Southern First Bancshares slips on about $57 mln share sale

Piper Sandler Companies

16/04/2026 11:00

** Shares of regional lender Southern First Bancshares SFST.O down 1.8% premarket at $57.80 after overnight follow-on priced

** Greenville, South Carolina-based SFST late Weds sold 1.05 mln shares at $54 for $56.7 mln gross proceeds

** Offering, which represents ~13% of total shares outstanding, priced at 8.3% discount to stock's last sale

** It intends to use net offering proceeds for general purposes, including for growth, providing capital to its bank subsidiary, paying down debt and for working capital

** SFST has $4.4 bln in total assets and expects Q1 net income of ~$9.9 mln, up ~88% from a yr-ago, and net interest income of ~$30.3 mln (Click here for offering presentation)

** Piper Sandler sole bookrunner, joined by KBW as co-manager for offering

** At Weds close, stock up 14% YTD and ~87% over the past 12 months

** Just Piper Sandler covers the stock with 'overweight' rating and $64 PT, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))