Item 5. Market for Registrant’s Common Equity
Item 5. Market for Common Equity, Related Shareholder
Matters and Issuer Purchases of Equity Securities.
Market Information and Holders of Record
Our common stock is currently traded on the NASDAQ
Global Market under the symbol “SFST.” We had approximately 3,100 shareholders of record on February 13, 2025.
Dividends
We have not declared or paid any cash dividends on
our common stock since our inception. For the foreseeable future, we do not intend to declare cash dividends. We intend to retain earnings
to grow our business and strengthen our capital base. Our ability to pay cash dividends depends primarily on the ability of our subsidiary,
the Bank to pay dividends to us. As a South Carolina chartered bank, the Bank is subject to limitations on the amount of dividends that
it is permitted to pay. Unless otherwise instructed by the S.C. Board, the Bank is generally permitted under South Carolina state banking
regulations to pay cash dividends of up to 100% of net income in any calendar year without obtaining the prior approval of the S.C. Board.
The FDIC also has the authority under federal law to enjoin a bank from engaging in what in its opinion constitutes an unsafe or unsound
practice in conducting its business, including the payment of a dividend under certain circumstances.
Equity Compensation Plan Information
The following table sets forth information regarding
equity compensation plans approved by security holders at December 31, 2024. We had no equity compensation plans that were not approved
by security holders at December 31, 2024. The number of shares and the exercise prices for options have been adjusted for the 10% stock
dividends in 2006, 2011, 2012, and 2013.
Plan Category
Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights (a)
Weighted-average
exercise price of
outstanding options,
warrants and rights
(b) (3)
Number of securities
remaining available for
future issuance under
equity compensation
plans (c) (excluding
securities reflected in
column(a))
Equity compensation plans approved by security holders
2010 Stock Incentive Plan – options (1)
64,177
$ 28.78
-
2016 Equity Incentive Plan – options (1)
240,922
37.98
-
2020 Equity Incentive Plan (2)
7,500
52.85
258,622
Total
312,599
$ 36.34
258,622
(1) Under
the terms of the 2010 and 2016 Plans no further incentive stock option awards may be granted; however, the Plans will remain in effect
until all awards have been exercised or forfeited and we determine to terminate the Plans.
(2) The
2020 Equity Incentive Plan provides for shares to be issued as either stock options or restricted stock grants.
(3) The
weighted-average exercise prices in this column are based on outstanding options and do not take into account unvested awards of restricted
stock as these awards do not have an exercise price.
Stock Performance Graph
The performance graph below compares the Company’s
cumulative total return over the most recent five-year period with the SNL Southeast Bank Index, a banking industry performance index
for the southeastern United States, and the Russell
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2000 Index, a small-cap stock market index which the
Company was added to in June 2016. Returns are shown on a total return basis, assuming the reinvestment of dividends and a beginning stock
index value of $100 per share. The following performance graph does not constitute soliciting
material and should not be deemed filed or incorporated by reference into any other Company filing under the Securities Act of 1933 or
the Securities Exchange Act of 1934, except to the extent that we specifically incorporate the performance graphs by reference therein.
Period Ending
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
Southern First Bancshares
100.00
83.20
147.07
107.67
87.31
93.55
S&P US BMI Banks – Southeast Bank Index
100.00
89.66
128.06
104.16
107.45
139.40
Russell 2000 Index
100.00
119.96
137.74
109.59
128.14
142.93
Sales of Unregistered Equity Securities
None
Stock Repurchases
The Company does not have a current repurchase plan
and, as such, future repurchases will require additional approval of our Board of Directors and the Federal Reserve.
Item 6. [Reserved]
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