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UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): October 18, 2023
First
Community Corporation
(Exact
name of registrant as specified in its charter)
South
Carolina
(State or other
jurisdiction of incorporation)
|
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000-28344 |
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57-1010751 |
|
|
(Commission
File Number) |
|
(IRS
Employer Identification No.) |
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5455
Sunset Blvd, Lexington, South Carolina |
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29072 |
|
|
(Address
of principal executive offices) |
|
(Zip
Code) |
|
(803)
951-2265
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former name
or former address, if changed since last report.)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
o Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to
Section 12(b) of the Act:
Title
of each class |
Trading
Symbol(s) |
Name
of exchange on which registered |
Common
stock, par value $1.00 per share |
FCCO |
The Nasdaq Stock Market |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company o
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On October 18, 2023, First Community Corporation (the “Company”),
holding company for First Community Bank, issued a press release announcing its financial results for the period ended September 30, 2023.
The Company announced that the Board of Directors has approved a cash dividend for the third quarter of 2023. The Company will pay a $0.14
per share dividend to holders of the Company’s common stock. This dividend is payable on November 14, 2023 to shareholders of record
as of October 31, 2023.
A copy of the press release is attached hereto as Exhibit 99.1.
FORWARD-LOOKING STATEMENTS
Certain statements in this report 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”, “future”
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;
(3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit 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) changes in interest rates, which may affect our deposit and funding costs, net income, prepayment
penalty income, mortgage banking income, and other future cash flows, or the market value of our assets, including our investment securities;
(7) 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; (8) elevated
inflation which causes adverse risk to the overall economy, and could indirectly pose challenges to our customers and to our business;
(9) any increases in FDIC assessment which has increased, and may continue to increase, our cost of doing business; (10) the adverse effects
of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics,
war or terrorist activities, essential utility outages, deterioration in the global economy, instability in the credit markets, disruptions
in our customers’ supply chains or disruption in transportation; and (11) 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.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
FIRST
COMMUNITY CORPORATION |
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By: |
/s/
D. Shawn Jordan
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Name: |
D.
Shawn Jordan
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Title: |
Chief
Financial Officer |
|
Dated: October 18,
2023
Exhibit 99.1
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News Release |
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For Release October 18, 2023 |
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9:00 A.M. |
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Contact: (803) 951- 2265 |
|
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D. Shawn Jordan, EVP & Chief Financial
Officer or |
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Robin D. Brown, EVP & Chief Marketing
Officer |
|
|
|
First Community Corporation
Announces Third Quarter Results and Cash Dividend
Highlights for Third
Quarter of 2023
| · | Net
income of $1.756 million. |
| · | Diluted
EPS of $0.23 per common share for the quarter and $1.12 year-to-date through September
30, 2023. |
| · | Total
loans increased during the third quarter by $59.5 million, an annualized growth rate
of 22.9%. Loan growth during the last twelve months was $141.4 million, a 14.9% growth
rate. |
| · | Total
deposits increased during the third quarter by $71.3 million, an annualized growth rate
of 19.9%. Excluding brokered deposits, the increase was $23.0 million, an annualized
growth rate of 6.5%. |
| · | Investment
advisory line of business revenue of $1.187 million. |
| · | Strong
credit quality metrics with non-performing assets (NPAs) ratio of 0.04%, past due ratio
of 0.06% and net loan recoveries excluding overdrafts of $11 thousand during the third
quarter, with a year-to-date net loan recoveries excluding overdrafts of $40 thousand. |
| · | Cash
dividend of $0.14 per common share, which is the 87th consecutive quarter
of cash dividends paid to common shareholders. |
Lexington, SC – October
18, 2023 Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income
for the third quarter of 2023 of $1.756 million as compared to $3.327 million in the second quarter of 2023 and $3.951 million
in the third quarter of 2022. Diluted earnings per common share were $0.23 for the third quarter of 2023 as compared to $0.43
for the second quarter of 2023 and $0.52 for the third quarter of 2022. Pre-tax pre-provision earnings during the third quarter
of 2023 were $2.694 million. This compares to pre-tax pre-provision earnings of $5.050 million for third quarter of 2022 and $4.433
million for the second quarter of 2023.
Year-to-date through September
30, 2023 net income was $8.546 million compared to $10.570 million during the first nine months of 2022. Diluted earnings per
share for the first nine months of 2023 were $1.12, compared to $1.39 during the same time period in 2022. Pre-tax pre-provision
earnings through September 30, 2023 were $11.623 million. This compares to pre-tax pre-provision earnings of $13.075 million for
the same period in 2022.
During the third quarter
of 2023, the company sold $39.9 million of book value U.S. Treasuries in its available-for-sale portfolio. While this sale created
a one-time pre-tax loss of $1.2 million, it provided additional liquidity which is being used to pay down borrowings and fund
loan growth. The weighted average book yield of the securities sold was 1.75% and the projected earn back period is 1.6 years.
This transitions the balance sheet to be more efficient, improves net interest margin, and positions the company for higher earnings
in the future.
Cash Dividend and
Capital
The
Board of Directors approved a cash dividend for the third quarter of 2023. The company will pay a $0.14 per share dividend to
holders of the company’s common stock. This dividend is payable November 14, 2023 to shareholders of record as of October
31, 2023. Mike Crapps, First Community President and CEO, commented, “Our entire board is pleased that our performance enables
the company to continue its cash dividend for the 87th consecutive quarter.”
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 7,600,023 shares outstanding
on September 30, 2023. 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 September
30, 2023, the bank’s regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 8.63%, 12.47%, and
13.50%, respectively. This compares to the same ratios as of September 30, 2022 of 8.53%, 13.42%, and 14.49%, respectively. As
of September 30, 2023, the bank’s Common Equity Tier I ratio was 12.47% compared to 13.42% at September 30, 2022. Further,
the company’s Tangible Common Equity to Tangible Assets (TCE) ratio was 6.09% as of September 30, 2023 compared to 6.03%
as of September 30, 2022.
Tangible Book Value (TBV)
per common share was $14.25 at September 30, 2023, compared to $14.33 as of June 30, 2023, and $13.03 as of September 30, 2022.
Excluding Accumulated Other Comprehensive Loss (AOCL), TBV per common share increased in the quarter to $18.60 at September 30,
2023, from $18.48 at June 30, 2023, and $17.43 at September 30, 2022.
Asset Quality
Asset quality metrics remained
strong as of September 30, 2023. The non-performing assets ratio for the third quarter was 0.04% of total assets and a total past
due ratio of 0.06% of total loans. Net loan recoveries excluding overdrafts for the quarter were $11 thousand and the year-to-date
through September 30, 2023 net loan recoveries excluding overdrafts were $40 thousand. The ratio of classified loans plus OREO
now stands at 1.17% of total bank regulatory risk-based capital as of September 30, 2023.
As a community bank focused
on local businesses, professionals, organizations, and individuals, the bank has no individual or industry concentrations. In
order to provide additional clarity to our commercial real estate exposure, the information below includes only non-owner occupied
loans.
Collateral | |
Outstanding | | |
%
of Loan
Portfolio | | |
Average Loan
Size | | |
Weighted
Avg LTV of
Top 10
Loans | |
Retail | |
$ | 89,728,572 | | |
| 8.2 | % | |
$ | 1,043,355 | | |
| 55 | % |
Warehouse &
Industrial | |
$ | 75,258,480 | | |
| 6.9 | % | |
$ | 827,016 | | |
| 58 | % |
Office | |
$ | 64,071,352 | | |
| 5.9 | % | |
$ | 719,903 | | |
| 62 | % |
Hotel | |
$ | 58,607,430 | | |
| 5.4 | % | |
$ | 3,084,602 | | |
| 63 | % |
It is worth noting that
in our office exposure noted above, there are only four loans where the collateral is an office building in excess of 50,000 square
feet of rentable space. These four loans represent $10.4 million in loan outstandings and have a weighted average loan-to-value
of 33%.
Balance
Sheet
Total loans
increased during the third quarter by $59.5 million to $1.092 billion at September 30, 2023, compared to $1.032 billion at June
30, 2023, which is an annualized growth rate of 22.9%. Commercial loan production was $52.5 million and advances
from unfunded commercial construction loans available for draws was $25.9 million during the third quarter of 2023. Loan payoffs
and paydowns were down slightly on a linked quarter basis and were down approximately 61% compared to the third quarter of 2022.
First Community Bank President Ted Nissen noted, “The strong loan growth that we have experienced
in 2023 continued through the third quarter as we benefited from new production and advances in unfunded commercial construction
loans along with lower payoffs and paydowns.”
Total deposits
increased $71.3 million during the third quarter to $1.492 billion at September 30, 2023 compared to $1.421 billion at June 30,
2023. Pure deposits, which are defined as total deposits less certificates of deposits, were relatively flat on a linked quarter
with $1.289 billion at September 30, 2023 compared to $1.291 billion at June 30, 2023. Securities sold under agreements to repurchase,
which are related to customer cash management accounts or business sweep accounts, were $67.2 million at September 30, 2023, compared
to $72.1 million at June 30, 2023. To secure a cost effective stable funding source, during the third quarter of 2023, the company
issued $48.2 million in brokered certificates of deposit ranging in terms from six months to three years, with the three year
term callable after six months. Excluding these brokered deposits, total deposits increased $23.1 million during the quarter.
Costs of deposits were 1.32% in the third quarter of 2023 compared to 0.97% in the second quarter of the year. Excluding the brokered
deposits, the cost of deposits was 1.28% in the third quarter of 2023. Cost of funds increased on a linked quarter basis to 1.64%
in the third quarter of 2023 from 1.34% in the second quarter of the year. The cumulative
cycle deposit beta for cost of deposits is 26.67% and for cost of funds is 31.05%. Non-interest bearing deposits remained relatively
flat on a linked quarter basis at $450.7 million or 31.2% of total deposits (excluding the brokered deposits). Mr. Crapps commented,
“A strength of our bank has been and continues to be the value of our deposit franchise. In the third quarter of 2023, we
continued to experience pressure on interest rates for interest bearing deposits as a result of the rising rate environment, and
thus we saw increases in our cost of deposits and cost of funds. Notably, while there has been some modest change in the mix,
our total deposits increased 5.0% on a linked quarter which is 19.9% annualized.”
As of September 30, 2023,
the bank had uninsured deposits of $429.7 million, or 28.8%, of total bank deposits. Of those uninsured deposits, $85.7 million,
or 5.74%, of total bank deposits were deposits of states or political subdivisions in the U.S. which are secured or collateralized.
Total uninsured deposits, excluding these deposits that are secured or collateralized, were $344.0 million, or 23.1%, of total
deposits at September 30, 2023. The average balance of all customer deposit accounts as of September 30, 2023 was $27,978. The
average balance for consumer accounts was $14,997 and for non-consumer accounts was $62,437. All of the above points to the granularity
and the quality of the bank’s deposit franchise.
The bank has other short-term
investments, primarily interest bearing cash at the Federal Reserve Bank, of $69.7 million at September 30, 2023 compared to $28.7
million at June 30, 2023. Further, the bank has additional sources of liquidity in the form of federal funds purchased lines of
credit in the total amount of $85.0 million with four financial institutions and $10.0 million through the Federal Reserve Discount
Window. There were no borrowings against these lines of credit as of September 30, 2023.
The bank also has substantial
borrowing capacity at the Federal Home Loan Bank (FHLB) of Atlanta with an approved line of credit of up to 25% of assets. As
of September 30, 2023, the bank had FHLB advances of $80.0 million. Therefore, having remaining credit availability under this
facility in excess of $355.1 million, subject to collateral requirements.
Combined, the company has
total remaining credit availability in excess of $450.1 million as compared to uninsured deposits (excluding deposits secured
or collateralized as noted above) of $344.0 million.
The investment portfolio
was $506.8 million at September 30, 2023 compared to $555.9 million at June 30, 2023. The yield increased to 3.42% during the
third quarter of 2023 as compared to 3.27% in the second quarter of 2023. The effective duration of the available-for-sale portfolio
is 3.04 at September 30, 2023. AOCL increased to $33.1 million at September 30, 2023 from $31.5 million at June 30, 2023 due to
an increase in market interest rates.
Mr. Crapps commented, “We
are extremely excited about the success in the growth of our loan portfolio during the third quarter. This is reflective of the
hard work of our team and the high quality of our customers and markets. Additionally, our successful deposit franchise continues
to be a strength for our company as demonstrated by the stability of our deposit base during the third quarter.”
Revenue
Net Interest Income/Net
Interest Margin
Net interest income for
the third quarter was $12.103 million, compared to $12.137 million in the second quarter of 2023 and $12.794 million for the third
quarter of 2022. Third quarter net interest margin, on a tax equivalent basis, was 2.96% compared to net interest margin of 3.02%
in the second quarter of 2023. The contraction in net interest margin was expected as the increased cost of deposits and cost
of funds outpaced the improvement in our average earning asset yield. It is notable that the six basis point contraction this
quarter compares favorably to the contraction in the second and first quarters of this year of 17 and 23 basis points, respectively.
As previously discussed,
effective May 5, 2023, the company entered into a pay-fixed/receive-floating interest rate swap (the “Pay-Fixed Swap Agreement”)
for a notional amount of $150.0 million that was designated as a fair value hedge to hedge the risk of changes in the fair value
of the fixed rate loans included in the closed loan portfolio. This fair value hedge converts the hedged loans from a fixed rate
to a synthetic floating SOFR rate. The Pay-Fixed Swap Agreement will mature on May 5, 2026 and the company will pay a fixed coupon
rate of 3.58% while receiving the overnight SOFR rate. This interest rate swap positively impacted interest on loans by $626 thousand
during the third quarter and $962 thousand through September 30, 2023. Loan yields and net interest margin both benefitted with
an increase of 25 basis points and 16 basis points, respectively during the third quarter and 13 basis points and eight basis
points, respectively, through September 30, 2023.
Non-Interest Income
Total non-interest income
was $1.864 million in the third quarter of 2023 compared to $3.051 million in the second quarter of the year and $2.673 million
in the third quarter of 2022. Excluding the loss on the sale of securities discussed above, the total non-interest income for
the third quarter of 2023 was $3.113 million.
Total production in the mortgage
line of business in the second quarter of 2023 was $41.7 million which was comprised of $17.3 million in secondary market loans,
$11.4 million in adjustable rate mortgages (ARMs) and $13.0 million in construction loans. Fee revenue associated with the secondary
market loans was $508 thousand in the third quarter of 2023 with a gain-on-sale margin of 2.93%. This compares to production on
a linked quarter of $32.3 million which was comprised of $12.9 million in secondary market loans, $5.7 million in ARMs, and $13.7
million in construction loans. Fee revenue associated with the secondary market loans in the second quarter of 2023 was $371 thousand
with a gain-on-sale margin of 2.87%. Mr. Crapps noted, “We saw improvement in secondary market loans in the third quarter
of the year and the bank also continues to have success with its adjustable rate mortgage and construction loan products. While
we are still experiencing the headwinds of a higher interest rate environment and low housing inventory, we are encouraged by
the trends we are seeing this quarter.”
Total assets under management
(AUM) in the investment advisory line of business were $674.5 million at September 30, 2023 compared to $675.4 million at June
30, 2023 and $558.8 million at December 31, 2022. Revenue in this line of business was $1.187 million in the third quarter of
2023, compared to $1.081 million in the second quarter of the year which is an increase of 9.8% on a linked quarter, and compared
to $1.053 million in the third quarter of 2022 which is an increase of 12.7% year-over-year.
Non-Interest
Expense
Non-interest expense was
$11.273 million in the third quarter of 2023, up $518 thousand over the second quarter of 2023. Marketing expense was $239 thousand
higher on a linked quarter due to a more extensive media schedule during the period. Other expense was up $132 thousand in the
third quarter of 2023 primarily due to higher than normal fraud losses of $230 thousand during the quarter, which is discussed
in detail below. This increase in fraud losses was partially offset by lower expenses on a linked quarter basis in other categories
in Other expense. Salaries and Benefits expense was $105 thousand higher on a linked quarter primarily due to higher salary and
benefit costs in the mortgage line of business related to the previously discussed increased mortgage production. Other Real Estate
Expense was up $51 thousand in the third quarter over the second quarter of the year which had a benefit of $30 thousand from
the recovery related to the resolution of a non-accrual loan relationship.
The company experienced
an extraordinary spike in mail check fraud losses during the third quarter. Historically, fraud losses for the bank have
been well under those of peers. The company believes this recent spike, with over three times the normal customer-reported
incidences, is directly related to confirmed local mail thefts within the bank’s markets, as well as fraudsters targeting
smaller counterfeit check amounts to avoid early detection. The bank’s current case volumes, as reported by customers, suggest
that the spike has abated. However, because fraud risk is ever evolving, the bank has responded with countermeasures including
deploying additional resources, and conducting a formal customer education marketing campaign called “THINK TWICE”,
which requests customers who have been a victim of fraud to enhance their check authorization processes and upgrade to the bank’s
current fraud detection system.
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”, “future”
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; (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) changes
in interest rates, which may affect our deposit and funding costs, net income, prepayment penalty income, mortgage banking income,
and other future cash flows, or the market value of our assets, including our investment securities; (7) 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; (8) elevated inflation which
causes adverse risk to the overall economy, and could indirectly pose challenges to our customers and to our business; (9) FDIC
assessment which has increased and may continue to increase our cost of doing business; (10) the adverse effects of events beyond
our control that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics, war or
terrorist activities, essential utility outages, deterioration in the global economy, instability in the credit markets, disruptions
in our customers’ supply chains or disruption in transportation; and (11) 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 | |
| |
September
30, | | |
June
30, | | |
March
31, | | |
December
31, | | |
September
30, | |
| |
2023 | | |
2023 | | |
2023 | | |
2022 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| |
Total
Assets | |
$ | 1,793,722 | | |
$ | 1,740,982 | | |
$ | 1,735,398 | | |
$ | 1,672,946 | | |
$ | 1,651,829 | |
Other
Short-term Investments and CD’s1 | |
| 69,703 | | |
| 28,710 | | |
| 60,597 | | |
| 12,937 | | |
| 17,244 | |
Investment
Securities | |
| | | |
| | | |
| | | |
| | | |
| | |
Investments
Held-to-Maturity | |
| 219,903 | | |
| 221,429 | | |
| 223,137 | | |
| 228,701 | | |
| 233,301 | |
Investments
Available-for-Sale | |
| 280,549 | | |
| 328,239 | | |
| 336,457 | | |
| 331,862 | | |
| 338,350 | |
Other
Investments at Cost | |
| 6,305 | | |
| 6,208 | | |
| 5,768 | | |
| 4,191 | | |
| 1,929 | |
Total
Investment Securities | |
| 506,757 | | |
| 555,876 | | |
| 565,362 | | |
| 564,754 | | |
| 573,580 | |
Loans
Held-for-Sale | |
| 5,509 | | |
| 4,195 | | |
| 1,312 | | |
| 1,779 | | |
| 1,758 | |
Loans | |
| | | |
| | | |
| | | |
| | | |
| | |
Paycheck
Protection Program (PPP) Loans | |
| 170 | | |
| 179 | | |
| 200 | | |
| 219 | | |
| 238 | |
Non-PPP
Loans | |
| 1,091,475 | | |
| 1,031,986 | | |
| 992,520 | | |
| 980,638 | | |
| 949,972 | |
Total
Loans | |
| 1,091,645 | | |
| 1,032,165 | | |
| 992,720 | | |
| 980,857 | | |
| 950,210 | |
Allowance
for Credit Losses - Investments | |
| 32 | | |
| 37 | | |
| 42 | | |
| — | | |
| — | |
Allowance
for Credit Losses - Loans | |
| 11,818 | | |
| 11,554 | | |
| 11,420 | | |
| 11,336 | | |
| 11,315 | |
Allowance
for Credit Losses - Unfunded Commitments | |
| 643 | | |
| 429 | | |
| 382 | | |
| — | | |
| — | |
Goodwill | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | | |
| 14,637 | |
Other
Intangibles | |
| 643 | | |
| 682 | | |
| 722 | | |
| 761 | | |
| 801 | |
Total
Deposits | |
| 1,492,026 | | |
| 1,420,753 | | |
| 1,420,157 | | |
| 1,385,382 | | |
| 1,436,256 | |
Securities
Sold Under Agreements to Repurchase | |
| 67,173 | | |
| 72,103 | | |
| 76,975 | | |
| 68,743 | | |
| 73,659 | |
Federal
Funds Purchased | |
| — | | |
| — | | |
| — | | |
| 22,000 | | |
| — | |
Federal
Home Loan Bank Advances | |
| 80,000 | | |
| 95,000 | | |
| 85,000 | | |
| 50,000 | | |
| — | |
Junior
Subordinated Debt | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | | |
| 14,964 | |
Shareholders’
Equity | |
| 123,601 | | |
| 124,148 | | |
| 123,581 | | |
| 118,361 | | |
| 114,145 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Book
Value Per Common Share | |
$ | 16.26 | | |
$ | 16.35 | | |
$ | 16.29 | | |
$ | 15.62 | | |
$ | 15.07 | |
Tangible
Book Value Per Common Share | |
$ | 14.25 | | |
$ | 14.33 | | |
$ | 14.26 | | |
$ | 13.59 | | |
$ | 13.03 | |
Tangible
Book Value Per Common Share excluding Accumulated Other Comprehensive
Income (Loss) | |
$ | 18.60 | | |
$ | 18.48 | | |
$ | 18.15 | | |
$ | 17.86 | | |
$ | 17.43 | |
Equity
to Assets | |
| 6.89 | % | |
| 7.13 | % | |
| 7.12 | % | |
| 7.08 | % | |
| 6.91 | % |
Tangible
Common Equity to Tangible Assets (TCE Ratio) | |
| 6.09 | % | |
| 6.31 | % | |
| 6.29 | % | |
| 6.21 | % | |
| 6.03 | % |
TCE
Ratio excluding Accumulated Other Comprehensive Income (Loss) | |
| 7.80 | % | |
| 7.99 | % | |
| 7.87 | % | |
| 8.01 | % | |
| 7.90 | % |
Loan
to Deposit Ratio (Includes Loans Held-for-Sale) | |
| 73.53 | % | |
| 72.94 | % | |
| 69.99 | % | |
| 70.93 | % | |
| 66.28 | % |
Loan
to Deposit Ratio (Excludes Loans Held-for-Sale) | |
| 73.17 | % | |
| 72.65 | % | |
| 69.90 | % | |
| 70.80 | % | |
| 66.16 | % |
Allowance
for Credit Losses - Loans/Loans | |
| 1.08 | % | |
| 1.12 | % | |
| 1.15 | % | |
| 1.16 | % | |
| 1.19 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Regulatory
Capital Ratios (Bank): | |
| | | |
| | | |
| | | |
| | | |
| | |
Leverage
Ratio | |
| 8.63 | % | |
| 8.63 | % | |
| 8.68 | % | |
| 8.63 | % | |
| 8.53 | % |
Tier
1 Capital Ratio | |
| 12.47 | % | |
| 13.29 | % | |
| 13.55 | % | |
| 13.49 | % | |
| 13.42 | % |
Total
Capital Ratio | |
| 13.50 | % | |
| 14.35 | % | |
| 14.63 | % | |
| 14.54 | % | |
| 14.49 | % |
Common
Equity Tier 1 Capital Ratio | |
| 12.47 | % | |
| 13.29 | % | |
| 13.55 | % | |
| 13.49 | % | |
| 13.42 | % |
Tier
1 Regulatory Capital | |
$ | 151,360 | | |
$ | 150,414 | | |
$ | 147,877 | | |
$ | 145,578 | | |
$ | 142,305 | |
Total
Regulatory Capital | |
$ | 163,853 | | |
$ | 162,434 | | |
$ | 159,721 | | |
$ | 156,914 | | |
$ | 153,620 | |
Common
Equity Tier 1 Capital | |
$ | 151,360 | | |
$ | 150,414 | | |
$ | 147,877 | | |
$ | 145,578 | | |
$ | 142,305 | |
1 Includes federal
funds sold and interest-bearing deposits
FIRST
COMMUNITY CORPORATION |
|
|
|
|
|
BALANCE
SHEET DATA |
|
|
|
|
|
|
(Dollars
in thousands, except per share data) |
|
|
|
|
|
|
Average
Balances: | |
Three
months ended | | |
Nine
months ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Average
Total Assets | |
$ | 1,744,670 | | |
$ | 1,667,737 | | |
$ | 1,725,855 | | |
$ | 1,644,803 | |
Average
Loans (Includes Loans Held-for-Sale) | |
| 1,065,698 | | |
| 938,318 | | |
| 1,023,428 | | |
| 903,989 | |
Average
Investment Securities | |
| 533,094 | | |
| 581,044 | | |
| 553,496 | | |
| 571,131 | |
Average
Short-term Investments and CDs1 | |
| 29,468 | | |
| 37,529 | | |
| 34,057 | | |
| 59,071 | |
Average
Earning Assets | |
| 1,628,260 | | |
| 1,556,891 | | |
| 1,610,981 | | |
| 1,534,191 | |
Average
Deposits | |
| 1,432,823 | | |
| 1,449,951 | | |
| 1,408,074 | | |
| 1,417,855 | |
Average
Other Borrowings | |
| 171,304 | | |
| 86,602 | | |
| 180,051 | | |
| 90,361 | |
Average
Shareholders’ Equity | |
| 125,077 | | |
| 119,001 | | |
| 123,008 | | |
| 124,038 | |
Asset
Quality: | |
As
of | |
| |
September
30, | | |
June
30, | | |
March
31, | | |
December
31, | | |
September
30, | |
| |
2023 | | |
2023 | | |
2023 | | |
2022 | | |
2022 | |
Loan
Risk Rating by Category (End of Period) | |
| | |
| | |
| | |
| | |
| |
Special
Mention | |
$ | 550 | | |
$ | 565 | | |
$ | 646 | | |
$ | 557 | | |
$ | 596 | |
Substandard | |
| 1,241 | | |
| 1,312 | | |
| 5,306 | | |
| 6,082 | | |
| 6,539 | |
Doubtful | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Pass | |
| 1,089,854 | | |
| 1,030,288 | | |
| 986,768 | | |
| 974,218 | | |
| 943,075 | |
Total
Loans | |
$ | 1,091,645 | | |
$ | 1,032,165 | | |
$ | 992,720 | | |
$ | 980,857 | | |
$ | 950,210 | |
Nonperforming
Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-accrual
Loans | |
$ | 61 | | |
$ | 82 | | |
$ | 4,126 | | |
$ | 4,895 | | |
$ | 4,875 | |
Other
Real Estate Owned and Repossessed Assets | |
| 666 | | |
| 927 | | |
| 934 | | |
| 934 | | |
| 984 | |
Accruing
Loans Past Due 90 Days or More | |
| 3 | | |
| 1 | | |
| — | | |
| 2 | | |
| 30 | |
Total
Nonperforming Assets | |
$ | 730 | | |
$ | 1,010 | | |
$ | 5,060 | | |
$ | 5,831 | | |
$ | 5,889 | |
Accruing
Trouble Debt Restructurings | |
$ | 81 | | |
$ | 84 | | |
$ | 86 | | |
$ | 88 | | |
$ | 91 | |
| |
Three
months ended | | |
Nine
months ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loans
Charged-off | |
$ | 21 | | |
$ | 1 | | |
$ | 24 | | |
$ | 4 | |
Overdrafts
Charged-off | |
| 13 | | |
| 13 | | |
| 46 | | |
| 43 | |
Loan
Recoveries | |
| (32 | ) | |
| (89 | ) | |
| (64 | ) | |
| (352 | ) |
Overdraft
Recoveries | |
| (2 | ) | |
| (2 | ) | |
| (11 | ) | |
| (8 | ) |
Net
Charge-offs (Recoveries) | |
$ | — | | |
$ | (77 | ) | |
$ | (5 | ) | |
$ | (313 | ) |
Net
Charge-offs / (Recoveries) to Average Loans2 | |
| 0.00 | % | |
| (0.03 | %) | |
| (0.00 | %) | |
| (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 | | |
Nine
months ended | |
| |
September
30, | | |
June
30, | | |
March
31, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Interest
income | |
$ | 18,734 | | |
$ | 13,352 | | |
$ | 17,497 | | |
$ | 11,513 | | |
$ | 15,890 | | |
$ | 11,195 | | |
$ | 52,121 | | |
$ | 36,060 | |
Interest
expense | |
| 6,631 | | |
| 558 | | |
| 5,360 | | |
| 462 | | |
| 3,533 | | |
| 462 | | |
| 15,524 | | |
| 1,482 | |
Net
interest income | |
| 12,103 | | |
| 12,794 | | |
| 12,137 | | |
| 11,051 | | |
| 12,357 | | |
| 10,733 | | |
| 36,597 | | |
| 34,578 | |
Provision
for (release of) credit losses | |
| 474 | | |
| 18 | | |
| 186 | | |
| (70 | ) | |
| 70 | | |
| (125 | ) | |
| 730 | | |
| (177 | ) |
Net
interest income after provision for (release of) credit losses | |
| 11,629 | | |
| 12,776 | | |
| 11,951 | | |
| 11,121 | | |
| 12,287 | | |
| 10,858 | | |
| 35,867 | | |
| 34,755 | |
Non-interest
income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposit
service charges | |
| 240 | | |
| 243 | | |
| 220 | | |
| 262 | | |
| 232 | | |
| 265 | | |
| 692 | | |
| 770 | |
Mortgage
banking income | |
| 508 | | |
| 290 | | |
| 371 | | |
| 481 | | |
| 155 | | |
| 839 | | |
| 1,034 | | |
| 1,610 | |
Investment
advisory fees and non-deposit commissions | |
| 1,187 | | |
| 1,053 | | |
| 1,081 | | |
| 1,195 | | |
| 1,067 | | |
| 1,198 | | |
| 3,335 | | |
| 3,446 | |
Gain
(loss) on sale of securities | |
| (1,249 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,249 | ) | |
| — | |
Gain
(loss) on sale of other assets | |
| 46 | | |
| — | | |
| 105 | | |
| (45 | ) | |
| — | | |
| — | | |
| 151 | | |
| (45 | ) |
Other
non-recurring income | |
| — | | |
| — | | |
| 121 | | |
| 5 | | |
| — | | |
| 4 | | |
| 121 | | |
| 9 | |
Other | |
| 1,132 | | |
| 1,087 | | |
| 1,153 | | |
| 1,111 | | |
| 1,121 | | |
| 1,068 | | |
| 3,406 | | |
| 3,266 | |
Total
non-interest income | |
| 1,864 | | |
| 2,673 | | |
| 3,051 | | |
| 3,009 | | |
| 2,575 | | |
| 3,374 | | |
| 7,490 | | |
| 9,056 | |
Non-interest
expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries
and employee benefits | |
| 6,613 | | |
| 6,373 | | |
| 6,508 | | |
| 6,175 | | |
| 6,331 | | |
| 6,119 | | |
| 19,452 | | |
| 18,667 | |
Occupancy | |
| 776 | | |
| 786 | | |
| 813 | | |
| 786 | | |
| 830 | | |
| 705 | | |
| 2,419 | | |
| 2,277 | |
Equipment | |
| 416 | | |
| 331 | | |
| 377 | | |
| 329 | | |
| 336 | | |
| 332 | | |
| 1,129 | | |
| 992 | |
Marketing
and public relations | |
| 609 | | |
| 163 | | |
| 370 | | |
| 446 | | |
| 346 | | |
| 361 | | |
| 1,325 | | |
| 970 | |
FDIC
assessment | |
| 211 | | |
| 121 | | |
| 221 | | |
| 105 | | |
| 182 | | |
| 130 | | |
| 614 | | |
| 356 | |
Other
real estate expenses | |
| 21 | | |
| 19 | | |
| (30 | ) | |
| 29 | | |
| (133 | ) | |
| 47 | | |
| (142 | ) | |
| 95 | |
Amortization
of intangibles | |
| 39 | | |
| 39 | | |
| 40 | | |
| 40 | | |
| 39 | | |
| 39 | | |
| 118 | | |
| 118 | |
Other | |
| 2,588 | | |
| 2,585 | | |
| 2,456 | | |
| 2,278 | | |
| 2,505 | | |
| 2,221 | | |
| 7,549 | | |
| 7,084 | |
Total
non-interest expense | |
| 11,273 | | |
| 10,417 | | |
| 10,755 | | |
| 10,188 | | |
| 10,436 | | |
| 9,954 | | |
| 32,464 | | |
| 30,559 | |
Income
before taxes | |
| 2,220 | | |
| 5,032 | | |
| 4,247 | | |
| 3,942 | | |
| 4,426 | | |
| 4,278 | | |
| 10,893 | | |
| 13,252 | |
Income
tax expense | |
| 464 | | |
| 1,081 | | |
| 920 | | |
| 812 | | |
| 963 | | |
| 789 | | |
| 2,347 | | |
| 2,682 | |
Net
income | |
$ | 1,756 | | |
$ | 3,951 | | |
$ | 3,327 | | |
$ | 3,130 | | |
$ | 3,463 | | |
$ | 3,489 | | |
$ | 8,546 | | |
$ | 10,570 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Per
share data | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
income, basic | |
$ | 0.23 | | |
$ | 0.52 | | |
$ | 0.44 | | |
$ | 0.42 | | |
$ | 0.46 | | |
$ | 0.46 | | |
$ | 1.13 | | |
$ | 1.40 | |
Net
income, diluted | |
$ | 0.23 | | |
$ | 0.52 | | |
$ | 0.43 | | |
$ | 0.41 | | |
$ | 0.45 | | |
$ | 0.46 | | |
$ | 1.12 | | |
$ | 1.39 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Average
number of shares outstanding - basic | |
| 7,571,994 | | |
| 7,531,104 | | |
| 7,564,928 | | |
| 7,526,284 | | |
| 7,555,080 | | |
| 7,518,375 | | |
| 7,563,609 | | |
| 7,525,301 | |
Average
number of shares outstanding - diluted | |
| 7,654,962 | | |
| 7,607,909 | | |
| 7,654,817 | | |
| 7,607,349 | | |
| 7,644,440 | | |
| 7,594,840 | | |
| 7,648,934 | | |
| 7,603,499 | |
Shares
outstanding period end | |
| 7,600,023 | | |
| 7,572,517 | | |
| 7,593,759 | | |
| 7,566,633 | | |
| 7,587,763 | | |
| 7,559,760 | | |
| 7,600,023 | | |
| 7,572,517 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Return
on average assets | |
| 0.40 | % | |
| 0.94 | % | |
| 0.77 | % | |
| 0.76 | % | |
| 0.83 | % | |
| 0.87 | % | |
| 0.66 | % | |
| 0.86 | % |
Return
on average common equity | |
| 5.57 | % | |
| 13.17 | % | |
| 10.75 | % | |
| 10.82 | % | |
| 11.70 | % | |
| 10.31 | % | |
| 9.29 | % | |
| 11.39 | % |
Return
on average tangible common equity | |
| 6.35 | % | |
| 15.14 | % | |
| 12.26 | % | |
| 12.48 | % | |
| 13.42 | % | |
| 11.63 | % | |
| 10.61 | % | |
| 13.02 | % |
Net
interest margin (non taxable equivalent) | |
| 2.95 | % | |
| 3.26 | % | |
| 3.00 | % | |
| 2.90 | % | |
| 3.17 | % | |
| 2.87 | % | |
| 3.04 | % | |
| 3.01 | % |
Net
interest margin (taxable equivalent) | |
| 2.96 | % | |
| 3.29 | % | |
| 3.02 | % | |
| 2.93 | % | |
| 3.19 | % | |
| 2.91 | % | |
| 3.06 | % | |
| 3.05 | % |
Efficiency
ratio1 | |
| 74.01 | % | |
| 66.78 | % | |
| 71.52 | % | |
| 71.60 | % | |
| 69.43 | % | |
| 69.93 | % | |
| 71.66 | % | |
| 69.36 | % |
1 Calculated by
dividing non-interest expense by net interest income on tax equivalent basis and non interest income, excluding loss on sale of
securities, gain (loss) 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 September 30, 2023 | | |
Three months ended September 30, 2022 | |
| |
Average | | |
Interest | | |
Yield/ | | |
Average | | |
Interest | | |
Yield/ | |
| |
Balance | | |
Earned/Paid | | |
Rate | | |
Balance | | |
Earned/Paid | | |
Rate | |
Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
PPP loans | |
$ | 173 | | |
$ | 1 | | |
| 2.29 | % | |
$ | 244 | | |
$ | 1 | | |
| 1.63 | % |
Non-PPP loans | |
| 1,065,525 | | |
| 13,803 | | |
| 5.14 | % | |
| 938,074 | | |
| 10,099 | | |
| 4.27 | % |
Total loans | |
| 1,065,698 | | |
| 13,804 | | |
| 5.14 | % | |
| 938,318 | | |
| 10,100 | | |
| 4.27 | % |
Non-taxable securities | |
| 50,569 | | |
| 366 | | |
| 2.87 | % | |
| 52,732 | | |
| 385 | | |
| 2.90 | % |
Taxable securities | |
| 482,525 | | |
| 4,229 | | |
| 3.48 | % | |
| 528,312 | | |
| 2,673 | | |
| 2.01 | % |
Int bearing deposits in other banks | |
| 29,468 | | |
| 335 | | |
| 4.51 | % | |
| 37,486 | | |
| 194 | | |
| 2.05 | % |
Fed funds sold | |
| — | | |
| — | | |
| NA | | |
| 43 | | |
| — | | |
| 0.00 | % |
Total earning assets | |
| 1,628,260 | | |
| 18,734 | | |
| 4.56 | % | |
| 1,556,891 | | |
| 13,352 | | |
| 3.40 | % |
Cash and due from banks | |
| 25,782 | | |
| | | |
| | | |
| 25,033 | | |
| | | |
| | |
Premises and equipment | |
| 31,078 | | |
| | | |
| | | |
| 32,016 | | |
| | | |
| | |
Goodwill and other intangibles | |
| 15,300 | | |
| | | |
| | | |
| 15,457 | | |
| | | |
| | |
Other assets | |
| 56,044 | | |
| | | |
| | | |
| 49,587 | | |
| | | |
| | |
Allowance for credit losses - investments | |
| (37 | ) | |
| | | |
| | | |
| — | | |
| | | |
| | |
Allowance for credit losses - loans | |
| (11,757 | ) | |
| | | |
| | | |
| (11,247 | ) | |
| | | |
| | |
Total assets | |
$ | 1,744,670 | | |
| | | |
| | | |
$ | 1,667,737 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest-bearing transaction accounts | |
$ | 297,926 | | |
$ | 519 | | |
| 0.69 | % | |
$ | 335,648 | | |
$ | 48 | | |
| 0.06 | % |
Money market accounts | |
| 378,931 | | |
| 2,866 | | |
| 3.00 | % | |
| 320,202 | | |
| 156 | | |
| 0.19 | % |
Savings deposits | |
| 126,071 | | |
| 72 | | |
| 0.23 | % | |
| 167,302 | | |
| 23 | | |
| 0.05 | % |
Time deposits | |
| 182,252 | | |
| 1,320 | | |
| 2.87 | % | |
| 144,338 | | |
| 105 | | |
| 0.29 | % |
Fed funds purchased | |
| 1,587 | | |
| 20 | | |
| 5.00 | % | |
| 262 | | |
| 3 | | |
| 4.54 | % |
Securities sold under agreements to repurchase | |
| 71,492 | | |
| 446 | | |
| 2.48 | % | |
| 71,376 | | |
| 32 | | |
| 0.18 | % |
FHLB Advances | |
| 83,261 | | |
| 1,079 | | |
| 5.14 | % | |
| — | | |
| — | | |
| NA | |
Other long-term debt | |
| 14,964 | | |
| 309 | | |
| 8.19 | % | |
| 14,964 | | |
| 191 | | |
| 5.06 | % |
Total interest-bearing liabilities | |
| 1,156,484 | | |
| 6,631 | | |
| 2.27 | % | |
| 1,054,092 | | |
| 558 | | |
| 0.21 | % |
Demand deposits | |
| 447,643 | | |
| | | |
| | | |
| 482,461 | | |
| | | |
| | |
Allowance for credit losses - unfunded commitments | |
| 431 | | |
| | | |
| | | |
| — | | |
| | | |
| | |
Other liabilities | |
| 15,035 | | |
| | | |
| | | |
| 12,183 | | |
| | | |
| | |
Shareholders’ equity | |
| 125,077 | | |
| | | |
| | | |
| 119,001 | | |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 1,744,670 | | |
| | | |
| | | |
$ | 1,667,737 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of deposits, including demand deposits | |
| | | |
| | | |
| 1.32 | % | |
| | | |
| | | |
| 0.09 | % |
Cost of funds, including demand deposits | |
| | | |
| | | |
| 1.64 | % | |
| | | |
| | | |
| 0.14 | % |
Net interest spread | |
| | | |
| | | |
| 2.28 | % | |
| | | |
| | | |
| 3.19 | % |
Net interest income/margin | |
| | | |
$ | 12,103 | | |
| 2.95 | % | |
| | | |
$ | 12,794 | | |
| 3.26 | % |
Net interest income/margin (tax equivalent) | |
| | | |
$ | 12,165 | | |
| 2.96 | % | |
| | | |
$ | 12,925 | | |
| 3.29 | % |
FIRST
COMMUNITY CORPORATION |
Yields
on Average Earning Assets and |
Rates
on Average Interest-Bearing Liabilities |
| |
Nine
months ended September 30, 2023 | | |
Nine
months ended September 30, 2022 | |
| |
Average | | |
Interest | | |
Yield/ | | |
Average | | |
Interest | | |
Yield/ | |
| |
Balance | | |
Earned/Paid | | |
Rate | | |
Balance | | |
Earned/Paid | | |
Rate | |
Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Earning
assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
PPP
loans | |
$ | 191 | | |
$ | 4 | | |
| 2.80 | % | |
$ | 368 | | |
$ | 48 | | |
| 17.44 | % |
Non-PPP
loans | |
| 1,023,237 | | |
| 37,273 | | |
| 4.87 | % | |
| 903,621 | | |
| 28,359 | | |
| 4.20 | % |
Total
loans | |
| 1,023,428 | | |
| 37,277 | | |
| 4.87 | % | |
| 903,989 | | |
| 28,407 | | |
| 4.20 | % |
Non-taxable
securities | |
| 50,950 | | |
| 1,109 | | |
| 2.91 | % | |
| 52,480 | | |
| 1,140 | | |
| 2.90 | % |
Taxable
securities | |
| 502,546 | | |
| 12,513 | | |
| 3.33 | % | |
| 518,651 | | |
| 6,126 | | |
| 1.58 | % |
Int
bearing deposits in other banks | |
| 34,016 | | |
| 1,221 | | |
| 4.80 | % | |
| 59,050 | | |
| 387 | | |
| 0.88 | % |
Fed
funds sold | |
| 41 | | |
| 1 | | |
| 3.26 | % | |
| 21 | | |
| — | | |
| 0.00 | % |
Total
earning assets | |
| 1,610,981 | | |
| 52,121 | | |
| 4.33 | % | |
| 1,534,191 | | |
| 36,060 | | |
| 3.14 | % |
Cash
and due from banks | |
| 25,760 | | |
| | | |
| | | |
| 27,295 | | |
| | | |
| | |
Premises
and equipment | |
| 31,257 | | |
| | | |
| | | |
| 32,391 | | |
| | | |
| | |
Goodwill
and other intangibles | |
| 15,339 | | |
| | | |
| | | |
| 15,496 | | |
| | | |
| | |
Other
assets | |
| 54,122 | | |
| | | |
| | | |
| 46,658 | | |
| | | |
| | |
Allowance
for credit losses - investments | |
| (41 | ) | |
| | | |
| | | |
| — | | |
| | | |
| | |
Allowance
for credit losses - loans | |
| (11,563 | ) | |
| | | |
| | | |
| (11,228 | ) | |
| | | |
| | |
Total
assets | |
$ | 1,725,855 | | |
| | | |
| | | |
$ | 1,644,803 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest-bearing
liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest-bearing
transaction accounts | |
$ | 310,598 | | |
$ | 1,115 | | |
| 0.48 | % | |
$ | 336,584 | | |
$ | 138 | | |
| 0.05 | % |
Money
market accounts | |
| 350,109 | | |
| 6,424 | | |
| 2.45 | % | |
| 309,717 | | |
| 384 | | |
| 0.17 | % |
Savings
deposits | |
| 137,529 | | |
| 193 | | |
| 0.19 | % | |
| 155,856 | | |
| 65 | | |
| 0.06 | % |
Time
deposits | |
| 156,954 | | |
| 2,430 | | |
| 2.07 | % | |
| 149,559 | | |
| 387 | | |
| 0.35 | % |
Fed
funds purchased | |
| 1,471 | | |
| 53 | | |
| 4.82 | % | |
| 88 | | |
| 3 | | |
| 4.56 | % |
Securities
sold under agreements to repurchase | |
| 76,129 | | |
| 1,165 | | |
| 2.05 | % | |
| 75,309 | | |
| 79 | | |
| 0.14 | % |
FHLB
Advances | |
| 87,487 | | |
| 3,271 | | |
| 5.00 | % | |
| — | | |
| — | | |
| NA | |
Other
long-term debt | |
| 14,964 | | |
| 873 | | |
| 7.80 | % | |
| 14,964 | | |
| 426 | | |
| 3.81 | % |
Total
interest-bearing liabilities | |
| 1,135,241 | | |
| 15,524 | | |
| 1.83 | % | |
| 1,042,077 | | |
| 1,482 | | |
| 0.19 | % |
Demand
deposits | |
| 452,884 | | |
| | | |
| | | |
| 466,139 | | |
| | | |
| | |
Allowance
for credit losses - unfunded commitments | |
| 404 | | |
| | | |
| | | |
| — | | |
| | | |
| | |
Other
liabilities | |
| 14,318 | | |
| | | |
| | | |
| 12,549 | | |
| | | |
| | |
Shareholders’
equity | |
| 123,008 | | |
| | | |
| | | |
| 124,038 | | |
| | | |
| | |
Total
liabilities and shareholders’ equity | |
$ | 1,725,855 | | |
| | | |
| | | |
$ | 1,644,803 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost
of deposits, including demand deposits | |
| | | |
| | | |
| 0.96 | % | |
| | | |
| | | |
| 0.09 | % |
Cost
of funds, including demand deposits | |
| | | |
| | | |
| 1.31 | % | |
| | | |
| | | |
| 0.13 | % |
Net
interest spread | |
| | | |
| | | |
| 2.50 | % | |
| | | |
| | | |
| 2.95 | % |
Net
interest income/margin | |
| | | |
$ | 36,597 | | |
| 3.04 | % | |
| | | |
$ | 34,578 | | |
| 3.01 | % |
Net
interest income/margin (tax equivalent) | |
| | | |
$ | 36,833 | | |
| 3.06 | % | |
| | | |
$ | 34,969 | | |
| 3.05 | % |
The tables below provide a reconciliation
of non-GAAP measures to GAAP for the periods indicated:
| |
September 30, | | |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | |
Tangible book value per common share | |
2023 | | |
2023 | | |
2023 | | |
2022 | | |
2022 | |
Tangible common equity per common share (non-GAAP) | |
$ | 14.25 | | |
$ | 14.33 | | |
$ | 14.26 | | |
$ | 13.59 | | |
$ | 13.03 | |
Effect to adjust for intangible assets | |
| 2.01 | | |
| 2.02 | | |
| 2.03 | | |
| 2.03 | | |
| 2.04 | |
Book value per common share (GAAP) | |
$ | 16.26 | | |
$ | 16.35 | | |
$ | 16.29 | | |
$ | 15.62 | | |
$ | 15.07 | |
Tangible common shareholders’ equity to tangible assets | |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible common equity to tangible assets (non-GAAP) | |
| 6.09 | % | |
| 6.31 | % | |
| 6.29 | % | |
| 6.21 | % | |
| 6.03 | % |
Effect to adjust for intangible assets | |
| 0.80 | % | |
| 0.82 | % | |
| 0.83 | % | |
| 0.87 | % | |
| 0.88 | % |
Common equity to assets (GAAP) | |
| 6.89 | % | |
| 7.13 | % | |
| 7.12 | % | |
| 7.08 | % | |
| 6.91 | % |
Tangible book value per common share excluding
accumulated other comprehensive loss | |
September 30, 2023 | | |
June 30, 2023 | | |
March 31, 2023 | | |
December 31, 2022 | | |
September 30, 2022 | |
Tangible common equity per common share excluding accumulated other comprehensive loss (non-GAAP) | |
$ | 18.60 | | |
$ | 18.48 | | |
$ | 18.15 | | |
$ | 17.86 | | |
$ | 17.43 | |
Effect to adjust for intangible assets and accumulated other comprehensive loss | |
| (2.34 | ) | |
| (2.13 | ) | |
| (1.86 | ) | |
| (2.24 | ) | |
| (2.36 | ) |
Book value per common share (GAAP) | |
$ | 16.26 | | |
$ | 16.35 | | |
$ | 16.29 | | |
$ | 15.62 | | |
$ | 15.07 | |
Tangible common shareholders’ equity to tangible assets excluding accumulated other comprehensive loss | |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible common equity to tangible assets excluding accumulated other comprehensive loss (non-GAAP) | |
| 7.80 | % | |
| 7.99 | % | |
| 7.87 | % | |
| 8.01 | % | |
| 7.90 | % |
Effect to adjust for intangible assets and accumulated other comprehensive loss | |
| (0.91 | )% | |
| (0.86 | )% | |
| (0.75 | )% | |
| (0.93 | )% | |
| (0.99 | )% |
Common equity to assets (GAAP) | |
| 6.89 | % | |
| 7.13 | % | |
| 7.12 | % | |
| 7.08 | % | |
| 6.91 | % |
Return on average tangible
common equity | |
Three months ended
September 30, | | |
Three months ended
June 30, | | |
Three months ended
March 31, | | |
Nine months ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Return on average tangible common equity (non-GAAP) | |
| 6.35 | % | |
| 15.14 | % | |
| 12.26 | % | |
| 12.48 | % | |
| 13.42 | % | |
| 11.63 | % | |
| 10.61 | % | |
| 13.02 | % |
Effect to adjust for intangible assets | |
| (0.78 | )% | |
| (1.97 | )% | |
| (1.51 | )% | |
| (1.66 | )% | |
| (1.72 | )% | |
| (1.32 | )% | |
| (1.32 | )% | |
| (1.63 | )% |
Return on average common equity (GAAP) | |
| 5.57 | % | |
| 13.17 | % | |
| 10.75 | % | |
| 10.82 | % | |
| 11.70 | % | |
| 10.31 | % | |
| 9.29 | % | |
| 11.39 | % |
| |
Three months ended | | |
Nine months ended | |
| |
September 30, | | |
June 30, | | |
September 30, | | |
September 30, | |
Pre-tax, pre-provision earnings | |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Pre-tax, pre-provision earnings (non-GAAP) | |
$ | 2,694 | | |
$ | 4,433 | | |
$ | 5,050 | | |
$ | 11,623 | | |
$ | 13,075 | |
Effect to adjust for pre-tax, pre-provision earnings | |
| (938 | ) | |
| (1,106 | ) | |
| (1,099 | ) | |
| (3,077 | ) | |
| (2,505 | ) |
Net Income (GAAP) | |
$ | 1,756 | | |
$ | 3,327 | | |
$ | 3,951 | | |
$ | 8,546 | | |
$ | 10,570 | |
| |
September 30,
| | |
June 30,
| | |
Growth
| | |
Annualized
Growth
| |
Loans and loan growth | |
2023 | | |
2023 | | |
Dollars | | |
Rate | |
Non-PPP Loans and Related Credit Facilities (non-GAAP) | |
$ | 1,091,475 | | |
$ | 1,031,986 | | |
$ | 59,489 | | |
| 22.9 | % |
PPP Related Credit Facilities | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | % |
Non-PPP Loans (non-GAAP) | |
$ | 1,091,475 | | |
$ | 1,031,986 | | |
$ | 59,489 | | |
| 22.9 | % |
PPP Loans | |
| 170 | | |
| 179 | | |
| (9 | ) | |
| (19.9 | )% |
Total Loans (GAAP) | |
$ | 1,091,645 | | |
$ | 1,032,165 | | |
$ | 59,480 | | |
| 22.9 | % |
| |
| | | |
| | | |
| | | |
| | |
| |
September 30, | | |
September 30, | | |
Growth | | |
Annualized Growth | |
Loans and loan growth | |
2023 | | |
2022 | | |
Dollars | | |
Rate | |
Non-PPP Loans and Related Credit Facilities (non-GAAP) | |
$ | 1,091,475 | | |
$ | 949,972 | | |
$ | 141,503 | | |
| 14.9 | % |
PPP Related Credit Facilities | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | % |
Non-PPP Loans (non-GAAP) | |
$ | 1,091,475 | | |
$ | 949,972 | | |
$ | 141,503 | | |
| 14.9 | % |
PPP Loans | |
| 170 | | |
| 238 | | |
| (68 | ) | |
| (28.6 | )% |
Total Loans (GAAP) | |
$ | 1,091,645 | | |
$ | 950,210 | | |
$ | 141,435 | | |
| 14.9 | % |
| |
| | | |
| | | |
| | | |
| | |
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 loss,”
“Tangible common shareholders’ equity to tangible assets excluding accumulated other comprehensive loss,” “Return
on average tangible common equity,” “Pre-tax, pre-provision earnings,” “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 loss” is
defined as total equity reduced by recorded intangible assets and accumulated other comprehensive
loss divided by total common shares outstanding. |
| · | “Tangible
common shareholders’ equity to tangible assets excluding accumulated other comprehensive
loss” is defined as total common equity reduced by recorded intangible assets and
accumulated other comprehensive loss divided by total assets reduced by recorded intangible
assets and accumulated other comprehensive 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. |
| · | “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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