Southern First Bancshares reports Q1 EPS 33c, consensus 64c

Q1 book value per common share increased to $37.16, 6% over Q1 of FY22. Reports March 31 allowance for credit losses $40.4M, or 1.18% of total loans, compared to $38.6M, or 1.18% of total loans, at December 31, 2022, and $32.9M, or 1.24% of total loans, at March 31, 2022. Reports Q1 net charge-offs $59,000, or 0.01% annualized, compared to net recoveries of $22,000 for the Q4 of FY22 and net recoveries of $11,000 for the Q1 of FY22.