All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments. Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures ...

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus. Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that ...

After reaching an important support level, First Community Corporation (FCCO) could be a good stock pick from a technical perspective. FCCO recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average. Over the past four weeks, FCCO has gained 35.1%. The company currently sits at a #1 (Strong Buy) on the Zacks Rank, also indicating that the stock could be poised for a breakout. the near future. Considered an important signifier ...

Investors might want to bet on First Community (FCCO) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook. The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this holding company for First Community Bank, should get reflected in its stock price. After all, empirical research shows ...

| --- | --- | --- | |-------|-------|-------------------------------------------------------------------| | | | News Release For Release July 17, 2024 9:00 A.M. | | | | | | | | Contact: (803) 951- 2265 | | | | D. Shawn Jordan, EVP & Chief Financial Officer or | | | | Robin D. Brown, EVP & Chief Marketing Officer | | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

First Community (FCCO) reported $16.34 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 7.5%. EPS of $0.42 for the same period compares to $0.43 a year ago. Here is how First Community performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Interest Margin (taxable equivalent): 2.9% versus 2.8% estimated by two analysts on average. Efficiency Ratio: 72.8% versus the two-analyst average estima ...

First Community (FCCO) came out with quarterly earnings of $0.42 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. First Community, which belongs to the Zacks Banks - Southeast industry, posted revenues of $16.34 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate b ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for First Community Corporation, showing total assets of **$1.89 billion** and a net income of **$2.6 million** for the quarter ended March 31, 2024 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$1.89 billion** as of March 31, 2024, driven by loan growth and a **$67 million** rise in deposits Consolidated Balance Sheet Highlights (Unaudited) | (Dollars in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$1,886,991** | **$1,827,688** | | Net loans held-for-investment | $1,144,846 | $1,121,752 | | Total investment securities (AFS & HTM) | $489,579 | $499,396 | | **Total Liabilities** | **$1,753,498** | **$1,696,629** | | Total deposits | $1,578,067 | $1,511,001 | | Federal Home Loan Bank advances | $60,000 | $90,000 | | **Total Shareholders' Equity** | **$133,493** | **$131,059** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q1 2024 decreased to **$2.6 million** due to a significant rise in interest expense, impacting net interest income Consolidated Income Statement Summary (Unaudited) | (Dollars in thousands, except per share) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total interest income | $21,256 | $15,890 | | Total interest expense | $9,179 | $3,533 | | **Net interest income** | **$12,077** | **$12,357** | | Provision for credit losses | $129 | $70 | | Total non-interest income | $3,184 | $2,575 | | Total non-interest expense | $11,805 | $10,436 | | **Net income** | **$2,597** | **$3,463** | | **Diluted earnings per common share** | **$0.34** | **$0.45** | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q1 2024 was **$3.3 million**, a decrease from the prior year due to lower net income and other comprehensive income Comprehensive Income (Unaudited) | (Dollars in thousands) | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net income | $2,597 | $3,463 | | Other comprehensive income | $749 | $2,913 | | **Comprehensive income** | **$3,346** | **$6,376** | [Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to **$133.5 million** driven by net income and other comprehensive income, partially offset by dividends - Key drivers for the change in shareholders' equity in Q1 2024 included net income of **$2.6 million**, other comprehensive income of **$749 thousand**, and common stock dividends of **$1.1 million** (**$0.14** per share)[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by **$48.9 million** in Q1 2024, driven by financing activities, primarily a **$67.1 million** rise in deposits Cash Flow Summary (Unaudited) | (Dollars in thousands) | Three months ended March 31, 2024 | | :--- | :--- | | Net cash provided by operating activities | $4,702 | | Net cash used in investing activities | $(10,939) | | Net cash provided by financing activities | $55,124 | | **Net increase in cash and cash equivalents** | **$48,887** | | Cash and cash equivalents at end of period | $143,582 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies and financial data, covering EPS, loan and investment quality, fair value, deposits, and derivatives - Diluted earnings per share was **$0.34** for Q1 2024, down from **$0.45** in Q1 2023[25](index=25&type=chunk) - The company's loan portfolio grew to **$1.16 billion** as of March 31, 2024, with commercial real estate mortgages comprising the largest segment at **$792.3 million**[44](index=44&type=chunk) - Total uninsured deposits were **$470.0 million** at March 31, 2024, of which **$94.4 million** were collateralized public funds[79](index=79&type=chunk) - The company entered into a **$150.0 million** notional pay-fixed/receive-floating interest rate swap in May 2023 to hedge the fair value of its fixed-rate loan portfolio[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, highlighting a net income decline to **$2.6 million** due to margin compression, strong loan and deposit growth, and robust credit quality [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Net income decreased to **$2.6 million** in Q1 2024 due to lower net interest income and higher non-interest expense, despite non-interest income growth Net Income Comparison | (Dollars in thousands, except per share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income | $2,600 | $3,500 | | Diluted EPS | $0.34 | $0.45 | - Net interest margin decreased by **39 basis points** to **2.78%** in Q1 2024 from **3.17%** in Q1 2023, driven by a significant increase in the cost of interest-bearing liabilities from **1.30%** to **2.88%**[113](index=113&type=chunk)[118](index=118&type=chunk) - Non-interest income increased by **$609 thousand**, primarily due to a **$270 thousand** increase in mortgage banking income and a **$291 thousand** increase in investment advisory fees[125](index=125&type=chunk) - Non-interest expense rose by **$1.4 million**, largely due to a **$770 thousand** increase in salaries and benefits from normal salary adjustments and new staff additions[130](index=130&type=chunk)[131](index=131&type=chunk) [Allowance for Credit Losses](index=37&type=section&id=Allowance%20for%20Credit%20Losses) The allowance for credit losses remained stable at **1.08%** of loans, with strong credit quality and a low **0.04%** non-performing asset ratio Credit Quality Metrics | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | ACL as % of total loans | 1.08% | 1.08% | | Non-performing assets as % of total assets | 0.04% | 0.05% | | Non-accrual loans | $56,000 | $27,000 | - The company experienced net loan charge-offs of **$22 thousand** in Q1 2024, compared to net recoveries of **$11 thousand** in Q1 2023[141](index=141&type=chunk) [Financial Position](index=40&type=section&id=Financial%20Position) Total assets grew to **$1.9 billion** in Q1 2024, driven by **$23.3 million** in loan growth and **$67.1 million** in deposit increases - Total assets increased by **$59.3 million**, or **3.2%**, during the first quarter of 2024[145](index=145&type=chunk) - Loans held-for-investment grew by **$23.3 million**, or **8.2%** annualized, during the quarter[146](index=146&type=chunk) - Total deposits increased by **$67.1 million**, or **17.8%** annualized, to **$1.6 billion**. The company utilized **$60.5 million** in brokered certificates of deposit as of March 31, 2024[159](index=159&type=chunk) - Shareholders' equity increased by **$2.4 million**, primarily due to retained earnings and a **$749 thousand** improvement in accumulated other comprehensive loss[166](index=166&type=chunk) [Market Risk, Liquidity, and Capital Resources](index=46&type=section&id=Market%20Risk%2C%20Liquidity%2C%20and%20Capital%20Resources) The company is liability-sensitive to interest rate risk, maintains strong liquidity with **$481.9 million** in facilities, and remains well-capitalized with a **13.71%** Total Capital Ratio - The company is primarily liability sensitive. A hypothetical **+100 basis point** parallel shift in interest rates is projected to decrease net interest income by **2.13%** over the next 12 months[171](index=171&type=chunk)[173](index=173&type=chunk) - Total available liquidity, including FHLB and other credit lines, exceeds **$481.9 million**, which is greater than the **$375.6 million** of uninsured and uncollateralized deposits[179](index=179&type=chunk) Bank Capital Ratios (Actual vs. Well Capitalized) | Capital Ratio | Actual (Mar 31, 2024) | Well Capitalized Req. | | :--- | :--- | :--- | | Leverage Ratio | 8.35% | 5.00% | | Common Equity Tier 1 | 12.65% | 6.50% | | Tier 1 Capital | 12.65% | 8.00% | | Total Capital | 13.71% | 10.00% | [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable, as market risk disclosures are provided within the Management's Discussion and Analysis section - The report states this section is not applicable, as market risk disclosures are provided within the MD&A section[191](index=191&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during Q1 2024 - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period[192](index=192&type=chunk) - No material changes were made to internal control over financial reporting during the quarter ended March 31, 2024[194](index=194&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any pending legal proceedings that would materially impact its financial condition or operations - There are no material pending legal proceedings against the company[197](index=197&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have been reported since the company's last Annual Report on Form 10-K - No material changes to risk factors were reported since the last Annual Report on Form 10-K[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued **4,056** deferred stock units to directors in Q1 2024 under a compensation plan, with no share repurchases made - An aggregate of **4,056** deferred stock units were issued to directors in Q1 2024 under a deferred compensation plan[204](index=204&type=chunk) - No share repurchases were made during the three months ended March 31, 2024[204](index=204&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and iXBRL data files - Exhibits filed include CEO and CFO certifications (**31.1**, **31.2**), Section **1350** certifications (**32**), and iXBRL formatted financial statements (**101**)[205](index=205&type=chunk)

Financial Performance - First Community Corporation reported net income of $2.597 million for Q1 2024, with diluted earnings per share of $0.34, down from $3.463 million and $0.45 in Q1 2023[4]. - Net income for the three months ended March 31, 2024, was $2,597 thousand, down from $3,297 thousand in the previous quarter and $3,463 thousand in the same quarter last year, indicating a decline of 25% year-over-year[28]. - Return on average assets decreased to 0.56% for the three months ended March 31, 2024, compared to 0.72% in the previous quarter and 0.83% in the same quarter last year[28]. - Return on average tangible common equity (non-GAAP) decreased to 8.95% for the three months ended March 31, 2024, down from 11.93% for the same period in 2023[30]. - The company reported a decrease in pre-tax, pre-provision earnings adjustment of $859 million for the three months ended March 31, 2024[30]. Deposits and Loans - Total deposits increased to $1.578 billion, reflecting a growth of $67.1 million or 17.9% annualized compared to $1.511 billion at December 31, 2023[10]. - Customer deposit growth was $54.7 million during the quarter, representing a 15.0% annualized growth rate[5]. - Total loans increased by $23.3 million to $1.157 billion, an 8.3% annualized growth rate, driven by growth in residential and commercial loan portfolios[16]. - Total loans amounted to $1,157,305 thousand as of March 31, 2024, an increase from $1,134,019 thousand at December 31, 2023, and $992,720 thousand at March 31, 2023, showing a year-over-year growth of 16.5%[27]. - The loan to deposit ratio (including loans held-for-sale) was 73.45% as of March 31, 2024, down from 75.34% at the end of 2023[26]. Income and Expenses - Non-interest income for Q1 2024 was $3.184 million, up from $2.931 million in Q4 2023 and $2.575 million in Q1 2023[19]. - Non-interest income increased to $3,184 thousand for the three months ended March 31, 2024, up from $2,931 thousand in the previous quarter and $2,575 thousand in the same quarter last year, reflecting a growth of 23.6% year-over-year[28]. - Non-interest expense increased by $1.125 million to $11.805 million in Q1 2024 from $10.680 million in Q4 2023, driven by higher salaries and benefits, marketing expenses, and other costs[20]. - Salaries and benefits expense rose by $689 thousand, primarily due to $389 thousand in higher incentive accruals and increased payroll taxes[20]. Capital and Assets - The bank's regulatory capital ratios were above required minimums, with a Tier I Risk Based ratio of 12.65% as of March 31, 2024[6]. - The bank's tangible book value per share increased to $15.51 at March 31, 2024, up from $15.23 at December 31, 2023[7]. - Total assets increased to $1,886,991 thousand as of March 31, 2024, up from $1,827,688 thousand at the end of 2023[26]. - Average total assets increased to $1,857,716 thousand as of March 31, 2024, up from $1,809,653 thousand at December 31, 2023, and $1,695,654 thousand at March 31, 2023, representing a year-over-year growth of 9.6%[27]. - The company reported a book value per common share of $17.50 as of March 31, 2024, up from $17.23 at the end of 2023[26]. Dividends and Future Plans - Cash dividend of $0.14 per common share was declared, marking the 89th consecutive quarter of cash dividends paid[6]. - The company plans to close its banking office in Augusta, Georgia, effective June 27, 2024, with estimated annual cost savings of $327 thousand[21]. Risks and Non-GAAP Measures - The company highlighted potential risks including competitive pressures, economic conditions, and technology risks that could impact future performance[23]. - The company emphasizes that non-GAAP measures are useful for evaluating operating results but should not be considered in isolation from GAAP results[31]. - Definitions of non-GAAP measures include tangible book value per common share and pre-tax, pre-provision earnings, which are critical for financial analysis[32].

First Community (FCCO) reported $15.26 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 2.2%. EPS of $0.34 for the same period compares to $0.45 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $14.83 million, representing a surprise of +2.91%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.34.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stre ...