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First Community reports net income of $2.7M for Q1

Staff Report //April 18, 2018//

First Community reports net income of $2.7M for Q1

Staff Report //April 18, 2018//

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Lexington-based First Community Corp., holding company for First Community Bank, reported net income of $2.71 million for the first quarter of 2018.

The company reported net income of $1.76 million for the first quarter of 2017. Diluted earnings per common share were 35 cents for the first quarter of 2018, compared to 26 cents for the same period last year.

“We are thrilled with the performance across all metrics and lines of business,” First Community president and CEO Mike Crapps said in a news release.

First Community also reported loan growth of $21.8 million, a 13.5% annualized rate of increase, and pure deposit growth of $32.1 million, a 17.2% annualized rate of increase.  

The board of directors approved a cash dividend of 10 cents per share payable on May 14 to shareholders of record as of April 30. That marks the bank’s 65th consecutive quarter of cash dividends payable to common shareholders.  

During the quarter, the bank opened a new office in Augusta, Ga., and has filed an application with regulators to open another office in Evans, Ga. It also is scouting an office location in downtown Greenville, according to a news release.  

 

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