FIRST COMMUNITY CORP SC
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
FCCO$32.81-0.9%Stored close · as of Nov 10, 2026
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Consolidated Statements of Income
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands except per share amounts) | 2023 | 2022 | 2021 |
| Interest income: | |||
| Loans, including fees | $52,317 | $39,234 | $39,671 |
| Investment securities - taxable | 16,715 | 9,725 | 6,155 |
| Investment securities - non taxable | 1,471 | 1,525 | 1,564 |
| Other short term investments and CDs | 2,194 | 633 | 130 |
| Total interest income | 72,697 | 51,117 | 47,520 |
| Interest expense: | |||
| Deposits | 16,563 | 1,849 | 1,740 |
| Securities sold under agreement to repurchase | 1,658 | 227 | 85 |
| Other borrowed money | 5,584 | 1,098 | 416 |
| Total interest expense | 23,805 | 3,174 | 2,241 |
| Net interest income | 48,892 | 47,943 | 45,279 |
| Provision for (release of) credit losses | 1,129 | (152) | 335 |
| Net interest income after provision for (release of) credit losses | 47,763 | 48,095 | 44,944 |
| Non-interest income: | |||
| Deposit service charges | 963 | 960 | 977 |
| Mortgage banking income | 1,406 | 1,900 | 4,319 |
| Investment advisory fees and non-deposit commissions | 4,511 | 4,479 | 3,995 |
| Loss on sale of securities | (1,249) | — | — |
| Gain (loss) on sale of other real estate owned | 151 | (45) | 77 |
| Gain (loss) on sale of other assets | — | (73) | 117 |
| Other non-recurring income | 121 | 7 | 171 |
| Other | 4,518 | 4,341 | 4,248 |
| Total non-interest income | 10,421 | 11,569 | 13,904 |
| Non-interest expense: | |||
| Salaries and employee benefits | 25,864 | 25,357 | 24,494 |
| Occupancy | 3,157 | 3,002 | 2,947 |
| Equipment | 1,566 | 1,343 | 1,296 |
| Marketing and public relations | 1,496 | 1,259 | 1,173 |
| FDIC Insurance assessments | 904 | 468 | 618 |
| Other real estate expense (income) | (112) | 308 | 105 |
| Amortization of intangibles | 158 | 158 | 201 |
| Other | 10,111 | 9,358 | 8,367 |
| Total non-interest expense | 43,144 | 41,253 | 39,201 |
| Net income before tax | 15,040 | 18,411 | 19,647 |
| Income tax expense | 3,197 | 3,798 | 4,182 |
| Net income | $11,843 | $14,613 | $15,465 |
| Basic earnings per common share | $1.56 | $1.94 | $2.06 |
| Diluted earnings per common share | $1.55 | $1.92 | $2.05 |
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