Welcome to our dedicated page for First Community news (Ticker: FCCO), a resource for investors and traders seeking the latest updates and insights on First Community stock.
Overview
First Community Corporation (FCCO) is a bank holding company renowned for its comprehensive suite of commercial banking services that include deposit solutions, lending products, mortgage banking, and investment advisory services. The company emphasizes personalized service and local decision making, ensuring that local businesses, professionals, and individual customers receive financial solutions that are both tailored and responsive. Employing a business model centered on community engagement, First Community has built its reputation on understanding the unique needs of the markets it serves while maintaining a prudent approach to risk management.
Business Segments and Core Services
Operating through multiple segments, First Community divides its activities into Commercial and Retail Banking, Mortgage Banking, Investment Advisory, and Corporate functions. Each segment is structured to cater to specific financial needs: from daily banking and deposit products such as checking, savings, and money market accounts to a diversified lending portfolio that includes consumer liability, real estate, home improvement, and construction loans. The Mortgage Banking division supports residential financing solutions, while the Investment Advisory unit offers professional financial planning and asset management services.
Local Decision Making and Personalized Service
One of the key strengths of First Community is its commitment to local decision making. This approach ensures that decisions are made at the community level, reflecting the nuances and specific financial demands of local populations. The bank’s strategy is rooted in its vision to be the provider of choice of financial solutions to local businesses, entrepreneurs, and professionals, advocating for continuous optimization of long-term shareholder return and preservation of a safe, sound investment environment.
Market Position and Industry Perspective
Within the competitive landscape of commercial and retail banking, First Community holds a significant market position by combining traditional banking practices with innovative service delivery methods. The institution adapts to shifting market dynamics by maintaining robust deposit relationships and a diversified loan portfolio, all while preserving excellent asset quality. This balanced approach positions the company as a dependable partner in the communities it serves, backed by a strong emphasis on risk management and regulatory compliance.
Risk Management and Asset Quality
Maintaining high asset quality is a cornerstone of First Community’s operations. The bank employs rigorous credit analysis and risk management protocols to ensure the integrity of its loan portfolio. With a focus on minimizing non-performing assets and safeguarding deposits, the company achieves sustainable growth by keeping its risk profile within conservative limits, which in turn supports its long-term financial stability.
Commitment to Expertise and Trust
First Community’s commitment to expertise is demonstrated through its integrated approach to service delivery, where local market knowledge, experienced personnel, and a comprehensive array of financial products merge to create value for customers. The institution’s methodical focus on customer-centric banking, combined with its clear industry expertise, contributes to a reputation of trustworthiness and authoritativeness that resonates with both individual account holders and commercial clients alike.
Conclusion
In summary, First Community Corporation stands as a robust community bank that adeptly balances personalized service with market-driven financial strategies. Its well-rounded business model, strong asset quality, and commitment to local decision making ensure that customers enjoy comprehensive banking solutions designed to meet both everyday and complex financial needs in a trusted environment.
First Community (FCCO) reported strong financial results for Q4 and full-year 2024. Net income reached $4.232 million in Q4 ($0.55 per diluted share) and $13.955 million for the year ($1.81 per diluted share). The company showed robust deposit growth of $164.9 million (10.9%) during 2024, with total loans increasing by $86.5 million (7.6%).
Key highlights include excellent credit quality metrics with minimal net charge-offs of $65,000 and non-performing assets at 0.04%. The company declared a cash dividend of $0.15 per share, marking its 92nd consecutive quarterly dividend. Investment advisory revenue reached $1.720 million in Q4, with assets under management growing to $926.0 million.
The bank maintained strong capital ratios and reduced wholesale funding from $138.1 million to $10.4 million during 2024. Net interest income increased 6.4% year-over-year to $52.0 million, with net interest margin expanding to 3.00% in Q4 2024.
First Community Bank has announced the appointment of Sarah Donley as Executive Vice President and Chief Operations & Risk Officer, succeeding retiring Tanya Butts who held the position since 2016. Donley, who joined the bank in 1997 and most recently served as Controller, brings over 35 years of banking experience, including 27 years with First Community.
In her new role, Donley will oversee electronic banking, deposit operations, loan operations, IT, information security, vendor management, audit, compliance, financial crimes, fraud, facilities, and physical security. She holds a Bachelor of Arts in Economics with minors in Business Administration and Psychology from Wittenberg University and is a CPA.
Butts will continue as Executive Vice President and Senior Advisor through Q1 2025 to ensure a smooth transition.
First Community (Nasdaq: FCCO) has announced its earnings release schedule for 2025. The company will release its financial results on the following dates: Fourth Quarter 2024 on January 22, 2025; First Quarter 2025 on April 23, 2025; Second Quarter 2025 on July 23, 2025; and Third Quarter 2025 on October 22, 2025. All releases will be issued at approximately 9:00 am Eastern Time.
First Community Bank, the company's subsidiary, operates as a full-service commercial bank in the Midlands, Aiken, Upstate and Piedmont Regions of South Carolina and Augusta, Georgia, offering deposit and loan products, residential mortgage lending, and financial planning services.
First Community (Nasdaq: FCCO) reported net income of $3.861 million for the third quarter of 2024, with diluted earnings per share of $0.50. Key highlights include:
- Total loans increased by $7.5 million (2.5% annualized growth rate) during Q3
- Total deposits grew by $39.5 million (9.8% annualized growth rate)
- Investment advisory business exceeded $900 million in Assets Under Management
- Strong credit quality with non-performing assets ratio of 0.04%
- Cash dividend of $0.15 per common share declared
The company's Board approved a plan to repurchase up to $7.1 million of common stock. The bank maintains strong capital ratios and asset quality metrics. Net interest margin expanded to 2.96% in Q3, benefiting from increased loan portfolio yield.
First Community (Nasdaq: FCCO) reported strong financial results for Q2 2024:
- Net income of $3.265 million, up 25.7% from Q1 2024
- Diluted EPS of $0.42, up 23.5% from Q1 2024
- Net interest margin expanded to 2.93%
- Total loans grew 11.1% annualized to $31.9 million
- Customer deposits increased 11.7% annualized to $1.562 billion
- Record $865.6 million assets under management, up 14.6% YTD
- Mortgage production of $49.0 million, highest since 2020
- Excellent credit quality with 0.04% non-performing assets
The company increased its quarterly cash dividend to $0.15 per share. Key capital ratios remain strong, with a tangible common equity ratio of 6.47%. The bank has ample liquidity and no concerning concentrations in its loan portfolio.
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