LEXINGTON, S.C. - First Community (NASDAQ:FCCO) Corporation (NASDAQ:FCCO), the holding company for First Community Bank, has reported a third-quarter net income of $3.861 million, a significant increase from $1.756 million in the same period last year. Diluted earnings per share (EPS) were $0.50 for the quarter, up from $0.23 in the third quarter of 2023.
The bank demonstrated solid growth with total loans expanding by $7.5 million, marking a 2.5% annualized growth rate for the quarter. Year-to-date, total loans have risen by $62.6 million, a 7.4% annualized growth rate. Total deposits also experienced robust growth, increasing by $39.5 million during the quarter, which translates to a 9.8% annualized growth rate. Excluding brokered CDs, customer deposits surged by $60.0 million, a notable 15.3% annualized growth rate.
The investment advisory segment of the business surpassed $900 million in Assets Under Management (AUM), generating revenue of $1.595 million for the quarter and $4.461 million year-to-date.
First Community Corporation maintains strong credit quality metrics, with a non-performing assets (NPAs) ratio of 0.04% and a past due ratio of 0.11%. The bank reported net charge-offs, including overdrafts, of $68 thousand for the third quarter, with overdrafts excluded, net loan charge-offs stood at $45 thousand.
The bank's total assets reached $1.944 billion. Additionally, a cash dividend of $0.15 per common share was announced, marking the 91st consecutive quarter of cash dividends paid to common shareholders.
In terms of capital management, the Board of Directors approved a plan to use up to $7.1 million of capital to repurchase shares of its common stock, which represents about 5.0% of total shareholders' equity as of September 30, 2024. The repurchase plan will remain active until May 13, 2025, although no shares have been repurchased under this plan to date.
The bank's regulatory capital ratios continue to exceed the well-capitalized minimum levels required by regulatory statute. Tangible Book Value (TBV) per common share was $16.78 at the end of the quarter, up from $14.25 a year ago.
This financial report is based on a press release statement and reflects the bank's performance and strategic financial management.
In other recent news, First Community Corporation has reported a significant boost in its financial performance. The company's net income for the second quarter of 2024 rose by 25.7% to $3.265 million compared to the first quarter of the same year, and its earnings per share (EPS) increased by 23.5% to $0.42. The total loans marked an annualized growth rate of 11.1%, and the bank's total deposits reached $1.605 billion, indicating an 11.7% annualized growth rate.
Assets under management (AUM) hit a record $865.6 million, a 14.6% year-to-date increase. Additionally, the company's Board of Directors approved an increased cash dividend for the second quarter of 2024, marking the 90th consecutive quarter of cash dividends paid to shareholders. The company's Board of Directors also approved a plan to repurchase up to $7.1 million of its common stock.
In other developments, the company reported Q1 earnings with a net income of $2.597 million and diluted earnings per share at $0.34. Total deposits grew to $1.578 billion, with customer deposits reaching $1.518 billion, reflecting a 15.0% annualized growth rate. These are part of the recent financial developments of First Community Corporation.
InvestingPro Insights
First Community Corporation's (NASDAQ:FCCO) strong third-quarter performance is further supported by data from InvestingPro. The company's market capitalization stands at $163.16 million, reflecting its solid position in the regional banking sector.
One of the key InvestingPro Tips highlights that First Community Corporation has maintained dividend payments for 23 consecutive years, underscoring the company's commitment to shareholder returns. This aligns with the bank's recent announcement of a $0.15 per common share dividend, marking its 91st consecutive quarter of cash dividends.
The company's P/E ratio of 14.92 suggests a reasonable valuation relative to its earnings, which is particularly noteworthy given the reported increase in net income and EPS for the third quarter. Additionally, InvestingPro Data shows a dividend yield of 2.81%, providing investors with a steady income stream.
Another InvestingPro Tip indicates that the company has experienced a large price uptick over the last six months. This is corroborated by the InvestingPro Data showing a 37.41% price total return over the past six months, reflecting growing investor confidence in the bank's performance and strategy.
For investors seeking more comprehensive insights, InvestingPro offers 5 additional tips that could provide valuable context to First Community Corporation's financial outlook and market position.
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