Southern First Bancshares completes $65.2 million stock offering

Southern First Bancshares, Inc. (NASDAQ: SFST) announced the completion of its public offering of 1,207,500 shares of common stock at $54.00 per share. The offering included 157,500 additional shares sold through the full exercise of underwriters' option to purchase extra shares.

The Greenville, South Carolina-based bank holding company raised approximately $65.2 million in gross proceeds before discounts and expenses. The company stated it plans to use net proceeds for general corporate purposes, which may include supporting organic growth initiatives, providing capital to its bank subsidiary, redeeming or repurchasing outstanding debt including subordinated debt, and working capital purposes.

Piper Sandler & Co. served as sole book-running manager for the offering, while Keefe, Bruyette & Woods, A Stifel Company, acted as co-manager.

Southern First Bancshares operates as the parent company of Southern First Bank, which the company describes as the second largest bank headquartered in South Carolina. The bank provides financial services through 12 locations across South Carolina markets in Greenville, Columbia, and Charleston, as well as Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia.

The company reported consolidated assets of approximately $4.4 billion. Southern First Bank has been providing financial services since 1999, according to the company's statement.

The offering was conducted through a shelf registration statement filed with the Securities and Exchange Commission under file number 333-293279.

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