First Community Corporation Announces First Quarter Results and Cash Dividend

Core Insights - First Community Corporation reported a net income of $3.997 million for Q1 2025, with diluted earnings per share of $0.51, reflecting a year-over-year increase from $2.597 million and $0.34 per share, but a decrease from $4.232 million and $0.55 from the previous quarter [3][10]. Financial Performance - The company declared a cash dividend of $0.15 per common share, marking the 93rd consecutive quarter of dividends [4]. - Total deposits rose by $49.8 million to $1.726 billion, representing a 12.1% annualized growth rate [9][10]. - Total loans increased by $31.4 million to $1.252 billion, with an annualized growth rate of 10.4% [8][10]. - Net interest income was $14.4 million, up from $13.9 million in the previous quarter and $12.1 million in Q1 2024 [12][23]. - The net interest margin expanded to 3.13%, compared to 3.00% in the previous quarter and 2.79% in Q1 2024 [12][23]. Asset Quality - Non-performing assets (NPAs) were 0.03% of total assets, with $658 thousand in NPAs, an improvement from 0.04% and $810 thousand at the end of Q4 2024 [6][10]. - The past due ratio for all loans was 0.14%, up from 0.05% in the previous quarter [6]. Capital Ratios - Regulatory capital ratios exceeded the minimum required levels, with a Leverage ratio of 8.45%, Tier I Risk Based ratio of 12.90%, and Total Risk Based ratio of 13.99% as of March 31, 2025 [4][21]. Investment Advisory and Mortgage Business - Investment advisory revenue was $1.806 million, with assets under management (AUM) at $892.8 million, down from $926.0 million at the end of Q4 2024 [16][10]. - The mortgage line of business produced $43.86 million in loans, with fee revenue of $759 thousand, including a gain-on-sale margin of 2.93% [15][10]. Non-Interest Income and Expenses - Non-interest income for Q1 2025 was $3.982 million, an increase from $3.608 million in the previous quarter [14][10]. - Non-interest expenses rose to $12.754 million, up from $11.826 million in Q4 2024, primarily due to increased salaries and marketing expenses [17][10].