Last10K.com

First Community Corp (FCCO) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

First Community Corp

CIK: 932781 Ticker: FCCO

Exhibit 99.1

 

News Release

For Release January 18, 2017

9:00 A.M.

 

Contact:Joseph G. Sawyer, Executive Vice President & Chief Financial Officer or

Robin D. Brown, Executive Vice President & Chief Marketing Officer

(803) 951- 2265

 

First Community Corporation Announces Record Earnings and Increased Cash Dividend

 

Highlights

 ·Record Yearly and Quarterly Earnings for the company
 ·Net income of $ 6.7 million in 2016, a 9.1% increase over 2015 earnings, highest ever annual earnings reported for the company
 ·Net income of $1.8 million in the Q4 2016, an 11.9% increase over 2015 Q4 earnings, highest ever quarterly earnings reported for the company
 ·Diluted EPS of $0.98 per common share in 2016, an increase of 7.7% over 2015
 ·Increase in cash dividend to $0.09 per common share, the 60th consecutive quarter of cash dividends paid to common shareholders, highest dividend ever paid by the company
 ·Total revenue growth of $1.2 million, a 3.5% increase to $35.4 million in total revenue in 2016
 ·Exceptional loan growth of $57.5 million in 2016, an increase of 11.8%
 ·Strong pure deposit growth (including customer cash management accounts) of $47.2 million during the year, an 8.1% increase.
 ·Key credit quality metrics continue to be excellent with net loan charge-offs of 0.02% and non-performing assets of 0.58% at year end.
 ·Regulatory capital ratios of 10.23% (Tier 1 Leverage) and 15.28% (Total Capital) along with Tangible Common Equity / Tangible Assets (TCE/TA) ratio of 8.33%

  

Lexington, SC – January 18, 2017 Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income available to common shareholders for the fourth quarter and year end of 2016. For the year ended December 31, 2016 net income available to common shareholders was $6.7 million compared to $6.1 million during year ended December 31, 2015, an increase of 9.8%. Diluted earnings per share for 2016 were $0.98 an increase of 7.7% over $0.91 in 2015. Net income available to common shareholders for the fourth quarter of 2016 was $1.8 million, compared to $1.6 million in the fourth quarter of 2015. Diluted earnings per common share were $0.26 for the fourth quarter of 2016 an increase of 8.3% year-over-year and 4.0% on a linked quarter basis.

 

First Community President and CEO Michael Crapps commented, “We are extremely pleased with our company’s financial results during 2016 led by very strong organic growth in both loans and pure deposits.”

 

 
 

Cash Dividend and Capital

The Board of Directors has approved an increase in the cash dividend for the fourth quarter of 2016 to $0.09. This dividend is payable on February 13, 2017 to shareholders of record of the company’s common stock as of January 30, 2017. Mr. Crapps commented, “The entire board is pleased that our company’s strong financial performance enables us to increase the cash dividend to the highest level ever paid by the company. We are also proud that dividend payments have continued uninterrupted for 60 consecutive quarters.”

 

Each of the regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) exceeds the well capitalized minimum levels currently required by regulatory statute. At December 31, 2016, the company’s regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 10.23%, 14.46%, and 15.28%, respectively. This compares to the same ratios as of December 31, 2015 of 10.19%, 15.40%, and 16.21%, respectively. Additionally, the regulatory capital ratios for the company’s wholly owned subsidiary, First Community Bank, were 9.77%, 13.83%, and 14.65% respectively as of December 31, 2016. Further, the company’s ratio of tangible common equity to tangible assets indicates a high quality of capital with a ratio of 8.33% as of December 31, 2016. The common equity tier one ratio for the company and the bank was 12.18% and 13.83%, respectively, at December 31, 2016.

  

Asset Quality

The company’s asset quality remains strong and showed continued improvement on a linked quarter and year-over-year comparison. The non-performing assets ratio remained relatively flat on a linked quarter basis at 0.58% of total assets at December 31, 2016, as compared to the ratio of 0.57% at the end of the third quarter of 2016 and down significantly from 0.85% at December 31, 2015. The nominal level of non-performing assets was $5.25 million at year end 2016 up slightly from $5.20 million at the end of the third quarter of 2016 and down significantly from $7.3 million at the end of 2015. The past due ratio for all loans was 0.35% at year-end 2016 down from 0.53% at the end of third quarter 2016. The $1.7 million increase in loans in the Special Mention Category is primarily attributable to a line of credit that was advanced during the quarter. Trouble debt restructurings, that are still accruing interest, declined slightly during the quarter to $1.77 million from $1.82 million at the end of the third quarter of 2016 and $1.63 million at year end 2015.

 

Net loan charge-offs for the fourth quarter were $37 thousand and $109 thousand for the year of 2016. The ratio of classified loans plus OREO now stands at 9.77% of total bank regulatory risk-based capital as of December 31, 2016.

  

Balance Sheet

(Numbers in millions)

   Quarter ending  Quarter ending  Quarter ending  12 Month  12 Month
   12/31/16  12/31/15  9/30/16  $ Variance  % Variance
Assets                         
Investments  $272.4   $283.8   $288.2   $(11.4)   (4.0%)
Loans   546.7    489.2    523.4    57.5    11.8%
                          
Liabilities                         
Total Pure Deposits  $611.9   $563.1   $606.5   $48.8    8.7%
Certificates of Deposit   154.7    153.0    159.4    1.7    1.1%
Total Deposits  $766.6   $716.1   $765.9   $50.5    7.1%
                          
Customer Cash Management   19.5    21.0    22.2    (1.5)   (7.1%)
FHLB Advances   24.0    24.8    21.0    (0.8)   (3.2%)
                          
Total Funding  $810.1   $761.9    809.1    48.2    6.3%
Cost of Funds*   0.35%   0.44%   0.37%        (9bps)
     (*including demand deposits)                         
Cost of Deposits   0.24%   0.25%   0.25%        (1bp)

 

 

 
 

Mr. Crapps commented, “Deposit and loan growth during 2016 were both strong and we are encouraged as that momentum continues into 2017. During 2016, our company saw the benefit of a number of previously discussed initiatives focused on increasing loan growth, including the addition of a loan production office in the Greenville market, resulting in loan production of $164.6 million and net loan growth of $57.5 million. The fourth quarter was exceptional with net loan growth of $23.3 million, which is an annualized growth rate of 17.8%. This loan growth is especially impressive given our commitment to credit quality. With our current level of liquidity and continued success in pure deposit growth, we have the funding available to support significant additional loan growth.”

  

Revenue

Net Interest Income/Net Interest Margin

Net interest income increased on a linked quarter basis to $6.8 million for the fourth quarter up from $6.7 million in the third quarter of 2016 and year-over-year increased 4.7% to $26.5 million at December 31, 2016 from $25.3 million at December 31, 2015. The net interest margin, on a taxable equivalent basis, increased to 3.35% for the fourth quarter of 2016 from 3.29% in the third quarter of the year.

 

Non-Interest Income

Non-interest income for the year, adjusted for securities gains and loss on the early extinguishment of debt, was down slightly year-over-year at $8.8 million in 2016 compared to $8.9 million in 2015. Fourth quarter non-interest income was $2.2 million, up year-over-year from $2.1 million in the fourth quarter of 2015, but down on a linked quarter basis from $2.4 million in the third quarter.

 

Revenues in the mortgage line of business were relatively flat year-over-year at $3.4 million in 2016 and on a linked quarter basis declined as anticipated due to seasonal factors from $937.3 thousand in the third quarter to $866.5 thousand in the fourth quarter of 2016. Mortgage production year-over-year decreased $8.9 million or 7.9%, but a 22 basis point improvement in yields help offset this decline to keep revenue stable. Revenue in the investment advisory line of business was down year-over-year at $1.1 million in 2016 compared to $1.3 million in 2015, and was down slightly on a linked quarter basis at $239 thousand in the fourth quarter of 2016 compared to $249 thousand in the third quarter. Mr. Crapps noted, “Our strategy of generating revenue streams from multiple lines of business continues to serve us well and we are focused on continuing to leverage each of our lines of business.”

  

Non-Interest Expense

Non-interest expenses were $6.518 million in the fourth quarter, relatively flat on a linked quarter basis.

  

Other

The effective tax rate for the fourth quarter of 2016 was lower than the prior quarter due to a $200 thousand South Carolina income tax credit related to an investment in a South Carolina Community Development program. The effective tax rate for the quarter would have been approximately 26% without this tax credit.

 

The company recently began work on the conversion to a new core system processor, moving from an in-house solution to an out-sourced environment. This move will be mostly transparent to customers and will position the company well for future growth by providing the technological support needed to provide competitive and innovative bank technology-based products and services. The company has committed significant administrative resources to this project which is expected to be completed in several phases during the year.

 

  

 
 

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 fifteen banking offices located in Lexington, Richland, Newberry, Kershaw, and Aiken counties in South Carolina and Augusta, Georgia, a loan production office in Greenville, South Carolina, in addition to two other lines of business, First Community Bank Mortgage and First Community Financial Consultants, a financial planning/investment advisory division.

 

FORWARD-LOOKING STATEMENTS

 

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, goals, projections and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors, include, among others, the following: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the company’s loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in the U.S. legal and regulatory framework; (5) adverse conditions in the stock market, the public debt markets and other capital markets (including changes in interest rate conditions) could have a negative impact on the company; (6) technology and cybersercurity risks, including potential business disruptions, reputational risks, and financial losses, associated with potential attacks on or failures by our computer systems and computer systems of our vendors and other third parties; and (7) risks, uncertainties and other factors disclosed in our most recent Annual Report on Form 10-K filed with the SEC, or in any of our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K filed with the SEC since the end of the fiscal year covered by our most recently filed Annual Report on Form 10-K, which are available at the SEC’s Internet site (http://www.sec.gov).

 

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. 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 thousands, except per share data)

 

   At December 31,
   2016  2015
       
Total Assets  $914,793   $862,734 
Other short-term investments (1)   10,074    11,968 
Investment Securities   272,396    283,841 
Loans held for sale   5,707    2,962 
Loans   546,709    489,191 
Allowance for Loan Losses   5,214    4,596 
Total Deposits   766,622    716,151 
Securities Sold Under Agreements to Repurchase   19,527    21,033 
Federal Home Loan Bank Advances   24,035    24,788 
Junior Subordinated Debt   14,964    14,964 
Shareholders’ Equity   81,861    79,038 
           
Book Value Per Common Share  $12.20   $11.81 
Tangible Book Value Per Common Share  $11.28   $10.84 
Equity to Assets   8.95%   9.16%
Tangible common equity to tangible assets   8.33%   8.47%
Loan (incl loans held for sale) to Deposit Ratio   72.06%   68.72%
Allowance for Loan Losses/Loans   0.95%   0.94%
Allowance for Loan Losses plus credit mark/Loans   1.01%   1.15%
           
Regulatory Ratios:          
Leverage Ratio   10.23%   10.19%
Tier 1 Capital Ratio   14.46%   15.40%
Total Capital Ratio   15.28%   16.21%
Common Equity Tier 1   12.18%   12.87%
Tier 1 Regulatory Capital  $91,973   $86,682 
Total Regulatory Capital  $97,187   $91,278 
Common Equity Tier 1 Capital  $77,473   $72,444 

 

(1) Includes federal funds sold, securities purchased under agreements to resell and interest-bearing deposits

 

 
 

 

Average Balances:            
   Three months ended  Year ended
   December 31,  December 31,
   2016  2015  2016  2015
             
Average Total Assets  $905,882   $858,413   $888,240   $835,604 
Average Loans (incl loans held for sale)   536,925    487,203    514,766    473,367 
Average Earning Assets   832,192    790,288    815,863    769,604 
Average Deposits   760,512    708,583    739,355    688,573 
Average Other Borrowings   54,709    64,639    59,569    64,072 
Average Shareholders’ Equity   83,518    78,797    82,653    77,124 

 

Asset Quality:  December 31,  September 30,  June 30,  March 31,  December 31,
   2016  2016  2016  2016  2015
Loan Risk Rating by Category (End of Period)                         
Special Mention  $6,799   $5,109   $13,297   $8,581   $9,869 
Substandard   7,930    8,460    8,552    10,445    10,327 
Doubtful   —      —      —      —      —   
Pass (includes held for sale)   537,687    509,872    489,454    474,995    468,995 
   $552,416   $523,441   $511,303   $494,021   $489,191 
                          
Nonperforming Assets:                         
Non-accrual loans  $4,049   $3,904   $4,502    6,013   $4,839 
Other real estate owned   1,146    1,198    1,355    1,484    2,458 
Accruing loans past due 90 days or more   53    99    38    32    —   
Total nonperforming assets  $5,248   $5,201   $5,895   $7,529   $7,297 
Accruing troubled debt restructurings  $1,770   $1,815   $1,600   $1,634   $1,632 

 

 

   Three months ended  Year ended
   December 31,  December 31,
   2016  2015  2016  2015
Loans charged-off:  $69   $29   $180   $756 
Overdrafts charged-off   13    13    59    50 
Loan recoveries   (10)   (20)   (72)   (114)
Overdraft recoveries   (8)   (2)   (16)   (18)
Net Charge-offs  $64   $20   $151   $674 
                     
Net charge-offs to average loans   0.01%   0.00%   0.03%   0.14%

 

 
 

FIRST COMMUNITY CORPORATION

INCOME STATEMENT DATA

(Dollars in thousands, except per share data)

 

   Three months ended  Three months ended  Three months ended  Three months ended  Year ended
   December 31,  September 30,  June 30,  March 31,  December 31,
   2016  2015  2016  2015  2016  2015  2016  2015  2016  2015
Interest Income  $7,510   $7,203   $7,400   $7,114   $7,459   $7,049   $7,137   $7,283   $29,506   $28,649 
Interest Expense   716    855    749    861    782    845    800    835    3,047    3,396 
Net Interest Income   6,794    6,348    6,651    6,253    6,677    6,204    6,337    6,448    26,459    25,253 
Provision for Loan Losses   238    148    179    193    217    391    140    406    774    1,138 
Net Interest Income After Provision   6,556    6,200    6,472    6,060    6,460    5,813    6,197    6,042    25,685    24,115 
Non-Interest Income:                                                  
Deposit service charges   341    386    377    390    340    346    347    347    1,405    1,469 
Mortgage banking income   867    753    937    964    913    980    665    735    3,382    3,432 
Investment advisory fees and non-deposit commissions   264    294    283    290    297    407    291    296    1,135    1,287 
Gain on sale of securities   —      84    478    —      64    167    59    104    601    355 
Gain (loss) on sale other assets   3    (16)   45    19    (84)   3    3    4    (33)   8 
Gain on redemption of subordinated debt (TRUPS)   —      130    —      —      —      —      —      —      —      130 
Loss on early extinguishment of debt   —      (226)   (459)   —      —      —      —      (103)   (459)   (329)
Other   725    686    726    666    734    662    724    598    2,909    2,614 
Total non-interest income   2,200    2,091    2,387    2,329    2,264    2,565    2,089    1,981    8,940    8,966 
Non-interest Expense:                                                  
Salaries and employee benefits   3,851    3,610    3,888    3,595    3,833    3,658    3,751    3,565    15,323    14,428 
Occupancy   566    578    531    513    511    500    559    485    2,167    2,076 
Equipment   420    416    442    437    437    394    429    402    1,728    1,649 
Marketing and public relations   336    165    240    129    195    328    94    226    865    848 
FDIC assessment   76    138    60    113    138    138    138    138    412    527 
Other real estate expense   14    90    115    126    21    154    51    154    201    524 
Amortization of intangibles   75    88    80    98    80    98    83    103    318    387 
Other   1,180    1,037    1,227    1,056    1,118    1,119    1,237    1,027    4,762    4,239 
Total non-interest expense   6,518    6,122    6,583    6,067    6,333    6,389    6,342    6,100    25,776    24,678 
Income before taxes   2,238    2,169    2,276    2,322    2,391    1,989    1,944    1,923    8,849    8,403 
Income tax expense   446    568    599    643    646    546    476    519    2,167    2,276 
Net Income  $1,792   $1,601   $1,677   $1,679   $1,745   $1,443   $1,468   $1,404   $6,682   $6,127 
                                                   
Per share data:                                                  
Net income, basic  $0.27   $0.24   $0.26   $0.26   $0.27   $0.22   $0.22   $0.22   $1.01   $0.93 
Net income, diluted  $0.26   $0.24   $0.25   $0.25   $0.26   $0.22   $0.22   $0.21   $0.98   $0.91 
                                                   
Average number of shares outstanding - basic   6,630,951    6,569,379    6,572,614    6,559,844    6,553,752    6,539,154    6,572,969    6,522,420    6,616,741    6,558,386 
Average number of shares outstanding - diluted   6,805,447    6,736,615    6,762,074    6,712,026    6,732,574    6,697,620    6,751,074    6,664,654    6,787,132    6,718,553 
 Shares outstanding period end   6,708,393    6,690,551    6,703,317    6,684,563    6,699,030    6,679,938    6,893,042    6,683,960    6,708,393    6,690,551 
Return on average assets   0.78%   0.74%   0.74%   0.81%   0.80%   0.70%   0.68%   0.70%   0.75%   0.73%
Return on average common equity   8.51%   8.06%   7.90%   8.73%   8.53%   7.53%   7.35%   7.54%   8.08%   7.94%
Return on average common tangible equity   9.20%   8.79%   8.54%   9.55%   9.24%   8.25%   7.99%   8.23%   8.76%   8.68%
Net Interest Margin (non taxable equivalent)   3.25%   3.19%   3.19%   3.22%   3.32%   3.25%   3.22%   3.51%   3.24%   3.28%
Net Interest Margin (taxable equivalent)   3.35%   3.29%   3.29%   3.32%   3.43%   3.34%   3.33%   3.62%   3.35%   3.38%
Efficiency Ratio   72.47%   71.47%   72.99%   70.53%   71.34%   74.27%   73.86%   73.27%   73.11%   71.25%

 

 
 

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates

on Average Interest-Bearing Liabilities

 

   Three Months ended
December 31, 2016
  Three Months ended
December 31, 2015
   Average  Interest  Yield/  Average  Interest  Yield/
   Balance  Earned/Paid  Rate  Balance  Earned/Paid  Rate
Assets                              
Earning assets                              
Loans  $536,925   $6,095    4.52%  $487,203   $5,846    4.76%
Securities:   281,631    1,393    1.97%   280,804    1,324    1.87%
Other funds   13,636    22    0.64%   22,281    33    0.59%
Total earning assets   832,192    7,510    3.59%   790,288    7,203    3.62%
Cash and due from banks   11,374              10,002           
Premises and equipment   29,927              31,128           
Intangible assets   6,217              6,545           
Other assets   31,273              24,999           
Allowance for loan losses   (5,101)             (4,549)          
Total assets  $905,882             $858,413           
                               
Liabilities                              
Interest-bearing liabilities                              
Interest-bearing transaction accounts   155,757    41    0.10%   144,177    42    0.12%
Money market accounts   163,598    103    0.25%   163,314    108    0.26%
Savings deposits   75,518    23    0.12%   60,458    18    0.12%
Time deposits   183,401    293    0.64%   182,382    278    0.60%
Other borrowings   54,709    256    1.86%   64,639    409    2.51%
Total interest-bearing liabilities   632,983    716    0.45%   614,970    855    0.55%
Demand deposits   182,238              158,252           
Other liabilities   7,143              6,394           
Shareholders’ equity   83,518              78,797           
Total liabilities and shareholders’ equity  $905,882             $858,413           
                               
Cost of funds including demand deposits             0.35%             0.44%
Net interest spread             3.14%             3.06%
Net interest income/margin       $6,794    3.25%       $6,348    3.19%
                               
Tax equivalent       $7,013    3.35%       $6,559    3.29%

 

 
 

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates

on Average Interest-Bearing Liabilities

 

   Year ended December 31, 2016  Year ended December 31, 2015
   Average  Interest  Yield/  Average  Interest  Yield/
   Balance  Earned/Paid  Rate  Balance  Earned/Paid  Rate
Assets                              
Earning assets                              
Loans  $514,766   $23,677    4.60%  $473,367   $23,219    4.91%
Securities:   283,585    5,724    2.02%   275,944    5,311    1.92%
Other funds   17,512    105    0.60%   20,293    119    0.59%
Total earning assets   815,863    29,506    3.62%   769,604    28,649    3.72%
Cash and due from banks   10,903              8,070           
Premises and equipment   30,084              30,833           
Intangible assets   6,334              6,575           
Other assets   29,922              24,895           
Allowance for loan losses   (4,866)             (4,373)          
Total assets  $888,240             $835,604           
Liabilities                              
Interest-bearing liabilities                              
Interest-bearing transaction accounts   152,936    173    0.11%   137,969    160    0.12%
Money market accounts   164,826    426    0.26%   158,726    423    0.27%
Savings deposits   69,176    82    0.12%   57,958    68    0.12%
Time deposits   180,447    1,137    0.63%   186,911    1,099    0.59%
Other borrowings   59,569    1,229    2.06%   64,072    1,646    2.57%
Total interest-bearing liabilities   626,856    3,047    0.49%   605,636    3,396    0.56%
Demand deposits   171,968              147,009           
Other liabilities   6,663              5,835           
Shareholders’ equity   82,653              77,124           
Total liabilities and shareholders’ equity  $888,240             $835,604           
                               
Net interest spread             3.13%             3.16%
Net interest income/margin       $28,459    3.24%       $25,253    3.28%
                               
Tax Equivalent       $27,326    3.35%       $26,024    3.38%

 

 
 

The tables below provide a reconciliation of non-GAAP measures to GAAP for the periods indicated:

 

   December 31,  December 31,
Tangible book value per common share  2016  2015
Tangible common equity per common share (non-GAAP)  $11.28   $10.84 
Effect to adjust for intangible assets   0.92    0.97 
Book value per common share (GAAP)  $12.20   $11.81 
Tangible common shareholders’ equity to tangible assets          
Tangible common equity to tangible assets (non-GAAP)   8.33%   8.47%
Effect to adjust for intangible assets   0.62%   0.69%
Common equity to assets (GAAP)   8.95%   9.16%

 

   Three months ended  Three months ended  Three Months ended  Three months ended  Year ended
   December 31,  September 30,  June 30,  March 31,  December 31,
Return on average tangible common equity  2016  2015  2016  2015  2016  2015  2016  2015  2016  2015
Return on average tangible common equity (non-GAAP)   9.50%   8.79%   8.54%   9.55%   9.24%   8.25%   7.99%   8.23%   8.76%   8.68%
Effect to adjust for intangible assets   0.99%   (0.73)%   (0.64)%   (0.82)%   (0.71)%   (0.72)%   (0.64)%   (0.69)%   (0.68)%   (0.74)%
Return on average common equity (GAAP)   8.51%   8.06%   7.90%   8.73%   8.53%   7.53%   7.35%   7.54%   8.08%   7.94%

 

Certain financial information presented above is determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures include “tangible book value at period end,” “return on average tangible common equity” and “tangible common shareholders’ equity to tangible assets.” “Tangible book value at period end” is defined as total equity reduced by recorded intangible assets divided by total common shares outstanding. “Tangible common shareholders’ equity to tangible assets” is defined as total common equity reduced by recorded intangible assets divided by total assets reduced by recorded intangible assets. Our management believes that these non-GAAP measures are useful because they enhance the ability of investors and management to evaluate and compare our operating results from period-to-period in a meaningful manner. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

 

 

 


The following information was filed by First Community Corp (FCCO) on Wednesday, January 18, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate First Community Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by First Community Corp.

Continue

Assess how First Community Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

First Community Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Advances From Federal Home Loan Bank
Advances From Federal Home Loan Bank (details)
Advances From Federal Home Loan Bank (tables)
Commitments, Concentrations Of Credit Risk And Contingencies
Commitments, Concentrations Of Credit Risk And Contingencies (details Narrative)
Deposits
Deposits (details 2)
Deposits (details)
Deposits (tables)
Earnings Per Share
Earnings Per Share (details Narrative)
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefit Plan
Employee Benefit Plan (details Narrative 2)
Employee Benefit Plan (details Narrative)
Fair Value Measurement
Fair Value Measurement (details 2)
Fair Value Measurement (details 3)
Fair Value Measurement (details 4)
Fair Value Measurement (details 5)
Fair Value Measurement (details)
Fair Value Measurement (tables)
Goodwill, Core Deposit Intangible And Other Assets
Goodwill, Core Deposit Intangible And Other Assets (details Narrative)
Goodwill, Core Deposit Intangible And Other Assets (details)
Goodwill, Core Deposit Intangible And Other Assets (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details Narrative)
Income Taxes (details)
Income Taxes (tables)
Investment Securities
Investment Securities (details 2)
Investment Securities (details 3)
Investment Securities (details 4)
Investment Securities (details Narrative)
Investment Securities (details)
Investment Securities (tables)
Junior Subordinated Debt
Junior Subordinated Debt (details Narrative)
Loans
Loans (details 2)
Loans (details 3)
Loans (details 4)
Loans (details 5)
Loans (details 6)
Loans (details 7)
Loans (details 8)
Loans (details 9)
Loans (details Narrative)
Loans (details)
Loans (tables)
Mergers And Acquistions
Mergers And Acquistions (details Narrative)
Mergers And Acquistions (details)
Organization And Basis Of Presentation
Other Expenses
Other Expenses (details)
Other Expenses (tables)
Other Real Estate Owned
Other Real Estate Owned (details)
Other Real Estate Owned (tables)
Parent Company Financial Information
Parent Company Financial Information (details 2)
Parent Company Financial Information (details 3)
Parent Company Financial Information (details)
Parent Company Financial Information (tables)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Securities Sold Under Agreements To Repurchase And Other Borrowed Money
Securities Sold Under Agreements To Repurchase And Other Borrowed Money (details Narrative)
Shareholders' Equity, Capital Requirements And Dividend Restrictions
Shareholders' Equity, Capital Requirements And Dividend Restrictions (details Narrative 2)
Shareholders' Equity, Capital Requirements And Dividend Restrictions (details)
Shareholders' Equity, Capital Requirements And Dividend Restrictions (tables)
Stock Options And Restricted Stock
Stock Options And Restricted Stock (details Narrative)
Stock Options And Restricted Stock (details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details Narrative 2)
Summary Of Significant Accounting Policies (details Narrative)
Summary Of Significant Accounting Policies (policies)
Ticker: FCCO
CIK: 932781
Form Type: 10-K Annual Report
Accession Number: 0001552781-17-000122
Submitted to the SEC: Mon Mar 13 2017 4:02:14 PM EST
Accepted by the SEC: Mon Mar 13 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/fcco/0001552781-17-000122.htm