the fourth quarter of 2018. In comparison, net income available to common shareholders was $2.1 million, or $0.27 per diluted share, for the fourth quarter of 2017. For the year ended December 31, 2018, net income available to common shareholders was $22.3 million, or $2.88 per diluted share. In comparison, net income to common shareholders for the year ended December 31, 2017 was $13.0 million, or $1.76 per diluted share.

“2018 was a record year for Southern First as we generated net income of $22.3 million. Our team continues to focus on delivering a unique client experience, and we have been fortunate in building client relationships which have grown to be a $1.9 billion bank,” stated Art Seaver, the company’s Chief Executive Officer.

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Noninterest income was $2.5 million and $2.2 million for the three months ended December 31, 2018 and 2017, respectively. For the year ended December 31, 2018 and 2017, noninterest income was $10.2 million and $9.3 million, respectively. The increases in total noninterest income for the three- and twelve-month periods ended December 31, 2018 as compared to the same periods in 2017, were driven by increases in mortgage banking income, ATM and debit card income and other income, partially offset by a decrease in service fees on deposit accounts. Mortgage banking revenue comprises a significant portion of our noninterest income and totaled $1.2 million and $5.5 million for the three and twelve months ended December 31, 2018, respectively, and $1.1 million and $5.2 million for the three and twelve months ended December 31, 2017, respectively.

Noninterest expense was $10.4 million and $8.6 million for the three months ended December 31, 2018 and 2017, respectively, and $39.8 million and $34.6 million for the twelve months ended December 31, 2018 and 2017, respectively. The increase in noninterest expense during both the three- and twelve-month periods ended December 31, 2018 was driven primarily by increases in compensation and benefits, occupancy, data processing and related costs and marketing expenses, while insurance expenses and professional fees also contributed to the increase during the twelve-months ended December 31, 2018. Included in noninterest expense are mortgage banking expenses of $942 million and $4.2 million for the three and twelve months ended December 31, 2018, respectively, and $884 thousand and $3.7 million for the three and twelve months ended December 31, 2017, respectively.

During the three months ended December 31, 2018, we recorded total credit costs of $720 thousand, including a $600 thousand provision for loan losses and $120 thousand of expenses related to the sale and management of other real estate owned. In addition, we had net charge-offs for the fourth quarter of 2018 of $978 thousand, or 0.23% of average loans, annualized. During the three months ended December 31, 2017, our total credit costs were $690 thousand, including a $500 thousand provision for loan losses and $190 thousand of expenses related to the sale and management of other real estate owned. Net loan charge-offs for the fourth quarter of 2017 were $556 thousand, or 0.17% of average loans, annualized. For the twelve months ended December 31, 2018 and 2017, total credit costs were $2.0 million and $2.2 million, respectively. Our allowance for loan losses was $15.8 million, or 0.94% of gross loans, at December 31, 2018, which provides approximately 270% coverage of nonaccrual loans, compared to $15.5 million, or 1.12% of gross loans, and approximately 213% coverage of nonaccrual loans at December 31, 2017.

Nonperforming assets were $5.8 million, or 0.31% of total assets, as of December 31, 2018. Comparatively, nonperforming assets were $7.5 million, or 0.46% of total assets, at December 31, 2017. Of the $5.8 million in total nonperforming assets as of December 31, 2018, nonperforming loans represented the entire balance with no other real estate owned. Classified assets totaled 9% of tier 1 capital plus the allowance for loan losses at December 31, 2018, compared to 10% at December 31, 2017.

Gross loans were $1.7 billion, excluding mortgage loans held for sale, as of December 31, 2018, compared to $1.4 billion at December 31, 2017. Core deposits, which exclude out-of-market deposits and time deposits of $250,000 or more, totaled to $1.4 billion at December 31, 2018 compared to $1.2 billion at December 31, 2017.

Shareholders’ equity totaled $173.9 million as of December 31, 2018, compared to $149.7 million at December 31, 2017. As of December 31, 2018, our capital ratios continue to exceed the regulatory requirements for a “well capitalized” institution.

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Footnotes to tables:
(1) Total revenue is the sum of net interest income and noninterest income.
(2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.
(3) Annualized for the respective three month period.
(4) Noninterest expense divided by the sum of net interest income and noninterest income.
(5) Excludes mortgage loans held for sale.
(6) Excludes out of market deposits and time deposits greater than $250,000.
(7) December 31, 2018 ratios are preliminary.
(8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.
(9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.
(10) Includes loans held for sale.

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ABOUT SOUTHERN FIRST BANCSHARES

Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company’s wholly-owned subsidiary, Southern First Bank, is the third largest bank headquartered in South Carolina. Southern First Bancshares has been providing financial services since 1999 and now operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina, as well as the Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $1.9 billion and its common stock is traded on the NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are identified by words such as “believes,” “expects,” “continues,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.

FINANCIAL CONTACT: MIKE DOWLING 864-679-9070

MEDIA CONTACT: ART SEAVER 864-679-9010

WEB SITE: www.southernfirst.com

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