First Community Corporation announces first quarter results and cash dividend
April 19, 2017
First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the first quarter of 2017. Net income for the first quarter of 2017 was $1.76 million as compared to $1.47 million in the first quarter of 2016. Diluted earnings per common share were $0.26 for the first quarter of 2017 as compared to $0.22 for the first quarter of 2016.
First Community President and CEO, Mike Crapps, commented, “Loan growth continued in the first quarter with growth of $8.6 million and production of $31.3 million. This compares to $4.8 million in loan growth and $26.4 million in production in the first quarter of 2016. Loan payoffs and paydowns impacted total loan growth in the first quarter of 2017; however, we are pleased with the year-over-year increases in both net loan growth and production, the momentum in loan production and the prospects for portfolio growth ahead. Growth in pure deposits continues to be an area of strength for our company with $14.3 million in growth in the first quarter.”
Recently, the company announced plans for expansion in the Upstate of South Carolina through the acquisition of Cornerstone Bancorp, the holding company of Cornerstone National Bank, and plans for the opening of a de novo banking office in downtown Greenville.
Mr. Crapps noted, “This is a natural extension of our company in the Upstate market, which we entered with the activation of our loan production office in Greenville in March of 2016. At that time, we noted that our plans were to seek the appropriate strategy to build out a deposit franchise in the Upstate market area.” Crapps continued, “The staged progression of our Upstate strategy started with the hiring of a great team of bankers, Market President Coleman Kirven, Senior Lender Trey Werner and Commercial Banker David Ramseur, who had an extremely successful first year and exceeded our expectations for loan portfolio growth.”
Cash Dividend and Capital
The Board of Directors has approved a cash dividend for the first quarter of 2017. The company will pay a $0.09 per share dividend to holders of the company’s common stock. This dividend is payable May 15, 2017 to shareholders of record as of May 1, 2017.
