First Community reports Q2 loan growth 11.1% annualized; NIM improves to 2.96% in June

FIRST COMMUNITY CORP /SC/

Loan portfolio grew $31.9M in Q2 (11.1% annualized); LTM growth 15.2%.
Net interest margin (non-FTE) rose from 2.77% in Feb to 2.96% in June; $17.7M brokered CD called in April.
Non-interest expense $11.8M in Q2; closed Augusta branch effective June 27, saving $327K annually.
Dividend increased to $0.15/share (payable 8/13/24); $7.1M share repurchase plan in place.
Total deposits $1.66B, 29% non-interest bearing; uninsured deposits 28.7% of total.

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