Business
First Community Corporation Announces Fourth Quarter and Record Annual Earnings and Increased Cash Dividend
LEXINGTON, S.C., Jan. 19, 2022 /PRNewswire/ -- Highlights Net income of 15.465 million for the year of 2021, an increase of 53.1% over 2020. Net income of
About this update from First Community Corporation
[{"type":"text","content":"LEXINGTON, S.C., Jan. 19, 2022 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nHighlights\nNet income of 15.465 million for the year of 2021, an increase of 53.1% over 2020. Net income of $3.919 million for the fourth quarter, up 14.1% year-over-year and down 17.5% from the linked quarter. Pre-tax pre-provision earnings of $19.982 million for the year of 2021, an increase of 22.9% over 2020. Pre-tax pre-provision earnings of $4.912 million for the fourth quarter, up 5.9% year-over year and down 19.7% from the linked quarter. Income related to Paycheck Protection Program (PPP) loans, including interest and deferred fees, was $254 thousand in the fourth quarter of 2021 compared to $1.646 million in the third quarter of the year. Total income related to interest and deferred fees on PPP loans for 2021 was $3.340 million, which includes $2.955 million in accretion of net deferred fees. Diluted EPS of $0.52 per common share for the fourth quarter and $2.05 per common share for the year of 2021. Pure (non-CD) deposit growth, including customer cash management accounts, of $191.2 million during the year, a 17.4% growth rate. Total loan growth of $19.5 million or 2.3% during the year. Loan growth, excluding PPP loans and a related credit facility was $65.5 million during the year, an 8.2% growth rate. Total loans declined by $17.8 million during the fourth quarter. Loans, excluding PPP loans, declined $10.2 million during the fourth quarter. Key credit quality metrics continue to be strong with 2021 net loan recoveries of $478 thousand, non-performing assets of 0.09%, and past due loans of 0.03% at year end. Investment advisory revenue of $1.121 million for the fourth quarter and $3.995 million for the year of 2021. Assets under management were $650.9 million at December 31, 2021. Increased cash dividend of $0.13 per common share, the 80th consecutive quarter of cash dividends paid to common shareholders.Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the fourth quarter and year end of 2021. Net income for the fourth quarter of 2021 was $3.919 million and diluted earnings per share were $0.52 compared to $3.436 million and $0.46 in the fourth quarter of 2020 and $4.748 million and $0.63 in the third quarter of 2021, an increase in net income of 14.1% year-over-year and a...