First Community Corporation announces third quarter results and cash dividend third quarter highlights

Highlights

• Net income of $2.898 million.
• Diluted EPS of $0.39 per common share.
• Net loan growth of $8.4 million during the quarter, an annualized growth rate of 4.6%.
• Pure deposit growth, including customer cash management accounts, of $12.9 million during the quarter, a 6.3% annualized growth rate.
• Mortgage unit had a record quarter in production and revenue.
• Excellent key credit quality metrics with non-performing assets (NPAs) of 0.33% and a net loan recovery of $193 thousand.
• Cash dividend of $0.11 per common share, the 71st consecutive quarter of cash dividends paid to common shareholders.

First Community Corporation, the holding company for First Community Bank, reported net income for the third quarter of 2019 of $2.898 million as compared to $2.833 million in the third quarter of 2018. Diluted earnings per common share were $0.39 for the third quarter of 2019 compared to $0.37 in the third quarter of 2018. Year-to-date 2019 net income was $8.274 million, compared to $8.543 million earned in the first nine months of 2019. Year-to-date diluted earnings per share were $1.08 compared to $1.11 during the same time period in 2018.