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First Community reports income up nearly 20% in Q1

Banking & Finance
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Lexington-based First Community Corp., holding company for First Community Bank, reported Wednesday that first quarter net income totaled $1.76 million, up from $1.47 million in first quarter of 2016. That’s a 19.7% increase in net income from last year. Total revenue was $8.92 million for the first quarter, a 7.7% increase over last year.

First Community President and CEO Mike Crapps said loan growth continued in the first quarter with an increase of $.8.6 million and production of $31.3 million. This compares to $4.8 million in loan growth and $26.4 million in production in the first quarter of 2016.

 “We are pleased with the year-over-year increases in both net loan growth and production,” Crapps said. “Growth in pure deposits continues to be an area of strength in the company with $14.3 million in growth in the first quarter."

The company earlier announced plans for expansion in the Upstate through the acquisition of Cornerstone Bancorp, the holding company of Cornerstone National Bank. It plans to open a de novo banking office in downtown Greenville.

Crapps said this is a natural extension into the Upstate market. First Community entered the market in March of 2016 with a loan production office in Greenville.

“We believe this will allow us to continue to build on the success we have already experienced in this high growth market,” Crapps said. “It will help us more fully serve our customers and build value for our shareholders.”

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