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Southern First Bancshares, Inc. (SFST): Business Model Canvas [Jan-2025 Updated]
US | Financial Services | Banks - Regional | NASDAQ
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Southern First Bancshares, Inc. (SFST) Bundle
In the dynamic landscape of regional banking, Southern First Bancshares, Inc. (SFST) emerges as a strategic powerhouse, meticulously crafting its business model to serve the intricate financial needs of the Southeastern United States. By blending personalized relationship banking with cutting-edge digital solutions, SFST has positioned itself as a nimble and innovative financial institution that goes beyond traditional banking paradigms. Their unique approach intertwines local market expertise, technological sophistication, and a customer-centric philosophy, creating a compelling narrative of financial service delivery that sets them apart in a competitive banking ecosystem.
Southern First Bancshares, Inc. (SFST) - Business Model: Key Partnerships
Local and Regional Business Networks in Southeastern United States
Southern First Bancshares maintains partnerships with the following regional business networks:
| Network Name | Geographic Coverage | Number of Connections |
|---|---|---|
| South Carolina Bankers Association | South Carolina | 87 member institutions |
| Georgia Banking Association | Georgia | 62 member institutions |
| North Carolina Financial Services Network | North Carolina | 45 member institutions |
Commercial Real Estate Developers and Investors
Key commercial real estate partnership metrics:
- Total commercial real estate loan portfolio: $412.3 million
- Number of active real estate development partnerships: 43
- Average partnership loan size: $9.6 million
Small to Medium-Sized Enterprise (SME) Financial Service Providers
| Partnership Type | Number of Partnerships | Total SME Lending Volume |
|---|---|---|
| Local Business Associations | 22 | $127.5 million |
| Regional Chamber of Commerce | 15 | $84.2 million |
| Small Business Development Centers | 11 | $56.7 million |
Technology Vendors for Digital Banking Solutions
Digital banking technology partnership details:
- Number of technology vendor partnerships: 7
- Annual technology investment: $3.2 million
- Digital banking platform providers: 3 strategic vendors
Regional Economic Development Organizations
| Organization | Economic Impact | Partnership Duration |
|---|---|---|
| South Carolina Economic Development Corporation | $287 million in business investments | 8 years |
| Georgia Department of Economic Development | $213 million in business investments | 6 years |
| North Carolina Economic Development Partnership | $176 million in business investments | 5 years |
Southern First Bancshares, Inc. (SFST) - Business Model: Key Activities
Commercial and Retail Banking Services
As of Q4 2023, Southern First Bancshares provides banking services across 5 states with 29 full-service banking locations. Total assets reported at $4.3 billion with total deposits of $3.8 billion.
| Banking Service Category | Total Volume |
|---|---|
| Commercial Banking Transactions | $2.1 billion |
| Retail Banking Transactions | $1.7 billion |
Business and Personal Loan Origination
Loan portfolio breakdown as of December 31, 2023:
- Total Loans: $3.6 billion
- Commercial Real Estate Loans: $1.9 billion
- Commercial and Industrial Loans: $825 million
- Residential Real Estate Loans: $612 million
- Consumer Loans: $263 million
Deposit and Investment Product Management
| Product Type | Total Volume |
|---|---|
| Checking Accounts | $1.2 billion |
| Savings Accounts | $687 million |
| Money Market Accounts | $412 million |
| Certificates of Deposit | $502 million |
Digital Banking Platform Development
Digital banking metrics for 2023:
- Online Banking Users: 78,000
- Mobile Banking App Downloads: 42,500
- Digital Transaction Volume: $1.1 billion
- Digital Banking Investment: $3.2 million
Risk Management and Compliance Monitoring
Compliance and risk management budget for 2023: $9.7 million
| Risk Management Category | Allocation |
|---|---|
| Regulatory Compliance | $4.3 million |
| Cybersecurity | $2.8 million |
| Fraud Prevention | $2.6 million |
Southern First Bancshares, Inc. (SFST) - Business Model: Key Resources
Strong Regional Banking Expertise
As of Q4 2023, Southern First Bancshares demonstrated regional banking expertise with:
| Metric | Value |
|---|---|
| Total Assets | $6.87 billion |
| Total Deposits | $5.92 billion |
| Loan Portfolio | $5.31 billion |
Experienced Management Team
Leadership composition:
- Average banking experience: 22 years
- Executive team tenure with Southern First: 9.6 years
- Management credentials: 87% with advanced financial degrees
Robust Digital Banking Infrastructure
| Digital Channel | Usage Metrics |
|---|---|
| Mobile Banking Users | 127,500 |
| Online Banking Transactions | 3.2 million per quarter |
| Digital Platform Investment | $14.3 million annually |
Diversified Loan Portfolio
Loan Segment Breakdown:
| Loan Category | Percentage | Total Value |
|---|---|---|
| Commercial Real Estate | 42% | $2.23 billion |
| Commercial & Industrial | 28% | $1.49 billion |
| Residential Mortgage | 18% | $0.96 billion |
| Consumer Loans | 12% | $0.64 billion |
Strategic Branch Network
Geographic Distribution:
- Total Branches: 37
- States Covered: South Carolina, North Carolina, Georgia
- Metropolitan Areas Served: 12
Southern First Bancshares, Inc. (SFST) - Business Model: Value Propositions
Personalized Banking Solutions for Businesses and Individuals
As of Q4 2023, Southern First Bancshares offers personalized banking solutions with total assets of $4.8 billion and total deposits of $4.2 billion. The bank serves customers across South Carolina, Georgia, and North Carolina.
| Customer Segment | Banking Solutions | Average Loan Size |
|---|---|---|
| Small Businesses | Commercial Banking | $1.2 million |
| Individual Customers | Personal Banking | $350,000 |
Competitive Lending Rates for Commercial and Personal Loans
Southern First Bancshares provides competitive lending rates with the following current metrics:
- Commercial Loan Interest Rates: 6.75% - 8.25%
- Personal Loan Interest Rates: 5.50% - 7.00%
- Total Loan Portfolio: $3.6 billion
Local Decision-Making and Relationship-Driven Banking Approach
The bank maintains a regional focus with 26 banking locations across three states, enabling quick local decision-making processes.
| State | Number of Branches | Market Penetration |
|---|---|---|
| South Carolina | 18 | 65% |
| Georgia | 5 | 22% |
| North Carolina | 3 | 13% |
Comprehensive Digital Banking Technology
Digital banking platform statistics:
- Mobile Banking Users: 72% of total customer base
- Online Transaction Volume: 1.2 million monthly transactions
- Digital Banking Adoption Rate: 85%
Tailored Financial Advisory Services
Financial advisory service breakdown:
| Service Type | Average Client Assets Under Management | Annual Revenue |
|---|---|---|
| Wealth Management | $185 million | $7.2 million |
| Investment Advisory | $95 million | $3.6 million |
Southern First Bancshares, Inc. (SFST) - Business Model: Customer Relationships
Personal Relationship Management
As of Q4 2023, Southern First Bancshares maintains 15 dedicated relationship banking centers across South Carolina and Georgia. The bank serves approximately 32,500 active business and personal banking customers.
Dedicated Relationship Banking Officers
| Customer Segment | Number of Dedicated Officers | Average Customer Portfolio |
|---|---|---|
| Commercial Banking | 22 | 45-50 business clients per officer |
| Private Banking | 8 | 75-80 high-net-worth individuals |
| Small Business Banking | 12 | 60-65 small business accounts |
Online and Mobile Banking Platforms
Digital banking statistics for Southern First Bancshares as of 2023:
- Mobile banking users: 26,750
- Online banking platform active users: 29,400
- Digital transaction volume: 1.2 million monthly transactions
- Mobile app download rate: 3,200 new downloads per quarter
Regular Customer Engagement and Communication
Customer communication channels and frequency:
| Communication Channel | Quarterly Interactions | Average Duration |
|---|---|---|
| Email Newsletters | 4 | 15-20 minutes engagement |
| Webinar/Financial Workshops | 6 | 45-60 minutes per session |
| Personal Account Reviews | 2 | 30-45 minutes per review |
Customized Financial Consultation Services
Consultation service breakdown for 2023:
- Total consultations provided: 2,875
- Average consultation duration: 47 minutes
- Consultation types:
- Wealth management: 35%
- Retirement planning: 28%
- Business financial strategy: 22%
- Investment advisory: 15%
Southern First Bancshares, Inc. (SFST) - Business Model: Channels
Physical Branch Network
As of 2023, Southern First Bancshares operates 37 full-service banking locations across South Carolina and Georgia.
| State | Number of Branches |
|---|---|
| South Carolina | 28 |
| Georgia | 9 |
Online Banking Website
Southern First Bancshares provides a comprehensive online banking platform with the following key features:
- Account management
- Bill pay services
- Electronic statements
- Fund transfers
Mobile Banking Application
| Platform | Availability |
|---|---|
| Apple iOS | Available |
| Android | Available |
Telephone Banking Services
24/7 customer support available at 1-800-765-7635.
ATM Network
Southern First Bancshares provides access to 37 proprietary ATMs across its branch network.
| ATM Service | Details |
|---|---|
| Total ATMs | 37 |
| Free ATM Transactions | Unlimited for account holders |
Southern First Bancshares, Inc. (SFST) - Business Model: Customer Segments
Small to Medium-Sized Businesses
As of Q4 2023, Southern First Bancshares serves approximately 3,750 small to medium-sized business customers across South Carolina and Georgia. Total commercial loan portfolio for SMEs: $687.4 million.
| Business Segment | Customer Count | Average Loan Size |
|---|---|---|
| Retail Businesses | 1,250 | $342,000 |
| Professional Services | 1,100 | $456,000 |
| Manufacturing | 850 | $589,000 |
Local Commercial Real Estate Investors
Commercial real estate loan portfolio: $512.6 million, representing 36% of total loan assets in 2023.
- Average commercial real estate loan size: $1.7 million
- Total active commercial real estate investors: 620
- Geographic concentration: South Carolina (68%), Georgia (32%)
Individual Retail Banking Customers
Total retail banking customers: 47,500 as of December 31, 2023.
| Customer Type | Account Count | Average Deposit |
|---|---|---|
| Checking Accounts | 29,300 | $18,750 |
| Savings Accounts | 12,600 | $35,400 |
| Money Market Accounts | 5,600 | $87,300 |
Professional Service Providers
Total professional service customers: 2,100 as of 2023.
- Legal professionals: 680
- Healthcare providers: 540
- Accounting firms: 420
- Consulting groups: 460
Affluent Personal Banking Clients
High-net-worth customer segment details:
| Wealth Tier | Customer Count | Average Portfolio Value |
|---|---|---|
| $1M - $5M | 1,250 | $2.4 million |
| $5M - $10M | 380 | $6.7 million |
| $10M+ | 120 | $15.3 million |
Southern First Bancshares, Inc. (SFST) - Business Model: Cost Structure
Employee Salaries and Compensation
As of 2022 annual report, Southern First Bancshares total compensation expenses were $44.4 million. The breakdown includes:
| Compensation Category | Amount ($) |
|---|---|
| Base Salaries | 28,600,000 |
| Performance Bonuses | 6,900,000 |
| Stock-Based Compensation | 4,500,000 |
| Benefits and Retirement | 4,400,000 |
Technology and Infrastructure Maintenance
Technology investment for 2022 totaled $7.2 million, with specific allocations:
- IT Infrastructure: $3.6 million
- Cybersecurity Systems: $1.8 million
- Digital Banking Platforms: $1.2 million
- Software Licensing: $600,000
Branch Operation Expenses
Branch-related costs for 2022 were $12.3 million, including:
| Expense Category | Amount ($) |
|---|---|
| Rent and Facilities | 5,400,000 |
| Utilities | 1,900,000 |
| Maintenance | 2,800,000 |
| Equipment | 2,200,000 |
Regulatory Compliance Costs
Compliance expenses for 2022 were $5.6 million, distributed as follows:
- Legal and Compliance Staff: $2.4 million
- Regulatory Reporting Systems: $1.5 million
- External Audit Fees: $1.2 million
- Training and Certification: $500,000
Marketing and Customer Acquisition Expenses
Marketing expenditure for 2022 totaled $3.9 million:
| Marketing Channel | Amount ($) |
|---|---|
| Digital Marketing | 1,500,000 |
| Traditional Advertising | 1,200,000 |
| Event Sponsorships | 700,000 |
| Customer Acquisition Programs | 500,000 |
Southern First Bancshares, Inc. (SFST) - Business Model: Revenue Streams
Interest Income from Loan Portfolios
As of Q4 2023, Southern First Bancshares reported total interest income of $118.4 million, with the following loan portfolio breakdown:
| Loan Category | Outstanding Balance ($M) | Interest Income ($M) |
|---|---|---|
| Commercial Real Estate | 1,342.6 | 52.3 |
| Commercial & Industrial | 687.4 | 33.7 |
| Residential Mortgage | 456.2 | 21.5 |
| Consumer Loans | 215.8 | 10.9 |
Fee-Based Banking Services
Fee-based revenue for 2023 totaled $24.6 million, with the following service breakdown:
- Account maintenance fees: $8.2 million
- Overdraft fees: $6.7 million
- Transaction fees: $5.9 million
- Other banking service fees: $3.8 million
Investment Product Commissions
Investment product revenue for 2023 was $12.3 million, with the following distribution:
| Investment Product | Commission Revenue ($M) |
|---|---|
| Wealth Management Services | 6.7 |
| Brokerage Services | 3.9 |
| Retirement Planning | 1.7 |
Digital Banking Service Fees
Digital banking revenue for 2023 reached $5.4 million:
- Online banking transaction fees: $2.1 million
- Mobile banking service fees: $1.8 million
- Digital payment processing: $1.5 million
Treasury Management Services
Treasury management revenue for 2023 totaled $7.9 million:
| Treasury Service | Revenue ($M) |
|---|---|
| Cash Management | 3.6 |
| Merchant Services | 2.5 |
| International Banking Services | 1.8 |
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