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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):
October 16, 2024
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 October 16, 2024, First Community Corporation (the “Company”),
holding company for First Community Bank, issued a press release announcing its financial results for the period ended September 30, 2024.
The Company announced that the Board of Directors has approved a cash dividend for the third 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 November 12, 2024 to shareholders of record
as of October 29, 2024.
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 loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit
risk-related losses and expenses; (4) changes in legislation, regulation, policies or administrative practices, whether by judicial, governmental,
or legislative action; (5) adverse conditions in the stock market, the public debt markets and other capital markets (including changes
in interest rate conditions) could continue to have a negative impact on the company; (6) changes in interest rates, which have and may
continue to affect our deposit and funding costs, net income, prepayment penalty income, mortgage banking income, and other future cash
flows, or the market value of our assets, including our investment securities; (7) technology and cybersecurity risks, including potential
business disruptions, reputational risks, and financial losses, associated with potential attacks on or failures by our computer systems
and computer systems of our vendors and other third parties; (8) elevated inflation which causes adverse risk to the overall economy,
and could indirectly pose challenges to our customers and to our business; (9) 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: October 16,
2024
Exhibit 99.1
 |
|
| |
News Release
For Release October 16, 2024
9:00 A.M.
Contact: (803) 951-2265
D. Shawn Jordan, EVP & Chief Financial
Officer or
Robin D. Brown, EVP & Chief Marketing Officer |
First Community Corporation
Announces Third Quarter Results and Cash Dividend
Highlights for Third
Quarter of 2024
| · | Net
income of $3.861 million. |
| · | Diluted
EPS of $0.50 per common share for the quarter and $1.26 year-to-date through September
30, 2024. |
| · | Total
loans increased during the third quarter by $7.5 million, a 2.5% annualized growth rate.
Year-to-date through September 30, 2024, total loans increased $62.6 million, a 7.4%
annualized growth rate. |
| · | Total
deposits increased during the third quarter by $39.5 million, an annualized growth rate
of 9.8%. Year-to-date through September 30, 2024, total deposits increased $133.1 million,
an 11.8% annualized growth rate. Customer deposits (total deposits excluding brokered
CDs) increased during the third quarter by $60.0 million, a 15.3% annualized growth rate.
|
| · | Investment
advisory line of business exceeded $900 million in Assets Under Management (AUM) and
produced revenue of $1.595 million in the third quarter and $4.461 million year-to-date
through September 30, 2024. |
| · | Strong
credit quality metrics with non-performing assets (NPAs) ratio of 0.04%, past due ratio
of 0.11%, net charge-offs, including overdrafts, during the third quarter of 2024 of
$68 thousand; excluding overdrafts net loan charge-offs were $45 thousand during the
third quarter of 2024. |
| · | Total
assets of $1.944 billion. |
| · | Cash
dividend of $0.15 per common share, which is the 91st consecutive quarter
of cash dividends paid to common shareholders. |
Lexington, SC – October
16, 2024 Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income
for the third quarter of 2024 of $3.861 million as compared to $3.265 million in the second quarter of 2024 and $1.756 million
in the third quarter of 2023. Diluted earnings per common share were $0.50 for the third quarter of 2024 as compared to $0.42
for the second quarter of 2024 and $0.23 for the third quarter of 2023.
Year-to-date through September
30, 2024, net income was $9.723 million compared to $8.546 million during the first nine months of 2023. Diluted earnings per
share for the first nine months of 2024 were $1.26, compared to $1.12 during the same time period in 2023.
As a note, during the third
quarter of 2023, the company sold $39.9 million of book value U.S. Treasuries in its available-for-sale investments portfolio
and this sale created a one-time pre-tax loss of $1.2 million.
Cash Dividend and
Capital
The
Board of Directors approved a cash dividend for the third 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 November 12, 2024 to shareholders of record as of October
29, 2024. Mike Crapps, First Community Corporation President and CEO, commented, “Our entire board is pleased that our performance
enables the company to continue its cash dividend for the 91st consecutive quarter.”
The
company’s Board of Directors has approved a plan to utilize up to $7.1 million of capital to repurchase shares of its common
stock, which represents approximately 5.0% of total shareholders’ equity as of September 30, 2024. This share repurchase
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 approved share repurchase provides us with some flexibility 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 September
30, 2024, the bank’s regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 8.39%, 12.93%, and
14.00%, respectively. This compares to the same ratios as of September 30, 2023 of 8.63%, 12.47%, and 13.50%, respectively. As
of September 30, 2024, the bank’s Common Equity Tier I ratio was 12.93% compared to 12.47% at September 30, 2023. Further,
the company’s Tangible Common Shareholders’ Equity to Tangible Assets (TCE) ratio was 6.65% as of September 30, 2024,
compared to 6.47% as of June 30, 2024, and 6.09% as of September 30, 2023.
Tangible Book Value (TBV)
per common share was $16.78 at September 30, 2024, compared to $15.85 as of June 30, 2024, and $14.25 as of September 30, 2023.
Asset Quality
Asset quality metrics remained
strong as of September 30, 2024. The non-performing assets ratio for the third quarter was 0.04% of total assets and a total past
due ratio of 0.11% of total loans. Net charge-offs, including overdrafts, during the third quarter of 2024 were $68 thousand;
excluding overdrafts net loan charge-offs were $45 thousand during the third quarter. Year-to-date through September 30, 2024
net loan charge-offs, including overdrafts, were $95 thousand and excluding overdrafts were $43 thousand. The ratio of classified
loans plus OREO now stands at 1.15% of total bank regulatory risk-based capital as of September 30, 2024.
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.
Collateral | |
Outstanding | | |
%
of Loan
Portfolio | | |
Average Loan
Size | | |
Weighted
Avg LTV of
Top
10 Loans | |
| Retail | |
$ | 98,701,793 | | |
| 8.2 | % | |
$ | 1,028,144 | | |
| 55 | % |
| Warehouse & Industrial | |
$ | 76,998,629 | | |
| 6.4 | % | |
$ | 793,800 | | |
| 60 | % |
| Office | |
$ | 66,965,552 | | |
| 5.6 | % | |
$ | 690,367 | | |
| 58 | % |
| Hotel | |
$ | 59,471,982 | | |
| 5.0 | % | |
$ | 3,498,352 | | |
| 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 $10.7 million in loan outstandings and have a weighted average loan-to-value
of 33%.
Balance
Sheet
Total loans increased during
the third quarter of 2024 by $7.5 million to $1.197 billion at September 30, 2024, compared to $1.189 billion at June 30, 2024.
Year-to-date through September 30, 2024, total loans increased $62.6 million, an annualized growth rate of 7.4%. Commercial loan
production was $35.0 million and advances from unfunded commercial construction loans available for draws was $19.0 million during
the third quarter of 2024. This compares to $42.6 million and $23.7 million, respectively, on a linked quarter basis. Loan payoffs
and paydowns were up 67.4% on a linked quarter basis. First Community Bank President and CEO Ted Nissen noted, “As anticipated,
the combination of less production and higher payoffs resulted in less loan growth in the third quarter as compared to the first
two quarters of 2024. However, we are pleased that our annualized growth rate for loans is still strong at 7.4%.”
Total deposits increased
$39.5 million during the third quarter to $1.644 billion at September 30, 2024 compared to $1.605 billion at June 30, 2024. Pure
deposits, which are defined as total deposits less certificates of deposits, increased $31.0 million on a linked quarter basis
to $1.350 billion at September 30, 2024, an annualized growth rate of 9.4%. Securities sold under agreements to repurchase, which
are related to customer cash management accounts or business sweep accounts, were $66.9 million at September 30, 2024, an increase
of $7.6 million on a linked quarter basis, a 51.3% annualized growth rate. The bank began issuing brokered certificates of deposit
during the third quarter of 2023 to supplement its funding mix. During the third quarter of 2024, brokered CDs declined from $42.9
million at June 30, 2024 to $22.4 million at September 30, 2024. Total deposits, excluding brokered deposits, were $1.622 billion
at September 30, 2024 compared to $1.562 billion at June 30, 2024, which is an increase of $60.0 million for an annual growth rate
of 15.3%. Costs of deposits were 2.03% in the third quarter of 2024 compared to 1.98% in the second quarter of the year. Cost
of funds increased on a linked quarter basis to 2.21% in the third quarter of 2024 from 2.17% in the second quarter of the year.
The cumulative cycle betas, which represents trough to peak, for cost of deposits is 37.52% and for cost of funds is 40.19%. Non-interest
bearing deposits decreased by $19.0 million on a linked quarter basis to $441.4 million or 26.8% of total deposits. However, it
should be noted that average non-interest bearing deposits actually increased slightly during the quarter to $445.3 million from
$443.7 million in the second quarter of 2024. Mr. Nissen commented, “A strength of our bank has been and continues to be
the value of our deposit franchise. Of the $39.5 million in total deposit growth in the third quarter of 2024, $31.0 million of
that was in pure deposits, which are more relationship based than the more price sensitive certificates of deposit.”
As of September 30, 2024,
the bank had uninsured deposits of $492.5 million, or 30.0%, of total bank deposits. Of those uninsured deposits, $88.3 million,
or 5.4%, 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 $404.3 million, or 24.6%, of total
deposits at September 30, 2024. The average balance of all customer deposit accounts as of September 30, 2024 was $24,281. The
average balance for consumer accounts was $13,152 and for non-consumer accounts was $52,782. 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 $144.4 million at September 30, 2024 compared to
$86.2 million at June 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 $3.7 million in borrowings against these lines of credit as of September 30, 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 September 30, 2024, the bank had total availability of $471.1 million subject to collateral requirements. There were $50.0
million of FHLB advances with $421.1 million of remaining credit availability, subject to collateral requirements, at September
30, 2024.
Combined, the company has
total remaining credit availability, subject to collateral requirements, in excess of $505.0 million as compared to uninsured
deposits (excluding deposits secured or collateralized as noted above) of $404.3 million.
The investment portfolio
was $486.8 million at September 30, 2024 compared to $488.7 million at June 30, 2024. The yield decreased to 3.53% during the
third quarter of 2024 as compared to 3.66% in the second quarter of 2024. The effective duration of the available-for-sale portfolio
was 3.4 at September 30, 2024. AOCL decreased to $23.2 million at September 30, 2024 from $27.3 million at June 30, 2024, primarily
due to a decrease in market interest rates.
Revenue
Net Interest Income/Net
Interest Margin
Net interest income for
the third quarter of 2024 was $13.412 million, compared to $12.694 million in the second quarter of 2024 and $12.103 million for
the third quarter of 2023. Third quarter net interest margin, on a tax equivalent basis, was 2.96% compared to net interest margin
of 2.93% in the second quarter of 2024. This expansion continues a positive trend of margin expansion in recent quarters.
The company continued to
benefit from the yield on the loan portfolio increasing again this quarter, improving by 13 basis points to 5.73% in the third
quarter of 2024 as compared to 5.60% in the prior quarter. Mr. Nissen commented, “This increase in the loan portfolio yield
was partially offset by the decrease in the investment portfolio yield, resulting in the average earning asset yield increasing
by six basis points on a linked quarter basis to 5.10%.”
As previously disclosed,
effective May 5, 2023, the company entered into a pay-fixed/receive-floating interest rate swap (the “Pay-Fixed Swap Agreement”)
for a notional amount of $150.0 million that was designated as a fair value hedge to hedge the risk of changes in the fair value
of the fixed rate loans included in the closed loan portfolio. This fair value hedge converts the hedged loans from a fixed rate
to a synthetic floating SOFR rate. The Pay-Fixed Swap Agreement will mature on May 5, 2026 and the company will pay a fixed coupon
rate of 3.58% while receiving the overnight SOFR rate. This interest rate swap positively impacted interest on loans by $681 thousand
during the third quarter of 2024 and $1.997 million year-to-date through September 30, 2024. Loan yields and net interest margin
both benefitted with an increase of 23 basis points and 15 basis points, respectively during the third quarter of 2024 and 24
basis points and 15 basis points, respectively, through September 30, 2024.
Non-Interest Income
Total non-interest income
was $3.570 million in the third quarter of 2024 compared to $3.642 million in the second quarter of the year and $1.864 million
in the third quarter of 2023. Excluding the loss on the sale of securities in the third quarter of 2023 discussed above, the total
non-interest income for the third quarter of 2023 was $3.113 million.
Total production in the
mortgage line of business in the third quarter of 2024 was $38.1 million which was comprised of $19.5 million in secondary market
loans, $8.7 million in adjustable rate mortgages (ARMs) and $9.9 million in construction loans. This compares to production on
a linked quarter of $49.0 million which was comprised of $22.7 million in secondary market loans, $14.6 million in ARMs, and $11.7
million in construction loans. Production in the third quarter of 2023 was $41.7 million which was comprised of $17.3 million
in secondary market loans, $11.4 million in ARMs, and $13.0 million in construction loans. Fee revenue associated with the secondary
market loans was $571 thousand in the third quarter of 2024 with a gain-on-sale margin of 2.92%.
Total assets under management
(AUM) in the investment advisory line of business were $901.6 million at September 30, 2024 compared to $865.6 million at June
30, 2024 and $755.4 million at December 31, 2023. Revenue in this line of business was $1.595 million in the third quarter of
2024, compared to $1.508 million in the second quarter of the year which is an increase of 5.8% on a linked quarter, and compared
to $1.187 million in the third quarter of 2023 which is an increase of 34.4% year-over-year.
Non-Interest
Expense
Non-interest expense was
$11.991 million in the third quarter of 2024, compared to $11.843 million in the second quarter of the year. Marketing expense
was $219 thousand higher on a linked quarter as planned due to a more extensive media schedule during the period. Salaries and
Benefits expense was $119 thousand higher on a linked quarter primarily due to an increase in incentive accruals related to higher
performance levels. Other expense was down $229 thousand in the third quarter of 2024 primarily due to lower legal fees and the
reimbursement of some legal fees previously paid during the second quarter of 2024, as well as lower expenses related to Other
Real Estate Owned (OREO) compared to the second quarter of 2024 which included a write down of an OREO property.
Other
The company has previously
announced the future retirement of Chief Operations and Risk Officer Tanya Butts. The company has selected Sarah Donley, the bank’s
Controller and a 27-year employee, as her successor following a substantial transition period.
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 | |
| | |
September 30, | | |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | |
| | |
2024 | | |
2024 | | |
2024 | | |
2023 | | |
2023 | |
| | |
| | |
| | |
| | |
| | |
| |
| Total Assets | |
$ | 1,943,548 | | |
$ | 1,884,844 | | |
$ | 1,886,991 | | |
$ | 1,827,688 | | |
$ | 1,793,722 | |
| Other Short-term Investments and CDs1 | |
| 144,354 | | |
| 86,172 | | |
| 122,778 | | |
| 66,787 | | |
| 69,703 | |
| Investment Securities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments Held-to-Maturity | |
| 212,242 | | |
| 213,706 | | |
| 215,260 | | |
| 217,200 | | |
| 219,903 | |
| Investments Available-for-Sale | |
| 269,553 | | |
| 269,918 | | |
| 274,349 | | |
| 282,226 | | |
| 280,549 | |
| Other Investments at Cost | |
| 5,054 | | |
| 5,029 | | |
| 5,504 | | |
| 6,800 | | |
| 6,305 | |
| Total Investment Securities | |
| 486,849 | | |
| 488,653 | | |
| 495,113 | | |
| 506,226 | | |
| 506,757 | |
| Loans Held-for-Sale | |
| 3,935 | | |
| 6,701 | | |
| 1,719 | | |
| 4,433 | | |
| 5,509 | |
| Loans | |
| 1,196,659 | | |
| 1,189,189 | | |
| 1,157,305 | | |
| 1,134,019 | | |
| 1,091,645 | |
| Allowance for Credit Losses - Investments | |
| 24 | | |
| 27 | | |
| 29 | | |
| 30 | | |
| 32 | |
| Allowance for Credit Losses - Loans | |
| 12,933 | | |
| 12,932 | | |
| 12,459 | | |
| 12,267 | | |
| 11,818 | |
| Allowance for Credit Losses - Unfunded Commitments | |
| 409 | | |
| 490 | | |
| 512 | | |
| 597 | | |
| 643 | |
| Goodwill | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | |
| Other Intangibles | |
| 486 | | |
| 525 | | |
| 564 | | |
| 604 | | |
| 643 | |
| Total Deposits | |
| 1,644,064 | | |
| 1,604,528 | | |
| 1,578,067 | | |
| 1,511,001 | | |
| 1,492,026 | |
| Securities Sold Under Agreements to Repurchase | |
| 66,933 | | |
| 59,286 | | |
| 81,833 | | |
| 62,863 | | |
| 67,173 | |
| Federal Funds Purchased | |
| 3,656 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Federal Home Loan Bank Advances | |
| 50,000 | | |
| 50,000 | | |
| 60,000 | | |
| 90,000 | | |
| 80,000 | |
| Junior Subordinated Debt | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | |
| Accumulated Other Comprehensive Loss (AOCL) | |
| (23,223 | ) | |
| (27,288 | ) | |
| (27,442 | ) | |
| (28,191 | ) | |
| (33,057 | ) |
| Shareholders’ Equity | |
| 143,312 | | |
| 136,179 | | |
| 133,493 | | |
| 131,059 | | |
| 123,601 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Book Value Per Common Share | |
$ | 18.76 | | |
$ | 17.84 | | |
$ | 17.50 | | |
$ | 17.23 | | |
$ | 16.26 | |
| Tangible Book Value Per Common Share | |
$ | 16.78 | | |
$ | 15.85 | | |
$ | 15.51 | | |
$ | 15.23 | | |
$ | 14.25 | |
| Equity to Assets | |
| 7.37 | % | |
| 7.22 | % | |
| 7.07 | % | |
| 7.17 | % | |
| 6.89 | % |
| Tangible Common Equity to Tangible Assets (TCE Ratio) | |
| 6.65 | % | |
| 6.47 | % | |
| 6.32 | % | |
| 6.39 | % | |
| 6.09 | % |
| Loan to Deposit Ratio (Includes Loans Held-for-Sale) | |
| 73.03 | % | |
| 74.53 | % | |
| 73.45 | % | |
| 75.34 | % | |
| 73.53 | % |
| Loan to Deposit Ratio (Excludes Loans Held-for-Sale) | |
| 72.79 | % | |
| 74.11 | % | |
| 73.34 | % | |
| 75.05 | % | |
| 73.17 | % |
| Allowance for Credit Losses - Loans/Loans | |
| 1.08 | % | |
| 1.09 | % | |
| 1.08 | % | |
| 1.08 | % | |
| 1.08 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Regulatory Capital Ratios (Bank): | |
| | | |
| | | |
| | | |
| | | |
| | |
| Leverage Ratio | |
| 8.39 | % | |
| 8.44 | % | |
| 8.35 | % | |
| 8.45 | % | |
| 8.63 | % |
| Tier 1 Capital Ratio | |
| 12.93 | % | |
| 12.56 | % | |
| 12.65 | % | |
| 12.53 | % | |
| 12.47 | % |
| Total Capital Ratio | |
| 14.00 | % | |
| 13.62 | % | |
| 13.71 | % | |
| 13.58 | % | |
| 13.50 | % |
| Common Equity Tier 1 Capital Ratio | |
| 12.93 | % | |
| 12.56 | % | |
| 12.65 | % | |
| 12.53 | % | |
| 12.47 | % |
| Tier 1 Regulatory Capital | |
$ | 161,058 | | |
$ | 158,080 | | |
$ | 155,590 | | |
$ | 153,859 | | |
$ | 151,360 | |
| Total Regulatory Capital | |
$ | 174,423 | | |
$ | 171,529 | | |
$ | 168,590 | | |
$ | 166,752 | | |
$ | 163,853 | |
| Common Equity Tier 1 Capital | |
$ | 161,058 | | |
$ | 158,080 | | |
$ | 155,590 | | |
$ | 153,859 | | |
$ | 151,360 | |
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 | | |
Nine months ended | |
| | |
September 30, | | |
September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| Average Total Assets | |
$ | 1,915,700 | | |
$ | 1,744,670 | | |
$ | 1,878,611 | | |
$ | 1,725,855 | |
| Average Loans (Includes Loans Held-for-Sale) | |
| 1,200,150 | | |
| 1,065,698 | | |
| 1,176,007 | | |
| 1,023,428 | |
| Average Investment Securities | |
| 487,622 | | |
| 533,094 | | |
| 492,707 | | |
| 553,496 | |
| Average Short-term Investments and CDs1 | |
| 117,979 | | |
| 29,468 | | |
| 98,514 | | |
| 34,057 | |
| Average Earning Assets | |
| 1,805,751 | | |
| 1,628,260 | | |
| 1,767,228 | | |
| 1,610,981 | |
| Average Deposits | |
| 1,621,159 | | |
| 1,432,823 | | |
| 1,571,016 | | |
| 1,408,074 | |
| Average Other Borrowings | |
| 134,074 | | |
| 171,304 | | |
| 152,930 | | |
| 180,051 | |
| Average Shareholders’ Equity | |
| 139,154 | | |
| 125,077 | | |
| 134,970 | | |
| 123,008 | |
| Asset Quality: | |
As of | |
| | |
September 30, | | |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | |
| | |
2024 | | |
2024 | | |
2024 | | |
2023 | | |
2023 | |
| Loan Risk Rating by Category (End of Period) | |
| | |
| | |
| | |
| | |
| |
| Special Mention | |
$ | 672 | | |
$ | 673 | | |
$ | 833 | | |
$ | 331 | | |
$ | 550 | |
| Substandard | |
| 1,455 | | |
| 1,528 | | |
| 1,418 | | |
| 1,449 | | |
| 1,241 | |
| Doubtful | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Pass | |
| 1,194,532 | | |
| 1,186,988 | | |
| 1,155,054 | | |
| 1,132,239 | | |
| 1,089,854 | |
| Total Loans | |
$ | 1,196,659 | | |
$ | 1,189,189 | | |
$ | 1,157,305 | | |
$ | 1,134,019 | | |
$ | 1,091,645 | |
| Nonperforming Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-accrual Loans | |
$ | 119 | | |
$ | 173 | | |
$ | 56 | | |
$ | 27 | | |
$ | 61 | |
| Other Real Estate Owned and Repossessed Assets | |
| 544 | | |
| 544 | | |
| 622 | | |
| 622 | | |
| 666 | |
| Accruing Loans Past Due 90 Days or More | |
| 211 | | |
| — | | |
| 157 | | |
| 215 | | |
| 3 | |
| Total Nonperforming Assets | |
$ | 874 | | |
$ | 717 | | |
$ | 835 | | |
$ | 864 | | |
$ | 730 | |
| | |
Three
months ended | | |
Nine
months ended | |
| | |
September
30, | | |
September
30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Loans Charged-off | |
$ | 54 | | |
$ | 21 | | |
$ | 85 | | |
$ | 24 | |
| Overdrafts Charged-off | |
| 29 | | |
| 13 | | |
| 64 | | |
| 46 | |
| Loan Recoveries | |
| (9 | ) | |
| (32 | ) | |
| (42 | ) | |
| (64 | ) |
| Overdraft
Recoveries | |
| (6 | ) | |
| (2 | ) | |
| (12 | ) | |
| (11 | ) |
| Net Charge-offs
(Recoveries) | |
$ | 68 | | |
$ | — | | |
$ | 95 | | |
$ | (5 | ) |
| Net
Charge-offs / (Recoveries) to Average Loans2 | |
| 0.02 | % | |
| 0.00 | % | |
| 0.01 | % | |
| (0.00 | %) |
1 Includes federal funds sold and interest-bearing deposits
2 Annualized
FIRST
COMMUNITY CORPORATION
INCOME
STATEMENT DATA
(Dollars
in thousands, except per share data)
| | |
Three months ended | | |
Three months ended | | |
Three months ended | | |
Nine months ended | |
| | |
September 30, | | |
June 30, | | |
March 31, | | |
September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Interest income | |
$ | 23,161 | | |
$ | 18,734 | | |
$ | 21,931 | | |
$ | 17,497 | | |
$ | 21,256 | | |
$ | 15,890 | | |
$ | 66,348 | | |
$ | 52,121 | |
| Interest expense | |
| 9,749 | | |
| 6,631 | | |
| 9,237 | | |
| 5,360 | | |
| 9,179 | | |
| 3,533 | | |
| 28,165 | | |
| 15,524 | |
| Net interest income | |
| 13,412 | | |
| 12,103 | | |
| 12,694 | | |
| 12,137 | | |
| 12,077 | | |
| 12,357 | | |
| 38,183 | | |
| 36,597 | |
| Provision for (release of) credit losses | |
| (16 | ) | |
| 474 | | |
| 454 | | |
| 186 | | |
| 129 | | |
| 70 | | |
| 567 | | |
| 730 | |
| Net interest income after provision for (release of) credit losses | |
| 13,428 | | |
| 11,629 | | |
| 12,240 | | |
| 11,951 | | |
| 11,948 | | |
| 12,287 | | |
| 37,616 | | |
| 35,867 | |
| Non-interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deposit service charges | |
| 228 | | |
| 240 | | |
| 235 | | |
| 220 | | |
| 259 | | |
| 232 | | |
| 722 | | |
| 692 | |
| Mortgage banking income | |
| 575 | | |
| 508 | | |
| 659 | | |
| 371 | | |
| 425 | | |
| 155 | | |
| 1,659 | | |
| 1,034 | |
| Investment advisory fees and non-deposit commissions | |
| 1,595 | | |
| 1,187 | | |
| 1,508 | | |
| 1,081 | | |
| 1,358 | | |
| 1,067 | | |
| 4,461 | | |
| 3,335 | |
| Gain (loss) on sale of securities | |
| — | | |
| (1,249 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,249 | ) |
| Gain (loss) on sale of other assets | |
| 5 | | |
| 46 | | |
| — | | |
| 105 | | |
| — | | |
| — | | |
| 5 | | |
| 151 | |
| Other non-recurring income | |
| — | | |
| — | | |
| 95 | | |
| 121 | | |
| — | | |
| — | | |
| 95 | | |
| 121 | |
| Other | |
| 1,167 | | |
| 1,132 | | |
| 1,145 | | |
| 1,153 | | |
| 1,142 | | |
| 1,121 | | |
| 3,454 | | |
| 3,406 | |
| Total non-interest income | |
| 3,570 | | |
| 1,864 | | |
| 3,642 | | |
| 3,051 | | |
| 3,184 | | |
| 2,575 | | |
| 10,396 | | |
| 7,490 | |
| Non-interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 7,422 | | |
| 6,613 | | |
| 7,303 | | |
| 6,508 | | |
| 7,101 | | |
| 6,331 | | |
| 21,826 | | |
| 19,452 | |
| Occupancy | |
| 793 | | |
| 776 | | |
| 738 | | |
| 813 | | |
| 790 | | |
| 830 | | |
| 2,321 | | |
| 2,419 | |
| Equipment | |
| 391 | | |
| 416 | | |
| 317 | | |
| 377 | | |
| 330 | | |
| 336 | | |
| 1,038 | | |
| 1,129 | |
| Marketing and public relations | |
| 477 | | |
| 609 | | |
| 258 | | |
| 370 | | |
| 566 | | |
| 346 | | |
| 1,301 | | |
| 1,325 | |
| FDIC assessment | |
| 290 | | |
| 211 | | |
| 302 | | |
| 221 | | |
| 278 | | |
| 182 | | |
| 870 | | |
| 614 | |
| Other real estate expenses | |
| 11 | | |
| 21 | | |
| 90 | | |
| (30 | ) | |
| 12 | | |
| (133 | ) | |
| 113 | | |
| (142 | ) |
| Amortization of intangibles | |
| 40 | | |
| 39 | | |
| 39 | | |
| 40 | | |
| 39 | | |
| 39 | | |
| 118 | | |
| 118 | |
| Other | |
| 2,567 | | |
| 2,588 | | |
| 2,796 | | |
| 2,456 | | |
| 2,689 | | |
| 2,505 | | |
| 8,052 | | |
| 7,549 | |
| Total non-interest expense | |
| 11,991 | | |
| 11,273 | | |
| 11,843 | | |
| 10,755 | | |
| 11,805 | | |
| 10,436 | | |
| 35,639 | | |
| 32,464 | |
| Income before taxes | |
| 5,007 | | |
| 2,220 | | |
| 4,039 | | |
| 4,247 | | |
| 3,327 | | |
| 4,426 | | |
| 12,373 | | |
| 10,893 | |
| Income tax expense | |
| 1,146 | | |
| 464 | | |
| 774 | | |
| 920 | | |
| 730 | | |
| 963 | | |
| 2,650 | | |
| 2,347 | |
| Net income | |
$ | 3,861 | | |
$ | 1,756 | | |
$ | 3,265 | | |
$ | 3,327 | | |
$ | 2,597 | | |
$ | 3,463 | | |
$ | 9,723 | | |
$ | 8,546 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Per share data | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income, basic | |
$ | 0.51 | | |
$ | 0.23 | | |
$ | 0.43 | | |
$ | 0.44 | | |
$ | 0.34 | | |
$ | 0.46 | | |
$ | 1.28 | | |
$ | 1.13 | |
| Net income, diluted | |
$ | 0.50 | | |
$ | 0.23 | | |
$ | 0.42 | | |
$ | 0.43 | | |
$ | 0.34 | | |
$ | 0.45 | | |
$ | 1.26 | | |
$ | 1.12 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average number of shares outstanding - basic | |
| 7,623,260 | | |
| 7,571,994 | | |
| 7,617,266 | | |
| 7,564,928 | | |
| 7,600,450 | | |
| 7,555,080 | | |
| 7,612,889 | | |
| 7,563,609 | |
| Average number of shares outstanding - diluted | |
| 7,722,276 | | |
| 7,654,962 | | |
| 7,695,476 | | |
| 7,654,817 | | |
| 7,679,771 | | |
| 7,644,440 | | |
| 7,694,671 | | |
| 7,648,934 | |
| Shares outstanding period end | |
| 7,640,648 | | |
| 7,600,023 | | |
| 7,635,145 | | |
| 7,593,759 | | |
| 7,629,005 | | |
| 7,587,763 | | |
| 7,640,648 | | |
| 7,600,023 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Return on average assets | |
| 0.80 | % | |
| 0.40 | % | |
| 0.71 | % | |
| 0.77 | % | |
| 0.56 | % | |
| 0.83 | % | |
| 0.69 | % | |
| 0.66 | % |
| Return on average common equity | |
| 11.04 | % | |
| 5.57 | % | |
| 9.82 | % | |
| 10.75 | % | |
| 7.91 | % | |
| 11.70 | % | |
| 9.62 | % | |
| 9.29 | % |
| Return on average tangible common equity | |
| 12.39 | % | |
| 6.35 | % | |
| 11.08 | % | |
| 12.26 | % | |
| 8.95 | % | |
| 13.42 | % | |
| 10.84 | % | |
| 10.61 | % |
| Net interest margin (non taxable equivalent) | |
| 2.95 | % | |
| 2.95 | % | |
| 2.92 | % | |
| 3.00 | % | |
| 2.78 | % | |
| 3.17 | % | |
| 2.89 | % | |
| 3.04 | % |
| Net interest margin (taxable equivalent) | |
| 2.96 | % | |
| 2.96 | % | |
| 2.93 | % | |
| 3.02 | % | |
| 2.79 | % | |
| 3.19 | % | |
| 2.89 | % | |
| 3.06 | % |
| Efficiency ratio1 | |
| 70.48 | % | |
| 74.01 | % | |
| 72.75 | % | |
| 71.52 | % | |
| 77.15 | % | |
| 69.43 | % | |
| 73.34 | % | |
| 71.66 | % |
1 Calculated by dividing non-interest expense by net interest income on tax equivalent basis and non interest income, excluding loss on sale of securities, gain (loss) on sale of other assets and other non-recurring noninterest income.
FIRST COMMUNITY CORPORATION
Yields on Average Earning Assets and
Rates on Average Interest-Bearing Liabilities
| | |
Three months ended September 30, 2024 | | |
Three months ended September 30, 2023 | |
| | |
Average | | |
Interest | | |
Yield/ | | |
Average | | |
Interest | | |
Yield/ | |
| | |
Balance | | |
Earned/Paid | | |
Rate | | |
Balance | | |
Earned/Paid | | |
Rate | |
| Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans | |
$ | 1,200,150 | | |
$ | 17,279 | | |
| 5.73 | % | |
$ | 1,065,698 | | |
$ | 13,804 | | |
| 5.14 | % |
| Non-taxable securities | |
| 48,641 | | |
| 355 | | |
| 2.90 | % | |
| 50,569 | | |
| 366 | | |
| 2.87 | % |
| Taxable securities | |
| 438,981 | | |
| 3,975 | | |
| 3.60 | % | |
| 482,525 | | |
| 4,229 | | |
| 3.48 | % |
| Int bearing deposits in other banks | |
| 117,979 | | |
| 1,552 | | |
| 5.23 | % | |
| 29,468 | | |
| 335 | | |
| 4.51 | % |
| Fed funds sold | |
| — | | |
| — | | |
| NA | | |
| — | | |
| — | | |
| NA | |
| Total earning assets | |
| 1,805,751 | | |
| 23,161 | | |
| 5.10 | % | |
| 1,628,260 | | |
| 18,734 | | |
| 4.56 | % |
| Cash and due from banks | |
| 24,202 | | |
| | | |
| | | |
| 25,782 | | |
| | | |
| | |
| Premises and equipment | |
| 30,270 | | |
| | | |
| | | |
| 31,078 | | |
| | | |
| | |
| Goodwill and other intangibles | |
| 15,142 | | |
| | | |
| | | |
| 15,300 | | |
| | | |
| | |
| Other assets | |
| 53,346 | | |
| | | |
| | | |
| 56,044 | | |
| | | |
| | |
| Allowance for credit losses - investments | |
| (27 | ) | |
| | | |
| | | |
| (37 | ) | |
| | | |
| | |
| Allowance for credit losses - loans | |
| (12,984 | ) | |
| | | |
| | | |
| (11,757 | ) | |
| | | |
| | |
| Total assets | |
$ | 1,915,700 | | |
| | | |
| | | |
$ | 1,744,670 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing transaction accounts | |
$ | 321,183 | | |
$ | 999 | | |
| 1.24 | % | |
$ | 297,926 | | |
$ | 519 | | |
| 0.69 | % |
| Money market accounts | |
| 422,719 | | |
| 3,598 | | |
| 3.39 | % | |
| 378,931 | | |
| 2,866 | | |
| 3.00 | % |
| Savings deposits | |
| 109,956 | | |
| 114 | | |
| 0.41 | % | |
| 126,071 | | |
| 72 | | |
| 0.23 | % |
| Time deposits | |
| 321,954 | | |
| 3,576 | | |
| 4.42 | % | |
| 182,252 | | |
| 1,320 | | |
| 2.87 | % |
| Fed funds purchased | |
| 40 | | |
| — | | |
| 0.00 | % | |
| 1,587 | | |
| 20 | | |
| 5.00 | % |
| Securities sold under agreements to repurchase | |
| 69,070 | | |
| 506 | | |
| 2.91 | % | |
| 71,492 | | |
| 446 | | |
| 2.48 | % |
| FHLB Advances | |
| 50,000 | | |
| 646 | | |
| 5.14 | % | |
| 83,261 | | |
| 1,079 | | |
| 5.14 | % |
| Other long-term debt | |
| 14,964 | | |
| 310 | | |
| 8.24 | % | |
| 14,964 | | |
| 309 | | |
| 8.19 | % |
| Total interest-bearing liabilities | |
| 1,309,886 | | |
| 9,749 | | |
| 2.96 | % | |
| 1,156,484 | | |
| 6,631 | | |
| 2.27 | % |
| Demand deposits | |
| 445,347 | | |
| | | |
| | | |
| 447,643 | | |
| | | |
| | |
| Allowance for credit losses - unfunded commitments | |
| 489 | | |
| | | |
| | | |
| 431 | | |
| | | |
| | |
| Other liabilities | |
| 20,824 | | |
| | | |
| | | |
| 15,035 | | |
| | | |
| | |
| Shareholders’ equity | |
| 139,154 | | |
| | | |
| | | |
| 125,077 | | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
$ | 1,915,700 | | |
| | | |
| | | |
$ | 1,744,670 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of deposits, including demand deposits | |
| | | |
| | | |
| 2.03 | % | |
| | | |
| | | |
| 1.32 | % |
| Cost of funds, including demand deposits | |
| | | |
| | | |
| 2.21 | % | |
| | | |
| | | |
| 1.64 | % |
| Net interest spread | |
| | | |
| | | |
| 2.14 | % | |
| | | |
| | | |
| 2.28 | % |
| Net interest income/margin | |
| | | |
$ | 13,412 | | |
| 2.95 | % | |
| | | |
$ | 12,103 | | |
| 2.95 | % |
| Net interest income/margin (tax equivalent) | |
| | | |
$ | 13,448 | | |
| 2.96 | % | |
| | | |
$ | 12,165 | | |
| 2.96 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
FIRST COMMUNITY CORPORATION
Yields on Average Earning Assets and
Rates on Average Interest-Bearing Liabilities
| | |
Nine months ended September 30, 2024 | | |
Nine months ended September 30, 2023 | |
| | |
Average | | |
Interest | | |
Yield/ | | |
Average | | |
Interest | | |
Yield/ | |
| | |
Balance | | |
Earned/Paid | | |
Rate | | |
Balance | | |
Earned/Paid | | |
Rate | |
| Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans | |
$ | 1,176,007 | | |
$ | 49,230 | | |
| 5.59 | % | |
$ | 1,023,428 | | |
$ | 37,277 | | |
| 4.87 | % |
| Non-taxable securities | |
| 48,959 | | |
| 1,070 | | |
| 2.92 | % | |
| 50,950 | | |
| 1,109 | | |
| 2.91 | % |
| Taxable securities | |
| 443,748 | | |
| 12,279 | | |
| 3.70 | % | |
| 502,546 | | |
| 12,513 | | |
| 3.33 | % |
| Int bearing deposits in other banks | |
| 98,480 | | |
| 3,768 | | |
| 5.11 | % | |
| 34,016 | | |
| 1,221 | | |
| 4.80 | % |
| Fed funds sold | |
| 34 | | |
| 1 | | |
| 3.93 | % | |
| 41 | | |
| 1 | | |
| 3.26 | % |
| Total earning assets | |
| 1,767,228 | | |
| 66,348 | | |
| 5.01 | % | |
| 1,610,981 | | |
| 52,121 | | |
| 4.33 | % |
| Cash and due from banks | |
| 24,074 | | |
| | | |
| | | |
| 25,760 | | |
| | | |
| | |
| Premises and equipment | |
| 30,403 | | |
| | | |
| | | |
| 31,257 | | |
| | | |
| | |
| Goodwill and other intangibles | |
| 15,181 | | |
| | | |
| | | |
| 15,339 | | |
| | | |
| | |
| Other assets | |
| 54,397 | | |
| | | |
| | | |
| 54,122 | | |
| | | |
| | |
| Allowance for credit losses - investments | |
| (29 | ) | |
| | | |
| | | |
| (41 | ) | |
| | | |
| | |
| Allowance for credit losses - loans | |
| (12,643 | ) | |
| | | |
| | | |
| (11,563 | ) | |
| | | |
| | |
| Total assets | |
$ | 1,878,611 | | |
| | | |
| | | |
$ | 1,725,855 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing transaction accounts | |
$ | 305,316 | | |
$ | 2,486 | | |
| 1.09 | % | |
$ | 310,598 | | |
$ | 1,115 | | |
| 0.48 | % |
| Money market accounts | |
| 410,230 | | |
| 10,327 | | |
| 3.36 | % | |
| 350,109 | | |
| 6,424 | | |
| 2.45 | % |
| Savings deposits | |
| 113,306 | | |
| 341 | | |
| 0.40 | % | |
| 137,529 | | |
| 193 | | |
| 0.19 | % |
| Time deposits | |
| 304,746 | | |
| 10,056 | | |
| 4.41 | % | |
| 156,954 | | |
| 2,430 | | |
| 2.07 | % |
| Fed funds purchased | |
| 16 | | |
| — | | |
| 0.00 | % | |
| 1,471 | | |
| 53 | | |
| 4.82 | % |
| Securities sold under agreements to repurchase | |
| 74,884 | | |
| 1,611 | | |
| 2.87 | % | |
| 76,129 | | |
| 1,165 | | |
| 2.05 | % |
| FHLB Advances | |
| 63,066 | | |
| 2,417 | | |
| 5.12 | % | |
| 87,487 | | |
| 3,271 | | |
| 5.00 | % |
| Other long-term debt | |
| 14,964 | | |
| 927 | | |
| 8.27 | % | |
| 14,964 | | |
| 873 | | |
| 7.80 | % |
| Total interest-bearing liabilities | |
| 1,286,528 | | |
| 28,165 | | |
| 2.92 | % | |
| 1,135,241 | | |
| 15,524 | | |
| 1.83 | % |
| Demand deposits | |
| 437,418 | | |
| | | |
| | | |
| 452,884 | | |
| | | |
| | |
| Allowance for credit losses - unfunded commitments | |
| 532 | | |
| | | |
| | | |
| 404 | | |
| | | |
| | |
| Other liabilities | |
| 19,163 | | |
| | | |
| | | |
| 14,318 | | |
| | | |
| | |
| Shareholders’ equity | |
| 134,970 | | |
| | | |
| | | |
| 123,008 | | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
$ | 1,878,611 | | |
| | | |
| | | |
$ | 1,725,855 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of deposits, including demand deposits | |
| | | |
| | | |
| 1.97 | % | |
| | | |
| | | |
| 0.96 | % |
| Cost of funds, including demand deposits | |
| | | |
| | | |
| 2.18 | % | |
| | | |
| | | |
| 1.31 | % |
| Net interest spread | |
| | | |
| | | |
| 2.09 | % | |
| | | |
| | | |
| 2.50 | % |
| Net interest income/margin | |
| | | |
$ | 38,183 | | |
| 2.89 | % | |
| | | |
$ | 36,597 | | |
| 3.04 | % |
| Net interest income/margin (tax equivalent) | |
| | | |
$ | 38,298 | | |
| 2.89 | % | |
| | | |
$ | 36,833 | | |
| 3.06 | % |
The tables below provide a reconciliation
of non-GAAP measures to GAAP for the periods indicated:
| | |
September 30, | | |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | |
| Tangible book value per common share | |
2024 | | |
2024 | | |
2024 | | |
2023 | | |
2023 | |
| Tangible common equity per common share (non-GAAP) | |
$ | 16.78 | | |
$ | 15.85 | | |
$ | 15.51 | | |
$ | 15.23 | | |
$ | 14.25 | |
| Effect to adjust for intangible assets | |
| 1.98 | | |
| 1.99 | | |
| 1.99 | | |
| 2.00 | | |
| 2.01 | |
| Book value per common share (GAAP) | |
$ | 18.76 | | |
$ | 17.84 | | |
$ | 17.50 | | |
$ | 17.23 | | |
$ | 16.26 | |
| Tangible common shareholders’ equity to tangible assets | |
| | | |
| | | |
| | | |
| | | |
| | |
| Tangible common equity to tangible assets (non-GAAP) | |
| 6.65 | % | |
| 6.47 | % | |
| 6.32 | % | |
| 6.39 | % | |
| 6.09 | % |
| Effect to adjust for intangible assets | |
| 0.72 | % | |
| 0.75 | % | |
| 0.75 | % | |
| 0.78 | % | |
| 0.80 | % |
| Common equity to assets (GAAP) | |
| 7.37 | % | |
| 7.22 | % | |
| 7.07 | % | |
| 7.17 | % | |
| 6.89 | % |
| Return on average tangible common equity | |
Three months ended
September 30, | | |
Three months ended
June 30, | | |
Three months ended
March 31, | | |
Nine months ended
September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Return on average tangible common equity (non-GAAP) | |
| 12.39 | % | |
| 6.35 | % | |
| 11.08 | % | |
| 12.26 | % | |
| 8.95 | % | |
| 13.42 | % | |
| 10.84 | % | |
| 10.61 | % |
| Effect to adjust for intangible assets | |
| (1.35 | )% | |
| (0.78 | )% | |
| (1.26 | )% | |
| (1.51 | )% | |
| (1.04 | )% | |
| (1.72 | )% | |
| (1.22 | )% | |
| (1.32 | )% |
| Return on average common equity (GAAP) | |
| 11.04 | % | |
| 5.57 | % | |
| 9.82 | % | |
| 10.75 | % | |
| 7.91 | % | |
| 11.70 | % | |
| 9.62 | % | |
| 9.29 | % |
| | |
Three months ended | | |
Nine months ended | |
| | |
September 30, | | |
June 30, | | |
September 30, | | |
September 30, | |
| Pre-tax, pre-provision earnings | |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Pre-tax, pre-provision earnings (non-GAAP) | |
$ | 4,991 | | |
$ | 4,493 | | |
$ | 2,694 | | |
$ | 12,940 | | |
$ | 11,623 | |
| Effect to adjust for pre-tax, pre-provision earnings | |
| (1,130 | ) | |
| (1,228 | ) | |
| (938 | ) | |
| (3,217 | ) | |
| (3,077 | ) |
| Net Income (GAAP) | |
$ | 3,861 | | |
$ | 3,265 | | |
$ | 1,756 | | |
$ | 9,723 | | |
$ | 8,546 | |
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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