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UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported):
January 22, 2025
First
Community Corporation
(Exact
name of registrant as specified in its charter)
South
Carolina
(State or other
jurisdiction of incorporation)
| |
|
|
|
|
| |
000-28344 |
|
57-1010751 |
|
| |
(Commission
File Number) |
|
(IRS
Employer Identification No.) |
|
| |
|
|
|
|
| |
5455
Sunset Blvd, Lexington, South Carolina |
|
29072 |
|
| |
(Address
of principal executive offices) |
|
(Zip
Code) |
|
(803)
951-2265
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former name
or former address, if changed since last report.)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐ Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to
Section 12(b) of the Act:
| Title
of each class |
Trading
Symbol(s) |
Name
of exchange on which registered |
| Common
stock, par value $1.00 per share |
FCCO |
The Nasdaq Stock Market |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On January 22, 2025, First Community Corporation (the “Company”),
holding company for First Community Bank, issued a press release announcing its financial results for the period ended December 31, 2024.
The Company announced that the Board of Directors has approved a cash dividend for the fourth quarter of 2024. The Company will pay a
$0.15 per share dividend to holders of the Company’s common stock. This dividend is payable on February 18, 2025 to shareholders
of record as of February 4, 2025.
A copy of the press release is attached hereto as Exhibit 99.1.
FORWARD-LOOKING STATEMENTS
Certain statements in this report 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 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 credit 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) any increases in FDIC assessment which has increased, and
may continue to increase, 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.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
FIRST
COMMUNITY CORPORATION |
| |
|
|
|
| |
By: |
/s/
D. Shawn Jordan
|
|
| |
Name: |
D.
Shawn Jordan
|
|
| |
Title: |
Chief
Financial Officer |
|
Dated: January 22,
2025
Exhibit 99.1
 |
|
| |
News Release |
| |
For Release January 22, 2025 |
| |
9:00 A.M. |
| Contact: | D.
Shawn Jordan, Executive Vice President & Chief Financial Officer or |
| Robin
D. Brown, Executive Vice President & Chief Marketing Officer |
First Community Corporation
Announces Fourth Quarter and Year End 2024 Results and Cash Dividend
Lexington, SC –
January 22, 2025
Highlights
| · | Net
income of $4.232 million for the fourth quarter of 2024 and $13.955 million for the year
of 2024. |
| · | Diluted
EPS of $0.55 per common share for the fourth quarter of 2024 and $1.81 per common share
for the year of 2024. |
| · | Total
deposits increased $164.9 million, or 10.9%, during the year of 2024 and $31.8 million
or 1.9% during the fourth quarter of 2024, an annualized growth rate of 7.7%. Total deposit
growth, excluding brokered CDs, was $202.6 million during the year of 2024, a 13.8% growth
rate and $43.8 million during the fourth quarter of 2024, a 10.8% annualized growth rate. |
| · | Reduction
in wholesale funding (Federal Home Loan Bank Borrowings and Brokered CDs) from $138.1
million as of December 31, 2023 to $10.4 million as of December 31, 2024. |
| · | Total
loan growth of $86.5 million, or 7.6%, during the year of 2024 and $23.9 million, or
2.0%, during the fourth quarter of 2024, an annualized growth rate of 7.9%. |
| · | Key
credit quality metrics continue to be excellent with 2024 net charge-offs of $65 thousand;
net loan recoveries, excluding overdrafts, of $6 thousand; non-performing assets of 0.04%;
and past due loans of 0.05% at year-end 2024. |
| · | Investment
advisory revenue of $1.720 million for the fourth quarter of 2024 and $6.181 million
for the year of 2024. Assets under management (AUM) were $926.0 million at December 31,
2024, up from $901.6 million at September 30, 2024 and $755.4 million at December 31,
2023. |
| · | Cash
dividend of $0.15 per common share, the 92nd 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 2024. Net income for the fourth quarter of 2024 was $4.232 million and diluted earnings per common share were $0.55 compared
to $3.297 million and $0.43 in the fourth quarter of 2023 and $3.861 million and $0.50 in the third quarter of 2024. For the year
ended December 31, 2024, net income was $13.955 million compared to $11.843 million in 2023. Diluted earnings per common share
were $1.81 for 2024 compared to $1.55 in 2023.
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
and this sale created a one-time pre-tax loss of $1.2 million.
Cash Dividend and
Capital
The Board of Directors
has approved a cash dividend for the fourth quarter of 2024 of $0.15 per common share. This dividend is payable on February 18,
2025 to shareholders of record of the company’s common stock as of February 4, 2025. First Community Corporation President
and CEO, Mike Crapps commented, “The entire board is pleased that our performance enables the company to continue our cash
dividend uninterrupted for 92 consecutive quarters.”
The
company has a share repurchase plan approved to utilize up to $7.1 million of capital to repurchase shares of its common stock,
which represents approximately 4.9% of total shareholders’ equity as of December 31, 2024. This plan expires on May 13,
2025. Under the repurchase plan, the company may repurchase shares from time to time. No shares have been repurchased under this
plan. Mr. Crapps noted, “This share repurchase plan, along with other measures taken, provides us optionality in managing
capital going forward.”
Each of the regulatory
capital ratios for the bank exceed the well capitalized minimum levels currently required by regulatory statute. At December 31,
2024, the bank’s regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 8.40%, 12.87%, and 13.94%,
respectively. This compares to the same ratios as of December 31, 2023 of 8.45%, 12.53%, and 13.58%, respectively. As of December
31, 2024, the bank’s Common Equity Tier I ratio was 12.87% compared to 12.53% at December 31, 2023. Further, the company’s
Tangible Common Equity to Tangible Assets (TCE) ratio was 6.66% as of December 31, 2024 compared to 6.65% at September 30, 2024
and 6.39% as of December 31, 2023.
Tangible Book Value (TBV)
per share increased during the quarter to $16.93 per share as of December 31, 2024 as compared to $16.78 as of September 30, 2024
and $15.23 as of December 31, 2023.
Asset Quality
The company’s asset
quality remains excellent. The non-performing assets (NPAs) were 0.04% of total assets at December 31, 2024 with $810 thousand
in NPAs compared to 0.04% at September 30, 2024. The past due ratio for all loans was 0.05% at year-end 2024, down from 0.11%
at September 30, 2024. During the fourth quarter of 2024, the bank experienced net recoveries of $30 thousand with overall net
charge-offs for the year of 2024 of $65 thousand. Net loan recoveries excluding overdrafts were $49 thousand during the fourth
quarter of 2024, with overall net loan recoveries excluding overdrafts for the year of 2024 of $6 thousand. The ratio of classified
loans plus OREO stands at 1.06% of total bank regulatory risk-based capital as of December 31, 2024 compared to 1.15% on a linked
quarter and 1.24% at the end of 2023.
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, 2024:
| Collateral | |
Outstanding | | |
% of Loan
Portfolio | | |
Average
Loan Size | | |
Weighted
Avg LTV
of Top
10 Loans | |
| Retail | |
$ | 91,023,967 | | |
| 7.5 | % | |
$ | 978,752 | | |
| 52 | % |
| Warehouse & Industrial | |
$ | 76,994,204 | | |
| 6.3 | % | |
$ | 793,755 | | |
| 59 | % |
| Office | |
$ | 73,423,596 | | |
| 6.0 | % | |
$ | 726,966 | | |
| 59 | % |
| Hotel | |
$ | 60,443,080 | | |
| 5.0 | % | |
$ | 3,555,475 | | |
| 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 $13.4 million in loan outstandings and have a weighted average loan-to-value
of 48%.
Balance Sheet
Total loans increased during
the fourth quarter of 2024 by $23.9 million to $1.221 billion at December 31, 2024, compared to $1.197 billion at September 30,
2024, which is an annualized growth rate of 7.9%. For the year ended December 31, 2024, loan growth was $86.5 million which is
a 7.6% annual growth rate. Commercial loan production was $33.0 million during the fourth quarter of 2024 and $138.4 million for
the year of 2024 with advances of unfunded commercial construction loans of $23.2 million during the quarter and $94.5 million
during the year. Loan payoffs and paydowns in 2024 were up approximately 30% compared to 2023; however, they were still the second
lowest in the past six years. First Community Bank President and CEO Ted Nissen noted, “Loan growth was strong in 2024;
a combination of loan production and advances of unfunded commercial loans available for draws even with the headwinds of higher
payoffs and paydowns during the year.”
The yield on the loan portfolio
was 5.65% in the fourth quarter of 2024 as compared to 5.73% in the prior quarter. This decrease reflects the timing and impact
of the Federal Reserve rate decreases of a cumulative 100 basis points beginning in late September 2024. These rate decreases
have an immediate impact on the floating rate portion of the loan portfolio and on the swap (discussed below). Excluding the swap,
the yield on the loan portfolio was 5.51% in the fourth quarter of 2024 compared to 5.49% in the prior quarter. Over time, the
pricing of new and renewed loans at rates higher than the average yield of the portfolio will counter the immediate impact described
above.
At December 31, 2024, total
deposits were $1.676 billion compared to $1.511 billion at December 31, 2023, an increase of $164.9 million, representing an annual
growth rate of 10.9%. Total deposits increased $31.8 million during the fourth quarter to $1.676 billion at December 31, 2024
compared to $1.644 billion at September 30, 2024. Pure deposits, which are defined as total deposits less certificates of deposits,
increased $26.0 million on a linked quarter basis to $1.376 billion at December 31, 2024, an annualized growth rate of 7.7%. Securities
sold under agreements to repurchase, which are related to customer cash management accounts or business sweep accounts, were $103.1
million at December 31, 2024, an increase of $36.2 million on a linked quarter basis, a 215.0% annualized growth rate. The bank
began issuing brokered certificates of deposit during the third quarter of 2023 to supplement its funding mix. Brokered CDs declined
to $10.4 million as of December 31, 2024, compared to $22.4 million as of September 30, 2024, and $48.1 million as of December
31, 2023. Total deposits, excluding brokered deposits, were $1.665 billion at December 31, 2024 compared to $1.622 billion at
September 30, 2024, which is an increase of $43.8 million for an annualized growth rate of 10.7%. Total deposit growth, excluding
brokered CDs was $202.6 million for the year of 2024, a 13.8% annual growth rate. Costs of deposits decreased 12 basis points
to 1.91% in the fourth quarter of 2024 compared to 2.03% in the third quarter of the year. Cost of funds decreased 16 basis points
on a linked quarter basis to 2.05% in the fourth quarter of 2024 from 2.21% in the third quarter of the year. Non-interest bearing
deposits increased by $21.3 million on a linked quarter basis to $462.7 million or 27.6% of total deposits and increased on an
average basis for the quarter to $461.9 million from $445.3 million in the quarter ending September 30, 2024. Mr. Nissen commented,
“A strength of our bank has been and continues to be the value of our deposit franchise. Of the $31.8 million in total deposit
growth in the fourth quarter of 2024, $26.0 million of that was in pure deposits, which are more relationship based than the more
price sensitive certificates of deposit. Further, during the quarter, we were able to reduce both cost of funds and cost of deposits
due to this improved mix of deposit balances and the current interest rate environment.”
As of December 31, 2024,
including brokered CDs, the bank had uninsured deposits of $542.9 million, or 32.4%, of total bank deposits. Of those uninsured
deposits, $105.8 million, or 6.3%, 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 $437.1
million, or 26.1%, of total deposits at December 31, 2024. The average balance of all customer deposit accounts as of December
31, 2024 was $24,434. The average balance for consumer accounts was $13,106 and for non-consumer accounts was $53,162. 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 $123.5 million at December 31, 2024 compared to $144.4
million at September 30, 2024. Further, the bank has additional sources of liquidity in the form of federal funds purchased lines
of credit in the total amount of $77.5 million with three 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, 2024.
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, 2024, the bank had no FHLB advances. Therefore, having remaining credit availability under this facility in excess
of $485.6 million, subject to collateral requirements.
Combined, the company has
total remaining credit availability in excess of $573.1 million, subject to collateral requirements, as compared to uninsured
deposits (excluding deposits secured or collateralized as noted above) of $437.1 million.
During the fourth quarter
of 2024, FHLB Advances were reduced from $50.0 million to zero, including the pre-payment of $35.0 million in FHLB advances, resulting
in a loss on early extinguishment of debt of $229 thousand.
The investment portfolio
was $491.7 million at December 31, 2024 compared to $486.8 million at September 30, 2024. The yield declined to 3.40% during the
fourth quarter of 2024 as compared to 3.53% in the third quarter of 2024. The effective duration of the total investment portfolio
is 3.5 at December 31, 2024. Accumulated Other Comprehensive Loss (AOCL) was $25.5 million at December 31, 2024 compared to $23.2
million at September 30, 2024 due to an increase in market interest rates.
Revenue
Net Interest Income/Net
Interest Margin
Net interest income for
the year of 2024 increased 6.4% to $52.0 million compared to $48.9 million for the year of 2023. On a linked quarter basis, net
interest income increased to $13.9 million in the fourth quarter of 2024 from $13.4 million in the third quarter of the year,
an annualized increase of 13.2%. The net interest margin, on a taxable equivalent basis, was 3.00% for the fourth quarter of 2024
compared to 2.96% in the third quarter of 2024. This represents three consecutive quarters of net interest margin expansion with
positive momentum entering the first quarter of 2025. The net interest margin, on a taxable equivalent basis, was 3.05% for the
month of December 2024.
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 $414 thousand during
the fourth quarter of 2024 and $2.411 million for the year of 2024. Loan yields and net interest margin both benefitted with an
increase of 14 basis points and nine basis points, respectively during the fourth quarter of 2024 and 21 basis points and 14 basis
points, respectively, for the year of 2024.
Non-Interest Income
Total non-interest income
was $3.608 million in the fourth quarter of 2024 compared to $3.570 million in the third quarter of the year and $2.931 million
in the fourth quarter of 2023. Total non-interest income, for the year of 2024 was $14.004 million, compared to 2023 non-interest
income of $10.421 million. Impacting non-interest income in the fourth quarter of 2024 was a loss on early extinguishment of debt
in the amount of $229 thousand. Impacting non-interest income in 2023 was a $1.249 million loss on the sale of securities during
the third quarter as discussed in prior earnings releases.
Total production in the
mortgage line of business in the fourth quarter of 2024 was $41.88 million which was comprised of $24.04 million in secondary
market loans, $7.92 million in adjustable rate mortgages (ARMs) and $9.92 million in construction loans. Fee revenue associated
with the secondary market loans was $707 thousand in the fourth quarter of 2024 with a gain-on-sale margin of 2.94%. This compares
to production in the third quarter of 2024 of $38.1 million which was comprised of $19.5 million in secondary market loans, $8.7
million in ARMs, and $9.9 million in construction loans. Fee revenue associated with the secondary market loans in the third quarter
of 2024 was $571 thousand with a gain-on-sale margin of 2.92%. Production in the fourth quarter of 2023 was $38.6 million which
was comprised of $14.3 million in secondary market loans, $10.0 million in 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%. Mr. Nissen noted, “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 $1.720 million in the fourth quarter of 2024 compared to $1.595 million in the third quarter of
2024 and $1.176 million in the fourth quarter of 2023. Total revenue in the investment advisory line of business in 2024 was $6.181
million compared to $4.511 million in 2023. AUM ended 2024 at $926.0 million compared to $901.6 million at September 30, 2024
and $755.4 million at year-end 2023.
Non-Interest
Expense / Taxes
Total non-interest expense
was $11.826 million in the fourth quarter of 2024, down $165 thousand from non-interest expense of $11.991 million in the third
quarter of the year. There was a planned decrease in marketing and public relations expenses of $267 thousand in the fourth quarter
of 2024 compared to the third quarter of the year related to fewer media placements in the last three months of the year. This
decrease was partially offset by an increase of $89 thousand in Other expenses.
In the fourth quarter of
2024, the bank purchased a $500 thousand South Carolina state income tax credit in the amount of $432.5 thousand which resulted
in a $67.5 thousand non-recurring benefit to income taxes in the 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”, “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 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 credit 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) any increases in FDIC assessment which has increased, and
may continue to increase, 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, | |
| | |
2024 | | |
2024 | | |
2024 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| | |
| |
| Total Assets | |
$ | 1,958,021 | | |
$ | 1,943,548 | | |
$ | 1,884,844 | | |
$ | 1,886,991 | | |
$ | 1,827,688 | |
| Other Short-term Investments and CD’s1 | |
| 123,455 | | |
| 144,354 | | |
| 86,172 | | |
| 122,778 | | |
| 66,787 | |
| Investment Securities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments Held-to-Maturity | |
| 209,436 | | |
| 212,243 | | |
| 213,706 | | |
| 215,260 | | |
| 217,200 | |
| Investments Available-for-Sale | |
| 279,582 | | |
| 269,553 | | |
| 269,918 | | |
| 274,349 | | |
| 282,226 | |
| Other Investments at Cost | |
| 2,679 | | |
| 5,054 | | |
| 5,029 | | |
| 5,504 | | |
| 6,800 | |
| Total Investment Securities | |
| 491,697 | | |
| 486,850 | | |
| 488,653 | | |
| 495,113 | | |
| 506,226 | |
| Loans Held-for-Sale | |
| 9,662 | | |
| 3,935 | | |
| 6,701 | | |
| 1,719 | | |
| 4,433 | |
| Loans | |
| 1,220,542 | | |
| 1,196,659 | | |
| 1,189,189 | | |
| 1,157,305 | | |
| 1,134,019 | |
| Allowance for Credit Losses - Investments | |
| 23 | | |
| 24 | | |
| 27 | | |
| 29 | | |
| 30 | |
| Allowance for Credit Losses - Loans | |
| 13,135 | | |
| 12,933 | | |
| 12,932 | | |
| 12,459 | | |
| 12,267 | |
| Allowance for Credit Losses - Unfunded Commitments | |
| 480 | | |
| 409 | | |
| 490 | | |
| 512 | | |
| 597 | |
| Goodwill | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | |
| Other Intangibles | |
| 446 | | |
| 486 | | |
| 525 | | |
| 564 | | |
| 604 | |
| Total Deposits | |
| 1,675,901 | | |
| 1,644,064 | | |
| 1,604,528 | | |
| 1,578,067 | | |
| 1,511,001 | |
| Securities Sold Under Agreements to Repurchase | |
| 103,110 | | |
| 66,933 | | |
| 59,286 | | |
| 81,833 | | |
| 62,863 | |
| Federal Funds Purchased | |
| — | | |
| 3,656 | | |
| — | | |
| — | | |
| — | |
| Federal Home Loan Bank Advances | |
| — | | |
| 50,000 | | |
| 50,000 | | |
| 60,000 | | |
| 90,000 | |
| Junior Subordinated Debt | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | |
| Accumulated Other Comprehensive Loss (AOCL) | |
| (25,459 | ) | |
| (23,223 | ) | |
| (27,288 | ) | |
| (27,442 | ) | |
| (28,191 | ) |
| Shareholders’ Equity | |
| 144,494 | | |
| 143,312 | | |
| 136,179 | | |
| 133,493 | | |
| 131,059 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Book Value Per Common Share | |
$ | 18.90 | | |
$ | 18.76 | | |
$ | 17.84 | | |
$ | 17.50 | | |
$ | 17.23 | |
| Tangible Book Value Per Common Share (non-GAAP) | |
$ | 16.93 | | |
$ | 16.78 | | |
$ | 15.85 | | |
$ | 15.51 | | |
$ | 15.23 | |
| Equity to Assets | |
| 7.38 | % | |
| 7.37 | % | |
| 7.22 | % | |
| 7.07 | % | |
| 7.17 | % |
| Tangible Common Equity to Tangible Assets (TCE Ratio) (non-GAAP) | |
| 6.66 | % | |
| 6.65 | % | |
| 6.47 | % | |
| 6.32 | % | |
| 6.39 | % |
| Loan to Deposit Ratio (Includes Loans Held-for-Sale) | |
| 73.41 | % | |
| 73.03 | % | |
| 74.53 | % | |
| 73.45 | % | |
| 75.34 | % |
| Loan to Deposit Ratio (Excludes Loans Held-for-Sale) | |
| 72.83 | % | |
| 72.79 | % | |
| 74.11 | % | |
| 73.34 | % | |
| 75.05 | % |
| Allowance for Credit Losses - Loans/Loans | |
| 1.08 | % | |
| 1.08 | % | |
| 1.09 | % | |
| 1.08 | % | |
| 1.08 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Regulatory Capital Ratios (Bank): | |
| | | |
| | | |
| | | |
| | | |
| | |
| Leverage Ratio | |
| 8.40 | % | |
| 8.39 | % | |
| 8.44 | % | |
| 8.35 | % | |
| 8.45 | % |
| Tier 1 Capital Ratio | |
| 12.87 | % | |
| 12.93 | % | |
| 12.56 | % | |
| 12.65 | % | |
| 12.53 | % |
| Total Capital Ratio | |
| 13.94 | % | |
| 14.00 | % | |
| 13.62 | % | |
| 13.71 | % | |
| 13.58 | % |
| Common Equity Tier 1 Capital Ratio | |
| 12.87 | % | |
| 12.93 | % | |
| 12.56 | % | |
| 12.65 | % | |
| 12.53 | % |
| Tier 1 Regulatory Capital | |
$ | 164,397 | | |
$ | 161,058 | | |
$ | 158,080 | | |
$ | 155,590 | | |
$ | 153,859 | |
| Total Regulatory Capital | |
$ | 178,034 | | |
$ | 174,423 | | |
$ | 171,529 | | |
$ | 168,590 | | |
$ | 166,752 | |
| Common Equity Tier 1 Capital | |
$ | 164,397 | | |
$ | 161,058 | | |
$ | 158,080 | | |
$ | 155,590 | | |
$ | 153,859 | |
| 1 | Includes federal funds sold
and interest-bearing deposits |
FIRST
COMMUNITY CORPORATION
BALANCE
SHEET DATA
(Dollars
in thousands, except per share data)
| Average Balances: | |
Three months ended | | |
Twelve months ended | |
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| Average Total Assets | |
$ | 1,954,772 | | |
$ | 1,809,653 | | |
$ | 1,897,755 | | |
$ | 1,746,977 | |
| Average Loans (Includes Loans Held-for-Sale) | |
| 1,211,880 | | |
| 1,121,383 | | |
| 1,185,024 | | |
| 1,048,118 | |
| Average Investment Securities | |
| 486,074 | | |
| 504,231 | | |
| 491,039 | | |
| 541,078 | |
| Average Short-term Investments and CDs1 | |
| 147,817 | | |
| 69,199 | | |
| 110,907 | | |
| 42,915 | |
| Average Earning Assets | |
| 1,845,771 | | |
| 1,694,813 | | |
| 1,786,970 | | |
| 1,632,111 | |
| Average Deposits | |
| 1,661,782 | | |
| 1,498,773 | | |
| 1,593,832 | | |
| 1,430,935 | |
| Average Other Borrowings | |
| 129,165 | | |
| 168,994 | | |
| 146,956 | | |
| 177,264 | |
| Average Shareholders’ Equity | |
| 143,726 | | |
| 124,866 | | |
| 137,171 | | |
| 123,477 | |
| Asset Quality: | |
As of | |
| | |
December 31, | | |
September 30, | | |
June 30, | | |
March 31, | | |
December 31, | |
| | |
2024 | | |
2024 | | |
2024 | | |
2024 | | |
2023 | |
| Loan Risk Rating by Category (End of Period) | | |
| | |
| | |
| | |
| |
| Special Mention | |
$ | 921 | | |
$ | 672 | | |
$ | 673 | | |
$ | 833 | | |
$ | 331 | |
| Substandard | |
| 1,341 | | |
| 1,455 | | |
| 1,528 | | |
| 1,418 | | |
| 1,449 | |
| Doubtful | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Pass | |
| 1,218,280 | | |
| 1,194,532 | | |
| 1,186,988 | | |
| 1,155,054 | | |
| 1,132,239 | |
| Total Loans | |
$ | 1,220,542 | | |
$ | 1,196,659 | | |
$ | 1,189,189 | | |
$ | 1,157,305 | | |
$ | 1,134,019 | |
| Nonperforming Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-accrual Loans | |
$ | 219 | | |
$ | 119 | | |
$ | 173 | | |
$ | 56 | | |
$ | 27 | |
| Other Real Estate Owned and Repossessed Assets | |
| 543 | | |
| 544 | | |
| 544 | | |
| 622 | | |
| 622 | |
| Accruing Loans Past Due 90 Days or More | |
| 48 | | |
| 211 | | |
| — | | |
| 157 | | |
| 215 | |
| Total Nonperforming Assets | |
$ | 810 | | |
$ | 874 | | |
$ | 717 | | |
$ | 835 | | |
$ | 864 | |
| | |
Three months ended | | |
Twelve months ended | |
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Loans Charged-off | |
$ | 12 | | |
$ | — | | |
$ | 97 | | |
$ | 24 | |
| Overdrafts Charged-off | |
| 23 | | |
| 17 | | |
| 87 | | |
| 63 | |
| Loan Recoveries | |
| (61 | ) | |
| (15 | ) | |
| (103 | ) | |
| (79 | ) |
| Overdraft Recoveries | |
| (4 | ) | |
| (3 | ) | |
| (16 | ) | |
| (14 | ) |
| Net Charge-offs (Recoveries) | |
$ | (30 | ) | |
$ | (1 | ) | |
$ | 65 | | |
$ | (6 | ) |
| Net Charge-offs / (Recoveries) to Average Loans2 | |
| (0.01 | %) | |
| (0.00 | %) | |
| 0.01 | % | |
| (0.00 | %) |
| 1 | Includes federal funds sold
and interest-bearing deposits |
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, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Interest income | |
$ | 23,074 | | |
$ | 20,576 | | |
$ | 23,161 | | |
$ | 18,734 | | |
$ | 21,931 | | |
$ | 17,497 | | |
$ | 21,256 | | |
$ | 15,890 | | |
$ | 89,422 | | |
$ | 72,697 | |
| Interest expense | |
| 9,217 | | |
| 8,281 | | |
| 9,749 | | |
| 6,631 | | |
| 9,237 | | |
| 5,360 | | |
| 9,179 | | |
| 3,533 | | |
| 37,382 | | |
| 23,805 | |
| Net interest income | |
| 13,857 | | |
| 12,295 | | |
| 13,412 | | |
| 12,103 | | |
| 12,694 | | |
| 12,137 | | |
| 12,077 | | |
| 12,357 | | |
| 52,040 | | |
| 48,892 | |
| Provision for (release of) credit losses | |
| 242 | | |
| 399 | | |
| (16 | ) | |
| 474 | | |
| 454 | | |
| 186 | | |
| 129 | | |
| 70 | | |
| 809 | | |
| 1,129 | |
| Net interest income after provision for (release of) credit losses | |
| 13,615 | | |
| 11,896 | | |
| 13,428 | | |
| 11,629 | | |
| 12,240 | | |
| 11,951 | | |
| 11,948 | | |
| 12,287 | | |
| 51,231 | | |
| 47,763 | |
| Non-interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deposit service charges | |
| 230 | | |
| 271 | | |
| 228 | | |
| 240 | | |
| 235 | | |
| 220 | | |
| 259 | | |
| 232 | | |
| 952 | | |
| 963 | |
| Mortgage banking income | |
| 709 | | |
| 372 | | |
| 575 | | |
| 508 | | |
| 659 | | |
| 371 | | |
| 425 | | |
| 155 | | |
| 2,368 | | |
| 1,406 | |
| Investment advisory fees and non-deposit commissions | |
| 1,720 | | |
| 1,176 | | |
| 1,595 | | |
| 1,187 | | |
| 1,508 | | |
| 1,081 | | |
| 1,358 | | |
| 1,067 | | |
| 6,181 | | |
| 4,511 | |
| Loss on sale of securities | |
| — | | |
| — | | |
| — | | |
| (1,249 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,249 | ) |
| Gain on sale of other assets | |
| — | | |
| — | | |
| 5 | | |
| 46 | | |
| — | | |
| 105 | | |
| — | | |
| — | | |
| 5 | | |
| 151 | |
| Loss on early extinguishment of debt | |
| (229 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (229 | ) | |
| — | |
| Other non-recurring income | |
| — | | |
| — | | |
| — | | |
| — | | |
| 95 | | |
| 121 | | |
| — | | |
| — | | |
| 95 | | |
| 121 | |
| Other | |
| 1,178 | | |
| 1,112 | | |
| 1,167 | | |
| 1,132 | | |
| 1,145 | | |
| 1,153 | | |
| 1,142 | | |
| 1,121 | | |
| 4,632 | | |
| 4,518 | |
| Total non-interest income | |
| 3,608 | | |
| 2,931 | | |
| 3,570 | | |
| 1,864 | | |
| 3,642 | | |
| 3,051 | | |
| 3,184 | | |
| 2,575 | | |
| 14,004 | | |
| 10,421 | |
| Non-interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 7,437 | | |
| 6,412 | | |
| 7,422 | | |
| 6,613 | | |
| 7,303 | | |
| 6,508 | | |
| 7,101 | | |
| 6,331 | | |
| 29,263 | | |
| 25,864 | |
| Occupancy | |
| 773 | | |
| 738 | | |
| 793 | | |
| 776 | | |
| 738 | | |
| 813 | | |
| 790 | | |
| 830 | | |
| 3,094 | | |
| 3,157 | |
| Equipment | |
| 413 | | |
| 437 | | |
| 391 | | |
| 416 | | |
| 317 | | |
| 377 | | |
| 330 | | |
| 336 | | |
| 1,451 | | |
| 1,566 | |
| Marketing and public relations | |
| 210 | | |
| 171 | | |
| 477 | | |
| 609 | | |
| 258 | | |
| 370 | | |
| 566 | | |
| 346 | | |
| 1,511 | | |
| 1,496 | |
| FDIC assessment | |
| 307 | | |
| 290 | | |
| 290 | | |
| 211 | | |
| 302 | | |
| 221 | | |
| 278 | | |
| 182 | | |
| 1,177 | | |
| 904 | |
| Other real estate (income) expenses | |
| (10 | ) | |
| 30 | | |
| 11 | | |
| 21 | | |
| 90 | | |
| (30 | ) | |
| 12 | | |
| (133 | ) | |
| 103 | | |
| (112 | ) |
| Amortization of intangibles | |
| 40 | | |
| 40 | | |
| 40 | | |
| 39 | | |
| 39 | | |
| 40 | | |
| 39 | | |
| 39 | | |
| 158 | | |
| 158 | |
| Other | |
| 2,656 | | |
| 2,562 | | |
| 2,567 | | |
| 2,588 | | |
| 2,796 | | |
| 2,456 | | |
| 2,689 | | |
| 2,505 | | |
| 10,708 | | |
| 10,111 | |
| Total non-interest expense | |
| 11,826 | | |
| 10,680 | | |
| 11,991 | | |
| 11,273 | | |
| 11,843 | | |
| 10,755 | | |
| 11,805 | | |
| 10,436 | | |
| 47,465 | | |
| 43,144 | |
| Income before taxes | |
| 5,397 | | |
| 4,147 | | |
| 5,007 | | |
| 2,220 | | |
| 4,039 | | |
| 4,247 | | |
| 3,327 | | |
| 4,426 | | |
| 17,770 | | |
| 15,040 | |
| Income tax expense | |
| 1,165 | | |
| 850 | | |
| 1,146 | | |
| 464 | | |
| 774 | | |
| 920 | | |
| 730 | | |
| 963 | | |
| 3,815 | | |
| 3,197 | |
| Net income | |
$ | 4,232 | | |
$ | 3,297 | | |
$ | 3,861 | | |
$ | 1,756 | | |
$ | 3,265 | | |
$ | 3,327 | | |
$ | 2,597 | | |
$ | 3,463 | | |
$ | 13,955 | | |
$ | 11,843 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Per share data | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income, basic | |
$ | 0.55 | | |
$ | 0.43 | | |
$ | 0.51 | | |
$ | 0.23 | | |
$ | 0.43 | | |
$ | 0.44 | | |
$ | 0.34 | | |
$ | 0.46 | | |
$ | 1.83 | | |
$ | 1.56 | |
| Net income, diluted | |
$ | 0.55 | | |
$ | 0.43 | | |
$ | 0.50 | | |
$ | 0.23 | | |
$ | 0.42 | | |
$ | 0.43 | | |
$ | 0.34 | | |
$ | 0.45 | | |
$ | 1.81 | | |
$ | 1.55 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average number of shares outstanding - basic | |
| 7,628,421 | | |
| 7,579,513 | | |
| 7,623,260 | | |
| 7,571,994 | | |
| 7,617,266 | | |
| 7,564,928 | | |
| 7,600,450 | | |
| 7,555,080 | | |
| 7,616,502 | | |
| 7,567,819 | |
| Average number of shares outstanding - diluted | |
| 7,738,048 | | |
| 7,658,610 | | |
| 7,722,276 | | |
| 7,654,962 | | |
| 7,695,476 | | |
| 7,654,817 | | |
| 7,679,771 | | |
| 7,644,440 | | |
| 7,702,343 | | |
| 7,646,874 | |
| Shares outstanding period end | |
| 7,644,424 | | |
| 7,606,172 | | |
| 7,640,648 | | |
| 7,600,023 | | |
| 7,635,145 | | |
| 7,593,759 | | |
| 7,629,005 | | |
| 7,587,763 | | |
| 7,644,424 | | |
| 7,606,172 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Return on average assets | |
| 0.86 | % | |
| 0.72 | % | |
| 0.80 | % | |
| 0.40 | % | |
| 0.71 | % | |
| 0.77 | % | |
| 0.56 | % | |
| 0.83 | % | |
| 0.74 | % | |
| 0.68 | % |
| Return on average common equity | |
| 11.71 | % | |
| 10.48 | % | |
| 11.04 | % | |
| 5.57 | % | |
| 9.82 | % | |
| 10.75 | % | |
| 7.91 | % | |
| 11.70 | % | |
| 10.17 | % | |
| 9.59 | % |
| Return on average tangible common equity (non-GAAP) | |
| 13.09 | % | |
| 11.93 | % | |
| 12.39 | % | |
| 6.35 | % | |
| 11.08 | % | |
| 12.26 | % | |
| 8.95 | % | |
| 13.42 | % | |
| 11.44 | % | |
| 10.95 | % |
| Net interest margin (non taxable equivalent) | |
| 2.99 | % | |
| 2.88 | % | |
| 2.95 | % | |
| 2.95 | % | |
| 2.92 | % | |
| 3.00 | % | |
| 2.78 | % | |
| 3.17 | % | |
| 2.91 | % | |
| 3.00 | % |
| Net interest margin (taxable equivalent) | |
| 3.00 | % | |
| 2.89 | % | |
| 2.96 | % | |
| 2.96 | % | |
| 2.93 | % | |
| 3.02 | % | |
| 2.79 | % | |
| 3.19 | % | |
| 2.92 | % | |
| 3.01 | % |
| Efficiency ratio1 | |
| 66.67 | % | |
| 69.92 | % | |
| 70.48 | % | |
| 74.01 | % | |
| 72.75 | % | |
| 71.52 | % | |
| 77.15 | % | |
| 69.43 | % | |
| 71.56 | % | |
| 71.23 | % |
| 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 on sale of
other assets, loss on early extinguishment of debt, 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, 2024 | | |
Three months ended December 31, 2023 | |
| | |
Average | | |
Interest | | |
Yield/ | | |
Average | | |
Interest | | |
Yield/ | |
| | |
Balance | | |
Earned/Paid | | |
Rate | | |
Balance | | |
Earned/Paid | | |
Rate | |
| Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans | |
$ | 1,211,880 | | |
$ | 17,201 | | |
| 5.65 | % | |
$ | 1,121,383 | | |
$ | 15,040 | | |
| 5.32 | % |
| Non-taxable securities | |
| 48,170 | | |
| 350 | | |
| 2.89 | % | |
| 50,063 | | |
| 363 | | |
| 2.88 | % |
| Taxable securities | |
| 437,904 | | |
| 3,805 | | |
| 3.46 | % | |
| 454,168 | | |
| 4,201 | | |
| 3.67 | % |
| Int bearing deposits in other banks | |
| 147,668 | | |
| 1,716 | | |
| 4.62 | % | |
| 69,101 | | |
| 971 | | |
| 5.57 | % |
| Fed funds sold | |
| 149 | | |
| 2 | | |
| 5.34 | % | |
| 98 | | |
| 1 | | |
| 4.05 | % |
| Total earning assets | |
| 1,845,771 | | |
| 23,074 | | |
| 4.97 | % | |
| 1,694,813 | | |
| 20,576 | | |
| 4.82 | % |
| Cash and due from banks | |
| 24,282 | | |
| | | |
| | | |
| 23,848 | | |
| | | |
| | |
| Premises and equipment | |
| 30,044 | | |
| | | |
| | | |
| 30,813 | | |
| | | |
| | |
| Goodwill and other intangibles | |
| 15,102 | | |
| | | |
| | | |
| 15,260 | | |
| | | |
| | |
| Other assets | |
| 52,612 | | |
| | | |
| | | |
| 56,968 | | |
| | | |
| | |
| Allowance for credit losses - investments | |
| (24 | ) | |
| | | |
| | | |
| (32 | ) | |
| | | |
| | |
| Allowance for credit losses - loans | |
| (13,015 | ) | |
| | | |
| | | |
| (12,017 | ) | |
| | | |
| | |
| Total assets | |
$ | 1,954,772 | | |
| | | |
| | | |
$ | 1,809,653 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing transaction accounts | |
$ | 328,330 | | |
$ | 965 | | |
| 1.17 | % | |
$ | 297,972 | | |
$ | 645 | | |
| 0.86 | % |
| Money market accounts | |
| 437,872 | | |
| 3,497 | | |
| 3.18 | % | |
| 397,258 | | |
| 3,297 | | |
| 3.29 | % |
| Savings deposits | |
| 109,992 | | |
| 89 | | |
| 0.32 | % | |
| 119,602 | | |
| 114 | | |
| 0.38 | % |
| Time deposits | |
| 323,690 | | |
| 3,412 | | |
| 4.19 | % | |
| 241,795 | | |
| 2,345 | | |
| 3.85 | % |
| Fed funds purchased | |
| — | | |
| — | | |
| NA | | |
| — | | |
| — | | |
| NA | |
| Securities sold under agreements to repurchase | |
| 83,929 | | |
| 572 | | |
| 2.71 | % | |
| 70,008 | | |
| 492 | | |
| 2.79 | % |
| FHLB Advances | |
| 30,272 | | |
| 392 | | |
| 5.15 | % | |
| 84,022 | | |
| 1,074 | | |
| 5.07 | % |
| Other long-term debt | |
| 14,964 | | |
| 290 | | |
| 7.71 | % | |
| 14,964 | | |
| 314 | | |
| 8.33 | % |
| Total interest-bearing liabilities | |
| 1,329,049 | | |
| 9,217 | | |
| 2.76 | % | |
| 1,225,621 | | |
| 8,281 | | |
| 2.68 | % |
| Demand deposits | |
| 461,898 | | |
| | | |
| | | |
| 442,146 | | |
| | | |
| | |
| Allowance for credit losses - unfunded commitments | |
| 410 | | |
| | | |
| | | |
| 643 | | |
| | | |
| | |
| Other liabilities | |
| 19,689 | | |
| | | |
| | | |
| 16,377 | | |
| | | |
| | |
| Shareholders’ equity | |
| 143,726 | | |
| | | |
| | | |
| 124,866 | | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
$ | 1,954,772 | | |
| | | |
| | | |
$ | 1,809,653 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of deposits, including demand deposits | |
| | | |
| | | |
| 1.91 | % | |
| | | |
| | | |
| 1.69 | % |
| Cost of funds, including demand deposits | |
| | | |
| | | |
| 2.05 | % | |
| | | |
| | | |
| 1.97 | % |
| Net interest spread | |
| | | |
| | | |
| 2.21 | % | |
| | | |
| | | |
| 2.14 | % |
| Net interest income/margin | |
| | | |
$ | 13,857 | | |
| 2.99 | % | |
| | | |
$ | 12,295 | | |
| 2.88 | % |
| Net interest income/margin (tax equivalent) | |
| | | |
$ | 13,900 | | |
| 3.00 | % | |
| | | |
$ | 12,343 | | |
| 2.89 | % |
FIRST COMMUNITY CORPORATION
Yields on Average Earning Assets and
Rates on Average Interest-Bearing Liabilities
| | |
Twelve months ended December 31, 2024 | | |
Twelve months ended December 31, 2023 | |
| | |
Average | | |
Interest | | |
Yield/ | | |
Average | | |
Interest | | |
Yield/ | |
| | |
Balance | | |
Earned/Paid | | |
Rate | | |
Balance | | |
Earned/Paid | | |
Rate | |
| Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans | |
$ | 1,185,024 | | |
$ | 66,431 | | |
| 5.61 | % | |
$ | 1,048,118 | | |
$ | 52,317 | | |
| 4.99 | % |
| Non-taxable securities | |
| 48,761 | | |
| 1,420 | | |
| 2.91 | % | |
| 50,726 | | |
| 1,471 | | |
| 2.90 | % |
| Taxable securities | |
| 442,278 | | |
| 16,084 | | |
| 3.64 | % | |
| 490,352 | | |
| 16,715 | | |
| 3.41 | % |
| Int bearing deposits in other banks | |
| 110,844 | | |
| 5,484 | | |
| 4.95 | % | |
| 42,859 | | |
| 2,191 | | |
| 5.11 | % |
| Fed funds sold | |
| 63 | | |
| 3 | | |
| 4.76 | % | |
| 56 | | |
| 3 | | |
| 5.36 | % |
| Total earning assets | |
| 1,786,970 | | |
| 89,422 | | |
| 5.00 | % | |
| 1,632,111 | | |
| 72,697 | | |
| 4.45 | % |
| Cash and due from banks | |
| 24,126 | | |
| | | |
| | | |
| 25,278 | | |
| | | |
| | |
| Premises and equipment | |
| 30,313 | | |
| | | |
| | | |
| 31,145 | | |
| | | |
| | |
| Goodwill and other intangibles | |
| 15,161 | | |
| | | |
| | | |
| 15,319 | | |
| | | |
| | |
| Other assets | |
| 53,948 | | |
| | | |
| | | |
| 54,840 | | |
| | | |
| | |
| Allowance for credit losses - investments | |
| (27 | ) | |
| | | |
| | | |
| (39 | ) | |
| | | |
| | |
| Allowance for credit losses - loans | |
| (12,736 | ) | |
| | | |
| | | |
| (11,677 | ) | |
| | | |
| | |
| Total assets | |
$ | 1,897,755 | | |
| | | |
| | | |
$ | 1,746,977 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing transaction accounts | |
$ | 311,101 | | |
$ | 3,451 | | |
| 1.11 | % | |
$ | 307,415 | | |
$ | 1,760 | | |
| 0.57 | % |
| Money market accounts | |
| 417,178 | | |
| 13,824 | | |
| 3.31 | % | |
| 361,994 | | |
| 9,721 | | |
| 2.69 | % |
| Savings deposits | |
| 112,473 | | |
| 430 | | |
| 0.38 | % | |
| 133,010 | | |
| 307 | | |
| 0.23 | % |
| Time deposits | |
| 309,509 | | |
| 13,468 | | |
| 4.35 | % | |
| 178,339 | | |
| 4,775 | | |
| 2.68 | % |
| Fed funds purchased | |
| 12 | | |
| 1 | | |
| 8.33 | % | |
| 1,100 | | |
| 52 | | |
| 4.73 | % |
| Securities sold under agreements to repurchase | |
| 77,158 | | |
| 2,183 | | |
| 2.83 | % | |
| 74,586 | | |
| 1,658 | | |
| 2.22 | % |
| FHLB Advances | |
| 54,822 | | |
| 2,808 | | |
| 5.12 | % | |
| 86,614 | | |
| 4,345 | | |
| 5.02 | % |
| Other long-term debt | |
| 14,964 | | |
| 1,217 | | |
| 8.13 | % | |
| 14,964 | | |
| 1,187 | | |
| 7.93 | % |
| Total interest-bearing liabilities | |
| 1,297,217 | | |
| 37,382 | | |
| 2.88 | % | |
| 1,158,022 | | |
| 23,805 | | |
| 2.06 | % |
| Demand deposits | |
| 443,571 | | |
| | | |
| | | |
| 450,177 | | |
| | | |
| | |
| Allowance for credit losses - unfunded commitments | |
| 501 | | |
| | | |
| | | |
| 464 | | |
| | | |
| | |
| Other liabilities | |
| 19,295 | | |
| | | |
| | | |
| 14,837 | | |
| | | |
| | |
| Shareholders’ equity | |
| 137,171 | | |
| | | |
| | | |
| 123,477 | | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
$ | 1,897,755 | | |
| | | |
| | | |
$ | 1,746,977 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of deposits, including demand deposits | |
| | | |
| | | |
| 1.96 | % | |
| | | |
| | | |
| 1.16 | % |
| Cost of funds, including demand deposits | |
| | | |
| | | |
| 2.15 | % | |
| | | |
| | | |
| 1.48 | % |
| Net interest spread | |
| | | |
| | | |
| 2.12 | % | |
| | | |
| | | |
| 2.39 | % |
| Net interest income/margin | |
| | | |
$ | 52,040 | | |
| 2.91 | % | |
| | | |
$ | 48,892 | | |
| 3.00 | % |
| Net interest income/margin (tax equivalent) | |
| | | |
$ | 52,198 | | |
| 2.92 | % | |
| | | |
$ | 49,176 | | |
| 3.01 | % |
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 | |
2024 | | |
2024 | | |
2024 | | |
2024 | | |
2023 | |
| Tangible common equity per common share (non-GAAP) | |
$ | 16.93 | | |
$ | 16.78 | | |
$ | 15.85 | | |
$ | 15.51 | | |
$ | 15.23 | |
| Effect to adjust for intangible assets | |
| 1.97 | | |
| 1.98 | | |
| 1.99 | | |
| 1.99 | | |
| 2.00 | |
| Book value per common share (GAAP) | |
$ | 18.90 | | |
$ | 18.76 | | |
$ | 17.84 | | |
$ | 17.50 | | |
$ | 17.23 | |
| Tangible common shareholders’ equity to tangible assets | |
| | | |
| | | |
| | | |
| | | |
| | |
| Tangible common equity to tangible assets (non-GAAP) | |
| 6.66 | % | |
| 6.65 | % | |
| 6.47 | % | |
| 6.32 | % | |
| 6.39 | % |
| Effect to adjust for intangible assets | |
| 0.72 | % | |
| 0.72 | % | |
| 0.75 | % | |
| 0.75 | % | |
| 0.78 | % |
| Common equity to assets (GAAP) | |
| 7.38 | % | |
| 7.37 | % | |
| 7.22 | % | |
| 7.07 | % | |
| 7.17 | % |
| 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, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Return on average tangible common equity (non-GAAP) | |
| 13.09 | % | |
| 11.93 | % | |
| 12.39 | % | |
| 6.35 | % | |
| 11.08 | % | |
| 12.26 | % | |
| 8.95 | % | |
| 13.42 | % | |
| 11.44 | % | |
| 10.95 | % |
| Effect to adjust for intangible assets | |
| (1.38 | )% | |
| (1.45 | )% | |
| (1.35 | )% | |
| (0.78 | )% | |
| (1.26 | )% | |
| (1.51 | )% | |
| (1.04 | )% | |
| (1.72 | )% | |
| (1.27 | )% | |
| (1.36 | )% |
| Return on average common equity (GAAP) | |
| 11.71 | % | |
| 10.48 | % | |
| 11.04 | % | |
| 5.57 | % | |
| 9.82 | % | |
| 10.75 | % | |
| 7.91 | % | |
| 11.70 | % | |
| 10.17 | % | |
| 9.59 | % |
| | |
Three months ended | | |
Twelve months ended | |
| | |
December 31, | | |
September 30, | | |
December 31, | | |
December 31, | |
| Pre-tax, pre-provision earnings | |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Pre-tax, pre-provision earnings (non-GAAP) | |
$ | 5,639 | | |
$ | 4,991 | | |
$ | 4,546 | | |
$ | 18,579 | | |
$ | 16,169 | |
| Effect to adjust for pre-tax, pre-provision earnings | |
| (1,407 | ) | |
| (1,130 | ) | |
| (1,249 | ) | |
| (4,624 | ) | |
| (4,326 | ) |
| Net Income (GAAP) | |
$ | 4,232 | | |
$ | 3,861 | | |
$ | 3,297 | | |
$ | 13,955 | | |
$ | 11,843 | |
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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-Section 12
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-Name Securities Act
-Number 230
-Section 425
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Grafico Azioni First Community (NASDAQ:FCCO)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni First Community (NASDAQ:FCCO)
Storico
Da Gen 2024 a Gen 2025
