FIRST COMMUNITY CORP SC

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 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 September 30,
	2024	2023
Interest and dividend income:
Loans, including fees	$17,279	$13,804
Investment securities – taxable	3,975	4,229
Investment securities – non taxable	355	366
Other short term investments and CDs	1,552	335
Total interest income	23,161	18,734
Interest expense:
Deposits	8,287	4,777
Securities sold under agreement to repurchase	506	446
Other borrowed money	956	1,408
Total interest expense	9,749	6,631
Net interest income	13,412	12,103
(Release of) provision for credit losses	(16)	474
Net interest income after (release of) provision for credit losses	13,428	11,629
Non-interest income:
Deposit service charges	228	240
Mortgage banking income	575	511
Investment advisory fees and non-deposit commissions	1,595	1,187
Loss on sale of securities	—	(1,249)
Gain on sale of other assets	5	46
Other	1,167	1,129
Total non-interest income	3,570	1,864
Non-interest expense:
Salaries and employee benefits	7,422	6,613
Occupancy	793	776
Equipment	391	416
Marketing and public relations	477	609
FDIC insurance assessments	290	211
Other real estate expense, net	11	21
Amortization of intangibles	40	39
Other	2,567	2,588
Total non-interest expense	11,991	11,273
Net income before tax	5,007	2,220
Income tax expense	1,146	464
Net income	$3,861	$1,756
Basic earnings per common share	$0.51	$0.23
Diluted earnings per common share	$0.50	$0.23

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share amounts)	Nine Months ended September 30,
	2024	2023
Interest and dividend income:
Loans, including fees	$49,230	$37,277
Investment securities – taxable	12,279	12,513
Investment securities - non taxable	1,070	1,109
Other short term investments and CD’s	3,769	1,222
Total interest income	66,348	52,121
Interest expense:
Deposits	23,210	10,162
Securities sold under agreement to repurchase	1,611	1,165
Other borrowed money	3,344	4,197
Total interest expense	28,165	15,524
Net interest income	38,183	36,597
Provision for credit losses	567	730
Net interest income after provision for credit losses	37,616	35,867
Non-interest income:
Deposit service charges	722	692
Mortgage banking income	1,659	1,040
Investment advisory fees and non-deposit commissions	4,461	3,335
Loss on sale of securities	—	(1,249)
Gain on sale of other assets	5	151
Other	3,549	3,521
Total non-interest income	10,396	7,490
Non-interest expense:
Salaries and employee benefits	21,826	19,452
Occupancy	2,321	2,419
Equipment	1,038	1,129
Marketing and public relations	1,301	1,325
FDIC insurance assessments	870	614
Other real estate expense (income)	113	(142)
Amortization of intangibles	118	118
Other	8,052	7,549
Total non-interest expense	35,639	32,464
Net income before tax	12,373	10,893
Income tax expense	2,650	2,347
Net income	$9,723	$8,546
Basic earnings per common share	$1.28	$1.13
Diluted earnings per common share	$1.26	$1.12

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.