Company Overview - First Community (FCCO) is headquartered in Lexington and has experienced a price change of 1.07% this year [3] - The company currently pays a dividend of $0.15 per share, resulting in a dividend yield of 2.76%, which is higher than the Banks - Southeast industry's yield of 2.52% and the S&P 500's yield of 1.57% [3] Dividend Performance - The current annualized dividend of $0.60 represents a 7.1% increase from the previous year [4] - Over the past five years, First Community has increased its dividend three times year-over-year, with an average annual increase of 5.36% [4] - The company's current payout ratio is 39%, indicating that it paid out 39% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for First Community's earnings per share for 2024 is $1.67, reflecting a year-over-year growth rate of 7.74% [5] Investment Appeal - First Community is viewed as an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]

Group 1: Roche Holding AG (RHHBY) - Roche Holding AG is a pharmaceuticals and diagnostics company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 8.4% over the last 60 days [1] - The company has a price-to-earnings ratio (P/E) of 15.47, compared to 22.40 for the industry, and possesses a Value Score of B [1] Group 2: Southside Bancshares, Inc. (SBSI) - Southside Bancshares, Inc. is a bank holding company for Southside Bank with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 9.6% over the last 60 days [2] - The company has a price-to-earnings ratio (P/E) of 10.94, compared to 22.76 for the S&P, and possesses a Value Score of B [2] Group 3: First Community Corporation (FCCO) - First Community Corporation is a bank holding company for First Community Bank with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 8.4% over the last 60 days [3] - The company has a price-to-earnings ratio (P/E) of 12.52, compared to 12.70 for the industry, and possesses a Value Score of B [3]

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 ...

Core Viewpoint - First Community (FCCO) is experiencing solid improvement in earnings estimates, which may lead to continued short-term price momentum for the stock [1][2]. Earnings Estimates - The rising trend in earnings estimate revisions reflects growing analyst optimism regarding First Community Bank's earnings prospects, which is expected to positively impact the stock price [2]. - For the current quarter, First Community is projected to earn $0.44 per share, representing a significant increase of +91.3% compared to the same quarter last year [4]. - Over the past 30 days, the Zacks Consensus Estimate for First Community has risen by 9.09%, with two estimates moving higher and no negative revisions [4]. - For the full year, the earnings estimate stands at $1.67 per share, indicating a change of +7.74% from the previous year [5]. - The consensus estimate for the current year has increased by 8.44%, with two estimates moving higher and no negative revisions [5]. Zacks Rank - First Community has achieved a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts in revising earnings estimates upward [7]. - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks generating an average annual return of +25% since 2008 [3]. Investment Outlook - The positive estimate revisions have led to a 27.5% increase in First Community's stock price over the past four weeks, suggesting potential for further upside [8].

| --- | --- | --- | |-------|-------|-------------------------------------------------------------------| | | | 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)