SFSTSOUTHERN FIRST BANCSHARES INC
National Commercial Banks
- Revenue
- $6M
- 13% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $565M
- Employees
- 315
- $20K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.9
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$1M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo100% of net incomeCash flow under 80% of net income
- Dilutive SBCYes36% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo87% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$20K · 18th pctBottom quartile of its SIC industry
- Quiet on AINo0.9 per 10K words · 32nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$565M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $11M | $4M | $4M | $6M | $6M | 13% |
| Net income | $47M | $29M | $13M | $16M | $30M | 96% |
| Operating cash flow | $78M | $50M | $18M | $26M | $30M | 19% |
| Capex | $27M | $14M | $1M | $785K | $581K | 26% |
| Stock-based comp | $2M | $2M | $2M | $2M | $2M | 0.5% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $49K · 3
- Open-market sells, 12 mo
- $3M · 22
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $1M | $1M | 146 | 187 |
| FY2024 | $1M | $1M | 94 | 139 |
| FY2023 | $805K | $763K | 116 | 151 |
| FY2022 | $931K | $648K | 111 | 121 |
| FY2021 | $1M | $2M | 174 | 184 |