#United States #Financial Services #Cash Dividend #First Community #Lexington, SC

First Community Corporation Reports Strong 2024 Year-End Results

First Community Corporation (NASDAQ: FCCO), the holding company for First Community Bank, has announced its fourth quarter and year-end results for 2024, showcasing an impressive financial performance marked by significant increases in net income and a consistent cash dividend for shareholders.

Financial Highlights

The company recorded a net income of $4.232 million for the fourth quarter and $13.955 million for the full year of 2024. This translates to a diluted earnings per share (EPS) of $0.55 for the last quarter and $1.81 for the entire year, indicating growth compared to previous periods. In the fourth quarter of 2023, the net income was $3.297 million, highlighting a substantial year-over-year improvement.

The total deposits at First Community Bank surged to $1.676 billion, reflecting a robust increase of 10.9% over the year. Furthermore, the bank reported total loan growth of $86.5 million or 7.6% throughout 2024, with a steady quarterly growth rate as well.

Cash Dividends and Shareholder Returns

Reflecting its strong performance, the Board of Directors declared a cash dividend of $0.15 per common share for the fourth quarter. This marks the 92nd consecutive quarter that First Community has paid a cash dividend, showcasing its commitment to returning value to shareholders. The dividend is payable on February 18, 2025, for shareholders on record as of February 4, 2025.

Capital Management Initiatives

First Community Corporation is also focused on managing its capital efficiently. The company approved a share repurchase plan, allowing for the repurchase of up to $7.1 million worth of its own shares, representing about 4.9% of total shareholders' equity as of December 31, 2024. This plan is designed to enhance shareholder value and optimize the use of capital during the upcoming fiscal year.

Asset Quality and Credit Metrics

One of the standout aspects of First Community's financial health is its asset quality, which continues to show resilience. The bank reported non-performing assets at a low 0.04% of total assets and a past-due loans ratio of 0.05% by the end of 2024. These indicators signify healthy credit quality and effective risk management practices.

Insights from Leadership

CEO Mike Crapps expressed satisfaction with the company's performance, stating, "The entire board is delighted that our performance enables us to continue our cash dividend uninterrupted for 92 consecutive quarters." He highlighted the bank's ability to not only sustain but grow its dividends amidst challenging economic conditions, which speaks to the strength of the company's operational model.

Conclusion

First Community Corporation's financial results for year-end 2024 reflect a robust performance driven by increased net income, strong deposit growth, and an unwavering commitment to returning capital to shareholders through consistent cash dividends. As the company moves into 2025, it remains focused on maintaining its positive momentum while managing its capital and resources effectively.

For more information about First Community Corporation and its financial products, visit their official website.