SOUTHERN FIRST BANCSHARES Business Summary

Southern First Bancshares Inc. (SFST) operates as a relationship-oriented regional bank holding company, generating approximately 80% of its revenue through net interest income from a diversified loan portfolio and 20% via non-interest income derived from mortgage banking and service fees. The company’s primary business segments include commercial banking, consumer banking, and mortgage services, catering specifically to small-to-medium-sized businesses, professionals, and individual clients. As of early 2026, Southern First maintains a strategic footprint across 13 locations in South Carolina, North Carolina, and Georgia, positioning itself as a high-touch alternative to larger national institutions. Its competitive landscape includes regional peers such as Ameris Bancorp (ABCB), Business First Bancshares (BFST), First Mid Bancshares (FMBH), and Independent Bank (IBCP), where Southern First distinguishes itself through localized decision-making and a "full banking relationship" strategy that has recently driven significant margin expansion and asset quality improvements. The leadership team is anchored by founder R. Arthur "Art" Seaver Jr., who has served as Chief Executive Officer since the company’s inception in 1999 and brings over 37 years of Southeast banking experience. He is supported by President Cal Hurst, who assumed the role in 2022 after serving as Chief Banking Officer, and Chief Financial Officer Christian J. Zych, a veteran with over 30 years in the industry who joined in 2024 from United Community Bank. Other key executives include Chief Accounting Officer Julie A. Fairchild and Chief Credit Officer Wesley Clark Wilbanks. The company’s governance is overseen by Independent Chairman James Orders and a board featuring prominent regional figures such as Andrew B. Cajka (Founder of Southern Hospitality Group) and Leighton M. Cubbage (Co-founder of Serrus Capital Partners). Notable institutional backing includes significant positions held by FJ Capital Management, T. Rowe Price, BlackRock, and Vanguard, reflecting strong market confidence in the firm’s disciplined growth model.