Southern First Bancshares, Inc. (SFST) vs Unity Bancorp, Inc. (UNTY)

Southern First Bancshares, Inc. and Unity Bancorp, Inc. are both Banks Regional companies. Southern First Bancshares, Inc. and Unity Bancorp, Inc. are of similar size ($569.8M and $555.0M). Unity Bancorp, Inc. trades at the lower P/E: 9.6× against 12.8×. Unity Bancorp, Inc. grew revenue faster over the last twelve months: 10.2% against 8.92%. Unity Bancorp, Inc. has the higher net margin (30.3% vs 16.8%) and the lower return on invested capital (10.6% vs 30.7%). Across the 19 metrics below, Unity Bancorp, Inc. leads on 10 and Southern First Bancshares, Inc. on 9.

Valuation

Metric SFST UNTY Banks Regional median
P/E 12.79 9.59 12.15
P/S 2.36 2.91 2.37
P/B 1.23 1.51 1.21
Price to free cash flow 13.99 20.84 10.80
EV/EBITDA n/m n/m —
EV/Sales 0.88 3.30 2.27
Earnings yield 7.82% 10.43% 8.11%
Free cash flow yield 7.15% 4.80% 8.98%

Profitability

Metric SFST UNTY Banks Regional median
Gross margin 56.20% 69.92% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 16.78% 30.26% 18.66%
Free cash flow margin 16.86% 13.95% 21.18%
Return on equity 9.93% 16.95% 10.64%
Return on assets 0.88% 1.91% 1.13%
Return on invested capital 30.67% 10.56% 8.33%

Growth

Metric SFST UNTY Banks Regional median
Revenue growth (TTM) 8.92% 10.15% 6.61%
EPS growth (last fiscal year) 96.34% 39.66% —
Revenue growth, 5-year CAGR 12.95% 15.45% 12.30%
Net income growth, 5-year CAGR 10.63% 19.64% 9.71%

Health

Metric SFST UNTY Banks Regional median
Debt to equity 0.03 0.88 0.22
Current ratio 1.04 1.17 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric SFST UNTY Banks Regional median
Dividend yield — 1.82% 3.75%
Payout ratio 0.00 0.12 0.27

Size

Metric SFST UNTY Banks Regional median
Market cap 569.82m 555.03m 921.07m

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