FCCO Q1 net income falls to $2.6M ($0.34) from $3.5M YoY; deposit growth strong

FIRST COMMUNITY CORP /SC/

2024-Q1 EPS reported $0.34 revenue$259,000

Net income $2.597M ($0.34 diluted EPS) vs $3.463M ($0.45) YoY; net interest margin 2.79% vs 3.19%.
Total deposits $1.578B, customer deposits up 15% annualized; loans grew 8.3% annualized to $1.157B.
Non-performing assets 0.04% of total assets; net charge-offs $22K; credit quality excellent.
Cash dividend $0.14 per share, 89th consecutive quarterly dividend, payable May 14 to holders of record April 30.
Announced closure of Augusta, GA branch effective June 27, 2024; expected annual cost savings $327K.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST COMMUNITY CORP /SC/ reported first quarter of 2024 results: net income $2.597 million, EPS $0.34 per common share.

Period: first quarter of 2024
Net income: $2.597 million
EPS: $0.34 per common share
Result: reported results

Exact text from the filing

First Community reported net income for the first quarter of 2024 of $2.597 million with diluted earnings per common share of $0.34.

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Source: SEC EDGAR

accession 0001552781-24-000238

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