| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 1.32 | 11.4% | 15.9% |
| Total Income | 1.32 | 11.4% | 15.9% |
| Expenditure | -13.14 | 19.6% | 87.2% |
| PBT | 14.46 | 15.9% | 68.3% |
| Net Profit | 11.20 | 13.3% | 70.2% |
| OPM | — | ||
| NPM | 100.00% | 0.00pp | 0.00pp |
| EPS | 1.22 | 0.8% | 50.6% |
Southern First Bancshares Reports Q2 2026 Results
21 Jul 2026 · 21 Jul, 6:06 pm
Summary
Southern First Bancshares announced strong second quarter 2026 results, driven by loan growth and margin expansion. Net income reached $11.2 million, with diluted earnings per share at $1.20, marking a significant 48% increase year-over-year. Total revenue grew 25% to $35.9 million, and net interest income rose 28% to $32.4 million due to robust loan origination. The company also saw a healthy increase in its net interest margin to 2.87%. Management highlighted the impressive momentum, with substantial growth in retail deposits and the loan portfolio, and expressed confidence in continued success for the second half of 2026.
Key Highlights
- 1
Southern First Bancshares reported net income of $11.2 million for the second quarter of 2026.
- 2
Diluted earnings per share were $1.20, an increase of $0.39 or 48% compared to the second quarter of 2025.
- 3
Total revenue increased by 25% year-over-year to $35.9 million.
- 4
Net interest income improved by 28% year-over-year to $32.4 million, driven primarily by new loan volume.
- 5
Net interest margin was 2.87%, a 37-basis point increase from 2.50% for the second quarter of 2025.
- 6
Total loans grew by $88 million or 9% (annualized) from the first quarter of 2026, reaching $4.0 billion.
- 7
Retail deposits increased by $184 million or 22% (annualized) from the first quarter of 2026, totaling $3.6 billion.
Management Comments
Art Seaver
Our second quarter 2026 results continue to show impressive momentum. 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. Our efficient business model, vibrant markets, and focus on organic growth are creating value for our clients and our shareholders. Our second quarter net income was $11.2 million, a 70% increase from the same quarter last year and a 13% increase over the first quarter of 2026. 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. We are proud of our team and our accomplishments this quarter, which we believe positions us for continued success in the second half of 2026.
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