Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the six months ended June 30, 2025.
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“Our second quarter results reflect the strength of our team who continues to generate high-quality, profitable growth in our vibrant markets. We had another quarter of solid margin expansion, a testament to our pricing focus and discipline on both sides of the balance sheet. This quarter was one of the highest revenue generating quarters in our 25-year history with total revenue growing 24% over the same quarter a year ago. Our business pipelines are strong, which will provide for healthy growth in the foreseeable future, supported by our solid balance sheet. Our asset quality is among the best in the industry. We are not immune to the potential effects of the broader and ever-changing operating environment, but we are confident in our ability to deliver improving financial performance as we have demonstrated so far this year,” stated Art Seaver, Chief Executive Officer. “This quarter we were proud to announce the addition of three new Board members, who are located across our markets and have already begun to make valuable contributions to the leadership of our company through their incredible backgrounds of community involvement and professional expertise. We also continue to attract highly talented and experienced bankers who share our passion for impacting lives by delivering the highest level of client and community service. They provide excellent opportunities to add depth in existing areas and to expand within our footprint. We have a great sense of enthusiasm and optimism about our outlook for the remainder of this year and beyond.”
2025 Second Quarter Highlights
— Diluted earnings per common share of $0.81, up $0.16, or 25%, from Q1 2025, and $0.44, or 119%, compared to Q2 2024
— Net interest margin of 2.50%, compared to 2.41% for Q1 2025 and 1.98% for Q2 2024
— Total loans of $3.7 billion, up 7% (annualized) from Q1 2025; core deposits of $2.9 billion, up 7% (annualized) from Q1 2025
— Nonperforming assets to total assets of 0.27% and past due loans to total loans of 0.14%
— Book value per common share of $42.23 increased 9% (annualized) from Q1 2025 and 8% compared to Q2 2024; Tangible Common Equity (TCE) ratio of 8.02%
Quarter Ended June 30 March 31 December 31 September 30 June 30 2025 2025 2024 2024 2024Earnings ($ in thousands, except per share data):Net income available to common shareholders $ 6,581 5,266 5,627 4,382 2,999Earnings per common share, diluted 0.81 0.65 0.70 0.54 0.37Total revenue(1) 28,629 26,497 25,237 23,766 23,051Net interest margin (tax-equivalent)(2) 2.50% 2.41% 2.25% 2.08% 1.98%Return on average assets(3) 0.63% 0.52% 0.54% 0.43% 0.29%Return on average equity(3) 7.71% 6.38% 6.80% 5.40% 3.81%Efficiency ratio(4) 67.54% 71.08% 73.48% 75.90% 80.87%Noninterest expense to average assets (3) 1.86% 1.87% 1.78% 1.75% 1.81%Balance Sheet ($ in thousands):Total loans(5) $ 3,746,841 3,683,919 3,631,767 3,619,556 3,622,521Total deposits 3,636,329 3,620,886 3,435,765 3,518,825 3,459,869Core deposits(6) 2,867,193 2,820,194 2,661,736 2,705,429 2,788,223Total assets 4,308,067 4,284,311 4,087,593 4,174,631 4,109,849Book value per common share 42.23 41.33 40.47 40.04 39.09Loans to deposits 103.04% 101.74% 105.70% 102.86% 104.70%Holding Company Capital Ratios(7):Total risk-based capital ratio 12.63% 12.69% 12.70% 12.61% 12.77%Tier 1 risk-based capital ratio 11.11% 11.15% 11.16% 10.99% 10.80%Leverage ratio 8.73% 8.79% 8.55% 8.50% 8.27%Common equity tier 1 ratio(8) 10.71% 10.75% 10.75% 10.58% 10.39%Tangible common equity(9) 8.02% 7.88% 8.08% 7.82% 7.76%Asset Quality Ratios:Nonperforming assets/total assets 0.27% 0.26% 0.27% 0.28% 0.27%Classified assets/tier one capital plus allowance for credit losses 4.28% 4.24% 4.25% 4.35% 4.22%Accruing loans 30 days or more past due/loans(5) 0.14% 0.27% 0.18% 0.09% 0.06%Net charge-offs (recoveries)/average loans(5) (YTD annualized) 0.00% 0.00% 0.04% 0.05% 0.07%Allowance for credit losses/loans(5) 1.10% 1.10% 1.10% 1.11% 1.11%Allowance for credit losses/nonaccrual loans 362.35% 378.09% 366.94% 346.78% 357.95%[Footnotes to table located on page 6]
INCOME STATEMENTS – Unaudited Quarter Ended Jun 30 2025 – Jun 30 Mar 31 Dec 31 Sept 30 Jun 30 Jun 30 2024(in thousands, except per share data) 2025 2025 2024 2024 2024 % ChangeInterest incomeLoans $ 48,992 47,085 47,163 47,550 46,545 5.26%Investment securities 1,357 1,403 1,504 1,412 1,418 (4.30%)Federal funds sold 1,969 1,159 2,465 2,209 2,583 (23.77%)Total interest income 52,318 49,647 51,132 51,171 50,546 3.51%Interest expenseDeposits 24,300 23,569 25,901 27,725 28,216 (13.88%)Borrowings 2,723 2,695 2,773 2,855 2,802 (2.82%)Total interest expense 27,023 26,264 28,674 30,580 31,018 (12.88%)Net interest income 25,295 23,383 22,458 20,591 19,528 29.53%Provision (reversal) for credit losses 700 750 (200) – 500 40.00%Net interest income after provision for credit losses 24,595 22,633 22,658 20,591 19,028 29.26%Noninterest incomeMortgage banking income 1,569 1,424 1,024 1,449 1,923 (18.41%)Service fees on deposit accounts 567 539 499 455 423 34.04%ATM and debit card income 586 552 607 599 587 (0.17%)Income from bank owned life insurance 413 403 407 401 384 7.55%Other income 199 196 242 271 206 (3.40%)Total noninterest income 3,334 3,114 2,779 3,175 3,523 (5.36%)Noninterest expenseCompensation and benefits 11,674 11,304 10,610 10,789 11,290 3.40%Occupancy 2,523 2,548 2,587 2,595 2,552 (1.14%)Outside service and data processing costs 2,189 2,037 2,003 1,930 1,962 11.57%Insurance 910 1,010 1,077 1,025 965 (5.70%)Professional fees 609 509 656 548 582 4.64%Marketing 397 374 335 319 389 2.06%Other 1,034 1,054 1,276 833 903 14.40%Total noninterest expenses 19,336 18,836 18,544 18,039 18,643 3.72%Income before provision for income taxes 8,593 6,911 6,893 5,727 3,908 119.88%Income tax expense 2,012 1,645 1,266 1,345 909 121.34%Net income available to common shareholders $ 6,581 5,266 5,627 4,382 2,999 119.44%Earnings per common share – Basic $ 0.81 0.65 0.70 0.54 0.37Earnings per common share – Diluted 0.81 0.65 0.70 0.54 0.37Basic weighted average common shares 8,119 8,078 8,023 8,064 8,126Diluted weighted average common shares 8,134 8,111 8,097 8,089 8,141[Footnotes to table located on page 6]
Net income for the second quarter of 2025 was $6.6 million, or $0.81 per diluted share, a $1.3 million increase from the first quarter of 2025 and a $3.6 million increase from the second quarter of 2024. Net interest income increased $1.9 million during the second quarter of 2025, compared to the first quarter of 2025, and increased $5.8 million, compared to the second quarter of 2024. The increase in net interest income from the prior quarter and prior year was primarily driven by an increase in interest income on loans, combined with a decrease in interest expense on deposits.
The provision for credit losses was $700 thousand for the second quarter of 2025 compared to a provision for credit losses of $750 thousand for the first quarter of 2025 and $500 thousand for the second quarter of 2024. The provision during the second quarter of 2025 includes a $650 thousand provision for credit losses and a $50 thousand provision for the reserve for unfunded commitments. The provision for credit losses in the second quarter of 2025 was primarily driven by a $62.9 million increase in total loans.
Noninterest income was $3.3 million for the second quarter of 2025, compared to $3.1 million for the first quarter of 2025, and $3.5 million for the second quarter of 2024. Mortgage banking income continues to be the largest component of noninterest income at $1.6 million in fee revenue for the second quarter of 2025, $1.4 million for the first quarter of 2025, and $1.9 million for the second quarter of 2024. Mortgage origination volume increased slightly in the second quarter of 2025, driving the increase in revenue from the prior quarter.
Noninterest expense for the second quarter of 2025 was $19.3 million, a $500 thousand increase from the first quarter of 2025, and a $693 thousand increase from the second quarter of 2024. The increase in noninterest expense from the previous quarter was driven by an increase in compensation and benefits, outside service and data processing costs, and professional fees, offset in part by a decrease in insurance expense. The increase in noninterest expense from the previous year related primarily to increases in compensation and benefits, outside service and data processing costs, and other noninterest expenses.
The effective tax rate was 23.4% for the second quarter of 2025, 23.8% for the first quarter of 2025, and 23.3% for the second quarter of 2024. The changes in the effective tax rate are driven by the effect of equity compensation transactions during the quarter.
NET INTEREST INCOME AND MARGIN – Unaudited For the Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024(dollars in thousands) Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate(3) Balance Expense Rate(3) Balance Expense Rate(3)Interest-earning assetsFederal funds sold and interest- $ 179,095 $ 1,969 4.41% $ 107,821 $ 1,159 4.36% $ 186,584 $ 2,583 5.57%bearing depositsInvestment securities, taxable 141,898 1,315 3.72% 143,609 1,361 3.84% 133,507 1,376 4.15%Investment securities, nontaxable(2) 7,740 55 2.83% 7,914 55 2.80% 8,027 55 2.73%Loans(10) 3,724,064 48,992 5.28% 3,673,912 47,085 5.20% 3,645,595 46,545 5.14%Total interest-earning assets 4,052,797 52,331 5.18% 3,933,256 49,660 5.12% 3,973,713 50,559 5.12%Noninterest-earning assets 154,051 157,053 165,093Total assets $4,206,848 $4,090,309 $4,138,806Interest-bearing liabilitiesNOW accounts $ 331,811 752 0.91% $ 306,707 597 0.79% $ 302,881 621 0.82%Savings & money market 1,566,345 13,398 3.43% 1,520,632 12,750 3.40% 1,611,991 16,324 4.07%Time deposits 942,880 10,150 4.32% 930,282 10,222 4.46% 898,878 11,271 5.04%Total interest-bearing deposits 2,841,036 24,300 3.43% 2,757,621 23,569 3.47% 2,813,750 28,216 4.03%FHLB advances and other borrowings 240,000 2,270 3.79% 240,000 2,244 3.79% 240,000 2,247 3.77%Subordinated debentures 24,903 453 7.30% 24,903 451 7.34% 36,360 555 6.14%Total interest-bearing liabilities 3,105,939 27,023 3.49% 3,022,524 26,264 3.52% 3,090,110 31,018 4.04%Noninterest-bearing liabilities 758,626 732,761 731,843Shareholders' equity 342,283 335,024 316,853Total liabilities and shareholders' $4,206,848 $4,090,309 $4,138,806equityNet interest spread 1.69% 1.60% 1.08%Net interest income (tax equivalent) / $25,308 2.50% $23,396 2.41% $19,541 1.98%marginLess: tax-equivalent adjustment(2) 13 13 13Net interest income $25,295 $23,383 $19,528[Footnotes to table located on page 6]
Net interest income was $25.3 million for the second quarter of 2025, a $1.9 million increase from the first quarter of 2025, driven by a $2.7 million increase in interest income, partially offset by a $759 thousand increase in interest expense. The increase in interest income was driven by an increase in the yield on interest-earning assets, as loan yield increased eight basis points and the yield on Federal funds sold and interest-bearing deposits increased by five basis points over the previous quarter, combined with a four basis point decrease in the rate on our interest-bearing deposits over the previous quarter. In comparison to the second quarter of 2024, net interest income increased $5.8 million, resulting primarily from a 60 basis point decrease in the cost of interest-bearing deposits. Net interest margin, on a tax-equivalent basis, was 2.50% for the second quarter of 2025, a nine basis point increase from 2.41% for the first quarter of 2025 and a 52 basis point increase from 1.98% for the second quarter of 2024.
BALANCE SHEETS – Unaudited Ending Balance Jun 30 2025 – Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Jun 30 2024(in thousands, except per share data) 2025 2025 2024 2024 2024 % ChangeAssetsCash and cash equivalents:Cash and due from banks $ 25,184 24,904 22,553 25,289 21,567 16.77%Federal funds sold 180,834 263,612 128,452 226,110 164,432 9.97%Interest-bearing deposits with banks 65,014 16,541 11,858 9,176 8,828 636.45%Total cash and cash equivalents 271,032 305,057 162,863 260,575 194,827 39.11%Investment securities:Investment securities available for sale 128,867 131,290 132,127 134,597 121,353 6.19%Other investments 19,906 19,927 19,490 19,640 18,653 6.72%Total investment securities 148,773 151,217 151,617 154,237 140,006 6.26%Mortgage loans held for sale 10,739 11,524 4,565 8,602 14,759 (27.24%)Loans (5) 3,746,841 3,683,919 3,631,767 3,619,556 3,622,521 3.43%Less allowance for credit losses (41,285) (40,687) (39,914) (40,166) (40,157) 2.81%Loans, net 3,705,556 3,643,232 3,591,853 3,579,390 3,582,364 3.44%Bank owned life insurance 54,886 54,473 54,070 53,663 53,263 3.05%Property and equipment, net 85,921 87,369 88,794 90,158 91,533 (6.13%)Deferred income taxes 12,971 13,080 13,467 11,595 12,339 5.12%Other assets 18,189 18,359 20,364 16,411 20,758 (12.38%)Total assets $ 4,308,067 4,284,311 4,087,593 4,174,631 4,109,849 4.82%LiabilitiesDeposits $ 3,636,329 3,620,886 3,435,765 3,518,825 3,459,869 5.10%FHLB Advances 240,000 240,000 240,000 240,000 240,000 0.00%Subordinated debentures 24,903 24,903 24,903 24,903 36,376 (31.54%)Other liabilities 61,373 60,924 56,481 64,365 54,856 11.88%Total liabilities 3,962,605 3,946,713 3,757,149 3,848,093 3,791,101 4.52%Shareholders' equityPreferred stock – $.01 par value; 10,000,000 shares – – – – -authorizedCommon Stock – $.01 par value; 10,000,000 shares 82 82 82 82 82authorizedNonvested restricted stock (2,774) (3,372) (3,884) (4,219) (4,710) (41.10%)Additional paid-in capital 124,839 124,561 124,641 124,288 124,174 0.54%Accumulated other comprehensive loss (9,609) (10,016) (11,472) (9,063) (11,866) (19.02%)Retained earnings 232,924 226,343 221,077 215,450 211,068 10.35%Total shareholders' equity 345,462 337,598 330,444 326,538 318,748 8.38%Total liabilities and shareholders' equity $ 4,308,067 4,284,311 4,087,593 4,174,631 4,109,849 4.82%Common StockBook value per common share $ 42.23 41.33 40.47 40.04 39.09 8.03%Stock price:High 38.51 38.50 44.86 36.45 30.36 26.84%Low 30.61 31.88 33.26 27.70 25.70 19.11%Period end 38.03 32.92 39.75 34.08 29.24 30.06%Common shares outstanding 8,181 8,169 8,165 8,156 8,155 0.32%[Footnotes to table located on page 6]
ASSET QUALITY MEASURES – Unaudited Quarter Ended June 30 March 31 December 31 September 30 June 30(dollars in thousands) 2025 2025 2024 2024 2024Nonperforming AssetsCommercialNon-owner occupied RE $ 6,941 6,950 7,641 7,904 7,949Commercial business 717 1,087 1,016 838 829ConsumerReal estate 3,028 2,414 1,908 2,448 1,875Home equity 708 310 312 393 565Other – – – – -Total nonaccrual loans 11,394 10,761 10,877 11,583 11,218Other real estate owned 275 275 – – -Total nonperforming assets $ 11,669 11,036 10,877 11,583 11,218Nonperforming assets as a percentage of:Total assets 0.27% 0.26% 0.27% 0.28% 0.27%Total loans 0.31% 0.30% 0.30% 0.32% 0.31%Classified assets/tier 1 capital plus allowance for credit losses 4.28% 4.24% 4.25% 4.35% 4.22% Quarter Ended June 30 March 31 December 31 September 30 June 30(dollars in thousands) 2025 2025 2024 2024 2024Allowance for Credit LossesBalance, beginning of period $ 40,687 39,914 40,166 40,157 40,441Loans charged-off (68) (78) (143) (118) (1,049)Recoveries of loans previously charged-off 16 101 141 127 15Net loans (charged-off) recovered (52) 23 (2) 9 (1,034)Provision for (reversal of) credit losses 650 750 (250) – 750Balance, end of period $ 41,285 40,687 39,914 40,166 40,157Allowance for credit losses to gross loans 1.10% 1.10% 1.10% 1.11% 1.11%Allowance for credit losses to nonaccrual loans 362.35% 378.09% 366.94% 346.78% 357.95%Net charge-offs (recoveries) to average loans QTD 0.01% 0.00% 0.00% 0.00% 0.11%(annualized)
Total nonperforming assets were $11.7 million at June 30, 2025, representing 0.27% of total assets compared to 0.26% for the first quarter of 2025 and 0.27% for the second quarter of 2024. In addition, the classified asset ratio increased only slightly to 4.28% for the second quarter of 2025 from 4.24% in the first quarter of 2025 and 4.22% in the second quarter of 2024.
At June 30, 2025, the allowance for credit losses was $41.3 million, or 1.10% of total loans, compared to $40.7 million, or 1.10% of total loans at March 31, 2025, and $40.2 million, or 1.11% of total loans, at June 30, 2024. We had net charge-offs of $52 thousand, or 0.01% annualized, for the second quarter of 2025, compared to net recoveries of $23 thousand for the first quarter of 2025 and net charge-offs of $1.0 million for the second quarter of 2024. There was a provision for credit losses of $650 thousand for the second quarter of 2025, compared to a provision for credit losses of $750 thousand for the first quarter of 2025 and a $750 thousand provision for credit losses for the second quarter of 2024. The provision during the second quarter was primarily driven by growth in the loan portfolio during the quarter.
LOAN COMPOSITION – Unaudited Quarter Ended June 30 March 31 December 31 September 30 June 30(dollars in thousands) 2025 2025 2024 2024 2024CommercialOwner occupied RE $ 686,424 673,865 651,597 642,608 642,008Non-owner occupied RE 939,163 926,246 924,367 917,642 917,034Construction 68,421 90,021 103,204 144,665 144,968Business 589,661 561,337 556,117 521,535 527,017Total commercial loans 2,283,669 2,251,469 2,235,285 2,226,450 2,231,027ConsumerReal estate 1,164,187 1,147,357 1,128,629 1,132,371 1,126,155Home equity 234,608 223,061 204,897 195,383 189,294Construction 25,210 23,540 20,874 21,582 32,936Other 39,167 38,492 42,082 43,770 43,109Total consumer loans 1,463,172 1,432,450 1,396,482 1,393,106 1,391,494Total gross loans, net of deferred fees 3,746,841 3,683,919 3,631,767 3,619,556 3,622,521Less-allowance for credit losses (41,285) (40,687) (39,914) (40,166) (40,157)Total loans, net $ 3,705,556 3,643,232 3,591,853 3,579,390 3,582,364
DEPOSIT COMPOSITION – Unaudited Quarter Ended June 30 March 31 December 31 September 30 June 30(dollars in thousands) 2025 2025 2024 2024 2024Non-interest bearing $ 761,492 671,609 683,081 689,749 683,291Interest bearing:NOW accounts 341,903 371,052 314,588 339,412 293,875Money market accounts 1,537,400 1,563,181 1,438,530 1,423,403 1,562,786Savings 32,334 32,945 31,976 29,283 28,739Time, less than $250,000 194,064 181,407 193,562 223,582 219,532Time and out-of-market deposits, $250,000 and over 769,136 800,692 774,028 813,396 671,646Total deposits $ 3,636,329 3,620,886 3,435,765 3,518,825 3,459,869
Footnotes to tables:(1) Total revenue is the sum of net interest income and noninterest income.(2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.(3) Annualized for the respective three-month period.(4) Noninterest expense divided by the sum of net interest income and noninterest income.(5) Excludes mortgage loans held for sale.(6) Excludes out of market deposits and time deposits greater than $250,000 totaling $769,136,000.(7) June 30, 2025 ratios are preliminary.(8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.(9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.(10) Includes mortgage loans held for sale.
ABOUT SOUTHERN FIRST BANCSHARESSouthern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The company's wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $4.3 billion and its common stock is traded on The NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com.
FORWARD-LOOKING STATEMENTSCertain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective.Such forward-looking statements are identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “preliminary”, “intend,” “plan,” “target,” “continue,” “lasting,” and “project,” as well as similar expressions.Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the company conducts operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan and deposit growth as well as pricing of each product, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, changes affecting oversight of the financial services industry or consumer protection; (5) the impact of changes to Congress and the office of the President on the regulatory landscape and capital markets; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the company; (7) changes in interest rates, which may continue to affect the company's net income, interest expense, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the company's assets, including its investment securities; (8) trade wars or a potential recession which may cause adverse risk to the overall economy, and could indirectly pose challenges to our clients and to our business; (9) any increase in FDIC assessments which have increased and may continue to increase our cost of doing business; and (10) changes in accounting principles, policies, practices, or guidelines.Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (http://www.sec.gov).All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
FINANCIAL & MEDIA CONTACT:ART SEAVER 864-679-9010
WEB SITE: www.southernfirst.com
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