First Community Corporation Announces First Quarter Results and Cash Dividend
First Community Corporation (FCCO) reported a net income of $3.5 million for Q1 2022, with a diluted EPS of $0.46, marking a decline from the previous quarter's $3.9 million and $0.52. Cash dividends of $0.13 per common share will be paid on May 17, 2022, continuing an 81-quarter streak. The company achieved deposit growth of $83.5 million, a 25.9% annualized growth rate. Loan growth was $12.1 million, excluding PPP loans. Though investment advisory revenue rose to $1.2 million, mortgage revenue fell to $839,000 amid rising interest rates.
- Net income for Q1 2022 was $3.5 million.
- Achieved cash dividend of $0.13 per share, the 81st consecutive quarter.
- Deposits increased by $83.5 million, a 25.9% annualized growth rate.
- Loan growth of $12.1 million during Q1 2022.
- Net income decreased from $3.9 million in the previous quarter.
- Diluted EPS fell from $0.52 to $0.46 quarter-over-quarter.
- Mortgage revenue dropped to $839,000 from $990,000 year-over-year.
LEXINGTON, S.C., April 20, 2022 /PRNewswire/ --
Highlights for First Quarter 2022
- Net income of
$3.5 million - Pre-tax pre-provision earnings of
$4.2 million - Diluted EPS of
$0.46 per common share - Pure (non-CD) deposit growth, including customer cash management accounts, of
$83.5 million during the quarter, a25.9% annualized growth rate - Total loan growth of
$12.1 million during the quarter. Loan growth, excluding Paycheck Protection Program (PPP) loans was$13.3 million , a6.3% annualized growth rate - Key credit quality metrics continued to be strong during the quarter with net loan recoveries of
$19 thousand , non-performing assets ratio of0.09% , and past due loans of0.07% - Investment advisory revenue of
$1.2 million . Assets under management exceeded$632 million at March 31, 2022 - Mortgage revenue of
$839 thousand - Cash dividend of
$0.13 per common share, the 81st consecutive quarter of cash dividends paid to common shareholders - Share Repurchase authorization of 375,000 shares
- Announced expansion into York County with a loan production office in Rock Hill, South Carolina
Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, announced earnings and discussed the results of operations and the company's activities during the first quarter of 2022.
First Community reported net income for the first quarter of 2022 of
Cash Dividend and Capital
The Board of Directors has approved a cash dividend for the first quarter of 2022 of
The Company's previously announced share repurchase plan expired at the market close on March 31, 2022 with no shares repurchased under the plan. The Company's Board of Directors has approved a new share repurchase plan that provides for the repurchase of up to 375,000 shares of its common stock, which represents approximately
Each of the regulatory capital ratios for the bank exceed the well capitalized minimum levels currently required by regulatory statute. At March 31, 2022, the bank's regulatory capital ratios, Leverage, Tier I Risk Based and Total Risk Based, were
Loan Portfolio Quality/Allowance for Loan Losses
The Company's asset quality metrics as of March 31, 2022 remained sound. The non-performing asset ratio was
The Company recorded a
Balance Sheet
Total loans increased by
Total deposits were
Net Interest Income/Net Interest Margin
Net interest income was
Non-Interest Income
Non-interest income for the first quarter of 2022 was
Revenue from the financial planning and investment advisory line of business increased
Non-Interest Expense
Non-interest expense increased
Other
On March 1, 2022, the Company announced plans to enter the Piedmont Region of South Carolina with the addition of a loan production office in York County staffed with a team of veteran local bankers. The Company plans to follow with a full-service banking office in the future. During the first quarter of 2022, the Company experienced one month of impact to non-interest expense for this new initiative.
First Community Corporation stock trades on The NASDAQ Capital Market under the symbol "FCCO" and is the holding company for First Community Bank, a local community bank based in the Midlands of South Carolina. First Community Bank is a full-service commercial bank offering deposit and loan products and services, residential mortgage lending and financial planning/investment advisory services for businesses and consumers. First Community serves customers in the Midlands, Aiken, Upstate and Piedmont Regions of South Carolina as well as Augusta, Georgia. For more information, visit www.firstcommunitysc.com.
FORWARD-LOOKING STATEMENTS
This news release and certain statements by our management may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, goals, projections and expectations, and are thus prospective. Forward looking statements can be identified by words such as "anticipate", "expects", "intends", "believes", "may", "likely", "will", "plans" or other statements that indicate future periods. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors, include, among others, the following: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected including, but not limited to, due to the negative impacts and disruptions resulting from the outbreak of the novel coronavirus, or COVID-19, on the economies and communities we serve, which has had and may continue to have an adverse impact on our business, operations, and performance, and could continue to have a negative impact on our credit portfolio, share price, borrowers, and on the economy as a whole both domestically and globally; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies or administrative practices, whether by judicial, governmental, or legislative action, (5) adverse conditions in the stock market, the public debt markets and other capital markets (including changes in interest rate conditions) could have a negative impact on the company; (6) technology and cybersecurity risks, including potential business disruptions, reputational risks, and financial losses, associated with potential attacks on or failures by our computer systems and computer systems of our vendors and other third parties; and (7) risks, uncertainties and other factors disclosed in our most recent Annual Report on Form 10-K filed with the SEC, or in any of our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K filed with the SEC since the end of the fiscal year covered by our most recently filed Annual Report on Form 10-K, which are available at the SEC's Internet site (http://www.sec.gov).
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. We can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
FIRST COMMUNITY CORPORATION | ||||||||
BALANCE SHEET DATA | ||||||||
(Dollars in thousands, except per share data) | ||||||||
As of | ||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||
2022 | 2021 | 2021 | 2021 | 2021 | ||||
Total Assets | $ 1,652,279 | $ 1,584,508 | $ 1,560,326 | $ 1,514,973 | $ 1,492,494 | |||
Other Short-term Investments and CD's1 | 68,169 | 47,049 | 55,259 | 52,316 | 88,389 | |||
Investment Securities | 579,699 | 566,624 | 515,260 | 470,669 | 407,547 | |||
Loans Held for Sale | 12,095 | 7,120 | 6,213 | 11,416 | 23,481 | |||
Loans | ||||||||
Paycheck Protection Program (PPP) Loans | 269 | 1,467 | 9,109 | 47,229 | 61,836 | |||
Non-PPP Loans | 875,528 | 862,235 | 872,411 | 831,089 | 807,230 | |||
Total Loans | 875,797 | 863,702 | 881,520 | 878,318 | 869,066 | |||
Allowance for Loan Losses | 11,063 | 11,179 | 11,025 | 10,638 | 10,563 | |||
Goodwill | 14,637 | 14,637 | 14,637 | 14,637 | 14,637 | |||
Other Intangibles | 879 | 919 | 959 | 1,011 | 1,063 | |||
Total Deposits | 1,430,748 | 1,361,291 | 1,333,568 | 1,289,883 | 1,271,440 | |||
Securities Sold Under Agreements to Repurchase | 68,060 | 54,216 | 59,821 | 60,487 | 60,319 | |||
Federal Home Loan Bank Advances | - | - | - | - | - | |||
Junior Subordinated Debt | 14,964 | 14,964 | 14,964 | 14,964 | 14,964 | |||
Shareholders' Equity | 125,380 | 140,998 | 139,113 | 137,927 | 132,687 | |||
Book Value Per Common Share | $ 16.59 | $ 18.68 | $ 18.44 | $ 18.29 | $ 17.63 | |||
Tangible Book Value Per Common Share | $ 14.53 | $ 16.62 | $ 16.37 | $ 16.22 | $ 15.55 | |||
Equity to Assets | ||||||||
Tangible Common Equity to Tangible Assets | ||||||||
Loan to Deposit Ratio (Includes Loans Held for Sale) | ||||||||
Loan to Deposit Ratio (Excludes Loans Held for Sale) | ||||||||
Allowance for Loan Losses/Loans | ||||||||
Regulatory Capital Ratios (Bank): | ||||||||
Leverage Ratio | ||||||||
Tier 1 Capital Ratio | ||||||||
Total Capital Ratio | ||||||||
Common Equity Tier 1 Capital Ratio | ||||||||
Tier 1 Regulatory Capital | $ 135,555 | $ 132,918 | $ 129,741 | $ 125,732 | $ 122,854 | |||
Total Regulatory Capital | $ 146,618 | $ 144,097 | $ 140,766 | $ 136,370 | $ 133,417 | |||
Common Equity Tier 1 Capital | $ 135,555 | $ 132,918 | $ 129,741 | $ 125,732 | $ 122,854 | |||
1 Includes federal funds sold, securities sold under agreement to resell and interest-bearing deposits | ||||||||
Average Balances: | Three Months Ended | |||||||
March 31, | December 31, | March 31, | ||||||
2022 | 2021 | 2021 | ||||||
Average Total Assets | $ 1,622,265 | $ 1,593,657 | $ 1,435,259 | |||||
Average Loans (Includes Loans Held for Sale) | 876,349 | 880,026 | 886,379 | |||||
Average Earning Assets | 1,515,374 | 1,490,507 | 1,339,053 | |||||
Average Deposits | 1,374,813 | 1,363,235 | 1,208,081 | |||||
Average Other Borrowings | 97,517 | 77,098 | 78,266 | |||||
Average Shareholders' Equity | 137,245 | 140,180 | 135,580 | |||||
Asset Quality: | As of | |||||||
March 31, | December 31, | September 30, | June 30, | March 30, | ||||
2022 | 2021 | 2021 | 2021 | 2021 | ||||
Loan Risk Rating by Category (End of Period) | ||||||||
Special Mention | $ 1,668 | $ 1,626 | $ 2,851 | $ 3,085 | $ 3,507 | |||
Substandard | 7,849 | 7,872 | 7,992 | 11,707 | 12,136 | |||
Doubtful | - | - | - | - | - | |||
Pass | 866,280 | 854,204 | 870,677 | 863,526 | 853,423 | |||
Total Loans | $ 875,797 | $ 863,702 | $ 881,520 | $ 878,318 | $ 869,066 | |||
Nonperforming Assets | ||||||||
Non-accrual Loans | $ 148 | $ 250 | $ 359 | $ 3,986 | $ 4,521 | |||
Other Real Estate Owned and Repossessed Assets | 1,146 | 1,165 | 1,165 | 1,182 | 1,076 | |||
Accruing Loans Past Due 90 Days or More | 174 | - | - | 4,165 | - | |||
Total Nonperforming Assets | $ 1,468 | $ 1,415 | $ 1,524 | $ 9,333 | $ 5,597 | |||
Accruing Trouble Debt Restructurings | $ 1,393 | $ 1,444 | $ 1,474 | $ 1,510 | $ 1,515 | |||
Three Months Ended | ||||||||
March 31, | December 31, | March 31, | ||||||
2022 | 2021 | 2021 | ||||||
Loans Charged-off | $ 1 | $ 5 | $ 16 | |||||
Overdrafts Charged-off | 14 | 10 | 8 | |||||
Loan Recoveries | (20) | (224) | (8) | |||||
Overdraft Recoveries | (3) | (4) | (14) | |||||
Net Charge-offs (Recoveries) | $ (8) | $ (213) | $ 2 | |||||
Net Charge-offs / (Recoveries) to Average Loans2 | - | |||||||
2 Annualized | ||||||||
FIRST COMMUNITY CORPORATION | |||||||
INCOME STATEMENT DATA | |||||||
(Dollars in thousands, except per share data) | |||||||
Three months ended | |||||||
March 31, | December 31, | March 31, | |||||
2022 | 2021 | 2021 | |||||
Interest income | $ 11,195 | $ 11,656 | $ 11,218 | ||||
Interest expense | 462 | 492 | 651 | ||||
Net interest income | 10,733 | 11,164 | 10,567 | ||||
Provision for loan losses | (125) | (59) | 177 | ||||
Net interest income after provision | 10,858 | 11,223 | 10,390 | ||||
Non-interest income | |||||||
Deposit service charges | 265 | 262 | 246 | ||||
Mortgage banking income | 839 | 1,039 | 990 | ||||
Investment advisory fees and non-deposit commissions | 1,198 | 1,121 | 877 | ||||
Gain (loss) on sale of securities | - | - | - | ||||
Gain (loss) on sale of other assets | - | 103 | 77 | ||||
Other non-recurring income | 4 | 24 | 100 | ||||
Other | 1,068 | 1,077 | 1,006 | ||||
Total non-interest income | 3,374 | 3,626 | 3,296 | ||||
Non-interest expense | |||||||
Salaries and employee benefits | 6,119 | 6,188 | 5,964 | ||||
Occupancy | 705 | 740 | 730 | ||||
Equipment | 332 | 347 | 275 | ||||
Marketing and public relations | 361 | 324 | 396 | ||||
FDIC assessment | 130 | 114 | 169 | ||||
Other real estate expenses | 47 | (37) | 29 | ||||
Amortization of intangibles | 39 | 40 | 57 | ||||
Other | 2,221 | 2,162 | 1,920 | ||||
Total non-interest expense | 9,954 | 9,878 | 9,540 | ||||
Income before taxes | 4,278 | 4,971 | 4,146 | ||||
Income tax expense | 789 | 1,052 | 891 | ||||
Net income | $ 3,489 | $ 3,919 | $ 3,255 | ||||
Per share data | |||||||
Net income, basic | $ 0.46 | $ 0.52 | $ 0.44 | ||||
Net income, diluted | $ 0.46 | $ 0.52 | $ 0.43 | ||||
Average number of shares outstanding - basic | 7,518,375 | 7,503,835 | 7,475,522 | ||||
Average number of shares outstanding - diluted | 7,594,840 | 7,564,909 | 7,522,568 | ||||
Shares outstanding period end | 7,559,760 | 7,548,638 | 7,524,944 | ||||
Return on average assets | |||||||
Return on average common equity | |||||||
Return on average tangible common equity | |||||||
Net interest margin (non taxable equivalent) | |||||||
Net interest margin (taxable equivalent) | |||||||
Efficiency ratio1 | |||||||
1 Calculated by dividing non-interest expense by net interest income on tax equivalent basis and non interest income, excluding gain on sale of other assets and other non-recurring noninterest income. | |||||||
FIRST COMMUNITY CORPORATION | ||||||||
Yields on Average Earning Assets and | ||||||||
Rates on Average Interest-Bearing Liabilities | ||||||||
Three months ended March 31, 2022 | Three months ended March 31, 2021 | |||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||
Balance | Earned/Paid | Rate | Balance | Earned/Paid | Rate | |||
Assets | ||||||||
Earning assets | ||||||||
Loans | ||||||||
PPP loans | $ 609 | $ 45 | $ 55,540 | $ 684 | ||||
Non-PPP loans | 875,740 | 8,958 | 830,839 | 8,767 | ||||
Total loans | 876,349 | 9,003 | 886,379 | 9,451 | ||||
Securities | 571,831 | 2,159 | 373,340 | 1,734 | ||||
Other short-term investments and CD's | 67,194 | 33 | 79,334 | 33 | ||||
Total earning assets | 1,515,374 | 11,195 | 1,339,053 | 11,218 | ||||
Cash and due from banks | 28,511 | 18,429 | ||||||
Premises and equipment | 32,722 | 34,351 | ||||||
Goodwill and other intangibles | 15,536 | 15,726 | ||||||
Other assets | 41,348 | 38,124 | ||||||
Allowance for loan losses | (11,226) | (10,424) | ||||||
Total assets | $ 1,622,265 | $ 1,435,259 | ||||||
Liabilities | ||||||||
Interest-bearing liabilities | ||||||||
Interest-bearing transaction accounts | $ 331,772 | $ 45 | $ 277,476 | $ 58 | ||||
Money market accounts | 295,536 | 112 | 254,412 | 141 | ||||
Savings deposits | 145,340 | 20 | 125,981 | 19 | ||||
Time deposits | 152,884 | 156 | 160,321 | 301 | ||||
Other borrowings | 97,517 | 129 | 78,266 | 132 | ||||
Total interest-bearing liabilities | 1,023,049 | 462 | 896,456 | 651 | ||||
Demand deposits | 449,281 | 389,891 | ||||||
Other liabilities | 12,690 | 13,332 | ||||||
Shareholders' equity | 137,245 | 135,580 | ||||||
Total liabilities and shareholders' equity | $ 1,622,265 | $ 1,435,259 | ||||||
Cost of deposits, including demand deposits | ||||||||
Cost of funds, including demand deposits | ||||||||
Net interest spread | ||||||||
Net interest income/margin - excluding PPP loans | $ 10,688 | $ 9,883 | ||||||
Net interest income/margin - including PPP loans | $ 10,733 | $ 10,567 | ||||||
Net interest income/margin (tax equivalent) - excl. PPP loans | $ 10,819 | $ 9,991 | ||||||
Net interest income/margin (tax equivalent) - incl. PPP loans | $ 10,864 | $ 10,675 | ||||||
The tables below provide a reconciliation of non‑GAAP measures to GAAP for the periods indicated:
March 31, |
December | September 30, | June 30, | March 31, | |||||||||||||
Tangible book value per common share | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||
Tangible common equity per common share (non‑GAAP) | $ | 14.53 | $ | 16.62 | $ | 16.37 | $ | 16.22 | $ | 15.55 | |||||||
Effect to adjust for intangible assets | 2.06 | 2.06 | 2.07 | 2.07 | 2.08 | ||||||||||||
Book value per common share (GAAP) | $ | 16.59 | $ | 18.68 | $ | 18.44 | $ | 18.29 | $ | 17.63 | |||||||
Tangible common shareholders' equity to tangible assets | |||||||||||||||||
Tangible common equity to tangible assets (non‑GAAP) | 6.71 | % | 8.00 | % | 8.00 | % | 8.16 | % | 7.92 | % | |||||||
Effect to adjust for intangible assets | 0.88 | % | 0.90 | % | 0.92 | % | 0.94 | % | 0.97 | % | |||||||
Common equity to assets (GAAP) | 7.59 | % | 8.90 | % | 8.92 | % | 9.10 | % | 8.89 | % | |||||||
Three months ended | ||||||||
Return on average tangible common equity | March | December | March | |||||
2022 | 2021 | 2021 | ||||||
Return on average common tangible equity (non-GAAP) | 11.63 | % | 12.48 | % | 11.01 | % | ||
Effect to adjust for intangible assets | (1.32) | % | (1.39) | % | (1.27) | % | ||
Return on average common equity (GAAP) | 10.31 | % | 11.09 | % | 9.74 | % | ||
Three months ended | ||||||||
March 31, | December 31, | March 31, | ||||||
Pre-tax, pre-provision earnings | 2022 | 2021 | 2021 | |||||
Pre-tax, pre-provision earnings (non‑GAAP) | $ | 4,153 | $ | 4,912 | $ | 4,323 | ||
Effect to adjust for pre-tax, pre-provision earnings | (664) | (993) | (1,068) | |||||
Net Income (GAAP) | $ | 3,489 | $ | 3,919 | $ | 3,255 | ||
Three months ended | |||||||||
March 31, | |||||||||
Net interest margin excluding PPP Loans | 2022 | 2021 | |||||||
Net interest margin excluding PPP loans (non-GAAP) | |||||||||
Effect to adjust for PPP loans | 0.01 | 0.08 | |||||||
Net interest margin (GAAP) | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
Net interest margin on a tax-equivalent basis excluding PPP Loans | 2022 | 2021 | |||||||
Net interest margin on a tax-equivalent basis excluding PPP loans (non-GAAP) | |||||||||
Effect to adjust for PPP loans | 0.01 | 0.07 | |||||||
Net interest margin on a tax equivalent basis (GAAP) | |||||||||
March 31, | December 31, | Growth | Annualized | |||||||||||
Loans and loan growth | 2022 | 2021 | Dollars | Rate | ||||||||||
Non-PPP Loans and Related Credit Facilities (non-GAAP) | $ | 875,528 | 862,235 | 13,293 | 6.3 | % | ||||||||
PPP Related Credit Facilities | 0 | 0 | 0 | 0 | % | |||||||||
Non-PPP Loans (non‑GAAP) | $ | 875,528 | $ | 862,235 | $ | 13,293 | 6.3 | % | ||||||
PPP Loans | 269 | 1,467 | (1,198) | (331.2) | % | |||||||||
Total Loans (GAAP) | $ | 875,797 | $ | 863,702 | $ | 12,095 | 5.7 | % | ||||||
March 31, | March 31, | Growth | Annualized | |||||||||||
Loans and loan growth | 2022 | 2021 | Dollars | Rate | ||||||||||
Non-PPP Loans and Related Credit Facilities (non-GAAP) | $ | 875,528 | 804,377 | 71,151 | 8.8 | % | ||||||||
PPP Related Credit Facilities | 0 | 2,853 | (2,853) | (100.0) | % | |||||||||
Non-PPP Loans (non‑GAAP) | $ | 875,528 | $ | 807,230 | $ | 68,298 | 8.5 | % | ||||||
PPP Loans | 269 | 61,836 | (61,567) | (99.6) | % | |||||||||
Total Loans (GAAP) | $ | 875,797 | $ | 869,066 | $ | 6,731 | 0.8 | % | ||||||
Certain financial information presented above is determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). These non-GAAP financial measures include "Tangible book value per common share," "Tangible common shareholders' equity to tangible assets," "Return on average tangible common equity," "Pre-tax, pre-provision earnings," "Net interest margin excluding PPP Loans," "Net interest margin on a tax-equivalent basis excluding PPP Loans," "Non-PPP Loans and Related Credit Facilities," and "Non-PPP Loans."
- "Tangible book value per common share" is defined as total equity reduced by recorded intangible assets divided by total common shares outstanding.
- "Tangible common shareholders' equity to tangible assets" is defined as total common equity reduced by recorded intangible assets divided by total assets reduced by recorded intangible assets.
- "Return on average tangible common equity" is defined as net income on an annualized basis divided by average total equity reduced by average recorded intangible assets.
- "Pre-tax, pre-provision earnings" is defined as net interest income plus non-interest income, reduced by non-interest expense.
- "Net interest margin excluding PPP Loans" is defined as annualized net interest income less annualized interest income on PPP Loans divided by average earning assets less the average balance of PPP Loans.
- "Net interest margin on a tax-equivalent basis excluding PPP Loans" is defined as annualized net interest income on a tax-equivalent basis less annualized interest income on PPP Loans divided by average earning assets less the average balance of PPP Loans.
- "Non-PPP Loans and Related Credit Facilities" is defined as Total Loans less PPP Related Credit Facilities and PPP Loans.
- "Non-PPP Loans" is defined as Total Loans less PPP Loans.
- "Non-PPP Loans and Related Credit Facilities Growth - Dollars" is calculated by taking the difference between two time periods compared for Total Loans less PPP Loans and PPP Related Credit Facilities. "Non-PPP Loans and Related Credit Facilities – Annualized Growth Rate" is calculated by (i) dividing "Non-PPP Loans and Related Credit Facilities Loan Growth - Dollars" by the number of days between the two time periods compared (ii) times the number of days in the year (iii) divided by the prior time period Non-PPP Loans and Related Credit Facilities balance.
- "Non-PPP Loans Growth - Dollars" is calculated by taking the difference between two time periods compared for Total Loans less PPP Loans. "Non-PPP Loans – Annualized Growth Rate" is calculated by (i) dividing "Non-PPP Loans Loan Growth - Dollars" by the number of days between the two time periods compared (ii) times the number of days in the year (iii) divided by the prior time period Non-PPP Loans balance.
Our management believes that these non-GAAP measures are useful because they enhance the ability of investors and management to evaluate and compare our operating results from period-to-period in a meaningful manner. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results as reported under GAAP.
View original content to download multimedia:https://www.prnewswire.com/news-releases/first-community-corporation-announces-first-quarter-results-and-cash-dividend-301528672.html
SOURCE First Community Corporation
FAQ
What is the net income reported by FCCO for Q1 2022?
What cash dividend did FCCO announce for Q1 2022?
How much did FCCO's deposits grow in Q1 2022?
What was the diluted EPS for FCCO in Q1 2022?
What decline did FCCO experience in mortgage revenue in Q1 2022?
