Business
First Community Corporation Announces Second Quarter Results and Cash Dividend
Highlights for Second Quarter of 2022 Net income of $3.1 million.Diluted EPS of $0.41 per common share for the quarter and $0.87 year-to-date through June 30,
About this update from First Community Corporation
[{"type":"text","content":"Highlights for Second Quarter of 2022\nNet income of $3.1 million.Diluted EPS of $0.41 per common share for the quarter and $0.87 year-to-date through June 30, 2022.Total loans increased during the second quarter by $40.5 million, an annualized growth rate of 18.6% on a linked quarter basis. Pure (non-CD) deposit growth, including customer cash management accounts, of $46.2 million, an annualized growth rate of 13.4% on a linked quarter basis.Investment advisory line of business revenue of $1.2 million.Cash dividend of $0.13 per common share, which is the 82nd consecutive quarter of cash dividends paid to common shareholders.LEXINGTON, S.C., July 20, 2022 /PRNewswire/ -- Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the second quarter of 2022 of $3.130 million as compared to $3.543 million in the second quarter of 2021 and $3.489 million in the first quarter of 2022. Diluted earnings per common share were $0.41 for the second quarter of 2022 as compared to $0.47 for the second quarter of 2021 and $0.46 in the first quarter of 2022. As a note, during the second quarter of 2021, the bank recognized $611 thousand in non-recurring PPP related fee income compared to $1 thousand in the second quarter of 2022.\n\n \n \n \n \n \n \n\n \nYear-to-date through June 30, 2022, net income was $6.619 million compared to $6.798 million during the first six months of 2021. Diluted earnings per share for the first half of 2022 were $0.87, compared to $0.90 during the same time period in 2021. As a note, during the first six months of 2021, the bank recognized $1.153 million in non-recurring PPP related fee income compared to $44 thousand in the first six months of 2022. \nCash Dividend and Capital \nThe Board of Directors approved a cash dividend for the second quarter of 2022. The company will pay a $0.13 per share dividend to holders of the company's common stock. This dividend is payable August 16, 2022 to shareholders of record as of August 2, 2022. First Community President and CEO Mike Crapps commented, \"Our entire board is pleased that our performance enables the company to continue its cash dividend for the 82nd consecutive quarter.\" \nAs previously announced, the Company's Board of Directors has approved a share repurchase plan that provides for the repurchase o...