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First Community Corp (FCCO) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

First Community Corp

CIK: 932781 Ticker: FCCO

 

(First Community Corporation LOGO)

  News Release
  For Release July 18, 2018
  9:00 A.M.
   
  Contact: (803) 951- 2265
  Joseph G. Sawyer, EVP & Chief Financial Officer or
  Robin D. Brown, EVP & Chief Marketing Officer

 

First Community Corporation Announces Record Earnings and Cash Dividend 

Highlights for Second Quarter of 2018

·Net income of $3.001 million.
·Diluted EPS of $0.39 per common share.
·Loan growth of $15.7 million during the quarter and $37.5 million year-to-date, an 11.6% annualized growth rate.
·Pure deposit growth, including customer cash management, of $20.5 million during the quarter and $52.6 million year-to-date, a 14% annualized growth rate.
·Net interest margin on a tax equivalent basis of 3.71%, the eighth consecutive quarter of NIM expansion
·Excellent credit quality with non-performing assets (NPAs) of 0.53%, past dues of 0.33% and a year-to-date net recovery of $118 thousand.
·Cash dividend of $0.10 per common share, which is the 66th consecutive quarter of cash dividends paid to common shareholders.
·Inclusion in the Russell 2000 Index

 

Lexington, SC – July 18, 2018 Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the second quarter of 2018 of $3.001 million as compared to $1.664 million in the second quarter of 2017, an increase of 80.3%. Diluted earnings per common share were $0.39 for the second quarter of 2018 as compared to $0.24 for the second quarter of 2017, an increase of 62.5%. On a linked quarter basis, net income increased 10.8% from $2.709 million and diluted earnings per common share increased 11.4% from $0.35.

 

Year-to-date 2018 net income was $5.710 million compared to $3.420 million during the first six months of 2017, an increase of 67.0%. Diluted earnings per share for the first half of 2018 were $0.74, compared to $0.50 during the same time period in 2017, an increase of 48.0%. Mike Crapps, First Community President and CEO, commented, “We are extremely pleased with our performance during the second quarter of 2018 which resulted in record earnings for the company. Led by continued strong loan and pure deposit growth, we continue to experience net interest margin expansion and enjoy excellent credit quality. Momentum is strong as we move into the second half of 2018.”

 
 

Cash Dividend and Capital

The Board of Directors approved a cash dividend for the second quarter of 2018. The company will pay a $0.10 per share dividend to holders of the company’s common stock. This dividend is payable August 13, 2018 to shareholders of record as of July 30, 2018. Mr. Crapps commented, “Our entire board is pleased that our performance enables the company to continue its cash dividend for the 66th consecutive quarter.”

 

At June 30, 2018, the company’s regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 10.20%, 13.75%, and 14.52%, respectively. This compares to the same ratios as of June 30, 2017, of 10.41%, 15.02%, and 15.89%, respectively. Additionally, the regulatory capital ratios for the company’s wholly owned subsidiary, First Community Bank, were 9.77%, 13.17%, and 13.95% respectively as of June 30, 2018. The company’s ratio of tangible common equity to tangible assets was 8.38% as of June 30, 2018. Also, as of June 30, 2018, the Common Equity Tier One ratio for the company and the bank were 11.91% and 13.17% respectively.

 

Asset Quality

Asset quality remained strong. Non-performing assets were 0.53% of total assets and total past dues were 0.33%. Again this quarter, there was a net loan recovery. The recovery for the quarter was $97 thousand and the year-to-date net recovery is $118 thousand. The ratio of classified loans plus OREO now stands at 7.07% of total bank regulatory risk-based capital as of June 30, 2018. Additionally, as a result of continued excellent credit quality and ongoing year-to-date net recoveries, expense related to the provision for loan losses was only $29 thousand for the quarter.

 

Balance Sheet

(Numbers in millions)

    Quarter
Ended
6/30/18
    Quarter
Ended
3/31/18
    Quarter
Ended
12/31/17
    Year
To Date

$ Variance
    Year
To Date
% Variance
 
Assets                              
     Investments   $ 273.7     $ 272.6     $ 284.4     $ (10.7 )     (3.8 )%
     Loans     684.3       668.6       646.8       37.5       5.8 %
                                         
Liabilities                                        
     Total Pure Deposits   $ 773.2     $ 758.9     $ 729.5     $ 43.7       6.0 %
     Certificates of Deposit     160.2       161.0       158.8       1.4       0.9 %
Total Deposits   $ 933.4     $ 919.9     $ 888.3       45.1       5.1 %
                                         
Customer Cash Management   $ 28.2     $ 22.0     $ 19.3     $ 8.9       46.1 %
FHLB Advances     0.2       0.2       14.3       (14.1 )     (98.6 )%
                                         
Total Funding   $ 961.8     $ 942.1     $ 921.9     $ 39.9       4.3 %
Cost of Funds
(including demand deposits)
    0.37 %     0.34 %     0.30 %             7 bps
Cost of Deposits     0.28 %     0.25 %     0.22 %             6 bps

 

Mr. Crapps commented, “Commercial loan production remained strong at $38.1 million in the second quarter up from $32.8 million in the first quarter. Year-to-date loan growth is $37.5 million, an 11.6 % annualized growth rate. Pure deposits, including customer cash management accounts, grew by $20.5 million during the quarter, and year-to-date by $52.6 million, a 14.0% annualized growth rate.”

 
 

Revenue

Net Interest Income/Net Interest Margin

Net interest income was $8.9 million for the second quarter of 2018 a 4.7% increase over first quarter net interest income of $8.5 million. Second quarter net interest margin, on a tax equivalent basis, was 3.71% compared to net interest margin of 3.66% in the first quarter. This is the eighth consecutive quarter of net interest margin expansion, after adjusting the net interest margin for the first quarter of 2017 as discussed in a prior earnings release. Mr. Crapps noted, “Importantly, we continue to demonstrate the strength of our deposit franchise in a rising rate environment. During the first half of 2018, our yield on average earning assets has increased by 29 basis points, with cost of deposits increasing only 6 basis points to a still modest level of 28 basis points.” 

Non-Interest Income

 

Non-interest income, adjusted for securities gains and losses and excluding any loss on the early extinguishment of debt, increased slightly on a linked quarter basis to $2.82 million in the second quarter of 2018, up from $2.74 million in the first quarter of this year. Revenues in the mortgage line of business increased on a linked quarter basis to $1.02 million in the second quarter of 2018, up from $951 thousand in the first quarter of 2018, but down year-over-year from $1.25 million in the second quarter of 2017. Mortgage loan production declined only slightly year-over-year from $34.40 million in the second quarter of 2017 to $33.71 million in the second quarter of 2018. The decline in revenue was primarily driven by a lower gain-on-sale margin, which can be attributed to product mix. Revenue in the investment advisory line of business increased on a linked quarter basis to $401 thousand in the second quarter of 2018 up from $383 thousand in the first quarter. Mr. Crapps commented, “Our strategy of multiple revenue streams continues to serve us well as we focus our efforts to accelerate growth in these lines of business. Production in our mortgage unit continues to be strong and the addition of mortgage lenders in our Augusta, Georgia and Greenville, South Carolina markets has allowed us to continue to have success in this line of business. We have also recently added a Financial Advisor in the Greenville, South Carolina market which is allowing us to expand our financial planning line of business into the Upstate of South Carolina. We are pleased with the activity and momentum in each of our business units.”

 

Non-Interest Expense

 

Non-interest expense was $8.2 million in the second quarter of 2018, compared to $7.6 million in the first quarter of 2018. Higher salaries and benefits, marketing and other miscellaneous expenses accounted for the majority of the increase. Salaries and benefits increased primarily due to higher incentive accruals and mortgage commissions paid on increased production. Marketing expenses increased as expected due to the timing of the implementation of the company’s 2018 marketing plan. Other miscellaneous expenses included a $164 thousand expense related to the purchase of a South Carolina Rehabilitation Tax Credit during the quarter. The benefit of this credit served to reduce our state tax provision by $205 thousand.

 

Other

 

During the second quarter of 2018, the Company was added to the Russell 2000 Index. Mr. Crapps commented, “We are pleased that our efforts and the growth of our market capitalization have led to our inclusion in the Russell 2000 Index. This is a testament to the success of our organization and we are excited about the benefits of this for our shareholders.”

 

Also, the Company has received approval to open banking offices in downtown Greenville, South Carolina and Evans, Georgia. The downtown Greenville office is anticipated to open in the first quarter of 2019 with the Evans, Georgia office to open in the second quarter.

 

***

 

 
 

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 is a full service commercial bank offering deposit and loan products and series, residential mortgage lending and financial planning/investment advisory services for businesses and consumers. First Community serves customers in the Midlands, Aiken, and Greenville, South Carolina markets as well as Augusta, Georgia. For more information, visit www.firstcommunitysc.com

 

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)      

 

   June 30,   December 31,   June 30 
   2018   2017   2017 
             
  Total Assets  $1,092,149   $1,050,731   $915,462 
  Other short-term investments (1)   28,798    15,788    22,356 
  Investment Securities   273,730    284,395    259,113 
  Loans held for sale   6,969    5,093    6,590 
  Loans   684,333    646,805    553,420 
  Allowance for Loan Losses   6,087    5,797    5,490 
  Goodwill   14,562    14,589    5,078 
  Other Intangibles   2,284    2,569    953 
  Total Deposits   933,368    888,323    773,126 
  Securities Sold Under Agreements to Repurchase   28,203    19,270    17,319 
  Federal Home Loan Bank Advances   241    14,250    17,997 
  Junior Subordinated Debt   14,964    14,964    14,964 
  Shareholders’ equity   106,997    105,663    85,059 
                
  Book Value Per Common Share  $14.07   $13.93   $12.69 
  Tangible Book Value Per Common Share  $11.85   $11.66   $11.79 
  Equity to Assets   9.80%   10.06%   9.29%
  Tangible common equity to tangible assets   8.38%   8.56%   8.69%
  Loan to Deposit Ratio (excludes held for sale)   73.32%   73.38%   71.58%
  Allowance for Loan Losses/Loans   0.89%   0.89%   0.99%
Regulatory Ratios               
   Leverage Ratios:   10.20%   10.11%   10.24%
   Tier 1 Capital Ratio   13.75%   14.01%   15.30%
   Total Capital Ratio   14.52%   14.79%   16.14%
   Common Equity Tier 1 ratio   11.91%   12.18%   12.81%
   Tier 1 Regulatory Capital  $108,159   $103,754   $89,155 
   Total Regulatory Capital  $114,246   $109,551   $94,032 
   Common Equity Capital  $93,659   $89,364   $74,655 

 

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

 

 

 

 

Average Balances:  Three months ended   Six months ended 
   June 30,   June 30, 
   2018   2017   2018   2017 
                 
  Average Total Assets  $1,073,299   $908,679   $1,063,954   $910,417 
  Average Loans   677,524    558,429    667,929    557,971 
  Average Earning Assets   977,993    834,447    968,031    836,207 
  Average Deposits   921,187    771,636    906,317    764,540 
  Average Other Borrowings   38,510    45,732    44,267    55,640 
  Average Shareholders’ Equity   106,032    84,765    105,813    83,429 

 

Asset Quality:  June 30,   March 31,   December 31, 
   2018   2018   2017 
Loan Risk Rating by Category (End of Period)               
       Special Mention  $7,212   $9,348   $10,121 
       Substandard   5,923    7,033    7,380 
       Doubtful            
       Pass   671,198    652,202    629,304 
   $684,333   $668,583   $646,805 

 

   June 30,   March 31,   December 31, 
   2018   2018   2017 
             
  Nonperforming Assets:               
       Non-accrual loans  $2,958   $3,127   $3,380 
       Other real estate owned   1,824    1,907    1,934 
       Accruing loans past due 90 days or more   959    34     
            Total nonperforming assets  $5,741   $5,068   $5,314 
Accruing trouble debt restructurings  $1,926   $1,794   $1,770 

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2018   2017   2018   2017 
  Loans charged-off  $1   $3   $9   $32 
  Overdrafts charged-off   37    14    77    36 
  Loan recoveries   (99)   (57)   (127)   (142)
  Overdraft recoveries   (11)   (4)   (18)   (8)
     Net Charge-offs (recoveries)  $(72)  $(44)  $(59)  $(82)
  Net charge-offs to average loans    N/A     N/A     N/A     N/A 

 
 

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, 
   2018   2017   2018   2017   2018   2017 
                         
Interest Income  $9,819   $7,724   $9,331   $7,773   $19,150   $15,497 
Interest Expense   880    675    797    712    1,677    1,387 
Net Interest Income   8,939    7,049    8,534    7,061    17,473    14,110 
Provision for Loan Losses   29    78    202    116    231    194 
Net Interest Income After Provision   8,910    6,971    8,332    6,945    17,242    13,916 
Non-interest Income:                              
Deposit service charges   423    348    463    320    886    668 
Mortgage banking income   1,016    1,248    951    670    1,967    1,918 
Investment advisory fees and non-deposit commissions   401    314    383    258    784    572 
Gain (loss) on sale of securities   94    172    (104)   54    (10)   226 
Gain on sale of other assets   22    68    15    20    37    88 
Loss on early extinguishment of debt       (223)       (58)       (281)
Other   955    717    923    714    1,878    1,431 
Total non-interest income   2,911    2,644    2,631    1,978    5,542    4,622 
Non-interest Expense:                              
Salaries and employee benefits   4,881    4,261    4,577    4,086    9,458    8,347 
Occupancy   583    539    614    527    1,197    1,066 
Equipment   398    506    381    446    779    952 
Marketing and public relations   194    298    89    221    283    519 
FDIC assessment   83    78    81    78    164    156 
Other real estate expenses   31    29    18    27    49    56 
Amortization of intangibles   143    74    142    75    285    149 
Merger expenses       98                98 
Other   1,912    1,487    1,692    1,260    3,604    2,747 
Total non-interest expense   8,225    7,370    7,594    6,720    15,819    14,090 
Income before taxes   3,596    2,245    3,369    2,203    6,965    4,448 
Income tax expense   595    581    660    447    1,255    1,028 
Net Income  $3,001   $1,664   $2,709   $1,756   $5,710   $3,420 
                               
Per share data:                              
Net income, basic  $0.40   $0.25   $0.36   $0.27   $0.75   $0.51 
Net income, diluted  $0.39   $0.24   $0.35   $0.26   $0.74   $0.50 
                               
Average number of shares outstanding - basic   7,573,252    6,634,462    7,569,038    6,687,942    7,575,656    6,641,405 
Average number of shares outstanding - diluted   7,726,479    6,803,370    7,712,534    6,813,460    7,725,535    6,813,307 
Shares outstanding period end   7,605,053    6,701,642    7,600,690    6,697,130    7,605,053    6,701,642 
Return on average assets   1.12%   0.73%   1.04%   0.78%   1.08%   0.76%
Return on average common equity   11.35%   7.87%   10.40%   8.63%   10.88%   8.27%
Return on average common tangible equity   13.51%   8.48%   12.41%   9.32%   12.97%   8.92%
Net Interest Margin   3.67%   3.39%   3.61%   3.42%   3.64%   3.40%
Net Interest Margin (taxable equivalent)   3.71%   3.49%   3.66%   3.52%   3.69%   3.51%
Efficiency ratio   69.96%   75.64%   67.39%   74.31%   68.70%   75.00%

 
 

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates on Average Interest-Bearing Liabilities

                         
   Three months ended June 30, 2018   Three months ended June 30, 2017 
   Average   Interest   Yield/   Average   Interest   Yield/ 
   Balance   Earned/Paid   Rate   Balance   Earned/Paid   Rate 
Assets                              
Earning assets                              
Loans  $677,524   $8,080    4.78%  $558,429   $6,241    4.48%
Securities:   275,714    1,629    2.37%   262,806    1,459    2.23%
Federal funds sold and securities purchased   24,803    110    1.78%   13,212    24    0.73%
Total earning assets   978,041    9,819    4.03%   834,447    7,724    3.71%
Cash and due from banks   13,336              12,572           
Premises and equipment   34,784              30,684           
Intangibles   16,941              6,068           
Other assets   36,241              30,331           
Allowance for loan losses   (6,044)             (5,423)          
   $1,073,299             $908,679           
Liabilities                              
Interest-bearing liabilities                              
Interest-bearing transaction accounts  $194,514   $72    0.15%  $161,110   $43    0.11%
Money market accounts   185,922    194    0.42%   168,050    106    0.25%
Savings deposits   106,523    34    0.13%   74,800    21    0.11%
Time deposits   193,635    338    0.70%   172,115    270    0.63%
Other borrowings   38,510    242    2.52%   45,732    234    2.05%
Total interest-bearing liabilities   719,104    880    0.49%   621,807    674    0.43%
Demand deposits   240,594              195,561           
Other liabilities   7,569              6,546           
Shareholders’ equity   106,032              84,765           
Total liabilities and shareholders’ equity  $1,073,299             $908,679           
                               
Cost of funds including demand deposits             0.37%             0.33%
Net interest spread             3.54%             3.28%
Net interest income/margin       $8,939    3.67%       $7,050    3.39%
Net interest income/margin FTE basis       $9,052    3.71%       $7,266    3.49%

 
 

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates on Average Interest-Bearing Liabilities

                         
   Six months ended June 30, 2018   Six months ended June 30, 2017 
   Average   Interest   Yield/   Average   Interest   Yield/ 
   Balance   Earned/Paid   Rate   Balance   Earned/Paid   Rate 
Assets                              
Earning assets                              
Loans  $667,929   $15,697    4.74%  $557,972   $12,567    4.54%
Securities:   277,182    3,272    2.38%   265,448    2,877    2.19%
Federal funds sold and securities purchased under agreements to resell   22,921    181    1.59%   12,788    53    0.84%
Total earning assets   968,032    19,150    3.99%   836,208    15,497    3.74%
Cash and due from banks   13,503              11,773           
Premises and equipment   35,173              30,428           
Intangibles   17,011              6,105           
Other assets   36,192              31,251           
Allowance for loan losses   (5,957)             (5,347)          
Total assets  $1,063,954             $910,418           
Liabilities                              
Interest-bearing liabilities                              
Interest-bearing transaction accounts  $190,302    139    0.15%  $158,651    85    0.11%
Money market accounts   181,830    338    0.37%   168,037    211    0.25%
Savings deposits   106,532    73    0.14%   73,478    42    0.12%
Time deposits   193,429    634    0.66%   175,163    544    0.63%
Other borrowings   44,267    493    2.25%   55,640    505    1.83%
Total interest-bearing liabilities   716,360    1,677    0.47%   630,969    1,387    0.44%
Demand deposits   234,225              189,211           
Other liabilities   7,556              6,808           
Shareholders’ equity   105,813              83,430           
Total liabilities and shareholders’ equity  $1,063,954             $910,418           
                               
Cost of funds, including demand deposits             0.36%             0.34%
Net interest spread             3.52%             3.30%
Net interest income/margin       $17,473    3.64%       $14,110    3.40%
Net interest income/margin FTE basis       $17,704    3.69%       $14,552    3.51%

 
 

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

             
   June 30,   December 31,   June 30, 
Tangible book value per common share  2018   2017   2017 
Tangible common equity per common share (non-GAAP)  $11.85   $11.66   $11.79 
Effect to adjust for intangible assets   2.22    2.27    0.90 
Book value per common share (GAAP)  $14.07   $13.93   $12.69 
Tangible common shareholders’ equity to tangible assets               
Tangible common equity to tangible assets (non-GAAP)   8.38%   8.56%   8.69%
Effect to adjust for intangible assets   1.42%   1.50%   0.60%
Common equity to assets (GAAP)   9.80%   10.06%   9.29%

 

Return on average tangible common equity  Three months ended
June 30,
   Three months ended
March 31,
   Six months ended
June 30,
 
   2018   2017   2018   2017   2018   2017 
Return on average common tangible equity (non-GAAP)   13.51%   8.48%   12.41%   9.32%   12.97%   8.92%
Effect to adjust for intangible assets   (2.16)%   (0.61)%   (2.01)%   (0.69)%   (2.09)%   (0.65)%
Return on average common equity (GAAP)   11.35%   7.87%   10.40%   8.63%   10.88%   8.27%

 

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, July 18, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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First Community Corp provided additional information to their SEC Filing as exhibits

Ticker: FCCO
CIK: 932781
Form Type: 10-Q Quarterly Report
Accession Number: 0001552781-18-000312
Submitted to the SEC: Wed Aug 08 2018 10:59:30 AM EST
Accepted by the SEC: Wed Aug 08 2018
Period: Saturday, June 30, 2018
Industry: State Commercial Banks

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