$FCCO

FIRST COMMUNITY CORP /SC/

CIK:0000932781|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Loans, including fees	$ 23,594	$ 18,173	$ 45,723	$ 35,618
Investment securities – taxable	3,901	3,976	7,701	7,783
Investment securities – non-taxable	337	345	661	687
Interest-bearing deposits in other banks and fed funds sold	1,343	1,679	3,129	3,167
Total interest and dividend income	29,175	24,173	57,214	47,255
Interest expense:
Deposits	8,862	7,899	17,623	15,509
Securities sold under agreements to repurchase	566	681	1,230	1,494
Other borrowed money	246	269	491	538
Total interest expense	9,674	8,849	19,344	17,541
Net interest income	19,501	15,324	37,870	29,714
Provision for credit losses	126	(237)	319	200
Net interest income after provision for credit losses	19,375	15,561	37,551	29,514
Non-interest income:
Deposit service charges	213	224	436	445
Mortgage banking income	1,070	879	1,751	1,638
Investment advisory fees and non-deposit commissions	2,286	1,751	4,557	3,557
Government guaranteed lending	704		1,104
Gain on sale of other assets		127		127
Other	1,364	1,225	2,579	2,421
Total non-interest income	5,637	4,206	10,427	8,188
Non-interest expense:
Salaries and employee benefits	9,514	8,060	19,006	15,717
Occupancy	893	772	1,710	1,549
Equipment	406	390	785	780
Marketing and public relations	289	208	849	722
FDIC insurance assessments	294	274	566	574
Amortization of intangibles	101	40	197	79
Merger	503	234	2,084	234
Other	3,273	3,105	7,107	6,182
Total non-interest expense	15,273	13,083	32,304	25,837
Net income before tax	9,739	6,684	15,674	11,865
Income tax expense	2,144	1,498	2,581	2,682
Net income	$ 7,595	$ 5,186	$ 13,093	$ 9,183
Basic earnings per common share	$ 0.81	$ 0.68	$ 1.41	$ 1.20
Diluted earnings per common share	$ 0.80	$ 0.67	$ 1.39	$ 1.18

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 13,093	$ 9,183
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	887	855
Net premium accretion on investment securities available-for-sale	(1,276)	(1,501)
Net premium amortization (accretion) on investment securities held-to-maturity	431	(334)
Provision for credit losses	319	200
Write-downs of other real estate owned		100
Origination of loans held-for-sale	(59,794)	(57,685)
Sale of loans held-for-sale	60,324	58,003
Gain on sale of loans held-for-sale	(1,739)	(1,631)
Gain on sale of other real estate owned		(127)
Amortization of intangibles	197	79
Stock-based compensation	272	331
(Increase) decrease in other assets	(4,757)	503
Decrease in other liabilities	(12,515)	(1,442)
Net cash (used in) provided by operating activities	(4,558)	6,534
Cash flows from investing activities:
Purchase of investment securities available-for-sale	(31,802)	(29,764)
Purchase of other investments	(138)	(216)
Sale/maturity/call of investment securities available-for-sale	29,395	12,036
Maturity/call of investment securities held-to-maturity	10,558	8,008
Increase in loans	(71,581)	(39,513)
Proceeds from sale of other real estate owned		376
Purchase of property and equipment	(332)	(418)
Net disposals of property and equipment		31
Acquisition of Signature Bank of Georgia, net of cash and cash equivalents acquired	35,933
Net cash used in investing activities	(27,967)	(49,460)
Cash flows from financing activities:
Increase in deposit accounts	47,138	78,140
Increase (decrease) in securities sold under agreements to repurchase	(10,643)	530
Dividends paid: Common Stock	(2,993)	(2,296)
Share repurchase	(41)
Dividend reinvestment plan	187	192
Net cash provided by financing activities	33,648	76,566
Net increase in cash and cash equivalents	1,123	33,640
Cash and cash equivalents at beginning of period	161,060	149,828
Cash and cash equivalents at end of period	162,183	183,468
Supplemental disclosure:
Interest	18,578	17,783
Income taxes	130	3,814
Supplemental disclosures
Unrealized (loss) gain on available-for-sale securities, net of tax	(857)	3,010
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax	398	662
Recognition of operating lease right of use asset acquired in Signature Bank of Georgia acquisition	301
Recognition of operating lease liability acquired in Signature Bank of Georgia acquisition	301
Fair value of assets acquired in Signature Bank of Georgia acquisition, excluding cash, cash equivalents, and goodwill	229,320
Fair value of liabilities acquired in Signature Bank of Georgia acquisition	230,282
Goodwill from Signature Bank of Georgia acquisition	14,762
Common stock issued for Signature Bank of Georgia acquisition	49,733
Cash paid to settle options and rounding for Signature Bank of Georgia acquisition	$ 5

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 31,667	$ 23,876
Interest-bearing bank balances	130,516	137,184
Investment securities available-for-sale	322,596	294,109
Investment securities held-to-maturity, fair value of $176,752 and $188,563 at June 30, 2026 and December 31, 2025, respectively, net of allowance for credit losses — investments	184,960	195,116
Other investments, at cost	3,252	2,942
Loans held-for-sale	11,946	10,737
Loans held-for-investment	1,578,292	1,311,019
Less, allowance for credit losses – loans	18,515	13,806
Net loans held-for-investment	1,559,777	1,297,213
Property and equipment – net	29,527	29,342
Lease right-of-use asset	2,254	2,192
Bank owned life insurance	32,224	31,801
Other real estate owned	168	168
Intangible assets	2,681	289
Goodwill	29,399	14,637
Other assets	31,381	18,126
Total assets	2,372,348	2,057,732
Deposits:
Non-interest bearing	527,904	467,265
Interest bearing	1,496,936	1,282,279
Total deposits	2,024,840	1,749,544
Securities sold under agreements to repurchase	96,546	107,189
Junior subordinated debt	14,964	14,964
Lease liability	2,438	2,373
Other liabilities	5,575	16,105
Total liabilities	2,144,363	1,890,175
SHAREHOLDERS’ EQUITY
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized; none issued and outstanding
Common stock, par value $1.00 per share; 20,000,000 shares authorized; issued and outstanding 9,399,731 at June 30, 2026 and 7,693,215 at December 31, 2025	9,400	7,693
Nonvested restricted stock and stock units	2,424	3,065
Additional paid in capital	143,994	94,909
Retained earnings	90,391	80,291
Accumulated other comprehensive loss	(18,224)	(18,401)
Total shareholders’ equity	227,985	167,557
Total liabilities and shareholders’ equity	$ 2,372,348	$ 2,057,732