Business
First Community Corporation Announces Fourth Quarter and Annual Earnings and Cash Dividend
LEXINGTON, S.C., Jan. 20, 2021 /PRNewswire/ -- Highlights Net income of $3.436 million for the fourth quarter, up 27.4% year-over-year and 29.6% over the
About this update from First Community Corporation
[{"type":"text","content":"LEXINGTON, S.C., Jan. 20, 2021 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nHighlights\nNet income of $3.436 million for the fourth quarter, up 27.4% year-over-year and 29.6% over the linked quarter, and $10.099 million for the year of 2020 Pre-tax pre-provision earnings of $4.640 million for the fourth quarter, up 35.5% year-over year and 7.6% over the linked quarter. Diluted EPS of $0.46 per common share for the fourth quarter and $1.35 per common share for the year of 2020 Pure (non-CD) deposit growth, including customer cash management accounts, of $219.2 million during the year, a 24.9% growth rate Total loan growth of $107.1 million or 14.5% during the year. Loan growth, excluding Paycheck Protection Program (PPP) loans and a related credit facility, was $59.7 million during the year, an 8.1% growth rate Total loans declined slightly by $303 thousand during the fourth quarter. Loans, excluding PPP loans and a related credit facility, grew $12.1 million during the fourth quarter, a 6.1% annualized growth rate Key credit quality metrics continue to be strong with 2020 net loan recoveries of $142 thousand, non-performing assets of 0.50%, and past due loans of 0.23% at year end Mortgage revenue of $1.600 million for the fourth quarter and $5.557 million for the year of 2020 Investment advisory revenue of $743 thousand for the fourth quarter and $2.720 million for the year of 2020. Assets under management now exceed $501 million. Cash dividend of $0.12 per common share, the 76th consecutive quarter of cash dividends paid to common shareholdersToday, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the fourth quarter and year end of 2020. Net income for the fourth quarter of 2020 was $3.436 million and diluted earnings per share were $0.46 compared to $2.697 million and $0.36 in the fourth quarter of 2019 and $2.652 million and $0.35 in the third quarter of 2020, an increase in net income of 27.4% and 29.6%, respectively. Pre-tax pre-provision earnings (PTPPE) in the fourth quarter of 2020 were $4.640 million compared to fourth quarter of 2019 PTPPE of $3.424 million and third quarter 2020 PTPPE of $4.312 million, an increase of 35.5% and 7.6% respectively. \nFor the year ended December 31, 2020 net income was $10.099 million and diluted earnings per share were $1.35,...