LEXINGTON, S.C., July 17, 2013 /PRNewswire/ --
Highlights
- Third consecutive quarter of net income in excess of $1 million and a 15.9% increase over the first quarter of 2013 results
- Increase in cash dividend to $0.06 per common share, which is the second increase announced in 2013
- Regulatory capital ratios of 10.61% (Tier 1 Leverage) and 18.68% (Total Capital) along with Tangible Common Equity / Tangible Assets (TCE/TA) ratio of 8.25%
- Non-performing assets (NPAs) better than peer with ratio of 1.39%
- Organic pure deposit growth continues with $19.4 million increase during the second quarter and a $59.3 million (19.3%) increase during the trailing twelve months.
- The cost of total deposits declined an additional 7 basis points from 44 basis points in the first quarter to 37 basis points in the second quarter
- Diversified revenue model shows continued strength as non-interest income increased and represents 34% of revenue
Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income available to common shareholders for the second quarter of 2013. Net income available to common shareholders for the second quarter of 2013 was $1.203 million as compared to $1.038 million in the first quarter of 2013. Diluted earnings per common share were $0.23 for the second quarter of 2013 as compared to $0.20 for the first quarter of 2013.
(Logo: http://photos.prnewswire.com/prnh/20030508/FCCOLOGO )
Year-to-date 2013 net income available to common shareholders was $2.24 million compared to $1.39 million during the first six months of 2012. Diluted earnings per share for the first half of 2013 were $0.42, unchanged from the same time period in 2012 as a result of the increase in the number of shares of common stock outstanding after the capital raise completed in the third quarter of 2012.
Cash Dividend and Capital
As a result of the strong earnings performance and quality of its balance sheet, the Board of Directors is pleased to announce its approval of an increase in its cash dividend for the second quarter of 2013. The company will pay a $0.06 per share dividend to holders of the company's common stock. This dividend is payable August 15, 2013 to shareholders of record as of July 31, 2013. Mike Crapps, President and CEO of First Community, commented, "Our entire board is pleased that our performance enables the company to increase its cash dividend for a second time this year following the increase announced earlier this year in January. This quarter's payout ratio of 26% is within our targeted payout range that we believe is appropriate for our company at this time."
Each of the regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) exceed the well capitalized minimum levels currently required by regulatory statute. At June 30, 2013, the company's regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 10.61%, 17.51%, and 18.68%, respectively. This compares to the same ratios as of June 30, 2012 of 9.94%, 16.64%, and 18.59%, respectively. Additionally, the regulatory capital ratios for the company's wholly owned subsidiary, First Community Bank, were 10.21%, 16.81%, and 17.99%, respectively as of June 30, 2013. Further, the company's ratio of tangible common equity to tangible assets indicates a high quality of capital with a ratio of 8.25% as of June 30, 2013. The strength of these capital ratios is a result of the company's continued earnings and the residual capital retained from the successful common equity offering in 2012.
On a linked quarter basis, tangible book value per share decreased $0.36 from $10.22 to $9.86. This decline results from the decrease in market value of our available-for-sale investment portfolio (AFS portfolio) solely as a result of the increase in interest rates during the period. The company believes its balance sheet as a whole is currently positioned for a rising rate environment. The change in market value of the AFS portfolio is the only segment of the balance sheet that is reflected in the equity section and as such can result in some volatility in the calculated tangible book value per share as interest rates fluctuate. The company attempts to manage this volatility by balancing the overall AFS portfolio duration.
Asset Quality
Non-performing assets decreased by $246,000 (2.70%) to $8.8 million (1.39% of total assets) at the end of the quarter. This ratio compares favorably with the bank's peer group non-performing assets ratio which the company believes to be in excess of 3.50%.
Trouble debt restructurings, that are still accruing interest, declined during the quarter to $593 thousand from $907 thousand. Loans past due 30-89 days decreased to $2.8 million (0.82% of loans) this quarter.
Net loan charge-offs for the quarter were $195 thousand (0.23% annualized ratio) as compared to the linked quarter total of $237 thousand (0.28% annualized ratio). The company believes that these levels compare very favorably to its peer group average.
It is also noteworthy that classified loans decreased in the quarter to $13.6 million from $13.9 million as of March 31, 2013. The ratio of classified loans plus OREO now stands at 24.19% of total regulatory risk-based capital as of June 30, 2013.
Balance Sheet
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(Numbers in millions)
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12 Month
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12 Month
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6/30/12
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12/31/12
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6/30/13
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$ Variance
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% Variance
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Assets
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|
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|
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Loans
|
|
$324.9
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|
$332.1
|
|
$341.1
|
|
$16.2
|
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5.0%
|
Yield
|
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5.59%
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5.41%
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5.20%
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(39 bps)
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|
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|
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Liabilities
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|
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Total Pure Deposits
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|
$307.9
|
|
$319.5
|
|
$367.2
|
|
$59.3
|
|
19.3%
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Certificates of Deposit
|
|
166.1
|
|
155.4
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|
142.5
|
|
(23.6)
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|
(14.2%)
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Total Deposits
|
|
$474.0
|
|
$474.9
|
|
$509.7
|
|
$35.6
|
|
7.5%
|
|
|
|
|
|
|
|
|
|
|
|
Customer Cash Management
|
|
12.8
|
|
15.9
|
|
15.7
|
|
2.9
|
|
22.7%
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FHLB Advances
|
|
38.5
|
|
36.3
|
|
34.3
|
|
(4.2)
|
|
(10.9%)
|
|
|
|
|
|
|
|
|
|
|
|
Total Funding
|
|
$525.3
|
|
$527.1
|
|
559.7
|
|
34.4
|
|
6.6%
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Funds*
|
|
1.03%
|
|
0.87%
|
|
0.67%
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|
|
(36 bps)
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(*including demand deposits)
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|
|
|
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|
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Cost of Deposits
|
|
0.68%
|
|
0.55%
|
|
0.37%
|
|
|
|
(31 bps)
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Mr. Crapps commented, "Our success in serving our target market of local business and professional clients is demonstrated in the growth in pure deposits and our loan portfolio. The momentum in pure deposit growth has continued and during the past twelve months we have increased pure deposits by $59.3 million, which is an increase of 19.3%. This has positioned us to drive down our cost of deposits by 31 basis points to 0.37% during this same time period. We are especially pleased to report that we are experiencing a rebound in credit demand and that during the past twelve months the loan portfolio has grown by 5.0% or $16.2 million. The second quarter of 2013 was especially strong with $7.4 million in growth."
Revenue
Net Interest Income/Net Interest Margin
Net interest income was $4.423 million for the second quarter of 2013 which represents a 3.40% increase over the first quarter of 2013. The net interest margin, on a tax equivalent basis, was 3.11% for the second quarter of 2013, which represents a decrease from 3.15% during the first quarter of 2013. Mr. Crapps commented, "The contraction in our net interest margin of four basis points was driven primarily by the decrease in yields in the investment portfolio. We were able to overcome this contraction with growth in average earning assets; and therefore, we were able to experience growth in net-interest income."
Non-Interest Income
During the second quarter, non-interest income increased by 10.2% ($212,000) on a linked quarter basis. On a year-over-year comparison basis, the increase is even more significant. Notably, non-interest income represented 34% of total revenues during this quarter. Mr. Crapps noted, "Our mortgage banking line of business continues to be an important component of our company." During the second quarter, total production increased by 6.4% from $34.4 million to $36.6 million. Significantly, purchase transactions, as a component of total production, grew at an even faster rate, increasing by 72.1% from $10.4 million to $17.9 million. During the second quarter, purchase transactions represented 48.9% of the total as compared to 30.2% during the first quarter. Mortgage origination fees increased by $168 thousand to $1.184 million in the quarter.
Mr. Crapps commented, "Our mortgage banking line of business continues to be a real success story. We recognize that we may be at an inflection point in the interest rate cycle and the housing market. In our company, and we believe on an industry wide basis, the refinance activity is decreasing in volume while the purchase activity is increasing. The outcome of this change may result in less overall volume with a higher component of purchase transactions. The pre-tax net income margin in our mortgage line of business is in a range of 35%-45%, depending upon volume and product mix. We are recruiting additional quality mortgage bankers as we seek to continue to grow this line of business."
It is also noteworthy that the financial planning/investment advisory line of business continues to grow in revenue and assets under management (AUM) have now exceeded $120 million.
Mr. Crapps commented further on the revenue model, "We believe that the diversification of revenue in our model is a real strength of our company now and in the future. As noted above, we believe that we are at an inflection point in the interest rate cycle. As one example of the benefit of our diversified revenue model the increase in rates may slow total mortgage loan production; and therefore, the contribution to net income from that line of business will decrease. The offset to that may be the increase in yields in our investment portfolio as prepayments on mortgage back securities slow; as well as, the re-investment of cash flows at higher yields in both the loan and investment portfolios. This would serve to enhance our net-interest margin and our net-interest income."
Non-Interest Expense
Non-interest expense increased by 3.1% ($148,000) on a linked quarter basis to $4,955,000. This increase was primarily driven by an increase in other miscellaneous expenses, which included a debit card fraud of $28 thousand as well as increases in certain legal and other professional fees.
First Community Corporation stock trades on the NASDAQ Capital Market under the symbol "FCCO" and is the holding company for First Community Bank, a local community bank based in the midlands of South Carolina. First Community Bank operates eleven banking offices located in Lexington, Richland, Newberry and Kershaw counties in addition to First Community Financial Consultants, a financial planning/investment advisory division and Palmetto South Mortgage, a separate mortgage division.
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
FIRST COMMUNITY CORPORATION
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BALANCE SHEET DATA
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(Dollars in thousands, except per share data)
|
|
|
|
June
|
December 31,
|
June 30
|
|
|
|
|
2013
|
2012
|
2012
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
$ 633,185
|
$ 602,925
|
$ 598,014
|
|
Other short-term investments (1)
|
|
|
14,560
|
7,191
|
18,205
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|
Investment Securities
|
|
|
225,915
|
205,972
|
201,381
|
|
Loans held for sale
|
|
|
5,789
|
9,658
|
4,356
|
|
Loans
|
|
|
341,089
|
332,111
|
324,913
|
|
Allowance for Loan Losses
|
|
|
4,439
|
4,621
|
4,742
|
|
Total Deposits
|
|
|
509,619
|
474,977
|
474,019
|
|
Securities Sold Under Agreements to Repurchase
|
|
|
15,650
|
15,900
|
12,817
|
|
Federal Home Loan Bank Advances
|
|
|
34,335
|
36,344
|
38,496
|
|
Junior Subordinated Debt
|
|
|
15,464
|
15,464
|
17,916
|
|
Shareholders' equity
|
|
|
52,828
|
54,183
|
49,296
|
|
|
|
|
|
|
|
|
Book Value Per Common Share
|
|
|
$ 9.98
|
$ 10.37
|
$ 11.39
|
|
Tangible Book Value Per Common Share
|
|
$ 9.86
|
$ 10.23
|
$ 11.14
|
|
Equity to Assets
|
|
|
8.34%
|
8.99%
|
8.24%
|
|
Tangible common equity to tangible assets
|
|
8.25%
|
8.88%
|
6.24%
|
|
Loan to Deposit Ratio
|
|
|
69.46%
|
71.95%
|
69.46%
|
|
Allowance for Loan Losses/Loans
|
|
|
1.30%
|
1.39%
|
1.46%
|
|
(1) Includes federal funds sold, securities sold under agreements to resell and interest-bearing deposits
|
|
Regulatory Ratios:
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|
|
June 30,
|
December 31,
|
June 30,
|
|
|
|
|
2013
|
2012
|
2012
|
|
|
|
|
|
|
|
|
Leverage Ratio
|
|
|
10.61%
|
10.63%
|
9.94%
|
|
Tier 1 Capital Ratio
|
|
|
17.51%
|
17.33%
|
16.64%
|
|
Total Capital Ratio
|
|
|
18.68%
|
18.58%
|
18.59%
|
|
Tier 1 Regulatory Capital
|
|
|
$ 66,130
|
$ 63,381
|
$ 58,822
|
|
Total Regulatory Capital
|
|
|
$ 70,569
|
$ 67,963
|
$ 68,706
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|
|
|
|
|
|
|
|
Average Balances:
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2013
|
2012
|
|
2013
|
2012
|
|
|
|
|
|
|
|
Average Total Assets
|
|
$ 628,330
|
$ 598,124
|
|
$ 617,273
|
$ 596,048
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Average Loans
|
|
344,009
|
332,081
|
|
340,983
|
330,342
|
Average Earning Assets
|
|
585,174
|
550,899
|
|
573,615
|
547,022
|
Average Deposits
|
|
498,720
|
471,955
|
|
487,768
|
469,270
|
Average Other Borrowings
|
|
69,455
|
71,746
|
|
69,466
|
72,838
|
Average Shareholders' Equity
|
|
55,162
|
49,207
|
|
54,844
|
48,650
|
|
|
|
|
|
|
|
Asset Quality:
|
|
June 30,
|
March 31,
|
December 31,
|
|
|
|
|
2013
|
2013
|
2012
|
|
|
Loan Risk Rating by Category (End of Period)
|
|
|
|
|
|
|
Special Mention
|
|
$ 8,512
|
$ 9,097
|
$ 7,681
|
|
|
Substandard
|
|
13,614
|
13,870
|
17,612
|
|
|
Doubtful
|
|
-
|
-
|
-
|
|
|
Pass
|
|
324,752
|
314,991
|
316,476
|
|
|
|
|
$ 346,878
|
$ 337,958
|
$ 341,769
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
December 31,
|
|
|
|
2013
|
2013
|
2012
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets:
|
|
|
|
|
|
|
Non-accrual loans
|
|
$ 5,978
|
$ 5,388
|
$ 4,715
|
|
|
Other real estate owned
|
|
2,824
|
3,335
|
3,987
|
|
|
Accruing loans past due 90 days or more
|
|
-
|
325
|
55
|
|
|
Total nonperforming assets
|
|
$ 8,802
|
$ 9,048
|
$ 8,757
|
|
|
Accruing trouble debt restructurings
|
|
$ 593
|
$ 907
|
$ 960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2013
|
2012
|
|
2013
|
2012
|
Loans charged-off
|
|
$ 200
|
$ 88
|
|
$ 505
|
$ 292
|
Overdrafts charged-off
|
|
9
|
7
|
|
18
|
15
|
Loan recoveries
|
|
(12)
|
(18)
|
|
(86)
|
(41)
|
Overdraft recoveries
|
|
(2)
|
(2)
|
|
(5)
|
(7)
|
Net Charge-offs
|
|
$ 195
|
$ 75
|
|
$ 432
|
$ 259
|
Net charge-offs to average loans
|
|
0.05%
|
0.02%
|
|
0.13%
|
0.08%
|
|
|
|
|
|
|
|
FIRST COMMUNITY CORPORATION
|
INCOME STATEMENT DATA
|
(Dollars in thousands, except per share data)
|
|
|
Three months ended
|
|
Three months ended
|
|
Six months ended
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
|
2013
|
2012
|
|
2013
|
2012
|
|
2013
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
$ 5,370
|
$ 5,840
|
|
$ 5,283
|
$ 6,044
|
|
$ 10,653
|
$ 11,884
|
|
Interest Expense
|
|
947
|
1,389
|
|
1,004
|
1,535
|
|
1,951
|
2,924
|
|
Net Interest Income
|
|
4,423
|
4,451
|
|
4,279
|
4,509
|
|
8,702
|
8,960
|
|
Provision for Loan Losses
|
|
100
|
71
|
|
150
|
230
|
|
250
|
301
|
|
Net Interest Income After Provision
|
|
4,323
|
4,380
|
|
4,129
|
4,279
|
|
8,452
|
8,659
|
|
Non-interest Income:
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges
|
|
367
|
375
|
|
361
|
389
|
|
728
|
764
|
|
Mortgage origination fees
|
|
1,183
|
877
|
|
1,015
|
723
|
|
2,198
|
1,600
|
|
Investment advisory fees and non-deposit commissions
|
218
|
162
|
|
198
|
147
|
|
416
|
309
|
|
Gain (loss) on sale of securities
|
|
133
|
(38)
|
|
15
|
11
|
|
148
|
(27)
|
|
Gain (loss) on sale of other assets
|
|
32
|
(36)
|
|
(2)
|
50
|
|
30
|
14
|
|
Fair value gain (loss) adjustment
|
|
(2)
|
(4)
|
|
-
|
(33)
|
|
(2)
|
(37)
|
|
Other-than-temporary-impairment write-down on securities
|
-
|
-
|
|
-
|
(200)
|
|
-
|
(200)
|
|
Loss on early extinguishment of debt
|
|
(141)
|
-
|
|
-
|
(121)
|
|
(141)
|
(121)
|
|
Other
|
|
505
|
519
|
|
496
|
497
|
|
1,001
|
1,016
|
|
Total non-interest income
|
|
2,295
|
1,855
|
|
2,083
|
1,463
|
|
4,378
|
3,318
|
|
Non-interest Expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
2,994
|
2,747
|
|
2,992
|
2,558
|
|
5,986
|
5,305
|
|
Occupancy
|
|
334
|
335
|
|
346
|
345
|
|
680
|
680
|
|
Equipment
|
|
314
|
283
|
|
283
|
287
|
|
597
|
570
|
|
Marketing and public relations
|
|
112
|
108
|
|
93
|
186
|
|
205
|
294
|
|
FDIC assessment
|
|
102
|
196
|
|
99
|
184
|
|
201
|
380
|
|
Other real estate expenses
|
|
115
|
267
|
|
112
|
144
|
|
206
|
386
|
|
Amortization of intangibles
|
|
45
|
51
|
|
51
|
51
|
|
96
|
102
|
|
Other
|
|
939
|
921
|
|
831
|
857
|
|
1,791
|
1,803
|
|
Total non-interest expense
|
|
4,955
|
4,908
|
|
4,807
|
4,612
|
|
9,762
|
9,520
|
|
Income before taxes
|
|
1,663
|
1,327
|
|
1,405
|
1,130
|
|
3,068
|
2,457
|
|
Income tax expense
|
|
460
|
399
|
|
367
|
331
|
|
827
|
730
|
|
Net Income
|
|
1,203
|
928
|
|
$ 1,038
|
$ 799
|
|
$ 2,241
|
$ 1,727
|
|
Preferred stock dividends
|
|
-
|
168
|
|
-
|
169
|
|
-
|
337
|
|
Net income available to common shareholders
|
$ 1,203
|
$ 760
|
|
$ 1,038
|
$ 630
|
|
$ 2,241
|
$ 1,390
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
Net income, basic
|
|
$ 0.23
|
$ 0.23
|
|
$ 0.20
|
$ 0.19
|
|
$ 0.42
|
$ 0.42
|
|
Net income, diluted
|
|
$ 0.23
|
$ 0.23
|
|
$ 0.20
|
$ 0.19
|
|
$ 0.42
|
$ 0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of shares outstanding - basic
|
5,291,828
|
3,295,804
|
|
5,255,525
|
3,308,677
|
|
5,273,777
|
3,302,236
|
|
Average number of shares outstanding - diluted
|
5,311,194
|
3,356,785
|
|
5,292,000
|
3,329,175
|
|
5,330,011
|
3,343,040
|
|
Shares outstanding period end
|
|
5,293,116
|
3,346,365
|
|
5,290,452
|
3,310,572
|
|
5,293,116
|
3,346,365
|
|
|
|
-
|
-
|
|
|
|
|
-
|
|
|
Return on average assets
|
|
0.77%
|
0.51%
|
|
0.69%
|
0.43%
|
|
0.73%
|
0.47%
|
|
Return on average common equity:
|
|
8.75%
|
8.02%
|
|
7.72%
|
6.86%
|
|
8.24%
|
7.46%
|
|
Return on average common tangible equity:
|
8.88%
|
8.22%
|
|
7.82%
|
7.09%
|
|
8.28%
|
7.64%
|
|
Net Interest Margin (non taxable equivalent)
|
3.03%
|
3.25%
|
|
3.09%
|
3.34%
|
|
3.06%
|
3.32%
|
|
Net Interest Margin (taxable equivalent)
|
|
3.11%
|
3.30%
|
|
3.15%
|
3.36%
|
|
3.13%
|
3.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST COMMUNITY CORPORATION
|
Yields on Average Earning Assets and Rates
|
on Average Interest-Bearing Liabilities
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2013
|
Three months ended June 30, 2012
|
|
Average
|
Interest
|
Yield/
|
Average
|
Interest
|
Yield/
|
|
Balance
|
Earned/Paid
|
Rate
|
Balance
|
Earned/Paid
|
Rate
|
Assets
|
|
|
|
|
|
|
Earning assets
|
|
|
|
|
|
|
Loans
|
$ 344,009
|
$ 4,462
|
5.20%
|
$ 332,081
|
$ 4,629
|
5.61%
|
Securities:
|
229,845
|
891
|
1.55%
|
200,308
|
1,189
|
2.39%
|
Federal funds sold and securities purchased
|
11,320
|
17
|
0.60%
|
18,510
|
22
|
0.48%
|
Total earning assets
|
585,174
|
5,370
|
3.68%
|
550,899
|
5,840
|
4.26%
|
Cash and due from banks
|
8,403
|
|
|
8,408
|
|
|
Premises and equipment
|
17,230
|
|
|
17,416
|
|
|
Other assets
|
22,050
|
|
|
26,148
|
|
|
Allowance for loan losses
|
(4,527)
|
|
|
(4,747)
|
|
|
Total assets
|
$ 628,330
|
|
|
$ 598,124
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
Interest-bearing transaction accounts
|
$ 101,247
|
$ 29
|
0.11%
|
$ 89,647
|
$ 41
|
0.18%
|
Money market accounts
|
76,272
|
44
|
0.23%
|
52,309
|
42
|
0.32%
|
Savings deposits
|
46,355
|
13
|
0.11%
|
38,752
|
12
|
0.12%
|
Time deposits
|
173,879
|
371
|
0.86%
|
201,079
|
713
|
1.43%
|
Other borrowings
|
69,455
|
490
|
2.83%
|
71,746
|
581
|
3.26%
|
Total interest-bearing liabilities
|
467,208
|
947
|
0.81%
|
453,533
|
1,389
|
1.23%
|
Demand deposits
|
100,967
|
|
|
90,168
|
|
|
Other liabilities
|
4,993
|
|
|
5,216
|
|
|
Shareholders' equity
|
55,162
|
|
|
49,207
|
|
|
Total liabilities and shareholders' equity
|
$ 628,330
|
|
|
$ 598,124
|
|
|
|
|
|
|
|
|
|
Cost of funds, including demand deposits
|
|
|
0.67%
|
|
|
1.03%
|
Net interest spread
|
|
|
2.87%
|
|
|
3.03%
|
Net interest income/margin
|
|
$ 4,423
|
3.03%
|
|
$ 4,451
|
3.25%
|
Net interest income/margin FTE basis
|
|
$ 4,532
|
3.11%
|
|
$ 4,516
|
3.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST COMMUNITY CORPORATION
|
Yields on Average Earning Assets and Rates
|
on Average Interest-Bearing Liabilities
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2013
|
Six months ended June 30, 2012
|
|
Average
|
Interest
|
Yield/
|
Average
|
Interest
|
Yield/
|
|
Balance
|
Earned/Paid
|
Rate
|
Balance
|
Earned/Paid
|
Rate
|
Assets
|
|
|
|
|
|
|
Earning assets
|
|
|
|
|
|
|
Loans
|
$ 340,983
|
$ 8,823
|
5.22%
|
$ 330,342
|
$ 9,256
|
5.63%
|
Securities:
|
219,084
|
1,798
|
1.65%
|
201,908
|
2,590
|
2.58%
|
Federal funds sold and securities purchased
|
|
|
|
|
|
|
under agreements to resell
|
13,548
|
32
|
0.48%
|
14,772
|
38
|
0.52%
|
Total earning assets
|
573,615
|
10,653
|
3.75%
|
547,022
|
11,884
|
4.37%
|
Cash and due from banks
|
8,570
|
|
|
8,520
|
|
|
Premises and equipment
|
17,226
|
|
|
17,430
|
|
|
Other assets
|
22,458
|
|
|
27,815
|
|
|
Allowance for loan losses
|
(4,596)
|
|
|
(4,739)
|
|
|
Total assets
|
$ 617,273
|
|
|
$ 596,048
|
|
|
Liabilities
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
Interest-bearing transaction accounts
|
$ 91,056
|
58
|
0.13%
|
$ 87,318
|
83
|
0.19%
|
Money market accounts
|
75,869
|
79
|
0.21%
|
51,226
|
84
|
0.33%
|
Savings deposits
|
44,485
|
24
|
0.11%
|
37,598
|
24
|
0.13%
|
Time deposits
|
177,972
|
809
|
0.92%
|
204,822
|
1,544
|
1.52%
|
Other borrowings
|
69,466
|
981
|
2.85%
|
72,838
|
1,189
|
3.28%
|
Total interest-bearing liabilities
|
458,848
|
1,951
|
0.86%
|
453,802
|
2,924
|
1.30%
|
Demand deposits
|
98,386
|
|
|
88,306
|
|
|
Other liabilities
|
5,195
|
|
|
5,290
|
|
|
Shareholders' equity
|
54,844
|
|
|
48,650
|
|
|
Total liabilities and shareholders' equity
|
$ 617,273
|
|
|
$ 596,048
|
|
|
|
|
|
|
|
|
|
Cost of funds, including demand deposits
|
|
|
0.71%
|
|
|
1.08%
|
Net interest spread
|
|
|
2.89%
|
|
|
3.07%
|
Net interest income/margin
|
|
$ 8,702
|
3.06%
|
|
$ 8,960
|
3.29%
|
Net interest income/margin FTE basis
|
|
$ 8,904
|
3.13%
|
|
$ 9,056
|
3.33%
|
SOURCE First Community Corporation