First Community ( (FCCO) ) has released its Q1 earnings. Here is a breakdown of the information First Community presented to its investors.
First Community Corporation, the holding company for First Community Bank, operates as a full-service commercial bank offering deposit and loan products, residential mortgage lending, and financial planning services in South Carolina and Georgia.
In the first quarter of 2025, First Community Corporation reported a net income of $3.997 million, with diluted earnings per share of $0.51, reflecting a significant improvement from the previous year. The company also announced a cash dividend of $0.15 per common share, marking the 93rd consecutive quarter of dividend payments.
Key financial highlights include a notable increase in total deposits by $49.8 million, reaching $1.726 billion, and a total loan growth of $31.4 million. The net interest margin expanded to 3.13%, driven by improved loan yields and decreased cost of funds. The bank maintained excellent credit quality metrics with non-performing assets at a low 0.03%.
The investment advisory segment generated $1.806 million in revenue, although assets under management slightly decreased to $892.8 million. The mortgage business showed resilience with a 19.7% increase in production year-over-year, despite facing challenges from a high-interest rate environment.
Looking ahead, First Community Corporation remains optimistic about its growth prospects, supported by strong loan and deposit growth, while continuing to navigate the challenges posed by the current economic environment.