GREENVILLE, S.C., May 2, 2017 /PRNewswire/ -- Southern First
Bancshares, Inc. (NASDAQ: SFST), the Company, announced today that it has completed its previously announced public offering of
805,000 shares of its common stock at a public offering price of $32.75 per share, including the
exercise in full by the underwriter, Sandler O'Neill + Partners, L.P., of its option to purchase an additional 105,000 shares.
The offering resulted in gross proceeds of $26.4 million and net proceeds of approximately
$24.7 million. The Company intends to use the proceeds of the offering to improve its
capital structure, including by repaying its $10 million holding company line of credit, to fund
future organic growth and for working capital and other general corporate purposes.
Sandler O'Neill + Partners, L.P. served as the sole underwriter for the offering.
This announcement is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any
securities of the Company, which is made only by means of a prospectus supplement and related base prospectus, nor will there be
any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction. The Company has filed a shelf registration
statement (including a prospectus) (File No. 333-217031) and a preliminary prospectus supplement with the Securities and Exchange
Commission, or the SEC, for the offering to which this communication relates. The sale of shares of common stock in the
underwritten offering is being made solely pursuant to such prospectus supplement and accompanying base prospectus. Before
you invest, you should read the prospectus in the registration statement, the preliminary prospectus supplement, and other
documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these
documents for free by visiting EDGAR on the SEC website at www.sec.gov or by
visiting the Company's website at www.southernfirst.com . Alternatively, copies of the preliminary prospectus supplement and the accompanying
prospectus relating to the offering may be obtained by contacting Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas,
6th Floor, New York, New York 10020, or by phone at 1-866-805-4128.
ABOUT SOUTHERN FIRST BANCSHARES, INC.
Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank
holding company incorporated under the laws of South Carolina and serves as the parent company
to Southern First Bank. Southern First Bank operates in nine locations in the Greenville,
Columbia, and Charleston markets of South Carolina along with one location in Raleigh, North Carolina.
Southern First Bancshares, Inc. has assets of approximately $1.47 billion and its common stock is
traded in The NASDAQ Global Market under the symbol SFST.
FORWARD-LOOKING STATEMENTS
The statements contained herein that are not historical facts are forward-looking statements (as defined by the
Private Securities Litigation Reform Act of 1995) and are based on management's current expectations and beliefs concerning
future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of
which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future
developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms
such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements
reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove
true. These projections involve risks and uncertainties that could cause actual results to differ materially from those addressed
in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports
filed by Southern First Bancshares, Inc. with the SEC entitled "Risk Factors".
The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any
of the forward-looking statements included herein to reflect future events or developments.
FINANCIAL CONTACT: MIKE DOWLING 864-679-9070
MEDIA CONTACT: ART SEAVER 864-679-9010
WEB SITE: www.southernfirst.com
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SOURCE Southern First Bancshares, Inc.