First Community Corporation Announces Increased Earnings and Cash Dividend Highlights
- $558,000 in net income available to common shareholders; or $.17 per share
- Continued payment of cash dividend
- Capital ratios exceed regulatory expectations and continue to increase
- Loan portfolio quality better than peer and trends are positive
- Continued reduction in exposure to below investment grade non-agency mortgage-backed securities
- Pure deposit growth momentum continues to be strong
- Previously announced expansion of the bank's residential mortgage banking line of business with the addition of Palmetto South Mortgage Corporation
LEXINGTON, S.C., July 20, 2011 /PRNewswire/ -- Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income available to common shareholders for the second quarter of 2011. Net income available to common shareholders for the second quarter of 2011 was $558 thousand, which is a 38.5% increase, as compared to $403 thousand in the preceding quarter and an 80.6% increase as compared to $309 thousand in the second quarter of 2010. Diluted earnings per common share were $0.17 for the second quarter of 2011 as compared to $0.12 for the first quarter of 2011, and as compared to $0.10 in the second quarter of 2010.
(Logo: http://photos.prnewswire.com/prnh/20030508/FCCOLOGO )
Year-to-date 2011 net income available to common shareholders was $961 thousand compared to $732 thousand during the first six months of 2010, an increase of 31.3%. Diluted earnings per share for the first half of 2011 were $0.29, an increase of 26.1% over the same period in 2010, which produced diluted earnings per share of $0.23. Mike Crapps, President and CEO of First Community, commented, "I am especially pleased to report that this increase in earnings is driven by strong revenue growth. At a time when revenues in our industry are under pressure, this is a particularly significant accomplishment."
Cash Dividend and Capital
The company announced that the Board of Directors has approved a cash dividend for the second quarter of 2011. The company will pay a $.04 per share dividend to holders of the company's common stock. This dividend is payable August 15, 2011, to shareholders of record as of August 1, 2011.
During the second quarter of 2011, all of the company's regulatory capital ratios continued to increase as compared to the prior year. Each of these ratios (Leverage, Tier I Risk Based, and Total Risk Based) exceed the well capitalized minimum levels currently required by regulatory statute and the previously communicated higher capital ratios expected by the Bank's primary regulator, the Office of the Comptroller of the Currency. These new expectations are 8.00%, 10.00% and 12.00%, respectively. At June 30, 2011, the company's regulatory capital ratios (Leverage, Tier I Risk Based, and Total Risk Based) were 8.98%, 14.57% and 15.87%, respectively. This compares to the same ratios as of June 30, 2010, of 8.77%, 13.18% and 14.39%, respectively. Additionally, it should be noted that the regulatory capital ratios for the company's wholly owned subsidiary, First Community Bank, were 8.75%, 14.21% and 15.49%, respectively, as of June 30, 2011. The company has previously noted that capital planning will continue to be a focus for the company. The improvement in the capital ratios is a result of the company's continued earnings and its previously announced strategy of controlling the overall size of its balance sheet.
Further, the company's ratio of tangible common equity to tangible assets showed growth increasing to 5.33% as of June 30, 2011; as compared to 5.00% as of December 31, 2010. Tangible book value also increased to $9.85 per share as of June 30, 2011; as compared to $9.14 as of December 31, 2010.
Asset Quality
Loan Portfolio
Non-performing assets continued to improve, decreasing to $12.3 million (2.03% of total assets) at the end of the quarter, as compared to $13.1 million (2.16%) as of March 31, 2011. This ratio compares favorably with the bank's peer group non-performing assets ratio which the company believes to be in excess of 4.50%. During the second quarter, non-accrual loans decreased from $5.0 million to $3.3 million, while other real estate owned (OREO) increased from $7.9 million to $9.0 million.
Trouble debt restructurings, that are still accruing interest, declined during the quarter to $3.0 million from $3.1 million.
Loans past due 30-89 days increased to $2.1 million (0.63% of loans) from $1.9 million (0.57% of loans) on a linked quarter basis.
Net loan charge-offs for the quarter were $329 thousand (0.40% annualized ratio) a significant decrease as compared to the second quarter of 2010 total of $610 thousand (0.72% annualized ratio) and the first quarter 2011 total of $616 thousand (.74% annualized ratio). The company believes that this compares very favorably to its peer group average.
It is also noteworthy that classified loans showed a continued decrease, ending the quarter at $17.3 million. This compares to the December 31, 2010 amount of $21.9 million and the March 31, 2011 level of $19.8 million. This decrease is a continuation of a recent trend of flat to slightly declining balances of classified loans. The ratio of classified loans plus OREO is below 50% at 46.02% of total regulatory risk-based capital as of June 30, 2011.
Mr. Crapps commented, "Nearly every metric for loan portfolio quality showed improvement during the quarter and it should be noted that we were already performing at better than peer levels. This is evidence of the credit culture of this organization and can be attributed to the men and women that implement this culture daily and to the high quality of our customers."
Investment Portfolio
In the second quarter, the company continued with the strategy initiated early in the year to reduce the level of securities on its balance sheet that are rated below investment grade. During the quarter, the level of non-agency mortgage backed securities rated below investment grade declined by $4.6 million to a remaining total of $14.5 million. This total compares to $37.1 million as of December 31, 2010. It is important to note that this reduction has occurred through cash flow and sales of selected securities; and that year-to-date, the company has not experienced any other than temporary impairment (OTTI) charges on these securities. It is also noteworthy that this 60.9% decrease in below investment grade non-agency mortgage backed securities has been accomplished during the first half of the year with net gains on the sale of securities in the amount of $141 thousand.
The chart below provides a summary of the results of the transactions discussed above:
(in thousands) |
12/31/09 |
12/31/10 |
3/31/11 |
6/30/11 |
|
Total Non-Agency MBS |
$65,793 |
$51,436 |
$23,472 |
$18,421 |
|
Below Investment Grade Non-Agency MBS |
$42,863 |
$37,078 |
$19,148 |
$14,495 |
|
Other Below Investment Grade Securities |
$ 8,857 |
$ 1,877 |
$ 1,872 |
$ 1,872 |
|
Total Below Investment Grade Securities |
$51,720 |
$38,956 |
$21,020 |
$16,367 |
|
Balance Sheet
The company continued to move forward with its previously announced strategy of controlling the overall size of its balance sheet while improving the mix of both assets and liabilities. As seen below, the company reported great success in growing pure deposits (deposits other than certificates of deposit), while reducing the balances of certificates of deposit; thereby achieving an even lower cost of funding.
(Numbers in millions) |
||||||
Mid Year |
Mid Year |
|||||
12/31/09 |
12/31/10 |
6/30/11 |
% Variance |
$ Variance |
||
Non-interest bearing |
$72.7 |
$72.6 |
$82.3 |
$9.7 |
13.4% |
|
NOW, DDA |
104.1 |
123.0 |
133.9 |
10.9 |
8.9% |
|
Savings |
25.8 |
29.9 |
32.5 |
2.6 |
8.7% |
|
IRAs |
30.0 |
33.7 |
34.0 |
0.3 |
0.1% |
|
HSAs |
.6 |
.6 |
.7 |
0.1 |
16.7% |
|
Total Pure Deposits |
$233.2 |
$259.8 |
$283.6 |
$23.8 |
9.2% |
|
CDs <$100K |
$122.4 |
$122.3 |
$114.0 |
($8.3) |
(6.8%) |
|
CDs>$100K |
79.2 |
73.2 |
73.3 |
0.1 |
0.1% |
|
Brokered CDs |
14.9 |
0.0 |
0.0 |
0.0 |
0.0% |
|
Total CDs |
$ 216.5 |
$195.5 |
$187.3 |
($8.2) |
(4.2%) |
|
Total Deposits |
$449.7 |
$455.3 |
$470.9 |
$15.6 |
3.4% |
|
Customer Cash Management |
20.7 |
12.7 |
15.6 |
2.9 |
22.8% |
|
FHLB Advances |
73.3 |
68.1 |
54.3 |
(13.8) |
(20.3%) |
|
Total Funding |
$543.9 |
$536.2 |
$540.8 |
4.6 |
0.9% |
|
Mr. Crapps commented, "Our success in serving our target market of local businesses and professionals is evidenced by the tremendous momentum we have built in the growth of pure deposits. This success has enabled us to continue to reduce our cost of funds and control our balance sheet size by reducing certificates of deposit and Federal Home Loan Bank advances. As a result of this success, the cost of funds, including non-interest bearing demand deposits, has declined to 1.33% from 1.55% in the fourth quarter of 2010 and 1.45% in the first quarter of 2011." Mr. Crapps continued, "While we are pleased with the success on the liability side of the balance sheet, we remain disappointed in the weak demand in the market for loans. The result of this is a decline in our loan portfolio and the residual cash flow invested in lower yielding investment securities. Our bankers continue to aggressively seek sound loan opportunities."
Net Interest Income/Net Interest Margin
Net interest income was $4.6 million for the second quarter of 2011 which represents an increase over the prior quarter. The net interest margin, on a tax equivalent basis, increased to 3.37% from 3.30% in the first quarter of 2011 and 3.25% in the second quarter of 2010. This improvement is primarily due to the before mentioned reduction in cost of funding while holding loan yields relatively flat. This has served to offset the reduction in investment portfolio yields.
Non-Interest Income
Non-interest income in the second quarter increased to $1.2 million as compared to $928 thousand in the same quarter of 2010. The primary reasons for this increase are the improvement in the fair value adjustment and the lack of any OTTI charge in the quarter.
It is also noteworthy that the residential mortgage banking unit has continued the success of last year with revenues in the first half increasing by $105 thousand (30.1%) to $454 thousand. As previously announced, the company plans to expand this line of business through the addition of Palmetto South Mortgage. This expansion, which is scheduled to be completed by July 31, 2011, will add to this revenue source and is anticipated to be slightly accretive immediately. Mr. Crapps commented, "The addition of the Palmetto South team is consistent with our previously announced focus on diversification of revenue through lines of business consistent with our culture and our target market."
Non-Interest Expense
Non-interest expense increased in the second quarter of 2011 to $4.4 million from $4.2 million in the same period of 2010. The most notable contributors to this increase were FDIC assessment costs and OREO expenses.
First Community Corporation stock trades on the NASDAQ Capital Market under the symbol "FCCO" and is the holding company for First Community Bank, a local community bank based in the midlands of South Carolina. First Community Bank operates eleven banking offices located in Lexington, Forest Acres, Irmo, Gilbert, Cayce - West Columbia, Chapin, Northeast Columbia, Newberry, Prosperity, Red Bank and Camden.
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
FIRST COMMUNITY CORPORATION |
|||||||
BALANCE SHEET DATA |
|||||||
(Dollars in thousand, except per share data) |
|||||||
At June 30, |
December 31, |
||||||
2011 |
2010 |
2010 |
|||||
Total Assets |
$ 605,179 |
$ 606,411 |
$ 599,023 |
||||
Other short-term investments (1) |
13,467 |
30,166 |
19,347 |
||||
Investment Securities |
210,742 |
185,837 |
196,150 |
||||
Loans held for sale |
625 |
- |
- |
||||
Loans |
325,671 |
337,507 |
329,954 |
||||
Allowance for Loan Losses |
4,716 |
4,838 |
4,911 |
||||
Total Deposits |
470,917 |
459,485 |
455,344 |
||||
Securities Sold Under Agreements to Repurchase |
15,551 |
14,811 |
12,686 |
||||
Federal Home Loan Bank Advances |
54,228 |
68,993 |
68,094 |
||||
Junior Subordinated Debt |
15,464 |
15,464 |
15,464 |
||||
Shareholders' equity |
43,926 |
42,275 |
41,797 |
||||
Book Value Per Common Share |
$ 10.02 |
$ 9.59 |
$ 9.41 |
||||
Tangible Book Value Per Common Share |
$ 9.85 |
$ 9.23 |
$ 9.14 |
||||
Equity to Assets |
7.26% |
6.97% |
6.98% |
||||
Tangible common equity to tangible assets |
5.33% |
4.97% |
5.00% |
||||
Loan to Deposit Ratio |
69.29% |
73.45% |
72.46% |
||||
Allowance for Loan Losses/Loans |
1.45% |
1.43% |
1.49% |
||||
(1) Includes federal funds sold, securities sold under agreements to resell and interest-bearing deposits |
|||||||
Regulatory Ratios: |
At June 30, |
December 31, |
|||||
2011 |
2010 |
2010 |
|||||
Leverage Ratio |
8.98% |
8.77% |
8.79% |
||||
Tier 1 Capital Ratio |
14.57% |
13.18% |
13.73% |
||||
Total Capital Ratio |
15.87% |
14.39% |
14.99% |
||||
Tier 1 Regulatory Capital |
$ 53,884 |
$ 52,895 |
$ 53,252 |
||||
Total Regulatory Capital |
$ 58,678 |
$ 57,733 |
$ 58,105 |
||||
Average Balances: |
Three months ended |
Six months ended |
|||||
June 30, |
June 30, |
||||||
2011 |
2010 |
2011 |
2010 |
||||
Average Total Assets |
$ 603,209 |
$ 608,596 |
$ 602,899 |
$ 607,804 |
|||
Average Loans |
330,939 |
339,864 |
332,301 |
341,701 |
|||
Average Earning Assets |
550,347 |
554,678 |
549,192 |
554,473 |
|||
Average Deposits |
466,985 |
460,359 |
464,022 |
456,365 |
|||
Average Other Borrowings |
88,727 |
101,019 |
91,813 |
104,464 |
|||
Average Shareholders' Equity |
43,340 |
42,248 |
42,554 |
42,121 |
|||
Asset Quality: |
June 30, |
March 31 |
December 31, |
||||
2011 |
2011 |
2010 |
|||||
Loan Risk Rating by Category (End of Period) |
|||||||
Special Mention |
$ 10,778 |
$ 9,510 |
$ 8,608 |
||||
Substandard |
17,342 |
19,769 |
21,920 |
||||
Doubtful |
- |
- |
- |
||||
Pass |
298,176 |
304,887 |
299,426 |
||||
$ 326,296 |
$ 334,166 |
$ 329,954 |
|||||
June 30, |
March 31, |
December 31, |
|||||
2011 |
2011 |
2010 |
|||||
Nonperforming Assets: |
|||||||
Non-accrual loans |
$ 3,314 |
$ 5,018 |
$ 5,890 |
||||
Other real estate owned |
8,972 |
7,903 |
6,904 |
||||
Accruing loans past due 90 days or more |
- |
194 |
373 |
||||
Total nonperforming assets |
$ 12,286 |
$ 13,115 |
$ 13,167 |
||||
Three months ended |
Six months ended |
||||||
June 30, |
June 30, |
||||||
2011 |
2010 |
2011 |
2010 |
||||
Loans charged-off |
$ 334 |
$ 623 |
$ 965 |
$ 1,177 |
|||
Overdrafts charged-off |
8 |
8 |
15 |
21 |
|||
Loan recoveries |
(10) |
(19) |
(27) |
(42) |
|||
Overdraft recoveries |
(3) |
(2) |
(8) |
(10) |
|||
Net Charge-offs |
$ 329 |
$ 610 |
$ 945 |
$ 1,146 |
|||
Net charge-offs to average loans |
0.10% |
0.18% |
0.28% |
0.33% |
|||
FIRST COMMUNITY CORPORATION |
||||||||||
INCOME STATEMENT DATA |
||||||||||
(Dollars in thousands, except per share data) |
||||||||||
Three months ended |
Three months ended |
Six months ended |
||||||||
June 30, |
March 31, |
June 30, |
||||||||
2011 |
2010 |
2011 |
2010 |
2011 |
2010 |
|||||
Interest Income |
$ 6,466 |
$ 6,869 |
$ 6,440 |
$ 7,155 |
$ 12,906 |
$ 14,024 |
||||
Interest Expense |
1,847 |
2,404 |
1,986 |
2,448 |
3,833 |
4,852 |
||||
Net Interest Income |
4,619 |
4,465 |
4,454 |
4,707 |
9,073 |
9,172 |
||||
Provision for Loan Losses |
390 |
580 |
360 |
550 |
750 |
1,130 |
||||
Net Interest Income After Provision |
4,229 |
3,885 |
4,094 |
4,157 |
8,323 |
8,042 |
||||
Non-interest Income: |
||||||||||
Deposit service charges |
478 |
478 |
458 |
485 |
936 |
963 |
||||
Mortgage origination fees |
263 |
225 |
191 |
124 |
454 |
349 |
||||
Investment advisory fees and non-deposit commissions |
138 |
160 |
175 |
174 |
313 |
334 |
||||
Gain (loss) on sale of securities |
7 |
104 |
134 |
2 |
141 |
106 |
||||
Gain (loss) on sale of other assets |
(44) |
31 |
(47) |
3 |
(91) |
28 |
||||
Fair value gain (loss) adjustment |
(129) |
(247) |
4 |
(196) |
(125) |
(443) |
||||
Other-than-temporary-impairment write-down on securities |
- |
(216) |
(4) |
(143) |
(4) |
(359) |
||||
Other |
505 |
393 |
516 |
373 |
974 |
769 |
||||
Total non-interest income |
1,218 |
928 |
1,427 |
822 |
2,598 |
1,747 |
||||
Non-interest Expense: |
||||||||||
Salaries and employee benefits |
2,196 |
2,178 |
2,313 |
2,127 |
4,509 |
4,305 |
||||
Occupancy |
308 |
292 |
309 |
314 |
617 |
606 |
||||
Equipment |
290 |
295 |
281 |
288 |
571 |
583 |
||||
Marketing and public relations |
126 |
105 |
171 |
91 |
297 |
196 |
||||
FDIC assessment |
250 |
209 |
255 |
204 |
505 |
413 |
||||
Other real estate expenses |
158 |
103 |
346 |
190 |
504 |
293 |
||||
Amortization of intangibles |
155 |
155 |
155 |
155 |
310 |
310 |
||||
Other |
944 |
867 |
893 |
817 |
1,790 |
1,681 |
||||
Total non-interest expense |
4,427 |
4,204 |
4,723 |
4,186 |
9,103 |
8,387 |
||||
Income before taxes |
1,020 |
609 |
798 |
793 |
1,818 |
1,402 |
||||
Income tax expense |
294 |
134 |
228 |
204 |
522 |
338 |
||||
Net Income |
726 |
475 |
$ 570 |
$ 589 |
$ 1,296 |
$ 1,064 |
||||
Preferred stock dividends |
168 |
166 |
167 |
166 |
335 |
332 |
||||
Net income available to common shareholders |
$ 558 |
$ 309 |
$ 403 |
$ 423 |
$ 961 |
$ 732 |
||||
Per share data: |
||||||||||
Net income, basic |
$ 0.17 |
$ 0.10 |
$ 0.12 |
$ 0.13 |
$ 0.29 |
$ 0.23 |
||||
Net income, diluted |
$ 0.17 |
$ 0.10 |
$ 0.12 |
$ 0.13 |
$ 0.29 |
$ 0.23 |
||||
Average number of shares outstanding - basic |
3,275,515 |
3,243,548 |
3,271,758 |
3,238,046 |
3,273,647 |
3,240,803 |
||||
Average number of shares outstanding - diluted |
3,275,515 |
3,243,548 |
3,271,758 |
3,238,046 |
3,273,647 |
3,240,803 |
||||
Return on average assets |
0.39% |
0.20% |
0.27% |
0.39% |
0.32% |
0.24% |
||||
Return on average common equity: |
7.31% |
3.96% |
5.31% |
7.71% |
6.15% |
4.74% |
||||
Return on average common tangible equity: |
7.46% |
4.13% |
5.45% |
8.08% |
6.30% |
4.95% |
||||
Net Interest Margin (non taxable equivalent) |
3.37% |
3.23% |
3.30% |
3.44% |
3.33% |
3.34% |
||||
Net Interest Margin (taxable equivalent) |
3.37% |
3.25% |
3.30% |
3.46% |
3.34% |
3.36% |
||||
FIRST COMMUNITY CORPORATION |
||||||||
Yields on Average Earning Assets and Rates |
||||||||
on Average Interest-Bearing Liabilities |
||||||||
Three months ended June 30, 2011 |
Three months ended June 30, 2010 |
|||||||
Average |
Interest |
Yield/ |
Average |
Interest |
Yield/ |
|||
Balance |
Earned/Paid |
Rate |
Balance |
Earned/Paid |
Rate |
|||
Assets |
||||||||
Earning assets |
||||||||
Loans |
$ 330,939 |
$ 4,821 |
5.84% |
$ 339,864 |
$ 4,975 |
5.87% |
||
Securities: |
203,158 |
1,625 |
3.21% |
184,656 |
1,867 |
4.06% |
||
Federal funds sold and securities purchased |
16,250 |
20 |
0.49% |
30,158 |
27 |
0.36% |
||
Total earning assets |
550,347 |
6,466 |
4.71% |
554,678 |
6,869 |
4.97% |
||
Cash and due from banks |
7,078 |
8,021 |
||||||
Premises and equipment |
17,805 |
18,428 |
||||||
Other assets |
32,743 |
32,329 |
||||||
Allowance for loan losses |
(4,764) |
(4,860) |
||||||
Total assets |
$ 603,209 |
$ 608,596 |
||||||
Liabilities |
||||||||
Interest-bearing liabilities |
||||||||
Interest-bearing transaction accounts |
$ 81,150 |
$ 75 |
0.37% |
$ 68,801 |
$ 101 |
0.59% |
||
Money market accounts |
49,534 |
58 |
0.47% |
44,332 |
91 |
0.82% |
||
Savings deposits |
31,957 |
13 |
0.16% |
28,977 |
23 |
0.32% |
||
Time deposits |
221,800 |
1,039 |
1.88% |
240,439 |
1,419 |
2.37% |
||
Other borrowings |
88,727 |
662 |
2.99% |
101,019 |
770 |
3.06% |
||
Total interest-bearing liabilities |
473,168 |
1,847 |
1.57% |
483,568 |
2,404 |
1.99% |
||
Demand deposits |
82,544 |
77,810 |
||||||
Other liabilities |
4,157 |
4,970 |
||||||
Shareholders' equity |
43,340 |
42,248 |
||||||
Total liabilities and shareholders' equity |
$ 603,209 |
$ 608,596 |
||||||
Cost of funds, including demand deposits |
1.33% |
1.72% |
||||||
Net interest spread |
3.15% |
2.97% |
||||||
Net interest income/margin |
$ 4,619 |
3.37% |
$ 4,465 |
3.23% |
||||
Net interest income/margin FTE basis |
$ 5 |
$ 4,624 |
3.37% |
$ 28 |
$ 4,493 |
3.25% |
||
FIRST COMMUNITY CORPORATION |
|||||||
Yields on Average Earning Assets and Rates |
|||||||
on Average Interest-Bearing Liabilities |
|||||||
Six months ended June 30, 2011 |
Six months ended June 30, 2010 |
||||||
Average |
Interest |
Yield/ |
Average |
Interest |
Yield/ |
||
Balance |
Earned/Paid |
Rate |
Balance |
Earned/Paid |
Rate |
||
Assets |
|||||||
Earning assets |
|||||||
Loans |
$ 332,301 |
$ 9,629 |
5.84% |
$ 341,701 |
$ 10,025 |
5.92% |
|
Securities: |
199,775 |
3,236 |
3.27% |
188,116 |
3,954 |
4.24% |
|
Federal funds sold and securities purchased |
|||||||
under agreements to resell |
17,116 |
41 |
0.48% |
24,656 |
45 |
0.37% |
|
Total earning assets |
549,192 |
12,906 |
4.74% |
554,473 |
14,024 |
5.10% |
|
Cash and due from banks |
7,542 |
8,095 |
|||||
Premises and equipment |
17,887 |
18,519 |
|||||
Other assets |
33,123 |
31,598 |
|||||
Allowance for loan losses |
(4,845) |
(4,881) |
|||||
Total assets |
$ 602,899 |
$ 607,804 |
|||||
Liabilities |
|||||||
Interest-bearing liabilities |
|||||||
Interest-bearing transaction accounts |
$ 79,774 |
148 |
0.37% |
$ 66,008 |
172 |
0.53% |
|
Money market accounts |
47,999 |
111 |
0.47% |
43,498 |
179 |
0.83% |
|
Savings deposits |
31,168 |
26 |
0.17% |
27,950 |
42 |
0.30% |
|
Time deposits |
223,198 |
2,158 |
1.95% |
242,784 |
2,912 |
2.42% |
|
Other borrowings |
91,813 |
1,390 |
3.05% |
104,464 |
1,547 |
2.99% |
|
Total interest-bearing liabilities |
473,952 |
3,833 |
1.63% |
484,704 |
4,852 |
2.02% |
|
Demand deposits |
81,883 |
76,125 |
|||||
Other liabilities |
4,510 |
4,854 |
|||||
Shareholders' equity |
42,554 |
42,121 |
|||||
Total liabilities and shareholders' equity |
$ 602,899 |
$ 607,804 |
|||||
Cost of funds, including demand deposits |
1.39% |
1.74% |
|||||
Net interest spread |
3.11% |
3.08% |
|||||
Net interest income/margin |
$ 9,073 |
3.33% |
$ 9,172 |
3.34% |
|||
Net interest income/margin FTE basis |
$ 13 |
$ 9,086 |
3.34% |
$ 56 |
$ 9,228 |
3.36% |
|
SOURCE First Community Corporation
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