Business
First Community Corporation Announces Annual and Fourth Quarter Earnings and Increased Cash Dividend
LEXINGTON, S.C., Jan. 22, 2020 /PRNewswire/ -- Highlights Net income of $11.0 million in 2019 and $2.7 million for the fourth quarter Diluted EPS of $1.45 per
About this update from First Community Corporation
[{"type":"text","content":"LEXINGTON, S.C., Jan. 22, 2020 /PRNewswire/ -- \n\n \n \n\n \nHighlights\nNet income of $11.0 million in 2019 and $2.7 million for the fourth quarter Diluted EPS of $1.45 per common share for the year of 2019 and $0.36 per common share for the fourth quarter Increased cash dividend to $0.12 per common share, the 72nd consecutive quarter of cash dividends paid to common shareholders, highest dividend ever paid by the company Pure (non-CD) deposit growth, including customer cash management accounts, of $75.4 million during the year, a 9.4% growth rate Loan growth of $18.6 million during the year, a 2.6 % growth rate Key credit quality metrics continue to be excellent with 2019 net loan recoveries of $293 thousand and non-performing assets of 0.32% and past dues of 0.06% at year end Mortgage revenue of $4.6 million, a 16.9% increase in 2019 Investment advisory revenue of $2.0 million, a 20.1% increase in 2019Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the fourth quarter and year end of 2019. For the year ended December 31, 2019 net income was $11.0 million and diluted earnings per share were $1.45. Net income for the fourth quarter of 2019 was $2.7 million and diluted earnings per share were $0.36. First Community President and CEO Michael Crapps commented, \"We are pleased with our pure deposit growth, the performance of our loan portfolio, and the benefit that our fee income lines of business provide; all of which continue to be strengths of our company. Our model is built on the diversity of revenue so that in times of margin pressure our sources of fee revenue, mortgage and investment advisory lines of business, really outperform.\" \nCash Dividend and Capital The Board of Directors has approved an increase in the cash dividend for the fourth quarter of 2019 to $0.12 per common share. This dividend is payable on February 14, 2020 to shareholders of record of the company's common stock as of January 31, 2020. Mr. Crapps commented, \"The entire board is pleased that our company's strong financial performance enables us to increase the cash dividend to the highest level ever paid by the company. We are also proud that dividend payments have continued uninterrupted for 72 consecutive quarters.\" \nDuring the third quarter of 2019, the Company completed the...