FCCO Q1 net income $3.46M, EPS $0.45; deposit growth 10.0% annualized; NIM 3.19%

FIRST COMMUNITY CORP /SC/

2023-Q1 EPS reported $0.45 revenue$232,000

Net income of $3.463M ($0.45 diluted EPS) vs $3.489M ($0.46) in Q1 2022; pre-tax pre-provision earnings $4.496M.
Total deposits grew $34.8M (10.0% annualized) to $1.42B; pure non-CD deposits up $30.9M (9.15% annualized).
Net interest margin (taxable equivalent) 3.19%, down from 3.42% in Q4 2022 due to rising deposit costs.
Asset quality stable: non-performing assets ratio 0.29%, net loan recoveries $15K; allowance 1.15% of loans.
Board declared $0.14 per share dividend, payable May 16, 2023; share repurchase plan of up to 375K shares approved.

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