First Community Corporation Announces Third Quarter Results and Cash Dividend
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) ha riportato un utile netto di 3,861 milioni di dollari per il terzo trimestre del 2024, con utili diluiti per azione di 0,50 dollari. I punti salienti includono:
- I prestiti totali sono aumentati di 7,5 milioni di dollari (tasso di crescita annualizzato del 2,5%) durante il Q3
- I depositi totali sono cresciuti di 39,5 milioni di dollari (tasso di crescita annualizzato del 9,8%)
- L'attività di consulenza agli investimenti ha superato i 900 milioni di dollari in Attivi in Gestione
- Elevata qualità del credito con un rapporto di attività non performanti dello 0,04%
- È stata dichiarata una cedola in contante di 0,15 dollari per azione ordinaria
Il Consiglio di amministrazione della società ha approvato un piano per riacquistare fino a 7,1 milioni di dollari di azioni ordinarie. La banca mantiene solidi rapporti di capitale e metriche di qualità degli attivi. Il margine di interesse netto è aumentato al 2,96% nel Q3, beneficiando dell'aumento del rendimento del portafoglio di prestiti.
First Community (Nasdaq: FCCO) reportó un ingreso neto de 3,861 millones de dólares para el tercer trimestre de 2024, con ganancias diluidas por acción de 0,50 dólares. Los aspectos destacados incluyen:
- Los préstamos totales aumentaron en 7,5 millones de dólares (tasa de crecimiento anualizada del 2,5%) durante el Q3
- Los depósitos totales crecieron en 39,5 millones de dólares (tasa de crecimiento anualizada del 9,8%)
- El negocio de asesoría de inversiones superó los 900 millones de dólares en Activos Bajo Gestión
- Sólida calidad crediticia con un ratio de activos no rentables del 0,04%
- Se declaró un dividendo en efectivo de 0,15 dólares por acción ordinaria
La Junta de la compañía aprobó un plan para recomprar hasta 7,1 millones de dólares en acciones ordinarias. El banco mantiene ratios de capital y métricas de calidad de activos sólidos. El margen de interés neto se expandió al 2,96% en el Q3, beneficiándose del aumento en el rendimiento de la cartera de préstamos.
퍼스트 커뮤니티(Nasdaq: FCCO)는 2024년 3분기에 본업 순이익이 3,861만 달러라고 보고했으며, 희석 주당 순이익은 0.50달러입니다. 주요 하이라이트는 다음과 같습니다:
- 전체 대출은 750만 달러(연간화된 성장률 2.5%) 증가했습니다.
- 총예금은 3,950만 달러(연간화된 성장률 9.8%) 증가했습니다.
- 투자 자문 사업이 9억 달러 이상 관리 자산을 초과했습니다.
- 0.04%의 비수익 자산 비율로 강력한 신용 품질을 유지하고 있습니다.
- 보통주당 0.15달러의 현금 배당금이 선언되었습니다.
회사의 이사회는 보통주를 최대 710만 달러까지 재매입하기로 승인했습니다. 은행은 강력한 자본 비율과 자산 품질 메트릭스를 유지하고 있습니다. 순이자 마진은 Q3에서 2.96%로 확대되었고, 이는 대출 포트폴리오 수익률 증가에 따른 것입니다.
First Community (Nasdaq: FCCO) a rapporté un revenu net de 3,861 millions de dollars pour le troisième trimestre de 2024, avec un bénéfice dilué par action de 0,50 dollar. Les principaux faits saillants comprennent :
- Les prêts totaux ont augmenté de 7,5 millions de dollars (taux de croissance annualisé de 2,5%) durant le Q3
- Les dépôts totaux ont crû de 39,5 millions de dollars (taux de croissance annualisé de 9,8%)
- Les activités de conseil en investissement ont dépassé 900 millions de dollars d'Actifs Sous Gestion
- Qualité de crédit solide avec un ratio d'actifs non performants de 0,04%
- Un dividende en espèces de 0,15 dollar par action ordinaire a été déclaré
Le conseil d'administration de l'entreprise a approuvé un plan de rachat jusqu'à 7,1 millions de dollars d'actions ordinaires. La banque maintient des ratios de capital solides et des indicateurs de qualité des actifs. La marge d'intérêt nette s'est élargie à 2,96% au T3, bénéficiant de l'augmentation du rendement du portefeuille de prêts.
First Community (Nasdaq: FCCO) meldete einen Nettoertrag von 3,861 Millionen Dollar für das dritte Quartal 2024, mit verwässerten Gewinnen pro Aktie von 0,50 Dollar. Wichtige Höhepunkte sind:
- Die Gesamtdarlehen stiegen um 7,5 Millionen Dollar (Jahreswachstumsrate von 2,5%) im Q3
- Die Gesamteinlagen wuchsen um 39,5 Millionen Dollar (Jahreswachstumsrate von 9,8%)
- Das Investmentberatungsunternehmen überschritt 900 Millionen Dollar an verwaltetem Vermögen
- Hohe Kreditqualität mit einer Quote von notleidenden Vermögenswerten von 0,04%
- Dividende von 0,15 Dollar pro Stammaktie erklärt
Der Vorstand des Unternehmens genehmigte einen Plan zum Rückkauf von bis zu 7,1 Millionen Dollar an Stammaktien. Die Bank weist starke Kapitalquoten und Kennzahlen zur Vermögensqualität aus. Die Nettozinsmarge erweiterte sich im Q3 auf 2,96%, was dem gestiegenen Ertrag des Kreditportfolios zugutekommt.
- Net income increased to $3.861 million in Q3 2024, up from $3.265 million in Q2 2024 and $1.756 million in Q3 2023
- Diluted EPS rose to $0.50 in Q3 2024, compared to $0.42 in Q2 2024 and $0.23 in Q3 2023
- Total loans grew by $62.6 million year-to-date, a 7.4% annualized growth rate
- Total deposits increased by $133.1 million year-to-date, an 11.8% annualized growth rate
- Investment advisory business exceeded $900 million in Assets Under Management
- Strong credit quality with non-performing assets ratio of 0.04% and past due ratio of 0.11%
- Net interest margin expanded to 2.96% in Q3 2024, up from 2.93% in Q2 2024
- Non-interest bearing deposits decreased by $19.0 million on a linked quarter basis
- Investment portfolio yield decreased to 3.53% in Q3 2024 from 3.66% in Q2 2024
Insights
First Community 's Q3 2024 results show solid performance with net income of
Key positives include:
- Robust asset quality with a low non-performing assets ratio of
0.04% - Investment advisory business surpassing
$900 million in AUM - Continued dividend payments for the 91st consecutive quarter
- Improved net interest margin of
2.96% , up from2.93% in Q2
However, investors should note the slight decrease in non-interest bearing deposits and the potential impact of uninsured deposits (
First Community 's Q3 results reflect a well-managed community bank navigating the current interest rate environment. The bank's ability to grow its loan portfolio while maintaining strong credit quality is commendable. The
The increase in net interest margin to
The growth in the investment advisory business is a positive diversification of revenue streams. However, the decline in mortgage production on a linked-quarter basis warrants monitoring, as it could impact non-interest income if the trend continues.
The bank's liquidity position appears strong, with various funding sources available to cover potential outflows of uninsured deposits. This should provide comfort to both regulators and depositors in the current banking climate.
Highlights for Third Quarter of 2024
- Net income of
$3.86 1 million - Diluted EPS of
$0.50 $1.26 - Total loans increased during the third quarter by
$7.5 million 2.5% annualized growth rate. Year-to-date through September 30, 2024, total loans increased$62.6 million 7.4% annualized growth rate. - Total deposits increased during the third quarter by
$39.5 million 9.8% . Year-to-date through September 30, 2024, total deposits increased$133.1 million 11.8% annualized growth rate. Customer deposits (total deposits excluding brokered CDs) increased during the third quarter by$60.0 million 15.3% annualized growth rate. - Investment advisory line of business exceeded
$900 million $1.59 5 million$4.46 1 million - Strong credit quality metrics with non-performing assets (NPAs) ratio of
0.04% , past due ratio of0.11% , net charge-offs, including overdrafts, during the third quarter of 2024 of$68 thousand $45 thousand - Total assets of
$1.94 4 billion - Cash dividend of
$0.15
Year-to-date through September 30, 2024, net income was
As a note, during the third quarter of 2023, the company sold
Cash Dividend and Capital
The Board of Directors approved a cash dividend for the third quarter of 2024. The company will pay a
The company's Board of Directors has approved a plan to utilize up to
Each of the regulatory capital ratios for the bank exceed the well capitalized minimum levels currently required by regulatory statute. At September 30, 2024, the bank's regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were
Tangible Book Value (TBV) per common share was
Asset Quality
Asset quality metrics remained strong as of September 30, 2024. The non-performing assets ratio for the third quarter was
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.
Collateral | Outstanding | % of Loan | Average Loan Size | Weighted of Top 10 |
Retail | 8.2 % | 55 % | ||
Warehouse & Industrial | 6.4 % | 60 % | ||
Office | 5.6 % | 58 % | ||
Hotel | 5.0 % | 57 % |
It is worth noting that in our 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 third quarter of 2024 by
Total deposits increased
As of September 30, 2024, the bank had uninsured deposits of
The bank has other short-term investments, primarily interest bearing cash at the Federal Reserve Bank, of
The bank also has substantial borrowing capacity at the Federal Home Loan Bank (FHLB) of
Combined, the company has total remaining credit availability, subject to collateral requirements, in excess of
The investment portfolio was
Revenue
Net Interest Income/Net Interest Margin
Net interest income for the third quarter of 2024 was
The company continued to benefit from the yield on the loan portfolio increasing again this quarter, improving by 13 basis points to
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
Total non-interest income was
Total production in the mortgage line of business in the third quarter of 2024 was
Total assets under management (AUM) in the investment advisory line of business were
Non-Interest Expense
Non-interest expense was
Other
The company has previously announced the future retirement of Chief Operations and Risk Officer Tanya Butts. The company has selected Sarah Donley, the bank's Controller and a 27-year employee, as her successor following a substantial transition period.
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 | ||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||
2024 | 2024 | 2024 | 2023 | 2023 | ||
Total Assets | $ 1,943,548 | $ 1,884,844 | $ 1,886,991 | $ 1,827,688 | $ 1,793,722 | |
Other Short-term Investments and CD's1 | 144,354 | 86,172 | 122,778 | 66,787 | 69,703 | |
Investment Securities | ||||||
Investments Held-to-Maturity | 212,242 | 213,706 | 215,260 | 217,200 | 219,903 | |
Investments Available-for-Sale | 269,553 | 269,918 | 274,349 | 282,226 | 280,549 | |
Other Investments at Cost | 5,054 | 5,029 | 5,504 | 6,800 | 6,305 | |
Total Investment Securities | 486,849 | 488,653 | 495,113 | 506,226 | 506,757 | |
Loans Held-for-Sale | 3,935 | 6,701 | 1,719 | 4,433 | 5,509 | |
Loans | 1,196,659 | 1,189,189 | 1,157,305 | 1,134,019 | 1,091,645 | |
Allowance for Credit Losses - Investments | 24 | 27 | 29 | 30 | 32 | |
Allowance for Credit Losses - Loans | 12,933 | 12,932 | 12,459 | 12,267 | 11,818 | |
Allowance for Credit Losses - Unfunded Commitments | 409 | 490 | 512 | 597 | 643 | |
Goodwill | 14,637 | 14,637 | 14,637 | 14,637 | 14,637 | |
Other Intangibles | 486 | 525 | 564 | 604 | 643 | |
Total Deposits | 1,644,064 | 1,604,528 | 1,578,067 | 1,511,001 | 1,492,026 | |
Securities Sold Under Agreements to Repurchase | 66,933 | 59,286 | 81,833 | 62,863 | 67,173 | |
Federal Funds Purchased | 3,656 | - | - | - | - | |
Federal Home Loan Bank Advances | 50,000 | 50,000 | 60,000 | 90,000 | 80,000 | |
Junior Subordinated Debt | 14,964 | 14,964 | 14,964 | 14,964 | 14,964 | |
Accumulated Other Comprehensive Loss (AOCL) | (23,223) | (27,288) | (27,442) | (28,191) | (33,057) | |
Shareholders' Equity | 143,312 | 136,179 | 133,493 | 131,059 | 123,601 | |
Book Value Per Common Share | $ 18.76 | $ 17.84 | $ 17.50 | $ 17.23 | $ 16.26 | |
Tangible Book Value Per Common Share | $ 16.78 | $ 15.85 | $ 15.51 | $ 15.23 | $ 14.25 | |
Equity to Assets | 7.37 % | 7.22 % | 7.07 % | 7.17 % | 6.89 % | |
Tangible Common Equity to Tangible Assets (TCE Ratio) | 6.65 % | 6.47 % | 6.32 % | 6.39 % | 6.09 % | |
Loan to Deposit Ratio (Includes Loans Held-for-Sale) | 73.03 % | 74.53 % | 73.45 % | 75.34 % | 73.53 % | |
Loan to Deposit Ratio (Excludes Loans Held-for-Sale) | 72.79 % | 74.11 % | 73.34 % | 75.05 % | 73.17 % | |
Allowance for Credit Losses - Loans/Loans | 1.08 % | 1.09 % | 1.08 % | 1.08 % | 1.08 % | |
Regulatory Capital Ratios (Bank): | ||||||
Leverage Ratio | 8.39 % | 8.44 % | 8.35 % | 8.45 % | 8.63 % | |
Tier 1 Capital Ratio | 12.93 % | 12.56 % | 12.65 % | 12.53 % | 12.47 % | |
Total Capital Ratio | 14.00 % | 13.62 % | 13.71 % | 13.58 % | 13.50 % | |
Common Equity Tier 1 Capital Ratio | 12.93 % | 12.56 % | 12.65 % | 12.53 % | 12.47 % | |
Tier 1 Regulatory Capital | $ 161,058 | $ 158,080 | $ 155,590 | $ 153,859 | $ 151,360 | |
Total Regulatory Capital | $ 174,423 | $ 171,529 | $ 168,590 | $ 166,752 | $ 163,853 | |
Common Equity Tier 1 Capital | $ 161,058 | $ 158,080 | $ 155,590 | $ 153,859 | $ 151,360 | |
1 Includes federal funds sold and interest-bearing deposits | ||||||
Average Balances: | Three months ended | Nine months ended | ||||
September 30, | September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||
Average Total Assets | $ 1,915,700 | $ 1,744,670 | $ 1,878,611 | $ 1,725,855 | ||
Average Loans (Includes Loans Held-for-Sale) | 1,200,150 | 1,065,698 | 1,176,007 | 1,023,428 | ||
Average Investment Securities | 487,622 | 533,094 | 492,707 | 553,496 | ||
Average Short-term Investments and CDs1 | 117,979 | 29,468 | 98,514 | 34,057 | ||
Average Earning Assets | 1,805,751 | 1,628,260 | 1,767,228 | 1,610,981 | ||
Average Deposits | 1,621,159 | 1,432,823 | 1,571,016 | 1,408,074 | ||
Average Other Borrowings | 134,074 | 171,304 | 152,930 | 180,051 | ||
Average Shareholders' Equity | 139,154 | 125,077 | 134,970 | 123,008 | ||
Asset Quality: | As of | |||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||
2024 | 2024 | 2024 | 2023 | 2023 | ||
Loan Risk Rating by Category (End of Period) | ||||||
Special Mention | $ 672 | $ 673 | $ 833 | $ 331 | $ 550 | |
Substandard | 1,455 | 1,528 | 1,418 | 1,449 | 1,241 | |
Doubtful | - | - | - | - | - | |
Pass | 1,194,532 | 1,186,988 | 1,155,054 | 1,132,239 | 1,089,854 | |
Total Loans | $ 1,196,659 | $ 1,189,189 | $ 1,157,305 | $ 1,134,019 | $ 1,091,645 | |
Nonperforming Assets | ||||||
Non-accrual Loans | $ 119 | $ 173 | $ 56 | $ 27 | $ 61 | |
Other Real Estate Owned and Repossessed Assets | 544 | 544 | 622 | 622 | 666 | |
Accruing Loans Past Due 90 Days or More | 211 | - | 157 | 215 | 3 | |
Total Nonperforming Assets | $ 874 | $ 717 | $ 835 | $ 864 | $ 730 | |
Three months ended | Nine months ended | |||||
September 30, | September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||
Loans Charged-off | $ 54 | $ 21 | $ 85 | $ 24 | ||
Overdrafts Charged-off | 29 | 13 | 64 | 46 | ||
Loan Recoveries | (9) | (32) | (42) | (64) | ||
Overdraft Recoveries | (6) | (2) | (12) | (11) | ||
Net Charge-offs (Recoveries) | $ 68 | $ - | $ 95 | $ (5) | ||
Net Charge-offs / (Recoveries) to Average Loans2 | 0.02 % | 0.00 % | 0.01 % | (0.00 %) | ||
2 Annualized | ||||||
FIRST COMMUNITY CORPORATION | ||||||||||||
INCOME STATEMENT DATA | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
Three months ended | Three months ended | Three months ended | Nine months ended | |||||||||
September 30, | June 30, | March 31, | September 30, | |||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||
Interest income | $ 23,161 | $ 18,734 | $ 21,931 | $ 17,497 | $ 21,256 | $ 15,890 | $ 66,348 | $ 52,121 | ||||
Interest expense | 9,749 | 6,631 | 9,237 | 5,360 | 9,179 | 3,533 | 28,165 | 15,524 | ||||
Net interest income | 13,412 | 12,103 | 12,694 | 12,137 | 12,077 | 12,357 | 38,183 | 36,597 | ||||
Provision for (release of) credit losses | (16) | 474 | 454 | 186 | 129 | 70 | 567 | 730 | ||||
Net interest income after provision for (release of) credit losses | 13,428 | 11,629 | 12,240 | 11,951 | 11,948 | 12,287 | 37,616 | 35,867 | ||||
Non-interest income | ||||||||||||
Deposit service charges | 228 | 240 | 235 | 220 | 259 | 232 | 722 | 692 | ||||
Mortgage banking income | 575 | 508 | 659 | 371 | 425 | 155 | 1,659 | 1,034 | ||||
Investment advisory fees and non-deposit commissions | 1,595 | 1,187 | 1,508 | 1,081 | 1,358 | 1,067 | 4,461 | 3,335 | ||||
Gain (loss) on sale of securities | - | (1,249) | - | - | - | - | - | (1,249) | ||||
Gain (loss) on sale of other assets | 5 | 46 | - | 105 | - | - | 5 | 151 | ||||
Other non-recurring income | - | - | 95 | 121 | - | - | 95 | 121 | ||||
Other | 1,167 | 1,132 | 1,145 | 1,153 | 1,142 | 1,121 | 3,454 | 3,406 | ||||
Total non-interest income | 3,570 | 1,864 | 3,642 | 3,051 | 3,184 | 2,575 | 10,396 | 7,490 | ||||
Non-interest expense | ||||||||||||
Salaries and employee benefits | 7,422 | 6,613 | 7,303 | 6,508 | 7,101 | 6,331 | 21,826 | 19,452 | ||||
Occupancy | 793 | 776 | 738 | 813 | 790 | 830 | 2,321 | 2,419 | ||||
Equipment | 391 | 416 | 317 | 377 | 330 | 336 | 1,038 | 1,129 | ||||
Marketing and public relations | 477 | 609 | 258 | 370 | 566 | 346 | 1,301 | 1,325 | ||||
FDIC assessment | 290 | 211 | 302 | 221 | 278 | 182 | 870 | 614 | ||||
Other real estate expenses | 11 | 21 | 90 | (30) | 12 | (133) | 113 | (142) | ||||
Amortization of intangibles | 40 | 39 | 39 | 40 | 39 | 39 | 118 | 118 | ||||
Other | 2,567 | 2,588 | 2,796 | 2,456 | 2,689 | 2,505 | 8,052 | 7,549 | ||||
Total non-interest expense | 11,991 | 11,273 | 11,843 | 10,755 | 11,805 | 10,436 | 35,639 | 32,464 | ||||
Income before taxes | 5,007 | 2,220 | 4,039 | 4,247 | 3,327 | 4,426 | 12,373 | 10,893 | ||||
Income tax expense | 1,146 | 464 | 774 | 920 | 730 | 963 | 2,650 | 2,347 | ||||
Net income | $ 3,861 | $ 1,756 | $ 3,265 | $ 3,327 | $ 2,597 | $ 3,463 | $ 9,723 | $ 8,546 | ||||
Per share data | ||||||||||||
Net income, basic | $ 0.51 | $ 0.23 | $ 0.43 | $ 0.44 | $ 0.34 | $ 0.46 | $ 1.28 | $ 1.13 | ||||
Net income, diluted | $ 0.50 | $ 0.23 | $ 0.42 | $ 0.43 | $ 0.34 | $ 0.45 | $ 1.26 | $ 1.12 | ||||
Average number of shares outstanding - basic | 7,623,260 | 7,571,994 | 7,617,266 | 7,564,928 | 7,600,450 | 7,555,080 | 7,612,889 | 7,563,609 | ||||
Average number of shares outstanding - diluted | 7,722,276 | 7,654,962 | 7,695,476 | 7,654,817 | 7,679,771 | 7,644,440 | 7,694,671 | 7,648,934 | ||||
Shares outstanding period end | 7,640,648 | 7,600,023 | 7,635,145 | 7,593,759 | 7,629,005 | 7,587,763 | 7,640,648 | 7,600,023 | ||||
Return on average assets | 0.80 % | 0.40 % | 0.71 % | 0.77 % | 0.56 % | 0.83 % | 0.69 % | 0.66 % | ||||
Return on average common equity | 11.04 % | 5.57 % | 9.82 % | 10.75 % | 7.91 % | 11.70 % | 9.62 % | 9.29 % | ||||
Return on average tangible common equity | 12.39 % | 6.35 % | 11.08 % | 12.26 % | 8.95 % | 13.42 % | 10.84 % | 10.61 % | ||||
Net interest margin (non taxable equivalent) | 2.95 % | 2.95 % | 2.92 % | 3.00 % | 2.78 % | 3.17 % | 2.89 % | 3.04 % | ||||
Net interest margin (taxable equivalent) | 2.96 % | 2.96 % | 2.93 % | 3.02 % | 2.79 % | 3.19 % | 2.89 % | 3.06 % | ||||
Efficiency ratio1 | 70.48 % | 74.01 % | 72.75 % | 71.52 % | 77.15 % | 69.43 % | 73.34 % | 71.66 % | ||||
1 Calculated by dividing non-interest expense by net interest income on tax equivalent basis and non interest income, excluding loss on sale of securities, gain (loss) 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 | Three months ended | |||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||
Balance | Earned/Paid | Rate | Balance | Earned/Paid | Rate | |||
Assets | ||||||||
Earning assets | ||||||||
Loans | $ 1,200,150 | $ 17,279 | 5.73 % | $ 1,065,698 | $ 13,804 | 5.14 % | ||
Non-taxable securities | 48,641 | 355 | 2.90 % | 50,569 | 366 | 2.87 % | ||
Taxable securities | 438,981 | 3,975 | 3.60 % | 482,525 | 4,229 | 3.48 % | ||
Int bearing deposits in other banks | 117,979 | 1,552 | 5.23 % | 29,468 | 335 | 4.51 % | ||
Fed funds sold | - | - | NA | - | - | NA | ||
Total earning assets | 1,805,751 | 23,161 | 5.10 % | 1,628,260 | 18,734 | 4.56 % | ||
Cash and due from banks | 24,202 | 25,782 | ||||||
Premises and equipment | 30,270 | 31,078 | ||||||
Goodwill and other intangibles | 15,142 | 15,300 | ||||||
Other assets | 53,346 | 56,044 | ||||||
Allowance for credit losses - investments | (27) | (37) | ||||||
Allowance for credit losses - loans | (12,984) | (11,757) | ||||||
Total assets | $ 1,915,700 | $ 1,744,670 | ||||||
Liabilities | ||||||||
Interest-bearing liabilities | ||||||||
Interest-bearing transaction accounts | $ 321,183 | $ 999 | 1.24 % | $ 297,926 | $ 519 | 0.69 % | ||
Money market accounts | 422,719 | 3,598 | 3.39 % | 378,931 | 2,866 | 3.00 % | ||
Savings deposits | 109,956 | 114 | 0.41 % | 126,071 | 72 | 0.23 % | ||
Time deposits | 321,954 | 3,576 | 4.42 % | 182,252 | 1,320 | 2.87 % | ||
Fed funds purchased | 40 | - | 0.00 % | 1,587 | 20 | 5.00 % | ||
Securities sold under agreements to repurchase | 69,070 | 506 | 2.91 % | 71,492 | 446 | 2.48 % | ||
FHLB Advances | 50,000 | 646 | 5.14 % | 83,261 | 1,079 | 5.14 % | ||
Other long-term debt | 14,964 | 310 | 8.24 % | 14,964 | 309 | 8.19 % | ||
Total interest-bearing liabilities | 1,309,886 | 9,749 | 2.96 % | 1,156,484 | 6,631 | 2.27 % | ||
Demand deposits | 445,347 | 447,643 | ||||||
Allowance for credit losses - unfunded commitments | 489 | 431 | ||||||
Other liabilities | 20,824 | 15,035 | ||||||
Shareholders' equity | 139,154 | 125,077 | ||||||
Total liabilities and shareholders' equity | $ 1,915,700 | $ 1,744,670 | ||||||
Cost of deposits, including demand deposits | 2.03 % | 1.32 % | ||||||
Cost of funds, including demand deposits | 2.21 % | 1.64 % | ||||||
Net interest spread | 2.14 % | 2.28 % | ||||||
Net interest income/margin | $ 13,412 | 2.95 % | $ 12,103 | 2.95 % | ||||
Net interest income/margin (tax equivalent) | $ 13,448 | 2.96 % | $ 12,165 | 2.96 % | ||||
FIRST COMMUNITY CORPORATION | ||||||||
Yields on Average Earning Assets and | ||||||||
Rates on Average Interest-Bearing Liabilities | ||||||||
Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | |||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||
Balance | Earned/Paid | Rate | Balance | Earned/Paid | Rate | |||
Assets | ||||||||
Earning assets | ||||||||
Loans | $ 1,176,007 | $ 49,230 | 5.59 % | $ 1,023,428 | $ 37,277 | 4.87 % | ||
Non-taxable securities | 48,959 | 1,070 | 2.92 % | 50,950 | 1,109 | 2.91 % | ||
Taxable securities | 443,748 | 12,279 | 3.70 % | 502,546 | 12,513 | 3.33 % | ||
Int bearing deposits in other banks | 98,480 | 3,768 | 5.11 % | 34,016 | 1,221 | 4.80 % | ||
Fed funds sold | 34 | 1 | 3.93 % | 41 | 1 | 3.26 % | ||
Total earning assets | 1,767,228 | 66,348 | 5.01 % | 1,610,981 | 52,121 | 4.33 % | ||
Cash and due from banks | 24,074 | 25,760 | ||||||
Premises and equipment | 30,403 | 31,257 | ||||||
Goodwill and other intangibles | 15,181 | 15,339 | ||||||
Other assets | 54,397 | 54,122 | ||||||
Allowance for credit losses - investments | (29) | (41) | ||||||
Allowance for credit losses - loans | (12,643) | (11,563) | ||||||
Total assets | $ 1,878,611 | $ 1,725,855 | ||||||
Liabilities | ||||||||
Interest-bearing liabilities | ||||||||
Interest-bearing transaction accounts | $ 305,316 | $ 2,486 | 1.09 % | $ 310,598 | $ 1,115 | 0.48 % | ||
Money market accounts | 410,230 | 10,327 | 3.36 % | 350,109 | 6,424 | 2.45 % | ||
Savings deposits | 113,306 | 341 | 0.40 % | 137,529 | 193 | 0.19 % | ||
Time deposits | 304,746 | 10,056 | 4.41 % | 156,954 | 2,430 | 2.07 % | ||
Fed funds purchased | 16 | - | 0.00 % | 1,471 | 53 | 4.82 % | ||
Securities sold under agreements to repurchase | 74,884 | 1,611 | 2.87 % | 76,129 | 1,165 | 2.05 % | ||
FHLB Advances | 63,066 | 2,417 | 5.12 % | 87,487 | 3,271 | 5.00 % | ||
Other long-term debt | 14,964 | 927 | 8.27 % | 14,964 | 873 | 7.80 % | ||
Total interest-bearing liabilities | 1,286,528 | 28,165 | 2.92 % | 1,135,241 | 15,524 | 1.83 % | ||
Demand deposits | 437,418 | 452,884 | ||||||
Allowance for credit losses - unfunded commitments | 532 | 404 | ||||||
Other liabilities | 19,163 | 14,318 | ||||||
Shareholders' equity | 134,970 | 123,008 | ||||||
Total liabilities and shareholders' equity | $ 1,878,611 | $ 1,725,855 | ||||||
Cost of deposits, including demand deposits | 1.97 % | 0.96 % | ||||||
Cost of funds, including demand deposits | 2.18 % | 1.31 % | ||||||
Net interest spread | 2.09 % | 2.50 % | ||||||
Net interest income/margin | $ 38,183 | 2.89 % | $ 36,597 | 3.04 % | ||||
Net interest income/margin (tax equivalent) | $ 38,298 | 2.89 % | $ 36,833 | 3.06 % | ||||
The tables below provide a reconciliation of non‑GAAP measures to GAAP for the periods indicated:
September 30, |
June 30, | March 31, | December 31, | September 30, | |||||||||||||
Tangible book value per common share | 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||||
Tangible common equity per common share (non‑GAAP) | $ | 16.78 | $ | 15.85 | $ | 15.51 | $ | 15.23 | $ | 14.25 | |||||||
Effect to adjust for intangible assets | 1.98 | 1.99 | 1.99 | 2.00 | 2.01 | ||||||||||||
Book value per common share (GAAP) | $ | 18.76 | $ | 17.84 | $ | 17.50 | $ | 17.23 | $ | 16.26 | |||||||
Tangible common shareholders' equity to tangible assets | |||||||||||||||||
Tangible common equity to tangible assets (non‑GAAP) | 6.65 | % | 6.47 | % | 6.32 | % | 6.39 | % | 6.09 | % | |||||||
Effect to adjust for intangible assets | 0.72 | % | 0.75 | % | 0.75 | % | 0.78 | % | 0.80 | % | |||||||
Common equity to assets (GAAP) | 7.37 | % | 7.22 | % | 7.07 | % | 7.17 | % | 6.89 | % | |||||||
Return on average tangible common equity | Three months ended | Three months ended | Three months ended | Nine months ended | ||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||
Return on average tangible common equity (non-GAAP) | 12.39 | % | 6.35 | % | 11.08 | % | 12.26 | % | 8.95 | % | 13.42 | % | 10.84 | % | 10.61 | % |
Effect to adjust for intangible assets | (1.35) | % | (0.78) | % | (1.26) | % | (1.51) | % | (1.04) | % | (1.72) | % | (1.22) | % | (1.32) | % |
Return on average common equity (GAAP) | 11.04 | % | 5.57 | % | 9.82 | % | 10.75 | % | 7.91 | % | 11.70 | % | 9.62 | % | 9.29 | % |
Three months ended | Nine months ended | |||||||||||
September 30, | June 30, | September 30, |
September 30, | |||||||||
Pre-tax, pre-provision earnings | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||
Pre-tax, pre-provision earnings (non‑GAAP) | $ | 4,991 | $ | 4,493 | $ | 2,694 | $ | 12,940 | $ | 11,623 | ||
Effect to adjust for pre-tax, pre-provision earnings | (1,130) | (1,228) | (938) | (3,217) | (3,077) | |||||||
Net Income (GAAP) | $ | 3,861 | $ | 3,265 | $ | 1,756 | $ | 9,723 | $ | 8,546 | ||
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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