First Community Corporation announces first quarter results and cash dividend

First Community Corporation (Nasdaq:  FCCO), the holding company for First Community Bank, reported net income for the first quarter of 2018 of $2.71 million as compared to $1.76 million in the first quarter of 2017.  Diluted earnings per common share were $0.35 for the first quarter of 2018 as compared to $0.26 for the first quarter of 2017.

First Community President and CEO, Mike Crapps, commented, “We are thrilled with the performance across all metrics and lines of business.  Led by tremendous loan growth of $21.8 million in the first quarter, an annualized growth rate of 13.5%, the momentum has continued from the strong fourth quarter of 2017 which had $18.2 million in organic loan growth, a 12.5% annualized growth rate.  Growth in pure deposits continues to be an area of strength for our company as well with $32.1 millionin growth in the first quarter, a 17.2% annualized growth rate.  This growth is coupled with continued excellent credit quality and strong growth in net interest margin.  In addition we are pleased with the performance of our mortgage and financial planning areas as we continue to leverage these lines of business.”

During the quarter, the bank opened a new banking office in downtown Augusta, Georgia at 771 Broad Street. In addition, the bank has since filed an application with regulators to open an additional banking office in Evans, Georgia.  As reported previously, the bank also plans to continue expansion in the Upstate of South Carolina with a search underway for a banking office location in the downtown Greenville area.