Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed financial information of Southern First Bancshares, Inc. (parent company only)

Following is condensed financial information of Southern First Bancshares, Inc. (parent company only):

Condensed Balance Sheets

	December 31,
(dollars in thousands)	2020		2019
Assets
Cash and cash equivalents	$	9,019		7,753
Investment in subsidiaries		255,518		234,310
Other assets		29		6
Total assets	$	264,566		242,069
Liabilities and Shareholders’ Equity
Accounts payable and accrued expenses	$	274		319
Subordinated debentures		35,998		35,890
Shareholders’ equity		228,294		205,860
Total liabilities and shareholders’ equity	$	264,566		242,069

108

Condensed Statements of Income

	For the years ended December 31,
(dollars in thousands)	2020			2019			2018
Revenues
Interest income	$	17			13			9
Total revenue		17			13			9
Expenses
Interest expense		1,708			929			592
Other expenses		283			240			240
Total expenses		1,991			1,169			832
Income tax benefit		415			243			173
Loss before equity in undistributed net income of subsidiaries		(1,559	)		(913	)		(650	)
Equity in undistributed net income of subsidiaries		19,887			28,771			22,939
Net income	$	18,328			27,858			22,289

Condensed Statements of Cash Flows

		For the years ended December 31,
(dollars in thousands)	2020			2019			2018
Operating activities
Net income	$	18,328			27,858			22,289
Adjustments to reconcile net income to cash provided by (used for) operating activities
Equity in undistributed net income of subsidiaries		(19,887	)		(28,771	)		(22,939	)
Compensation expense related to stock options and restricted stock grants		1,397			1,698			1,502
(Increase) decrease in other assets		(23	)		12			12
Increase (decrease) in accounts payable and accrued expenses		63			(202	)		2
Net cash provided by (used for) operating activities		(122	)		595			866
Investing activities
Investment in subsidiaries, net		-			-			-
Net cash used for investing activities		-			-			-
Financing activities
Issuance of common stock		-			-			-
Proceeds from the exercise of stock options and warrants		1,388			1,769			900
Net cash provided by financing activities		1,388			1,769			900
Net increase in cash and cash equivalents		1,266			2,364			1,766
Cash and cash equivalents, beginning of year		7,753			5,389			3,623
Cash and cash equivalents, end of year	$	9,019			7,753			5,389