Columbia-based First Community Corp (FCC) has released its financial results for the third quarter of 2023, reporting a net income of $8.5 million. The company's quarterly revenue stood at $18.7 million for the same period.
First Community Corp's net income for the third quarter of 2023 is a decrease compared to the previous year's net income of $10.6 million. Despite the decrease, the company's performance remained steady, with a solid quarterly revenue of $18.7 million.
Over the course of the first nine months of 2023, First Community Corp generated a total revenue of $52.1 million, representing growth compared to the same period in 2022 when the revenue was $36.1 million. This increase can be attributed to higher interest and dividend income, particularly from loans and investment securities.
First Community Corp maintains a strong financial position, with total assets amounting to $1.79 billion as of September 30, 2023. The company's positive financial stability is evidenced by its significant cash reserves of $97.5 million, along with its investment securities available-for-sale totaling $280.5 million. Additionally, the company has a healthy net loans held-for-investment amounting to $1.08 billion.
First Community Corp reported basic earnings per common share of $0.23 and diluted earnings per common share of $0.23 for the third quarter of 2023. Comparatively, the earnings per share figures for the same period in 2022 were $0.52 and $0.52, respectively. The decrease in earnings per share indicates a decline in profitability on a per-share basis.
Looking ahead, First Community Corp remains optimistic about its future prospects. The company's strong financial position and solid revenue growth provide a foundation for continued success. With its focus on providing exceptional banking solutions to its customers, First Community Corp is well-positioned to navigate any challenges that may arise.
First Community Corp's third-quarter financial results showcase a stable performance, with a net income of $8.5 million and quarterly revenue of $18.7 million. The company's positive financial stability and increasing revenue contribute to its continued success. Despite a decline in earnings per share, First Community Corp remains optimistic about its future prospects and its ability to deliver exceptional banking services to its customers.