Business
First Community Corporation Announces Record Earnings, Third Quarter Results and Cash Dividend
LEXINGTON, S.C., Oct. 20, 2021 /PRNewswire/ -- Highlights for Third Quarter of 2021 Net income of $4.748 million, an increase of 79.0% year-over-year and
About this update from First Community Corporation
[{"type":"text","content":"LEXINGTON, S.C., Oct. 20, 2021 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nHighlights for Third Quarter of 2021\nNet income of $4.748 million, an increase of 79.0% year-over-year and 34.0% linked quarter. Pre-tax pre-provision earnings of $6.115 million, up 41.8% year-over year and 32.0% linked quarter. Diluted EPS of $0.63 per common share for the quarter and $1.53 year-to-date through September 30, 2021. Total loans, excluding Paycheck Protection Program or PPP loans, increased during the third quarter by $41.3 million, an annualized growth rate of 19.9%. Pure deposit growth, including customer cash management, during the third quarter of $44.7 million, an annualized growth rate of 14.6%. Investment advisory line of business revenue of $1.040 million, an increase of 54.8% year-over-year and 8.7% linked quarter. Net interest margin on a tax equivalent basis including PPP loans of 3.47%, excluding PPP loans 3.08% Strong credit quality metrics with non-performing assets (NPAs) ratio of 0.10%, past due ratio of 0.03% and net loan recovery excluding overdrafts of $354 thousand during the third quarter, with a year-to-date net recovery of $259 thousand. Cash dividend of $0.12 per common share, which is the 79th 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 third quarter of 2021 of $4.748 million as compared to $2.652 million in the third quarter of 2020, an increase of 79.0%. Diluted earnings per common share were $0.63 for the third quarter of 2021 as compared to $0.35 for the third quarter of 2020. On a linked quarter basis, net income increased 34.0% from $3.543 million in the second quarter of 2021 and diluted earnings per common share increased from $0.47. Pre-tax pre-provision earnings or PTPPE in the third quarter of 2021 were $6.115 million compared to third quarter of 2020 PTPPE of $4.312 million and second quarter 2021 PTPPE of $4.632 million, an increase of 41.8% and 32.0% respectively. \nYear-to-date through September 30, 2021 net income was $11.546 million compared to $6.663 million during the first nine months of 2020. Diluted earnings per share for the first nine months of 2021 were $1.53, compared to $0.89 during the same time period in 2020. Year-to-date through September 30,...