Core Points - First Community Corporation reported a net income of $5.186 million for Q2 2025, a 29.7% increase from Q1 2025 and a 58.8% increase year-over-year [2][8] - Diluted earnings per share (EPS) for Q2 2025 were $0.67, up 31.4% from Q1 2025 and 59.5% from Q2 2024 [2][8] - The company announced a cash dividend of $0.16 per share, marking the 94th consecutive quarter of dividends [4][8] Financial Performance - Year-to-date net income through June 30, 2025, was $9.183 million, a 56.7% increase compared to the same period in 2024 [3][8] - Net interest income for Q2 2025 was $15.3 million, compared to $14.4 million in Q1 2025 and $12.7 million in Q2 2024 [12][27] - Non-interest income for Q2 2025 was $4.206 million, an increase of 5.6% from Q1 2025 and 15.5% from Q2 2024 [14][27] Asset Quality - The non-performing assets ratio was 0.02% as of June 30, 2025, with non-accrual loans totaling $210 thousand [6][8] - The allowance for credit losses (ACL) on loans decreased to 1.06% from 1.09% in Q1 2025 [7][8] Balance Sheet - Total loans increased by $8.1 million in Q2 2025, reflecting an annualized growth rate of 2.6% [8][9] - Total deposits reached $1.754 billion, with customer deposits growing by $28.3 million during Q2 2025, a 6.6% annualized growth rate [9][10] - The company's tangible book value per share increased to $18.28 as of June 30, 2025, from $17.56 at the end of Q1 2025 [5][8] Capital Management - The company’s regulatory capital ratios exceeded the well-capitalized minimum levels, with a Tier 1 capital ratio of 13.04% as of June 30, 2025 [4][8] - A share repurchase plan of up to $7.5 million was approved, representing approximately 5.0% of total shareholders' equity as of March 31, 2025 [4][8] Strategic Initiatives - The company announced an agreement to acquire Signature Bank of Georgia, expected to close in early Q1 2026 [19][8] - This acquisition aims to expand the company's presence in the Atlanta area and add an SBA lending line of business [19][8]

NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating First Community Corporation (NASDAQ: FCCO) related to its merger with Signature Bank of Georgia. Upon completion of the proposed tr ...

Core Viewpoint - First Community Corporation has announced a definitive merger agreement to acquire Signature Bank of Georgia in an all-stock transaction valued at approximately $41.6 million, based on First Community's stock price as of July 11, 2025 [1][2]. Group 1: Transaction Details - The merger will result in a combined company with approximately $2.3 billion in total assets, $2.0 billion in total deposits, and $1.5 billion in total loans at closing [2]. - The merger will create a banking company with 23 offices across various regions, including South Carolina and Georgia [2]. - The transaction is expected to close in early Q1 2026, pending regulatory and shareholder approvals [2]. Group 2: Strategic Benefits - The merger is seen as a strategic move to expand into the Sandy Springs/Atlanta area, enhancing First Community's market presence [3]. - Signature Bank's expertise in SBA lending is expected to complement First Community's focus on supporting local businesses and entrepreneurs [3]. - The merger is projected to enhance First Community's tangible common equity to tangible assets ratio by approximately 35 basis points, resulting in a pro forma ratio of 7.45% [3]. Group 3: Financial Projections - The merger is anticipated to be accretive to First Community's earnings per share by approximately 4.4% in 2026 [3]. - The transaction structure includes a tangible book value dilution of approximately 2.6%, with an earnback period of 2.2 years [3]. - The internal rate of return on the deal is estimated at approximately 27.6%, indicating strong financial merits [3]. Group 4: Leadership and Governance - Signature's Chairman and CEO, Freddie J. Deutsch, will take on the role of Regional Market President and Director of Specialty Business Lending at First Community Bank [4]. - Key members of Signature's leadership team will continue with First Community Bank, and two current Signature directors will join First Community's Board of Directors [4]. Group 5: Advisory and Legal Support - First Community was advised by Hovde Group, LLC as financial advisor and Nelson Mullins Riley & Scarborough, LLP as legal counsel [5]. - Signature was advised by Olsen Palmer LLC as financial advisor and Fenimore Kay Harrison LLP as legal counsel [5].

Group 1 - First Community (FCCO) shares have increased by 0.6% over the past four weeks, closing at $23.71, with a mean price target of $29.67 indicating a potential upside of 25.1% [1] - The average price target consists of three estimates ranging from $29 to $30, with a standard deviation of $0.58, suggesting a strong agreement among analysts [2] - Analysts show a positive trend in earnings estimate revisions for FCCO, with two estimates moving higher in the last 30 days and no negative revisions, leading to a 3.1% increase in the Zacks Consensus Estimate [12] Group 2 - FCCO holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for upside [13] - While price targets are often viewed as unreliable indicators, the direction implied by the consensus price target for FCCO appears to be a useful guide for potential price movement [10][11]

Financial Performance - Net income for the three months ended March 31, 2025, increased by $1.4 million to $4.0 million, or $0.51 diluted earnings per share, compared to $2.6 million, or $0.34 diluted earnings per share, for the same period in 2024[105]. - Total non-interest income increased by $798,000, primarily due to a $334,000 rise in mortgage banking income and a $448,000 increase in investment advisory fees and non-deposit commissions[105]. - Non-interest income increased by $798,000 to $4.0 million for the three months ended March 31, 2025, from $3.2 million during the same period in 2024[118]. - Total non-interest expense increased by $949,000, mainly due to a $556,000 rise in salaries and employee benefits and a $376,000 increase in other non-interest expenses[105]. - Non-interest expense increased by $949,000 to $12.8 million for the three months ended March 31, 2025, compared to $11.8 million for the same period in 2024[123]. Interest Income and Assets - Net interest income rose by $2.3 million, driven by a $126.0 million increase in average earning assets and a 0.34% increase in net interest margin[105]. - Net interest income increased by $2.3 million, or 19.2%, to $14.4 million for the three months ended March 31, 2025, compared to $12.1 million for the same period in 2024[107]. - Average earning assets were $1.9 billion for the three months ended March 31, 2025, compared to $1.7 billion in the same period of 2024[107]. - The yield on loans increased by 27 basis points to 5.71% during the three months ended March 31, 2025, from 5.44% during the same period in 2024[108]. - The net interest margin improved by 34 basis points to 3.12% during the three months ended March 31, 2025, compared to 2.78% during the same period in 2024[107]. Credit Losses and Provisions - Provision for credit losses for the three months ended March 31, 2025, was $437,000, reflecting a $473,000 increase in the allowance for credit losses on loans[105]. - The company experienced a $308,000 increase in provision for credit losses compared to the previous year[105]. - The allowance for credit losses on loans increased due to a $31.4 million rise in loans held-for-sale during the three months ended March 31, 2025[105]. - The total allowance for credit losses increased to $13.6 million as of March 31, 2025, from $13.1 million at December 31, 2024[130]. - The company incurred a provision for credit losses of $462,000 for loans during the three months ended March 31, 2025, compared to $214,000 for the same period in 2024[129]. Tax and Regulatory Compliance - The effective tax rate for the three months ended March 31, 2025, was 22.85%, compared to 21.94% for the same period in 2024[105]. - The bank is required to maintain a Common Equity Tier 1 capital ratio of 7.0%, a Tier 1 capital ratio of 8.5%, and a total capital ratio of 10.5% under Basel III regulations[183]. - Common Equity Tier 1 capital ratio stands at 12.90%, significantly above the required 4.5%[185]. - Total capital ratio is reported at 13.99%, exceeding the minimum requirement of 8%[189]. - The leverage ratio is 8.45%, well above the required 4%[189]. Shareholder Equity and Dividends - Total shareholders' equity increased by $5.5 million, or 3.8%, to $150.0 million as of March 31, 2025, from $144.5 million at December 31, 2024[165]. - The increase in shareholders' equity was attributed to a $2.9 million rise in retained earnings from $4.0 million net income, less $1.1 million in dividends, and a $2.5 million improvement in accumulated other comprehensive loss[165]. - A cash dividend of $0.15 per common share has been approved for Q1 2025, payable on May 20, 2025[191]. Loan and Deposit Growth - Average loans increased by $90.0 million, or 7.8%, to $1.2 billion for the three months ended March 31, 2025, from $1.1 billion during the same period in 2024[108]. - Total assets increased by $81.4 million, or 4.2%, to $2.0 billion at March 31, 2025, primarily due to increases in interest-bearing bank balances and loans held-for-investment[139]. - Total deposits increased by $49.8 million, or 3.0%, to $1.7 billion at March 31, 2025[157]. - Pure deposits increased by $38.6 million, or 2.8%, to $1.41 billion at March 31, 2025[157]. - Demand deposit accounts accounted for 27.2% of total deposits, with an amount of $468.9 million as of March 31, 2025[160]. Market and Economic Conditions - The target range of federal funds was reduced to 4.25% - 4.50% at March 31, 2025, down from 5.25% - 5.50% at March 31, 2024[100]. - The company is liability sensitive, with projected declines in net interest income of -16.18% and -13.27% for +400 basis points change in interest rates at March 31, 2025, and December 31, 2024, respectively[172]. - The bank's capital ratios could be adversely impacted by future credit losses related to an economic recession[189].

Group 1 - First Community (FCCO) shares have increased by 5.1% over the past four weeks, closing at $23.70, with a mean price target of $29.67 indicating a potential upside of 25.2% [1] - The average price targets range from a low of $29 to a high of $30, with a standard deviation of $0.58, suggesting a relatively high agreement among analysts [2] - Analysts are optimistic about FCCO's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which has historically correlated with stock price movements [4][11] Group 2 - The Zacks Consensus Estimate for the current year has increased by 1.1% over the past month, with one estimate rising and no negative revisions [12] - FCCO holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for upside [13] - While consensus price targets may not be entirely reliable, the direction they imply appears to be a good guide for potential price movement [13]

Financial Performance - Net income for Q1 2025 was $3.997 million, with diluted EPS of $0.51, compared to $2.597 million and $0.34 in Q1 2024[6] - Net income for Q1 2025 was $3,997 thousand, a decrease from $4,232 thousand in Q4 2024 but an increase from $2,597 thousand in Q1 2024, showing a year-over-year growth of 54.0%[27] - Return on average assets for Q1 2025 was 0.82%, down from 0.86% in Q4 2024 but up from 0.56% in Q1 2024[27] - Return on average common equity for Q1 2025 was 11.05%, a decrease from 11.71% in Q4 2024 but an increase from 7.91% in Q1 2024[27] - Pre-tax, pre-provision earnings for Q1 2025 were $5,618 thousand, compared to $3,456 thousand in Q1 2024, representing a year-over-year increase of 62.7%[29] Revenue and Income - Non-interest income for Q1 2025 was $3.982 million, up from $3.184 million in Q1 2024[15] - Total non-interest income for Q1 2025 was $3,982 thousand, up from $3,608 thousand in Q4 2024 and $3,184 thousand in Q1 2024, indicating a year-over-year growth of 24.9%[27] - Investment advisory revenue was $1.806 million, with assets under management (AUM) at $892.8 million[17] - Interest income for Q1 2025 was $23,082 thousand, a slight increase from $23,074 thousand in Q4 2024 and a significant increase from $21,256 thousand in Q1 2024, representing a year-over-year growth of 8.6%[27] - Net interest income after provision for credit losses for Q1 2025 was $13,953 thousand, compared to $13,615 thousand in Q4 2024 and $11,948 thousand in Q1 2024, reflecting a year-over-year increase of 16.7%[27] Asset and Deposit Growth - Total deposits increased by $49.8 million to $1.726 billion, reflecting a 12.1% annualized growth rate[12] - Total deposits rose to $1,725,718 thousand as of March 31, 2025, compared to $1,675,901 thousand as of December 31, 2024, reflecting an increase of 2.9%[24] - Total assets increased to $2,039,371 thousand as of March 31, 2025, up from $1,958,021 thousand as of December 31, 2024, representing a growth of 4.9%[24] - Average total assets for the three months ended March 31, 2025, were $1,981,493 thousand, up from $1,954,772 thousand for the three months ended December 31, 2024, indicating a growth of 1.4%[25] Loan Performance - Total loans grew by $31.4 million to $1.252 billion, representing a 10.4% annualized growth rate[11] - The yield on the loan portfolio increased to 5.71% in Q1 2025, compared to 5.65% in Q4 2024[11] - Average loans (including loans held-for-sale) for the three months ended March 31, 2025, were $1,239,225 thousand, up from $1,211,880 thousand for the three months ended December 31, 2024, reflecting a growth of 2.2%[25] - The loan to deposit ratio (including loans held-for-sale) was 72.96% as of March 31, 2025, slightly down from 73.41% as of December 31, 2024[24] Asset Quality - Non-performing assets were 0.03% of total assets, with net recoveries of $11 thousand during Q1 2025[9] - Nonperforming assets decreased to $658 thousand as of March 31, 2025, from $810 thousand as of December 31, 2024, showing a decline of 18.8%[25] - The allowance for credit losses on loans was $13,608 thousand as of March 31, 2025, compared to $13,135 thousand as of December 31, 2024, an increase of 3.6%[24] Capital and Efficiency - The Tier 1 capital ratio was 12.90% as of March 31, 2025, unchanged from December 31, 2024[24] - The equity to assets ratio was 7.35% as of March 31, 2025, slightly down from 7.38% as of December 31, 2024[24] - The efficiency ratio for Q1 2025 was 69.23%, compared to 66.67% in Q4 2024 and 77.15% in Q1 2024, indicating improved operational efficiency year-over-year[27] Dividends and Shareholder Value - Cash dividend of $0.15 per common share was declared, marking the 93rd consecutive quarter of dividends[7] - Book value per common share increased to $19.52 as of March 31, 2025, from $18.90 as of December 31, 2024, a rise of 3.3%[24] - The tangible book value per common share increased to $17.56 in Q1 2025 from $15.51 in Q1 2024, reflecting a year-over-year increase of 13.3%[29] Profitability Metrics - Net interest margin expanded by 13 basis points to 3.13% in Q1 2025, compared to 2.79% in Q1 2024[13] - The net interest margin (non-taxable equivalent) for Q1 2025 was 3.12%, up from 2.78% in Q1 2024, indicating improved profitability on earning assets[28] - Non-interest expense rose to $12.754 million, an increase of $928 thousand from Q4 2024[19]

Core Insights - First Community (FCCO) reported revenue of $18.37 million for the quarter ended March 2025, reflecting a year-over-year increase of 20.4% [1] - Earnings per share (EPS) for the quarter was $0.51, up from $0.34 in the same quarter last year, indicating a strong performance [1] - The reported revenue exceeded the Zacks Consensus Estimate of $17.44 million by 5.34%, and the EPS also surpassed the consensus estimate of $0.47 by 8.51% [1] Financial Metrics - The net interest margin (taxable equivalent) was reported at 3.1%, matching the average estimate from two analysts [4] - The efficiency ratio stood at 69.2%, better than the average estimate of 71.4% from two analysts [4] - Total non-interest income reached $3.98 million, exceeding the average estimate of $3.55 million based on two analysts [4] Stock Performance - Over the past month, shares of First Community have returned -1.9%, compared to a -6.6% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Performance - First Community (FCCO) reported quarterly earnings of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.47 per share, and up from $0.34 per share a year ago, representing an earnings surprise of 8.51% [1] - The company posted revenues of $18.37 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 5.34%, compared to $15.26 million in the same quarter last year [2] - Over the last four quarters, First Community has consistently surpassed consensus EPS and revenue estimates [2] Stock Performance - First Community shares have declined approximately 7.4% since the beginning of the year, while the S&P 500 has seen a decline of 10.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.56 on revenues of $18.31 million, and for the current fiscal year, it is $2.28 on revenues of $74.51 million [7] - The outlook for the industry, specifically the Banks - Southeast sector, is favorable, ranking in the top 29% of over 250 Zacks industries, which historically outperform the bottom 50% by more than 2 to 1 [8]

LEXINGTON, S.C., April 23, 2025 /PRNewswire/ -- Highlights for First Quarter 2025 Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, announced earnings and discussed the results of operations and the company's activities during the first quarter of 2025. First Community reported net income for the first quarter of 2025 of $3.997 million with diluted earnings per common share of $0.51. This compares to net income and diluted earnings per common share of $2.597 mi ...