First Community Corporation announces first quarter results and cash dividend

April 17, 2019

First Community Corporation (Nasdaq:  FCCO), the holding company for First Community Bank, reported net income for the first quarter of 2019 of $2.50 million as compared to $2.71 million in the first quarter of 2018.  Diluted earnings per common share were $0.32 for the first quarter of 2019 as compared to $0.35 for the first quarter of 2018.

Highlights

  • Net income of $2.5 million
  • Diluted EPS of $0.32 per common share
  • Net interest margin, on an adjusted basis, increased linked quarter and has increased ten of past eleven quarters
  • Excellent key credit quality metrics with a net recovery of $2 thousand and non-performing assets of 0.38% for the quarter
  • Cash dividend of $0.11 per common share, the 69th consecutive quarter of cash dividends paid to common shareholders
  • Opening of Downtown Greenville Banking Office

First Community President and CEO, Mike Crapps, commented, “The decrease in earnings is primarily attributable to two items.  The first is our strategic decision to invest in the future of our franchise with two new offices in the Augusta market and the recently opened full-service office in downtown Greenville.  We believe these investments in experienced bankers and facilities will payoff in the future.  The second item is the lack of growth in the loan portfolio, which follows nearly two years of quarterly increases.  We experienced softer demand along with greater than normal payoff/paydown activity.”