Southern First Bancshares Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income available to common shareholders of $79,000 or $0.03 per diluted share on net interest income of $4,950,000 against net loss available to common shareholders of $126,000 or $0.04 per diluted share on net interest income of $4,843,000 for the same period a year ago. Interest income was $9,115,000 against $10,059,000 for the same period a year ago. Income before taxes was $533,000 against loss of $274,000 for the same period a year ago. Common book value was $14.56 per share against loss of $12.48 per share for the same period a year ago. Return on average assets was 0.23% against negative return on average assets of 0.07% for the same period a year ago. Return on average equity was 2.80% against negative return on average equity of 1.29% for the same period a year ago. For the nine months, the company reported net income available to common shareholders of $458,000 or $0.15 per diluted share on net interest income of $14,330,000 against net income available to common shareholders of $1,482,000 or $0.47 per diluted share on net interest income of $14,015,000 for the same period a year ago. Interest income was $27,092,000 against $30,705,000 for the same period a year ago. Income before taxes was $1,728,000 against $2,112,000 for the same period a year ago. Common book value was $14.56 per share against loss of $12.48 per share for the same period a year ago. Return on average assets was 0.24% against 0.29% for the same period a year ago. Return on average equity was 3.08% against 5.02% for the same period a year ago.

Southern First Bancshares Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income available to common shareholders of $12,000 or $0.00 per diluted common share on net interest income of $4,919,000 compared to net income available to common shareholders of $862,000 or $0.27 per diluted common share on net interest income of $4,779,000 for the same period of last year. The $507,000 lower net income in the second quarter of 2009 compared to the same period in 2008 is primarily due to a $300,000 special assessment related to FDIC insurance and a $275,000 increase in the provision for loan losses. Income before taxes was $499,000 compared to $1,268,000 for the same period of last year. The company's book value per common share was $14.33 as of June 30, 2009 compared to $12.90 as of the date of previous year. Return on average assets was 0.20% compared to 0.50% for the same period of last year. Return on average equity was 2.42% compared to 8.77% for the same period of last year. For the six months, the company reported net income available to common shareholders of $379,000 or $0.12 per diluted common share on net interest income of $9,380,000 compared to net income available to common shareholders of $1,608,000 or $0.50 per diluted common share on net interest income of $9,172,000 for the same period of last year. Income before taxes was $1,195,000 compared to $2,386,000 for the same period of last year. The company's book value per common share was $14.33 as of June 30, 2009 compared to $12.90 as of the date of previous year. Return on average assets was 0.24% compared to 0.48% for the same period of last year. Return on average equity was 3.24% compared to 8.19% for the same period of last year.

Southern First Bancshares Inc. announced consolidated earnings results for the first quarter ended March 31, 2009. The company announced that net income for the first quarter of 2009 was $487,000 compared to $747,000 for the first quarter of 2008. For the quarter, the company reported net income available to common shareholders of $409,000 or $0.12 diluted per share against net income available to common shareholders of $747,000 or $0.23 diluted per share reported a year ago. For the quarter, the company reported interest income of $8,895,000 against interest income of $10,342,000 reported a year ago. For the quarter, the company reported net interest income of $4,461,000 against net interest income of $4,394,000 reported a year ago. For the quarter, the company reported income before taxes of $695,000 against income before taxes of $1,119,000 reported a year ago. The $260,000 lower net income in the first quarter of 2009 compared to the same period in 2008 is primarily due to higher non-interest expenses and an increase in the provision for loan losses. In addition, net income increased $117,000 during the first quarter of 2009 compared to the fourth quarter of 2008 primarily from an additional $116,000 of net interest income, $72,000 in non interest income, and a $461,000 decrease in the provision for loan losses, partially offset by a $320,000 increase in non interest expenses. The company's book value per common share was $13.85 as of March 31, 2009, compared to book value per common share was $13.25 as of March 31, 2008. For the quarter, the company reported return on average assets of 0.28% against 0.46% reported a year ago. For the quarter, the company reported return on average equity of 4.29% against 7.66% reported a year ago. The company also announced that preferred stock dividend to be paid of $78,000.