#USA #Financial Growth #First Community #Lexington, SC #Signature Bank

First Community Corporation's Financial Highlights for Q1 2026

First Community Corporation (Nasdaq: FCCO), the parent company of First Community Bank, recently released its financial performance results for the first quarter of 2026. This period marked a significant achievement for the corporation as it not only recorded a substantial increase in net income but also announced its 97th consecutive quarterly cash dividend.

Q1 2026 Financial Overview

In the first quarter of 2026, First Community’s net income reached $5.498 million, showcasing a robust year-over-year increase of 37.6% and a 13.8% rise compared to the preceding quarter. Excluding expenses related to mergers, the net income surged even more to $6.754 million, rising by an impressive 69.0% year-over-year and 26.1% compared to the previous quarter. Furthermore, diluted earnings per share (EPS) were reported at $0.59, which is a 15.7% increase over the past year, though it reflected a slight decline of 4.8% sequentially from the previous quarter.

The company also saw total deposits climb to $2.048 billion as of March 31, 2026, indicating a growth of $298.7 million for the quarter. Notably, the growth was bolstered by the acquisition of Signature Bank of Georgia, which contributed $229.8 million to this total. Excluding this impact, organic growth resulted in $68.9 million in deposits or a remarkable annualized growth rate of 16.0% for the quarter.

Total loans showed a similar positive trend, rising to $1.549 billion during the same period, with a growth of $238.1 million, $195.5 million of which was attributable to the acquisition. Organic loan growth stood at $42.6 million, representing a 13.2% annualized growth on a linked quarter basis.

Capital Strength and Dividend Declaration

The corporation's Board of Directors has declared a cash dividend of $0.16 per common share. This dividend will be paid on May 19, 2026, to shareholders of record as of May 5, 2026. First Community’s president and CEO, Mike Crapps, expressed satisfaction with the company’s performance, stating that it enabled the continuation of dividends for 97 consecutive quarters.

The bank's capital ratios also reflect a strong foundation; with tangible common shareholders' equity to tangible assets at 7.93% and a leverage ratio of 9.06%. These metrics not only surpass regulatory minimums but also demonstrate a continued commitment to maintaining capital stability and growth.

In terms of asset quality, First Community maintained strong credit health metrics with non-performing assets (NPAs) at 0.04% and past due loans at 0.17%. The bank reported minimal net charge-offs of only $5 thousand in the quarter.

Future Outlook

Looking ahead, First Community Corporation appears well-positioned for future growth, particularly with the advantages brought by the Signature Bank acquisition. They have expanded their market presence into Atlanta, Georgia, and added a Government Guaranteed Lending line of business, enhancing their service offerings in the region.

The bank’s first quarter performance demonstrates a successful integration of strategic acquisitions, sound capital management, and a focus on sustainable growth. As they continue to build their portfolio and leverage their expanded footprint, stakeholders remain optimistic about their ongoing success.

In summary, First Community Corporation's first quarter results reveal strong operational effectiveness and a consistent ability to reward shareholders, paving the way for a promising fiscal year ahead.