First munity (US:FCCO)2026-01-28 21:05Financial Performance - Net income for Q4 2025 was $4.830 million, a decrease from $5.192 million in Q3 2025, while net income for the year was $19.205 million, up 37.6% from $13.955 million in 2024[2][4] - Diluted EPS for Q4 2025 was $0.62, down from $0.67 in Q3 2025, and for the year, it was $2.47, an increase of 36.5% from $1.81 in 2024[3][4] - Net income for the three months ended December 31, 2025, was $4,830,000, a 14.1% increase from $4,232,000 in the same period of 2024[24] - The company reported net income excluding the after-tax effect of merger expenses (non-GAAP) of $5,357 million for December 2025, compared to $4,232 million in December 2024, a growth of 26.5%[27] Loan and Deposit Growth - Total loan growth for 2025 was $90.5 million, or 7.4%, with Q4 growth of $31.7 million, an annualized growth rate of 9.8%[2][8] - Total deposits increased by $73.6 million, or 4.4%, for the year, but decreased by $21.6 million, or 1.2%, in Q4 2025[2][9] - Average loans rose to $1,302,826 thousand in Q4 2025, up from $1,211,880 thousand in Q4 2024, marking an increase of 7.5%[23] Asset Management - Assets under management (AUM) in the investment advisory line reached a record $1.170 billion at year-end 2025, up from $1.103 billion at Q3 2025[2] - Total revenue in the investment advisory line for 2025 was $7.565 million, up from $6.181 million in 2024, with AUM ending at $1.170 billion[14] - The book value per common share increased to $21.78 as of December 31, 2025, from $21.01 at September 30, 2025[22] Income and Expenses - Net interest income for 2025 increased by 19.2% to $62.0 million compared to $52.0 million in 2024[11] - Total non-interest expense for Q4 2025 was $13.827 million, an increase of $153 thousand from Q3 2025[15] - Non-interest income totaled $4,288,000 for the three months ended December 31, 2025, compared to $3,608,000 in the same period of 2024, reflecting an increase of 18.8%[24] Capital Ratios and Equity - The bank's regulatory capital ratios exceeded well-capitalized minimum levels, with a Tier I Risk Based ratio of 13.11% as of December 31, 2025[5] - Shareholders' equity increased to $164,514 thousand as of December 31, 2025, from $143,726 thousand in the previous year, a growth of 14.4%[25] - The Tier 1 Capital Ratio was 13.11% as of December 31, 2025, compared to 13.10% at September 30, 2025[22] Efficiency and Profitability Metrics - The efficiency ratio improved to 64.51% for the three months ended December 31, 2025, down from 66.67% in the same period of 2024, indicating better cost management[24] - Return on average assets increased to 0.92% for the three months ended December 31, 2025, compared to 0.86% in the same period of 2024[24] - Return on average common equity was 11.65% for the three months ended December 31, 2025, slightly down from 11.71% in the same period of 2024[24] Acquisitions - The company completed the acquisition of Signature Bank of Georgia on January 8, 2026[2] - First Community Corporation completed the acquisition of Signature Bank of Georgia on January 8, 2026, which reported $197.8 million in loans and $235.3 million in deposits as of December 31, 2025[16] Non-Performing Assets - Total nonperforming assets decreased to $372 thousand in Q4 2025 from $881 thousand in Q4 2024, a reduction of 57.8%[23] - Net charge-offs for the twelve months ended December 31, 2025, were $52 thousand, down from $65 thousand in the previous year, indicating a decline of 20.0%[23]