First Community Corporation Reports Strong Q1 Results and Continues Streak of Cash Dividends

LEXINGTON, S.C., April 23, 2025 — The First Community Corporation, which serves as the holding entity for First Community Bank, has shared its financial results for the first quarter of 2025, indicating a robust performance across multiple sectors. The highlights of this quarter include a net income of $3.997 million and a diluted earnings per share of $0.51.

Financial Highlights

In terms of financial specifics, the total deposits at the end of March 2025 amounted to an impressive $1.726 billion, showcasing an increase of $49.8 million during the quarter, equating to an annualized growth rate of 12.1%. Additionally, total loans saw a rise by $31.4 million, demonstrating an annualized growth rate of 10.4%. The net interest margin showed improvement, growing 13 basis points to 3.13%.

The quarter also saw excellent metrics in credit quality. Specifically, non-performing assets were reported at a mere 0.03%, with a past due loan rate of 0.14%. Net recoveries contributed positively to the quarter’s performance, totaling $11 thousand for overdrafts and $14 thousand in net loan recoveries.

Dividend Announcement

Accompanying these positive results is the announcement of a cash dividend of $0.15 per common share, marking the 93rd consecutive quarter the corporation has provided dividends to its shareholders. The dividend will be paid on May 20, 2025, to shareholders recorded by May 6, 2025.

First Community's President and CEO, Mike Crapps, expressed satisfaction with the company’s ability to maintain its dividend streak, highlighting confidence in its financial stability.

Capital Ratios and Asset Quality

The regulatory capital ratios for First Community Bank surpassed the minimum levels required, showcasing a solid performance in the market. As of March 31, 2025, the leverage ratio stood at 8.45%, with both Tier I and Total Risk-Based ratios also exceeding expectations. Notably, the Common Equity Tier One ratio improved to 12.90% compared to 12.65% in the same period last year.

Tangible Book Value per share also saw an increase, reaching $17.56. This positive trend in asset quality is reflective of the bank’s commitment to prudent lending practices and robust risk management strategies.

Growth in Loans and Deposits

The current quarter has seen noteworthy loan production, particularly in the commercial sector, indicating a strong demand for loans and financial products. The bank recorded an uptick in commercial loan production to $53.6 million, marking a significant rise from previous quarters.

First Community Bank’s President and CEO, Ted Nissen, noted that the bank's strategies are yielding significant growth in loan portfolios, alongside reduced payoffs compared to previous years.

In summary, First Community Corporation's first-quarter performance for 2025 exhibits solid gains across financial metrics while sustaining a reliable dividend for its stakeholders—a testament to the bank's strong community ties and sound business practices. As the bank navigates the evolving economic environment, it remains focused on delivering value to its customers and shareholders alike.

For more information about First Community Corporation and its services, visit www.firstcommunitysc.com.