First Community Corporation Announces First Quarter Results and Cash Dividend

The Board of Directors has approved a cash dividend for the first 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 May 14, 2018 to shareholders of record as of April 30, 2018.  Mr. Crapps commented, "Our entire board is pleased that our performance enables the company to continue its cash dividend for the 65^th consecutive quarter." 

Each of the regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) exceed the well capitalized minimum levels currently required by regulatory statute.  At March 31, 2018, the company's regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 10.18%, 13.90%, and 14.69%, respectively.  This compares to the same ratios as of March 31, 2017 of 10.21%, 14.66%, and 15.51%, respectively.  Additionally, the regulatory capital ratios for the company's wholly owned subsidiary, First Community Bank, were 9.74%, 13.31%, and 14.10%, respectively, as of March 31, 2018.  Further, the company's ratio of tangible common equity to tangible assets was 8.40% as of March 31, 2018.  As of March 31, 2018, the Common Equity Tier One ratio is 12.00% for the company and 13.31% for the bank.  

Asset Quality

Key credit quality metrics continue to be excellent.  There was a net loan recovery for the quarter of $21 thousand.  The non-performing assets ratio, at 0.47% of total assets, is an area of strength for the company and is a decrease from 0.51% at December 31, 2017.  Non-accrual loans decreased 8.4% on a linked quarter basis to $3.1 million.  Other Real Estate Owned (OREO) balances remained relatively flat during the quarter at $1.9 million.  The ratio of classified loans plus OREO now stands at 8.34% of total regulatory risk-based capital as of March 31, 2018 down from 8.86% at December 31, 2017.  Loans past due 30-89 days were $3.3 million or 0.49% of loans this quarter. 

Revenue

Net Interest Income/Net Interest Margin

Net interest income was $8.534 million for the first quarter of 2018, an increase on a linked quarter basis of $476 thousand or 5.9%  compared to fourth quarter 2017 net interest income of $8.058 million.  Year-over-year, net interest income increased $1.473 million or 20.9% compared to first quarter 2017 net interest income of $7,061.  First quarter 2018 net interest margin, on a tax equivalent basis, was 3.66%, an increase compared to the net interest margin of 3.54% in the fourth quarter of 2017 and 3.52% in the first quarter of 2017. 

Non-Interest Income

Non-interest income, adjusted for securities gains and losses and the early extinguishment of debt, was $2.733 million in the first quarter of 2018, an increase of $189 thousand or 7.4% on a linked quarter basis compared to non-interest income adjusted for securities gains and the loss on the early extinguishment of debt of $2.544 million in the fourth quarter of 2017.  Year-over-year, non-interest income increased $751 thousand or 37.9% compared to $1.982 million in the first quarter of 2017.  Income from the mortgage line of business was $951 thousand in the first quarter of 2018, an increase of $281 thousand or 41.9% year-over-year and $123 thousand or 14.9% on a linked quarter basis.  Income from the financial planning and investment advisory line of business was $383 thousand for the quarter, flat on a linked quarter basis and an increase of $125 thousand or 48.4% year-over-year.  Total assets under management in this unit are $271.5 million at March 31, 2018 compared to $214.0 million at March 31, 2017, an increase year-over-year of $57.5 million or 26.9%.

Non-Interest Expense

Non-interest expense decreased on a linked quarter basis to $7.6 million from $8.4 million in the fourth quarter of 2017.  The majority of the decrease was in merger expenses related to the acquisition of Cornerstone National Bank and in marketing expense which was lower in the first quarter due to a planned delay in media advertising which began in March.  Income tax expense was positively impacted in the first quarter of 2018 by the Tax Cuts and Jobs Act of 2017.

First Community Corporation common 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 twenty banking offices located in the Midlands, Upstate and Aiken, South Carolina and Augusta, Georgia.  The bank also has 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)
			As of
			March 31,	December 31,	March 31,
			2018	2017	2017
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