LEXINGTON, S.C., Jan. 24,
2024 /PRNewswire/ --
Highlights
- Net income of $3.297 million for
the fourth quarter of 2023 and $11.843
million for the year of 2023.
- Diluted EPS of $0.43 per common
share for the fourth quarter of 2023 and $1.55 per common share for the year of 2023.
- Total deposits increased $125.6
million, or 9.1%, during the year of 2023 and $19.0 million or 1.3% during the fourth quarter
of 2023, an annualized growth rate of 5.0%. Total deposit growth,
excluding brokered CDs, of $77.5
million during the year of 2023, a 5.6% growth rate and
$19.0 million during the fourth
quarter of 2023, a 5.2% annualized growth rate.
- Total loan growth of $153.2
million, or 15.6%, during the year of 2023 and $42.4 million, or 3.9%, during the fourth quarter
of the year, an annualized growth rate of 15.4%.
- Key credit quality metrics continue to be excellent with 2023
net recoveries of $6 thousand; net
loan recoveries, excluding overdrafts, of $55 thousand; non-performing assets of 0.05%; and
past due loans of 0.06% at year-end 2023.
- Investment advisory revenue of $1.176
million for the fourth quarter of 2023 and $4.511 million for the year of 2023. Assets under
management (AUM) were $755.4 million
at December 31, 2023, up from
$674.5 million at September 30, 2023 and $558.8 million at December
31, 2022.
- Cash dividend of $0.14 per common
share, the 88th consecutive quarter of cash dividends
paid to common shareholders.
Today, First Community Corporation (Nasdaq: FCCO), the
holding company for First Community Bank, reported net income for
the fourth quarter and year end of 2023. Net income for the
fourth quarter of 2023 was $3.297
million and diluted earnings per common share were
$0.43 compared to $4.043 million and $0.53 in the fourth quarter of 2022 and
$1.756 million and $0.23 in the third quarter of 2023. For the
year ended December 31, 2023, net
income was $11.843 million compared
to $14.613 million in 2022.
Diluted earnings per common share were $1.55 for 2023 compared to $1.92 in 2022.
As previously reported, during the third quarter of 2023, the
company sold $39.9 million of book
value U.S. Treasuries in its available-for-sale portfolio.
While this sale created a one-time pre-tax loss of $1.2 million, it provided additional liquidity
which is being used primarily to fund loan growth. The
weighted average book yield of the securities sold was 1.75% and
the projected earn back period is 1.6 years. This transitions
the balance sheet to be more efficient, improves net interest
margin, and positions the company for higher earnings in the
future.
Cash Dividend and Capital
The Board of Directors has approved a cash dividend for the
fourth quarter of 2023 of $0.14 per
common share. This dividend is payable on February 20, 2024 to shareholders of record of
the company's common stock as of February
6, 2024. First Community President and CEO,
Mike Crapps commented, "The entire
board is pleased that our performance enables the company to
continue our cash dividend uninterrupted for 88 consecutive
quarters."
As previously announced, the company's Board of Directors
approved a share repurchase plan that provides for the repurchase
of up to 375,000 shares of its common stock, which represented
approximately 5% of the company's 7,606,172 shares outstanding on
December 31, 2023. The
repurchase plan expired at the market close on December 31, 2023 and no shares were repurchased
under this plan.
Each of the regulatory capital ratios for the bank exceed the
well capitalized minimum levels currently required by regulatory
statute. At December 31, 2023,
the bank's regulatory capital ratios (Leverage, Tier I Risk Based
and Total Risk Based) were 8.45%, 12.53%, and 13.58%,
respectively. This compares to the same ratios as of
December 31, 2022 of 8.63%, 13.49%,
and 14.54%, respectively. As of December 31,
2023, the bank's Common Equity Tier One ratio was 12.53%
compared to 13.49% at December 31,
2022. Further, the company's Tangible Common Equity to
Tangible Assets (TCE) ratio was 6.39% as of December 31, 2023 compared to 6.09% at
September 30, 2023 and 6.21% as of
December 31, 2022.
Tangible Book Value (TBV) per share increased during the quarter
from $14.25 per share as of
September 30, 2023 to $15.23 per share as of December 31, 2023.
Asset Quality
The company's asset quality remains excellent. The
non-performing assets (NPAs) were 0.05% of total assets at
December 31, 2023 with $864 thousand in NPAs compared to 0.04% at
September 30, 2023. The past
due ratio for all loans was 0.06% at year-end 2023, unchanged from
September 30, 2023. During the
fourth quarter of 2023, the bank experienced net recoveries of
$1 thousand with overall net
recoveries for the year of 2023 of $6
thousand. Net loan recoveries excluding overdrafts
were $14 thousand during the fourth
quarter of 2023, with overall net loan recoveries excluding
overdrafts for the year of 2023 of $55
thousand. The ratio of classified loans plus
OREO now stands at 1.25% of total bank regulatory risk-based
capital as of December 31, 2023
compared to 1.17% on a linked quarter and 4.47% at the end of
2022.
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 December 31, 2023:
Collateral
|
Outstanding
|
% of Loan
Portfolio
|
Average
Loan Size
|
Weighted
Avg LTV
of Top 10
Loans
|
Retail
|
$88,937,718
|
7.8 %
|
$966,714
|
57 %
|
Warehouse &
Industrial
|
$77,759,508
|
6.9 %
|
$827,229
|
60 %
|
Office
|
$66,187,479
|
5.8 %
|
$675,382
|
62 %
|
Hotel
|
$64,924,446
|
5.7 %
|
$3,606,914
|
63 %
|
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 $10.4
million in loan outstandings and have a weighted average
loan-to-value of 33%.
Balance Sheet
Total loans increased during the fourth quarter of 2023 by
$42.4 million to $1.134 billion at December
31, 2023, compared to $1.092
billion at September 30, 2023,
which is an annualized growth rate of 15.4%. For the year
ended December 31, 2023, loan growth
was $153.2 million which is a 15.6%
annual growth rate. Commercial loan production was
$41.7 million during the fourth
quarter of 2023 and $166.3 million
for the year of 2023 with advances of unfunded commercial
construction loans of $23.3 million
during the quarter and $100.9 million
during the year. Loan payoffs and paydowns in 2023 were down
approximately 51% compared to 2022. First Community Bank
President Ted Nissen noted, "Loan
growth was strong in 2023; a combination of loan production and
advances of unfunded commercial loans available for draws in
addition to lower loan payoffs and paydowns all contributed to this
growth."
At December 31, 2023, total
deposits were $1.511 billion compared
to $1.385 billion at December 31, 2022, an annual growth rate of
9.1%. As previously reported, to secure a cost effective
stable funding source, during the third quarter of 2023, the
company issued $48.2 million in
brokered certificates of deposit ranging in terms from six months
to three years, with the three year term callable after six
months. Total deposits, excluding brokered deposits, were
$1.463 billion at December 31, 2023. The annual deposit growth
rate, excluding brokered deposits, was 5.6%. Pure deposits,
which are defined as total deposits less certificates of deposits,
increased to $1.285 billion at
December 31, 2023 from $1.281 billion at December
31, 2022. Securities sold under agreements to
repurchase, which are related to customer cash management accounts
or business sweep accounts, were $62.9
million at December 31, 2023
compared to $68.7 million at
December 31, 2022. Total
deposits increased to $1.511 billion
at December 31, 2023 compared to
$1.492 billion at September 30, 2023. Pure deposits were
$1.285 billion at December 31, 2023 compared to $1.289 billion at September 30, 2023. Securities sold under
agreements to repurchase were $62.9
million at December 31, 2023
compared to $67.2 million at
September 30, 2023. Costs of
deposits increased on a linked quarter basis to 1.69% in the fourth
quarter from 1.32% in the third quarter of 2023. Cost of
funds also increased on a linked quarter basis to 1.97% in the
fourth quarter of 2023 from 1.64% in the third quarter of the
year. The cumulative cycle deposit beta for cost of deposits
is 32.00% and for cost of funds is 36.57%. Non-interest
bearing deposits were $432.3 million,
or 28.6% of total deposits, and 29.6% of total deposits excluding
the brokered deposits, at December
31, 2023. Mr. Crapps commented, "A strength of our
bank has been and continues to be the value of our deposit
franchise. During the fourth quarter of 2023, as a result of
the current rate environment, we continued to experience pressure
on interest rates for interest bearing deposits, and some shift in
the mix of deposits as our growth was in interest bearing deposit
accounts. Thus, we saw increases in our cost of deposits and
cost of funds."
As of December 31, 2023, including
brokered CDs, the bank had uninsured deposits of $436.6 million, or 28.9%, of total bank
deposits. Of those uninsured deposits, $82.8 million, or 5.5%, of total bank deposits
were deposits of states or political subdivisions in the U.S. which
are secured or collateralized. Total uninsured deposits,
excluding these deposits that are secured or collateralized, were
$353.8 million, or 23.4%, of total
deposits at December 31, 2023.
The average balance of all customer deposit accounts as of
December 31, 2023 was $27,843. The average balance for consumer
accounts was $14,995 and for
non-consumer accounts was $61,570.
All of the above points to the granularity and the quality of the
bank's deposit franchise.
The bank has other short-term investments, primarily interest
bearing cash at the Federal Reserve Bank, of $66.8 million at December
31, 2023 compared to $69.7
million at September 30,
2023. Further, the bank has additional sources of liquidity
in the form of federal funds purchased lines of credit in the total
amount of $85.0 million with four
financial institutions and $10.0
million through the Federal Reserve Discount Window.
There were no borrowings against these lines of credit as of
December 31, 2023.
The bank also has substantial borrowing capacity at the Federal
Home Loan Bank (FHLB) of Atlanta
with an approved line of credit of up to 25% of assets. As of
December 31, 2023, the bank had FHLB
advances of $90.0 million.
Therefore, having remaining credit availability under this facility
in excess of $358.9 million, subject
to collateral requirements.
Combined, the company has total remaining credit availability in
excess of $453.9 million as compared
to uninsured deposits (excluding deposits secured or collateralized
as noted above) of $353.8
million.
The investment portfolio was $506.2
million at December 31, 2023
compared to $506.8 million at
September 30, 2023. The yield
increased to 3.59% during the fourth quarter of 2023 as compared to
3.42% in the third quarter of 2023. The effective duration of
the total investment portfolio is 3.8 at December 31, 2023. Accumulated Other
Comprehensive Loss (AOCL) improved to $28.2
million at December 31, 2023
from $33.1 million at September 30, 2023 due to an increase in market
interest rates.
Mr. Crapps commented, "We are extremely excited about the
success in the growth of our loan portfolio during 2023. This
is reflective of the hard work of our team and the high quality of
our customers and markets. Additionally, our successful
deposit franchise continues to be a strength for our company as
demonstrated by the stability of our deposit base during the
year."
Revenue
Net Interest Income/Net Interest Margin
Net interest income for the year of 2023 increased 2.0% to
$48.9 million compared to
$47.9 million for the year of
2022. On a linked quarter basis, net interest income
increased to $12.3 million in the
fourth quarter of 2023 from $12.1
million in the third quarter of the year, an increase of
1.6%. The net interest margin, on a taxable equivalent basis,
was 2.89% for the fourth quarter of 2023 compared to 2.96% in the
third quarter of 2023. The net interest margin contraction of
7 basis points was fairly consistent with the prior quarter
contraction of 6 basis points. These levels are significantly
less than the contraction we experienced earlier in 2023.
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 $150.0 million that was
designated as a fair value hedge to hedge the risk of changes in
the fair value of the fixed rate loans included in the closed loan
portfolio. This fair value hedge converts the hedged loans from a
fixed rate to a synthetic floating SOFR rate. The Pay-Fixed Swap
Agreement will mature on May 5, 2026
and the company will pay a fixed coupon rate of 3.58% while
receiving the overnight SOFR rate. This interest rate swap
positively impacted interest on loans by $674 thousand
during the fourth quarter and $1.6
million through December 31,
2023. Loan yields and net interest margin both benefitted
with an increase of 25 basis points and 16 basis points,
respectively during the fourth quarter and 16 basis points and 10
basis points, respectively, through December
31, 2023.
Non-Interest Income
Total non-interest income was $2.931
million in the fourth quarter of 2023 compared to
$1.864 million in the third quarter
of the year and $2.513 million in the
fourth quarter of 2022. Total non-interest income, for the
year of 2023 was $10.421 million,
compared to 2022 non-interest income of $11.569 million. Impacting non-interest
income in the third quarter of 2023 was a $1.249 million loss on the sale of securities as
discussed above.
Total production in the mortgage line of business in the fourth
quarter of 2023 was $38.62 million
which was comprised of $14.3 million
in secondary market loans, $10.0
million in adjustable rate mortgages (ARMs) and $14.4 million in construction loans. Fee
revenue associated with the secondary market loans was $372 thousand in the fourth quarter of 2023 with
a gain-on-sale margin of 2.61%. This compares to production
on a linked quarter of $41.7
million which was comprised of $17.3
million in secondary market loans, $11.4 million in ARMs, and $13.0 million in construction loans. Fee
revenue associated with the secondary market loans in the third
quarter of 2023 was $508 thousand
with a gain-on-sale margin of 2.93%. Mr. Crapps noted, "The
bank continues to have success with its adjustable rate mortgage
and construction loan products. While we are still
experiencing the headwinds of a higher interest rate environment
and low housing inventory, we are encouraged by recent
trends."
Revenue in the investment advisory line of business was
$1.176 million in the fourth quarter
of 2023 compared to $1.187 million in
the third quarter of 2023 and $1.033
million in the fourth quarter of 2022. Total revenue
in the investment advisory line of business in 2023 was
$4.511 million compared to
$4.479 million in 2022. AUM
ended 2023 at $755.4 million compared
to $674.5 million at September 30, 2023 and $558.8 million at year-end 2022.
Non-Interest Expense
Total non-interest expense was $10.680
million, down $593 thousand
from non-interest expense of $11.273
million in the third quarter of 2023. Salaries and
benefits expense was down $201
thousand on a linked quarter basis, primarily due to lower
incentive accruals for lower than target performance results for
the year. There was a planned decrease in marketing and
public relations expenses of $438
thousand in the fourth quarter related to fewer media
placements in the last three months of the year. FDIC
insurance assessment expense was up $79
thousand on a linked quarter.
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 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",
"positions", "future" 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; (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 continue to have a negative impact on the
company; (6) changes in interest rates, which have and may continue
to affect our deposit and funding costs, net income, prepayment
penalty income, mortgage banking income, and other future cash
flows, or the market value of our assets, including our investment
securities; (7) 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; (8) elevated inflation which causes adverse risk to
the overall economy, and could indirectly pose challenges to our
customers and to our business; (9) FDIC assessment which has
increased and may continue to impact our cost of doing business;
(10) the adverse effects of events beyond our control that may have
a destabilizing effect on financial markets and the economy, such
as epidemics and pandemics, war or terrorist activities, essential
utility outages, deterioration in the global economy, instability
in the credit markets, disruptions in our customers' supply chains
or disruption in transportation; and (11) 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
|
|
|
December 31,
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
|
|
2023
|
2023
|
2023
|
2023
|
2022
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
1,827,688
|
$
1,793,722
|
$1,740,982
|
$1,735,398
|
$
1,672,946
|
Other Short-term
Investments and CD's1
|
|
66,787
|
69,703
|
28,710
|
60,597
|
12,937
|
Investment
Securities
|
|
|
|
|
|
|
Investments
Held-to-Maturity
|
|
217,200
|
219,903
|
221,429
|
223,137
|
228,701
|
Investments
Available-for-Sale
|
|
282,226
|
280,549
|
328,239
|
336,457
|
331,862
|
Other Investments at
Cost
|
|
6,800
|
6,305
|
6,208
|
5,768
|
4,191
|
Total
Investment Securities
|
|
506,226
|
506,757
|
555,876
|
565,362
|
564,754
|
Loans
Held-for-Sale
|
|
4,433
|
5,509
|
4,195
|
1,312
|
1,779
|
Loans
|
|
|
|
|
|
|
Paycheck Protection Program
(PPP) Loans
|
|
151
|
170
|
179
|
200
|
219
|
Non-PPP Loans
|
|
1,133,868
|
1,091,475
|
1,031,986
|
992,520
|
980,638
|
Total
Loans
|
|
1,134,019
|
1,091,645
|
1,032,165
|
992,720
|
980,857
|
Allowance for
Credit Losses - Investments
|
|
30
|
32
|
37
|
42
|
-
|
Allowance for
Credit Losses - Loans
|
|
12,267
|
11,818
|
11,554
|
11,420
|
11,336
|
Allowance for
Credit Losses - Unfunded Commitments
|
|
597
|
643
|
429
|
382
|
-
|
Goodwill
|
|
14,637
|
14,637
|
14,637
|
14,637
|
14,637
|
Other
Intangibles
|
|
604
|
643
|
682
|
722
|
761
|
Total
Deposits
|
|
1,511,001
|
1,492,026
|
1,420,753
|
1,420,157
|
1,385,382
|
Securities Sold
Under Agreements to Repurchase
|
|
62,863
|
67,173
|
72,103
|
76,975
|
68,743
|
Federal Funds
Purchased
|
|
-
|
-
|
-
|
-
|
22,000
|
Federal Home
Loan Bank Advances
|
|
90,000
|
80,000
|
95,000
|
85,000
|
50,000
|
Junior
Subordinated Debt
|
|
14,964
|
14,964
|
14,964
|
14,964
|
14,964
|
Accumulated
Other Comprehensive Loss (AOCL)
|
|
(28,191)
|
(33,057)
|
(31,488)
|
(29,473)
|
(32,386)
|
Shareholders'
Equity
|
|
131,059
|
123,601
|
124,148
|
123,581
|
118,361
|
|
|
|
|
|
|
|
Book Value Per
Common Share
|
|
$
17.23
|
$
16.26
|
$ 16.35
|
$ 16.29
|
$
15.62
|
Tangible Book
Value Per Common Share
|
|
$
15.23
|
$
14.25
|
$ 14.33
|
$ 14.26
|
$
13.59
|
Equity to
Assets
|
|
7.17 %
|
6.89 %
|
7.13 %
|
7.12 %
|
7.08 %
|
Tangible Common
Equity to Tangible Assets (TCE Ratio)
|
6.39 %
|
6.09 %
|
6.31 %
|
6.29 %
|
6.21 %
|
Loan to Deposit
Ratio (Includes Loans Held-for-Sale)
|
|
75.34 %
|
73.53 %
|
72.94 %
|
69.99 %
|
70.93 %
|
Loan to Deposit
Ratio (Excludes Loans Held-for-Sale)
|
|
75.05 %
|
73.17 %
|
72.65 %
|
69.90 %
|
70.80 %
|
Allowance for
Credit Losses - Loans/Loans
|
|
1.08 %
|
1.08 %
|
1.12 %
|
1.15 %
|
1.16 %
|
|
|
|
|
|
|
|
Regulatory Capital
Ratios (Bank):
|
|
|
|
|
|
|
Leverage
Ratio
|
|
8.45 %
|
8.63 %
|
8.63 %
|
8.68 %
|
8.63 %
|
Tier 1 Capital
Ratio
|
|
12.53 %
|
12.47 %
|
13.29 %
|
13.55 %
|
13.49 %
|
Total Capital
Ratio
|
|
13.58 %
|
13.50 %
|
14.35 %
|
14.63 %
|
14.54 %
|
Common Equity
Tier 1 Capital Ratio
|
|
12.53 %
|
12.47 %
|
13.29 %
|
13.55 %
|
13.49 %
|
Tier 1
Regulatory Capital
|
|
$ 153,859
|
$ 151,360
|
$
150,414
|
$
147,877
|
$ 145,578
|
Total Regulatory
Capital
|
|
$ 166,752
|
$ 163,853
|
$
162,434
|
$
159,721
|
$ 156,914
|
Common Equity
Tier 1 Capital
|
|
$ 153,859
|
$ 151,360
|
$
150,414
|
$
147,877
|
$ 145,578
|
|
|
|
|
|
|
|
1
Includes federal funds sold and
interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances:
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
Average Total
Assets
|
|
$
1,809,653
|
$
1,677,109
|
|
$1,746,977
|
$
1,652,946
|
Average Loans
(Includes Loans Held-for-Sale)
|
|
1,121,383
|
969,015
|
|
1,048,118
|
920,379
|
Average
Investment Securities
|
|
504,231
|
568,833
|
|
541,078
|
570,552
|
Average
Short-term Investments and CDs1
|
|
69,199
|
24,869
|
|
42,915
|
50,450
|
Average Earning
Assets
|
|
1,694,813
|
1,562,717
|
|
1,632,111
|
1,541,381
|
Average
Deposits
|
|
1,498,773
|
1,416,915
|
|
1,430,935
|
1,417,618
|
Average Other
Borrowings
|
|
168,994
|
131,470
|
|
177,264
|
100,722
|
Average
Shareholders' Equity
|
|
124,866
|
115,480
|
|
123,477
|
121,881
|
|
|
|
|
|
|
|
Asset
Quality:
|
|
As
of
|
|
|
December 31,
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
|
|
2023
|
2023
|
2023
|
2023
|
2022
|
Loan Risk Rating by
Category (End of Period)
|
|
|
|
|
|
|
Special
Mention
|
|
$
331
|
$
550
|
$
565
|
$
646
|
$
557
|
Substandard
|
|
1,449
|
1,241
|
1,312
|
5,306
|
6,082
|
Doubtful
|
|
-
|
-
|
-
|
-
|
-
|
Pass
|
|
1,132,239
|
1,089,854
|
1,030,288
|
986,768
|
974,218
|
Total Loans
|
|
$ 1,134,019
|
$
1,091,645
|
$1,032,165
|
$
992,720
|
$ 980,857
|
Nonperforming
Assets
|
|
|
|
|
|
|
Non-accrual
Loans
|
|
$
27
|
$
61
|
$
82
|
$ 4,126
|
$
4,895
|
Other Real
Estate Owned and Repossessed Assets
|
|
622
|
666
|
927
|
934
|
934
|
Accruing Loans
Past Due 90 Days or More
|
|
215
|
3
|
1
|
-
|
2
|
Total Nonperforming
Assets
|
|
$
864
|
$
730
|
$ 1,010
|
$ 5,060
|
$
5,831
|
Accruing Trouble Debt
Restructurings
|
|
$
79
|
$
81
|
$
84
|
$
86
|
$
88
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2023
|
2022
|
|
2023
|
2022
|
Loans
Charged-off
|
|
$
-
|
$
-
|
|
$
24
|
$
4
|
Overdrafts
Charged-off
|
|
17
|
21
|
|
63
|
64
|
Loan
Recoveries
|
|
(15)
|
(13)
|
|
(79)
|
(365)
|
Overdraft
Recoveries
|
|
(3)
|
(4)
|
|
(14)
|
(12)
|
Net Charge-offs
(Recoveries)
|
|
$
(1)
|
$
4
|
|
$
(6)
|
$
(309)
|
Net Charge-offs /
(Recoveries) to Average Loans2
|
|
(0.00 %)
|
0.00 %
|
|
(0.00 %)
|
(0.03 %)
|
2
Annualized
|
|
|
|
|
|
|
FIRST COMMUNITY
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
December 31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
20,576
|
$
15,057
|
|
$
18,734
|
$
13,352
|
|
$
17,497
|
$
11,513
|
|
$
15,890
|
$
11,195
|
|
$
72,697
|
$
51,117
|
|
Interest
expense
|
|
8,281
|
1,692
|
|
6,631
|
558
|
|
5,360
|
462
|
|
3,533
|
462
|
|
23,805
|
3,174
|
|
Net interest
income
|
|
12,295
|
13,365
|
|
12,103
|
12,794
|
|
12,137
|
11,051
|
|
12,357
|
10,733
|
|
48,892
|
47,943
|
|
Provision for
(release of) credit losses
|
|
399
|
25
|
|
474
|
18
|
|
186
|
(70)
|
|
70
|
(125)
|
|
1,129
|
(152)
|
|
Net interest
income after provision for (release of) credit losses
|
11,896
|
13,340
|
|
11,629
|
12,776
|
|
11,951
|
11,121
|
|
12,287
|
10,858
|
|
47,763
|
48,095
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges
|
|
271
|
190
|
|
240
|
243
|
|
220
|
262
|
|
232
|
265
|
|
963
|
960
|
|
Mortgage banking income
|
|
372
|
290
|
|
508
|
290
|
|
371
|
481
|
|
155
|
839
|
|
1,406
|
1,900
|
|
Investment advisory fees and non-deposit commissions
|
1,176
|
1,033
|
|
1,187
|
1,053
|
|
1,081
|
1,195
|
|
1,067
|
1,198
|
|
4,511
|
4,479
|
|
Gain
(loss) on sale of securities
|
|
-
|
-
|
|
(1,249)
|
-
|
|
-
|
-
|
|
-
|
-
|
|
(1,249)
|
-
|
|
Gain
(loss) on sale of other assets
|
|
-
|
(74)
|
|
46
|
-
|
|
105
|
(45)
|
|
-
|
-
|
|
151
|
(119)
|
|
Other non-recurring income
|
|
-
|
(2)
|
|
-
|
-
|
|
121
|
5
|
|
-
|
4
|
|
121
|
7
|
|
Other
|
|
1,112
|
1,076
|
|
1,132
|
1,087
|
|
1,153
|
1,111
|
|
1,121
|
1,068
|
|
4,518
|
4,342
|
|
Total
non-interest income
|
|
2,931
|
2,513
|
|
1,864
|
2,673
|
|
3,051
|
3,009
|
|
2,575
|
3,374
|
|
10,421
|
11,569
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
6,412
|
6,690
|
|
6,613
|
6,373
|
|
6,508
|
6,175
|
|
6,331
|
6,119
|
|
25,864
|
25,357
|
|
Occupancy
|
|
738
|
725
|
|
776
|
786
|
|
813
|
786
|
|
830
|
705
|
|
3,157
|
3,002
|
|
Equipment
|
|
437
|
351
|
|
416
|
331
|
|
377
|
329
|
|
336
|
332
|
|
1,566
|
1,343
|
|
Marketing and public relations
|
|
171
|
289
|
|
609
|
163
|
|
370
|
446
|
|
346
|
361
|
|
1,496
|
1,259
|
|
FDIC
assessment
|
|
290
|
112
|
|
211
|
121
|
|
221
|
105
|
|
182
|
130
|
|
904
|
468
|
|
Other real estate expenses
|
|
30
|
213
|
|
21
|
19
|
|
(30)
|
29
|
|
(133)
|
47
|
|
(112)
|
308
|
|
Amortization of intangibles
|
|
40
|
40
|
|
39
|
39
|
|
40
|
40
|
|
39
|
39
|
|
158
|
158
|
|
Other
|
|
2,562
|
2,274
|
|
2,588
|
2,585
|
|
2,456
|
2,278
|
|
2,505
|
2,221
|
|
10,111
|
9,358
|
|
Total
non-interest expense
|
|
10,680
|
10,694
|
|
11,273
|
10,417
|
|
10,755
|
10,188
|
|
10,436
|
9,954
|
|
43,144
|
41,253
|
|
Income before
taxes
|
|
4,147
|
5,159
|
|
2,220
|
5,032
|
|
4,247
|
3,942
|
|
4,426
|
4,278
|
|
15,040
|
18,411
|
|
Income tax
expense
|
|
850
|
1,116
|
|
464
|
1,081
|
|
920
|
812
|
|
963
|
789
|
|
3,197
|
3,798
|
|
Net
income
|
|
$ 3,297
|
$ 4,043
|
|
$ 1,756
|
$ 3,951
|
|
$ 3,327
|
$ 3,130
|
|
$ 3,463
|
$ 3,489
|
|
$
11,843
|
$
14,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income,
basic
|
|
$
0.43
|
$
0.54
|
|
$
0.23
|
$
0.52
|
|
$
0.44
|
$ 0.42
|
|
$ 0.46
|
$ 0.46
|
|
$ 1.56
|
$ 1.94
|
|
Net income,
diluted
|
|
$
0.43
|
$
0.53
|
|
$
0.23
|
$
0.52
|
|
$
0.43
|
$ 0.41
|
|
$ 0.45
|
$ 0.46
|
|
$ 1.55
|
$ 1.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number
of shares outstanding - basic
|
7,579,513
|
7,537,227
|
|
7,571,994
|
7,531,104
|
|
7,564,928
|
7,526,284
|
|
7,555,080
|
7,518,375
|
|
7,567,819
|
7,527,496
|
|
Average number
of shares outstanding - diluted
|
7,658,610
|
7,619,524
|
|
7,654,962
|
7,607,909
|
|
7,654,817
|
7,607,349
|
|
7,644,440
|
7,594,840
|
|
7,646,874
|
7,609,487
|
|
Shares
outstanding period end
|
|
7,606,172
|
7,577,912
|
|
7,600,023
|
7,572,517
|
|
7,593,759
|
7,566,633
|
|
7,587,763
|
7,559,760
|
|
7,606,172
|
7,577,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets
|
|
0.72 %
|
0.96 %
|
|
0.40 %
|
0.94 %
|
|
0.77 %
|
0.76 %
|
|
0.83 %
|
0.87 %
|
|
0.68 %
|
0.88 %
|
|
Return on
average common equity
|
|
10.48 %
|
13.89 %
|
|
5.57 %
|
13.17 %
|
|
10.75 %
|
10.82 %
|
|
11.70 %
|
10.31 %
|
|
9.59 %
|
11.99 %
|
|
Return on
average tangible common equity
|
|
11.93 %
|
16.03 %
|
|
6.35 %
|
15.14 %
|
|
12.26 %
|
12.48 %
|
|
13.42 %
|
11.63 %
|
|
10.95 %
|
13.73 %
|
|
Net interest
margin (non taxable equivalent)
|
2.88 %
|
3.39 %
|
|
2.95 %
|
3.26 %
|
|
3.00 %
|
2.90 %
|
|
3.17 %
|
2.87 %
|
|
3.00 %
|
3.11 %
|
|
Net interest
margin (taxable equivalent)
|
|
2.89 %
|
3.42 %
|
|
2.96 %
|
3.29 %
|
|
3.02 %
|
2.93 %
|
|
3.19 %
|
2.91 %
|
|
3.01 %
|
3.14 %
|
|
Efficiency
ratio1
|
|
69.92 %
|
66.53 %
|
|
74.01 %
|
66.78 %
|
|
71.52 %
|
71.60 %
|
|
69.43 %
|
69.93 %
|
|
71.23 %
|
68.60 %
|
|
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
December 31, 2023
|
|
Three months ended
December 31, 2022
|
|
|
Average
|
Interest
|
Yield/
|
|
Average
|
Interest
|
Yield/
|
|
|
Balance
|
Earned/Paid
|
Rate
|
|
Balance
|
Earned/Paid
|
Rate
|
|
Assets
|
|
|
|
|
|
|
|
|
Earning
assets
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
PPP loans
|
$
158
|
$
1
|
2.51 %
|
|
$
228
|
$
1
|
1.74 %
|
|
Non-PPP loans
|
1,121,225
|
15,039
|
5.32 %
|
|
968,787
|
10,826
|
4.43 %
|
|
Total
loans
|
1,121,383
|
15,040
|
5.32 %
|
|
969,015
|
10,827
|
4.43 %
|
|
Non-taxable
securities
|
50,063
|
363
|
2.88 %
|
|
52,561
|
385
|
2.91 %
|
|
Taxable
securities
|
454,168
|
4,201
|
3.67 %
|
|
516,272
|
3,599
|
2.77 %
|
|
Int bearing
deposits in other banks
|
69,101
|
971
|
5.57 %
|
|
24,869
|
246
|
3.92 %
|
|
Fed funds
sold
|
98
|
1
|
4.05 %
|
|
-
|
-
|
NA
|
|
Total earning
assets
|
1,694,813
|
20,576
|
4.82 %
|
|
1,562,717
|
15,057
|
3.82 %
|
|
Cash and due from
banks
|
23,848
|
|
|
|
26,260
|
|
|
|
Premises and
equipment
|
30,813
|
|
|
|
31,926
|
|
|
|
Goodwill and other
intangibles
|
15,260
|
|
|
|
15,418
|
|
|
|
Other assets
|
56,968
|
|
|
|
52,102
|
|
|
|
Allowance for credit
losses - investments
|
(32)
|
|
|
|
-
|
|
|
|
Allowance for credit
losses - loans
|
(12,017)
|
|
|
|
(11,314)
|
|
|
|
Total assets
|
$ 1,809,653
|
|
|
|
$ 1,677,109
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction accounts
|
$
297,972
|
$
645
|
0.86 %
|
|
$
334,724
|
$
135
|
0.16 %
|
|
Money market
accounts
|
397,258
|
3,297
|
3.29 %
|
|
304,784
|
559
|
0.73 %
|
|
Savings
deposits
|
119,602
|
114
|
0.38 %
|
|
162,876
|
37
|
0.09 %
|
|
Time
deposits
|
241,795
|
2,345
|
3.85 %
|
|
135,882
|
144
|
0.42 %
|
|
Fed funds
purchased
|
-
|
-
|
NA
|
|
5,674
|
51
|
3.57 %
|
|
Securities sold
under agreements to repurchase
|
70,008
|
492
|
2.79 %
|
|
73,310
|
148
|
0.80 %
|
|
FHLB
Advances
|
84,022
|
1,074
|
5.07 %
|
|
37,522
|
370
|
3.91 %
|
|
Other long-term
debt
|
14,964
|
314
|
8.33 %
|
|
14,964
|
248
|
6.58 %
|
|
Total interest-bearing
liabilities
|
1,225,621
|
8,281
|
2.68 %
|
|
1,069,736
|
1,692
|
0.63 %
|
|
Demand
deposits
|
442,146
|
|
|
|
478,649
|
|
|
|
Allowance for credit
losses - unfunded commitments
|
643
|
|
|
|
-
|
|
|
|
Other
liabilities
|
16,377
|
|
|
|
13,244
|
|
|
|
Shareholders'
equity
|
124,866
|
|
|
|
115,480
|
|
|
|
Total liabilities and
shareholders' equity
|
$ 1,809,653
|
|
|
|
$ 1,677,109
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits,
including demand deposits
|
|
|
1.69 %
|
|
|
|
0.25 %
|
|
Cost of funds,
including demand deposits
|
|
|
1.97 %
|
|
|
|
0.43 %
|
|
Net interest
spread
|
|
|
2.14 %
|
|
|
|
3.19 %
|
|
Net interest
income/margin
|
|
$
12,295
|
2.88 %
|
|
|
$
13,365
|
3.39 %
|
|
Net interest
income/margin (tax equivalent)
|
|
$
12,343
|
2.89 %
|
|
|
$
13,486
|
3.42 %
|
|
FIRST COMMUNITY
CORPORATION
|
Yields on Average
Earning Assets and
|
Rates on Average
Interest-Bearing Liabilities
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended
December 31, 2023
|
|
Twelve months ended
December 31, 2022
|
|
|
Average
|
Interest
|
Yield/
|
|
Average
|
Interest
|
Yield/
|
|
|
Balance
|
Earned/Paid
|
Rate
|
|
Balance
|
Earned/Paid
|
Rate
|
|
Assets
|
|
|
|
|
|
|
|
|
Earning
assets
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
PPP loans
|
$
183
|
$
5
|
2.73 %
|
|
$
336
|
$
49
|
14.58 %
|
|
Non-PPP loans
|
1,047,935
|
52,312
|
4.99 %
|
|
920,043
|
39,185
|
4.26 %
|
|
Total
loans
|
1,048,118
|
52,317
|
4.99 %
|
|
920,379
|
39,234
|
4.26 %
|
|
Non-taxable
securities
|
50,726
|
1,471
|
2.90 %
|
|
52,501
|
1,525
|
2.90 %
|
|
Taxable
securities
|
490,352
|
16,715
|
3.41 %
|
|
518,051
|
9,725
|
1.88 %
|
|
Int bearing
deposits in other banks
|
42,859
|
2,191
|
5.11 %
|
|
50,435
|
633
|
1.26 %
|
|
Fed funds
sold
|
56
|
3
|
5.36 %
|
|
15
|
-
|
0.00 %
|
|
Total earning
assets
|
1,632,111
|
72,697
|
4.45 %
|
|
1,541,381
|
51,117
|
3.32 %
|
|
Cash and due from
banks
|
25,278
|
|
|
|
27,034
|
|
|
|
Premises and
equipment
|
31,145
|
|
|
|
32,274
|
|
|
|
Goodwill and other
intangibles
|
15,319
|
|
|
|
15,476
|
|
|
|
Other assets
|
54,840
|
|
|
|
48,031
|
|
|
|
Allowance for credit
losses - investments
|
(39)
|
|
|
|
-
|
|
|
|
Allowance for credit
losses - loans
|
(11,677)
|
|
|
|
(11,250)
|
|
|
|
Total assets
|
$ 1,746,977
|
|
|
|
$ 1,652,946
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction accounts
|
$
307,415
|
$ 1,760
|
0.57 %
|
|
$
336,115
|
$
273
|
0.08 %
|
|
Money market
accounts
|
361,994
|
9,721
|
2.69 %
|
|
308,473
|
943
|
0.31 %
|
|
Savings
deposits
|
133,010
|
307
|
0.23 %
|
|
157,626
|
102
|
0.06 %
|
|
Time
deposits
|
178,339
|
4,775
|
2.68 %
|
|
146,112
|
531
|
0.36 %
|
|
Fed funds
purchased
|
1,100
|
52
|
4.73 %
|
|
1,496
|
53
|
3.54 %
|
|
Securities sold
under agreements to repurchase
|
74,586
|
1,658
|
2.22 %
|
|
74,805
|
227
|
0.30 %
|
|
FHLB
Advances
|
86,614
|
4,345
|
5.02 %
|
|
9,457
|
370
|
3.91 %
|
|
Other long-term
debt
|
14,964
|
1,187
|
7.93 %
|
|
14,964
|
675
|
4.51 %
|
|
Total interest-bearing
liabilities
|
1,158,022
|
23,805
|
2.06 %
|
|
1,049,048
|
3,174
|
0.30 %
|
|
Demand
deposits
|
450,177
|
|
|
|
469,292
|
|
|
|
Allowance for credit
losses - unfunded commitments
|
464
|
|
|
|
-
|
|
|
|
Other
liabilities
|
14,837
|
|
|
|
12,725
|
|
|
|
Shareholders'
equity
|
123,477
|
|
|
|
121,881
|
|
|
|
Total liabilities and
shareholders' equity
|
$ 1,746,977
|
|
|
|
$ 1,652,946
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits,
including demand deposits
|
|
|
1.16 %
|
|
|
|
0.13 %
|
|
Cost of funds,
including demand deposits
|
|
|
1.48 %
|
|
|
|
0.21 %
|
|
Net interest
spread
|
|
|
2.39 %
|
|
|
|
3.01 %
|
|
Net interest
income/margin
|
|
$
48,892
|
3.00 %
|
|
|
$
47,943
|
3.11 %
|
|
Net interest
income/margin (tax equivalent)
|
|
$
49,176
|
3.01 %
|
|
|
$
48,455
|
3.14 %
|
|
|
|
|
|
|
|
|
|
|
The tables below provide a reconciliation of non‑GAAP measures
to GAAP for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
March
31,
|
|
|
December
31,
|
|
Tangible book value per common
share
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
Tangible common equity
per common share (non‑GAAP)
|
|
$
|
15.23
|
|
$
|
14.25
|
|
$
|
14.33
|
|
$
|
14.26
|
|
$
|
13.59
|
|
Effect to adjust for
intangible assets
|
|
|
2.00
|
|
|
2.01
|
|
|
2.02
|
|
|
2.03
|
|
|
2.03
|
|
Book value per common
share (GAAP)
|
|
$
|
17.23
|
|
$
|
16.26
|
|
$
|
16.35
|
|
$
|
16.29
|
|
$
|
15.62
|
|
Tangible common shareholders' equity to tangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets (non‑GAAP)
|
|
|
6.39
|
%
|
|
6.09
|
%
|
|
6.31
|
%
|
|
6.29
|
%
|
|
6.21
|
%
|
Effect to adjust for
intangible assets
|
|
|
0.78
|
%
|
|
0.80
|
%
|
|
0.82
|
%
|
|
0.83
|
%
|
|
0.87
|
%
|
Common equity to assets
(GAAP)
|
|
|
7.17
|
%
|
|
6.89
|
%
|
|
7.13
|
%
|
|
7.12
|
%
|
|
7.08
|
%
|
Return on average tangible
common equity
|
Three months
ended
December 31,
|
Three months
ended
September 30,
|
Three months
ended
June 30,
|
|
Three months
ended
March 31,
|
|
Twelve months
ended
December 31,
|
|
2023
|
2022
|
2023
|
|
2022
|
|
2023
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Return on average
tangible
common equity (non-GAAP)
|
11.93
|
%
|
16.03
|
%
|
6.35
|
%
|
15.14
|
%
|
12.26
|
%
|
12.48
|
%
|
13.42
|
%
|
11.63
|
%
|
10.95
|
%
|
13.73
|
%
|
Effect to adjust for
intangible assets
|
(1.45)
|
%
|
(2.14)
|
%
|
(0.78)
|
%
|
(1.97)
|
%
|
(1.51)
|
%
|
(1.66)
|
%
|
(1.72)
|
%
|
(1.32)
|
%
|
(1.36)
|
%
|
(1.74)
|
%
|
Return on average
common equity (GAAP)
|
10.48
|
%
|
13.89
|
%
|
5.57
|
%
|
13.17
|
%
|
10.75
|
%
|
10.82
|
%
|
11.70
|
%
|
10.31
|
%
|
9.59
|
%
|
11.99
|
%
|
|
Three months
ended
|
Twelve months
ended
|
|
December
31,
|
|
September
30,
|
December
31,
|
|
December 31,
|
Pre-tax, pre-provision earnings
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
2023
|
|
2022
|
Pre-tax, pre-provision
earnings (non‑GAAP)
|
$
|
4,546
|
|
$
|
2,694
|
|
$
|
5,184
|
$
|
16,169
|
$
|
18,259
|
Effect to adjust for
pre-tax, pre-provision earnings
|
|
(1,249)
|
|
|
(938)
|
|
|
(1,141)
|
|
(4,326)
|
|
(3,646)
|
Net Income
(GAAP)
|
$
|
3,297
|
|
$
|
1,756
|
|
$
|
4,043
|
$
|
11,843
|
$
|
14,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
Growth
|
Annualized
Growth
|
Loans and loan growth
|
|
|
2023
|
|
|
2023
|
|
|
Dollars
|
Rate
|
Non-PPP Loans and
Related Credit Facilities (non-GAAP)
|
|
$
|
1,133,868
|
|
$
|
1,091,475
|
|
$
|
42,393
|
|
|
15.4
|
%
|
PPP Related Credit
Facilities
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
%
|
Non-PPP Loans
(non‑GAAP)
|
|
$
|
1,133,868
|
|
$
|
1,091,475
|
|
$
|
42,393
|
|
|
15.4
|
%
|
PPP Loans
|
|
|
151
|
|
|
170
|
|
|
(19)
|
|
|
(44.3)
|
%
|
Total Loans
(GAAP)
|
|
$
|
1,134,019
|
|
$
|
1,091,645
|
|
$
|
42,374
|
|
|
15.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
Growth
|
Annualized
Growth
|
Loans and loan growth
|
|
|
2023
|
|
|
2022
|
|
|
Dollars
|
Rate
|
Non-PPP Loans and
Related Credit Facilities (non-GAAP)
|
|
$
|
1,133,868
|
|
$
|
980,638
|
|
$
|
153,230
|
|
|
15.6
|
%
|
PPP Related Credit
Facilities
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
%
|
Non-PPP Loans
(non‑GAAP)
|
|
$
|
1,133,868
|
|
$
|
980,638
|
|
$
|
153,230
|
|
|
15.6
|
%
|
PPP Loans
|
|
|
151
|
|
|
219
|
|
|
(68)
|
|
|
(31.1)
|
%
|
Total Loans
(GAAP)
|
|
$
|
1,134,019
|
|
$
|
980,857
|
|
$
|
153,162
|
|
|
15.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,"
"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.
- "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-fourth-quarter-and-year-end-2023-results-and-cash-dividend-302042888.html
SOURCE First Community Corporation