Welcome to our dedicated page for First Community news (Ticker: FCCO), a resource for investors and traders seeking the latest updates and insights on First Community stock.
First Community Corp reports community banking developments as the holding company for First Community Bank. The company’s updates center on commercial and retail banking, deposit and loan growth, residential mortgage lending, investment advisory revenue, net interest margin, credit quality, allowance for credit losses, regulatory capital ratios and tangible book value.
Recurring company news also covers cash dividends, common-stock repurchase authorization, earnings release timing and completed expansion activity, including the merger of Signature Bank of Georgia into First Community Bank. The bank serves business and consumer customers across regions of South Carolina and Georgia through deposit, lending, mortgage and financial planning services.
First Community Corporation announces the retirement of J. Thomas "Tommy" Johnson from its board after 17 years of service, effective May 19, 2021. His successor, Chimin J. "Jimmy" Chao, will take over as chairman, with W. James "Jim" Kitchens, Jr. becoming vice chairman. Mr. Johnson, who has been on the board since 2004, played a significant role during the acquisition of Newberry Federal Savings Bank. Mr. Chao and Mr. Kitchens bring extensive industry experience to their new leadership roles, positioning the board to continue its commitment to First Community's growth.
First Community Corporation (FCCO) reported a net income of $3.3 million for Q1 2021, with diluted EPS at $0.43, a decrease from the prior quarter's $3.4 million and $0.46 per share. Total deposits rose to $1.271 billion, marking a 31.7% annualized growth rate in pure deposits. A cash dividend of $0.12 per share was declared, continuing a streak of 77 consecutive quarters of dividends. Despite the growth, the net interest margin fell to 3.23% and the bank recorded a provision expense of $177 thousand due to potential credit losses related to the pandemic.
The First Community Bank Board of Directors has appointed Ted Nissen as President, a newly created role. Nissen, a founding member of the bank's Executive Leadership Team with over 25 years of experience, has recently guided the bank through significant market expansions and the complexities of the Paycheck Protection Program. Under his leadership, First Community Bank has achieved $1.4 billion in total assets. As the largest community bank in the Midlands and third largest in South Carolina, the bank continues to grow its strategic direction.
First Community Corporation (NASDAQ: FCCO) reported a 27.4% year-over-year increase in net income for Q4 2020, totaling $3.436 million, with a diluted EPS of $0.46. For FY 2020, net income was $10.099 million and diluted EPS was $1.35, despite a decline from $10.971 million and $1.45 in 2019. Total loan growth was 14.5%, while deposits rose by 8.5%. Cash dividends of $0.12 represent the 76th consecutive quarter paid. The company maintains strong credit quality metrics, though provision expenses increased due to COVID-19 uncertainties.
First Community Corporation, based in Lexington, South Carolina, has announced the appointment of Ray E. Jones to its Board of Directors. Jones, a Partner at Parker Poe Adams & Bernstein LLP, brings over 20 years of experience in public finance, local taxation, and economic development. His extensive knowledge is expected to enhance the bank's strategic initiatives. CEO Mike Crapps and Chairman J. Thomas Johnson expressed confidence in Jones's ability to contribute significantly to the company's growth and shareholder value.
First Community Corporation (NASDAQ: FCCO) reported a net income of $2.652 million for Q3 2020, marking a 19.6% increase from the previous quarter. Earnings per share (EPS) were $0.35. Total loans rose by $27.1 million, with a strong deposit growth of $54.9 million. Notably, the company maintained a cash dividend of $0.12 per share, its 75th consecutive quarter of dividends. However, year-to-date net income declined to $6.663 million, down from $8.274 million in 2019, reflecting ongoing economic challenges due to COVID-19.
First Community Corporation (FCCO) reported Q2 2020 net income of $2.217 million, down from $2.881 million a year earlier. Diluted EPS was $0.30, compared to $0.37 in Q2 2019. Total loans surged by $67.843 million, a 36.4% annualized growth rate. PPP loans totaled $80.7 million for 896 customers. The company declared a $0.12 cash dividend, marking the 74th consecutive quarter of payments. Net interest margin was 3.38%, while non-performing assets stood at 0.25%.