FIRST COMMUNITY CORP /SC/
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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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.
FY2024 · Filed Mar 14, 2025
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) | 2024 | 2023 | 2022 |
| Cash flows from operating activities: | |||
| Net income | $13,955 | $11,843 | $14,613 |
| Adjustments to reconcile net income to net cash provided in operating activities | |||
| Depreciation | 1,706 | 1,760 | 1,663 |
| Net premium amortization AFS | (3,136) | (2,507) | 1,869 |
| Net premium amortization HTM | (626) | (575) | (264) |
| Provision for (release of) credit losses | 809 | 1,129 | (152) |
| Write-downs of other real estate owned | 79 | 44 | 69 |
| (Gain) loss on sale of other real estate owned | — | (151) | 45 |
| Originations of HFS loans | (79,376) | (50,253) | (64,495) |
| Sales of HFS loans | 76,497 | 49,004 | 71,717 |
| Gain on sale of HFS loans | (2,350) | (1,405) | (1,881) |
| Amortization of intangibles | 158 | 158 | 158 |
| Loss on sale of securities | — | 1,249 | — |
| Loss on fair value of equity investments | (20) | (19) | (2) |
| Accretion on acquired loans | — | (81) | (49) |
| Loss on sale of other assets | 5 | — | 73 |
| (Increase) decrease in other assets | 1,302 | (1,628) | (1,696) |
| Increase in other liabilities | 1,868 | 3,658 | 457 |
| Net cash provided in operating activities | 10,871 | 12,226 | 22,125 |
| Cash flows from investing activities: | |||
| Proceeds from sale of securities available-for-sale | — | 38,662 | — |
| Purchase of investment securities available-for-sale | (17,733) | (6,025) | (105,943) |
| Purchase of investment securities held-to-maturity | — | — | (11,270) |
| (Purchase) sale of other investment securities | 1,766 | (2,589) | (2,406) |
| Maturity/call of investment securities available-for-sale | 27,628 | 21,891 | 61,958 |
| Maturity/call of investment securities held-to-maturity | 8,391 | 12,074 | 11,745 |
| Increase in loans | (86,588) | (153,029) | (116,797) |
| Proceeds from sale of other real estate owned | — | 419 | 117 |
| Proceeds from sale of property and equipment | — | — | 925 |
| Purchase of property and equipment | (1,097) | (1,071) | (1,223) |
| Net disposal of property and equipment | — | — | 115 |
| Net cash used in investing activities | (67,633) | (89,668) | (162,779) |
| Cash flows from financing activities: | |||
| Increase in deposit accounts | 164,900 | 125,619 | 24,091 |
| 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 | (90,000) | (249,000) | (68,000) |
| Increase (decrease) in securities sold under agreements to repurchase | 40,247 | (5,880) | 14,527 |
| Shares retired | (119) | (121) | (42) |
| Restricted stock units granted | 160 | 180 | 1,447 |
| Change in non-vested restricted stock | 816 | 763 | 507 |
| Dividend reinvestment plan | 410 | 438 | 388 |
| Proceeds from (cost of) issuance of common stock-deferred compensation | (104) | (28) | 28 |
| Dividends paid on common stock | (4,415) | (4,235) | (3,913) |
| Net cash provided in financing activities | 111,895 | 134,736 | 109,033 |
| Net increase (decrease) in cash and cash equivalents | 55,133 | 57,294 | (31,621) |
| Cash and cash equivalents at beginning of year | 94,695 | 37,401 | 69,022 |
| Cash and cash equivalents at end of year | $149,828 | $94,695 | $37,401 |
| Supplemental disclosure: | |||
| Cash paid during the period for: interest | $33,235 | $20,750 | $3,058 |
| Income Taxes | $3,761 | $3,574 | $3,893 |
| Non-cash investing and financing activities: | |||
| Unrealized gain (loss) on securities available-for-sale, net of tax | $1,370 | $2,871 | $(23,285) |
| Transfer of investment securities available-for-sale to held-to-maturity | — | — | 245,619 |
| Adoption of ASU 2016-3 (CECL transition) | $— | $337 | $— |
| Transfer of loans to other real estate owned | $— | $44 | $— |
| Recognition of operating lease right of use asset | $— | $835 | $— |
| Recognition of operating lease liability | $— | $835 | $— |
| Termination of operating lease right of use asset | $476 | $— | $— |
| Termination of operating lease liability | $510 | $— | $— |
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