Form 8-K

8-K — SOUTHERN FIRST BANCSHARES INC

Accession: 0001206774-26-000563

Filed: 2026-10-20

Period: 2026-10-20

CIK: 0001090009

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — sfst4704891-8k.htm (Primary)

EX-99.1 — EARNINGS PRESS RELEASE FOR THE PERIOD ENDED SEPTEMBER 30, 2026 (sfst4704891-ex991.htm)

EX-99.2 — SLIDE PRESENTATION (sfst4704891-ex992.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — CURRENT REPORT

8-K (Primary)

Filename: sfst4704891-8k.htm · Sequence: 1

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0001090009

2026-10-20

iso4217:USD

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest

event reported) October

20, 2026

Southern

First Bancshares, Inc.

(Exact name of registrant as specified

in its charter)

South

Carolina

(State or other jurisdiction of incorporation)

000-27719

58-2459561

(Commission File Number)

(IRS Employer Identification No.)

Verdae Boulevard, Greenville,

29607

(Address of principal executive offices)

(Zip Code)

(864)

679-9000

(Registrant’s telephone number, including

area code)

Not

Applicable

(Former name or former address, if changed

since last report)

Check the appropriate box

below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the

following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

SFST

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging

growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02. Results of Operations and Financial

Condition.

On October 20, 2026, Southern First Bancshares, Inc., holding company for Southern First Bank, issued a press release announcing its financial

results for the period ended September 30, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

ITEM 7.01 Regulation FD Disclosure.

A copy of a slide presentation also highlighting Southern First Bancshares, Inc. financial results for the period ended September 30,

2026 is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation also will be available on our website, www.southernfirst.com,

under the “Investor Relations” section.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibit index lists the exhibits that are either filed or furnished with the Current Report on Form 8-K.

EXHIBIT INDEX

Exhibit No.

Description

99.1

Earnings Press Release for the period ended September 30, 2026.

99.2

Slide Presentation.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,

the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SOUTHERN FIRST BANCSHARES, INC.

By:

/s/ Christian J. Zych

Name:

Christian J. Zych

Title:

Chief Financial Officer

October 20, 2026

EX-99.1 — EARNINGS PRESS RELEASE FOR THE PERIOD ENDED SEPTEMBER 30, 2026

EX-99.1

Filename: sfst4704891-ex991.htm · Sequence: 2

Exhibit

99.1

Southern

First Reports Third Quarter 2026 Results

Greenville, South Carolina, October 20, 2026

– Southern First Bancshares, Inc. (NASDAQ: SFST) (Southern First), today announced

its financial results for the three months ended September 30, 2026. Strong loan growth and continued margin expansion drove year-over-year

net interest income growth of 26%. Net income was $12.2 million and diluted earnings per share was $1.28, representing a $0.22, or 21%

increase over the third quarter of 2025, and an $0.08 increase from the second quarter of 2026. Return on average assets was 1.03%, up

23 basis points over the third quarter of last year, and tangible common equity to assets was 9.47%, up 129 basis points from the third

quarter of 2025. Key asset quality metrics were consistent both on a linked quarter and year-over-year basis. Net charge-offs were approximately

$719 thousand, or 0.07% of average loans, annualized, and nonperforming assets were 0.30% of total assets. Provision for credit losses

increased by $375 thousand from the prior quarter, and the allowance for credit losses represented 1.07% of loans.

“The consistent high performance of our company

continued in the third quarter. We increased retail client deposits by $163 million, representing an 18% annualized growth rate, while

our loan portfolio grew by $145 million or 14% annualized growth during the quarter. Our team’s focus on organic growth and delivering

an excellent client experience is creating tremendous value for our company and its shareholders. We capitalized on profitable growth

opportunities and robust business activity across our markets while maintaining disciplined expense management. As a result, we further

expanded margin and improved overall profitability metrics. Our third quarter net income was $12.2 million, a 41% increase from the same

quarter last year and a 9% increase over the second quarter of 2026. We are proud of our accomplishments in the third quarter, which we

believe put us in a great position to finish strong in 2026,” stated Art Seaver, Chief Executive Officer.

Financial Highlights – Third Quarter 2026:

Earnings

· Diluted earnings per common share was $1.28, up $0.22 or 21%

compared to the third quarter of 2025 and up by $0.08 from the second quarter of 2026

· Net

income improved to $12.2 million, a $3.6 million increase or 41% compared to the third quarter of 2025 and a $1.0 million increase or

9%, compared to the second quarter of 2026

· Total

revenue was $37.5 million, an increase of $6.4 million or 21% year-over-year and $1.7 million on a linked quarter basis

· Net interest income improved by $7.1 million or 26% year-over-year

driven primarily by new loan volume

· Net interest margin was 3.02%, a 40-basis point increase from

2.62% for the third quarter of 2025 and a 15-basis point increase from the second quarter of 2026

· Noninterest income was $2.9 million compared to $3.6 million

for the third quarter of 2025, due to retaining a larger percentage of mortgage loans rather than selling to the secondary market

· Service

fees on deposit accounts increased 45% compared to the third quarter of 2025 and 5% from last quarter due in part to an increased focus

on treasury management services

· Noninterest

expense to average assets was 1.71%, compared to 1.74% for the third quarter of 2025

· Return

on average equity was 10.54%, compared to 9.78% for the third quarter of 2025

· Return

on average assets was 1.03%, compared to 0.80% for the third quarter of 2025

Balance Sheet

· Total loans were $4.2 billion, up $145 million or 14% (annualized)

from the second quarter of 2026

· Retail deposits were $3.7 billion, up $163 million or 18%

(annualized) from the second quarter of 2026

· Wholesale deposits were reduced by $181.5 million, or 32%

from the third quarter of 2025 and increased by only $7 million from the second quarter of 2026

· Book value per common share was $48.68, an increase of 8%

(annualized) from the second quarter of 2026

· Tangible common equity (TCE) ratio was 9.47%, down 15 basis

points on a linked quarter basis and up from 8.18% for the third quarter of 2025

· Common Equity Tier 1 ratio (CET1) was 12.75%, down seven basis

points from the second quarter of 2026 and up from 10.88% for the third quarter of 2025

Asset Quality

· Nonperforming assets to total assets were 0.30%, compared

to 0.27% for the linked quarter, while accruing loans 30 days or more past due to total loans decreased to 0.09%, compared to 0.10% for

the second quarter of 2026

· Classified assets/Tier 1 capital plus allowance for credit

losses was 3.25% compared to 3.15% for the linked quarter end

· Provision

for credit losses was $1.4 million and includes a $1.2 million provision for loan losses and a $220 thousand provision for unfunded commitments

driven by new loan growth; allowance for credit losses to total loans was 1.07% for the quarter

· Net

charge-offs were 0.07% as a percentage of average loans on an annualized basis

SELECTED FINANCIAL DATA - Unaudited

Quarter Ended

Sept 30

Jun

Mar

Dec

Sept

3Q26

vs 3Q25

2026

2025

$ Change

% Change

Income

Statement Summary ($ in thousands):

Net

interest income

34,666

32,370

30,259

28,744

27,529

7,137

25.9%

Noninterest

income

2,864

3,508

3,540

3,090

3,600

(736)

(20.4%)

Total

Revenue

37,530

35,878

33,799

31,834

31,129

6,401

20.6%

Provision

for credit losses

1,400

1,025

1,300

650

850

550

64.7%

Noninterest

expense

20,304

20,393

20,015

18,416

18,946

1,358

7.2%

Income

before income tax expense

15,826

14,460

12,484

12,768

11,333

4,493

39.6%

Income

tax expense

3,599

3,265

2,597

2,911

2,671

928

34.7%

Net

income available to common shareholders

12,227

11,195

9,887

9,857

8,662

3,565

41.2%

Earnings

($ in thousands, except per share data):

Earnings

per common share, diluted

1.28

1.20

1.19

1.20

1.06

0.22

20.8%

Net

interest margin (tax-equivalent)(1)

3.02%

2.87%

2.88%

2.72%

2.62%

—

Return

on average assets(2)

1.03%

0.96%

0.91%

0.90%

0.80%

—

Return

on average equity(2)

10.54%

10.28%

10.67%

10.77%

9.78%

—

Efficiency

ratio(3)

54.10%

56.84%

59.22%

57.85%

60.86%

—

Noninterest

expense to average assets (2)

1.71%

1.75%

1.84%

1.68%

1.74%

—

Balance

Sheet ($ in thousands):

Total

loans(4)

4,175,526

4,030,255

3,942,219

3,845,124

3,789,021

386,505

10.2%

Total

deposits

4,105,204

3,935,452

3,873,455

3,716,803

3,676,417

428,787

11.7%

Retail

deposits(5)

3,718,676

3,556,045

3,371,721

3,163,914

3,108,411

610,265

19.6%

Total

assets

4,880,902

4,700,171

4,578,402

4,403,494

4,358,589

522,313

12.0%

Book

value per common share

48.68

47.77

46.00

44.89

43.51

5.17

11.9%

Loans

to deposits

101.71%

102.41%

101.78%

103.45%

103.06%

—

Holding

Company Capital Ratios(6):

Total

risk-based capital ratio

14.29%

14.42%

12.83%

12.89%

12.79%

—

Tier

1 risk-based capital ratio

13.09%

13.19%

11.40%

11.44%

11.26%

—

Leverage

ratio

10.30%

10.11%

9.05%

8.93%

8.72%

—

Common

Equity Tier 1 ratio(7)

12.74%

12.82%

11.03%

11.06%

10.88%

—

Tangible

common equity(8)

9.47%

9.62%

8.29%

8.37%

8.18%

—

Asset

Quality Ratios:

Nonperforming

assets/total assets

0.30%

0.27%

0.26%

0.32%

0.27%

—

Classified

assets/Tier 1 capital plus allowance for credit losses

3.25%

3.15%

3.25%

4.28%

3.97%

—

Accruing

loans 30 days or more past due/loans(4)

0.09%

0.10%

0.20%

0.14%

0.18%

—

Net

charge-offs (recoveries)/average loans(4) (YTD annualized)

0.03%

0.01%

0.00%

—

Allowance

for credit losses/loans(4)

1.07%

1.10%

—

Allowance

for credit losses/nonaccrual loans

350.76%

395.41%

378.22%

305.65%

364.50%

—

[Footnotes to table

located on page 7]

income statements –

Unaudited

Quarter Ended

Sept 30

Jun

Mar

Dec

Sept

3Q26

vs 3Q25

(in

thousands, except per share data)

2026

2025

$ Change

% Change

Interest

income

Loans

56,081

53,077

51,257

51,069

50,999

5,082

10.0%

Investment

securities

1,666

1,504

1,399

1,268

1,342

324

24.1%

Federal

funds sold

2,754

3,550

1,955

2,193

2,645

109

4.1%

Total

interest income

60,501

58,131

54,611

54,530

54,986

5,515

10.0%

Interest

expense

Deposits

23,356

23,094

21,697

23,052

24,703

(1,347)

(5.5%)

Borrowings

2,479

2,667

2,655

2,734

2,754

(275)

(10.0%)

Total

interest expense

25,835

25,761

24,352

25,786

27,457

(1,622)

(5.9%)

Net

interest income

34,666

32,370

30,259

28,744

27,529

7,137

25.9%

Provision

for credit losses

1,400

1,025

1,300

650

850

550

64.7%

Net

interest income after provision for credit losses

33,266

31,345

28,959

28,094

26,679

6,587

24.7%

Noninterest

income

Mortgage

banking income

638

1,323

1,493

1,689

1,600

(962)

(60.1%)

Service

fees on deposit accounts

906

866

756

634

625

281

45.0%

ATM

and debit card income

622

651

588

638

601

3.5%

Income

from bank owned life insurance

481

457

446

450

439

9.6%

Loss

on sale of securities

(515)

0.0%

Other

income

217

211

257

194

335

(118)

(35.2%)

Total

noninterest income

2,864

3,508

3,540

3,090

3,600

(736)

(20.4%)

Noninterest

expense

Compensation

and benefits

12,078

12,252

11,980

10,529

11,299

779

6.9%

Occupancy

2,553

2,551

2,490

2,465

2,447

106

4.3%

Outside

service and data processing costs

2,403

2,416

2,267

2,144

2,158

245

11.4%

Insurance

939

858

892

994

961

(22)

(2.3%)

Professional

fees

758

782

675

732

605

153

25.3%

Marketing

420

423

399

346

412

1.9%

Other

1,153

1,111

1,312

1,206

1,064

8.4%

Total

noninterest expenses

20,304

20,393

20,015

18,416

18,946

1,358

7.2%

Income

before provision for income taxes

15,826

14,460

12,484

12,768

11,333

4,493

39.6%

Income

tax expense

3,599

3,265

2,597

2,911

2,671

928

34.7%

Net

income available to common shareholders

12,227

11,195

9,887

9,857

8,662

3,565

41.2%

Earnings

per common share – Basic

1.30

1.22

1.21

1.22

1.07

0.23

21.5%

Earnings

per common share – Diluted

1.28

1.20

1.19

1.20

1.06

0.22

20.8%

Basic

weighted average common shares

9,426

9,185

8,163

8,106

8,091

1,335

16.5%

Diluted

weighted average common shares

9,567

9,319

8,293

8,229

8,176

1,391

17.0%

[Footnotes to table located on page 7]

Net interest income and margin

- Unaudited

For the Three Months Ended

September 30, 2026

June 30, 2026

September 30, 2025

(dollars in thousands)

Average

Balance

Income/

Expense

Yield/

Rate(2)

Average

Balance

Income/

Expense

Yield/

Rate(2)

Average

Balance

Income/

Expense

Yield/

Rate(2)

Interest-earning assets

Federal funds sold and interest-bearing deposits

291,431

2,754

3.75%

384,694

3,550

3.70%

238,552

2,645

4.40%

Investment securities, taxable

162,554

1,635

3.99%

147,886

1,473

4.00%

141,143

1,307

3.67%

Investment securities, nontaxable(1)

6,004

2.66%

6,283

2.57%

7,811

2.31%

Loans(9)

4,102,292

56,081

5.42%

3,978,639

53,077

5.35%

3,783,885

50,999

5.35%

Total interest-earning assets

4,562,281

60,510

5.26%

4,517,502

58,140

5.16%

4,171,391

54,996

5.23%

Noninterest-earning assets

158,185

157,905

150,552

Total assets

4,720,466

4,675,407

4,321,943

Interest-bearing liabilities

NOW accounts

536,071

2,080

1.54%

500,978

1,738

1.39%

329,301

746

0.90%

Savings & money market

1,816,413

13,856

3.03%

1,752,548

12,908

2.95%

1,599,710

13,509

3.35%

Time deposits

768,768

7,420

3.83%

871,563

8,448

3.89%

984,078

10,448

4.21%

Total interest-bearing deposits

3,121,252

23,356

2.97%

3,125,089

23,094

2.96%

2,913,089

24,703

3.36%

FHLB advances and other borrowings

240,043

2,272

3.76%

240,000

2,252

3.76%

240,087

2,296

3.79%

Subordinated debentures

13,403

207

6.13%

24,777

415

6.72%

24,903

458

7.30%

Total interest-bearing liabilities

3,374,698

25,835

3.04%

3,389,866

25,761

3.05%

3,178,079

27,457

3.43%

Noninterest-bearing liabilities

885,686

848,704

792,575

Shareholders’ equity

460,082

436,837

351,289

Total liabilities and shareholders’ equity

4,720,466

4,675,407

4,321,943

Net interest spread

2.23%

2.11%

1.80%

Net interest income (tax equivalent) / margin

34,675

3.02%

32,379

2.87%

27,539

2.62%

Less: tax-equivalent adjustment(1)

Net interest income

34,666

32,370

27,529

[Footnotes to table located on page 7]

Balance sheets - Unaudited

Ending Balance

Sept 30

Jun

Mar

Dec

Sept

3Q26

vs 3Q25

(in

thousands, except per share data)

2026

2025

$ Change

% Change

Assets

Cash

and cash equivalents:

Cash

and due from banks

21,615

30,102

32,723

27,821

24,600

(2,985)

(12.1%)

Federal

funds sold

268,891

259,049

228,235

183,473

178,534

90,357

50.6%

Interest-bearing

deposits with banks

108,993

72,483

81,818

58,289

79,769

29,224

36.6%

Total

cash and cash equivalents

399,499

361,634

342,776

269,583

282,903

116,596

41.2%

Investment

securities:

Investment

securities available for sale

146,321

144,388

124,224

127,730

131,040

15,281

11.7%

Other

investments

20,473

20,484

20,377

20,063

20,066

407

2.0%

Total

investment securities

166,794

164,872

144,601

147,793

151,106

15,688

10.4%

Mortgage

loans held for sale

2,678

8,594

13,723

11,569

6,906

(4,228)

(61.2%)

Loans

(4)

4,175,526

4,030,255

3,942,219

3,845,124

3,789,021

386,505

10.2%

Less

allowance for credit losses

(44,693)

(44,232)

(43,378)

(42,280)

(41,799)

(2,894)

6.9%

Loans,

net

4,130,833

3,986,023

3,898,841

3,802,844

3,747,222

383,611

10.2%

Bank

owned life insurance

57,159

56,677

56,221

55,775

55,324

1,835

3.3%

Property

and equipment, net

87,524

88,006

88,580

83,465

84,586

2,938

3.5%

Deferred

income taxes

15,020

13,946

13,812

13,702

12,657

2,363

18.7%

Other

assets

21,395

20,419

19,848

18,763

17,885

3,510

19.6%

Total

assets

4,880,902

4,700,171

4,578,402

4,403,494

4,358,589

522,313

12.0%

Liabilities

Deposits

4,105,204

3,935,452

3,873,455

3,716,803

3,676,417

428,787

11.7%

FHLB

Advances

240,000

0.0%

Subordinated

debentures

13,403

24,903

(11,500)

(46.2%)

Other

liabilities

60,243

59,048

60,631

53,131

60,921

(678)

(1.1%)

Total

liabilities

4,418,850

4,247,903

4,198,989

4,034,837

4,002,241

416,609

10.4%

Shareholders’

equity

Preferred

stock - $.01 par value; 10,000,000 shares authorized

Common

Stock - $.01 par value; 20,000,000 shares authorized

15.9%

Nonvested

restricted stock

(185)

(912)

(1,302)

(1,338)

(1,929)

1,744

(90.4%)

Additional

paid-in capital

189,801

188,932

127,168

125,924

125,035

64,766

51.8%

Accumulated

other comprehensive loss

(12,411)

(8,372)

(7,865)

(7,454)

(8,426)

(3,985)

47.3%

Retained

earnings

284,752

272,525

261,330

251,443

241,586

43,166

17.9%

Total

shareholders’ equity

462,052

452,268

379,413

368,657

356,348

105,704

29.7%

Total

liabilities and shareholders’ equity

4,880,902

4,700,171

4,578,402

4,403,494

4,358,589

522,313

12.0%

Common

Stock

Book

value per common share

48.68

47.77

46.00

44.89

43.51

5.17

11.9%

Stock

price:

High

64.60

61.51

61.08

55.50

45.54

19.06

41.9%

Low

59.26

54.95

51.26

41.15

38.74

20.52

53.0%

Period

end

59.26

61.10

54.50

51.52

44.12

15.14

34.3%

Common

shares outstanding

9,491

9,468

8,248

8,213

8,189

1,302

15.9%

[Footnotes to table located on page 7]

Asset quality measures - Unaudited

Quarter

Ended

September 30

June 30

March 31

December 31

September 30

(dollars in thousands)

2026

2025

Nonperforming Assets

Commercial

Owner occupied RE

4,100

2,667

2,317

259

262

Non-owner occupied RE

2,013

2,030

1,712

6,917

6,911

Commercial business

1,376

1,330

909

189

195

Consumer

Real estate

4,901

4,805

5,786

5,763

3,394

Home equity

352

354

745

705

Total nonaccrual loans

12,742

11,186

11,469

13,833

11,467

Other real estate owned

1,693

1,375

475

275

Total nonperforming assets

14,435

12,561

11,944

14,108

11,742

Nonperforming assets as a percentage of:

Total assets

0.30%

0.27%

0.26%

0.32%

0.27%

Total loans

0.35%

0.31%

0.30%

0.37%

0.31%

Classified assets/Tier 1 capital plus allowance for credit

losses

3.25%

3.15%

3.25%

4.28%

3.97%

Accruing loans 30 days or more past due/loans(4)

0.09%

0.10%

0.20%

0.14%

0.18%

Quarter

Ended

September 30

June 30

March 31

December 31

September 30

(dollars in thousands)

2026

2025

Allowance for Credit Losses

Balance, beginning of period

44,232

43,378

42,280

41,799

41,285

Loans charged-off

(727)

(155)

(78)

(150)

(55)

Recoveries of loans previously charged-off

Net loans (charged-off) recovered

(719)

(96)

(52)

(69)

Provision for credit losses - loans

1,180

950

1,150

550

500

Balance, end of period

44,693

44,232

43,378

42,280

41,799

Allowance for credit losses to gross loans

1.07%

1.10%

Allowance for credit losses to nonaccrual loans

350.76%

395.41%

378.22%

305.65%

364.50%

Net charge-offs (recoveries) to average loans QTD (annualized)

0.07%

0.01%

0.00%

[Footnotes to table located on page 7]

LOAN COMPOSITION

- Unaudited

Quarter Ended

Sept 30

Jun

Mar

Dec

Sept

3Q26

vs 3Q25

(dollars

in thousands)

2026

2025

$ Change

% Change

Commercial

Owner

occupied RE

776,310

755,419

759,602

736,979

705,383

70,927

10.1%

Non-owner

occupied RE

1,035,079

967,698

950,696

956,812

943,304

91,775

9.7%

Construction

78,346

66,105

69,463

63,666

71,928

6,418

8.9%

Business

720,487

713,017

677,742

619,667

604,411

116,076

19.2%

Total

commercial loans

2,610,222

2,502,239

2,457,503

2,377,124

2,325,026

285,196

12.3%

Consumer

Real estate

1,184,127

1,167,282

1,148,129

1,153,285

1,159,693

24,434

2.1%

Home equity

289,725

273,017

262,530

248,685

239,996

49,729

20.7%

Construction

44,377

36,371

33,879

24,997

25,842

18,535

71.7%

Other

47,075

51,346

40,178

41,033

38,464

8,611

22.4%

Total

consumer loans

1,565,304

1,528,016

1,484,716

1,468,000

1,463,995

101,309

6.9%

Total

gross loans, net of deferred fees

4,175,526

4,030,255

3,942,219

3,845,124

3,789,021

386,505

10.2%

Less—allowance

for credit losses

(44,693)

(44,232)

(43,378)

(42,280)

(41,799)

(2,894)

6.9%

Total

loans, net

4,130,833

3,986,023

3,898,841

3,802,844

3,747,222

383,611

10.2%

Yield

on average loans

5.42%

5.35%

5.33%

5.29%

5.35%

—

DEPOSIT COMPOSITION - Unaudited

Quarter Ended

Sept 30

Jun

Mar

Dec

Sept

3Q26

vs 3Q25

(dollars

in thousands)

2026

2025

$ Change

% Change

Non-interest bearing

823,165

799,246

799,692

732,287

736,518

86,647

11.8%

Interest bearing:

NOW

accounts

567,855

538,443

495,657

423,270

343,615

224,240

65.3%

Money

market accounts

1,871,255

1,765,697

1,652,125

1,573,039

1,572,738

298,517

19.0%

Savings

29,792

29,460

30,332

29,470

29,381

411

1.4%

Time

deposits, less than $250,000

173,487

175,971

170,496

180,783

202,353

(28,866)

(14.3%)

Time

deposits, $250,000 and over(10)

639,650

626,635

725,153

777,954

791,812

(152,162)

(19.2%)

Total

deposits

4,105,204

3,935,452

3,873,455

3,716,803

3,676,417

428,787

11.7%

Total retail deposits

3,718,676

3,556,045

3,371,721

3,163,914

3,108,411

610,265

19.6%

Total wholesale deposits

386,528

379,407

501,734

552,889

568,006

(181,478)

(32.0%)

Cost of average deposits

2.35%

2.37%

2.50%

2.69%

—

Cost of average retail

deposits

2.16%

2.11%

2.06%

2.18%

2.36%

—

Loans

to deposits

101.71%

102.41%

101.78%

103.45%

103.06%

—

Footnotes to tables:

(1) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.

(2) Annualized for the respective three-month period.

(3) Noninterest expense divided by the sum of net interest income and noninterest income.

(4) Excludes mortgage loans held for sale.

(5) Excludes out of market (wholesale) deposits totaling $386.5 million.

(6) September 30, 2026 ratios are preliminary.

(7) The Common Equity Tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.

(8) The tangible common equity ratio is calculated as total equity

less preferred stock divided by total assets.

(9) Includes mortgage loans held for sale.

(10) Includes out of market deposits

About Southern First Bancshares

Southern First Bancshares, Inc., Greenville,

South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The company’s wholly owned

subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina. Southern First Bank has been providing

financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina

as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has

consolidated assets of approximately $4.9 billion, and its common stock is traded on The NASDAQ Global Market under the symbol

“SFST.” More information can be found at www.southernfirst.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain

“forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements

relating to future plans and expectations, and are thus prospective. Such forward-looking statements are identified by words such

as “believe,” “expect,” “anticipate,” “estimate,” “preliminary”, “intend,”

“plan,” “target,” “continue,” “lasting,” and “project,” as well as similar

expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially

from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying

the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance

that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information

should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by

our company will be achieved.

The following factors, among others, could cause

actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1)

competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending,

third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies

in which the company conducts operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the

level of allowance for credit loss, the rates of loan and deposit growth as well as pricing of each product, or adverse changes in asset

quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation,

policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, changes

affecting oversight of the financial services industry or consumer protection; (5) the impact of changes to Congress and the office of

the President on the regulatory landscape and capital markets; (6) adverse conditions in the stock market, the public debt market and

other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the company; (7) changes

in interest rates, which may continue to affect the company’s net income, interest expense, prepayment penalty income, mortgage

banking income, and other future cash flows, or the market value of the company’s assets, including its investment securities; (8)

trade wars, government shutdowns, or a potential recession which may cause adverse risk to the overall economy, and could indirectly pose

challenges to our clients and to our business; (9) any increase in FDIC assessments which have increased and may continue to increase

our cost of doing business; and (10) changes in accounting principles, policies, practices, or guidelines. Additional factors that

could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such

as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the

SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the company

or any person acting on its behalf are expressly qualified in its entirety by the cautionary statements above. We do not undertake any

obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements

are made, except as required by law.

MEDIA CONTACT:

ART SEAVER 864-679-9010

FINANCIAL CONTACT:

CHRIS ZYCH 864-679-9070

WEB SITE: www.southernfirst.com

SOURCE: Southern First Bancshares, Inc.

EX-99.2 — SLIDE PRESENTATION

EX-99.2

Filename: sfst4704891-ex992.htm · Sequence: 3

Exhibit 99.2 THIRD QUARTER INVESTOR PRESENTATION October 20, 2026

FORWARD - LOOKING STATEMENTS During the course of this presentation, management may make projections and forward - looking statements regarding events or the future financial performance of Southern First Bancshares, Inc. We wish to caution you that these forward - looking statements involve certain risks and uncertainties, including a variety of factors (including a downturn i e n e n t s h b e leigh economy, greater than expected interest and non - interest expenses, increased competition, h fluctuations in interest rates, regulatory actions, excessive loan losses and other factors) a t r h a l i t n may cause Southern First’s actual results to differ materially from the anticipated results expressed or implied in these forward - looking statements. Therefore, we can give S n o o u h assurance that the results contemplated in the forward - looking statements will b C e r e l a i n l i a ze d. Investors are cautioned not to place undue reliance on these forward - looki n g m s e tatements and are advised to review the risk factors that may affect Southern First’s operating r e s s t o u lt s in documents filed by Southern First Bancshares, Inc. with the Securities and Exchange Commission, including the annual report on Form 10 - K and other required filings. Southern First assumes no duty to update the forward - looking statements made in this presentation. 2

Company Overview Relationship Banking with 25+ Years of Service Excellence CORPORATE PROFILE □ Headquartered in Greenville, SC x Founded in 2000 □ Efficient office footprint in some of the most dynamic markets in the Southeast x 12 offices located in 8 fast - growing Southeast metropolitan markets □ Relationship - driven commercial banking model x Targeted clients include small to medium sized businesses, business owners and professionals x Supported by significant investment in technology □ Focused on organic growth versus M&A □ Simple business model OPERATING MARKETS eensb ar Sou h C lina me leigh h lin sto 3

Company Overview Market Data and Financial Snapshot for Q3 2026 Market Data h eensb leig h ar lin Sou h C lina me sto MRQ Financial Metrics Q3 2026 Financial Highlights $562 Million Market Capitalization 122% Price / Book Value Per Share 11.9x Price / Est. 2026 EPS ¹ 9.6x Price / Est. 2027 EPS ¹ $4.9 Billion Total Assets $4.2 Billion Total Loans ² $4.1 Billion Total Deposits 1.03% Return on Average Assets 10.54% Return on Average Equity 3.02% Net Interest Margin ⁴ 9.47% TCE / TA ³ 0.07% Net Charge - offs / Average Loans □ Diluted EPS of $1.28, up 21% YoY □ NIM of 3.02% ⁴, up 15 bps QoQ and up 40 bps YoY □ Total loans ² of $4.2 billion, up 10% YoY □ Total deposits of $4.1 billion, up 12% YoY □ Retail deposits ⁵ of $3.7 billion, up 20% YoY □ Non - performing assets (“NPAs”) to total assets of 0.30% and past due loans to total loans of 0.09% □ Book value per share of $48.68, up 2% QoQ and 12% YoY □ Zero intangible assets Note: Financial data as of or for the period ended September 30, 2026; market data as of September 30, 2026 1) Based on consensus Wall Street analyst estimates for diluted earnings per common share as of September 30, 2026 2) Excludes mortgage loans held for sale 3) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets 4) The tax - equivalent adjustment to net interest income adjusts the yield for assets earning tax - exempt income to a comparable yield on a taxable basis 5) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $386.5 million as of September 30, 2026 4

Company Overview Key Investment Highlights Effective, founder - led management team with 25+ year focus on creating a unique client experience and producing returns for shareholders Operating in highly attractive dynamic Southeast metro markets, resulting in scarcity value and a differentiated growth profile Long track record and demonstrated ability to produce balance sheet growth organically and through de novo market expansion Strong asset quality results driven by a robust risk management culture and a focus on relationship banking Profitability momentum highlighted by continued balance sheet repricing opportunities, improving cost of funds, and efficient delivery model 5

Company Overview Growth in Shareholder Value Over Time SFST KRX S&P 500 1,100% 1,000% 900% 800% 700% 600% 500% 400% 300% 200% 100% 0% (100%) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 6 Relative Performance S&P 500 KRX SFST 14% 10% 34% 1 - Year 78% 10% 11% 5 - Year 253% 55% 115% 10 - Year 576% 242% 939% 15 - Year Note: Market data as of September 30, 2026 Source: S&P Capital IQ Pro

Company Overview Who We Are Our Mission Our mission is to impact lives in the communities we serve Our Culture We focus on the things that matter most: family, community, and teamwork Our Purpose We exist to enable dreams, earn trust, and exceed expectations Relationship driven with a focus on exceptional service and authentic hospitality Embrace technology and the evolution of our industry Committed to organic growth versus M&A Superb at managing risk – credit risk and enterprise risk Highly efficient delivery system – branch light footprint Located in major metro, high - growth Southeastern markets Dedicated to an entrepreneurial, team - focused culture that results in high career satisfaction Utilize a strong relationship mortgage component to augment noninterest income Proven and driven leadership team Lead and operate with wisdom and clarity 7

Company Overview Commercial Real Estate Loans Construction Real Estate Loans Commercial Business Loans Consumer Real Estate and Home Equity Loans Relationship Team Client Deposit and Treasury Services Other Consumer Loans Business Model Provides a Distinct Competitive Advantage Relationship Model Business Strategy □ Focus on profitable organic growth in our metro markets □ Provide a distinctive client experience □ Maintain a rigorous risk management infrastructure with an efficient delivery model □ Attract talented banking professionals with a relationship focus x Hired ~30 new bankers in the last 4 years; 7 hires YTD in 2026 8

Company Overview Presence in High - growth Metro Markets 26 - '31 Proj. Pop Change (%) 20 - '26 Pop. Change (%) 2026 Population (#000s) 2026 Deposits (%) 2026 Deposits ($M) Offices Year Entered Market State 6.1 9.3 5,593 73% 2,913 8 2000 South Carolina 3.7 5.6 11,314 14% 573 1 2017 Georgia 5.1 7.6 11,238 13% 519 3 2016 North Carolina MSA 6.6 9.7 1,018 43% 1,722 4 2000 Greenville, SC 7.5 11.7 893 21% 842 3 2012 Charleston, SC 1 4.2 6.5 6,500 14% 573 1 2017 Atlanta, GA 4.8 6.4 882 9% 349 1 2007 Columbia, SC 8.3 14.0 1,612 7% 275 1 2016 Raleigh, NC 3.3 4.0 808 4% 149 1 2018 Greensboro, NC 7.2 11.2 2,959 2% 95 1 2021 Charlotte, NC 6.3 9.5 Weighted Avg. SFST MSAs 2.6 3.5 Nationwide Average Note: Deposit data as of June 30, 2026 1) Charleston, SC MSA includes the city of Summerville, SC, which SFST entered in 2018 Source: S&P Capital IQ Pro 9

Company Overview Proven Ability to Gain Market Share Greenville, SC MSA – Deposit Market Share Expansion Markets – Deposit Growth CAGRs 2026 Market Share (%) 5 - Year Deposit CAGR (%) 2026 Deposits ($M) Branch Count Institution 2026 Rank 13.9 (3.1) 3,634 24 Truist Financial Corporation 1 11.4 (3.4) 2,986 20 Wells Fargo & Company 2 9.6 (1.0) 2,506 14 Bank of America Corporation 3 9.5 (0.5) 2,479 15 The Toronto - Dominion Bank 4 8.0 11.3 2,095 14 United Community Banks, Inc. 5 7.6 5.1 1,984 12 SouthState Bank Corporation 6 6.6 8.8 1,722 4 7 6.0 2.5 1,569 17 First Citizens BancShares, Inc. 8 5.5 6.2 1,424 11 Travelers Rest Bancshares, Inc. 9 2.7 3.7 716 6 Pinnacle Financial Partners, Inc. 10 100% 2.2% $26,129 235 Total in Market Charleston, SC ¹ (10 - year) Atlanta, GA (5 - year) 14.9 7.7 SFST Market 22.1 1.6 SFST Market Columbia, SC (10 - year) Raleigh, NC (5 - year) 4.5 4.1 SFST Market 23.9 23.2 SFST Market ² Greensboro, NC (5 - year) Charlotte, NC (3 - year) Note: Deposit data as of June 30, 2026 1) Charleston, SC MSA includes the city of Summerville, SC 2) Raleigh, NC MSA market growth impacted by FCNCA acquisitions Source: S&P Capital IQ Pro 21.1 10 SFST (0.5) Market 24.0 4.2 #1 deposit market share in South Carolina for banks with less than $10 billion in assets SFST Market

Company Overview Operating Leverage Trends are Improving □ Core revenue ¹ has increased 83% since Q1 2024 □ Revenue momentum is expected to continue through NIM expansion and strong loan growth □ Noninterest expense has only increased 12% since Q1 2024 x Expense management, one of our core competencies, is enabled by our efficient operating model □ Our noninterest expense to average asset ratio has steadily improved Core Revenue ¹ ($M) Noninterest Expense ($M) $36.9 $34.6 $32.3 $30.1 $29.5 $27.1 $25.1 $24.2 $21.8 $22.3 $20.9 $20.2 $20.5 $20.1 $18.1 $21.1 $18.6 $20.0 $20.4 $20.3 $18.0 $18.5 $18.8 $19.3 $18.9 $18.4 $17.1 $17.4 $17.3 $17.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 1.71% NIE / Avg. Assets +83% 1) Defined as net interest income, plus total noninterest income, less mortgage banking income 11

Company Overview Substantial Balance Sheet Repricing Opportunities Exist Fixed Rate Loan Repricing <6% ² □ NIM increased 40 bps versus Q 3 2025 and 15 bps from Q 2 2026 □ Balance sheet is well - positioned for the current interest rate and business environment □ Non - contractual loan payoffs with rates <6% were $29 million in Q3 2026, which added to the velocity of repricing □ Average yield on new loan production in Q 3 2026 was 6 . 44 % □ We have continued to prioritize retail deposits as the primary source of lower cost loan funding □ Average cost of new retail ¹ deposits in Q3 2026 was 3.05% Principal Balance ($M) Weighted Avg. Rate 4.56% 3.77% 3.85% 3.83% $301 4.24% $232 4.02% $100 $85 $87 $82 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Year 2* Year 3* Time Deposit Contractual Maturities $191 Retail CDs ($M) Weighted Avg Rate - Retail CDs Wholesale CDs ($M) Weighted Avg Rate - Wholesale CDs $158 4.22% 4.30% 4.10% 4.17% 4.28% $122 $110 3.50% 3.50% 3.52% $55 $36 $1 1.64% $20 Q4 2026 Q1 2027 3.05% $32 $3 Q2 2027 Q3 2027 Q4 2027 Note: Illustrative of current balance sheet composition and contractual repricing characteristics based on existing asset and liability positions as of September 30, 2026; information derived from the Company’s internal asset - liability management analysis and publicly reported balances 1) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $386.5 million as of September 30, 2026 2) Loan repricing estimates include scheduled amortization, prepayments and rate resets * Year 2 represents October 2027 – September 2028; Year 3 represents October 2028 – September 2029 12

Financial Highlights Demonstrated Ability to Drive Meaningful Balance Sheet Growth Total Assets ($M) Total Loans ($M) ¹ $4,403 $4,056 $4,088 $3,692 $2,926 $2,483 $3,845 $4,881 $4,176 $3,603 $3,632 $3,273 $2,490 $2,143 2020Y 2021Y 2022Y Total Deposits ($M) 2023Y 2024Y 2025Y Q3 2026 2020Y 2021Y 2022Y 2023Y Common Equity ($M) 2024Y 2025Y Q3 2026 $462 $4,105 $3,717 $3,380 $3,436 $3,134 $2,564 $2,143 $369 $330 $312 $278 $295 $228 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 1) Excludes loans held for sale 13

Financial Highlights Recent Profitability Improvement Has Been Substantial Return on Average Assets (%) Return on Average Equity (%) 1.75% 18.64% 1.03% 10.54% 0.90% 10.20% 0.76% 8.49% 8.73% 0.72% 4.44% 4.84% 0.34% 0.38% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 Net Interest Margin - Tax - equivalent (%) ¹ Efficiency Ratio (%) ² 3.48% 3.45% 78.65% 78.54% 3.19% 3.02% 2.57% 63.96% 2.07% 2.06% 58.71% 53.83% 54.10% 50.15% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 1) Shown on a tax - equivalent basis; the tax - equivalent adjustment to net interest income adjusts the yield for assets earning tax - exempt income to a comparable yield on a taxable basis 2) Noninterest expense divided by the sum of net interest income and noninterest income 14

Financial Highlights History of Strong Earnings and Book Value Growth over Long Term Diluted Earnings per Share ($) ¹ $5.85 $5.12 $3.58 $3.61 $3.72 $2.88 $2.34 $1.94 $1.76 $1.55 $1.66 $1.91 $1.28 2015Y 2016Y 2017Y Book Value per Share ($) 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 $48.68 $44.89 $35.07 $36.76 $38.63 $40.47 $29.37 $26.83 $23.29 $20.37 $14.98 $17.00 2015Y 2016Y 2017Y 2018Y 2019Y 1) Q3 2026 diluted EPS is presented on both a quarterly actual and an annualized basis 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 15

Financial Highlights Net Interest Margin □ NIM of 3 . 02 % for Q 3 2026 , up 40 bps and up 15 bps compared to Q 3 2025 and Q 2 2026 , respectively □ Average loan yield has improved despite the Fed lowering interest rates, while deposit costs have declined from 2024 levels □ Average rate on new loan production remains above the average loan yield (+102 bps for Q3 2026) □ Continued NIM improvement is expected; additional interest rate cuts by the Fed would accelerate expansion Net Interest Margin Dynamics NIM ¹ Average Loan Yield Average Cost of Deposits 5.15% 5.28% 5.42% 4.42% 4.75% 3.98% 3.96% 3.15% 2.72% 2.68% 3.48% 3.45% 3.19% 2.35% 2.57% 2.07% 2.06% 3.02% 0.63% 0.64% 0.17% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q3 2026 1) Shown on a tax - equivalent basis; the tax - equivalent adjustment to net interest income adjusts the yield for assets earning tax - exempt income to a comparable yield on a taxable basis 16

Financial Highlights Diversified Loan Portfolio □ Well - diversified loan portfolio reflective of the balanced state of our markets □ Loan ¹ growth was 14% annualized for Q3 2026, with commercial real estate and business loans contributing ~74% of net growth CRE and ADC Concentration Ratios 2 Loan Portfolio Composition ¹ Other CRE Concentration ADC Concentration Home equity Business Consumer RE Construction Growth Over Time ($M) ¹ Construction 262% 271% 247% 236% 249% 77% 79% 57% 45% 54% Construction Other 1.1% 1.1% Owner occupied RE 18.6% Home equity 6 . 9 % $4,176 $3,845 $3,603 $3,632 $3,273 Real Estate 28.4% Total Loans $4.18 Billion Non - owner occupied RE 24.8% Business 17.2% Construction 1.9% 2022Y 2023Y 2024Y 2025Y Q3 2026 2022Y 2023Y 2024Y 2025Y Q3 2026 Note: Information as of September 30, 2026, unless otherwise noted 1) Excludes loans held for sale 2) Bank level financial information shown 17

Financial Highlights NIB Checking Savings IB Checking Retail CDs $3,717 Money Market Wholesale CDs $4,105 Deposit Franchise □ Total deposit growth was 17% annualized for Q3 2026; retail ¹ deposit growth was 18% annualized for Q3 2026 □ Wholesale deposits decreased by $166.4 million since year end and decreased to 9% of deposits in Q3 2026 vs 15% at Q4 2025 Loan - to - Deposit Ratio 2 Deposit Composition Growth Over Time ($M) Wholesale CDs 9.4% Retail CDs 10.4% Non - Interest Bearing Checking 20.1% 106.6% $3,380 $3,436 $3,134 105.7% 104.5% 103.5% Savings 0.7% 101.7% Total Deposits $4.11 Billion Interest Bearing Checking 13.8% 2022Y 2023Y 2024Y 2025Y Q3 2026 Money Market 45 . 6 % 2022Y 2023Y 2024Y 2025Y Q3 2026 Note: Information as of September 30, 2026, unless otherwise noted 1) Retail deposits defined as total deposits less wholesale deposits 2) Excludes mortgage loans held for sale 18

Financial Highlights Noninterest Income □ Q3 2026 noninterest decreased YoY to $2.9 million, due to retaining a larger percentage of mortgage loans (7 - year ARMs) rather than selling to the secondary market □ No planned acquisitions of fee income businesses (e.g., wealth management, insurance, etc.); current strategy to grow treasury management services revenue $12,141 Mortgage Banking ATM/Debit Card Fees Other Service Fees BOLI $13,138 Select Noninterest Income Metrics Noninterest Income / Revenue Noninterest Income / Avg. Assets Composition Over Time ($000) Mortgage Activity ($M) Mortgages closed Loans sold 2.50% 2.61% $9,580 $9,860 $2,864 2.17% 2.43% 13.00% 1.34% 11.27% 11.13% $296 8.94% $240 $243 $246 7.63% $214 $193 $176 0.30% 0.30% 0.31% 0.25% 0.24% $143 $77 $26 2022Y 2023Y 2024Y 2025Y Q3 2026 2022Y 2023Y 2024Y 2025Y Q3 2026 2022Y 2023Y 2024Y 2025Y Q3 2026 19

Financial Highlights Noninterest Expense □ Q3 2026 noninterest expense increased 7.2% YoY to $20.3 million; driven primarily by compensation and benefits related to new hires and data processing related costs; NIE / avg. assets of 1.71% for Q3 2026 □ Opportunistic approach to hiring; targeting top talent in the right markets at the right time Compensation Data costs Professional fees Other Select Noninterest Expense Metrics Noninterest Expense / Avg. Assets Efficiency Ratio ¹ Composition Over Time ($000) Deposits per Office ($M) Occupancy Insurance Marketing $73,326 $75,534 1.95% $68,827 $62,933 1.75% 1.79% 1.78% 1.71% 78.65% 78.54% 58.49% 63.69% 54.10% $20,304 2022Y 2023Y 2024Y 2025Y Q3 2026 2022Y 2023Y 2024Y 2025Y Q3 2026 Total Deposits per Office Retail Deposits per Office ² $342 $310 $282 $286 $262 $310 $241 $250 $264 $240 2022Y 2023Y 2024Y 2025Y Q3 2026 1) Noninterest expense divided by the sum of net interest income and noninterest income 2) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $386.5 million as of September 30, 2026 20

Financial Highlights Asset Quality □ NPAs / assets of 0.30% at September 30, 2026, and NCOs / average loans of 0.07% for Q3 2026 (annualized) □ Commercial criticized and classified loans equal 1.09% and 0.19% of loans, respectively ACL / Gross Loans (%) NPAs / Assets (%) ¹ NCOs / Average Loans (%) Allowance for Credit Losses ($M) ACL / Loans (%) Nonperforming Assets ($M) NPAs / Assets (%) $44.7 $42.3 $40.7 $38.6 $39.9 1.18% 1.13% 1.10% 1.10% 1.07% . 0 Net Charge - offs ($M) NCOs / Average Loans (%) $14.1 $14.4 $10.9 0.07% $4.0 $2.6 0.07% 0.27% 0.32% 0.30% 0.10% 2022Y 2023Y 2024Y 2025Y Q3 2026 2022Y 2023Y 2024Y 2025Y Q3 2026 $1.3 $0.7 $0.2 0.00% 0.04% $0.1 0.00% 0 2022Y 2023Y 2024Y 2025Y Q3 2026 (0.05%) ( Note: Information as of September 30, 2026, unless otherwise noted 1) NPAs / Assets = (Nonaccrual Loans + OREO) / Total Assets ($1.4) 21

Financial Highlights Capital Overview □ Regulatory capital ratios remain solid and continue to increase with higher profitability □ We have prudently leveraged capital for our strong, profitable loan growth □ Notable 2026 Capital Events: x Completed $65.2 million capital raise, issuing 1,207,500 new shares in April 2026 x Redeemed remaining $11.5 million of subordinated notes on June 30 ▪ Floating rate of 3 - month SOFR + 340.8 bps ▪ Diminishing Tier 2 capital treatment □ Robust combination of on - balance sheet liquidity and contingent sources of liquidity Consolidated Capital Ratios Tier 1 Leverage Ratio Tier 1 RBC Ratio Tangible Common Equity/Tangible Assets1 CET1 Ratio Total RBC Ratio 14.3% 12.8% 12.7% 13.1% 10.9% 11.3% 10.3% 9.5% 8.7% 8.2% Q3 2025 Q3 2026 Note: Information as of September 30, 2026 and does not include the impact of our recent follow - on offering of common stock 1) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets 22

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