Business
First Community Corporation Announces Fourth Quarter and Year End 2022 Results and Increased Cash Dividend
Highlights Diluted EPS of $0.53 per common share for the fourth quarter of 2022 and $1.92 per common share for the year of 2022.Net income of $14.613 million
About this update from First Community Corporation
[{"type":"text","content":"Highlights\nDiluted EPS of $0.53 per common share for the fourth quarter of 2022 and $1.92 per common share for the year of 2022.Net income of $14.613 million for the year of 2022 compared to $15.465 million in 2021.Pre-tax pre-provision earnings of $18.259 million for the year of 2022, compared to $19.982 million for the year of 2021. Total revenue on Paycheck Protection Program (PPP) loans for 2022 was $49 thousand compared to $3.340 million for the year of 2021.Net income of $4.043 million for the fourth quarter of 2022, up 3.2% year-over-year and 2.3% from the linked quarter.Pre-tax pre-provision earnings of $5.184 million for the fourth quarter of 2022, up 5.5% year-over year and 2.7% on a linked quarter. Revenue related to PPP loans was $1 thousand in the fourth quarter of 2022 compared to $254 thousand in the fourth quarter of 2021.Pure (non-CD) deposit growth, including customer cash management accounts, of $58.3 million during the year of 2022, a 4.5% growth rate.Total loan growth of $117.2 million or 13.6% during the year of 2022 and $30.6 million or 3.2% during the fourth quarter of the year, an annualized growth rate of 12.8%.Key credit quality metrics continue to be strong with 2022 net loan recoveries of $361 thousand, non-performing assets of 0.35%, and past due loans of 0.06% at year-end 2022.Investment advisory revenue of $1.033 million for the fourth quarter of 2022 and $4.479 million for the year of 2022, an increase of 12.1% year-over-year. Assets under management (AUM) were $558.8 million at December 31, 2022, up from $529.5 at September 30, 2022.Increased cash dividend of $0.14 per common share, the 84th consecutive quarter of cash dividends paid to common shareholders.Full-service banking office opened in Rock Hill, South CarolinaLEXINGTON, S.C., Jan. 18, 2023 /PRNewswire/ -- Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the fourth quarter and year end of 2022. Net income for the fourth quarter of 2022 was $4.043 million and diluted earnings per common share were $0.53 compared to $3.919 million and $0.52 in the fourth quarter of 2021 and $3.951 million and $0.52 in the third quarter of 2022, an increase in net income of 3.2% year-over-year and 2.3% on a linked quarter basis. Pre-tax pre-provision earnings (PTPPE) in the fourth quar...