- First Community Corporation (FCCO, Financial) reported a 54% increase in net income for Q1 2025, reaching $3.997 million.
- Total deposits grew by $49.8 million, a 12.1% annualized growth rate, while loans increased by $31.4 million, a 10.4% annualized rate.
- The company declared a $0.15 cash dividend per common share for the 93rd consecutive quarter.
First Community Corporation (FCCO) announced robust financial outcomes for the first quarter of 2025, with net income reaching $3.997 million and diluted earnings per share (EPS) at $0.51. This marks a significant 54% year-over-year growth from Q1 2024, where the company reported a net income of $2.597 million and an EPS of $0.34.
The company demonstrated solid balance sheet progress with total deposits climbing by $49.8 million to $1.726 billion, reflecting an annualized growth rate of 12.1%. The loan portfolio also exhibited growth, increasing by $31.4 million to $1.252 billion, which corresponds to a 10.4% annualized increase. Notably, commercial loan production surged 93% year-over-year, amounting to $53.6 million.
First Community's net interest margin expanded by 13 basis points to 3.13%, showcasing effective margin management. This expansion occurred while the cost of deposits decreased by 6 basis points to 1.85% and overall funding costs dropped by 11 basis points to 1.94%.
The company's strong credit quality remains highlighted by non-performing assets at a minimal 0.03% of total assets and past due loans at 0.14%. These metrics reinforce the bank's solid capital foundation, with leverage, Tier I Risk Based, and Total Risk Based ratios at 8.45%, 12.90%, and 13.99%, respectively.
Further cementing trust in its financial robustness, the Board of Directors approved a $0.15 cash dividend per common share, marking the 93rd consecutive quarter for such distributions, payable on May 20, 2025. This decision underscores the management's confidence in the company’s ongoing performance and future outlook.
First Community Corporation continues to prioritize strong credit metrics and supports its community-focused business strategy, positioning itself for sustained growth and shareholder value enhancement.
