Southern First Bancshares, Inc. Financial Ratios — SFST

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	19.25	61.77	66.01	49.3	52.18	41.94	29.56	36.06	32.07	16.67	32.78	16.26	6.75	7.28	12.85
Return on Assets (%)	0.28	0.49	0.61	0.69	0.9	1.02	0.88	1.26	1.34	0.77	1.73	0.88	0.35	0.38	0.72
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.39	3.29	3.67	3.11	2.79	2.32	2.42	2.65	2.48	2.04	2.21	3.44	5.5	5.15	3.65
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	11.21	19.14	22.96	25.09	33.09	37.83	39.3	43.34	45.89	22.23	58.01	35.42	19.91	21.33	33.54
Profit Margin (%)	8.01	12.98	15.6	17.07	21.66	24.21	21.66	33.67	36.03	17.1	44.56	27.06	15.34	16.63	25.71
Net Income to Common Margin (%)	4.69	10.16	13.25	14.71	21.66	24.21	21.66	33.67	36.03	17.1	44.56	27.06	15.34	16.63	25.71
Effective Tax Rate (%)	28.52	32.19	32.06	31.97	34.56	36	44.87	22.31	21.48	23.05	23.18	23.61	22.96	22.01	23.33
Dvd Payout Ratio (%)	- -	0.17	0.16	1.66	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	19.25	61.67	65.9	48.48	52.18	41.94	29.56	36.06	32.07	16.67	32.78	16.26	6.75	7.28	12.85

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	136	138	138	149	129	129	81	63	146	61	36	211	311	265	265
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	136	138	138	149	129	129	81	63	146	61	36	211	311	265	265
Total Debt/EBITDA	153.96	140.45	114.11	123.12	98.17	102.8	55.21	36.13	76.18	27.85	15.57	57.12	64.64	55.07	61.51
Net Debt/EBITDA	127.83	110.31	88.58	110.35	75.82	84.8	25.74	15.05	56.05	-8.19	-19.07	38.3	57	47.92	41.51
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.7	0.55	0.98	1.4	2.02	2.8	3.12	3.84	4.45	4.8	5.67	5.21	5.07	5.41	5.71
Long-Term Debt/Equity (%)	217.63	214.43	209.4	179.06	136.46	117.05	53.85	36.46	70.87	26.72	12.99	71.72	99.63	80.17	71.86
Long-Term Debt/Capital (%)	86.1	86.91	85.11	91.17	83.96	77.37	61.41	46.5	59.14	33.86	17.88	52.36	60.22	54.5	51.3
Long-Term Debt/Total Assets (%)	17.73	17.23	15.44	14.43	10.56	9.59	4.96	3.34	6.43	2.46	1.23	5.72	7.68	6.48	6.02
Total Debt/Equity (%)	217.63	214.43	209.4	179.06	136.46	117.05	53.85	36.46	70.87	26.72	12.99	71.72	99.63	80.17	71.86
Total Debt/Capital (%)	86.1	86.91	85.11	91.17	83.96	77.37	61.41	46.5	59.14	33.86	17.88	52.36	60.22	54.5	51.3
Total Debt/Total Assets (%)	17.73	17.23	15.44	14.43	10.56	9.59	4.96	3.34	6.43	2.46	1.23	5.72	7.68	6.48	6.02
Net Debt to Equity	180.69	168.41	162.56	160.48	105.39	96.56	25.11	15.19	52.14	-7.86	-15.91	48.09	87.85	69.75	48.5
Net Debt/Capital (%)	83.72	83.91	81.6	90.24	80.17	73.83	42.59	26.58	51.57	-17.73	-36.36	42.42	57.17	51.03	41.55
EBITDA	1	1	1	1	1	1	1	2	2	2	2	4	5	5	4
EBITDA-CapEx	-1	-1	-1	-1	-3	-4	-4	- -	-7	-5	-24	-10	4	4	4
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.7	0.55	0.98	1.4	2.02	2.8	3.12	3.84	4.45	4.8	5.67	5.21	5.07	5.41	5.71
Long-Term Debt/Equity (%)	217.63	214.43	209.4	179.06	136.46	117.05	53.85	36.46	70.87	26.72	12.99	71.72	99.63	80.17	71.86
Long-Term Debt/Capital (%)	86.1	86.91	85.11	91.17	83.96	77.37	61.41	46.5	59.14	33.86	17.88	52.36	60.22	54.5	51.3
Long-Term Debt/Total Assets (%)	17.73	17.23	15.44	14.43	10.56	9.59	4.96	3.34	6.43	2.46	1.23	5.72	7.68	6.48	6.02
Total Debt/Equity (%)	217.63	214.43	209.4	179.06	136.46	117.05	53.85	36.46	70.87	26.72	12.99	71.72	99.63	80.17	71.86
Total Debt/Capital (%)	86.1	86.91	85.11	91.17	83.96	77.37	61.41	46.5	59.14	33.86	17.88	52.36	60.22	54.5	51.3
Total Debt/Total Assets (%)	17.73	17.23	15.44	14.43	10.56	9.59	4.96	3.34	6.43	2.46	1.23	5.72	7.68	6.48	6.02
CFO/Total Liabilities	1.59	1.62	1.04	0.5	1.79	1.39	1.17	1.84	0.89	0.91	2.95	1.48	0.47	0.68	0.75
CFO/CapEx	4.72	5.01	3.74	2.13	4.32	3.15	3.2	16.32	2.17	2.83	2.94	3.61	14.21	32.56	52.42
Altman's Z-Score	0.06	0.07	0.09	0.11	0.14	0.19	0.2	0.17	0.19	0.18	0.23	0.17	0.14	0.15	0.17

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

- -

Cash Conversion Cycle

- -

Inventory to Cash Days

- -

Inventories

- -

Raw Materials

- -

Work In Process

- -

Finished Goods

- -

Other Inventory

- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	25	36	57	85	141	227	289	237	320	273	490	364	299	321	415
- Cash & Cash Equivalents	23	30	31	15	29	23	43	37	39	79	80	70	37	34	86
+ Preferred Equity and Hybrid Capital	17	16	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	136	138	138	149	129	129	81	63	146	61	36	211	311	265	265
Enterprise Value	54	82	111	163	150	269	259	188	360	160	326	412	564	551	593
Total Capital	158	158	162	163	153	166	131	136	247	180	202	403	517	486	516
Total Debt/Capital (%)	86.1	86.91	85.11	91.17	83.96	77.37	61.41	46.5	59.14	33.86	17.88	52.36	60.22	54.5	51.3
Total Debt / EV	2.53	1.68	1.23	0.91	0.86	0.48	0.31	0.34	0.41	0.38	0.11	0.51	0.55	0.48	0.45
EV/Sales	2.06	2.75	3.4	4.2	3.2	5	4.3	2.84	4.65	1.49	3.11	3.83	6.44	5.9	5.03
EV/EBITDA	60.81	83.59	92.48	134.99	114.67	215.08	177.38	107.3	187.73	73.15	140.44	111.51	117.02	114.61	137.78
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4.8	6.89	12.98	34.42	7.47	15.75	15.06	5.94	19.64	7.77	4.17	8.2	31.93	21.57	19.48
EV/Free Cash Flow to Firm	3.96	5.74	10.24	23.41	6.07	11.95	11.47	5.6	13.44	5.74	3.11	6.42	29.83	20.93	19.12
Diluted Market Cap	25	37	59	88	149	242	305	248	330	277	499	369	300	323	417
Diluted Enterprise Value	155	161	181	222	248	348	343	275	438	259	455	511	574	553	596
EV per Share	12.8	19.35	26.04	32.71	24.21	42.59	36.97	25.5	47.76	20.75	41.52	51.82	70.04	68.22	73.73
TTM Sales	26	30	33	39	47	54	60	66	77	107	105	108	88	93	118
TTM EBITDA	1	1	1	1	1	1	1	2	2	2	2	4	5	5	4
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	11	12	9	5	20	17	17	32	18	21	78	50	18	26	30
TTM Free Cash Flow to Firm	14	14	11	7	25	23	23	34	27	28	105	64	19	26	31

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	1.87	2.58	5.44	12.72	6.02	10.75	13.51	7.38	12.35	9.91	4.77	5.75	15.86	12.25	13.43
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	54	82	111	163	150	269	259	188	360	160	326	412	564	551	593
Low Price	4.75	5.4	8.32	12.92	15.78	21.3	31.4	27.33	30.86	20.89	34.5	41.05	20.75	24.98	29.14
EV/Sales	2.06	2.75	3.4	4.2	3.2	5	4.3	2.84	4.65	1.49	3.11	3.83	6.44	5.9	5.03
EV/EBITDA	60.81	83.59	92.48	134.99	114.67	215.08	177.38	107.3	187.73	73.15	140.44	111.51	117.02	114.61	137.78
Price/Earnings	20.3	11.83	13.07	14.85	13.85	17.45	22.15	10.62	11.48	14.89	10.49	12.5	22.24	20.68	13.65
Price/Earnings Average	22.21	10.43	11.55	12.29	11.65	12.85	19.39	14.01	10.31	12.67	8.6	13.14	18.4	17.44	10.69
Price/Earnings High	29.81	13.28	13.76	15.69	14.02	17.86	23.2	16.15	12.01	18.11	11.01	17.87	27.56	23.89	15.04
Price/Earnings Low	16.32	7.56	8.19	11.27	9.63	10.32	16.86	9.05	8.34	8.8	5.79	11.22	12.44	13	7.72
Price/Book Value	4.62	8.11	6.48	5.89	5.73	6.05	5.7	3.25	3.17	2.29	2.96	1.89	1.45	1.45	1.65
Price/Book Value Average	5.06	7.15	5.73	4.87	4.82	4.45	4.99	4.28	2.85	1.95	2.42	1.99	1.2	1.22	1.29
Price/Book Value High	6.79	9.1	6.83	6.22	5.8	6.19	5.97	4.93	3.32	2.79	3.1	2.71	1.8	1.68	1.82
Price/Book Value Low	3.72	5.18	4.06	4.47	3.99	3.58	4.34	2.77	2.3	1.35	1.63	1.7	0.81	0.91	0.93
Price/Tangible Book Value	0.54	0.75	1.13	1.02	1.49	2.07	1.93	1.36	1.55	1.2	1.76	1.24	0.96	0.97	1.12
Price/Tangible Book Value Average	0.59	0.66	1	0.85	1.26	1.52	1.69	1.8	1.39	1.02	1.45	1.3	0.79	0.82	0.88
Price/Tangible Book Value High	0.79	0.84	1.19	1.08	1.51	2.12	2.02	2.07	1.62	1.45	1.85	1.77	1.18	1.12	1.24
Price/Tangible Book Value Low	0.43	0.48	0.71	0.78	1.04	1.22	1.47	1.16	1.13	0.71	0.97	1.11	0.53	0.61	0.64
Price/Sales	0.95	1.2	1.73	2.18	3	4.22	4.8	3.58	4.14	2.55	4.68	3.38	3.41	3.44	3.51
Price/Sales Average	1.04	1.06	1.53	1.81	2.52	3.11	4.2	4.72	3.71	2.17	3.83	3.56	2.82	2.9	2.75
Price/Sales High	1.4	1.35	1.82	2.31	3.04	4.32	5.03	5.44	4.33	3.1	4.91	4.84	4.23	3.97	3.87
Price/Sales Low	0.77	0.77	1.08	1.66	2.09	2.5	3.65	3.05	3	1.5	2.58	3.04	1.91	2.16	1.99
Price/Cash Flow	2.22	3.01	6.62	17.91	7.01	13.31	16.81	7.47	17.47	13.23	6.28	7.24	16.91	12.57	13.61
Price/Cash Flow Average	2.43	2.65	5.85	14.82	5.89	9.8	14.71	9.85	15.68	11.26	5.15	7.6	14	10.6	10.66
Price/Cash Flow High	3.26	3.38	6.97	18.93	7.09	13.62	17.6	11.35	18.27	16.1	6.59	10.34	20.96	14.52	14.99
Price/Cash Flow Low	1.78	1.92	4.15	13.59	4.87	7.88	12.79	6.37	12.69	7.82	3.47	6.49	9.46	7.9	7.7
Price/Free Cash Flow Average	2.04	2.27	4.8	10.53	5.06	7.91	11.82	9.73	11.09	8.44	3.91	6.04	13.13	10.33	10.51
Price/Free Cash Flow High	2.74	2.89	5.73	13.44	6.09	11	14.15	11.21	12.92	12.06	5.01	8.21	19.66	14.15	14.79
Price/Free Cash Flow Low	1.5	1.65	3.41	9.65	4.18	6.36	10.28	6.29	8.97	5.86	2.64	5.16	8.87	7.7	7.6
EV/Sales Average	6.02	5.24	5.25	5.24	4.64	5.08	4.82	5.12	5.1	2	3.41	4.87	5.96	5.37	4.26
EV/Sales High	6.37	5.53	5.54	5.74	5.15	6.29	5.65	5.84	5.71	2.93	4.49	6.15	7.36	6.44	5.38
EV/Sales Low	5.74	4.94	4.8	5.09	4.2	4.47	4.28	3.45	4.39	1.34	2.16	4.35	5.04	4.63	3.5
EV/EBITDA Average	177.32	159.16	142.95	168.48	166.27	218.7	198.96	193.04	205.96	97.83	154.26	141.75	108.3	104.23	116.86
EV/EBITDA High	187.84	167.96	150.93	184.58	184.66	270.92	233.04	220.17	230.7	143.37	202.79	178.99	133.83	125.05	147.52
EV/EBITDA Low	169.18	150.3	130.82	163.66	150.55	192.38	176.41	130.04	177.36	65.44	97.63	126.63	91.67	89.89	95.96
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	5.91	8.45	13.28	17.02	22.7	36	41.25	32.07	42.49	35.35	62.49	45.75	37.1	39.75	51.52
High Price	8.68	9.49	13.98	17.99	22.98	36.85	43.2	48.75	44.43	43	65.59	65.38	45.98	45.91	56.73
Enterprise Value Average	157	156	172	203	218	274	290	339	394	214	358	524	522	501	503
Enterprise Value High	166	164	182	223	242	339	340	386	442	314	470	662	645	601	635
Enterprise Value Low	150	147	158	198	197	241	258	228	340	143	226	468	441	432	413

Shares Outstanding	4	4	4	6	6	6	7	7	8	8	8	8	8	8	8
Diluted Weighted Avg Shares	4	4	4	5	7	7	7	8	8	8	8	8	8	8	8
Basic Weighted Avg Shares	4	4	4	5	6	6	7	7	8	8	8	8	8	8	8
Revenue per Share	6.2	7.04	7.67	7.79	7.57	8.52	8.59	8.97	10.27	13.88	13.36	13.52	10.88	11.55	14.67
EBITDA per Share	0.21	0.23	0.28	0.24	0.21	0.2	0.21	0.24	0.25	0.28	0.3	0.46	0.6	0.6	0.54
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.29	0.71	1.02	1.15	1.64	2.06	1.86	3.02	3.7	2.37	5.95	3.66	1.67	1.92	3.77
Basic EPS from Cont Ops	0.5	0.91	1.2	1.33	1.64	2.06	1.86	3.02	3.7	2.37	5.95	3.66	1.67	1.92	3.77
Diluted EPS, GAAP	0.29	0.7	0.98	1.1	1.55	1.94	1.76	2.88	3.58	2.34	5.85	3.61	1.66	1.91	3.75
Diluted EPS from Cont Ops	0.49	0.89	1.15	1.27	1.55	1.94	1.76	2.88	3.58	2.34	5.85	3.61	1.66	1.91	3.75
Dividend per Share	0.21	0.2	0.18	0.2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	2.66	2.81	2.01	0.95	3.24	2.7	2.45	4.29	2.43	2.67	9.95	6.32	2.19	3.16	3.78
Free Cash Flow per Basic Share	2.1	2.25	1.47	0.5	2.49	1.85	1.69	4.03	1.31	1.73	6.57	4.57	2.04	3.07	3.71
Cash & Equivalents per Share	29.46	25.47	22.94	14.14	19.22	13.77	15.79	15.15	14.11	22.5	25.57	20.48	5.75	4.32	10.7
Book Value per Share	1.28	1.04	2.05	2.89	3.96	5.95	7.23	9.88	13.39	15.43	21.14	24.15	25.55	27.37	31.25
Tangible Book Value per Share	10.94	11.31	11.77	16.66	15.19	17.39	21.37	23.55	27.35	29.58	35.43	37.01	38.83	40.89	45.81

Southern First Bancshares, Inc.

Profitability (USD)

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Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)