A Business at a Glance
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SOUTHERN FIRST BANCSHARES INC
SFST
$502M
Mkt Cap
$61.49
+1.55%
SOUTHERN FIRST BANCSHARES INC (SFST) has a current P/E ratio of 16.5, compared to its historical median P/E of 14.7. The stock is currently considered Fair based on its historical valuation range.
SOUTHERN FIRST BANCSHARES INC (SFST) has a 5-year average return on invested capital (ROIC) of 9.3%. This is below average and may indicate limited pricing power.
SOUTHERN FIRST BANCSHARES INC (SFST) has a market capitalization of $507M. It is classified as a small-cap stock.
SOUTHERN FIRST BANCSHARES INC (SFST) does not currently pay a regular dividend.
Based on historical P/E analysis, SOUTHERN FIRST BANCSHARES INC (SFST) appears fair. The current P/E of 16.5 is 12% above its historical median of 14.7. The estimated fair value CAGR (P/E method) is -6.0%.
SOUTHERN FIRST BANCSHARES INC (SFST) operates in the National Commercial Banks industry, within the Financials sector.
SOUTHERN FIRST BANCSHARES INC (SFST) reported annual revenue of $225 million in its most recent fiscal year, based on SEC EDGAR filings.
Southern First Bancshares, Inc. (the “Company”) was incorporated in March 1999 under the laws of South Carolina and is a bank holding company registered under the Bank Holding Company Act of 1956 (the “BHCA”). Our primary business is to serve as the holding company for Southern First Bank (the “Bank”), a South Carolina state bank. The Bank is a commercial bank with eight retail offices located in the Greenville, Columbia, and Charleston markets of South Carolina, three retail offices in the Raleigh, Greensboro, and Charlotte markets of North Carolina and one retail office in Atlanta, Georgia. In addition, we opened our Dream Mortgage Center, a loan production office, located in Columbia, South Carolina during 2023 and expect to open a retail office in Cary, North Carolina in late 2026.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 125M | 225M | 213M | 187M | 127M | 110M |
| Net Income | 35M | 30M | 16M | 13M | 29M | 47M |
| EPS | $4.26 | $3.72 | $1.91 | $1.66 | $3.61 | $5.85 |
| Free Cash Flow | 33M | 30M | 25M | 16M | 36M | 52M |
| ROIC | 0.0% | 8.7% | 4.8% | 4.4% | 10.2% | 18.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.04 | 0.35 | 0.39 | 0.35 | 0.40 | 0.05 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 40M | 20M | 17M | 38M | 61M |
| Operating Margin | 0.0% | 17.6% | 9.3% | 9.3% | 30.0% | 55.1% |
| ROE | 9.2% | 8.7% | 4.8% | 4.4% | 10.2% | 18.5% |
| Shares Outstanding | 8M | 8M | 8M | 8M | 8M | 8M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 46M | 54M | 62M | 71M | 87M | 108M | 122M | 110M | 127M | 187M | 213M | 225M | 125M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 14M | 17M | 19M | 22M | 22M | 24M | 35M | 36M | 39M | 40M | 44M | 45M | 45M |
| EBIT | 9.7M | 16M | 20M | 24M | 29M | 35M | 24M | 61M | 38M | 17M | 20M | 40M | 0 |
| Op. Margin | 21.3% | 28.5% | 32.8% | 33.5% | 33.0% | 33.0% | 19.5% | 55.1% | 30.0% | 9.3% | 9.3% | 17.6% | 0.0% |
| Net Income | 5.7M | 10M | 13M | 13M | 22M | 28M | 18M | 47M | 29M | 13M | 16M | 30M | 35M |
| Net Margin | 12.5% | 18.7% | 21.0% | 18.5% | 25.7% | 25.9% | 15.0% | 42.4% | 22.9% | 7.2% | 7.3% | 13.5% | 27.9% |
| Non-Recurring | 0 | 297K | 431K | -50K | 8K | 727K | 196K | 10K | -394K | 0 | 28K | -515K | -515K |
| Returns on Capital | |||||||||||||
| ROIC | 7.7% | 11.5% | 12.8% | 10.1% | 13.8% | 14.7% | 8.4% | 18.5% | 10.2% | 4.4% | 4.8% | 8.7% | 0.0% |
| ROE | 7.7% | 11.5% | 12.8% | 10.1% | 13.8% | 14.7% | 8.4% | 18.5% | 10.2% | 4.4% | 4.8% | 8.7% | 9.2% |
| ROA | 0.6% | 0.9% | 1.0% | 0.9% | 1.3% | 1.3% | 0.8% | 1.7% | 0.9% | 0.3% | 0.4% | 0.7% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.7M | 20M | 17M | 17M | 32M | 18M | 21M | 78M | 50M | 18M | 26M | 30M | 34M |
| Free Cash Flow | 2.5M | 15M | 12M | 12M | 30M | 9.9M | 13M | 52M | 36M | 16M | 25M | 30M | 33M |
| Owner Earnings | 2.9M | 18M | 14M | 14M | 28M | 15M | 17M | 74M | 45M | 11M | 19M | 24M | 27M |
| CapEx | 2.2M | 4.6M | 5.4M | 5.4M | 1.9M | 8.4M | 7.3M | 27M | 14M | 1.2M | 785K | 581K | 720K |
| Maint. CapEx | 1.2M | 1.3M | 1.3M | 1.5M | 1.8M | 1.9M | 2.1M | 2.2M | 3.7M | 4.7M | 4.7M | 4.3M | 4.1M |
| Growth CapEx | 1.0M | 3.3M | 4.1M | 3.9M | 143K | 6.5M | 5.2M | 24M | 10M | 0 | 0 | 0 | 0 |
| D&A | 1.2M | 1.3M | 1.3M | 1.5M | 1.8M | 1.9M | 2.1M | 2.2M | 3.7M | 4.7M | 4.7M | 4.3M | 4.1M |
| CapEx/OCF | 47.0% | 23.1% | 31.8% | 31.3% | 6.1% | 46.0% | 35.3% | 34.0% | 27.7% | 7.0% | 3.1% | 1.9% | 2.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 1.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 629K | 759K | 2.0M | 1.3M | 1.5M | 1.7M | 1.4M | 1.6M | 2.0M | 1.9M | 2.3M | 2.3M | 2.4M |
| Debt Repayment | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -98M | -38M | 4.2M | -93M | -133M | -173M | -180M | -272M | -146M | -182M | -166M | -269M | -452M |
| Cash & Equiv. | 41M | 63M | 47M | 92M | 73M | 128M | 101M | 167M | 171M | 156M | 163M | 270M | 467M |
| Long-Term Debt | N/A | N/A | N/A | N/A | 13M | 36M | 36M | 36M | 36M | 36M | 25M | 25M | 25M |
| Debt/Equity | -0.02 | 1.22 | 1.05 | 0.45 | 0.09 | 0.11 | 0.07 | 0.05 | 0.40 | 0.35 | 0.39 | 0.35 | 0.04 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 83M | 94M | 110M | 150M | 174M | 206M | 228M | 278M | 295M | 312M | 330M | 369M | 379M |
| Total Assets | 1.0B | 1.2B | 1.3B | 1.6B | 1.9B | 2.3B | 2.5B | 2.9B | 3.7B | 4.1B | 4.1B | 4.4B | 4.6B |
| Total Liabilities | 947M | 1.1B | 1.2B | 1.5B | 1.7B | 2.1B | 2.3B | 2.6B | 3.4B | 3.7B | 3.8B | 4.0B | 4.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 14M | 25M | 38M | 51M | 73M | 101M | 119M | 166M | 192M | 206M | 221M | 251M | 261M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.10 | 1.55 | 1.94 | 1.76 | 2.88 | 3.58 | 2.34 | 5.85 | 3.61 | 1.66 | 1.91 | 3.72 | 4.26 |
| Owner EPS | 0.56 | 2.75 | 2.05 | 1.95 | 3.67 | 1.89 | 2.19 | 9.30 | 5.53 | 1.36 | 2.28 | 2.93 | 3.30 |
| Book Value | 15.99 | 14.37 | 16.35 | 20.20 | 22.47 | 26.45 | 29.15 | 34.80 | 36.52 | 38.63 | 40.64 | 45.16 | 46.00 |
| Cash Flow/Share | 0.91 | 3.07 | 2.54 | 2.32 | 4.10 | 2.35 | 2.63 | 9.78 | 6.24 | 2.18 | 3.14 | 3.73 | 4.74 |
| Dividends/Share | 0.19 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 5.2M | 6.6M | 6.7M | 7.4M | 7.7M | 7.8M | 7.8M | 8.0M | 8.1M | 8.1M | 8.1M | 8.2M | 8.2M |
| Valuation | |||||||||||||
| P/E Ratio | 15.2 | 13.9 | 18.5 | 23.4 | 11.0 | 12.0 | 15.3 | 10.9 | 12.7 | 22.4 | 20.8 | 14.2 | 14.4 |
| P/FCF | 34.6 | 9.2 | 20.7 | 25.9 | 8.3 | 33.7 | 21.0 | 9.9 | 10.1 | 18.3 | 13.0 | 14.4 | 15.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.0 | 1.5 | 2.2 | 2.0 | 1.4 | 1.6 | 1.2 | 1.8 | 1.3 | 1.0 | 1.0 | 1.2 | 1.3 |
| Price/Sales | 1.9 | 2.7 | 3.3 | 4.4 | 4.7 | 3.6 | 2.2 | 3.9 | 3.6 | 2.9 | 2.9 | 2.8 | 4.0 |
| FCF Yield | 2.9% | 10.9% | 4.8% | 3.9% | 12.1% | 3.0% | 4.8% | 10.1% | 9.9% | 5.5% | 7.7% | 6.9% | 6.5% |
| Market Cap | 87M | 142M | 241M | 306M | 246M | 333M | 280M | 509M | 369M | 300M | 323M | 431M | 507M |
| Avg. Price | 14.05 | 19.04 | 26.38 | 36.08 | 42.34 | 38.05 | 30.12 | 50.85 | 48.33 | 30.85 | 33.48 | 40.18 | 61.49 |
| Year-End Price | 16.71 | 21.61 | 35.85 | 41.25 | 31.75 | 42.84 | 35.80 | 63.73 | 45.72 | 37.15 | 39.67 | 52.81 | 61.49 |
SOUTHERN FIRST BANCSHARES INC passes 3 of 9 quality checks, indicating weak fundamentals.
SOUTHERN FIRST BANCSHARES INC trades at 16.5x trailing earnings, compared to its 15-year median P/E of 14.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.9x vs a median of 16.4x. The company's 5-year average ROIC is 9.3%. At current prices, the estimated annualized return to fair value is +7.4%.
SOUTHERN FIRST BANCSHARES INC (SFST) has a net profit margin of 13.5%. This is a healthy margin.
SOUTHERN FIRST BANCSHARES INC (SFST) generated $30 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SOUTHERN FIRST BANCSHARES INC (SFST) has a debt-to-equity ratio of 0.35. This indicates a conservatively financed balance sheet.
SOUTHERN FIRST BANCSHARES INC (SFST) reported earnings per share (EPS) of $3.72 in its most recent fiscal year.
SOUTHERN FIRST BANCSHARES INC (SFST) has a return on equity (ROE) of 8.7%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for SOUTHERN FIRST BANCSHARES INC (SFST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SOUTHERN FIRST BANCSHARES INC (SFST) has a book value per share of $45.16, based on its most recent annual SEC filing.