First Community Corporation announces record earnings

Second Quarter Results and Cash Dividend

Highlights

• Record earnings of $1.745 million in the second quarter of 2016, a 20.9% increase in net income year-over-year
• Diluted EPS of $.26 per common share in the second quarter of 2016, a 18.2% increase year-over-year
• Net loan growth of $17.3 million in the second quarter of 2016, a 14.0% annualized growth rate.
• Pure deposit growth (including customer cash management accounts) of $8.4 million in the second quarter of 2016, a 5.7% annualized growth rate
• Revenues from mortgage and financial planning business units increased by 37.3% and 2.0% respectively on a linked quarter basis
• Regulatory capital ratios remain strong at 10.24% (Tier 1 Leverage) and 16.14% (Total Capital) along with Tangible Common Equity / Tangible Assets (TCE/TA) ratio of 8.82%
• Strong credit quality with non-performing assets (NPAs) of only 0.66%
• Cash dividend of $0.08 per common share, which is the 58^th consecutive quarter of cash dividends paid to common shareholders

Today, First Community Corporation (Nasdaq:  FCCO), the holding company for First Community Bank, reported net income for the second quarter of 2016.  Net income for the second quarter of 2016 was $1.745 million as compared to $1.443 million in the second quarter of 2015.  Diluted earnings per common share were $0.26 for the second quarter of 2015 as compared to $0.22 for the second quarter of 2015.

Year-to-date 2016 net income was $3.213 million compared to $2.847 million during the first six months of 2015.  Diluted earnings per share for the first half of 2016 were $0.47, compared to $0.43 during the same time period in 2015.  Mike Crapps, First Community President and CEO, commented, “We are pleased with our results in the second quarter, in particular the growth in earnings and strong growth in our loan portfolio.  We continue to work diligently to take advantage of the momentum in these areas.”