FIRST COMMUNITY CORP SC
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 21, 2024
FCCO$32.81-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (Amounts in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net income | $11,843 | $14,613 | $15,465 |
| Adjustments to reconcile net income to net cash (used) provided in operating activities | |||
| Depreciation | 1,760 | 1,663 | 1,714 |
| Net premium amortization AFS | (2,507) | 1,869 | 2,317 |
| Net premium amortization HTM | (575) | (264) | — |
| Provision for credit losses | 1,129 | (152) | 335 |
| Write-downs of other real estate owned | 44 | 69 | 50 |
| Loss (gain) loss on sale of other real estate owned | (151) | 45 | (77) |
| Originations of HFS loans | (50,253) | (64,495) | (139,773) |
| Sales of HFS loans | 47,599 | 69,836 | 177,673 |
| Amortization of intangibles | 158 | 158 | 201 |
| Loss on sale of securities | 1,249 | — | — |
| Loss on fair value of equity investments | (19) | (2) | (4) |
| Accretion on acquired loans | (81) | (49) | (135) |
| Gain on sale of other assets | — | 73 | (117) |
| (Increase) decrease in other assets | (1,628) | (1,696) | 994 |
| Increase (decrease) in other liabilities | 3,658 | 457 | (715) |
| Net cash provided (used) in operating activities | 12,226 | 22,125 | 57,928 |
| Cash flows from investing activities: | |||
| Proceeds from sale of securities available-for-sale | 38,662 | — | — |
| Purchase of investment securities available-for-sale | (6,025) | (105,943) | (271,293) |
| Purchase of investment securities held-to-maturity | — | (11,270) | — |
| Purchase of other investment securities | (2,589) | (2,406) | (87) |
| Maturity/call of investment securities available-for-sale | 21,891 | 61,958 | 53,872 |
| Maturity/call of investment securities held-to-maturity | 12,074 | 11,745 | — |
| Proceeds from sale of other investments | — | — | 355 |
| Increase in loans | (153,029) | (116,797) | (19,100) |
| Proceeds from sale of other real estate owned | 419 | 117 | 201 |
| Proceeds from sale of fixed assets | — | 925 | 1,414 |
| Purchase of property and equipment | (1,071) | (1,223) | (813) |
| Net disposal of property and equipment | — | 115 | 19 |
| Purchase of BOLI | — | — | (850) |
| Net cash used in investing activities | (89,668) | (162,779) | (236,282) |
| Cash flows from financing activities: | |||
| Increase in deposit accounts | 125,619 | 24,091 | 171,878 |
| Increase (decrease) in Fed Funds Borrowed | (22,000) | 22,000 | — |
| Advances from the Federal Home Loan Bank | 289,000 | 118,000 | — |
| Repayment of advances from the Federal Home Loan Bank | (249,000) | (68,000) | — |
| Increase in securities sold under agreements to repurchase | (5,880) | 14,527 | 13,302 |
| Shares Retired | (121) | (42) | (70) |
| Restricted Stock Units Granted | 180 | 1,447 | — |
| Change in non-vested restricted stock | 763 | 507 | 363 |
| Dividend reinvestment plan | 438 | 388 | 368 |
| Proceeds from (cost of) issuance of common stock-deferred compensation | (28) | 28 | 136 |
| Dividends paid on Common Stock | (4,235) | (3,913) | (3,593) |
| Net cash provided in financing activities | 134,736 | 109,033 | 182,384 |
| Net increase in cash and cash equivalents | 57,294 | (31,621) | 4,030 |
| Cash and cash equivalents at beginning of year | 37,401 | 69,022 | 64,992 |
| Cash and cash equivalents at end of year | $94,695 | $37,401 | $69,022 |
| Supplemental disclosure: | |||
| Cash paid during the period for: interest | $20,750 | $3,058 | $3,312 |
| Income Taxes | $3,574 | $3,893 | $5,097 |
| Non-cash investing and financing activities: | |||
| Unrealized gain (loss) on securities available-for-sale, net of tax | $2,871 | $(23,285) | $(8,008) |
| Transfer of investment securities available-for-sale to held-to-maturity | — | 245,619 | — |
| Loans charged off | $24 | $68 | $182 |
| CECL transition | $337 | $— | $— |
| Transfer of loans to other real estate owned | $44 | $— | $145 |
| Recognition of operating lease right of use asset | $835 | $— | $— |
| Recognition of operating lease liability | $835 | $— | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.