First Community Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Community Corp. filed its Q1 2024 10-Q report on May 13, 2024.</b>

AI Summary

FIRST COMMUNITY CORP /SC/ (FCCO) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. First Community Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. The filing was made on May 13, 2024. The company is incorporated in South Carolina (SC).

Why It Matters

For investors and stakeholders tracking FIRST COMMUNITY CORP /SC/, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current health and future prospects in the commercial banking sector.

Risk Assessment

Risk Level: low — FIRST COMMUNITY CORP /SC/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or events, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand First Community Corp.'s performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• FIRST COMMUNITY CORP /SC/ (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• SC (location) — State of incorporation
• 6022 (industry) — Standard Industrial Classification

FAQ

Industry Context

First Community Corp. operates within the commercial banking industry, providing financial services to businesses and individuals.

Regulatory Implications

As a commercial bank, First Community Corp. is subject to regulations from various financial authorities, including the SEC, and adheres to reporting requirements like the 10-Q.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding loan portfolios, deposits, and interest income/expense.
3. Examine management's discussion and analysis for insights into operational performance and outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year-end filings.

Key Financial Figures

• $1.00 — ch registered Common stock, par value $1.00 per share FCCO The Nasdaq Capital Mar
• $90 — accounting standard-CECL net of tax of $90 — — — — ( 337 ) — ( 337 ) Othe

Filing Documents

• e24220_fcco-10q.htm (10-Q) — 1970KB
• e24220_ex31-1.htm (EX-31.1) — 12KB
• e24220_ex31-2.htm (EX-31.2) — 12KB
• e24220_ex32.htm (EX-32) — 6KB
• 0001552781-24-000315.txt (&nbsp;) — 9326KB
• fcco-20240331.xsd (EX-101.SCH) — 34KB
• fcco-20240331_cal.xml (EX-101.CAL) — 66KB
• fcco-20240331_def.xml (EX-101.DEF) — 190KB
• fcco-20240331_lab.xml (EX-101.LAB) — 335KB
• fcco-20240331_pre.xml (EX-101.PRE) — 319KB
• e24220_fcco-10q_htm.xml (XML) — 2298KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Consolidated Balance Sheets 1 Consolidated Statements of Income 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Changes in Shareholders' Equity 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 47

– OTHER INFORMATION

PART II – OTHER INFORMATION 48 Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

SIGNATURES

SIGNATURES 50

– FINANCIAL

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FIRST COMMUNITY CORPORATION CONSOLIDATED BALANCE SHEETS March 31, (Dollars in thousands, except par values) 2024 December 31, (Unaudited) 2023 ASSETS Cash and due from banks $ 20,804 $ 27,908 Interest-bearing bank balances 122,778 66,787 Investment securities available-for-sale 274,349 282,226 Investment securities held-to-maturity, fair value of $ 201,753 and $ 205,518 at March 31, 2024 and December 31, 2023, respectively, net of allowance for credit losses — investments 215,230 217,170 Other investments, at cost 5,504 6,800 Loans held-for-sale 1,719 4,433 Loans held-for-investment 1,157,305 1,134,019 Less, allowance for credit losses – loans 12,459 12,267 Net loans held-for-investment 1,144,846 1,121,752 Property and equipment – net 30,444 30,589 Lease right-of-use asset 3,172 3,248 Bank owned life insurance 30,369 30,174 Other real estate owned 622 622 Intangible assets 564 604 Goodwill 14,637 14,637 Other assets 21,953 20,738 Total assets $ 1,886,991 $ 1,827,688 LIABILITIES Deposits: Non-interest bearing $ 443,257 $ 432,333 Interest bearing 1,134,810 1,078,668 Total deposits 1,578,067 1,511,001 Securities sold under agreements to repurchase 81,833 62,863 Federal Home Loan Bank advances 60,000 90,000 Junior subordinated debt 14,964 14,964 Lease liability 3,357 3,426 Other liabilities 15,277 14,375 Total liabilities 1,753,498 1,696,629 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 7,629,005 at March 31, 2024 and 7,606,172 at December 31, 2023 7,629 7,606 Nonvested restricted stock and stock units 1,920 2,181 Additional paid in capital 93,556 93,167 Retained earnings 57,830 56,296 Accumulated other comprehensive loss

Financial Statements

Financial Statements 5 Notes to Consolidated Financial Statements (Unaudited) Note 1 - Nature of Business and Basis of Presentation Basis of Presentation In the opinion of management, the accompanying unaudited consolidated balance sheets, and the consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows of First Community Corporation (the "Company") and its wholly owned subsidiary, First Community Bank (the "Bank") (collectively, the "Company") present fairly in all material respects the Company's financial position at March 31, 2024 and December 31, 2023, and the Company's results of operations for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. In the opinion of management, all adjustments necessary to fairly present the consolidated financial position and consolidated results of operations have been made. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and notes thereto are presented in accordance with the instructions for Quarterly Reports on Form 10-Q. The information included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 should be referred to in connection with these unaudited interim financial statements. Recently Issued Accounting Pronouncements The following is a summary of recent authoritative pronouncements: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This amendment is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense