First Community Credit Union Refinance

First Community Credit Union Refinance – LEXINGTON, SC, January 18, 2023 // — Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the fourth quarter and the end of 2022. Net income for fourth quarter quarter of 2022 was $4.043 million and diluted earnings per common share was $0.53, compared to $3.919 million and $0.52 in the fourth quarter of 2021 and $3.951 million and $0.52 $ in the third quarter of 2022, representing an increase in net profit of 3.2% year-on-year. on an annual basis and 2.3% on the basis of the quarter concerned. Fourth-quarter 2022 pre-tax profit before provisions (PTPPE) was $5,184 million, compared to fourth-quarter 2021 PTPPE of $4,912 million and third-quarter 2022 PTPPE of $5,050 million , an increase of 5.5% over one year and 2.7% for the quarter concerned. PPP loan revenue, including interest and deferred payments, was $1,000 in the fourth quarter of 2022, compared to $254,000 in the fourth quarter of 2021.

For the year ended December 31, 2022, net income was $14,613 million, compared to $15,465 million in 2021. Diluted earnings per common share was $1.92 for 2022 , compared to $2.05 in 2021. For the year ended December 31, 2022, the PPPE 29 $1. to $19,982 million for the fiscal year ending December 31, 2021. It should be noted that the total PPP loan deferred interest and fees for 2022 is $49,000 compared to $3,340 million in 2021.

First Community Credit Union Refinance

The Board of Directors approved an additional fourth quarter 2022 cash dividend of $0.14 per common share. This dividend will be paid on February 14, 2023 to shareholders of record in the Company’s common stock as of January 31, 2023. First Community President and CEO Mike Kraps commented: “The entire Board of Directors is pleased that our performance allowed the company to increase its cash dividend, which has been uninterrupted for 84 consecutive quarters.

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As previously announced, the Board of Directors of the Company has approved a share repurchase plan which provides for the repurchase of a maximum of 375,000 common shares, representing approximately 5% of the 7,577,912 shares of the Company outstanding as of December 31, 2022. Under the repurchase plan, the company may purchase shares from time to time. No shares are repurchased under this plan.

Each of the bank’s regulatory capital ratios exceeds the minimum level of healthy capital currently required by regulatory law. As of December 31, 2022, the bank’s regulatory capital ratios (leverage, level 1 risk-based and total risk-based) are 8.63%, 13.45% and 14.49%, respectively. . This compares to the same ratios as of December 31, 2021 of 8.45%, 13.97% and 15.15% respectively. As of December 31, 2022, the bank’s Common Equity Tier 1 capital ratio was 13.45% compared to 13.97% as of December 31, 2021. In addition, the Common Equity Tier 1 capital ratio compared to tangible assets (TCE) of the company was 6.21% as of December 31. 2022. December 31, 2022 compared to 6.03% as of September 30, 2022 and 8.00% as of December 31, 2021. The TCE ratio, excluding accumulated other comprehensive income (AOCL), increased in the fourth quarter to 8.01% against 7.90. % as of September 30, 2022 and 7.80% as of December 31, 2021.

Tangible book value (TBV) per share increased during the quarter from $13.03 per share as of September 30, 2022 to $13.59 per share as of December 31, 2022. Excluding AOCL, TBV per share increased during the quarter, rising from $17.43 per share in September. December 30, 2022 at $17.86 per share as of December 31, 2022.

The company’s asset quality remains strong. Non-performing assets represented 0.35% of total assets as of December 31, 2022, compared to 0.36% as of September 30, 2022. Non-performing assets amounted to $5.8 million at the end of 2022, relatively unchanged compared to the corresponding quarter. The delinquency rate for all loans was 0.06% at the end of 2022, compared to 0.04% as of September 30, 2022. In the fourth quarter of 2022, the bank reported net loan recoveries of $13,000, with a total of net loan repayments for the year 2022. of $361,000. The ratio of loans classified plus OREO now stands at 4.47% of the bank’s total risk-based regulatory capital as of December 31, 2022, compared to 4.90% for the relevant quarter and 6.27% at the end 2021.

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Total loans increased in the fourth quarter of 2022 to $30.6 million, an annual growth rate of 12.8%. Year to date through December 31, 2022, loan growth was $117.2 million, an annual growth rate of 13.6%. Commercial loan originations totaled $51.8 million in the fourth quarter of 2022 and $257.9 million in 2022. First Community Bank President Ted Nissen said, “The new loans were lower than the fourth quarter of 2022; however, the withdrawal of unfunded commercial construction loans has increased significantly. During the quarter, contributing to the overall increase in outstanding loans. Before 2023, we expect some slowdown in credit demand, which will likely be offset by lower spending.

As of December 31, 2022, total deposits were $1.385 billion, compared to $1.361 billion as of December 31, 2021, representing an annual growth rate of 1.8%. Net deposits, defined as total deposits less certificates of deposit, increased by $44.0 million in 2022 to $1.281 billion as of December 31, 2022, from $1.237 billion as of December 31, 2021, a annual growth rate of 3.6%. Securities sold under repurchase agreements, which are tied to customer cash management accounts or corporate clearing accounts, increased 26.8% in 2022 to $68.7 million as of Dec. 31 2022, compared to $54.2 million as of December 31, 2021. In the fourth quarter of 2022, total deposits decreased. to $1.385 billion as of December 31, 2022, compared to $1.436 billion as of September 30, 2022. Net deposits were $1.281 billion as of December 31, 2022, compared to $1.326 billion as of September 30, 2022. Securities sold for less than $68 million was sold in a $68 million deal. as of December 31, 2022, compared to $73.7 million as of September 30, 2022. Deposit fees increased quarter-over-quarter to 0.25% in the fourth quarter, compared to 0.09% in the third quarter of 2022 . funds also increased on a quarterly basis to 0.43% in the fourth quarter of 2022, compared to 0.14% in the third quarter of the year. Mr. Kraps commented: “The strength of our bank lies in our low deposits. In the fourth quarter of 2022, we begin to experience interest rate pressures on interest-bearing deposits due to the rapidly rising interest rate environment, although these increases were late to the start of the year. year. As expected, total deposits declined during this period of quantitative tightening. As of June 30, 2022, total deposits decreased by 5.7% ($83.6 million). debts.”

Net interest income for 2022 increased 5.9% to $47.9 million, compared to $45.3 million for 2021. Quarter-over-quarter, net interest income increased increased to $13.4 million in the fourth quarter of 2022 from $12.8 million in the third quarter of the year. , an increase of 4.5%. The net interest margin on a tax basis amounts to 3.42% for the fourth quarter of 2022 compared to 3.29% in the third quarter of the year.

Total non-interest income was $2,513 million in the fourth quarter of 2022, compared to $2,673 million in the third quarter of the year and $3,626 million in the fourth quarter of 2021. Non-interest income of $13.904 million for 2021.

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Mortgage sales revenue was $290,000 in the fourth quarter of 2022, unchanged from the corresponding quarter and down $1,039 million year over year. Total mortgage sales revenue in 2022 was $1,900 million, compared to $4,319 million in 2021. Total mortgage originations decreased 37.7% in 2022 by compared to 2021. M. and our mortgage activities in 2022 were impacted by rapidly rising interest rates and low housing inventory, as well as a 53% decrease in refinancing activity compared to 2021. As we previously announced, our bank has started to fall asleep. sell an adjustable rate mortgage (ARM) product to offer borrowers an alternative to fixed rate mortgages during the year, as these loans are held on our balance sheet, the result is to increase loan growth, but leads to less profits. Revenue from sales commissions has also increased our focus on construction loans, where demand remains strong.

Mr. Kraps continued: “While strong, our Financial Planning and Investment Advisory business segment revenues and associated assets under management were impacted by stock market performance in 2022. Investment Advisory revenues were strong to $1,033 million in Q4 2022, compared to $1,053 million in 2022. » Q3 2022 and $1,121 million in Q4 2021. Total revenue in 2022 was $4,479 million compared to dollars in 2021, an increase of 12.1%.

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