SFST · Southern First Bancshares, Inc.

Southern First Bancshares, Inc., a South Carolina-based bank holding company, executed an underwriting agreement on April 15, 2026, with Piper Sandler & Co. as representative for the underwriters, including Keefe, Bruyette & Woods, Inc., to launch an underwritten public offering of 1,050,000 shares of its common stock (par value $0.01) at a public offering price of $54.00 per share. This material definitive agreement provides the company with approximately $53.2 million in net proceeds after underwriting discounts, commissions, and estimated expenses, increasing to $61.3 million if the underwriters fully exercise their 30-day option for an additional 157,500 shares. The offering leverages the company's effective shelf registration statement on Form S-3 (File No. 333-293279), declared effective February 13, 2026, ensuring a streamlined path to market. Key protective measures include 90-day lock-up agreements from directors and certain executives, restricting sales of company securities, which signals confidence in near-term stability and supports orderly post-offering trading. The agreement features standard terms such as representations, warranties, indemnification under the Securities Act of 1933, and conditions to closing. A press release (Exhibit 99.1) announced the pricing, with closure anticipated on April 17, 2026, subject to customary conditions. For investors, this capital raise—yielding gross proceeds of about $56.7 million—bolsters the balance sheet of a $4.4 billion asset institution, potentially funding organic growth, subsidiary capital needs, debt redemption, or working capital amid banking sector dynamics.