First Community Q2 net income rises; announces CEO transition

First Community Corporation

First Community Corporation

FCCO

0.00


Overview

  • U.S. community bank's Q2 net income rose 46.5% yr/yr, EPS up 19.4%

  • Company announced executive leadership transition effective January 2027

  • Ted Nissen will retire as CEO and President; Vaughan R. Dozier to be CEO and Joseph A. "Drew" Painter to be President

  • Quarterly cash dividend raised to $0.17 per share


Outlook

  • Company did not provide specific financial guidance or forecasts for the current or future quarters in the press release


Result Drivers

  • NET INTEREST MARGIN EXPANSION - Margin rose to 3.51%, driven by improved loan yields, loan portfolio growth, lower deposit and funding costs, and reduced amortization expense from the Signature Bank acquisition

  • NON-INTEREST INCOME GROWTH - Higher revenue from investment advisory, mortgage, and government-guaranteed lending lines contributed to increased non-interest income

  • ORGANIC LOAN AND DEPOSIT GROWTH - Excluding Signature Bank acquisition, organic loan growth was 11% annualized and organic deposit growth was 5.2% annualized in the first half


Company press release: ID:nPn2xGFrNa


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$0.80

Q2 Net Interest Income

$19.50 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for First Community Corp (South Carolina) is $34.00, about 5.5% above its July 21 closing price of $32.24

  • The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • July 22 - John Marshall Bancorp Q2 net income rises as interest margin expands

  • July 22 - Parke Bancorp Q2 net interest income rises on higher loan yields

  • July 21 - Century Next Financial Q2 net income rises on net interest margin expansion


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


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