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First Community Corporation Announces First Quarter Results and Cash Dividend

First Community Corporation logo.

News provided by

First Community Corporation

Apr 22, 2015, 09:00 ET

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LEXINGTON, S.C., April 22, 2015 /PRNewswire/ --

Highlights

  • Earnings of $1.40 million, a 62.9% increase in net income year-over-year
  • EPS of $0.21 per common share, a 50% increase year-over-year
  • Loan growth of $10.5 million, a 9.5% annualized rate of increase
  • Pure deposit growth of $28.0 million, a 22.2% annualized rate of increase
  • Total assets of $835.8 million, an increase of 4.8% year-over-year
  • Year-over-year increases in fees from mortgage and financial planning business units of 18.6% and 15.1%, respectively
  • Regulatory capital ratios remain strong at 10.26% (Tier 1 Leverage) and 16.77% (Total Capital) along with Tangible Common Equity / Tangible Assets (TCE/TA) ratio of 8.42%
  • Non-performing assets (NPAs) of 1.05%
  • Cash dividend of $0.07 per common share, which is the 53rd 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 first quarter of 2015.  Net income for the first quarter of 2015 was $1.40 million as compared to $862 thousand in the first quarter of 2014.  Diluted earnings per common share were $0.21 for the first quarter of 2015 as compared to $0.14 for the first quarter of 2014.

First Community President and CEO, Mike Crapps, commented, "We are extremely pleased with positive results in the first quarter of 2015 across so many of our performance metrics.  Of particular note is the growth of $10.5 million in our loan portfolio, which is the result of our focused efforts in this key performance area.  We are beginning to see the benefit of several initiatives implemented in the loan area during 2014." 

As previously announced, the company expanded its footprint in the Midlands of South Carolina with the opening of a banking office in the town of Blythewood.  Construction was completed during the first quarter of 2015 and the new office opened on April 9th.  Mr. Crapps commented, "The Blythewood community has been extremely supportive of our bank and we are excited to be a part of its future.  We look forward to working with Blythewood businesses and professionals to help them meet their financial goals."

Cash Dividend and Capital

The Board of Directors has approved a cash dividend for the first quarter of 2015.  The company will pay a $0.07 per share dividend to holders of the company's common stock.  This dividend is payable May 15, 2015 to shareholders of record as of May 4, 2015.  Mr. Crapps commented, "Our entire board is pleased that our performance enables the company to continue its cash dividend for the 53rd consecutive quarter." 

Each of the regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) exceed the well capitalized minimum levels currently required by regulatory statute.  At March 31, 2015, the company's regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 10.26%, 15.95%, and 16.77%, respectively.  This compares to the same ratios as of March 31, 2014, of 10.67%, 15.67%, and 16.51%, respectively.  Additionally, the regulatory capital ratios for the company's wholly owned subsidiary, First Community Bank, were 9.73%, 15.15%, and 15.98% respectively as of March 31, 2015.  Further, the company's ratio of tangible common equity to tangible assets was 8.42% as of March 31, 2015.  As of March 31, 2015, the company began calculating the Common Equity Tier One ratio which is 13.10% for the company and 15.20% for the bank.  

Asset Quality

The non-performing assets ratio remained an area of strength for the company, decreasing to 1.05% of total assets, as compared to the prior quarter ratio of 1.18%.  Trouble debt restructurings, that are still accruing interest, remained relatively stable at $1.95 million at March 31, 2015.  Loans past due 30-89 days were $2.6 million (0.58% of loans) this quarter, an increase of $865 thousand on a linked quarter basis.  This increase over the prior quarter was primarily due to one loan.

Net loan charge-offs for the quarter were $286 thousand (0.24% annualized ratio) as compared to the 2014 fourth quarter total of $202 thousand (0.16% annualized ratio).  The company believes that these levels compare very favorably to its peer group average. 

The provision for loan loss reserves as of March 31, 2015 was $406 thousand, which increased on a linked quarter basis from $178 thousand.  This increase reflects the company's overall assessment of the allowance for loan losses including the increase in loan balances during the first quarter.  

The ratio of classified loans plus OREO now stands at 18.41% of total regulatory risk-based capital as of March 31, 2015. 

Balance Sheet
(Numbers in millions)

 


Quarter ended


Quarter ended






3/31/15


12/31/14


$ Variance


 % Variance

Assets 








Investments               

$274.1


$282.8


($8.7)


(3.1%)

Loans                 

454.3


443.8


10.5


2.4%









Liabilities 








Total Pure Deposits              

$532.5


$504.5


$28.0


5.6%

Certificates of Deposit         

162.1


165.1


(3.0)


(1.8%)

Total Deposits           

$694.6


$669.6


$25.0


3.7%









Customer Cash Management    

16.7


17.4


(0.7)


(4.0%)

FHLB Advances                   

27.6


28.8


(1.2)


(4.2%)









Total Funding            

$738.9


$715.8


$23.1


3.2%

Cost of Funds*       

0.46%


0.47%




(1 bp)

     (*including demand deposits)








Cost of Deposits        

0.26%


0.26%




0 bps

Mr. Crapps commented, "First quarter results were strong with significant growth of $10.5 million in our loan portfolio.  Pure deposit growth continues to be an area of strength for the company and in the first quarter of 2015, balances grew by $28 million.  Deposits at quarter end did include approximately $12 million that was only on deposit for a brief period of time."   

Revenue

Net Interest Income/Net Interest Margin

Net interest income was $6.5 million for the first quarter of 2015 an increase of $300 thousand over fourth quarter net interest income of $6.2 million.  First quarter net interest margin, on a tax equivalent basis, was 3.62% compared to net interest margin of 3.36% in the fourth quarter.  This increase in net interest margin was partially attributed to the recognition of a credit mark on two purchased impaired loans included as part of the acquisition of Savannah River Financial Corporation that were paid off during the quarter.  Excluding the benefit from the credit mark, the net interest margin for the first quarter would have been approximately 3.40% on a tax equivalent basis. 

Non-Interest Income

Non-interest income, adjusted for securities gains and losses, increased by $106 thousand as compared to the first quarter of 2014.  This was partially driven by the mortgage line of business which experienced an increase year-over-year of $116 thousand.  Production was $26.9 million during the first quarter of 2015, significantly higher than $19.3 million during the same period in 2014.  Mr. Crapps noted, "Our mortgage line of business had strong production during the quarter, exceeding our expectations.  Yields were somewhat lower than anticipated due to a higher mix of refinance loans and construction-permanent loans.  We anticipate yields returning to normal levels in future quarters."

Revenue earned in the first quarter of this year in the financial planning and investment advisory line of business was $296 thousand, an increase of 15.2% compared to first quarter of 2014 which had revenues of $257 thousand.  Mr. Crapps commented, "In addition to developing new customer relationships, this line of business continues to grow recurring revenue streams that will be a benefit during future periods."    

Non-Interest Expense

Non-interest expense was relatively stable on a linked quarter basis with total non-interest expense of $6.1 million. 

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 operates fifteen banking offices located in the Midlands, Aiken, and Augusta, Georgia in addition to two other lines of business, First Community  Bank Mortgage and First Community Financial Consultants, a financial planning/investment advisory division.

FORWARD-LOOKING STATEMENTS Certain statements in this news release 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. 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 resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the company's loan portfolio and allowance for loan losses; (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 the U.S. legal and regulatory framework; (5) adverse conditions in the stock market, the public debt markets and other capital markets (including changes in interest rate conditions) could have a negative impact on the company; (6) technology and cybersercurity 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; and (7) 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.

FIRST COMMUNITY CORPORATION

 


BALANCE SHEET DATA







(Dollars in thousands, except per share data)








As of





March 31,

December 31,

March 31,





2015

2014

2014









  Total Assets



$    835,819

$      812,363

$       797,873


  Other Short-term Investments (1)



32,674

10,052

24,055


  Investment Securities



274,094

282,814

255,484


  Loans held for sale



5,446

4,124

3,837


  Loans



454,301

443,844

443,868


  Allowance for Loan Losses



4,252

4,132

4,161


  Total Deposits



694,573

669,583

654,438


  Securities Sold Under Agreements to Repurchase



16,684

17,383

19,492


  Federal Home Loan Bank Advances



27,552

28,807

34,321


  Junior Subordinated Debt



15,464

15,464

15,464


  Shareholders' equity



76,548

74,528

68,765









  Book Value Per Common Share



$       11.45

$         11.18

$          10.34


  Tangible Book Value Per Common Share 



$       10.44

$         10.25

$            9.40


  Tangible Book Value per common share (excluding  AOCI)



$       11.13

$         10.99

$            9.53


  Equity to Assets



9.16%

9.17%

8.62%


  Tangible common equity to tangible assets



8.42%

8.48%

7.90%


  Loan (Incl Held for Sale) to Deposit Ratio



65.41%

66.29%

68.41%


  Allowance for Loan Losses/Loans



0.94%

0.93%

0.94%


  Allowance for Loan Losses plus credit mark/Loans


1.22%

1.33%

1.36%


  Regulatory Ratios:







   Leverage Ratio



10.26%

10.02%

10.67%


   Tier 1 Capital Ratio



15.95%

16.12%

15.67%


   Total Capital Ratio



16.77%

16.94%

16.51%


   Common Equity Tier 1 ratio



13.10%

N/A

N/A


  Tier 1 Regulatory Capital



$     82,466

$       81,431

$         77,691


  Total Regulatory Capital



$     86,718

$       85,563

$         81,851


  Common Equity Capital



$     67,728

 N/A 

 N/A 


(1) Includes federal funds sold, securities sold under agreement to resell and interest-bearing deposits


Quarterly Average Balances:










Three months ended





March 31,

December 31,

March 31, 





2015

2014

2014









  Average Total Assets



$    813,229

$      820,861

$       732,727


  Average Loans (Incl Held for Sale)



450,988

451,334

415,785


  Average Earning Assets



744,029

751,935

671,583


  Average Deposits



668,835

676,415

585,990


  Average Other Borrowings



62,977

64,540

77,435


  Average Shareholders' Equity



75,552

73,523

63,625









Asset Quality;



As of





March 31,

December 31,

March 31,





2015

2014

2014









        Non-accrual loans



$       5,943

$         6,585

$          7,865


        Other real estate owned and repossessed assets



2,817

2,943

3,147


        Accruing loans past due 90 days or more



-

-

125


           Total nonperforming assets



$       8,760

$         9,528

$         11,137


Accruing trouble debt restructurings



$       1,954

$         2,200

$             568









Loan Risk Rating by Category (End of Period)







       Special Mention



$     12,314

$       13,818

$         13,891


       Substandard



12,356

13,500

15,358


       Doubtful



-

-

-


       Pass



429,631

416,526

414,619





$    454,301

$      443,844

$       443,868












Three months ended





March 31,

December 31,

March 31, 





2015

2014

2014


  Loans charged-off



$          347

$            273

$             222


  Overdrafts charged-off



11

13

8


  Loan recoveries



(68)

(84)

(19)


  Overdraft recoveries



(4)

-

(3)


     Net Charge-offs



$          286

$            202

$             208


  Net charge-offs to average loans


0.06%

0.04%

0.05%
















FIRST COMMUNITY CORPORATION















QUARTERLY INCOME STATEMENT DATA







(Dollars in thousands, except per share data)

























Three months ended






March 31,

December 31,

March 31,






2015

2014

2014












  Interest income


$         7,283

$        7,078

$        6,403




  Interest expense


835

887

907




  Net interest income


6,448

6,191

5,496




  Provision for loan losses


406

178

150




  Net interest income after provision


6,042

6,013

5,346












  Non Interest Income








    Deposit service charges


347

372

366




    Mortgage banking income


735

849

619




    Investment advisory fees and non-deposit commissions


296

546

257




    Gain on sale of securities


104

80

8




    Gain (loss) on sale of other assets


4

(9)

12




    Loss on early extinguishment of debt


(103)

(284)





    Other


598

585

613




  Total Non Interest Income


1,981

2,139

1,875




  Non Interest Expense








    Salaries and employee benefits


3,565

3,545

3,424




    Occupancy


485

515

413




    Equipment


402

377

339




    Marketing and public relations


226

147

161




    FDIC assessment


138

128

124




    Other real estate expense


154

193

138




    Amortization of intangibles


103

111

42




    Merger expenses


-

29

420




    Other


1,027

1,044

965




 Total Non Interest Expense


6,100

6,089

6,026




 Income before taxes


1,923

2,063

1,195




  Income tax expense


519

557

333




 Net income 


$         1,404

$        1,506

$          862












  Primary earnings per common share


$          0.22

$          0.23

$         0.14




  Diluted earnings per common share


$          0.21

$          0.22

$         0.14












Average number of shares outstanding basic

6,522,420

6,662,514

6,168,949




Average number shares outstanding diluted

6,664,654

6,733,513

6,228,512




Shares outstanding period end


6,683,960

6,664,391

6,652,189












  Return on Average Assets


0.70%

0.73%

0.48%




  Return on Average Common Equity


7.54%

8.13%

5.49%




  Return on Average Common Tangible Equity

8.23%

8.88%

5.89%




  Net Interest Margin


3.51%

3.27%

3.32%




  Net Interest Margin (Tax Equivalent)


3.62%

3.36%

3.40%




  Efficiency ratio


73.27%

73.81%

81.84%












FIRST COMMUNITY CORPORATION


Yields on Average Earning Assets and Rates 


on Average Interest-Bearing Liabilities












Three months ended March 31, 2015


Three months ended March 31, 2014



Average

Interest 

Yield/


Average

Interest 

Yield/



Balance

Earned/Paid

Rate


Balance

Earned/Paid

Rate


Assets









Earning assets









  Loans

$            450,988

$           5,874

5.28%


$            415,785

$           5,080

4.96%


  Securities:

277,308

1,382

2.02%


234,966

1,300

2.24%


  Other short-term investments

15,733

27

0.70%


20,832

23

0.45%


        Total earning assets

744,029

7,283

3.97%


671,583

6,403

3.87%


Cash and due from banks

11,396




9,915




Premises and equipment

29,076




24,946




Intangibles

6,381




4,291




Other assets

26,587




26,228




Allowance for loan losses

(4,240)




(4,236)




       Total assets

$            813,229




$            732,727




Interest-bearing liabilities









  Interest-bearing transaction accounts

132,997

39

0.12%


124,029

38

0.12%


  Money market accounts

152,797

96

0.25%


116,326

66

0.23%


  Savings deposits

55,137

16

0.12%


50,191

14

0.11%


  Time deposits

193,308

275

0.58%


174,384

311

0.72%


  Other borrowings

62,977

409

2.63%


77,435

478

2.50%


     Total interest-bearing liabilities

597,216

835

0.57%


542,365

907

0.68%


Demand deposits

134,596




121,060




Other liabilities

5,865




5,677




Shareholders' equity

75,552




63,625




   Total liabilities and shareholders' equity

$            813,229




$            732,727






















Cost of funds including demand deposits



0.46%




0.55%


Net interest spread 



3.40%




3.19%


Net interest income/margin


$           6,448

3.51%



$           5,496

3.32%


Net interest income/margin (taxable equivalent)


$           6,635

3.62%



$           5,637

3.40%




















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SOURCE First Community Corporation

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