First Community Corp Q3 2024 10-Q Filed

Ticker: FCCO · Form: 10-Q · Filed: 2024-11-12T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report, banking

Related Tickers: FCCO

TL;DR

FCCO filed its Q3 2024 10-Q, showing financial details for the nine months and quarter ending Sept 30.

AI Summary

First Community Corp (FCCO) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and position for the nine months and third quarter of 2024, comparing it to the same periods in 2023. Key financial statement items like common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are presented for the periods ending September 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors with the latest financial snapshot of First Community Corp, crucial for understanding its performance and financial health in the current economic climate.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

Key Players & Entities

FAQ

What were the key financial statement line items reported for the nine months ended September 30, 2024?

The filing reports on us-gaap:CommonStockMember, us-gaap:AdditionalPaidInCapitalMember, fcco:NonvestedRestrictedStockMember, us-gaap:RetainedEarningsMember, and us-gaap:AccumulatedOtherComprehensiveIncomeMember for the period January 1, 2024, to September 30, 2024.

How does the company's financial position as of September 30, 2024, compare to December 31, 2023?

The 10-Q provides comparative data for key equity accounts, including common stock, additional paid-in capital, nonvested restricted stock, retained earnings, and accumulated other comprehensive income, for both September 30, 2024, and December 31, 2023.

What is the fiscal year-end for First Community Corp?

First Community Corp's fiscal year ends on December 31.

What is the SIC code for First Community Corp?

The Standard Industrial Classification (SIC) code for First Community Corp is 6022, which corresponds to State Commercial Banks.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted to the SEC on November 12, 2024.

Filing Stats: 4,695 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-12 15:27:50

Key Financial Figures

Filing Documents

– 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 September 30, (Dollars in thousands, except par values) 2024 December 31, (Unaudited) 2023 ASSETS Cash and due from banks $ 27,144 $ 27,908 Interest-bearing bank balances 144,354 66,787 Investment securities available-for-sale 269,553 282,226 Investment securities held-to-maturity, fair value of $ 204,621 and $ 205,518 at September 30, 2024 and December 31, 2023, respectively, net of allowance for credit losses — investments 212,219 217,170 Other investments, at cost 5,054 6,800 Loans held-for-sale 3,935 4,433 Loans held-for-investment 1,196,659 1,134,019 Less, allowance for credit losses – loans 12,933 12,267 Net loans held-for-investment 1,183,726 1,121,752 Property and equipment – net 30,099 30,589 Lease right-of-use asset 2,546 3,248 Bank owned life insurance 30,769 30,174 Other real estate owned 544 622 Intangible assets 486 604 Goodwill 14,637 14,637 Other assets 18,482 20,738 Total assets $ 1,943,548 $ 1,827,688 LIABILITIES Deposits: Non-interest bearing $ 441,386 $ 432,333 Interest bearing 1,202,678 1,078,668 Total deposits 1,644,064 1,511,001 Securities sold under agreements to repurchase 66,933 62,863 Federal funds purchased 3,656 — Federal Home Loan Bank advances 50,000 90,000 Junior subordinated debt 14,964 14,964 Lease liability 2,711 3,426 Other liabilities 17,908 14,375 Total liabilities 1,800,236 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 7,640,648 at September 30, 2024 and 7,606,172 at December 31, 2023 7,641 7,606 Nonvested restricted stock and stock units 2,397 2,181 Additional paid in capital 93,750 93,167 Retained earnings 62,747

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