Southern First Bancshares, Inc. (NASDAQ: SFST) priced an underwritten public offering of 1,050,000 shares of its common stock at $54.00 per share on April 15, 2026. The offering includes a 30‑day option for underwriters to purchase up to an additional 157,500 shares, which would raise aggregate gross proceeds to approximately $65.2 million if exercised. The offering is expected to close on April 17, 2026.
The company will use the net proceeds for general corporate purposes, including supporting organic growth initiatives, providing capital to its bank subsidiary, redeeming or repurchasing outstanding indebtedness, and working capital. Management has indicated that it plans to redeem roughly $11.5 million of subordinated debt, a move that will strengthen the company’s capital structure.
Southern First Bancshares is a bank holding company headquartered in Greenville, South Carolina, with its subsidiary Southern First Bank operating as the second‑largest bank in the state. The company’s consolidated assets total about $4.4 billion, and it recently reported Q4 2025 diluted earnings per share of $1.21, up 73% from the prior year, and a net interest margin of 2.72%, an increase from 2.25% in Q4 2024. The capital raise is intended to build on this momentum by providing additional equity that can be deployed for growth and balance‑sheet strengthening.
The offering was filed as a shelf registration statement (File No. 333‑293279) and is being managed by Piper Sandler & Co. as the sole book‑running manager, with Keefe, Bruyette & Woods, A Stifel Company as co‑manager. The transaction reflects the company’s strategy to maintain a robust capital base while pursuing expansion opportunities in South Carolina, North Carolina, and Georgia.
With the proceeds, Southern First Bancshares aims to accelerate its growth strategy, support its bank subsidiary’s capital needs, and reduce debt, positioning the company to capitalize on regional banking opportunities and maintain a strong balance sheet in a competitive environment.
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