First Community (FCCO) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the syste ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, March 4:First Community Corporation (FCCO) : This bank holding company for First Community Bank carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.4% over the last 60 days.First Community Corporation has a price-to-earnings ratio (P/E) of 10.29 compared with 11.20 for the industry. The company possesses a Value Score of B.The ODP Corporation (O ...

First Community (FCCO) has been on a downward spiral lately with significant selling pressure. After declining 8.6% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, January 30th:First Community Corporation (FCCO) : This bank holding company for First Community Bank carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 3.4% over the last 60 days.First Community Corporation has a price-to-earnings ratio (P/E) of 12.53, compared with 20.71 for the S&P 500. The company possesses a  Value Score  of B.Warrior Met Coa ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, January 30th:Simmons First National Corporation (SFNC) : This holding company for Simmons Bank has witnessed the Zacks Consensus Estimate for its current year earnings increasing 3% over the last 60 days.This Zacks Rank #1 company has a dividend yield of nearly 4%, compared with the industry average of 2.6%.First Community Corporation (FCCO) : This bank holding company for First Community Bank has witnesse ...

First Community (FCCO) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a changing earn ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's total assets grew to **$1.79 billion** and deposits to **$1.49 billion** by September 30, 2023, while Q3 net income significantly declined to **$1.8 million** [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets reached **$1.79 billion** and total deposits **$1.49 billion** by September 30, 2023, driven by growth in net loans held-for-investment Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | **$1,793,722** | **$1,672,946** | **$120,776** | **7.2%** | | Net Loans Held-for-Investment | $1,079,827 | $969,521 | $110,306 | 11.4% | | Total Deposits | $1,492,026 | $1,385,382 | $106,644 | 7.7% | | Federal Home Loan Bank advances | $80,000 | $50,000 | $30,000 | 60.0% | | **Total Liabilities** | **$1,670,121** | **$1,554,585** | **$115,536** | **7.4%** | | **Total Shareholders' Equity** | **$123,601** | **$118,361** | **$5,240** | **4.4%** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q3 2023 significantly decreased to **$1.8 million** from **$4.0 million** in Q3 2022, primarily due to lower net interest income and a securities sale loss Q3 2023 vs Q3 2022 Performance (in thousands, except per share) | Metric | Q3 2023 | Q3 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $12,103 | $12,794 | -5.4% | | Provision for Credit Losses | $474 | $18 | 2533.3% | | Total Non-interest Income | $1,864 | $2,673 | -30.3% | | Total Non-interest Expense | $11,273 | $10,417 | 8.2% | | **Net Income** | **$1,756** | **$3,951** | **-55.6%** | | **Diluted EPS** | **$0.23** | **$0.52** | **-55.8%** | Nine Months 2023 vs 2022 Performance (in thousands, except per share) | Metric | Nine Months 2023 | Nine Months 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $36,597 | $34,578 | 5.8% | | Provision for (Release of) Credit Losses | $730 | $(177) | N/A | | Total Non-interest Income | $7,490 | $9,056 | -17.3% | | Total Non-interest Expense | $32,464 | $30,559 | 6.2% | | **Net Income** | **$8,546** | **$10,570** | **-19.1%** | | **Diluted EPS** | **$1.12** | **$1.39** | **-19.4%** | [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income for Q3 2023 was **$187,000**, a turnaround from a **$2.8 million** loss in Q3 2022, driven by reduced unrealized securities losses Comprehensive Income (Loss) Summary (in thousands) | Period | Net Income | Other Comprehensive Loss | Comprehensive Income (Loss) | | :--- | :--- | :--- | :--- | | **Q3 2023** | $1,756 | $(1,569) | $187 | | **Q3 2022** | $3,951 | $(6,708) | $(2,757) | | **9M 2023** | $8,546 | $(671) | $7,875 | | **9M 2022** | $10,570 | $(36,530) | $(25,960) | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to **$123.6 million** by September 30, 2023, primarily due to net income, partially offset by dividends and comprehensive loss - For the nine months ended September 30, 2023, total shareholders' equity increased by **$5.2 million**[16](index=16&type=chunk) - Key drivers of the change in equity for the nine months ended September 30, 2023 include: Net Income of **$8.5 million**, cash dividends of **$3.2 million**, and an other comprehensive loss of **$0.7 million**[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$3.7 million** for the nine months ended September 30, 2023, while overall cash and cash equivalents increased by **$60.1 million** Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $3,717 | $17,772 | | Net Cash Used in Investing Activities | $(54,438) | $(142,056) | | Net Cash from Financing Activities | $110,776 | $93,515 | | **Net Increase (Decrease) in Cash** | **$60,055** | **$(30,769)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes include the adoption of CECL, significant reduction in non-accrual loans to **$61,000**, and the introduction of **$48.2 million** in brokered deposits - The company adopted ASU 2016-13 (CECL) on January 1, 2023, resulting in a net decrease to retained earnings of **$337,400**[26](index=26&type=chunk) - As of September 30, 2023, there was no allowance for credit loss related to the available-for-sale securities portfolio[35](index=35&type=chunk) - Non-accrual loans decreased significantly from **$4.9 million** at year-end 2022 to **$61,000** at September 30, 2023[81](index=81&type=chunk) - Total uninsured deposits were **$429.7 million**, of which **$85.7 million** were collateralized public funds, leaving net uninsured deposits at **$344.0 million** (**23.1%** of total deposits)[105](index=105&type=chunk) - In May 2023, the company entered into a **$150.0 million** pay-fixed/receive-floating interest rate swap to hedge the fair value risk of its fixed-rate loan portfolio[111](index=111&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **$2.2 million** Q3 net income decline, attributing it to net interest margin compression and a strategic securities sale, alongside strong loan growth and improved asset quality [Comparison of Results of Operations](index=37&type=section&id=Comparison%20of%20Results%20of%20Operations) Q3 2023 net income declined to **$1.8 million** from **$4.0 million** in Q3 2022, primarily due to reduced net interest income and a **$1.2 million** loss on securities sales - Q3 2023 net income declined by **$2.2 million** YoY, primarily due to a **$691,000** drop in net interest income, a **$456,000** increase in provision for credit losses, an **$809,000** fall in non-interest income, and an **$856,000** increase in non-interest expense[134](index=134&type=chunk) - The Q3 net interest margin decreased by **31 basis points** to **2.95%** YoY, as the cost of funds increased more rapidly than the yield on earning assets[137](index=137&type=chunk) - A strategic sale of **$39.9 million** in U.S. Treasuries during Q3 2023 resulted in a one-time pre-tax loss of **$1.2 million**, aimed at improving future liquidity and net interest margin[138](index=138&type=chunk)[189](index=189&type=chunk) - For the nine months ended Sep 30, 2023, net income declined by **$2.0 million** YoY, as increased non-interest expense and credit provisions, along with lower non-interest income, outweighed a **$2.0 million** increase in net interest income[160](index=160&type=chunk) [Financial Position](index=57&type=section&id=Financial%20Position) Total assets grew to **$1.8 billion** and loans to **$1.1 billion** by September 30, 2023, funded by increased deposits and FHLB advances - Assets increased by **$120.8 million** (**9.7%** annualized) to **$1.8 billion** at September 30, 2023[201](index=201&type=chunk) - Loans (excluding HFS) grew by **$110.3 million** (**15.2%** annualized) to **$1.1 billion**[201](index=201&type=chunk) - Deposits increased by **$106.6 million** (**10.3%** annualized) to **$1.5 billion**[215](index=215&type=chunk) - Shareholders' equity increased by **$5.2 million** to **$123.6 million**, impacted by net income of **$8.5 million**, dividends of **$3.2 million**, and a **$671,000** increase in accumulated other comprehensive loss[223](index=223&type=chunk) [Provision and Allowance for Credit Losses](index=49&type=section&id=Provision%20and%20Allowance%20for%20Credit%20Losses) The company recorded a **$730,000** provision for credit losses, while asset quality significantly improved with non-accrual loans decreasing to **$61,000** - The provision for credit losses for the nine months ended Sep 30, 2023 was **$730,000**, compared to a release of **$177,000** in the prior year period[161](index=161&type=chunk)[162](index=162&type=chunk) - The non-performing asset ratio improved significantly to **0.04%** at Sep 30, 2023, down from **0.35%** at Dec 31, 2022[181](index=181&type=chunk) - Non-accrual loans declined to **$61,000** at Sep 30, 2023 from **$4.9 million** at Dec 31, 2022, primarily due to the successful resolution of several large non-accrual relationships[181](index=181&type=chunk) Allowance for Credit Losses - Loans (in thousands) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Allowance for Credit Losses | $11,818 | $11,336 | | % of Total Loans | 1.08% | 1.16% | | % of Non-performing Loans | 18,465.63% | 230.68% | [Market Risk Management](index=64&type=section&id=Market%20Risk%20Management) The company is short-term liability-sensitive to interest rate changes, with a **2.63%** projected decrease in net interest income for a **+100 bp** rate shock - The company is liability sensitive in the short term (12 months), with a modeled **2.63%** decrease in net interest income for a **+100 bp** rate shock as of September 30, 2023[227](index=227&type=chunk)[228](index=228&type=chunk) - The company is asset sensitive based on the longer-term Present Value of Equity (PVE) measure, though PVE is projected to decline by **1.40%** in a **-100 bp** rate shock scenario[229](index=229&type=chunk)[230](index=230&type=chunk) - The company entered into a **$150.0 million** Pay-Fixed Swap Agreement on May 5, 2023, to partially offset its liability sensitivity[227](index=227&type=chunk) [Liquidity and Capital Resources](index=66&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with over **$450.1 million** in credit lines and remains well-capitalized, despite slight decreases in capital ratios due to asset growth - The company has total remaining credit availability of over **$450.1 million**, primarily from the FHLB and federal funds lines[234](index=234&type=chunk) - Unused credit commitments to customers totaled **$221.9 million** at September 30, 2023[235](index=235&type=chunk) Bank Regulatory Capital Ratios | Capital Ratio | Sep 30, 2023 | Dec 31, 2022 | Well-Capitalized Minimum | | :--- | :--- | :--- | :--- | | Leverage Ratio | 8.63% | 8.63% | 5.00% | | Common Equity Tier 1 | 12.47% | 13.49% | 6.50% | | Tier 1 Capital | 12.47% | 13.49% | 8.00% | | Total Capital | 13.50% | 14.54% | 10.00% | - A cash dividend of **$0.14** per common share was approved for Q3 2023[244](index=244&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as per the report - The report states this item is not applicable[246](index=246&type=chunk) [Controls and Procedures](index=70&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the reporting period[247](index=247&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[249](index=249&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=71&type=section&id=Item%201.%20Legal%20Proceedings) Management is not aware of any pending legal proceedings that would materially impact the company's financial condition or results - Management does not believe any pending legal proceedings would have a material adverse impact on the company's financial position, results of operations, or cash flows[252](index=252&type=chunk) [Risk Factors](index=71&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights the potential instability and cost of brokered deposits, which totaled **$48.2 million** as of September 30, 2023 - A new risk factor was added regarding the use of brokered deposits, which may be an unstable and/or expensive funding source[255](index=255&type=chunk) - The company held **$48.2 million** in brokered deposits as of September 30, 2023, representing **3.2%** of total deposits[257](index=257&type=chunk) - The ability to accept, renew, or roll over brokered deposits is dependent on maintaining a "well capitalized" status, and limitations could adversely impact funding costs and liquidity[258](index=258&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=72&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company credited **1,979** deferred stock units to directors in Q3 2023, with no share repurchases made under the current plan - In Q3 2023, an aggregate of **1,979** deferred stock units were credited to directors who elected to defer fees[263](index=263&type=chunk) - No share repurchases were made during Q3 2023. The current repurchase plan for up to **375,000** shares expires on December 31, 2023[263](index=263&type=chunk) [Exhibits](index=73&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the quarterly report, including officer certifications and iXBRL financial statements

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number: 000-28344 FIRST COMMUNITY CORPORATION (Exact name of registrant as specified in its charter) South Carolina 57-1010751 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 5455 Sunset Boulevard, Lexington, South Carolina 29072 (Address of principal executive offices) (Zip Code) (803) 951-2265 (Registrant's telephone number, including area code) N ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number: 000-28344 FIRST COMMUNITY CORPORATION (Exact name of registrant as specified in its charter) South Carolina 57-1010751 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 5455 Sunset Boulevard, Lexington, South Carolina 29072 (Address of principal executive offices) (Zip Code) (803) 951-2265 (Registrant's telephone number, including area code) N ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) x Annual Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 Or o Transition Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: 000-28344 First Community Corporation (Exact name of registrant as specified in its charter) South Carolina 57-1010751 (State or other jurisdiction ...