First Community Corporation Announces First Quarter Results and Cash Dividend
First Community (FCCO) reported strong Q1 2025 financial results with net income of $3.997 million and diluted EPS of $0.51, compared to $2.597 million and $0.34 year-over-year. The company demonstrated robust growth with:
- Total deposits reaching $1.726 billion, with customer deposits growing $49.8 million (12.1% annualized growth)
- Total loan growth of $31.4 million (10.4% annualized)
- Net interest margin expansion to 3.13%
- Investment advisory revenue of $1.806 million
Key highlights include excellent credit quality metrics with net recoveries of $11 thousand, non-performing assets at 0.03%, and past due loans at 0.14%. The Board approved a $0.15 cash dividend per common share, marking the 93rd consecutive quarterly dividend. The bank maintains strong capital ratios with Leverage at 8.45%, Tier I Risk Based at 12.90%, and Total Risk Based at 13.99%.
First Community (FCCO) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile netto di 3,997 milioni di dollari e un utile per azione diluito di 0,51$, rispetto a 2,597 milioni e 0,34$ dello stesso periodo dell'anno precedente. L'azienda ha mostrato una crescita robusta con:
- Depositi totali che hanno raggiunto 1,726 miliardi di dollari, con depositi clienti in aumento di 49,8 milioni di dollari (crescita annualizzata del 12,1%)
- Crescita totale dei prestiti di 31,4 milioni di dollari (10,4% annualizzato)
- Margine di interesse netto in espansione al 3,13%
- Ricavi da consulenza sugli investimenti pari a 1,806 milioni di dollari
I punti salienti includono eccellenti indicatori di qualità del credito con recuperi netti di 11 mila dollari, attività non performanti allo 0,03% e prestiti scaduti allo 0,14%. Il Consiglio di Amministrazione ha approvato un dividendo in contanti di 0,15$ per azione ordinaria, segnando il 93° dividendo trimestrale consecutivo. La banca mantiene solidi indici patrimoniali con un leverage all'8,45%, Tier I Risk Based al 12,90% e Total Risk Based al 13,99%.
First Community (FCCO) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto de 3.997 millones de dólares y una utilidad diluida por acción de 0,51$, en comparación con 2.597 millones y 0,34$ del año anterior. La empresa mostró un crecimiento robusto con:
- Depósitos totales alcanzando 1.726 millones de dólares, con depósitos de clientes creciendo 49,8 millones (crecimiento anualizado del 12,1%)
- Crecimiento total de préstamos de 31,4 millones (10,4% anualizado)
- Expansión del margen neto de interés al 3,13%
- Ingresos por asesoría de inversiones de 1,806 millones de dólares
Los aspectos destacados incluyen excelentes métricas de calidad crediticia con recuperaciones netas de 11 mil dólares, activos no productivos en 0,03% y préstamos vencidos en 0,14%. La Junta aprobó un dividendo en efectivo de 0,15$ por acción común, marcando el 93º dividendo trimestral consecutivo. El banco mantiene sólidos índices de capital con apalancamiento al 8,45%, Tier I basado en riesgo al 12,90% y Total basado en riesgo al 13,99%.
퍼스트 커뮤니티 (FCCO)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 399만 7천 달러, 희석 주당순이익은 0.51달러로 전년 동기 대비 각각 259만 7천 달러와 0.34달러에서 증가했습니다. 회사는 다음과 같은 견고한 성장을 보였습니다:
- 총 예금 17억 2,600만 달러 도달, 고객 예금 4,980만 달러 증가 (연율 12.1% 성장)
- 총 대출 증가 3,140만 달러 (연율 10.4%)
- 순이자마진 3.13%로 확대
- 투자 자문 수익 180만 6천 달러
주요 내용으로는 순회수금 11천 달러, 부실 자산 0.03%, 연체 대출 0.14%로 우수한 신용 품질 지표가 포함됩니다. 이사회는 보통주 1주당 0.15달러 현금 배당을 승인했으며, 이는 93분기 연속 분기 배당입니다. 은행은 레버리지 8.45%, Tier I 위험기반 자본비율 12.90%, 총 위험기반 자본비율 13.99%로 강력한 자본 비율을 유지하고 있습니다.
First Community (FCCO) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un bénéfice net de 3,997 millions de dollars et un BPA dilué de 0,51 $, contre 2,597 millions et 0,34 $ un an plus tôt. La société a démontré une croissance robuste avec :
- Des dépôts totaux atteignant 1,726 milliard de dollars, avec une augmentation des dépôts clients de 49,8 millions (croissance annualisée de 12,1 %)
- Une croissance totale des prêts de 31,4 millions (10,4 % annualisé)
- Une expansion de la marge nette d’intérêt à 3,13 %
- Des revenus de conseil en investissement de 1,806 million de dollars
Les points clés incluent d’excellentes métriques de qualité de crédit avec des recouvrements nets de 11 000 dollars, des actifs non performants à 0,03 % et des prêts en retard à 0,14 %. Le conseil d’administration a approuvé un dividende en espèces de 0,15 $ par action ordinaire, marquant le 93e dividende trimestriel consécutif. La banque maintient des ratios de capital solides avec un effet de levier à 8,45 %, un ratio de fonds propres de base Tier I à 12,90 % et un ratio de fonds propres total à 13,99 %.
First Community (FCCO) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 3,997 Millionen US-Dollar und einem verwässerten Ergebnis je Aktie von 0,51 US-Dollar, verglichen mit 2,597 Millionen und 0,34 US-Dollar im Vorjahreszeitraum. Das Unternehmen zeigte ein robustes Wachstum mit:
- Gesamteinlagen in Höhe von 1,726 Milliarden US-Dollar, wobei die Kundeneinlagen um 49,8 Millionen US-Dollar (annualisiertes Wachstum von 12,1 %) stiegen
- Gesamtkreditwachstum von 31,4 Millionen US-Dollar (annualisiert 10,4 %)
- Ausweitung der Nettozinsmarge auf 3,13 %
- Einnahmen aus Investmentberatung in Höhe von 1,806 Millionen US-Dollar
Zu den wichtigsten Highlights zählen ausgezeichnete Kreditqualitätskennzahlen mit Netto-Rückflüssen von 11.000 US-Dollar, notleidende Vermögenswerte bei 0,03 % und überfällige Kredite bei 0,14 %. Der Vorstand genehmigte eine Bardividende von 0,15 US-Dollar je Stammaktie, was die 93. aufeinanderfolgende Quartalsdividende markiert. Die Bank hält starke Kapitalquoten mit einer Verschuldungsquote von 8,45 %, einer Tier-I-Risikobasiskapitalquote von 12,90 % und einer Gesamtrisikobasiskapitalquote von 13,99 %.
- Net income increased 54% year-over-year to $3.997 million
- Strong deposit growth of $49.8 million (12.1% annualized)
- Loan portfolio grew by $31.4 million (10.4% annualized)
- Net interest margin expanded by 13 basis points to 3.13%
- Excellent credit quality with minimal non-performing assets (0.03%)
- Cost of deposits decreased by 6 basis points to 1.85%
- Assets under management declined to $892.8 million from $926.0 million in Q4 2024
- Non-interest expense increased by $928 thousand quarter-over-quarter
- Mortgage gain-on-sale margin decreased to 2.93% from 3.20% year-over-year
Insights
FCCO's Q1 shows 54% YoY earnings growth, impressive loan/deposit expansion, and excellent credit quality despite slight QoQ earnings decline.
First Community delivered net income of $3.997 million with diluted EPS of $0.51 for Q1 2025, representing substantial year-over-year growth of 54% from Q1 2024's $2.597 million and $0.34 EPS. However, these figures reflect a modest sequential decline from Q4 2024's $4.232 million and $0.55 EPS.
The bank demonstrated robust balance sheet momentum with loan growth of $31.4 million (10.4% annualized rate) and even stronger deposit growth of $49.8 million (12.1% annualized). Commercial loan production surged 93% year-over-year and 62% quarter-over-quarter, reaching $53.6 million, while loan payoffs declined 30% compared to Q1 2024.
FCCO's margin management deserves attention, with net interest margin expanding 13 basis points to 3.13%. This expansion occurred while simultaneously reducing funding costs – deposit costs decreased 6 basis points to 1.85% and overall funding costs fell 11 basis points to 1.94%. Non-interest-bearing deposits now comprise 27.2% of total deposits, highlighting the franchise's deposit quality.
Credit metrics remain exemplary with non-performing assets at just 0.03% of total assets, past-due loans at 0.14%, and net recoveries rather than charge-offs during the quarter. The bank maintains strong capital with all regulatory ratios exceeding well-capitalized thresholds.
The sequential earnings decline appears largely attributable to seasonal factors and planned expenses – higher Q1 payroll taxes, increased commissions from improved production, and planned marketing activities. These temporary expense drivers don't diminish the underlying fundamental strength exhibited across other metrics.
The continued quarterly dividend of $0.15 per share marks the bank's 93rd consecutive quarter of shareholder distributions, reflecting management's confidence in sustained performance.
Highlights for First Quarter 2025
- Net income of
$3.99 7 million - Diluted EPS of
$0.51 - Total deposits were
$1.72 6 billion$1.71 5 billion$49.8 million 12.1% annualized growth rate. - Total loan growth of
$31.4 million 10.4% annualized growth rate. - Net interest margin expansion, on a tax equivalent basis, of 13 basis points to
3.13% in the first quarter of 2025. - Key credit quality metrics continue to be excellent with net recoveries, including overdrafts, during the first quarter of 2025 of
$11 thousand $14 thousand 0.03% ; and past due loans of0.14% at March 31, 2025. - Investment advisory revenue of
$1.80 6 million$892.8 million $926.0 million - Mortgage line of business fee revenue of
$759 thousand $755 thousand - Cash dividend of
$0.15
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 2025.
First Community reported net income for the first quarter of 2025 of
Cash Dividend and Capital
The Board of Directors has approved a cash dividend for the first quarter of 2025 of
Each of the regulatory capital ratios for the bank exceed the well capitalized minimum levels currently required by regulatory statute. At March 31, 2025, the bank's regulatory capital ratios, Leverage, Tier I Risk Based and Total Risk Based, were
Tangible Book Value (TBV) per share increased during the quarter to
Loan Portfolio Quality/Allowance for Credit Losses
The company's asset quality remains excellent. The non-performing assets (NPAs) were
As a community bank focused on local businesses, professionals, organizations, and individuals, the bank has no individual or industry concentrations. In order to provide additional clarity to our commercial real estate exposure, the information below includes only non-owner occupied loans. As of March 31, 2025:
Collateral | Outstanding | % of Loan | Average Loan Size | Weighted |
Retail | 7.2 % | 53 % | ||
Warehouse & Industrial | 6.9 % | 53 % | ||
Office | 5.8 % | 58 % | ||
Hotel | 5.1 % | 56 % |
In the office exposure noted above, there are only four loans where the collateral is an office building in excess of 50,000 square feet of rentable space. These four loans represent
Balance Sheet
Total loans increased during the first quarter of 2025 by
The yield on the loan portfolio was
Total deposits increased
The bank has other short-term investments, primarily interest bearing cash at the Federal Reserve Bank, of
Net Interest Income/Net Interest Margin
Net interest income was
As previously disclosed, effective May 5, 2023, the company entered into a pay-fixed/receive-floating interest rate swap (the "Pay-Fixed Swap Agreement") for a notional amount of
Non-Interest Income
Non-interest income for the first quarter of 2025 was
Total production in the mortgage line of business in the first quarter of 2025 was
Revenue from the financial planning and investment advisory line of business was
Mr. Nissen noted, "Our mortgage line of business is still experiencing the headwinds of a higher interest rate environment and low housing inventory; however, we are encouraged by recent trends including an increase in production year-over-year of
Non-Interest Expense
Non-interest expense increased
About First Community Corporation
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
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", "positions", "future", "forward", 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
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, | ||
2025 | 2024 | 2024 | 2024 | 2024 | ||
Total Assets | $ 2,039,371 | $ 1,958,021 | $ 1,943,548 | $ 1,884,844 | $ 1,886,991 | |
Other Short-term Investments and CD's1 | 173,246 | 123,455 | 144,354 | 86,172 | 122,778 | |
Investment Securities | ||||||
Investments Held-to-Maturity | 205,819 | 209,436 | 212,243 | 213,706 | 215,260 | |
Investments Available-for-Sale | 286,944 | 279,582 | 269,553 | 269,918 | 274,349 | |
Other Investments at Cost | 2,894 | 2,679 | 5,054 | 5,029 | 5,504 | |
Total Investment Securities | 495,657 | 491,697 | 486,850 | 488,653 | 495,113 | |
Loans Held-for-Sale | 7,052 | 9,662 | 3,935 | 6,701 | 1,719 | |
Loans | 1,251,980 | 1,220,542 | 1,196,659 | 1,189,189 | 1,157,305 | |
Allowance for Credit Losses - Investments | 24 | 23 | 24 | 27 | 29 | |
Allowance for Credit Losses - Loans | 13,608 | 13,135 | 12,933 | 12,932 | 12,459 | |
Allowance for Credit Losses - Unfunded Commitments | 455 | 480 | 409 | 490 | 512 | |
Goodwill | 14,637 | 14,637 | 14,637 | 14,637 | 14,637 | |
Other Intangibles | 407 | 446 | 486 | 525 | 564 | |
Total Deposits | 1,725,718 | 1,675,901 | 1,644,064 | 1,604,528 | 1,578,067 | |
Securities Sold Under Agreements to Repurchase | 129,812 | 103,110 | 66,933 | 59,286 | 81,833 | |
Federal Funds Purchased | - | - | 3,656 | - | - | |
Federal Home Loan Bank Advances | - | - | 50,000 | 50,000 | 60,000 | |
Junior Subordinated Debt | 14,964 | 14,964 | 14,964 | 14,964 | 14,964 | |
Accumulated Other Comprehensive Loss (AOCL) | (22,973) | (25,459) | (23,223) | (27,288) | (27,442) | |
Shareholders' Equity | 149,959 | 144,494 | 143,312 | 136,179 | 133,493 | |
Book Value Per Common Share | $ 19.52 | $ 18.90 | $ 18.76 | $ 17.84 | $ 17.50 | |
Tangible Book Value Per Common Share (non-GAAP) | $ 17.56 | $ 16.93 | $ 16.78 | $ 15.85 | $ 15.51 | |
Equity to Assets | 7.35 % | 7.38 % | 7.37 % | 7.22 % | 7.07 % | |
Tangible Common Equity to Tangible Assets (TCE Ratio) (non-GAAP) | 6.66 % | 6.66 % | 6.65 % | 6.47 % | 6.32 % | |
Loan to Deposit Ratio (Includes Loans Held-for-Sale) | 72.96 % | 73.41 % | 73.03 % | 74.53 % | 73.45 % | |
Loan to Deposit Ratio (Excludes Loans Held-for-Sale) | 72.55 % | 72.83 % | 72.79 % | 74.11 % | 73.34 % | |
Allowance for Credit Losses - Loans/Loans | 1.09 % | 1.08 % | 1.08 % | 1.09 % | 1.08 % | |
Regulatory Capital Ratios (Bank): | ||||||
Leverage Ratio | 8.45 % | 8.40 % | 8.39 % | 8.44 % | 8.35 % | |
Tier 1 Capital Ratio | 12.90 % | 12.87 % | 12.93 % | 12.56 % | 12.65 % | |
Total Capital Ratio | 13.99 % | 13.94 % | 14.00 % | 13.62 % | 13.71 % | |
Common Equity Tier 1 Capital Ratio | 12.90 % | 12.87 % | 12.93 % | 12.56 % | 12.65 % | |
Tier 1 Regulatory Capital | $ 167,673 | $ 164,397 | $ 161,058 | $ 158,080 | $ 155,590 | |
Total Regulatory Capital | $ 181,759 | $ 178,034 | $ 174,423 | $ 171,529 | $ 168,590 | |
Common Equity Tier 1 Capital | $ 167,673 | $ 164,397 | $ 161,058 | $ 158,080 | $ 155,590 | |
1 Includes federal funds sold and interest-bearing deposits | ||||||
Average Balances: | Three months ended | |||||
March 31, | December 31, | March 31, | ||||
2025 | 2024 | 2024 | ||||
Average Total Assets | $ 1,981,493 | $ 1,954,772 | $ 1,857,716 | |||
Average Loans (Includes Loans Held-for-Sale) | 1,239,225 | 1,211,880 | 1,149,263 | |||
Average Investment Securities | 492,190 | 486,074 | 499,368 | |||
Average Short-term Investments and CDs1 | 140,611 | 147,817 | 97,352 | |||
Average Earning Assets | 1,872,026 | 1,845,771 | 1,745,983 | |||
Average Deposits | 1,669,418 | 1,661,782 | 1,521,399 | |||
Average Other Borrowings | 145,745 | 129,165 | 185,758 | |||
Average Shareholders' Equity | 146,737 | 143,726 | 131,980 | |||
Asset Quality: | As of | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||
2025 | 2024 | 2024 | 2024 | 2024 | ||
Loan Risk Rating by Category (End of Period) | ||||||
Special Mention | $ 2,357 | $ 921 | $ 672 | $ 673 | $ 833 | |
Substandard | 1,333 | 1,341 | 1,455 | 1,528 | 1,418 | |
Doubtful | - | - | - | - | - | |
Pass | 1,248,290 | 1,218,280 | 1,194,532 | 1,186,988 | 1,155,054 | |
Total Loans | $ 1,251,980 | $ 1,220,542 | $ 1,196,659 | $ 1,189,189 | $ 1,157,305 | |
Nonperforming Assets | ||||||
Non-accrual Loans | $ 215 | $ 219 | $ 119 | $ 173 | $ 56 | |
Other Real Estate Owned and Repossessed Assets | 437 | 543 | 544 | 544 | 622 | |
Accruing Loans Past Due 90 Days or More | 6 | 48 | 211 | - | 157 | |
Total Nonperforming Assets | $ 658 | $ 810 | $ 874 | $ 717 | $ 835 | |
Three months ended | ||||||
March 31, | December 31, | March 31, | ||||
2025 | 2024 | 2024 | ||||
Loans Charged-off | $ - | $ 12 | $ 25 | |||
Overdrafts Charged-off | 9 | 23 | 25 | |||
Loan Recoveries | (14) | (61) | (26) | |||
Overdraft Recoveries | (6) | (4) | (2) | |||
Net Charge-offs (Recoveries) | $ (11) | $ (30) | $ 22 | |||
Net Charge-offs / (Recoveries) to Average Loans2 | (0.00 %) | (0.01 %) | 0.01 % | |||
1 Includes federal funds sold and interest-bearing deposits | ||||||
2 Annualized | ||||||
FIRST COMMUNITY CORPORATION | ||||||||||
INCOME STATEMENT DATA | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||
Three months ended | ||||||||||
March 31, | December 31, | March 31, | ||||||||
2025 | 2024 | 2024 | ||||||||
Interest income | $ 23,082 | $ 23,074 | $ 21,256 | |||||||
Interest expense | 8,692 | 9,217 | 9,179 | |||||||
Net interest income | 14,390 | 13,857 | 12,077 | |||||||
Provision for (release of) credit losses | 437 | 242 | 129 | |||||||
Net interest income after provision for (release of) credit losses | 13,953 | 13,615 | 11,948 | |||||||
Non-interest income | ||||||||||
Deposit service charges | 221 | 230 | 259 | |||||||
Mortgage banking income | 759 | 709 | 425 | |||||||
Investment advisory fees and non-deposit commissions | 1,806 | 1,720 | 1,358 | |||||||
Loss on early extinguishment of debt | - | (229) | - | |||||||
Other | 1,196 | 1,178 | 1,142 | |||||||
Total non-interest income | 3,982 | 3,608 | 3,184 | |||||||
Non-interest expense | ||||||||||
Salaries and employee benefits | 7,657 | 7,437 | 7,101 | |||||||
Occupancy | 777 | 773 | 790 | |||||||
Equipment | 390 | 413 | 330 | |||||||
Marketing and public relations | 514 | 210 | 566 | |||||||
FDIC assessment | 300 | 307 | 278 | |||||||
Other real estate (income) expenses | 12 | (10) | 12 | |||||||
Amortization of intangibles | 39 | 40 | 39 | |||||||
Other | 3,065 | 2,656 | 2,689 | |||||||
Total non-interest expense | 12,754 | 11,826 | 11,805 | |||||||
Income before taxes | 5,181 | 5,397 | 3,327 | |||||||
Income tax expense | 1,184 | 1,165 | 730 | |||||||
Net income | $ 3,997 | $ 4,232 | $ 2,597 | |||||||
Per share data | ||||||||||
Net income, basic | $ 0.52 | $ 0.55 | $ 0.34 | |||||||
Net income, diluted | $ 0.51 | $ 0.55 | $ 0.34 | |||||||
Average number of shares outstanding - basic | 7,647,537 | 7,628,421 | 7,600,450 | |||||||
Average number of shares outstanding - diluted | 7,767,978 | 7,738,048 | 7,679,771 | |||||||
Shares outstanding period end | 7,681,601 | 7,644,424 | 7,629,005 | |||||||
Return on average assets | 0.82 % | 0.86 % | 0.56 % | |||||||
Return on average common equity | 11.05 % | 11.71 % | 7.91 % | |||||||
Return on average tangible common equity (non-GAAP) | 12.31 % | 13.09 % | 8.95 % | |||||||
Net interest margin (non taxable equivalent) | 3.12 % | 2.99 % | 2.78 % | |||||||
Net interest margin (taxable equivalent) | 3.13 % | 3.00 % | 2.79 % | |||||||
Efficiency ratio1 | 69.23 % | 66.67 % | 77.15 % | |||||||
1 Calculated by dividing non-interest expense by net interest income on tax equivalent basis and non interest income, excluding loss on early extinguishment of debt. |
FIRST COMMUNITY CORPORATION | ||||||||
Yields on Average Earning Assets and | ||||||||
Rates on Average Interest-Bearing Liabilities | ||||||||
Three months ended March 31, 2025 | Three months ended March 31, 2024 | |||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||
Balance | Earned/Paid | Rate | Balance | Earned/Paid | Rate | |||
Assets | ||||||||
Earning assets | ||||||||
Loans | $ 1,239,225 | $ 17,444 | 5.71 % | $ 1,149,263 | $ 15,550 | 5.44 % | ||
Non-taxable securities | 46,986 | 342 | 2.95 % | 49,256 | 357 | 2.92 % | ||
Taxable securities | 445,204 | 3,808 | 3.47 % | 450,112 | 4,189 | 3.74 % | ||
Int bearing deposits in other banks | 140,548 | 1,487 | 4.29 % | 97,290 | 1,159 | 4.79 % | ||
Fed funds sold | 63 | 1 | 6.44 % | 62 | 1 | 6.49 % | ||
Total earning assets | 1,872,026 | 23,082 | 5.00 % | 1,745,983 | 21,256 | 4.90 % | ||
Cash and due from banks | 24,632 | 24,383 | ||||||
Premises and equipment | 29,874 | 30,472 | ||||||
Goodwill and other intangibles | 15,063 | 15,221 | ||||||
Other assets | 53,138 | 54,044 | ||||||
Allowance for credit losses - investments | (23) | (30) | ||||||
Allowance for credit losses - loans | (13,217) | (12,357) | ||||||
Total assets | $ 1,981,493 | $ 1,857,716 | ||||||
Liabilities | ||||||||
Interest-bearing liabilities | ||||||||
Interest-bearing transaction accounts | $ 331,897 | $ 965 | 1.18 % | $ 290,765 | $ 678 | 0.94 % | ||
Money market accounts | 440,282 | 3,319 | 3.06 % | 407,177 | 3,385 | 3.34 % | ||
Savings deposits | 113,070 | 79 | 0.28 % | 116,379 | 114 | 0.39 % | ||
Time deposits | 333,615 | 3,246 | 3.95 % | 283,933 | 3,026 | 4.29 % | ||
Fed funds purchased | 2 | - | 0.00 % | 2 | - | 0.00 % | ||
Securities sold under agreements to repurchase | 130,779 | 814 | 2.52 % | 87,056 | 609 | 2.81 % | ||
FHLB Advances | - | - | NA | 83,736 | 1,059 | 5.09 % | ||
Other long-term debt | 14,964 | 269 | 7.29 % | 14,964 | 308 | 8.28 % | ||
Total interest-bearing liabilities | 1,364,609 | 8,692 | 2.58 % | 1,284,012 | 9,179 | 2.88 % | ||
Demand deposits | 450,554 | 423,145 | ||||||
Allowance for credit losses - unfunded commitments | 480 | 596 | ||||||
Other liabilities | 19,113 | 17,983 | ||||||
Shareholders' equity | 146,737 | 131,980 | ||||||
Total liabilities and shareholders' equity | $ 1,981,493 | $ 1,857,716 | ||||||
Cost of deposits, including demand deposits | 1.85 % | 1.90 % | ||||||
Cost of funds, including demand deposits | 1.94 % | 2.16 % | ||||||
Net interest spread | 2.42 % | 2.02 % | ||||||
Net interest income/margin | $ 14,390 | 3.12 % | $ 12,077 | 2.78 % | ||||
Net interest income/margin (tax equivalent) | $ 14,441 | 3.13 % | $ 12,117 | 2.79 % | ||||
The tables below provide a reconciliation of non–GAAP measures to GAAP for the periods indicated:
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
Tangible book value per common share | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||
Tangible common equity per common share (non–GAAP) | $ | 17.56 | $ | 16.93 | $ | 16.78 | $ | 15.85 | $ | 15.51 | |||||||
Effect to adjust for intangible assets | 1.96 | 1.97 | 1.98 | 1.99 | 1.99 | ||||||||||||
Book value per common share (GAAP) | $ | 19.52 | $ | 18.90 | $ | 18.76 | $ | 17.84 | $ | 17.50 | |||||||
Tangible common shareholders' equity to tangible assets | |||||||||||||||||
Tangible common equity to tangible assets (non–GAAP) | 6.66 | % | 6.66 | % | 6.65 | % | 6.47 | % | 6.32 | % | |||||||
Effect to adjust for intangible assets | 0.69 | % | 0.72 | % | 0.72 | % | 0.75 | % | 0.75 | % | |||||||
Common equity to assets (GAAP) | 7.35 | % | 7.38 | % | 7.37 | % | 7.22 | % | 7.07 | % | |||||||
Three months ended | ||||||||
March 31, | December 31, | March 31, | ||||||
Return on average tangible common equity | 2025 | 2024 | 2024 | |||||
Return on average tangible common equity (non–GAAP) | 12.31 % | 13.09 % | 8.95 % | |||||
Effect to adjust for intangible assets | (1.26) % | (1.38) % | (1.04) % | |||||
Return on average common equity (GAAP) | 11.05 % | 11.71 % | 7.91 % | |||||
Three months ended | ||||||||
March 31, | December 31, | March 31, | ||||||
Pre-tax, pre-provision earnings | 2025 | 2024 | 2024 | |||||
Pre-tax, pre-provision earnings (non–GAAP) | $ | 5,618 | $ | 5,639 | $ | 3,456 | ||
Effect to adjust for pre-tax, pre-provision earnings | (1,621) | (1,407) | (859) | |||||
Net Income (GAAP) | $ | 3,997 | $ | 4,232 | $ | 2,597 | ||
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," and "Pre-tax, pre-provision earnings."
- "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.
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.
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SOURCE First Community Corporation
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