First Community Corporation Announces Record Earnings and Increased Cash Dividend
First Community Corporation (Nasdaq: FCCO) reported exceptional Q2 2025 results with record earnings of $5.186 million, up 29.7% quarter-over-quarter and 58.8% year-over-year. The company achieved diluted EPS of $0.67, a 31.4% increase from Q1 2025.
Key highlights include reaching $1.011 billion in assets under management, record mortgage production of $62.9 million, and strong loan growth with a 6.5% annualized rate year-to-date. The bank increased its quarterly cash dividend to $0.16 per share and announced plans to acquire Signature Bank of Georgia, marking its expansion into the Atlanta market.
Credit quality remains excellent with minimal net charge-offs of $10,000 and non-performing assets at just 0.02%. The bank maintains strong capital ratios with a Tangible Common Equity ratio of 6.92% and improved net interest margin of 3.21%.
First Community Corporation (Nasdaq: FCCO) ha riportato risultati eccezionali nel secondo trimestre 2025 con utili record di 5,186 milioni di dollari, in crescita del 29,7% rispetto al trimestre precedente e del 58,8% rispetto all'anno precedente. La societ脿 ha registrato un utile diluito per azione di 0,67 dollari, un aumento del 31,4% rispetto al primo trimestre 2025.
I punti salienti includono il raggiungimento di 1,011 miliardi di dollari in asset under management, una produzione record di mutui pari a 62,9 milioni di dollari e una forte crescita dei prestiti con un tasso annualizzato del 6,5% da inizio anno. La banca ha aumentato il dividendo trimestrale in contanti a 0,16 dollari per azione e ha annunciato l'acquisizione della Signature Bank of Georgia, segnando la sua espansione nel mercato di Atlanta.
La qualit脿 del credito rimane eccellente con perdite nette minime pari a 10.000 dollari e attivit脿 non performanti allo 0,02%. La banca mantiene solidi rapporti patrimoniali con un rapporto Tangible Common Equity del 6,92% e un margine di interesse netto migliorato al 3,21%.
First Community Corporation (Nasdaq: FCCO) report贸 resultados excepcionales en el segundo trimestre de 2025 con ganancias r茅cord de 5.186 millones de d贸lares, un aumento del 29,7% trimestre a trimestre y del 58,8% interanual. La compa帽铆a logr贸 un EPS diluido de 0,67 d贸lares, un incremento del 31,4% respecto al primer trimestre de 2025.
Los aspectos destacados incluyen alcanzar 1.011 millones de d贸lares en activos bajo gesti贸n, una producci贸n r茅cord de hipotecas por 62,9 millones de d贸lares y un s贸lido crecimiento de pr茅stamos con una tasa anualizada del 6,5% en lo que va del a帽o. El banco aument贸 su dividendo trimestral en efectivo a 0,16 d贸lares por acci贸n y anunci贸 planes para adquirir Signature Bank of Georgia, marcando su expansi贸n en el mercado de Atlanta.
La calidad crediticia sigue siendo excelente con p茅rdidas netas m铆nimas de 10.000 d贸lares y activos no productivos en solo 0,02%. El banco mantiene fuertes ratios de capital con una relaci贸n Tangible Common Equity del 6,92% y un margen neto de inter茅s mejorado al 3,21%.
韻检姢韸� 旎る雼堩嫲 旖旐嵓霠堨澊靺� (雮橃姢雼�: FCCO)電� 2025雲� 2攵勱赴鞐� 旮半鞝侅澑 518毵� 6觳� 雼煬鞚� 靾滌澊鞚�鞚� 氤搓碃頄堨溂氅�, 鞝勲秳旮� 雽�牍� 29.7%, 鞝勲厔 霃欔赴 雽�牍� 58.8% 歃濌皜頄堨姷雼堧嫟. 須岇偓電� 頋劃 欤茧嫻靾滌澊鞚�(EPS) 0.67雼煬毳� 旮半頃橂┌ 2025雲� 1攵勱赴 雽�牍� 31.4% 靸侅姽頄堨姷雼堧嫟.
欤检殧 靹标臣搿滊姅 鞖挫毄 鞛愳偘 10鞏� 1,100毵� 雼煬 雼劚, 旮半鞝侅澑 氇赴歆� 靸濎偘鞎� 6,290毵� 雼煬, 鞐办磮 雽�牍� 鞐办湪 6.5%鞚� 臧曤牓頃� 雽�於� 靹膘灔 霌膘澊 鞛堨姷雼堧嫟. 鞚�頄夓潃 攵勱赴 順勱笀 氚半嫻旮堨潉 欤茧嫻 0.16雼煬搿� 鞚胳儊頄堨溂氅�, 臁办鞎� 鞁滉犯雼堨矘 鞚�頄� 鞚胳垬毳� 氚滍憸頃橃棳 鞎犿媭霝滍儉 鞁滌灔鞙茧 頇曥灔頄堨姷雼堧嫟.
鞁犾毄 頀堨鞚� 靾� 雽�靻愳儊臧侅澊 1毵� 雼煬搿� 斓滌唽 靾橃鞚措┌, 攵�鞁� 鞛愳偘 牍勳湪鞚� 0.02%鞐� 攵堦臣頃� 毵れ毎 鞖办垬頃╇媹雼�. 鞚�頄夓潃 6.92%鞚� 鞙犿槙 氤错喌欤� 鞛愲掣 牍勳湪瓿� 臧滌劆霅� 3.21%鞚� 靾滌澊鞛� 毵堨鞙茧 臧曤牓頃� 鞛愲掣 牍勳湪鞚� 鞙犾頃橁碃 鞛堨姷雼堧嫟.
First Community Corporation (Nasdaq : FCCO) a annonc茅 des r茅sultats exceptionnels pour le deuxi猫me trimestre 2025 avec des b茅n茅fices records de 5,186 millions de dollars, en hausse de 29,7 % par rapport au trimestre pr茅c茅dent et de 58,8 % sur un an. La soci茅t茅 a r茅alis茅 un BPA dilu茅 de 0,67 dollar, soit une augmentation de 31,4 % par rapport au premier trimestre 2025.
Les points cl茅s incluent l鈥檃tteinte de 1,011 milliard de dollars d鈥檃ctifs sous gestion, une production hypoth茅caire record de 62,9 millions de dollars et une forte croissance des pr锚ts avec un taux annualis茅 de 6,5 % depuis le d茅but de l鈥檃nn茅e. La banque a augment茅 son dividende trimestriel en esp猫ces 脿 0,16 dollar par action et a annonc茅 son projet d鈥檃cqu茅rir Signature Bank of Georgia, marquant son expansion sur le march茅 d鈥橝tlanta.
La qualit茅 du cr茅dit reste excellente avec des pertes nettes minimales de 10 000 dollars et des actifs non performants 脿 seulement 0,02 %. La banque maintient des ratios de capital solides avec un ratio de fonds propres tangibles de 6,92 % et une marge nette d鈥檌nt茅r锚t am茅lior茅e de 3,21 %.
First Community Corporation (Nasdaq: FCCO) meldete herausragende Ergebnisse f眉r das zweite Quartal 2025 mit Rekordgewinnen von 5,186 Millionen US-Dollar, ein Anstieg von 29,7 % gegen眉ber dem Vorquartal und 58,8 % gegen眉ber dem Vorjahr. Das Unternehmen erzielte ein verw盲ssertes Ergebnis je Aktie (EPS) von 0,67 US-Dollar, eine Steigerung von 31,4 % gegen眉ber dem ersten Quartal 2025.
Wichtige Highlights sind das Erreichen von 1,011 Milliarden US-Dollar an verwaltetem Verm枚gen, eine Rekord-Hypothekenproduktion von 62,9 Millionen US-Dollar und ein starkes Kreditwachstum mit einer annualisierten Rate von 6,5 % seit Jahresbeginn. Die Bank erh枚hte ihre viertelj盲hrliche Bardividende auf 0,16 US-Dollar pro Aktie und k眉ndigte Pl盲ne zur 脺bernahme der Signature Bank of Georgia an, was ihre Expansion in den Markt von Atlanta markiert.
Die Kreditqualit盲t bleibt ausgezeichnet mit minimalen Nettoabschreibungen von 10.000 US-Dollar und notleidenden Verm枚genswerten von nur 0,02 %. Die Bank h盲lt starke Kapitalquoten mit einer Tangible Common Equity Ratio von 6,92 % und einer verbesserten Nettozinsmarge von 3,21 %.
- Record quarterly earnings of $5.186M, up 58.8% year-over-year
- Assets under management exceeded $1B for first time, up 9.1% YTD
- Record mortgage production of $62.9M in Q2 2025
- Strong loan growth at 6.5% annualized rate YTD
- Excellent credit quality with only 0.02% non-performing assets
- Increased quarterly dividend to $0.16 per share
- Strategic expansion into Atlanta market through Signature Bank of Georgia acquisition
- Net interest margin improved by 8 basis points to 3.21%
- Higher loan payoffs, up 126.3% quarter-over-quarter
- Decline in securities repurchase agreements to $103.6M from $129.8M in Q1
- $234,000 in acquisition-related expenses impacting Q2 earnings
- Accumulated other comprehensive loss of $21.9M
Insights
FCCO reports record Q2 earnings with 58.8% YoY growth, margin expansion, and acquisition of Signature Bank of Georgia.
First Community Corporation delivered exceptional Q2 2025 results with net income of
The bank's fundamentals show strength across multiple dimensions. Net interest margin expanded 8 basis points to
Credit quality metrics remain stellar with almost negligible non-performing assets and past-due loans both at just
Two strategic developments warrant attention: First, assets under management surpassed
The board's decision to increase the cash dividend to
The mortgage business showed particularly strong performance with record production of
Operating expenses increased slightly with
Highlights for Second Quarter of 2025
- Net income of
$5.18 6 million29.7% on a linked quarter basis, and58.8% year-over-year. - Net income for the six months ended June 30, 2025 of
$9.18 3 million56.7% increase over the same time period in 2024. - Diluted EPS of
$0.67 31.4% on a linked quarter basis and59.5% year-over-year. - Diluted EPS of
$1.18 55.3% over the same time period in 2024. - Net interest margin on a tax equivalent basis of
3.21% with margin expansion of eight basis points during the second quarter of 2025. - Assets under management (AUM) exceeded
$1 billion $1.01 1 billion$1.75 1 million - Mortgage line of business total production was a record
$62.9 million $879 thousand - Total loans increased by
$8.1 million 2.6% . Year-to-date through June 30, 2025, loans increased by$39.5 million 6.5% - Total deposits were
$1.75 4 billion$1.74 4 billion$28.3 million 6.6% annualized growth rate, and$78.1 million 9.5% annualized growth rate. - Excellent key credit quality metrics with net charge-offs, including overdrafts, during the second quarter of 2025 of
$10 thousand $5 thousand 0.02% ; and past due loans of0.02% at June 30, 2025. - Increased cash dividend to
$0.16 - Announced the signing of an agreement to acquire Signature Bank of
Georgia .
Today, First Community Corporation (Nasdaq:听 FCCO), the holding company for First Community Bank, reported net income for the second quarter of 2025 of
Year-to-date through June 30, 2025, net income was
Cash Dividend and Capital
The Board of Directors approved an increased cash dividend for the second quarter of 2025.听 The company will pay a
As previously announced on May 9, 2025, the Company's Board of Directors approved a plan to utilize up to
Each of the regulatory capital ratios for the bank exceed the well capitalized minimum levels currently required by regulatory statute.听 At June 30, 2025, the bank's regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were
Tangible Book Value (TBV) per share increased during the second quarter to
Loan Portfolio Quality/Allowance for Credit Losses
The company's asset quality metrics as of June 30, 2025 were excellent.听 The non-performing assets ratio as of June 30, 2025 was
The allowance for credit losses (ACL) on loans as a percentage of total loans declined to
Balance Sheet 听听听听听听听听听听听听听听听听听听
Total loans increased during the second quarter of 2025 by
Total deposits were
Costs of deposits decreased on a linked quarter basis to
The bank has short-term investments, primarily interest bearing cash at the Federal Reserve Bank, of
The investment portfolio was
Revenue
Net Interest Income/Net Interest Margin
Net interest income was
Effective May 5, 2023, the company entered into a pay-fixed swap agreement with an initial notional amount of
Non-Interest Income
Non-interest income in the second quarter of 2025 was
Total production in the mortgage line of business in the second quarter of 2025 was
Total assets under management (AUM) in the investment advisory line of business were
During the second quarter of 2025, the company realized a
Non-Interest Expense
Non-interest expense was
Other
As previously announced, on July 13, 2025, the company entered into an agreement to acquire Signature Bank of
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.听 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.听 Such risks, uncertainties and other factors, include, among others, the following: (1) the possibility that the planned acquisition of Signature Bank of
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. We can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
ADDITIONAL INFORMATION ABOUT THE ACQUISITION AND WHERE TO FIND IT
First Community intends to file with the SEC a registration statement on Form S-4 containing a joint proxy statement of First Community and Signature Bank of
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities law of such jurisdiction.
First Community, Signature Bank of
FIRST COMMUNITY CORPORATION | ||||||
BALANCE SHEET DATA | ||||||
(Dollars in thousands, except per share data) | ||||||
As of | ||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||
2025 | 2025 | 2024 | 2024 | 2024 | ||
听 Total Assets | $听听听 2,046,265 | $听听听 2,039,371 | $听听听 1,958,021 | $听听听 1,943,548 | $听听听 1,884,844 | |
听 Other Short-term Investments and CD's1 | 151,323 | 173,246 | 123,455 | 144,354 | 86,172 | |
听 Investment Securities | ||||||
听听听听 Investments Held-to-Maturity | 201,761 | 205,819 | 209,436 | 212,243 | 213,706 | |
听听听听 Investments Available-for-Sale | 302,627 | 286,944 | 279,582 | 269,553 | 269,918 | |
听听听听 Other Investments at Cost | 2,894 | 2,894 | 2,679 | 5,054 | 5,029 | |
听听 Total Investment Securities | 507,282 | 495,657 | 491,697 | 486,850 | 488,653 | |
听 Loans Held-for-Sale | 10,975 | 7,052 | 9,662 | 3,935 | 6,701 | |
听 Loans | 1,260,055 | 1,251,980 | 1,220,542 | 1,196,659 | 1,189,189 | |
听 Allowance for Credit Losses - Investments | 19 | 24 | 23 | 24 | 27 | |
听 Allowance for Credit Losses - Loans | 13,330 | 13,608 | 13,135 | 12,933 | 12,932 | |
听 Allowance for Credit Losses - Unfunded Commitments | 490 | 455 | 480 | 409 | 490 | |
听 Goodwill | 14,637 | 14,637 | 14,637 | 14,637 | 14,637 | |
听 Other Intangibles | 368 | 407 | 446 | 486 | 525 | |
听 Total Deposits | 1,754,041 | 1,725,718 | 1,675,901 | 1,644,064 | 1,604,528 | |
听 Securities Sold Under Agreements to Repurchase | 103,640 | 129,812 | 103,110 | 66,933 | 59,286 | |
听 Federal Funds Purchased | - | - | - | 3,656 | - | |
听 Federal Home Loan Bank Advances | - | - | - | 50,000 | 50,000 | |
听 Junior Subordinated Debt | 14,964 | 14,964 | 14,964 | 14,964 | 14,964 | |
听 Accumulated Other Comprehensive Loss (AOCL) | (21,863) | (22,973) | (25,459) | (23,223) | (27,288) | |
听 Shareholders' Equity | 155,500 | 149,959 | 144,494 | 143,312 | 136,179 | |
听 Book Value Per Common Share | $听听听听听听听听听听 20.23 | $听听听听听听听听听听 19.52 | $听听听听听听听听听听 18.90 | $听听听听听听听听听听 18.76 | $听听听听听听听听听听 17.84 | |
听 Tangible Book Value Per Common Share (non-GAAP) | $听听听听听听听听听听 18.28 | $听听听听听听听听听听 17.56 | $听 听听听听听听听听听16.93 | $听听听听听听听听听听 16.78 | $听听听听听听听听听听 15.85 | |
听 Equity to Assets | 7.60听% | 7.35听% | 7.38听% | 7.37听% | 7.22听% | |
听 Tangible Common Equity to Tangible Assets (TCE Ratio) (non-GAAP) | 6.92听% | 6.66听% | 6.66听% | 6.65听% | 6.47听% | |
听 Loan to Deposit Ratio (Includes Loans Held-for-Sale) | 72.46听% | 72.96听% | 73.41听% | 73.03听% | 74.53听% | |
听 Loan to Deposit Ratio (Excludes Loans Held-for-Sale) | 71.84听% | 72.55听% | 72.83听% | 72.79听% | 74.11听% | |
听 Allowance for Credit Losses - Loans/Loans | 1.06听% | 1.09听% | 1.08听% | 1.08听% | 1.09听% | |
Regulatory Capital Ratios (Bank): | ||||||
听 Leverage Ratio | 8.44听% | 8.45听% | 8.40听% | 8.39听% | 8.44听% | |
听 Tier 1 Capital Ratio | 13.04听% | 12.90听% | 12.87听% | 12.93听% | 12.56听% | |
听 Total Capital Ratio | 14.10听% | 13.99听% | 13.94听% | 14.00听% | 13.62听% | |
听 Common Equity Tier 1 Capital Ratio | 13.04听% | 12.90听% | 12.87听% | 12.93听% | 12.56听% | |
听 Tier 1 Regulatory Capital | $听听听听听听 171,611 | $听听听听听听 167,673 | $听听听听听听 164,397 | $听听听听听听 161,058 | $听听听听听听 158,080 | |
听 Total Regulatory Capital | $听听听听听听 185,450 | $听听听听听听 181,759 | $听听听听听听 178,034 | $听听听听听听 174,423 | $听听听听听听 171,529 | |
听 Common Equity Tier 1 Capital | $听听听听听听 171,611 | $听听听听听听 167,673 | $听听听听听听 164,397 | $听听听听听听 161,058 | $听听听听听听 158,080 | |
1 Includes federal funds sold and interest-bearing deposits | ||||||
Average Balances: | Three months ended | Six months ended | ||||
June 30, | June 30, | |||||
2025 | 2024 | 2025 | 2024 | |||
听 Average Total Assets | $听听听 2,033,216 | $听听听 1,862,009 | $听听听 2,007,497 | $听听听 1,859,862 | ||
听 Average Loans (Includes Loans Held-for-Sale) | 1,263,027 | 1,178,342 | 1,251,192 | 1,163,803 | ||
听 Average Investment Securities | 505,473 | 491,187 | 498,868 | 495,277 | ||
听 Average Short-term Investments and CDs1 | 155,879 | 79,996 | 148,287 | 88,674 | ||
听 Average Earning Assets | 1,924,379 | 1,749,525 | 1,898,347 | 1,747,754 | ||
听 Average Deposits | 1,737,259 | 1,569,939 | 1,703,526 | 1,545,669 | ||
听 Average Other Borrowings | 125,197 | 139,165 | 135,414 | 162,461 | ||
听 Average Shareholders' Equity | 152,097 | 133,729 | 149,432 | 132,855 | ||
Asset Quality: | 听As of | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||
2025 | 2025 | 2024 | 2024 | 2024 | ||
Loan Risk Rating by Category (End of Period) | ||||||
听 Special Mention | $听听听听听听听听听听 2,506 | $听听听听听听听听听听 2,357 | $听听听听听听听听听听听听 921 | $听听听听听听听听听听听听 672 | $听听听听听听听听听听听听 673 | |
听 Substandard | 1,323 | 1,333 | 1,341 | 1,455 | 1,528 | |
听 Doubtful | - | - | - | - | - | |
听 Pass | 1,256,226 | 1,248,290 | 1,218,280 | 1,194,532 | 1,186,988 | |
Total Loans | $听听听 1,260,055 | $听听听 1,251,980 | $听听听 1,220,542 | $听听听 1,196,659 | $听听听 1,189,189 | |
Nonperforming Assets | ||||||
听 Non-accrual Loans | $听听听听听听听听听听听听 210 | $听听听听听听听听听听听听 215 | $听听听听听听听听听听听听 219 | $听听听听听听听听听听听听 119 | $听听听听听听听听听听听听 173 | |
听 Other AG真人官方 Estate Owned and Repossessed Assets | 194 | 437 | 543 | 544 | 544 | |
听 Accruing Loans Past Due 90 Days or More | 66 | 6 | 48 | 211 | - | |
Total Nonperforming Assets | $听听听听听听听听听听听听 470 | $听听听听听听听听听听听听 658 | $听听听听听听听听听听听听 810 | $听听听听听听听听听听听听 874 | $听听听听听听听听听听听听 717 | |
Three months ended | Six months ended | |||||
June 30, | June 30, | |||||
2025 | 2024 | 2025 | 2024 | |||
听 Loans Charged-off | $听听听听听听听听听听听听听听听听 3 | $听听听听听听听听听听听听听听听听 6 | $听听听听听听听听听听听听听听听听 3 | $听听听听听听听听听听听听听听 31 | ||
听 Overdrafts Charged-off | 19 | 10 | 28 | 36 | ||
听 Loan Recoveries | (8) | (7) | (22) | (33) | ||
听 Overdraft Recoveries | (4) | (4) | (10) | (6) | ||
听听听听 Net Charge-offs (Recoveries) | $听听听听听听听听听听听听听听 10 | $听听听听听听听听听听听听听听听听 5 | $听听听听听听听听听听听听听听听 (1) | $听听听听听听听听听听听听听听 28 | ||
Net Charge-offs / (Recoveries) to Average Loans2 | 0.00听% | 0.00听% | (0.00听%) | 0.00听% | ||
1 Includes federal funds sold and interest-bearing deposits | ||||||
2 Annualized | ||||||
听
FIRST COMMUNITY CORPORATION | ||||||||||
INCOME STATEMENT DATA | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||
Three months ended | Three months ended | Six months ended | ||||||||
June 30, | March 31, | June 30, | ||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||
听 Interest income | $听听听 24,173 | $听听听 21,931 | $听听听 23,082 | $听听听 21,256 | $听听听 47,255 | $听听听 43,187 | ||||
听 Interest expense | 8,849 | 9,237 | 8,692 | 9,179 | 17,541 | 18,416 | ||||
听 Net interest income | 15,324 | 12,694 | 14,390 | 12,077 | 29,714 | 24,771 | ||||
听 (Release of) provision for credit losses | (237) | 454 | 437 | 129 | 200 | 583 | ||||
听 Net interest income after (release of) provision for credit losses | 15,561 | 12,240 | 13,953 | 11,948 | 29,514 | 24,188 | ||||
听 Non-interest income | ||||||||||
听听听 Deposit service charges | 224 | 235 | 221 | 259 | 445 | 494 | ||||
听听听 Mortgage banking income | 879 | 659 | 759 | 425 | 1,638 | 1,084 | ||||
听听听 Investment advisory fees and non-deposit commissions | 1,751 | 1,508 | 1,806 | 1,358 | 3,557 | 2,866 | ||||
听听听 Gain on sale of other assets | 127 | - | - | - | 127 | - | ||||
听听听 Other non-recurring income | - | 95 | - | - | - | 95 | ||||
听听听 Other | 1,225 | 1,145 | 1,196 | 1,142 | 2,421 | 2,287 | ||||
听 Total non-interest income | 4,206 | 3,642 | 3,982 | 3,184 | 8,188 | 6,826 | ||||
听 Non-interest expense | ||||||||||
听听听 Salaries and employee benefits | 8,060 | 7,303 | 7,657 | 7,101 | 15,717 | 14,404 | ||||
听听听 Occupancy | 772 | 738 | 777 | 790 | 1,549 | 1,528 | ||||
听听听 Equipment | 390 | 317 | 390 | 330 | 780 | 647 | ||||
听听听 Marketing and public relations | 208 | 258 | 514 | 566 | 722 | 824 | ||||
听听听 FDIC assessment | 274 | 302 | 300 | 278 | 574 | 580 | ||||
听听听 Other real estate (income) expenses | 110 | 90 | 12 | 12 | 122 | 102 | ||||
听听听 Amortization of intangibles | 40 | 39 | 39 | 39 | 79 | 78 | ||||
听听听 Merger expenses | 234 | - | - | - | 234 | - | ||||
听听听 Other | 2,995 | 2,796 | 3,065 | 2,689 | 6,060 | 5,485 | ||||
听 Total non-interest expense | 13,083 | 11,843 | 12,754 | 11,805 | 25,837 | 23,648 | ||||
听 Income before taxes | 6,684 | 4,039 | 5,181 | 3,327 | 11,865 | 7,366 | ||||
听 Income tax expense | 1,498 | 774 | 1,184 | 730 | 2,682 | 1,504 | ||||
听 Net income | $听听听听听 5,186 | $听听听听听 3,265 | $听听听听听 3,997 | $听听听听听 2,597 | $听听听听听 9,183 | $听听听听听 5,862 | ||||
听 Per share data | ||||||||||
听听听听 Net income, basic | $听听听听听听听 0.68 | $听听听听听听听 0.43 | $听听听听听听听 0.52 | $听听听听听听听 0.34 | $听听听听听听听 1.20 | $听听听听听听听 0.77 | ||||
听听听听 Net income, diluted | $听听听听听听听 0.67 | $听听听听听听听 0.42 | $听听听听听听听 0.51 | $听听听听听听听 0.34 | $听听听听听听听 1.18 | $听听听听听听听 0.76 | ||||
听 Average number of shares outstanding - basic | 7,663,964 | 7,617,266 | 7,647,537 | 7,600,450 | 7,665,796 | 7,608,232 | ||||
听 Average number of shares outstanding - diluted | 7,786,757 | 7,695,476 | 7,767,978 | 7,679,771 | 7,775,231 | 7,684,913 | ||||
听 Shares outstanding period end | 7,685,754 | 7,635,145 | 7,681,601 | 7,629,005 | 7,685,754 | 7,635,145 | ||||
听 Return on average assets | 1.02听% | 0.71听% | 0.82听% | 0.56听% | 0.92听% | 0.63听% | ||||
听 Return on average common equity | 13.68听% | 9.82听% | 11.05听% | 7.91听% | 12.39听% | 8.87听% | ||||
听 Return on average tangible common equity (non-GAAP) | 15.18听% | 11.08听% | 12.31听% | 8.95听% | 13.78听% | 10.02听% | ||||
听 Net interest margin (non taxable equivalent) | 3.19听% | 2.92听% | 3.12听% | 2.78听% | 3.16听% | 2.85听% | ||||
听 Net interest margin (taxable equivalent) | 3.21听% | 2.93听% | 3.13听% | 2.79听% | 3.17听% | 2.86听% | ||||
听 Efficiency ratio1 | 66.04听% | 72.75听% | 69.23听% | 77.15听% | 67.59听% | 74.88听% | ||||
1 Calculated by dividing non-interest expense excluding merger expenses by net interest income on tax equivalent basis and non interest income, excluding gain on sale of other assets and other non-recurring income. | ||||||||||
听
FIRST COMMUNITY CORPORATION | ||||||||
Yields on Average Earning Assets and听 | ||||||||
Rates on Average Interest-Bearing Liabilities | ||||||||
Three months ended June 30, 2025 | Three months ended June 30, 2024 | |||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||
Balance | Earned/Paid | Rate | Balance | Earned/Paid | Rate | |||
Assets | ||||||||
Earning assets | ||||||||
听 Loans | $听听听听听 1,263,027 | $听听听 听听听18,174 | 5.77听% | $听听听听听 1,178,342 | $听听听听听听 16,400 | 5.60听% | ||
听 Non-taxable securities | 46,160 | 344 | 2.99听% | 48,982 | 359 | 2.95听% | ||
听 Taxable securities | 459,313 | 3,976 | 3.47听% | 442,205 | 4,114 | 3.74听% | ||
听 Int bearing deposits in other banks | 155,861 | 1,679 | 4.32听% | 79,956 | 1,057 | 5.32听% | ||
听 Fed funds sold | 18 | - | 0.00听% | 40 | 1 | 10.05听% | ||
Total earning assets | $听听听听听 1,924,379 | $听听听听听听 24,173 | 5.04听% | $听听听听听 1,749,525 | $听听听听听听 21,931 | 5.04听% | ||
Cash and due from banks | 25,103 | 23,636 | ||||||
Premises and equipment | 29,732 | 30,469 | ||||||
Goodwill and other intangibles | 15,024 | 15,181 | ||||||
Other assets | 52,594 | 55,810 | ||||||
Allowance for credit losses - investments | (24) | (29) | ||||||
Allowance for credit losses - loans | (13,592) | (12,583) | ||||||
Total assets | $听听听听听 2,033,216 | $听听听听听 1,862,009 | ||||||
Liabilities | ||||||||
Interest-bearing liabilities | ||||||||
听 Interest-bearing transaction accounts | $听听听听听听听听 347,536 | $听听听听听听听听 1,064 | 1.23听% | $听听听听听听听听 303,825 | $听听听听听听听听听听听 809 | 1.07听% | ||
听 Money market accounts | 460,865 | 3,494 | 3.04听% | 400,656 | 3,344 | 3.36听% | ||
听 Savings deposits | 110,193 | 73 | 0.27听% | 113,620 | 113 | 0.40听% | ||
听 Time deposits | 343,998 | 3,268 | 3.81听% | 308,164 | 3,454 | 4.51听% | ||
听 Fed funds purchased | - | - | NA | 6 | - | 0.00听% | ||
听 Securities sold under agreements to repurchase | 110,233 | 681 | 2.48听% | 68,591 | 497 | 2.91听% | ||
听 FHLB Advances | - | - | NA | 55,604 | 712 | 5.15听% | ||
听 Other long-term debt | 14,964 | 269 | 7.21听% | 14,964 | 308 | 8.28听% | ||
Total interest-bearing liabilities | $听听听听听 1,387,789 | $听听听听听听听听 8,849 | 2.56听% | $听听听听听 1,265,430 | $听听听听听听听听 9,237 | 2.94听% | ||
Demand deposits | 474,667 | 443,674 | ||||||
Allowance for credit losses - unfunded commitments | 455 | 512 | ||||||
Other liabilities | 18,208 | 18,664 | ||||||
Shareholders' equity | 152,097 | 133,729 | ||||||
Total liabilities and shareholders' equity | $听听听听听 2,033,216 | $听听听听听 1,862,009 | ||||||
Cost of deposits, including demand deposits | 1.82听% | 1.98听% | ||||||
Cost of funds, including demand deposits | 1.91听% | 2.17听% | ||||||
Net interest spread | 2.48听% | 2.10听% | ||||||
Net interest income/margin | $听听听听听听 15,324 | 3.19听% | $听听听听听听 12,694 | 2.92听% | ||||
Net interest income/margin (tax equivalent) | $听听听听听听 15,377 | 3.21听% | $听听听听听听 12,733 | 2.93听% | ||||
听
FIRST COMMUNITY CORPORATION | ||||||||
Yields on Average Earning Assets and听 | ||||||||
Rates on Average Interest-Bearing Liabilities | ||||||||
Six months ended June 30, 2025 | Six months ended June 30, 2024 | |||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||
Balance | Earned/Paid | Rate | Balance | Earned/Paid | Rate | |||
Assets | ||||||||
Earning assets | ||||||||
Loans | $听听听听听 1,251,192 | $听听听听听听 35,618 | 5.74听% | $听听听听听 1,163,803 | $听听听听听听 31,951 | 5.52听% | ||
听 Non-taxable securities | 46,571 | 687 | 2.97听% | 49,119 | 716 | 2.93听% | ||
听 Taxable securities | 452,297 | 7,783 | 3.47听% | 446,158 | 8,303 | 3.74听% | ||
听 Int bearing deposits in other banks | 148,247 | 3,166 | 4.31听% | 88,623 | 2,216 | 5.03听% | ||
听 Fed funds sold | 40 | 1 | 5.04听% | 51 | 1 | 3.94听% | ||
Total earning assets | $听听听听听 1,898,347 | $听听听听听听 47,255 | 5.02听% | $听听听听听 1,747,754 | $听听听听听听 43,187 | 4.97听% | ||
Cash and due from banks | 24,868 | 24,010 | ||||||
Premises and equipment | 29,802 | 30,471 | ||||||
Goodwill and other intangibles | 15,043 | 15,201 | ||||||
Other assets | 52,866 | 54,925 | ||||||
Allowance for credit losses - investments | (23) | (29) | ||||||
Allowance for credit losses - loans | (13,406) | (12,470) | ||||||
Total assets | $听听听听听 2,007,497 | $听听听听听 1,859,862 | ||||||
Liabilities | ||||||||
Interest-bearing liabilities | ||||||||
听 Interest-bearing transaction accounts | $听听听听听听听听 339,760 | $听听听听听听听听 2,029 | 1.20听% | $听听听听听听听听 297,295 | $听听听听听听听听 1,487 | 1.01听% | ||
听 Money market accounts | 450,630 | 6,813 | 3.05听% | 403,917 | 6,729 | 3.35听% | ||
听 Savings deposits | 111,624 | 153 | 0.28听% | 114,999 | 227 | 0.40听% | ||
听 Time deposits | 338,835 | 6,514 | 3.88听% | 296,049 | 6,480 | 4.40听% | ||
听 Fed funds purchased | 1 | - | 0.00听% | 4 | - | 0.00听% | ||
听 Securities sold under agreements to repurchase | 120,449 | 1,494 | 2.50听% | 77,823 | 1,106 | 2.86听% | ||
听 FHLB Advances | - | - | NA | 69,670 | 1,770 | 5.11听% | ||
听 Other long-term debt | 14,964 | 538 | 7.25听% | 14,964 | 617 | 8.29听% | ||
Total interest-bearing liabilities | $听听听听听 1,376,263 | $听听听听听听 17,541 | 2.57听% | $听听听听听 1,274,721 | $听听听听听听 18,416 | 2.91听% | ||
Demand deposits | 462,677 | 433,409 | ||||||
Allowance for credit losses - unfunded commitments | 467 | 554 | ||||||
Other liabilities | 18,658 | 18,323 | ||||||
Shareholders' equity | 149,432 | 132,855 | ||||||
Total liabilities and shareholders' equity | $听听听听听 2,007,497 | $听听听听听 1,859,862 | ||||||
Cost of deposits, including demand deposits | 1.84听% | 1.94听% | ||||||
Cost of funds, including demand deposits | 1.92听% | 2.17听% | ||||||
Net interest spread | 2.45听% | 2.06听% | ||||||
Net interest income/margin | $听听听听听听 29,714 | 3.16听% | $听听听听听听 24,771 | 2.85听% | ||||
Net interest income/margin (tax equivalent) | $听听听听听听 29,818 | 3.17听% | $听听听听听听 24,850 | 2.86听% | ||||
听
The tables below provide a reconciliation of non鈥慓AAP measures to GAAP for the periods indicated:
听 June 听30, | 听 March 听31, | December 听31, | September 听30, | June 听30, | |||||||||||||
Tangible book value per common share | 2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||
Tangible common equity per common share (non鈥慓AAP) | $ | 18.28 | $ | 17.56 | $ | 16.93 | $ | 16.78 | $ | 15.85 | |||||||
Effect to adjust for intangible assets | 1.95 | 1.96 | 1.97 | 1.98 | 1.99 | ||||||||||||
Book value per common share (GAAP) | $ | 20.23 | $ | 19.52 | $ | 18.90 | $ | 18.76 | $ | 17.84 | |||||||
Tangible common shareholders' equity to tangible assets | |||||||||||||||||
Tangible common equity to tangible assets (non鈥慓AAP) | 6.92 | % | 6.66 | % | 6.66 | % | 6.65 | % | 6.47 | % | |||||||
Effect to adjust for intangible assets | 0.68 | % | 0.69 | % | 0.72 | % | 0.72 | % | 0.75 | % | |||||||
Common equity to assets (GAAP) | 7.60 | % | 7.35 | % | 7.38 | % | 7.37 | % | 7.22 | % | |||||||
听
Return on average tangible common equity | Three months ended June 30, | Three months ended | Six months ended June 30, | |||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||
Return on average tangible common equity (non-GAAP) | 15.18 | % | 11.08 | % | 12.31 | % | 8.95 | % | 13.78 | % | 10.02 | % |
Effect to adjust for intangible assets | (1.50) | % | (1.26) | % | (1.26) | % | (1.04) | % | (1.39) | % | (1.15) | % |
Return on average common equity (GAAP) | 13.68 | % | 9.82 | % | 11.05 | % | 7.91 | % | 12.39 | % | 8.87 | % |
听
Three months ended | 听Six months ended | |||||||||||
June 30, | March 31, | June 30, | 听 June 30, | |||||||||
Pre-tax, pre-provision earnings | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||
Pre-tax, pre-provision earnings (non鈥慓AAP) | $ | 6,447 | $ | 5,618 | $ | 4,493 | $ | 12,065 | $ | 7,949 | ||
Effect to adjust for pre-tax, pre-provision earnings | (1,261) | (1,621) | (1,228) | (2,882) | (2,087) | |||||||
Net Income (GAAP) | $ | 5,186 | $ | 3,997 | $ | 3,265 | $ | 9,183 | $ | 5,862 | ||
听
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,"听 "Return on average tangible common equity," and "Pre-tax, pre-provision earnings."听
- "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.听
- "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.
听
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