FIRST COMMUNITY CORP SC
For the period ended Mar 31, 2024. Filed May 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 13, 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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Consolidated Statements of Cash Flows
| Three months ended March 31, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $2,597 | $3,463 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 424 | 427 |
| Net premium amortization on investment securities available-for-sale | (1,030) | (620) |
| Net premium amortization on investment securities held-to-maturity | (156) | (134) |
| Provision for credit losses | 129 | 70 |
| Origination of loans held-for-sale | (50,253) | (5,213) |
| Sale of loans held-for-sale | 52,967 | 5,680 |
| Amortization of intangibles | 39 | 39 |
| Accretion on acquired loans | — | (20) |
| (Gain) loss on fair value of equity securities | (21) | 2 |
| Increase in other assets | (912) | (559) |
| Increase in other liabilities | 918 | 843 |
| Net cash provided by operating activities | 4,702 | 3,978 |
| Cash flows from investing activities: | ||
| Purchase of investment securities available-for-sale | — | (6,025) |
| Purchase of other investment securities | — | (1,577) |
| Maturity/call of investment securities available-for-sale | 9,236 | 5,331 |
| Maturity/call of investment securities held-to-maturity | 2,096 | 5,698 |
| Proceeds from sale of other investment securities | 1,316 | — |
| Increase in loans | (23,308) | (11,829) |
| Purchase of property and equipment | (279) | (492) |
| Net cash used in investing activities | (10,939) | (8,894) |
| Cash flows from financing activities: | ||
| Increase in deposit accounts | 67,066 | 34,775 |
| Increase in securities sold under agreements to repurchase | 18,970 | 8,232 |
| Decrease in Fed Funds Borrowed | — | (22,000) |
| Advances from the Federal Home Loan Bank | — | 124,000 |
| Repayment of advances from the Federal Home Loan Bank | (30,000) | (89,000) |
| Shares retired / forfeited | (103) | (105) |
| Dividends paid: Common Stock | (1,063) | (1,057) |
| Restricted Stock Units Granted | 70 | 72 |
| Cost of issuance of common stock-deferred compensation | (104) | (28) |
| Change in non-vested restricted stock | 184 | 191 |
| Dividend reinvestment plan | 104 | 108 |
| Net cash provided by financing activities | 55,124 | 55,188 |
| Net increase in cash and cash equivalents | 48,887 | 50,272 |
| Cash and cash equivalents at beginning of period | 94,695 | 37,401 |
| Cash and cash equivalents at end of period | $143,582 | $87,673 |
| Supplemental disclosure: | ||
| Cash paid (received) during the period for: | ||
| Interest | $8,703 | $3,137 |
| Income taxes | $(18) | $— |
| Non-cash investing and financing activities: | ||
| Unrealized gain on available-for-sale securities, net of tax | $408 | $2,593 |
| Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | 341 | 320 |
| Recognition of operating lease liability | — | 3,602 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.