First Community Corp. Q2 2024 Financial Update

TL;DR

FCCO Q2 2024: Equity accounts like retained earnings and paid-in capital detailed. No major surprises.

AI Summary

First Community Corp. reported its financial results for the quarter ending June 30, 2024. The company's filing details its financial position and performance, including balance sheet items and changes in equity over the reporting period. Specific figures for common stock, additional paid-in capital, nonvested restricted stock, retained earnings, and accumulated other comprehensive income are provided for comparison with previous periods.

Why It Matters

This filing provides insight into the financial health and equity structure of First Community Corp., which can influence investor confidence and strategic decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediately apparent significant risks or negative trends.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-08-12 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point for financial performance and position.)

Key Players & Entities

• FIRST COMMUNITY CORP /SC/ (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240812 (date) — Filing Date
• SC (location) — State of Incorporation
• 29072 (postal_code) — Business Address Zip Code

FAQ

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

• e24327_fcco-10q.htm (10-Q) — 2469KB
• e24327_ex31-1.htm (EX-31.1) — 12KB
• e24327_ex31-2.htm (EX-31.2) — 12KB
• e24327_ex32.htm (EX-32) — 6KB
• 0001552781-24-000471.txt ( ) — 10262KB
• fcco-20240630.xsd (EX-101.SCH) — 34KB
• fcco-20240630_cal.xml (EX-101.CAL) — 68KB
• fcco-20240630_def.xml (EX-101.DEF) — 196KB
• fcco-20240630_lab.xml (EX-101.LAB) — 342KB
• fcco-20240630_pre.xml (EX-101.PRE) — 328KB
• e24327_fcco-10q_htm.xml (XML) — 2515KB

– 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 4 Consolidated Statements of Changes in Shareholders' Equity 5 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 4.

Controls and Procedures

Controls and Procedures 60

– OTHER INFORMATION

PART II – OTHER INFORMATION 61 Item 1.

Legal Proceedings

Legal Proceedings 61 Item 1A.

Risk Factors

Risk Factors 61 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 3. Defaults Upon Senior Securities 61 Item 4. Mine Safety Disclosures 61 Item 5. Other Information 61 Item 6. Exhibits 62

SIGNATURES

SIGNATURES 63

– FINANCIAL

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FIRST COMMUNITY CORPORATION CONSOLIDATED BALANCE SHEETS June 30, (Dollars in thousands, except par values) 2024 December 31, (Unaudited) 2023 ASSETS Cash and due from banks $ 25,339 $ 27,908 Interest-bearing bank balances 86,172 66,787 Investment securities available-for-sale 269,918 282,226 Investment securities held-to-maturity, fair value of $ 199,435 and $ 205,518 at June 30, 2024 and December 31, 2023, respectively, net of allowance for credit losses — investments 213,679 217,170 Other investments, at cost 5,029 6,800 Loans held-for-sale 6,701 4,433 Loans held-for-investment 1,189,189 1,134,019 Less, allowance for credit losses – loans 12,932 12,267 Net loans held-for-investment 1,176,257 1,121,752 Property and equipment – net 30,340 30,589 Lease right-of-use asset 3,095 3,248 Bank owned life insurance 30,567 30,174 Other real estate owned 544 622 Intangible assets 525 604 Goodwill 14,637 14,637 Other assets 22,041 20,738 Total assets $ 1,884,844 $ 1,827,688 LIABILITIES Deposits: Non-interest bearing $ 460,391 $ 432,333 Interest bearing 1,144,137 1,078,668 Total deposits 1,604,528 1,511,001 Securities sold under agreements to repurchase 59,286 62,863 Federal Home Loan Bank advances 50,000 90,000 Junior subordinated debt 14,964 14,964 Lease liability 3,287 3,426 Other liabilities 16,600 14,375 Total liabilities 1,748,665 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 7,635,145 at June 30, 2024 and 7,606,172 at December 31, 2023 7,635 7,606 Nonvested restricted stock and stock units 2,156 2,181 Additional paid in capital 93,647 93,167 Retained earnings 60,029 56,296 Accumulated other comprehensive loss ( 27