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                                                                      Exhibit 14

                           SOUTHFIRST BANCSHARES, INC.

                               CODE OF ETHICS FOR
                         PRINCIPAL EXECUTIVE OFFICER AND
                            SENIOR FINANCIAL OFFICERS

                                DECEMBER 29, 2003

         The Boards of Directors of SouthFirst Bancshares, Inc. (the "Company")
has adopted this Code of Ethics for the Principal Executive Officer and Senior
Financial Officers (the "Code") to supplement the Company's General Code of
Ethics (the "General Code"). The Company expects the highest possible ethical
conduct from its principal executive officer and senior financial officers. Your
full compliance with this Code and with the Company's General Code of Ethics is
mandatory. You are expected to promote a culture of honest and ethical conduct
and to ensure that everyone in the Company fully complies with this Code and the
General Code of Ethics.

         You must take all reasonable measures to protect the confidentiality of
non-public information about the Company or its subsidiaries and their customers
obtained or created in connection with your activities and prevent the
unauthorized disclosure of such information unless required by applicable law or
regulation or legal or regulatory process.

         You are prohibited from directly or indirectly taking any action to
fraudulently influence, coerce, manipulate or mislead the Company or its
subsidiaries' independent public auditors for the purpose of rendering the
financial statements of the Company or its subsidiaries misleading.

         You understand that you will be held accountable for your adherence to
this Code. Your failure to observe the terms of this Code may result in
disciplinary action, up to and including termination of employment. Violations
of this Code may also constitute violations of law and may result in civil and
criminal penalties for you, your supervisors and/or the Company.

     If you have any questions regarding the best course of action in a
particular situation, you should promptly contact the Audit Committee or
Director of Compliance. You may choose to remain anonymous in reporting any
possible violation of this Code.

CONFLICTS OF INTERESTS

     As a Company principal executive officer or senior financial officer, it is
imperative that you avoid any investment, interest or association that
interferes, might interfere, or might appear to interfere, with your independent
exercise of judgment in the Company's best interests. Engaging in any conduct
that represents a conflict of interest is strictly prohibited. You must also
avoid any personal activity, investment or association that

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could appear to interfere  with good  judgment  concerning  the  Company's  best
interests.  You may not exploit your position or  relationship  with the Company
for personal gain. You should avoid even the appearance of such a conflict.  For
example, there is a likely conflict of interest if you:

-        Cause the Company to engage in business transactions with relatives or
         friends;

-        Use nonpublic Company, client or vendor information for personal gain
         by you, relatives or friends (including securities transactions based
         on such information);

-        Have more than a modest financial interest in the Company's vendors,
         clients or competitors; receive a loan, or guarantee of obligations,
         from the Company or a third party as a result of your position at the
         Company; or

-        Compete, or prepare to compete, with the Company while still employed
         by the Company.

         There are other situations in which a conflict of interest may arise.
If you have concerns about any situation, follow the steps outlined in the
Section on "Reporting Violations of the Code."

ACCURATE AND TIMELY PERIODIC REPORTS

         Full, fair, accurate, timely and understandable disclosures in all of
the Company's periodic reports, filed documents and other public communications
is legally required and is essential to the success of its business. All
officers must exercise the highest standard of care in preparing such reports in
accordance with the following guidelines:

-        All Company accounting records, as well as reports produced from those
         records, must be in accordance with the laws of each applicable
         jurisdiction;

-        All records must fairly and accurately reflect the transactions or
         occurrences to which they relate;

-        All records must fairly and accurately reflect, in reasonable detail,
         the Company's assets, liabilities, revenues and expenses;

-        The Company's accounting records must not contain any false or
         intentionally misleading entries;

-        No transactions should be intentionally misclassified as to accounts,
         departments or accounting periods;

-        All transactions must be supported by accurate documentation in
         reasonable detail and recorded in the proper account and in the proper
         accounting period;

-        No information should be concealed from the internal auditors or the
         independent auditors; and

-        Compliance with the Company's system of internal accounting controls is
         required

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COMPLIANCE WITH APPLICABLE GOVERNMENTAL LAW, RULES AND REGULATIONS

         You are expected to comply with both the letter and spirit of all
applicable governmental laws, rules and regulations. If you fail to comply (or
you prevent or penalize a subordinate for complying) with the ethical standards
in this Code, the Company's General Code of Ethics and/or with any applicable
laws, you will be subject to disciplinary measures, up to and including
immediate dismissal from the Company.

PROMPT INTERNAL REPORTING OF VIOLATIONS OF CODE

         The prompt internal reporting of violations of the Code or General Code
to an appropriate person or persons identified in the Code or General Code.

         Your conduct can reinforce an ethical atmosphere and positively
influence the conduct of fellow associates. If you are powerless to stop
suspected misconduct or discover it after it has occurred, you must promptly
report the violation of the Code or the General Code to Joe K. McArthur, J.
Malcomb Massey, or Sandra H. Stephens.

         However, if you feel uncomfortable speaking with them (for whatever
reason), you must (anonymously, if you wish) directly contact the Audit
Committee of the Company's Board of Directors by sending a detailed note, with
relevant documents, to L. Neal Bice, H. David Foote, Jr. or any other member of
the Audit Committee.

         Self-Reporting. If you believe that you may have violated one of these
standards, you are encouraged to report it immediately. The Company will
consider the fact that you reported yourself in determining what action is
appropriate.

         Confidentiality. The Company will protect confidentiality to the extent
practicable in the context of investigating your allegations and will inform
only those individuals with a need to know in order for the Company to
investigate and respond appropriately.

         Anonymity. There may be instances where you want to report issues while
remaining anonymous. The Company will consider information provided anonymously,
but it is most helpful if you provide your name so that the Company may obtain
additional information from you and inform you that it has responded to your
complaint.

         Protection of Those Who Report Concerns or Assist in an Investigation.
No one who in good faith reports a concern under this policy or provides
information during an investigation will be subjected to retaliation for doing
so. Any employee who retaliates or attempts to retaliate against an employee for
reporting or providing information in good faith under this policy will be
subject to disciplinary action, up to and including immediate termination of
employment and in some cases could further be subject to criminal penalties
(including imprisonment).

         Duty to Cooperate. When the Company conducts an investigation, all
employees have a duty to cooperate in providing complete and accurate
information. Failing to

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cooperate in an investigation or providing false or misleading information will
subject an employee to disciplinary action, up to and including termination of
employment.

         Destruction of Documents. You should also be aware that under the new
corporate accountability laws, you could be subject to criminal penalties for
tampering with, or destroying, documents or any other evidence related to an
official investigation or inquiry regarding any of the Company's activities. The
same is true for documents relating to any threatened or pending litigation.

         Your calls, detailed notes and/or emails will be dealt with
confidentially. You have the commitment of the Company and of the Audit
Committee of the Company's Board of Directors that you will be protected from
retaliation.