Anna T. Locke
About Anna T. Locke
Anna T. Locke, 48, has served as an independent director of Southern First Bancshares, Inc. since 2018. She is a certified public accountant and the president and owner of A.T. Locke, PC, an outsourced accounting management firm she founded in 2004; earlier in her career, she worked at Elliott Davis, a regional accounting firm. She graduated magna cum laude from Clemson University in 1998. Ms. Locke is designated by the Board as an Audit Committee Financial Expert under SEC rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| A.T. Locke, PC | President & Owner | 2004–present | Founder/operator of outsourced accounting management firm; deep SME finance exposure |
| Elliott Davis (regional accounting firm) | Professional (prior role) | Pre-2004 | Public accounting experience; relevant to audit oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Vistage International | Past Member | n/a | Executive peer advisory participation |
| Clemson University Accounting Advisory Committee | Member (past) | n/a | Academic advisory service (past) |
| Greenville Technical College Accounting Advisory Committee | Member (past) | n/a | Academic advisory service (past) |
| InnoVision Awards Organization | Former Treasurer | n/a | Non-profit finance/treasury experience |
| Center for Developmental Services; NEXT School; Certified Development Corporation of SC; Greater Greer Chamber of Commerce; Friends of the Guardian ad Litem | Board roles (past) | n/a | Community and non-profit governance experience |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Board determined independent under NASDAQ standards |
| Committees | Audit Committee member; not on Risk, Nominating & Corporate Governance, or Compensation |
| Committee Chair Roles | None |
| Audit Committee Financial Expert | Yes (SEC definition) |
| 2024 Board Meetings | 9 meetings; company states all directors attended ≥75% of board and committee meetings |
| 2024 Audit Committee Meetings | 6 meetings |
| Annual Meeting Attendance | All then-serving directors attended 2024 annual meeting |
| Board Structure | Declassifying; all eight directors up for one-year terms beginning 2025; fully declassified in 2026 |
Fixed Compensation
| Component | 2024 Amount | Structure/Notes |
|---|---|---|
| Cash fees | $48,000 | Paid to Ms. Locke for 2024 director service |
| Retainer | n/a | Standard: $2,500 monthly retainer for non-employee directors (applies to all) |
| Meeting fees | n/a | $1,200 per board/committee meeting; chairs +$500 per meeting (applies to all) |
| Equity grants (director) | None disclosed | No outstanding stock options for non-employee directors at 12/31/24 |
Performance Compensation
| Component | Plan | Performance Metrics | 2024 Award |
|---|---|---|---|
| None disclosed for non-employee directors | n/a | n/a | n/a |
Other Directorships & Interlocks
- Public company directorships: None disclosed for Ms. Locke in the Board Skills Matrix row “Other Public Company Boards.”
- Interlocks/relationships:
- Prior employment at Elliott Davis (pre-2004), which currently serves as the Company’s independent registered public accounting firm; the Board has determined Ms. Locke is independent. Monitor as a potential perception issue, though tenure gap is long.
Expertise & Qualifications
- CPA; Audit Committee Financial Expert (SEC)
- Entrepreneurship/operator (founder-owner, A.T. Locke)
- Board skills matrix indicates strengths in entrepreneurship, strategy development, service excellence, community support, HR/human capital, risk management, and “Financial Expertise – SEC Definition.”
Equity Ownership
| Holder | Shares Owned | Right to Acquire (60 days) | % Outstanding | Notes |
|---|---|---|---|---|
| Anna T. Locke | 2,222 | – | 0.03% | No pledged shares disclosed for Ms. Locke; company prohibits hedging and requires preclearance for pledging |
| Policy context | — | — | — | No director/executive stock ownership guidelines; Board asserts interests are aligned and reviews ownership periodically |
Governance Assessment
-
Positives
- Independent director with designated Audit Committee Financial Expert status; serves on Audit Committee overseeing financial reporting and internal control environment (6 meetings in 2024).
- Attendance and engagement: Company reports all directors met at least 75% attendance; full Board attendance at 2024 annual meeting.
- Robust trading policy: hedging prohibited; pledging discouraged and subject to preclearance; preclearance required for directors’ trades.
- Board declassification underway, improving director accountability in annual elections.
-
Watch items
- Alignment: Director compensation is entirely cash-based with no disclosed equity retainer/grants for non-employee directors; Ms. Locke’s ownership is modest at 2,222 shares (0.03%). Absence of formal stock ownership guidelines for directors may weaken long-term alignment.
- Auditor prior employer: Ms. Locke previously worked at Elliott Davis, the Company’s current auditor; the Board affirms her independence, and the prior employment predates 2004, but investors may monitor for perceived independence optics.
-
Related-party/conflict check
- No related-party transactions disclosed involving Ms. Locke; RPTs noted include a branch land lease with another director (Cothran), reviewed as arm’s-length.