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Southern First Bancshares Q1 net operating income up

Southern First Bancshares has reported that its net operating income for the first quarter of 2008 increased 6.2% to $747,000 from net operating income of $703,000 for the same period in 2007.

Net income for the quarter was $747,000 or $0.23 per diluted share, a 22.1% decrease when compared to net income, including the non-operating gain on property held for sale, of $958,000, or $0.30 per diluted share for the comparable period in 2007.

Return on average assets for the period was 0.46% compared to 0.73% for the corresponding quarter in 2007, or 0.53% excluding the gain on property held for sale in 2007. The net margin was 2.81% for the first quarter of 2008, compared to 3.01% for the same period in 2007.

Total assets were $684 million as of March 31, 2008, compared to $557.7 million as of March 31, 2007, an increase of 22.7%. Loans were up by $104.5 million or 24.2% to $536.8 million at the end of March 2008 from $432.4 million as at March 31, 2007.

Likewise, deposits grew 22.2% to $469.1 million at March 31, 2008, compared to $383.9 million at March 31, 2007.

Art Seaver, CEO of Southern First Bancshares, said: During the first quarter of 2008, our Columbia team has added $11.8 million to our loan portfolio, which represented over 42% of our total loan growth in 2008. In addition, our deposits in the Columbia area were $8.6 million as of March 31, 2008.