Southern First Q2 Profit Surges 70% on 25% Revenue Jump, Beating Estimates
SFST sits 58% above its 52-week low of $38.301.
Summary
Southern First Bancshares delivered a standout Q2, with net income soaring 70% to $11.2M and revenue up 25% to $35.88M, handily beating the lone analyst estimate of $30.5M. The beat was fueled by robust loan growth that drove a 28% jump in net interest income, while the net interest margin expanded to 2.87% from 2.50% a year ago. Retail deposits surged $184M in the quarter, a 22% annualized clip, signaling strong customer traction. The $65.2M capital raise completed earlier this year pushed the CET1 ratio to 12.82%, strengthening the balance sheet. This follows a strong Q1 and the recent capital infusion, painting a picture of accelerating momentum for the $580M market cap regional bank. With shares trading at 11x forward earnings and a $66.50 median price target, the results reinforce the buy-side thesis but leave room for multiple expansion if growth persists.
At the time of this announcement, SFST was trading at $60.62 on NASDAQ in the Finance sector, with a market capitalization of approximately $580.5M. The 52-week trading range was $38.30 to $64.06. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.