FIRST COMMUNITY CORP SC

For the period ended Jun 30, 2024. Filed Aug 12, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 12, 2024

FCCO$32.81-0.9%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share amounts)	Three Months ended June 30,
	2024	2023
Interest and dividend income:
Loans, including fees	$16,401	$12,314
Investment securities – taxable	4,114	4,223
Investment securities – non taxable	359	368
Other short term investments and CDs	1,057	592
Total interest income	21,931	17,497
Interest expense:
Deposits	7,720	3,392
Securities sold under agreement to repurchase	497	363
Other borrowed money	1,020	1,605
Total interest expense	9,237	5,360
Net interest income	12,694	12,137
Provision for credit losses	454	186
Net interest income after provision for credit losses	12,240	11,951
Non-interest income:
Deposit service charges	235	220
Mortgage banking income	659	371
Investment advisory fees and non-deposit commissions	1,508	1,081
Gain on sale of other assets	—	105
Other	1,240	1,274
Total non-interest income	3,642	3,051
Non-interest expense:
Salaries and employee benefits	7,303	6,508
Occupancy	738	813
Equipment	317	377
Marketing and public relations	258	370
FDIC Insurance assessments	302	221
Other real estate expense, net	90	(30)
Amortization of intangibles	39	40
Other	2,796	2,456
Total non-interest expense	11,843	10,755
Net income before tax	4,039	4,247
Income tax expense	774	920
Net income	$3,265	$3,327
Basic earnings per common share	$0.43	$0.44
Diluted earnings per common share	$0.42	$0.43

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share amounts)	Six Months ended June 30,
	2024	2023
Interest and dividend income:
Loans, including fees	$31,951	$23,473
Investment securities – taxable	8,303	8,284
Investment securities - non taxable	716	743
Other short term investments and CD’s	2,217	887
Total interest income	43,187	33,387
Interest expense:
Deposits	14,923	5,385
Securities sold under agreement to repurchase	1,106	719
Other borrowed money	2,387	2,789
Total interest expense	18,416	8,893
Net interest income	24,771	24,494
Provision for credit losses	583	256
Net interest income after provision for credit losses	24,188	24,238
Non-interest income:
Deposit service charges	494	452
Mortgage banking income	1,084	526
Investment advisory fees and non-deposit commissions	2,866	2,148
Gain on sale of other real estate owned	—	105
Other	2,382	2,395
Total non-interest income	6,826	5,626
Non-interest expense:
Salaries and employee benefits	14,404	12,839
Occupancy	1,528	1,643
Equipment	647	713
Marketing and public relations	824	716
FDIC Insurance assessments	580	403
Other real estate expense	102	(163)
Amortization of intangibles	78	79
Other	5,485	4,961
Total non-interest expense	23,648	21,191
Net income before tax	7,366	8,673
Income tax expense	1,504	1,883
Net income	$5,862	$6,790
Basic earnings per common share	$0.77	$0.90
Diluted earnings per common share	$0.76	$0.89

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