Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • AI Tools
  • Multichannel Amplification
  • Guaranteed Paid Placement
  • SocialBoost
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Overview
  • Distribution by PR Newswire
  • AI Tools
  • Multichannel Amplification
  • SocialBoost
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

First Community Corporation Announces First Quarter Results and Cash Dividend

First Community Corporation logo. (PRNewsFoto/First Community Corporation)

News provided by

First Community Corporation

Apr 19, 2017, 09:00 ET

Share this article

Share toX

Share this article

Share toX

LEXINGTON, S.C., April 19, 2017 /PRNewswire/ --

Highlights

  • Expansion plans announced for Upstate South Carolina market
  • Net income of $1.76 million, a 19.7% increase in net income year-over-year
  • Diluted EPS of $0.26 per common share, an 18.2% increase year-over-year
  • Total revenue of $8.92 million, an increase of 7.7% year-over-year
  • Core revenue of $9.04 million, an increase of 8.0% year-over-year
  • Loan growth of $8.6 million, a 6.3% annualized rate of increase
  • Strong pure deposit growth (including customer cash management accounts) of $14.3 million, a 9.1% annualized rate of increase
  • Net interest margin of 3.52%, an increase of 19 basis points over first quarter 2016 net interest margin of 3.33%
  • Key credit quality metrics continue to be excellent with a net recovery of 0.04% and non-performing assets of .52% for the quarter
  • Cash dividend of $0.09 per common share, the 61st 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 2017.  Net income for the first quarter of 2017 was $1.76 million as compared to $1.47 million in the first quarter of 2016.  Diluted earnings per common share were $0.26 for the first quarter of 2017 as compared to $0.22 for the first quarter of 2016.

First Community President and CEO, Mike Crapps, commented, "Loan growth continued in the first quarter with growth of $8.6 million and production of $31.3 million.  This compares to $4.8 million in loan growth and $26.4 million in production in the first quarter of 2016.  Loan payoffs and paydowns impacted total loan growth in the first quarter of 2017; however, we are pleased with the year-over-year increases in both net loan growth and production, the momentum in loan production and the prospects for portfolio growth ahead.  Growth in pure deposits continues to be an area of strength for our company with $14.3 million in growth in the first quarter." 

Recently, the company announced plans for expansion in the Upstate of South Carolina through the acquisition of Cornerstone Bancorp, the holding company of Cornerstone National Bank, and plans for the opening of a de novo banking office in downtown Greenville.  Mr. Crapps noted, "This is a natural extension of our company in the Upstate market, which we entered with the activation of our loan production office in Greenville in March of 2016.  At that time, we noted that our plans were to seek the appropriate strategy to build out a deposit franchise in the Upstate market area."  Crapps continued, "The staged progression of our Upstate strategy started with the hiring of a great team of bankers, Market President Coleman Kirven, Senior Lender Trey Werner and Commercial Banker David Ramseur, who had an extremely successful first year and exceeded our expectations for loan portfolio growth.  We believe the acquisition of Cornerstone and the opening of a downtown Greenville office will allow us to continue to build on the success we have already experienced in this high growth market, more fully serve our customers and build value for our shareholders." 

Cash Dividend and Capital

The Board of Directors has approved a cash dividend for the first quarter of 2017.  The company will pay a $0.09 per share dividend to holders of the company's common stock.  This dividend is payable May 15, 2017 to shareholders of record as of May 1, 2017.  Mr. Crapps commented, "Our entire board is pleased that our performance enables the company to continue its cash dividend for the 61st 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, 2017, the company's regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 10.21%, 14.66%, and 15.51%, respectively.  This compares to the same ratios as of March 31, 2016 of 10.23%, 15.41%, and 16.24%, respectively.  Additionally, the regulatory capital ratios for the company's wholly owned subsidiary, First Community Bank, were 9.76%, 14.02%, and 14.87%, respectively, as of March 31, 2017.  Further, the company's ratio of tangible common equity to tangible assets was 8.48% as of March 31, 2017.  As of March 31, 2017, the Common Equity Tier One ratio is 12.37% for the company and 14.02% for the bank.  

Asset Quality

Key credit quality metrics continue to be excellent.  There was a net loan recovery for the quarter of $55 thousand.  The non-performing assets ratio, at 0.52% of total assets, is an area of strength for the company.  Non-accrual loans decreased 14.4% on a linked quarter basis to $3.5 million.  Other Real Estate Owned (OREO) balances remained relatively flat during the quarter at $1.2 million.  The ratio of classified loans plus OREO now stands at 8.79% of total regulatory risk-based capital as of March 31, 2017 down significantly from the March 31, 2016 ratio of 13.53%.  Loans past due 30-89 days were $2.20 million or 0.40% of loans this quarter. 

Balance Sheet


(Numbers in millions)






 As of 

As of 




 3/31/17 

12/31/16 

 $ Variance 

 % Variance

Assets





Investments 

$262.5

$272.4

($9.9)

(3.63%)

Loans 

555.3

546.7

8.6

1.57%






Liabilities





Total Pure Deposits

$626.4

$611.9

$14.5

2.37%

Certificates of Deposit

149.2

154.7

(5.5)

(3.56%)

Total Deposits 

$775.6

$766.6

$ 9.0

1.17%






Customer Cash Management

19.4

19.5

(0.1)

(0.51%)

FHLB Advances 

15.5

24.0

(8.5)

(35.41%)






Total Funding 

$810.5

$810.1

$ 0.4

0.01%

Cost of Funds*

0.35%

0.35%


0 bps

     (*including demand deposits)





Cost of Deposits

0.24%

0.24%


 0 bps

Mr. Crapps commented, "With our current level of liquidity and continued success in pure deposit growth, we have the funding available to support significant additional loan growth."    

Revenue

Net Interest Income/Net Interest Margin

Net interest income increased on a linked quarter basis to $7.061 million for the first quarter of 2017 compared to fourth quarter 2016 net interest income of $6.794 million.  First quarter 2017 net interest margin, on a tax equivalent basis, was 3.52%, an increase on a linked quarter basis compared to the net interest margin of 3.35% in the fourth quarter of 2016.  During the first quarter of 2017, net interest margin was positively impacted by approximately 9 basis points as a result of the collection of interest on several non-accrual loans which were paid off during the quarter.  Net interest income in the first quarter of 2016 was $6.337 million and net interest margin on a tax equivalent basis was 3.33%. 

Non-Interest Income

Non-interest income, adjusted for securities gains and losses on the early extinguishment of debt, was $1.982 million in the first quarter of 2017, a decrease of $48 thousand over the first quarter of 2016 non-interest income adjusted for securities gains and the loss on the early extinguishment of debt of $2.030 million.  Income from the mortgage line of business was $670 thousand in the first quarter of 2017, flat year-over-year, but down $197 thousand on a linked quarter basis which was expected due to seasonal fluctuations in the mortgage industry.  Mr. Crapps noted, "Although the beginning of the year was slow, we experienced growth in production during the quarter and are encouraged by the momentum as we move into the peak mortgage season."  Income from the financial planning and investment advisory line of business was $258 thousand for the quarter, which was down 2.30% on a linked quarter basis and 11.30% on a year-over-year basis, largely the result in a change in the payment structure on these products which will have a negative impact in the short term, but will build a recurring revenue stream that will be beneficial in the future. 

Non-Interest Expense

Non-interest expense increased on a linked quarter basis to $6.7 million with the majority of the increase based in salaries and benefits and other operating expenses.  The salaries and benefits expense increase included normal salary increases, increased medical benefit costs, as well as the recent addition of several new positions.  The majority of other operating expenses were related the bank's planned conversion to a new operating system which is scheduled to occur in June of this year. 

Income tax expense was positively impacted in the first quarter of 2017 by changes in the accounting for income taxes on equity based compensation.  This change reduced our income tax expense by approximately $115 thousand for the quarter.  Beginning January 1, 2017, the benefit for equity based compensation costs not previously recognized in the income statement are recognized as a reduction in income tax expense in the income statement period when the equity awards vest.  Prior to this change, the related tax benefit was recognized directly through shareholder equity.  This change may increase the volatility of income tax expense in future periods when equity based compensation vests during the period.   

First Community Corporation common 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 and Aiken, South Carolina and Augusta, Georgia and a loan production office in Greenville, South Carolina.  The bank also has 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) the businesses of First Community and Cornerstone may not be integrated successfully or such integration may take longer to accomplish than expected; (2) the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected timeframes or at all; (3) disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; (4) the required governmental approvals of the merger may not be obtained on the anticipated proposed terms and schedule or at all; (5) Cornerstone shareholders may not approve the merger; (6) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (7) 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; (8) 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; (9) changes in the U.S. legal and regulatory framework; (10) 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; (11) 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 (12) 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.

ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT

In connection with the merger, First Community will file with the Securities and Exchange Commission a registration statement on Form S-4 that will include a proxy statement/prospectus for the shareholders of Cornerstone. First Community also plans to file other documents with the Securities and Exchange Commission regarding the merger with Cornerstone. Cornerstone will mail the final proxy statement/prospectus to its shareholders. BEFORE MAKING ANY INVESTMENT OR VOTING DECISION, CORNERSTONE SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/ PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. The proxy statement/prospectus, as well as other filings containing information about First Community, will be available, without charge, at the SEC's website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the Securities and Exchange Commission that will be incorporated by reference in the proxy statement/ prospectus can also be obtained, without charge, by directing a request to First Community Corporation, 5455 Sunset Blvd., Lexington, SC 29072, Attention: Michael Crapps.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction.

FIRST COMMUNITY CORPORATION

BALANCE SHEET DATA

(Dollars in thousands, except per share data)



As of



March 31,

December 31,

March 31,



2017

2016

2016






  Total Assets


$ 914,913

$     914,793

$ 870,409

  Other Short-term Investments (1)


18,035

10,074

15,835

  Investment Securities


262,538

272,396

286,019

  Loans held for sale


4,191

5,707

2,545

  Loans


555,298

546,709

494,021

  Allowance for Loan Losses


5,368

5,214

4,687

  Total Deposits


775,611

766,622

722,236

  Securities Sold Under Agreements to Repurchase


19,388

19,527

20,697

  Federal Home Loan Bank Advances


15,548

24,035

24,432

  Junior Subordinated Debt


14,964

14,964

14,964

  Shareholders' equity


83,131

81,861

81,611






  Book Value Per Common Share


$    12.41

$         12.20

$    12.19

  Tangible Book Value Per Common Share 


$    11.50

$         11.28

$    11.24

  Equity to Assets


9.09%

8.95%

9.38%

  Tangible common equity to tangible assets


8.48%

8.33%

8.70%

  Loan (Incl Held for Sale) to Deposit Ratio

.

72.13%

72.06%

68.75%

  Allowance for Loan Losses/Loans


0.97%

0.95%

0.95%

  Regulatory Ratios:





   Leverage Ratio


10.21%

10.23%

10.23%

   Tier 1 Capital Ratio


14.66%

14.46%

15.41%

   Total Capital Ratio


15.51%

15.28%

16.24%

   Common Equity Tier 1 ratio


12.37%

12.18%

12.87%

  Tier 1 Regulatory Capital


$  92,173

$       91,973

$  87,648

  Total Regulatory Capital


$  98,081

$       97,187

$  92,335

  Common Equity Capital


$  78,213

$       77,473

$  73,178

(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, 



2017

2016

2016






  Average Total Assets


$912,684

$     905,882

$865,479

  Average Loans (Incl Held for Sale)


557,512

536,925

492,219

  Average Earning Assets


838,502

832,192

792,140

  Average Deposits


757,367

760,512

716,644

  Average Other Borrowings


65,662

54,709

61,945

  Average shareholder's equity


82,530

83,518

80,335






Asset Quality;


As of



March 31,

December 31,

March 31,



2017

2016

2016






        Non-accrual loans


$    3,465

$         4,049

$    6,013

        Other real estate owned and repossessed assets


1,156

1,146

1,484

        Accruing loans past due 90 days or more


108

53

32

           Total nonperforming assets


$    4,729

$         5,248

$    7,529

Accruing trouble debt restructurings


$    1,762

$         1,770

$    1,634






Loan Risk Rating by Category (End of Period)





       Special Mention


$    6,783

$         6,799

$    8,581

       Substandard


7,113

7,930

10,445

       Doubtful


-

-

-

       Pass


545,593

537,687

474,995



$559,489

$     552,416

$494,021








Three months ended



March 31,

December 31,

March 31, 



2017

2016

2016

  Loans charged-off


$        29

$             69

$        47

  Overdrafts charged-off


22

13

16

  Loan recoveries


(85)

(10)

(13)

  Overdraft recoveries


(4)

(8)

(1)

     Net Charge-offs (Recoveries)


$       (38)

$             64

$        49

  Net charge-offs to average loans


-

0.01%

0.01%






FIRST COMMUNITY CORPORATION














QUARTERLY INCOME STATEMENT DATA

(Dollars in thousands, except per share data)

















Three months ended





March 31,

December 31,

March 31,





2017

2016

2016










  Interest income


$     7,773

$         7,510

$     7,137



  Interest expense


712

716

800



  Net interest income


7,061

6,794

6,337



  Provision for loan losses


116

238

140



  Net interest income after provision


6,945

6,556

6,197










  Non Interest Income







    Deposit service charges


320

341

347



    Mortgage banking income


670

867

665



    Investment advisory fees and non-deposit commissions


258

264

291



    Gain on sale of securities


54

-

59



    Gain (loss) on sale of other assets


20

3

3



    Loss on early extinguishment of debt


(58)

-

-



    Other


714

725

724



  Total Non Interest Income


1,978

2,200

2,089



  Non Interest Expense







    Salaries and employee benefits


4,086

3,851

3,751



    Occupancy


527

566

559



    Equipment


446

420

429



    Marketing and public relations


221

336

94



    FDIC assessment


78

76

138



    Other real estate expense


27

14

51



    Amortization of intangibles


75

75

83



    Other


1,260

1,180

1,237



 Total Non Interest Expense


6,720

6,518

6,342



 Income before taxes


2,203

2,238

1,944



  Income tax expense


447

446

476



 Net income 


$     1,756

$         1,792

$     1,468










  Primary earnings per common share


$      0.27

$          0.24

$      0.22



  Diluted earnings per common share


$      0.26

$          0.24

$      0.22










Average number of shares outstanding basic


6,687,942

6,569,379

6,572,969



Average number shares outstanding diluted


6,813,460

6,736,615

6,751,074



Shares outstanding period end


6,697,130

6,690,551

6,693,042










  Return on Average Assets


0.78%

0.74%

0.68%



  Return on Average Common Equity


8.63%

8.06%

7.35%



  Return on Average Common Tangible Equity


9.32%

8.79%

7.99%



  Net Interest Margin


3.42%

3.19%

3.22%



  Net Interest Margin (Tax Equivalent)


3.52%

3.29%

3.33%



  Efficiency ratio


74.31%

71.47%

73.86%



FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates 

on Average Interest-Bearing Liabilities










Three months ended March 31, 2017


Three months ended March 31, 2016


Average

Interest 

Yield/


Average

Interest 

Yield/


Balance

Earned/Paid

Rate


Balance

Earned/Paid

Rate

Assets








Earning assets








  Loans

$ 557,512

$      6,326

4.60%


$ 492,219

$      5,681

4.64%

  Securities:

268,121

1,419

2.15%


283,920

1,433

2.03%

  Other short-term investments

12,869

29

0.91%


16,001

23

0.58%

        Total earning assets

838,502

7,774

3.76%


792,140

7,137

3.62%

Cash and due from banks

10,965




10,836



Premises and equipment

30,168




30,096



Intangibles

6,142




6,455



Other assets

32,181




30,600



Allowance for loan losses

(5,274)




(4,648)



       Total assets

$ 912,684




$ 865,479



Interest-bearing liabilities








  Interest-bearing transaction accounts

156,165

43

0.11%


150,458

46

0.12%

  Money market accounts

168,036

105

0.25%


165,631

109

0.26%

  Savings deposits

72,141

21

0.12%


62,333

18

0.12%

  Time deposits

178,235

274

0.62%


178,743

275

0.62%

  Other borrowings

65,662

270

1.67%


61,945

352

2.29%

     Total interest-bearing liabilities

640,239

713

0.45%


619,110

800

0.52%

Demand deposits

182,790




159,479



Other liabilities

7,125




6,555



Shareholders' equity

82,530




80,335



   Total liabilities and shareholders' equity

$ 912,684




$ 865,479



















Cost of funds including demand deposits



0.35%




0.41%

Net interest spread 



3.31%




3.10%

Net interest income/margin


$      7,061

3.42%



$      6,337

3.22%

Net interest income/margin (taxable equivalent)


$      7,279

3.52%



$      6,556

3.33%

The tables below provide a reconciliation of non‑GAAP measures to GAAP for the periods indicated:

Tangible book value per common share


March 31,

2017


December 31,

2016


March 31,

2016


Tangible common equity per common share (non‑GAAP)


$

11.50


$

11.28


$

11.24


Effect to adjust for intangible assets



0.91



0.92



0.95


Book value per common share (GAAP)


$

12.41


$

12.20


$

12.19


Tangible common shareholders' equity to tangible assets











Tangible common equity to tangible assets (non‑GAAP)



8.48

%


8.33

%


8.70

%

Effect to adjust for intangible assets



0.61

%


0.62

%


0.68

%

Common equity to assets (GAAP)



9.09

%


8.95

%


9.38

%




Three months ended



March 31,

December 31,

March 31,

Return on average tangible common equity


2017

2016

2016

Return on average tangible common equity (non‑GAAP)


9.32

%

8.79

%

7.99

%

Effect to adjust for intangible assets


(0.69)

%

(0.73)

%

(0.64)

%

Return on average common equity (GAAP)


8.63

%

8.06

%

7.35

%










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 at period end," "return on average tangible common equity" and "tangible common shareholders' equity to tangible assets." "Tangible book value at period end" 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. 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.

SOURCE First Community Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Also from this source

First Community Corporation Announces Record Earnings and Increased Cash Dividend

First Community Corporation Announces Record Earnings and Increased Cash Dividend

Highlights for Second Quarter of 2025 Net income of $5.186 million during the second quarter of 2025, an increase of 29.7% on a linked quarter basis, ...

First Community Corporation to Expand into Atlanta-Sandy Springs-Roswell, GA MSA with the Acquisition of Signature Bank of Georgia

First Community Corporation to Expand into Atlanta-Sandy Springs-Roswell, GA MSA with the Acquisition of Signature Bank of Georgia

First Community Corporation (NASDAQ: FCCO) ("First Community" or "FCCO"), the holding company of First Community Bank, and Signature Bank of Georgia...

More Releases From This Source

Explore

Banking & Financial Services

Banking & Financial Services

Dividends

Dividends

Earnings

Earnings

Earnings

Earnings

News Releases in Similar Topics

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.