Company Quick10K Filing
First Community
Price19.77 EPS1
Shares8 P/E14
MCap151 P/FCF54
Net Debt-33 EBIT18
TEV118 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-14
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-11
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-16
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-27
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-21
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-13
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-28
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-27
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-29
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-29
8-K 2020-08-21 Regulation FD, Exhibits
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-05-21
8-K 2020-05-20
8-K 2020-04-22
8-K 2020-02-19
8-K 2020-01-22
8-K 2019-12-16
8-K 2019-11-05
8-K 2019-10-25
8-K 2019-10-16
8-K 2019-09-18
8-K 2019-09-04
8-K 2019-07-17
8-K 2019-05-30
8-K 2019-05-22
8-K 2019-05-21
8-K 2019-05-13
8-K 2019-04-17
8-K 2019-01-16
8-K 2018-10-17
8-K 2018-09-05
8-K 2018-07-18
8-K 2018-05-16
8-K 2018-04-18
8-K 2018-01-17

FCCO 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Nature of Business and Basis of Presentation
Note 2 - Earnings per Common Share
Note 3 - Investment Securities
Note 4 - Loans
Note 5 - Recently Issued Accounting Pronouncements
Note 6 - Fair Value of Financial Instruments
Note 7 - Deposits
Note 8 - Reportable Segments
Note 9 - Leases
Note 10 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II -
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.	
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 e20458_ex31-1.htm
EX-31.2 e20458_ex31-2.htm
EX-32 e20458_ex32.htm

First Community Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.21.00.70.50.20.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

 

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 2020
   
o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from ____ to ____

  

Commission File No. 000-28344

 

FIRST COMMUNITY CORPORATION
(Exact name of registrant as specified in its charter)
 
South Carolina 57-1010751
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

5455 Sunset Boulevard, Lexington, South Carolina 29072

(Address of principal executive offices) (Zip Code)

 

(803) 951-2265

(Registrant’s telephone number, including area code)

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of exchange on which registered
Common stock, par value $1.00 per share FCCO The Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x   No o

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     x Yes   o No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer o   Accelerated Filer x
Non-accelerated filer   o   Smaller reporting company o
    Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: On August 10, 2020, 7,486,151 shares of the issuer’s common stock, par value $1.00 per share, were issued and outstanding.

 
 

TABLE OF CONTENTS

     
PART I – FINANCIAL INFORMATION 1
Item 1. 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 9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 36
Item 3. Quantitative and Qualitative Disclosures About Market Risk 59
Item 4. Controls and Procedures 59
     
PART II – OTHER INFORMATION 60
Item 1.  Legal Proceedings 60
Item 1A. Risk Factors 60
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62
Item 3. Defaults Upon Senior Securities 62
Item 4. Mine Safety Disclosures 62
Item 5. Other Information 62
Item 6. Exhibits 62
     
SIGNATURES 63
INDEX TO EXHIBITS  
EX-31.1 RULE 13A-14(A) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER  
EX-31.2 RULE 13A-14(A) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER  
EX-32 SECTION 1350 CERTIFICATIONS  

 
 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

 

FIRST COMMUNITY CORPORATION

CONSOLIDATED BALANCE SHEETS

 

   June 30,     
(Dollars in thousands, except par value)  2020   December 31, 
   (Unaudited)   2019 
ASSETS          
Cash and due from banks  $15,330   $14,951 
Interest-bearing bank balances   77,608    32,741 
Federal funds sold and securities purchased under agreements to resell   58     
Investment securities available-for-sale   295,919    286,800 
Other investments, at cost   2,053    1,992 
Loans held-for-sale   33,496    11,155 
Loans   817,372    737,028 
Less, allowance for loan losses   8,936    6,627 
Net loans   808,436    730,401 
Property, furniture and equipment - net   34,728    35,008 
Lease right-of-use asset   3,124    3,215 
Premises held-for-sale   591    591 
Bank owned life insurance   28,406    28,041 
Other real estate owned   1,449    1,410 
Intangible assets   1,283    1,483 
Goodwill   14,637    14,637 
Other assets   7,682    7,854 
Total assets  $1,324,800   $1,170,279 
LIABILITIES          
Deposits:          
Non-interest bearing  $371,585   $289,829 
Interest bearing   747,287    698,372 
Total deposits   1,118,872    988,201 
Securities sold under agreements to repurchase   45,651    33,296 
Federal Home Loan Bank advances       211 
Junior subordinated debt   14,964    14,964 
Lease liability   3,192    3,266 
Other liabilities   11,320    10,147 
Total liabilities   1,193,999    1,050,085 
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 7,486,151 at June 30, 2020 7,440,026 at December 31, 2019   7,486    7,440 
Nonvested restricted stock   (396)   (151)
Additional paid in capital   91,184    90,488 
Retained earnings   22,155    19,927 
Accumulated other comprehensive income   10,372    2,490 
Total shareholders’ equity   130,801    120,194 
Total liabilities and shareholders’ equity  $1,324,800   $1,170,279 
           

See Notes to Consolidated Financial Statements

1
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   Six   Six 
   Months Ended   Months Ended 
   June 30,   June 30, 
   2020   2019 
(Dollars in thousands, except per share amounts)  (Unaudited)   (Unaudited) 
Interest income:          
Loans, including fees  $17,845   $17,401 
Taxable securities   2,662    2,511 
Non-taxable securities   675    804 
Other   194    264 
Total interest income   21,376    20,980 
Interest expense:          
Deposits   1,755    2,182 
Securities sold under agreement to repurchase   140    201 
Other borrowed money   321    461 
Total interest expense   2,216    2,844 
Net interest income   19,160    18,136 
Provision for loan losses   2,325    114 
Net interest income after provision for loan losses   16,835    18,022 
Non-interest income:          
Deposit service charges   609    791 
Mortgage banking income   2,554    2,082 
Investment advisory fees and non-deposit commissions   1,305    927 
Gain on sale of securities       135 
Gain (loss) on sale of other assets   6    (3)
Other   1,841    1,763 
Total non-interest income   6,315    5,695 
Non-interest expense:          
Salaries and employee benefits   11,493    10,380 
Occupancy   1,322    1,302 
Equipment   616    775 
Marketing and public relations   601    605 
FDIC assessments   130    145 
Other real estate expense   75    47 
Amortization of intangibles   200    264 
Other   3,732    3,445 
Total non-interest expense   18,169    16,963 
Net income before tax   4,981    6,754 
Income taxes   970    1,378 
Net income  $4,011   $5,376 
           
Basic earnings per common share  $0.54   $0.70 
Diluted earnings per common share  $0.54   $0.70 
           

See Notes to Consolidated Financial Statements

2
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

         
   Three   Three 
   Months Ended   Months Ended 
   June 30,   June 30, 
   2020   2019 
(Dollars in thousands, except per share amounts)  (Unaudited)   (Unaudited) 
Interest income:          
Loans, including fees  $9,018   $8,792 
Taxable securities   1,225    1,294 
Non-taxable securities   386    364 
Other   37    156 
Total interest income   10,666    10,606 
Interest expense:          
Deposits   736    1,180 
Securities sold under agreement to repurchase   36    109 
Other borrowed money   151    201 
Total interest expense   923    1,490 
Net interest income   9,743    9,116 
Provision for loan losses   1,250    9 
Net interest income after provision for loan losses   8,493    9,107 
Non-interest income:          
Deposit service charges   210    380 
Mortgage banking income   1,572    1,238 
Investment advisory fees and non-deposit commissions   671    489 
Gain on sale of securities       164 
Gain (loss) on sale of other assets       (3)
Other   934    918 
Total non-interest income   3,387    3,186 
Non-interest expense:          
Salaries and employee benefits   5,840    5,210 
Occupancy   679    647 
Equipment   298    389 
Marketing and public relations   247    430 
FDIC assessment   88    71 
Other real estate expense   40    18 
Amortization of intangibles   95    132 
Other   1,844    1,743 
Total non-interest expense   9,131    8,640 
Net income before tax   2,749    3,653 
Income taxes   532    772 
Net income  $2,217   $2,881 
           
Basic earnings per common share  $0.30   $0.38 
Diluted earnings per common share  $0.30   $0.37 
           

See Notes to Consolidated Financial Statements

3
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 

(Dollars in thousands)        
   Six months ended June 30, 
   2020   2019 
         
Net income  $4,011   $5,376 
           
Other comprehensive income:          
Unrealized (loss) gain during the period on available-for-sale securities, net of tax expense of $2,095 and $1,183, respectively   7,882    4,445 
           
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax benefit $0 and $29, respectively       (106)
           
Other comprehensive income   7,882    4,339 
Comprehensive income  $11,893   $9,715 
           
(Dollars in thousands)        
   Three months ended June 30, 
   2020   2019 
         
Net income  $2,217   $2,881 
           
Other comprehensive income:          
Unrealized gain during the period on available-for-sale securities, net of tax expense of $1,196 and $575, respectively   4,501    2,164 
           
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax expense of $0 and $34, respectively       (130)
           
Other comprehensive income   4,501    2,034 
Comprehensive income  $6,718   $4,915 
           

See Notes to Consolidated Financial Statements

4
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Six months ended June 30, 2020 and 2019

(Unaudited)

 

                       Accumulated     
   Common       Additional   Nonvested       Other     
(Dollars and shares in thousands)  Shares   Common   Paid-in   Restricted   Retained   Comprehensive     
   Issued   Stock   Capital   Stock   Earnings   Income (loss)   Total 
Balance, December 31, 2019   7,440   $7,440   $90,488   $(151)  $19,927   $2,490   $120,194 
Net income                       4,011         4,011 
Other comprehensive income net of tax of $2,095                            7,882    7,882 
Issuance of common stock             4                   4 
Issuance of restricted stock   18    18    348    (366)              
Issuance of common stock-deferred compensation   18    18    182                   200 
Amortization of compensation on restricted stock                  121              121 
Shares retired   (1)   (1)   (14)                  (15)
Dividends: Common ($0.24 per share)                       (1,783)        (1,783)
Dividend reinvestment plan   11    11    176                   187 
Balance, June 30, 2020   7,486   $7,486   $91,184   $(396)  $22,155   $10,372   $130,801 

 

                           Accumulated     
   Common       Common   Additional   Nonvested       Other     
(Dollars and shares in thousands)  Shares   Common   Stock   Paid-in   Restricted   Retained   Comprehensive     
   Issued   Stock   Warrants   Capital   Stock   Earnings   Income (loss)   Total 
Balance, December 31, 2018   7,639   $7,639   $31   $95,048   $(149)  $12,262   $(2,334)  $112,497 
Net Income                            5,376         5,376 
Other comprehensive income net of tax of $1,212                                 4,339    4,339 
Issuance of restricted stock   8    8         162    (170)              
Amortization of compensation on
restricted stock
                       78              78 
Shares retired   (8)   (8)        (148)                  (156)
Exercise of warrants   23    23    (16)   (7)                   
Stock repurchase plan   (185)   (185)        (3,228)                  (3,413)
Shares issued - deferred compensation   24    24         241                   265 
Dividends: Common ($0.22 per share)                            (1,681)        (1,681)
Dividend reinvestment plan   10    10         174                   184 
Balance, June 30, 2019   7,511   $7,511   $15   $92,242   $(241)  $15,957   $2,005   $117,489 

 

See Notes to Consolidated Financial Statements

5
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

                       Accumulated     
   Common       Additional   Nonvested       Other     
(Dollars and shares in thousands)  Shares   Common   Paid-in   Restricted   Retained   Comprehensive     
   Issued   Stock   Capital   Stock   Earnings   Income (loss)   Total 
Balance, December 31, 2019   7,440   $7,440   $90,488   $(151)  $19,927   $2,490   $120,194 
Net income                       1,794         1,794 
Other comprehensive income net of tax of $899                            3,381    3,381 
Issuance of common stock             4                   4 
Issuance of restricted stock   18    18    348    (366)              
Amortization of compensation on restricted stock                  52              52 
Shares retired   (1)   (1)   (14)                  (15)
Dividends: Common ($0.12 per share)                       (891)        (891)
Dividend reinvestment plan   5    5    90                   95 
Balance, March 31, 2020   7,462   $7,462   $90,916   $(465)  $20,830   $5,871   $124,614 
Net income                       2,217         2,217 
Other comprehensive income net of tax of $1,196                            4,501    4,501 
Issuance of common stock-Deferred Compensation   18    18    182                   200 
Amortization of compensation on restricted stock                  69              69 
Dividends: Common ($0.12 per share)                       (892)        (892)
Dividend reinvestment plan   6    6    86                   92 
Balance, June 30, 2020   7,486   $7,486   $91,184   $(396)  $22,155   $10,372   $130,801 

 

See Notes to Consolidated Financial Statements

6
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

                           Accumulated     
   Common       Common   Additional   Nonvested       Other     
(Dollars and shares in thousands)  Shares   Common   Stock   Paid-in   Restricted   Retained   Comprehensive     
   Issued   Stock   Warrants   Capital   Stock   Earnings   Income (loss)   Total 
Balance December 31, 2018   7,639   $7,639   $31   $95,048   $(149)  $12,262   $(2,334)  $112,497 
Net Income                            2,495         2,495 
Other comprehensive income net
of tax of $601
                                 2,305    2,305 
Issuance of restricted stock   8    8         162    (170)              
Amortization of compensation on
restricted stock
                       33              33 
Shares retired   (8)   (8)        (148)                  (156)
Exercise of warrants   21    21    (14)   (7)                   
Dividends: Common ($0.11 per
share)
                            (840)        (840)
Dividend reinvestment plan   5    5         95                   100 
Balance March 31, 2019   7,665   $7,665   $17   $95,150   $(286)  $13,917   $(29)  $116,434 
Net income                            2,881         2,881 
Other comprehensive income net
of tax of $610
                                 2,034    2,034 
Amortization of compensation on
restricted stock
                       45              45 
Exercise of warrants   2    2    (2)                        
Stock repurchase plan   (185)   (185)        (3,228)                  (3,413)
Shares issued-deferred compensation   24    24         241                   265 
Dividends: Common ($0.11 per
share)
                            (841)        (841)
Dividend reinvestment plan   5    5         79                   84 
Balance June 30, 2019   7,511   $7,511   $15   $92,242   $(241)  $15,957   $2,005   $117,489 

 

See Notes to Consolidated Financial Statements

7
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

           
   Six months ended
June 30,
 
(Dollars in thousands)  2020   2019 
Cash flows from operating activities:          
Net income  $4,011   $5,376 
Adjustments to reconcile net income to net cash used from operating activities:          
Depreciation   807    649 
Net premium amortization   1,105    1,071 
Provision for loan losses   2,325    114 
Loss on sale of other real estate owned       3 
Writedowns of other real estate owned   38     
Origination of loans held-for-sale   (85,207)   (61,358)
Sale of loans held-for-sale   62,866    55,851 
Amortization of intangibles   200    264 
Accretion on acquired loans   (179)   (272)
Gain on sale of securities       (135)
Increase in other assets   (2,221)   (7,485)
Increase in other liabilities   4,385    1,656 
Net cash used from operating activities   (11,870)   (4,266)
Cash flows from investing activities:          
Purchase of investment securities available-for-sale   (22,077)   (57,557)
Purchase of other investment securities   (70)   (37)
Maturity/call of investment securities available-for-sale   21,948    14,805 
Proceeds from sale of securities available-for-sale       51,119 
Proceeds from sale of other securities   9     
(Increase) in loans   (83,576)   (8,051)
Proceeds from sale of other real estate owned       45 
Proceeds from sale of fixed assets       301 
Purchase of property and equipment   (527)   (1,954)
Net cash used in investing activities   (84,293)   (1,329)
Cash flows from financing activities:          
Increase in deposit accounts   130,672    11,894 
Increase in securities sold under agreements to repurchase   12,355    5,867 
Advances from the Federal Home Loan Bank   34,001    65,000 
Repayment of advances from Federal Home Loan Bank   (34,212)   (65,010)
Shares retired   (15)   (156)
Repurchase of common stock       (3,413)
Issuance of deferred compensation shares   200    265 
Dividends paid: Common Stock   (1,783)   (1,681)
Proceeds from issuance of Common Stock   4     
Dividend reinvestment plan