First Community Stock Price, News & Analysis
Company Description
First Community Corporation (NASDAQ: FCCO) is the holding company for First Community Bank, a local community bank based in the Midlands of South Carolina. Operating in the commercial banking industry within the broader finance and insurance sector, the company focuses on serving businesses and consumers through a full-service banking model that combines traditional deposit and lending products with residential mortgage lending and financial planning and investment advisory services.
According to company disclosures, First Community Bank is a full-service commercial bank that offers deposit and loan products and services, residential mortgage lending, and financial planning and investment advisory services for businesses and consumers. The bank serves customers in the Midlands, Aiken, Upstate and Piedmont regions of South Carolina as well as the Augusta, Georgia area. Following the completed acquisition of Signature Bank of Georgia, First Community’s banking office network extends across the Midlands, Upstate, and Piedmont regions of South Carolina, the Central Savannah River Area region of South Carolina and Georgia, and the Atlanta–Sandy Springs–Roswell, Georgia metropolitan statistical area.
The company describes itself as a community bank focused on local businesses, professionals, organizations, and individuals. Its deposit franchise includes a mix of non-interest-bearing and interest-bearing accounts, and management commentary in earnings releases emphasizes relationship-based "pure deposits" (total deposits less certificates of deposit) as an important part of its funding mix. First Community’s lending activities include commercial loans and commercial construction loans, as well as residential mortgage lending that is originated for both the secondary market and for the bank’s own portfolio, including adjustable-rate mortgages and construction loans.
Beyond core banking, First Community has developed additional lines of business that contribute to non-interest income. The company reports a mortgage line of business that generates fee revenue primarily from the sale of secondary market loans, and a financial planning and investment advisory line of business that manages client assets and generates advisory revenue. Assets under management in the investment advisory business have been highlighted in multiple earnings releases as a key metric, and the company reports investment advisory revenue alongside other non-interest income sources.
First Community’s public filings and press releases also describe the use of interest rate risk management tools. For example, the company has entered into a pay-fixed/receive-floating interest rate swap designated as a fair value hedge for fixed rate loans in its closed loan portfolio, converting those loans to a synthetic floating SOFR rate. The company has also implemented a similar hedging strategy involving fixed-rate agency mortgage-backed securities, using a pay-fixed/receive-floating interest rate swap to convert those securities into synthetic floating-rate instruments. These activities are discussed in the context of net interest margin management and balance sheet positioning.
In terms of capital and shareholder returns, First Community’s board of directors has repeatedly approved quarterly cash dividends on common stock, with disclosures noting a long history of consecutive quarterly dividends. The company has also adopted share repurchase plans authorizing the use of a specified amount of capital to repurchase common shares, with management describing these plans as providing flexibility in managing capital. Regulatory capital ratios for the bank are regularly reported in earnings releases, with the company stating that each of the bank’s regulatory capital ratios exceeds the "well capitalized" minimum levels required by statute.
Growth through acquisition is part of First Community’s corporate history as reflected in its merger with Signature Bank of Georgia. A definitive merger agreement was announced in a joint press release and related Form 8-K, and subsequent filings report shareholder approvals and the closing of the acquisition. The company states that the transaction adds banking offices and expands its geographic footprint into the Atlanta–Sandy Springs–Roswell, Georgia MSA, while also bringing specialized SBA and USDA lending capabilities that First Community plans to scale across its markets.
From an operational standpoint, the company’s disclosures emphasize asset quality metrics such as non-performing assets ratios, past due ratios, net charge-offs (including and excluding overdrafts), and the ratio of classified loans plus other real estate owned to regulatory capital. Management commentary in earnings releases notes the absence of individual or industry concentrations in the loan portfolio and provides detailed breakdowns of non-owner-occupied commercial real estate exposure by collateral type, including retail, warehouse and industrial, office, and hotel properties.
Liquidity and funding flexibility are also recurring themes in First Community’s communications. The bank reports short-term investments held primarily as interest-bearing cash at the Federal Reserve Bank, as well as access to federal funds purchased lines of credit with other financial institutions, the Federal Reserve Discount Window, and substantial borrowing capacity at the Federal Home Loan Bank of Atlanta, subject to collateral requirements. The company has also used brokered certificates of deposit at times to supplement its funding mix, while describing trends in brokered balances and uninsured deposits in detail.
As a publicly traded bank holding company, First Community files periodic reports and current reports with the U.S. Securities and Exchange Commission. These filings, including Forms 10-K, 10-Q, and 8-K, provide additional information on its financial condition, results of operations, risk factors, and material events such as earnings announcements, capital actions, and merger-related developments.
Business Segments and Revenue Sources
Based on available descriptions, First Community’s activities can be viewed across several primary areas:
- Commercial and retail banking: Deposit and loan products and services for businesses and consumers, including commercial lending and relationship-based deposit accounts.
- Residential mortgage banking: Mortgage originations for the secondary market and for the bank’s portfolio, generating fee income and supporting loan growth.
- Financial planning and investment advisory: Management of client assets under management and associated advisory fee revenue.
- Specialty business lending: SBA and USDA lending capabilities enhanced through the acquisition of Signature Bank of Georgia, with plans described by management to extend these capabilities across the combined footprint.
Geographic Footprint
First Community’s service area, as described in press releases and filings, includes:
- The Midlands, Aiken, Upstate, and Piedmont regions of South Carolina
- The Central Savannah River Area region of South Carolina and Georgia, including the Augusta, Georgia area
- The Atlanta–Sandy Springs–Roswell, Georgia metropolitan statistical area following the acquisition of Signature Bank of Georgia
The company reports a network of full-service banking offices and a loan production office across these markets, reflecting its community banking focus.
Risk Management and Governance
Company communications highlight risk management and operations as key functions within First Community Bank. An executive leadership announcement describes the role of the Chief Operations and Risk Officer as responsible for areas such as electronic banking, deposit operations, loan operations, information technology, information security, vendor management, audit, compliance, financial crimes (including CFT/AML), fraud, facilities, and physical security. This description underscores the range of operational and risk disciplines that support the bank’s activities.
Stock Information
First Community Corporation’s common stock, with a par value of $1.00 per share, is registered under Section 12(b) of the Securities Exchange Act of 1934 and trades on The Nasdaq Capital Market under the symbol FCCO. The company files current reports on Form 8-K to disclose material events, including earnings releases, merger agreements, investor presentations, and shareholder meeting results.