Business
First Community Corporation Announces Fourth Quarter and Year End 2024 Results and Cash Dividend
LEXINGTON, S.C., Jan. 22, 2025 /PRNewswire/ -- Highlights Net income of $4.232 million for the fourth quarter of 2024 and $13.955 million for the year of
About this update from First Community Corporation
[{"type":"text","content":"LEXINGTON, S.C., Jan. 22, 2025 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nHighlights\nNet income of $4.232 million for the fourth quarter of 2024 and $13.955 million for the year of 2024.Diluted EPS of $0.55 per common share for the fourth quarter of 2024 and $1.81 per common share for the year of 2024.Total deposits increased $164.9 million, or 10.9%, during the year of 2024 and $31.8 million or 1.9% during the fourth quarter of 2024, an annualized growth rate of 7.7%. Total deposit growth, excluding brokered CDs, was $202.6 million during the year of 2024, a 13.8% growth rate and $43.8 million during the fourth quarter of 2024, a 10.8% annualized growth rate.Reduction in wholesale funding (Federal Home Loan Bank Borrowings and Brokered CDs) from $138.1 million as of December 31, 2023 to $10.4 million as of December 31, 2024.Total loan growth of $86.5 million, or 7.6%, during the year of 2024 and $23.9 million, or 2.0%, during the fourth quarter of 2024, an annualized growth rate of 7.9%.Key credit quality metrics continue to be excellent with 2024 net charge-offs of $65 thousand; net loan recoveries, excluding overdrafts, of $6 thousand; non-performing assets of 0.04%; and past due loans of 0.05% at year-end 2024.Investment advisory revenue of $1.720 million for the fourth quarter of 2024 and $6.181 million for the year of 2024. Assets under management (AUM) were $926.0 million at December 31, 2024, up from $901.6 million at September 30, 2024 and $755.4 million at December 31, 2023.Cash dividend of $0.15 per common share, the 92nd 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 2024. Net income for the fourth quarter of 2024 was $4.232 million and diluted earnings per common share were $0.55 compared to $3.297 million and $0.43 in the fourth quarter of 2023 and $3.861 million and $0.50 in the third quarter of 2024. For the year ended December 31, 2024, net income was $13.955 million compared to $11.843 million in 2023. Diluted earnings per common share were $1.81 for 2024 compared to $1.55 in 2023. \nAs previously reported, during the third quarter of 2023, the company sold $39.9 million of book value U.S. Treasuries in its available-for-sale portfolio and...