Business
First Community Corporation Announces First Quarter Results, Cash Dividend and COVID-19 Pandemic Response
LEXINGTON, S.C., April 22, 2020 /PRNewswire/ -- Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, announced
About this update from First Community Corporation
[{"type":"text","content":"LEXINGTON, S.C., April 22, 2020 /PRNewswire/ -- Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, announced earnings and discussed the results of operations and the company's activities during the first quarter of 2020 including the impact of, and response to, the Coronavirus/COVID-19 pandemic. \n\n \n \n \n \n \n \n\n \nFirst Community reported net income for the first quarter of 2020 of $1.8 million with diluted earnings per common share of $0.24. This compares to net income and diluted earnings per common share of $2.7 million and $0.36, respectively, on a linked quarter basis and $2.5 million and $0.32 year-over-year, respectively. Pre-tax pre-provision earnings during the first quarter of 2020 were $3.3 million. This compares to pre-tax pre-provision earnings of $3.4 million for fourth quarter of 2019 and pre-tax pre-provision earnings of $3.2 million for the first quarter of 2019. \nFirst Community President and CEO, Mike Crapps, commented, \"The first quarter of 2020 was far different than any of us had anticipated and the impact of the COVID-19 pandemic is being felt in nearly every aspect of our lives. Given that as a community bank we reflect the successes and challenges of our customers and communities, it is to be expected that First Community Bank is being impacted as well. In this release, we are reporting our first quarter results, and while much is still unknown, we will also weave in certain thoughts regarding responses to the related impacts of this pandemic.\"\nCOVID-19 Operational Response \nMr. Crapps noted, \"The health and safety of our employees and customers is, and has been, of the highest priority; while still continuing to support local businesses and communities. We have taken actions that we felt were necessary and appropriate based on the evolving guidance we have received from local, state and national authorities and adjusted our activities as we have understood to be appropriate. We are so grateful to our employees for their unwavering commitment to continue to serve our customers in this challenging time.\" \nThe company has business continuity plans that cover a variety of potential impacts to business operations. These plans are periodically reviewed and tested and have been designed to protect the ongoing viability of bank operations in the even...