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 2020-09-30 Filed 2020-11-06
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 2020-10-21 Earnings, Exhibits
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 and Share Based Compensation
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 e20563_ex31-1.htm
EX-31.2 e20563_ex31-2.htm
EX-32 e20563_ex32.htm

First Community Earnings 2020-09-30

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 September 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 Number: 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)

 

Not Applicable

 

(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 x
    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 November 6, 2020, 7,492,908 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 37
Item 3. Quantitative and Qualitative Disclosures About Market Risk 64
Item 4. Controls and Procedures 64
     
PART II – OTHER INFORMATION 65
Item 1.  Legal Proceedings 65
Item 1A. Risk Factors 65
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65
Item 3. Defaults Upon Senior Securities 65
Item 4. Mine Safety Disclosures 65
Item 5. Other Information 65
Item 6. Exhibits 66
     
SIGNATURES 67
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 

 

   September 30,     
(Dollars in thousands, except par value)  2020   December 31, 
   (Unaudited)   2019 
ASSETS          
Cash and due from banks  $17,279   $14,951 
Interest-bearing bank balances   106,231    32,741 
Investment securities - available-for-sale   293,472    286,800 
Other investments, at cost   2,053    1,992 
Loans held-for-sale   37,587    11,155 
Loans   844,460    737,028 
Less, allowance for loan losses   10,113    6,627 
Net loans   834,347    730,401 
Property, furniture and equipment - net   34,527    35,008 
Lease right-of-use asset   3,078    3,215 
Premises held-for-sale   591    591 
Bank owned life insurance   28,588    28,041 
Other real estate owned   1,313    1,410 
Intangible assets   1,188    1,483 
Goodwill   14,637    14,637 
Other assets   6,913    7,854 
Total assets  $1,381,804   $1,170,279 
LIABILITIES          
Deposits:          
Non-interest bearing  $365,505   $289,829 
Interest bearing   808,046    698,372 
Total deposits   1,173,551    988,201 
Securities sold under agreements to repurchase   47,142    33,296 
Federal Home Loan Bank advances       211 
Junior subordinated debentures   14,964    14,964 
Lease liability   3,154    3,266 
Other liabilities   9,749    10,147 
Total liabilities   1,248,560    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 7,492,908 at September 30, 2020 7,440,026 at December 31, 2019   7,493    7,440 
Nonvested restricted stock   (327)   (151)
Additional paid in capital   91,270    90,488 
Retained earnings   23,912    19,927 
Accumulated other comprehensive income   10,896    2,490 
Total shareholders’ equity   133,244    120,194 
Total liabilities and shareholders’ equity  $1,381,804   $1,170,279 

 

See Notes to Consolidated Financial Statements

1
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   Nine   Nine 
   Months Ended   Months Ended 
   September 30,   September 30, 
   2020   2019 
(Dollars in thousands, except per share amounts)  (Unaudited)   (Unaudited) 
Interest income:          
  Loans, including fees  $27,254   $26,492 
  Taxable securities   3,797    3,840 
  Non-taxable securities   1,065    1,084 
  Other short-term investments   224    410 
  Other   12    18 
       Total interest income   32,352    31,844 
Interest expense:          
  Deposits   2,415    3,401 
  Securities sold under agreement to repurchase   166    303 
  Other borrowed money   435    651 
      Total interest expense   3,016    4,355 
Net interest income   29,336    27,489 
Provision for loan losses   3,387    139 
Net interest income after provision for loan losses   25,949    27,350 
Non-interest income:          
  Deposit service charges   851    1,212 
  Mortgage banking income   3,957    3,333 
  Investment advisory fees and non-deposit commissions   1,977    1,436 
  Gain on sale of securities   99    135 
  Gain (loss) on sale of other assets   147    (3)
  Non-recurring bank owned life insurance (BOLI) income   311     
  Other   2,823    2,695 
      Total non-interest income   10,165    8,808 
Non-interest expense:          
  Salaries and employee benefits   17,580    15,845 
  Occupancy   2,058    2,005 
  Equipment   934    1,140 
  Marketing and public relations   943    764 
  FDIC assessments   267    135 
  Other real estate expense   154    78 
  Amortization of intangibles   295    397 
  Other   5,652    5,389 
      Total non-interest expense   27,883    25,753 
Net income before tax   8,231    10,405 
Income taxes   1,568    2,131 
Net income  $6,663   $8,274 
           
Basic earnings per common share  $0.90   $1.10 
Diluted earnings per common share  $0.89   $1.08 
           

See Notes to Consolidated Financial Statements

2
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   Three   Three 
   Months Ended   Months Ended 
   September 30,   September 30, 
   2020   2019 
(Dollars in thousands, except per share amounts)  (Unaudited)   (Unaudited) 
Interest income:          
  Loans, including fees  $9,408   $9,091 
  Taxable securities   1,135    1,259 
  Non-taxable securities   390    350 
  Other short-term investments   40    158 
  Other   3    6 
       Total interest income   10,976    10,864 
Interest expense:          
  Deposits   659    1,219 
  Securities sold under agreement to repurchase   25    102 
  Other borrowed money   116    190 
      Total interest expense   800    1,511 
Net interest income   10,176    9,353 
Provision for loan losses   1,062    25 
Net interest income after provision for loan losses   9,114    9,328 
Non-interest income:          
  Deposit service charges   242    421 
  Mortgage banking income   1,403    1,251 
  Investment advisory fees and non-deposit commissions   672    509 
  Gain on sale of securities   99     
  Gain on sale of other assets   141     
  Non-recurring bank owned life insurance (BOLI) income   311     
  Other   982    932 
      Total non-interest income   3,850    3,113 
Non-interest expense:          
  Salaries and employee benefits   6,087    5,465 
  Occupancy   736    703 
  Equipment   318    365 
  Marketing and public relations   342    159 
  FDIC assessment   137    (10)
  Other real estate expense   79    31 
  Amortization of intangibles   95    133 
  Other   1,920    1,944 
      Total non-interest expense   9,714    8,790 
Net income before tax   3,250    3,651 
Income taxes   598    753 
Net income  $2,652   $2,898 
           
Basic earnings per common share  $0.36   $0.39 
Diluted earnings per common share  $0.35   $0.39 
           

See Notes to Consolidated Financial Statements

3
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 

(Dollars in thousands)        
   Nine months ended September 30, 
   2020   2019 
         
Net income  $6,663   $8,274 
           
Other comprehensive income:          
Unrealized gain during the period on available-for-sale securities, net of tax expense of $2,255 and $1,511, respectively   8,484    5,677 
           
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax benefit $21 and $29, respectively   (78)   (106)
           
Other comprehensive income   8,406    5,571 
Comprehensive income  $15,069   $13,845 
           
(Dollars in thousands)        
   Three months ended September 30, 
   2020   2019 
         
Net income  $2,652   $2,898 
           
Other comprehensive income:          
Unrealized gain during the period on available-for-sale securities, net of tax expense of $160 and $271, respectively   602    1,232 
           
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax benefit of $21 and $0, respectively   (78)    
           
Other comprehensive income   524    1,232 
Comprehensive income  $3,176   $4,130 
           

See Notes to Consolidated Financial Statements

4
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Nine months ended September 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                                     6,663               6,663  
Other comprehensive income net of tax expense of $2,234                                             8,406       8,406  
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                             190                       190  
Shares retired     (1 )     (1 )     (14 )                             (15 )
Dividends: Common ($0.36 per share)                                     (2,678 )             (2,678 )
Dividend reinvestment plan     18       18       262                               280  
Balance, September 30, 2020     7,493     $ 7,493     $ 91,270     $ (327 )   $ 23,912     $ 10,896     $ 133,244  

 

                                        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                                             8,274               8,274  
Other comprehensive income net of tax expense of $1,482                                                     5,571       5,571  
Issuance of restricted stock     8       8               162       (170 )                      
Amortization of compensation on
restricted stock
                                    124                       124  
Shares retired     (8 )     (8 )             (148 )                             (156 )
Exercise of warrants     26       26       (18 )     (8 )                              
Stock repurchase plan     (300 )     (300 )             (5,338 )                             (5,638 )
Issuance of common stock - deferred compensation     24       24               241                               265  
Dividends: Common ($0.33 per share)                                             (2,512 )             (2,512 )
Dividend reinvestment plan     20       20               335                               355  
Balance, September 30, 2019     7,409     $ 7,409     $ 13     $ 90,292     $ (195 )   $ 18,024     $ 3,237     $ 118,780  

 

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 expense 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 expense 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 
                                                         
Net income                                     2,652               2,652  
Other comprehensive income net of tax expense of $139                                             524       524  
Amortization of compensation on restricted stock                             69                       69  
Dividends: Common ($0.12 per share)                                     (895 )             (895 )
Dividend reinvestment plan     7       7       86                               93  
Balance, September 30, 2020     7,493     $ 7,493     $ 91,270     $ (327 )   $ 23,912     $ 10,896     $ 133,244  

See Notes to Consolidated Financial Statements

6
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMEN