Highlights
- Diluted EPS of $0.53 per common
share for the fourth quarter of 2022 and $1.92 per common share for the year of 2022.
- Net income of $14.613 million for
the year of 2022 compared to $15.465
million in 2021.
- Pre-tax pre-provision earnings of $18.259 million for the year of 2022, compared to
$19.982 million for the year of 2021.
Total revenue on Paycheck Protection Program (PPP) loans for 2022
was $49 thousand compared to
$3.340 million for the year of
2021.
- Net income of $4.043 million for
the fourth quarter of 2022, up 3.2% year-over-year and 2.3% from
the linked quarter.
- Pre-tax pre-provision earnings of $5.184
million for the fourth quarter of 2022, up 5.5% year-over
year and 2.7% on a linked quarter. Revenue related to PPP loans was
$1 thousand in the fourth quarter of
2022 compared to $254 thousand in the
fourth quarter of 2021.
- Pure (non-CD) deposit growth, including customer cash
management accounts, of $58.3 million
during the year of 2022, a 4.5% growth rate.
- Total loan growth of $117.2
million or 13.6% during the year of 2022 and $30.6 million or 3.2% during the fourth quarter
of the year, an annualized growth rate of 12.8%.
- Key credit quality metrics continue to be strong with 2022 net
loan recoveries of $361 thousand,
non-performing assets of 0.35%, and past due loans of 0.06% at
year-end 2022.
- Investment advisory revenue of $1.033
million for the fourth quarter of 2022 and $4.479 million for the year of 2022, an increase
of 12.1% year-over-year. Assets under management (AUM) were
$558.8 million at December 31, 2022, up from $529.5 at September 30,
2022.
- Increased cash dividend of $0.14
per common share, the 84th consecutive quarter of cash
dividends paid to common shareholders.
- Full-service banking office opened in Rock Hill, South Carolina
LEXINGTON, S.C., Jan. 18,
2023 /PRNewswire/ -- Today, First Community
Corporation (Nasdaq: FCCO), the holding company for First
Community Bank, reported net income for the fourth quarter and year
end of 2022. Net income for the fourth quarter of 2022 was
$4.043 million and diluted earnings
per common share were $0.53 compared
to $3.919 million and $0.52 in the fourth quarter of 2021 and
$3.951 million and $0.52 in the third quarter of 2022, an increase
in net income of 3.2% year-over-year and 2.3% on a linked quarter
basis. Pre-tax pre-provision earnings (PTPPE) in the fourth
quarter of 2022 were $5.184 million
compared to fourth quarter of 2021 PTPPE of $4.912 million and third quarter 2022 PTPPE of
$5.050 million, an increase of 5.5%
year-over-year and 2.7% on a linked quarter. Income related
to PPP loans, including interest and deferred fees, was
$1 thousand in the fourth quarter of
2022 compared to $254 thousand in the
fourth quarter of 2021.
![First Community Corporation logo. (PRNewsFoto/First Community Corporation) First Community Corporation logo. (PRNewsFoto/First Community Corporation)](https://mma.prnewswire.com/media/75839/first_community_corporation_logo.jpg)
For the year ended December 31,
2022, net income was $14.613
million compared to $15.465
million in 2021. Diluted earnings per common share
were $1.92 for 2022 compared to
$2.05 in 2021. For the year
ended December 31, 2022 PTPPE were
$18.259 million compared to
$19.982 million for the year ended
December 31, 2021. It should be
noted that total income related to interest and deferred fees on
PPP loans for 2022 was $49 thousand
compared to $3.340 million for the
year of 2021.
Cash Dividend and
Capital
The Board of Directors has approved an increased cash dividend
for the fourth quarter of 2022 of $0.14 per common share. This dividend is
payable on February 14, 2023 to
shareholders of record of the company's common stock as of
January 31, 2023. First
Community President and CEO, Mike
Crapps commented, "The entire board is pleased that our
performance enables the company to increase our cash dividend which
has continued uninterrupted for 84 consecutive quarters."
As previously announced, the company's Board of Directors has
approved a share repurchase plan that provides for the repurchase
of up to 375,000 shares of its common stock, which represents
approximately 5% of the company's 7,577,912 shares outstanding on
December 31, 2022. Under the
repurchase plan, the company may repurchase shares from time to
time. No shares have been repurchased under this
plan.
Each of the regulatory capital ratios for the bank exceed the
well capitalized minimum levels currently required by regulatory
statute. At December 31, 2022,
the bank's regulatory capital ratios (Leverage, Tier I Risk Based
and Total Risk Based) were 8.63%, 13.45%, and 14.49%,
respectively. This compares to the same ratios as of
December 31, 2021 of 8.45%, 13.97%,
and 15.15%, respectively. As of December 31,
2022, the bank's Common Equity Tier One ratio was 13.45%
compared to 13.97% at December 31,
2021. Further, the company's Tangible Common Equity to
Tangible Assets (TCE) ratio was 6.21% as of December 31, 2022 compared to 6.03% at
September 30, 2022 and 8.00% as of
December 31, 2021. The TCE
ratio, excluding the Accumulated Other Comprehensive Loss (AOCL),
increased during the fourth quarter to 8.01% compared to 7.90% as
of September 30, 2022 and 7.80% at
December 31, 2021.
Tangible Book Value (TBV) per share increased during the quarter
from $13.03 per share as of
September 30, 2022 to $13.59 per share as of December 31, 2022. Excluding AOCL, TBV per
share increased in the quarter from $17.43 per share as of September 30, 2022 to $17.86 per share as of December 31, 2022.
Asset Quality
The company's asset quality remains strong. The
non-performing assets were 0.35% of total assets at December 31, 2022 compared to 0.36% at
September 30, 2022.
Non-performing assets were $5.8
million at year-end 2022, relatively flat on a linked
quarter. The past due ratio for all loans was 0.06% at
year-end 2022, compared to 0.04% at September 30, 2022. During the fourth
quarter of 2022 the bank experienced net loan recoveries of
$13 thousand, with overall net loan
recoveries for the year of 2022 of $361
thousand. The ratio of classified loans plus
OREO now stands at 4.47% of total bank regulatory risk-based
capital as of December 31, 2022
compared to 4.90% on a linked quarter and 6.27% at the end of
2021.
Balance Sheet
Total loans increased during the fourth quarter of 2022 by
$30.6 million which is an annualized
growth rate of 12.8%. Year-to-date through December 31, 2022, loan growth was $117.2 million which is a 13.6% annual growth
rate. Commercial loan production was $51.8 million during the fourth quarter of 2022
and $257.9 million for the year of
2022. First Community Bank President Ted Nissen noted, "New loan production was lower
in the fourth quarter of 2022; however, draws on unfunded
commercial construction loans were up significantly during the
quarter which contributed to the overall growth in loan
outstandings. As we move into 2023, we expect some softening
of loan demand which will likely be offset somewhat by lower
payoffs."
At December 31, 2022, total
deposits were $1.385 billion compared
to $1.361 billion at December 31, 2021, an annual growth rate of
1.8%. Pure deposits, which are defined as total deposits less
certificates of deposits, increased $44.0
million, during 2022 to $1.281
billion at December 31, 2022
from $1.237 billion at December 31, 2021, a 3.6 % annual growth
rate. Securities sold under agreements to repurchase, which
are related to customer cash management accounts or business sweep
accounts, increased 26.8% during 2022, to $68.7 million at December
31, 2022 from $54.2 million at
December 31, 2021. During the
fourth quarter of 2022, total deposits decreased to $1.385 billion at December
31, 2022 compared to $1.436
billion at September 30,
2022. Pure deposits were $1.281
billion at December 31, 2022
compared to $1.326 billion at
September 30, 2022. Securities
sold under agreements to repurchase were $68.7 million at December
31, 2022 compared to $73.7
million at September 30,
2022. Costs of deposits increased on a linked quarter basis
to 0.25% in the fourth quarter from 0.09% in the third quarter of
2022. Cost of funds also increased on a linked quarter basis
to 0.43% in the fourth quarter of 2022 from 0.14% in the third
quarter of the year. Mr. Crapps commented, "A strength of our
bank has been our low cost deposit base. During the fourth
quarter of 2022, we began to experience pressure on interest rates
for interest bearing deposits as a result of the rapidly rising
rate environment, although we were able to lag those increases
earlier in the year. As expected, total deposits declined during
this period of quantitative tightening. Since June 30, 2022, total deposits have decreased by
5.7% ($83.6 million). We have
augmented our funding with short term borrowings."
Revenue
Net Interest Income/Net Interest Margin
Net interest income for the year of 2022 increased 5.9% to
$47.9 million compared to
$45.3 million for the year of
2021. On a linked quarter basis, net interest income
increased to $13.4 million in the
fourth quarter of 2022 from $12.8
million in the third quarter of the year, an increase of
4.5%. The net interest margin, on a taxable equivalent basis,
was 3.42% for the fourth quarter of 2022 compared to 3.29% in the
third quarter of the year.
Non-Interest Income
Total non-interest income was $2.513
million in the fourth quarter of 2022 compared to
$2.673 million in the third quarter
of the year and $3.626 million in the
fourth quarter of 2021. Total non-interest income, for the
year of 2022 was $11.569 million,
compared to 2021 non-interest income of $13.904 million.
Gain on sale revenues in the mortgage line of business were
$290 thousand in the fourth quarter
of 2022 unchanged on a linked quarter and down from $1.039 million year-over-year. Total
gain-on-sale revenues for the mortgage line of business in 2022
were $1.900 million compared to
$4.319 million for the year of
2021. Total mortgage loan production decreased 37.7% in 2022
compared to 2021. Mr. Crapps noted, "The year of 2022 was
extremely challenging for the mortgage industry and our mortgage
line of business. Production in 2022 has been impacted by
rapidly rising rates and low housing inventory and a 53% reduction
in refinance activity compared to 2021. As we have previously
disclosed, our bank began to market an Adjustable Rate Mortgage
(ARM) loan product to provide borrowers with an alternative to
fixed rate mortgage loans during the year. As these loans are
being held on our balance sheet, the result is additive to loan
growth but results in less gain-on-sale fee revenue. We have
also increased focus on construction lending where demand has
remained more constant."
Mr. Crapps continued, "Although still strong, revenue in our
financial planning and investment advisory line of business and
related AUM have been affected by the stock market performance
during 2022." Revenue in the investment advisory line of
business was $1.033 million in the
fourth quarter of 2022 compared to $1.053
million in the third quarter of 2022 and $1.121 million in the fourth quarter of
2021. Total revenue in 2022 was $4.479
million compared to $3.995
million in 2021, an increase of 12.1% year-over-year.
AUM ended 2022 at $558.8 million
compared to $529.5 million at
September 30, 2022 and $650.9 million at year-end 2021.
Non-Interest Expense
Total non-interest expense was $10.694
million, up $277 thousand over
non-interest expense in the third quarter of 2022. Salaries
and benefits expense was up $317
thousand on a linked quarter basis, primarily due to
increased incentive accruals for greater than target performance
and the acquisition of additional mortgage lenders in the third
quarter and higher mortgage production in the fourth quarter.
There was an increase in marketing and public relations expenses of
$126 thousand in the fourth quarter
related to more frequent media placements and the development and
production of new marketing initiatives. Other real estate
expenses were up $194 thousand on a
linked quarter basis due to a write down on an OREO property and
the accrued real estate taxes for a non-accrual loan. These
expense increases were offset by a decrease in Other expense of
$311 thousand during the fourth
quarter, a more typical level compared to the third quarter which
had higher fees related to some legal, professional, recruiting,
and consulting expenses.
Other
On October 20, 2022, the company
opened a full-service banking office in Rock Hill, South Carolina. Earlier in
2022, the Company entered this market with the launch of a Loan
Production Office.
About First Community
Corporation
First Community Corporation stock trades on The NASDAQ Capital
Market under the symbol "FCCO" and is the holding company for First
Community Bank, a local community bank based in the Midlands of South Carolina. First
Community Bank is a full-service commercial bank offering deposit
and loan products and services, residential mortgage lending and
financial planning/investment advisory services for businesses and
consumers. First Community serves customers in the
Midlands, Aiken, Upstate and Piedmont Regions of
South Carolina as well as Augusta,
Georgia. For more information, visit
www.firstcommunitysc.com.
FORWARD-LOOKING STATEMENTS
This news release and certain statements by our management may
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, such as
statements relating to future plans, goals, projections and
expectations, and are thus prospective. Forward looking statements
can be identified by words such as "anticipate", "expects",
"intends", "believes", "may", "likely", "will", "plans" or other
statements that indicate future periods. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from future
results expressed or implied by such forward-looking
statements. Such risks, uncertainties and other factors,
include, among others, the following: (1) competitive pressures
among depository and other financial institutions may increase
significantly and have an effect on pricing, spending, third-party
relationships and revenues; (2) the strength of the United States economy in general and the
strength of the local economies in which we conduct operations may
be different than expected including, but not limited to, due to
the negative impacts and disruptions resulting from the outbreak of
the novel coronavirus, or COVID-19, on the economies and
communities we serve, which has had and may continue to have an
adverse impact on our business, operations, and performance, and
could continue to have a negative impact on our credit portfolio,
share price, borrowers, and on the economy as a whole both
domestically and globally; (3) the rate of delinquencies and
amounts of charge-offs, the level of allowance for loan loss, the
rates of loan growth, or adverse changes in asset quality in our
loan portfolio, which may result in increased credit risk-related
losses and expenses; (4) changes in legislation, regulation,
policies or administrative practices, whether by judicial,
governmental, or legislative action, (5) adverse conditions in the
stock market, the public debt markets and other capital markets
(including changes in interest rate conditions) could continue to
have a negative impact on the company; (6) technology and
cybersecurity risks, including potential business disruptions,
reputational risks, and financial losses, associated with potential
attacks on or failures by our computer systems and computer systems
of our vendors and other third parties; and (7) risks,
uncertainties and other factors disclosed in our most recent Annual
Report on Form 10-K filed with the SEC, or in any of our Quarterly
Reports on Form 10-Q or Current Reports on Form 8-K filed with the
SEC since the end of the fiscal year covered by our most recently
filed Annual Report on Form 10-K, which are available at the SEC's
Internet site (http://www.sec.gov).
Although we believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could prove to be inaccurate. We can give no assurance that the
results contemplated in the forward-looking statements will be
realized. The inclusion of this forward-looking information should
not be construed as a representation by our company or any person
that the future events, plans, or expectations contemplated by our
company will be achieved. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by law.
FIRST COMMUNITY
CORPORATION
|
|
|
|
|
|
|
BALANCE SHEET
DATA
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
As of
|
|
|
December 31,
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
|
|
2022
|
2022
|
2022
|
2022
|
2021
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
1,672,946
|
$
1,651,829
|
$
1,684,824
|
$
1,652,279
|
$
1,584,508
|
Other Short-term
Investments and CD's1
|
|
12,937
|
17,244
|
76,918
|
68,169
|
47,049
|
Investment
Securities
|
|
|
|
|
|
|
Investments
Held-to-Maturity
|
|
228,701
|
233,301
|
233,730
|
-
|
-
|
Investments
Available-for-Sale
|
|
331,862
|
338,350
|
337,254
|
577,820
|
564,839
|
Other Investments at
Cost
|
|
4,191
|
1,929
|
1,929
|
1,879
|
1,785
|
Total
Investment Securities
|
|
564,754
|
573,580
|
572,913
|
579,699
|
566,624
|
Loans Held for
Sale
|
|
1,779
|
1,758
|
4,533
|
12,095
|
7,120
|
Loans
|
|
|
|
|
|
|
Paycheck Protection Program
(PPP) Loans
|
|
219
|
238
|
250
|
269
|
1,467
|
Non-PPP Loans
|
|
980,638
|
949,972
|
916,082
|
875,528
|
862,235
|
Total
Loans
|
|
980,857
|
950,210
|
916,332
|
875,797
|
863,702
|
Allowance for
Loan Losses
|
|
11,336
|
11,315
|
11,220
|
11,063
|
11,179
|
Goodwill
|
|
14,637
|
14,637
|
14,637
|
14,637
|
14,637
|
Other
Intangibles
|
|
761
|
801
|
840
|
879
|
919
|
Total
Deposits
|
|
1,385,382
|
1,436,256
|
1,468,975
|
1,430,748
|
1,361,291
|
Securities Sold
Under Agreements to Repurchase
|
|
68,743
|
73,659
|
71,800
|
68,060
|
54,216
|
Federal Funds
Purchased
|
|
22,000
|
-
|
-
|
-
|
-
|
Federal Home
Loan Bank Advances
|
|
50,000
|
-
|
-
|
-
|
-
|
Junior
Subordinated Debt
|
|
14,964
|
14,964
|
14,964
|
14,964
|
14,964
|
Shareholders'
Equity
|
|
118,361
|
114,145
|
117,592
|
125,380
|
140,998
|
|
|
|
|
|
|
|
Book Value Per
Common Share
|
|
15.62
|
15.07
|
$
15.54
|
$
16.59
|
$
18.68
|
Tangible Book
Value Per Common Share
|
|
13.59
|
13.03
|
$
13.50
|
$
14.53
|
$
16.62
|
Tangible Book
Value Per Common Share excluding Accumulated Other
|
17.86
|
17.43
|
$
17.00
|
$
16.52
|
$
16.18
|
Comprehensive Income
(Loss)
|
|
|
|
|
|
|
Equity to
Assets
|
|
7.08 %
|
6.91 %
|
6.98 %
|
7.59 %
|
8.90 %
|
Tangible Common
Equity to Tangible Assets (TCE Ratio)
|
6.21 %
|
6.03 %
|
6.12 %
|
6.71 %
|
8.00 %
|
TCE Ratio
excluding Accumulated Other Comprehensive Income
(Loss)
|
8.01 %
|
7.90 %
|
7.59 %
|
7.56 %
|
7.80 %
|
Loan to Deposit
Ratio (Includes Loans Held for Sale)
|
|
70.93 %
|
66.28 %
|
62.69 %
|
62.06 %
|
63.97 %
|
Loan to Deposit
Ratio (Excludes Loans Held for Sale)
|
|
70.80 %
|
66.16 %
|
62.38 %
|
61.21 %
|
63.45 %
|
Allowance for
Loan Losses/Loans
|
|
1.16 %
|
1.19 %
|
1.22 %
|
1.26 %
|
1.29 %
|
|
|
|
|
|
|
|
Regulatory Capital
Ratios (Bank):
|
|
|
|
|
|
|
Leverage
Ratio
|
|
8.63 %
|
8.53 %
|
8.34 %
|
8.43 %
|
8.45 %
|
Tier 1 Capital
Ratio
|
|
13.45 %
|
13.42 %
|
13.47 %
|
13.89 %
|
13.97 %
|
Total Capital
Ratio
|
|
14.49 %
|
14.49 %
|
14.57 %
|
15.03 %
|
15.15 %
|
Common Equity
Tier 1 Capital Ratio
|
|
13.45 %
|
13.42 %
|
13.47 %
|
13.89 %
|
13.97 %
|
Tier 1
Regulatory Capital
|
|
$
145,578
|
$
142,305
|
$
137,910
|
$
135,555
|
$
132,918
|
Total Regulatory
Capital
|
|
$
156,914
|
$
153,620
|
$
149,130
|
$
146,618
|
$
144,097
|
Common Equity
Tier 1 Capital
|
|
$
145,578
|
$
142,305
|
$
137,910
|
$
135,555
|
$
132,918
|
|
|
|
|
|
|
|
1
Includes federal funds sold and
interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances:
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
2021
|
|
2022
|
2021
|
|
|
|
|
|
|
|
Average Total
Assets
|
|
$
1,677,109
|
$
1,593,657
|
|
$
1,652,946
|
$
1,520,358
|
Average Loans
(Includes Loans Held for Sale)
|
|
969,015
|
880,026
|
|
920,379
|
888,973
|
Average
Investment Securities
|
|
568,833
|
532,392
|
|
570,552
|
456,805
|
Average
Short-term Investments and CDs
|
|
24,869
|
78,089
|
|
50,450
|
73,387
|
Average Earning
Assets
|
|
1,562,717
|
1,490,507
|
|
1,541,381
|
1,419,165
|
Average
Deposits
|
|
1,416,915
|
1,363,235
|
|
1,417,618
|
1,292,727
|
Average Other
Borrowings
|
|
131,470
|
77,098
|
|
100,722
|
77,158
|
Average
Shareholders' Equity
|
|
115,480
|
140,180
|
|
121,881
|
137,866
|
|
|
|
|
|
|
|
Asset
Quality:
|
|
As
of
|
|
|
December 31,
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
|
|
2022
|
2022
|
2022
|
2022
|
2021
|
Loan Risk Rating by
Category (End of Period)
|
|
|
|
|
|
|
Special
Mention
|
|
$
557
|
$
596
|
$
684
|
$
1,668
|
$
1,626
|
Substandard
|
|
6,082
|
6,539
|
6,710
|
7,849
|
7,872
|
Doubtful
|
|
|
-
|
-
|
-
|
-
|
Pass
|
|
974,218
|
943,075
|
908,938
|
866,280
|
854,204
|
|
|
$
980,857
|
$
950,210
|
$
916,332
|
$
875,797
|
$
863,702
|
Nonperforming
Assets
|
|
|
|
|
|
|
Non-accrual
Loans
|
|
$
4,895
|
$
4,875
|
$
4,351
|
$
148
|
$
250
|
Other Real
Estate Owned and Repossessed Assets
|
|
934
|
984
|
984
|
1,146
|
1,165
|
Accruing Loans
Past Due 90 Days or More
|
|
2
|
30
|
-
|
174
|
-
|
Total Nonperforming
Assets
|
|
$
5,831
|
$
5,889
|
$
5,335
|
$
1,468
|
$
1,415
|
Accruing Trouble Debt
Restructurings
|
|
$
88
|
$
91
|
$
125
|
$
1,393
|
$
1,444
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
2021
|
|
2022
|
2021
|
Loans
Charged-off
|
|
$
-
|
$
5
|
|
$
4
|
$
132
|
Overdrafts
Charged-off
|
|
21
|
10
|
|
64
|
50
|
Loan
Recoveries
|
|
(13)
|
(223)
|
|
(365)
|
(610)
|
Overdraft
Recoveries
|
|
(4)
|
(5)
|
|
(12)
|
(27)
|
Net Charge-offs
(Recoveries)
|
|
$
4
|
$
(213)
|
|
$
(309)
|
$
(455)
|
Net Charge-offs /
(Recoveries) to Average Loans2
|
|
0.00 %
|
(0.10 %)
|
|
(0.03 %)
|
(0.05 %)
|
2
Annualized
|
|
|
|
|
|
|
FIRST COMMUNITY
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
December 31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
|
2022
|
2021
|
|
2022
|
2021
|
|
2022
|
2021
|
|
2022
|
2021
|
|
2022
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
15,057
|
$
11,656
|
|
$
13,352
|
$
12,982
|
|
$
11,513
|
$
11,664
|
|
$
11,195
|
$
11,218
|
|
$
51,117
|
$
47,520
|
|
Interest
expense
|
|
1,692
|
492
|
|
558
|
526
|
|
462
|
572
|
|
462
|
651
|
|
3,174
|
2,241
|
|
Net interest
income
|
|
13,365
|
11,164
|
|
12,794
|
12,456
|
|
11,051
|
11,092
|
|
10,733
|
10,567
|
|
47,943
|
45,279
|
|
Provision for
(release of) loan losses
|
|
25
|
(59)
|
|
18
|
49
|
|
(70)
|
168
|
|
(125)
|
177
|
|
(152)
|
335
|
|
Net interest
income after provision
|
|
13,340
|
11,223
|
|
12,776
|
12,407
|
|
11,121
|
10,924
|
|
10,858
|
10,390
|
|
48,095
|
44,944
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges
|
|
190
|
262
|
|
243
|
257
|
|
262
|
212
|
|
265
|
246
|
|
960
|
977
|
|
Mortgage banking income
|
|
290
|
1,039
|
|
290
|
1,147
|
|
481
|
1,143
|
|
839
|
990
|
|
1,900
|
4,319
|
|
Investment advisory fees and non-deposit
commissions
|
1,033
|
1,121
|
|
1,053
|
1,040
|
|
1,195
|
957
|
|
1,198
|
877
|
|
4,479
|
3,995
|
|
Gain
(loss) on sale of other assets
|
|
(74)
|
103
|
|
-
|
13
|
|
(45)
|
-
|
|
-
|
77
|
|
(119)
|
193
|
|
Other non-recurring income
|
|
(2)
|
24
|
|
-
|
47
|
|
5
|
-
|
|
4
|
100
|
|
7
|
171
|
|
Other
|
|
1,076
|
1,077
|
|
1,087
|
1,060
|
|
1,111
|
1,106
|
|
1,068
|
1,006
|
|
4,342
|
4,249
|
|
Total
non-interest income
|
|
2,513
|
3,626
|
|
2,673
|
3,564
|
|
3,009
|
3,418
|
|
3,374
|
3,296
|
|
11,569
|
13,904
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
6,690
|
6,188
|
|
6,373
|
6,394
|
|
6,175
|
5,948
|
|
6,119
|
5,964
|
|
25,357
|
24,494
|
|
Occupancy
|
|
725
|
740
|
|
786
|
743
|
|
786
|
734
|
|
705
|
730
|
|
3,002
|
2,947
|
|
Equipment
|
|
351
|
347
|
|
331
|
336
|
|
329
|
338
|
|
332
|
275
|
|
1,343
|
1,296
|
|
Marketing and public relations
|
|
289
|
324
|
|
163
|
140
|
|
446
|
313
|
|
361
|
396
|
|
1,259
|
1,173
|
|
FDIC
assessment
|
|
112
|
114
|
|
121
|
189
|
|
105
|
146
|
|
130
|
169
|
|
468
|
618
|
|
Other real estate expenses
|
|
213
|
(37)
|
|
19
|
58
|
|
29
|
55
|
|
47
|
29
|
|
308
|
105
|
|
Amortization of intangibles
|
|
40
|
40
|
|
39
|
52
|
|
40
|
52
|
|
39
|
57
|
|
158
|
201
|
|
Other
|
|
2,274
|
2,162
|
|
2,585
|
1,993
|
|
2,278
|
2,292
|
|
2,221
|
1,920
|
|
9,358
|
8,367
|
|
Total
non-interest expense
|
|
10,694
|
9,878
|
|
10,417
|
9,905
|
|
10,188
|
9,878
|
|
9,954
|
9,540
|
|
41,253
|
39,201
|
|
Income before
taxes
|
|
5,159
|
4,971
|
|
5,032
|
6,066
|
|
3,942
|
4,464
|
|
4,278
|
4,146
|
|
18,411
|
19,647
|
|
Income tax
expense
|
|
1,116
|
1,052
|
|
1,081
|
1,318
|
|
812
|
921
|
|
789
|
891
|
|
3,798
|
4,182
|
|
Net
income
|
|
$ 4,043
|
$ 3,919
|
|
$ 3,951
|
$ 4,748
|
|
$ 3,130
|
$ 3,543
|
|
$ 3,489
|
$ 3,255
|
|
$
14,613
|
$
15,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income,
basic
|
|
$ 0.54
|
$
0.52
|
|
$ 0.52
|
$ 0.63
|
|
$
0.42
|
$
0.47
|
|
$
0.46
|
$
0.44
|
|
$ 1.94
|
$ 2.06
|
|
Net income,
diluted
|
|
$ 0.53
|
$
0.52
|
|
$ 0.52
|
$ 0.63
|
|
$
0.41
|
$
0.47
|
|
$
0.46
|
$
0.43
|
|
$ 1.92
|
$ 2.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number
of shares outstanding - basic
|
7,537,227
|
7,503,835
|
|
7,531,104
|
7,498,832
|
|
7,526,284
|
7,485,625
|
|
7,518,375
|
7,475,522
|
|
7,527,496
|
7,491,053
|
|
Average number
of shares outstanding - diluted
|
7,619,524
|
7,564,909
|
|
7,607,909
|
7,555,998
|
|
7,607,349
|
7,537,179
|
|
7,594,840
|
7,522,568
|
|
7,609,487
|
7,548,840
|
|
Shares
outstanding period end
|
|
7,577,912
|
7,548,638
|
|
7,572,517
|
7,544,374
|
|
7,566,633
|
7,539,587
|
|
7,559,760
|
7,524,944
|
|
7,577,912
|
7,548,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets
|
|
0.96 %
|
0.98 %
|
|
0.94 %
|
1.22 %
|
|
0.76 %
|
0.94 %
|
|
0.87 %
|
0.92 %
|
|
0.88 %
|
1.02 %
|
|
Return on
average common equity
|
|
13.89 %
|
11.09 %
|
|
13.17 %
|
13.42 %
|
|
10.82 %
|
10.51 %
|
|
10.31 %
|
9.74 %
|
|
11.99 %
|
11.22 %
|
|
Return on
average tangible common equity
|
16.03 %
|
12.48 %
|
|
15.14 %
|
15.10 %
|
|
12.48 %
|
11.89 %
|
|
11.63 %
|
11.01 %
|
|
13.73 %
|
12.65 %
|
|
Net interest
margin (non taxable equivalent)
|
3.39 %
|
2.97 %
|
|
3.26 %
|
3.43 %
|
|
2.90 %
|
3.17 %
|
|
2.87 %
|
3.20 %
|
|
3.11 %
|
3.19 %
|
|
Net interest
margin (taxable equivalent)
|
|
3.42 %
|
3.01 %
|
|
3.29 %
|
3.47 %
|
|
2.93 %
|
3.20 %
|
|
2.91 %
|
3.23 %
|
|
3.14 %
|
3.23 %
|
|
Efficiency
ratio1
|
|
66.53 %
|
66.74 %
|
|
66.78 %
|
61.56 %
|
|
71.60 %
|
67.50 %
|
|
69.93 %
|
69.16 %
|
|
68.60 %
|
66.09 %
|
|
1
Calculated by dividing non-interest
expense by net interest income on tax equivalent basis and non
interest income, excluding gain on sale of other assets and other
non-recurring noninterest income.
|
FIRST COMMUNITY CORPORATION
|
Yields on Average Earning Assets
and
|
Rates on Average Interest-Bearing
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2022
|
|
Three months ended
December 31, 2021
|
|
|
Average
|
Interest
|
Yield/
|
|
Average
|
Interest
|
Yield/
|
|
|
Balance
|
Earned/Paid
|
Rate
|
|
Balance
|
Earned/Paid
|
Rate
|
|
Assets
|
|
|
|
|
|
|
|
|
Earning
assets
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
PPP loans
|
$
228
|
$
1
|
1.74 %
|
|
$
4,882
|
$
254
|
20.64 %
|
|
Non-PPP loans
|
968,787
|
10,826
|
4.43 %
|
|
875,144
|
9,269
|
4.20 %
|
|
Total
loans
|
969,015
|
10,827
|
4.43 %
|
|
880,026
|
9,523
|
4.29 %
|
|
Non-taxable
securities
|
52,561
|
385
|
2.91 %
|
|
54,399
|
400
|
2.92 %
|
|
Taxable
securities
|
516,272
|
3,599
|
2.77 %
|
|
477,993
|
1,696
|
1.41 %
|
|
Int bearing
deposits in other banks
|
24,869
|
246
|
3.92 %
|
|
78,081
|
37
|
0.19 %
|
|
Fed funds
sold
|
-
|
-
|
NA
|
|
8
|
-
|
0.00 %
|
|
Total earning
assets
|
1,562,717
|
15,057
|
3.82 %
|
|
1,490,507
|
11,656
|
3.10 %
|
|
Cash and due from
banks
|
26,260
|
|
|
|
26,113
|
|
|
|
Premises and
equipment
|
31,926
|
|
|
|
32,932
|
|
|
|
Goodwill and other
intangibles
|
15,418
|
|
|
|
15,575
|
|
|
|
Other assets
|
52,102
|
|
|
|
39,639
|
|
|
|
Allowance for loan
losses
|
(11,314)
|
|
|
|
(11,109)
|
|
|
|
Total assets
|
$
1,677,109
|
|
|
|
$
1,593,657
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction accounts
|
$
334,724
|
$
135
|
0.16 %
|
|
$
325,007
|
$
44
|
0.05 %
|
|
Money market
accounts
|
304,784
|
559
|
0.73 %
|
|
290,401
|
112
|
0.15 %
|
|
Savings
deposits
|
162,876
|
37
|
0.09 %
|
|
141,745
|
20
|
0.06 %
|
|
Time
deposits
|
135,882
|
144
|
0.42 %
|
|
155,333
|
194
|
0.50 %
|
|
Fed funds
purchased
|
5,674
|
51
|
3.57 %
|
|
-
|
-
|
NA
|
|
Securities sold
under agreements to repurchase
|
73,310
|
148
|
0.80 %
|
|
62,134
|
19
|
0.12 %
|
|
Other short-term
debt
|
37,522
|
370
|
3.91 %
|
|
-
|
-
|
NA
|
|
Other long-term
debt
|
14,964
|
248
|
6.58 %
|
|
14,964
|
103
|
2.73 %
|
|
Total interest-bearing
liabilities
|
1,069,736
|
1,692
|
0.63 %
|
|
989,584
|
492
|
0.20 %
|
|
Demand
deposits
|
478,649
|
|
|
|
450,749
|
|
|
|
Other
liabilities
|
13,244
|
|
|
|
13,144
|
|
|
|
Shareholders'
equity
|
115,480
|
|
|
|
140,180
|
|
|
|
Total liabilities and
shareholders' equity
|
$
1,677,109
|
|
|
|
$
1,593,657
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits,
including demand deposits
|
|
|
0.25 %
|
|
|
|
0.11 %
|
|
Cost of funds,
including demand deposits
|
|
|
0.43 %
|
|
|
|
0.14 %
|
|
Net interest
spread
|
|
|
3.19 %
|
|
|
|
2.90 %
|
|
Net interest
income/margin - excluding PPP loans
|
|
$
13,364
|
3.39 %
|
|
|
$
10,910
|
2.91 %
|
|
Net interest
income/margin - including PPP loans
|
|
$
13,365
|
3.39 %
|
|
|
$
11,164
|
2.97 %
|
|
Net interest
income/margin (tax equivalent) - excl. PPP loans
|
$
13,485
|
3.42 %
|
|
|
$
11,047
|
2.95 %
|
|
Net interest
income/margin (tax equivalent) - incl. PPP loans
|
$
13,486
|
3.42 %
|
|
|
$
11,301
|
3.01 %
|
|
FIRST COMMUNITY CORPORATION
|
Yields on Average Earning Assets
and
|
Rates on Average Interest-Bearing
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended
December 31, 2022
|
|
Twelve months ended
December 31, 2021
|
|
|
Average
|
Interest
|
Yield/
|
|
Average
|
Interest
|
Yield/
|
|
|
Balance
|
Earned/Paid
|
Rate
|
|
Balance
|
Earned/Paid
|
Rate
|
|
Assets
|
|
|
|
|
|
|
|
|
Earning
assets
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
PPP loans
|
$
336
|
$
49
|
14.58 %
|
|
$
36,837
|
$
3,340
|
9.07 %
|
|
Non-PPP loans
|
920,043
|
39,185
|
4.26 %
|
|
852,136
|
36,331
|
4.26 %
|
|
Total
loans
|
920,379
|
39,234
|
4.26 %
|
|
888,973
|
39,671
|
4.46 %
|
|
Non-taxable
securities
|
52,501
|
1,525
|
2.90 %
|
|
54,771
|
1,564
|
2.86 %
|
|
Taxable
securities
|
518,051
|
9,725
|
1.88 %
|
|
402,034
|
6,155
|
1.53 %
|
|
Int bearing
deposits in other banks
|
50,435
|
633
|
1.26 %
|
|
72,823
|
130
|
0.18 %
|
|
Fed funds
sold
|
15
|
-
|
0.00 %
|
|
564
|
-
|
0.00 %
|
|
Total earning
assets
|
1,541,381
|
51,117
|
3.32 %
|
|
1,419,165
|
47,520
|
3.35 %
|
|
Cash and due from
banks
|
27,034
|
|
|
|
23,668
|
|
|
|
Premises and
equipment
|
32,274
|
|
|
|
33,780
|
|
|
|
Goodwill and other
intangibles
|
15,476
|
|
|
|
15,649
|
|
|
|
Other assets
|
48,031
|
|
|
|
38,846
|
|
|
|
Allowance for loan
losses
|
(11,250)
|
|
|
|
(10,750)
|
|
|
|
Total assets
|
$
1,652,946
|
|
|
|
$
1,520,358
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction accounts
|
$
336,115
|
$
273
|
0.08 %
|
|
$
303,633
|
$
196
|
0.06 %
|
|
Money market
accounts
|
308,473
|
943
|
0.31 %
|
|
273,005
|
471
|
0.17 %
|
|
Savings
deposits
|
157,626
|
102
|
0.06 %
|
|
134,980
|
78
|
0.06 %
|
|
Time
deposits
|
146,112
|
531
|
0.36 %
|
|
158,053
|
995
|
0.63 %
|
|
Fed funds
purchased
|
1,496
|
53
|
3.54 %
|
|
-
|
-
|
NA
|
|
Securities sold
under agreements to repurchase
|
74,805
|
227
|
0.30 %
|
|
62,194
|
85
|
0.14 %
|
|
Other short-term
debt
|
9,457
|
370
|
3.91 %
|
|
-
|
-
|
NA
|
|
Other long-term
debt
|
14,964
|
675
|
4.51 %
|
|
14,964
|
416
|
2.78 %
|
|
Total interest-bearing
liabilities
|
1,049,048
|
3,174
|
0.30 %
|
|
946,829
|
2,241
|
0.24 %
|
|
Demand
deposits
|
469,292
|
|
|
|
423,056
|
|
|
|
Other
liabilities
|
12,725
|
|
|
|
12,607
|
|
|
|
Shareholders'
equity
|
121,881
|
|
|
|
137,866
|
|
|
|
Total liabilities and
shareholders' equity
|
$
1,652,946
|
|
|
|
$
1,520,358
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits,
including demand deposits
|
|
|
0.13 %
|
|
|
|
0.13 %
|
|
Cost of funds,
including demand deposits
|
|
|
0.21 %
|
|
|
|
0.16 %
|
|
Net interest
spread
|
|
|
3.01 %
|
|
|
|
3.11 %
|
|
Net interest
income/margin - excluding PPP loans
|
|
$
47,894
|
3.11 %
|
|
|
$
41,939
|
3.03 %
|
|
Net interest
income/margin - including PPP loans
|
|
$
47,943
|
3.11 %
|
|
|
$
45,279
|
3.19 %
|
|
Net interest
income/margin (tax equivalent) - excl. PPP loans
|
$
48,406
|
3.14 %
|
|
|
$
42,436
|
3.07 %
|
|
Net interest
income/margin (tax equivalent) - incl. PPP loans
|
$
48,455
|
3.14 %
|
|
|
$
45,776
|
3.23 %
|
|
The tables below provide a reconciliation of non‑GAAP measures
to GAAP for the periods indicated:
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
March
31,
|
|
|
December
31,
|
|
Tangible book value per common
share
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
Tangible common equity
per common share (non‑GAAP)
|
|
$
|
13.59
|
|
$
|
13.03
|
|
$
|
13.50
|
|
$
|
14.53
|
|
$
|
16.62
|
|
Effect to adjust for
intangible assets
|
|
|
2.03
|
|
|
2.04
|
|
|
2.04
|
|
|
2.06
|
|
|
2.06
|
|
Book value per common
share (GAAP)
|
|
$
|
15.62
|
|
$
|
15.07
|
|
$
|
15.54
|
|
$
|
16.59
|
|
$
|
18.68
|
|
Tangible common shareholders' equity to tangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets (non‑GAAP)
|
|
|
6.21
|
%
|
|
6.03
|
%
|
|
6.12
|
%
|
|
6.71
|
%
|
|
8.00
|
%
|
Effect to adjust for
intangible assets
|
|
|
0.87
|
%
|
|
0.88
|
%
|
|
0.86
|
%
|
|
0.88
|
%
|
|
0.90
|
%
|
Common equity to assets
(GAAP)
|
|
|
7.08
|
%
|
|
6.91
|
%
|
|
6.98
|
%
|
|
7.59
|
%
|
|
8.90
|
%
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
March
31,
|
|
|
December
31,
|
|
Tangible book value per common share excluding
accumulated other comprehensive income
(loss)
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
Tangible common equity
per common share excluding
accumulated other comprehensive income
(loss)
(non‑GAAP)
|
|
$
|
17.86
|
|
$
|
17.43
|
|
$
|
17.00
|
|
$
|
16.52
|
|
$
|
16.18
|
|
Effect to adjust for
intangible assets and accumulated
other comprehensive income (loss)
|
|
|
(2.24)
|
|
|
(2.36)
|
|
|
(1.46)
|
|
|
0.07
|
|
|
2.50
|
|
Book value per common
share (GAAP)
|
|
$
|
15.62
|
|
$
|
15.07
|
|
$
|
15.54
|
|
$
|
16.59
|
|
$
|
18.68
|
|
Tangible common shareholders' equity to tangible
assets excluding accumulated other
comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets excluding
accumulated other comprehensive income
(loss)
(non‑GAAP)
|
|
|
8.01
|
%
|
|
7.90
|
%
|
|
7.59
|
%
|
|
7.56
|
%
|
|
7.80
|
%
|
Effect to adjust for
intangible assets and accumulated
other comprehensive income (loss)
|
|
|
(0.93)
|
%
|
|
(0.99)
|
%
|
|
(0.61)
|
%
|
|
0.03
|
%
|
|
1.10
|
%
|
Common equity to assets
(GAAP)
|
|
|
7.08
|
%
|
|
6.91
|
%
|
|
6.98
|
%
|
|
7.59
|
%
|
|
8.90
|
%
|
Return on average tangible
common equity
|
Three months
ended
December 31,
|
Three months
ended
September 30,
|
Three months
ended
June 30,
|
|
Three months
ended
March 31,
|
|
Twelve months
ended
December 31,
|
|
2022
|
2021
|
2022
|
|
2021
|
|
2022
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Return on average
tangible
common equity (non-GAAP)
|
16.03
|
%
|
12.48
|
%
|
15.14
|
%
|
15.10
|
%
|
12.48
|
%
|
11.89
|
%
|
11.63
|
%
|
11.01
|
%
|
13.73
|
%
|
12.65
|
%
|
Effect to adjust for
intangible
assets
|
(2.14)
|
%
|
(1.39)
|
%
|
(1.97)
|
%
|
(1.68)
|
%
|
(1.66)
|
%
|
(1.38)
|
%
|
(1.32)
|
%
|
(1.27)
|
%
|
(1.74)
|
%
|
(1.43)
|
%
|
Return on average
common
equity (GAAP)
|
13.89
|
%
|
11.09
|
%
|
13.17
|
%
|
13.42
|
%
|
10.82
|
%
|
10.51
|
%
|
10.31
|
%
|
9.74
|
%
|
11.99
|
%
|
11.22
|
%
|
|
Three months
ended
|
Twelve months
ended
|
|
December
31,
|
|
September
30,
|
December
31,
|
December 31,
|
Pre-tax, pre-provision earnings
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
2022
|
|
2021
|
Pre-tax, pre-provision
earnings (non‑GAAP)
|
$
|
5,184
|
|
$
|
5,050
|
|
$
|
4,912
|
$
|
18,259
|
$
|
19,982
|
Effect to adjust for
pre-tax, pre-provision earnings
|
|
(1,141)
|
|
|
(1,099)
|
|
|
(993)
|
|
(3,646)
|
|
(4,517)
|
Net Income
(GAAP)
|
$
|
4,043
|
|
$
|
3,951
|
|
$
|
3,919
|
$
|
14,613
|
$
|
15,465
|
|
|
|
Three months
ended
|
Twelve months
ended
|
|
|
|
December
31,
|
December
31,
|
Net interest margin excluding PPP
Loans
|
|
|
2022
|
|
|
2021
|
|
|
|
2022
|
2021
|
Net interest margin
excluding PPP loans (non-GAAP)
|
|
|
3.39 %
|
|
|
2.91 %
|
|
|
|
3.11 %
|
3.03 %
|
Effect to adjust for
PPP loans
|
|
|
0.00
|
|
|
0.06
|
|
|
|
0.00
|
0.16
|
Net interest margin
(GAAP)
|
|
|
3.39 %
|
|
|
2.97 %
|
|
|
|
3.11 %
|
3.19 %
|
|
|
|
Three months
ended
|
Twelve months
ended
|
|
|
|
December 31,
|
December 31,
|
Net interest margin on a tax-equivalent basis
excluding
PPP Loans
|
|
|
2022
|
|
|
2021
|
|
|
|
2022
|
2021
|
Net interest margin on
a tax-equivalent basis excluding
PPP loans (non-GAAP)
|
|
|
3.42 %
|
|
|
2.95 %
|
|
|
|
3.14 %
|
3.07 %
|
Effect to adjust for
PPP loans
|
|
|
0.00
|
|
|
0.06
|
|
|
|
0.00
|
0.16
|
Net interest margin on
a tax equivalent basis (GAAP)
|
|
|
3.42 %
|
|
|
3.01 %
|
|
|
|
3.14 %
|
3.23 %
|
Loans and loan growth
|
|
|
December 31,
2022
|
|
September 30,
2022
|
|
Growth
Dollars
|
Annualized
Growth
Rate
|
Non-PPP Loans and
Related Credit Facilities (non-GAAP)
|
|
$
|
980,638
|
|
949,972
|
|
30,666
|
|
12.8
|
%
|
PPP Related Credit
Facilities
|
|
|
0
|
|
0
|
|
0
|
|
0
|
%
|
Non-PPP Loans
(non‑GAAP)
|
|
$
|
980,638
|
$
|
949,972
|
$
|
30,666
|
|
12.8
|
%
|
PPP Loans
|
|
|
219
|
|
238
|
|
(19)
|
|
(31.7)
|
%
|
Total Loans
(GAAP)
|
|
$
|
980,857
|
$
|
950,210
|
$
|
30,647
|
|
12.8
|
%
|
Loans and loan growth
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
Growth
Dollars
|
Annualized
Growth
Rate
|
Non-PPP Loans and
Related Credit Facilities (non-GAAP)
|
|
$
|
980,638
|
|
|
862,235
|
|
118,403
|
|
13.7
|
%
|
PPP Related Credit
Facilities
|
|
|
0
|
|
|
0
|
|
0
|
|
0
|
%
|
Non-PPP Loans
(non‑GAAP)
|
|
$
|
980,638
|
|
$
|
862,235
|
$
|
118,403
|
|
13.7
|
%
|
PPP Loans
|
|
|
219
|
|
|
1,467
|
|
(1,248)
|
|
(85.1)
|
%
|
Total Loans
(GAAP)
|
|
$
|
980,857
|
|
$
|
863,702
|
$
|
117,155
|
|
13.6
|
%
|
Certain financial information presented above is determined by
methods other than in accordance with generally accepted accounting
principles ("GAAP"). These non-GAAP financial measures include
"Tangible book value per common share," "Tangible common
shareholders' equity to tangible assets," "Tangible book value per
common share excluding accumulated other comprehensive income
(loss)," "Tangible common shareholders' equity to tangible assets
excluding accumulated other comprehensive income (loss)," "Return
on average tangible common equity," "Pre-tax, pre-provision
earnings," "Net interest margin excluding PPP Loans," "Net interest
margin on a tax-equivalent basis excluding PPP Loans," "Non-PPP
Loans and Related Credit Facilities," and "Non-PPP Loans."
- "Tangible book value per common share" is defined as total
equity reduced by recorded intangible assets divided by total
common shares outstanding.
- "Tangible common shareholders' equity to tangible assets" is
defined as total common equity reduced by recorded intangible
assets divided by total assets reduced by recorded intangible
assets.
- "Tangible book value per common share excluding accumulated
other comprehensive income (loss)" is defined as total equity
reduced by recorded intangible assets and accumulated other
comprehensive income (loss) divided by total common shares
outstanding.
- "Tangible common shareholders' equity to tangible assets
excluding accumulated other comprehensive income (loss)" is defined
as total common equity reduced by recorded intangible assets and
accumulated other comprehensive income (loss) divided by total
assets reduced by recorded intangible assets and other
comprehensive income (loss).
- "Return on average tangible common equity" is defined as net
income on an annualized basis divided by average total equity
reduced by average recorded intangible assets.
- "Pre-tax, pre-provision earnings" is defined as net interest
income plus non-interest income, reduced by non-interest
expense.
- "Net interest margin excluding PPP Loans" is defined as
annualized net interest income less annualized interest income on
PPP Loans divided by average earning assets less the average
balance of PPP Loans.
- "Net interest margin on a tax-equivalent basis excluding PPP
Loans" is defined as annualized net interest income on a
tax-equivalent basis less annualized interest income on PPP Loans
divided by average earning assets less the average balance of PPP
Loans.
- "Non-PPP Loans and Related Credit Facilities" is defined as
Total Loans less PPP Related Credit Facilities and PPP Loans.
- "Non-PPP Loans" is defined as Total Loans less PPP Loans.
- "Non-PPP Loans and Related Credit Facilities Growth - Dollars"
is calculated by taking the difference between two time periods
compared for Total Loans less PPP Loans and PPP Related Credit
Facilities. "Non-PPP Loans and Related Credit Facilities –
Annualized Growth Rate" is calculated by (i) dividing "Non-PPP
Loans and Related Credit Facilities Loan Growth - Dollars" by the
number of days between the two time periods compared (ii) times the
number of days in the year (iii) divided by the prior time period
Non-PPP Loans and Related Credit Facilities balance.
- "Non-PPP Loans Growth - Dollars" is calculated by taking the
difference between two time periods compared for Total Loans less
PPP Loans. "Non-PPP Loans – Annualized Growth Rate" is
calculated by (i) dividing "Non-PPP Loans Loan Growth - Dollars" by
the number of days between the two time periods compared (ii) times
the number of days in the year (iii) divided by the prior time
period Non-PPP Loans balance.
Our management believes that these non-GAAP measures are
useful because they enhance the ability of investors and management
to evaluate and compare our operating results from period-to-period
in a meaningful manner. Non-GAAP measures have limitations as
analytical tools, and investors should not consider them in
isolation or as a substitute for analysis of the company's results
as reported under GAAP.
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SOURCE First Community Corporation