SFST Iron Condor Strategy
SFST (Southern First Bancshares, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Southern First Bancshares, Inc. operates as the bank holding company for Southern First Bank that provides various banking products and services to general public in South Carolina, North Carolina, and Georgia. It operates through three segments: Commercial and Retail Banking, Mortgage Banking, and Corporate Operations. The company accepts various deposit products that include checking accounts, commercial checking accounts, and savings accounts, as well as other time deposits, including daily money market accounts and long-term certificates of deposit. Its loan portfolio comprises commercial real estate loans; construction real estate loans; commercial business loans for various lines of businesses, such as the manufacturing, service industry, and professional service areas; consumer real estate and home equity loans; and other consumer loans, including secured and unsecured installment loans and revolving lines of credit. In addition, the company provides other bank services, such as internet banking, cash management, safe deposit boxes, direct deposit, automatic drafts, bill payment, and mobile banking services. It operates through eight retail offices located in Greenville, Charleston, and Columbia; three retail offices located in Raleigh, Greensboro, and Charlotte markets; and one retail office located in Atlanta.
SFST (Southern First Bancshares, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $527.0M, a trailing P/E of 13.01, a beta of 0.68 versus the broader market, a 52-week range of 34.51-62, average daily share volume of 121K, a public-listing history dating back to 1999, approximately 297 full-time employees. These structural characteristics shape how SFST stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.68 indicates SFST has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on SFST?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current SFST snapshot
As of May 15, 2026, spot at $54.92, ATM IV 147.70%, IV rank 91.20%, expected move 42.34%. The iron condor on SFST below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on SFST specifically: SFST IV at 147.70% is rich versus its 1-year range, which favors premium-selling structures like a SFST iron condor, with a market-implied 1-standard-deviation move of approximately 42.34% (roughly $23.26 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SFST expiries trade a higher absolute premium for lower per-day decay. Position sizing on SFST should anchor to the underlying notional of $54.92 per share and to the trader's directional view on SFST stock.
SFST iron condor setup
The SFST iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SFST near $54.92, the first option leg uses a $57.67 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SFST chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 SFST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $57.67 | N/A |
| Buy 1 | Call | $60.41 | N/A |
| Sell 1 | Put | $52.17 | N/A |
| Buy 1 | Put | $49.43 | N/A |
SFST iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
SFST iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SFST. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on SFST
Iron condors on SFST are a delta-neutral premium-collection structure that profits if SFST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SFST thesis for this iron condor
The market-implied 1-standard-deviation range for SFST extends from approximately $31.66 on the downside to $78.18 on the upside. A SFST iron condor is a delta-neutral premium-collection structure that pays off when SFST stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current SFST IV rank near 91.20% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on SFST at 147.70%. As a Financial Services name, SFST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SFST-specific events.
SFST iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. SFST positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SFST alongside the broader basket even when SFST-specific fundamentals are unchanged. Short-premium structures like a iron condor on SFST carry tail risk when realized volatility exceeds the implied move; review historical SFST earnings reactions and macro stress periods before sizing. Always rebuild the position from current SFST chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SFST?
- A iron condor on SFST is the iron condor strategy applied to SFST (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With SFST stock trading near $54.92, the strikes shown on this page are snapped to the nearest listed SFST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SFST iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the SFST iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 147.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SFST iron condor?
- The breakeven for the SFST iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SFST market-implied 1-standard-deviation expected move is approximately 42.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on SFST?
- Iron condors on SFST are a delta-neutral premium-collection structure that profits if SFST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SFST implied volatility affect this iron condor?
- SFST ATM IV is at 147.70% with IV rank near 91.20%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.