First Community Corp - FCCO STOCK NEWS

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.

First Community reported a net income of $2.597 million and diluted EPS of $0.34 per common share for the first quarter of 2024. Total deposits reached $1.578 billion, with customer deposits at $1.518 billion. The company declared a cash dividend of $0.14 per common share, marking the 89th consecutive quarter of dividends. Key credit quality metrics remained strong, with net charge-offs of $22 thousand and non-performing assets at 0.04%. Assets under management hit a record $832.9 million, showing a 10.3% increase. Loan growth was $23.3 million, with residential mortgages and commercial loans driving the increase. Non-interest income rose to $3.184 million, driven by mortgage and investment advisory revenue. Non-interest expenses increased to $11.805 million, primarily due to higher salaries and benefits expenses. The company announced the closure of a banking office in Augusta, Georgia, with estimated annual cost savings of $327 thousand.

First Community Corporation (FCCO) reported net income of $3.297 million for Q4 2023 and $11.843 million for the year. Diluted EPS was $0.43 for Q4 and $1.55 for the year. Total deposits increased by $125.6 million. Total loan growth was $153.2 million. The company also declared a cash dividend of $0.14 per common share.

First Community Corporation (Nasdaq: FCCO) announces earnings release schedule for 2024

First Community Corporation (Nasdaq: FCCO) announces promotions and additions to its Executive Leadership Team. J. Ted Nissen to become the CEO of First Community Bank, Joseph A. 'Drew' Painter and Vaughan R. Dozier, Jr. to become Executive Vice Presidents, and Michael C. 'Mike' Crapps to continue as President and CEO of First Community Corporation.

First Community Corporation reported net income of $1.756 million for Q3 2023, with diluted EPS of $0.23 per common share. Total loans increased by $59.5 million, a growth rate of 22.9%, and total deposits increased by $71.3 million, a growth rate of 19.9%. The company paid a cash dividend of $0.14 per common share, marking the 87th consecutive quarter of cash dividends.

First Community Corporation (NASDAQ: FCCO) reported a net income of $3.463 million and diluted EPS of $0.45 for Q1 2023, a slight decrease from $3.489 million and $0.46 year-over-year. Total deposits grew by $34.8 million, marking a 10.0% annualized growth rate, while loan growth stood at $11.9 million, or 4.9% annualized. The bank maintained strong asset quality metrics, with a non-performing assets ratio of 0.29% and net loan recoveries of $15,000. A cash dividend of $0.14 per common share was approved, continuing a streak of 85 consecutive quarters of dividends. Despite a rise in deposit costs due to interest rate pressures, the bank's capital ratios remained robust, surpassing regulatory requirements.

First Community Corporation (NASDAQ: FCCO) reported a diluted EPS of $0.53 for Q4 2022, with net income reaching $4.043 million, a 3.2% increase year-over-year. For the entire year, net income amounted to $14.613 million, slightly down from $15.465 million in 2021. Revenue from PPP loans dropped significantly to $49,000, down from $3.34 million in 2021. The company declared an increased cash dividend of $0.14 per share, payable on February 14, 2023. Total loans grew by 13.6% annually, with a notable commercial loan production of $257.9 million for 2022. Asset quality remains strong with non-performing assets at just 0.35%.