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First Community Q3 income up; deposits top $704M

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Staff Report
Published Oct. 23, 2015

Lexington-based First Community Corporation, holding company for First Community Bank, reported net income for the third quarter increased 8.1% to $1.679 million over $1.552 million for the third quarter of 2014.

Between the second and third quarters of 2015, First Community net income climbed 16.4% over $1.443 million.

Year-to-date 2015 net income reached $4.526 million, a 25.2% increase over the $3.615 million earned in the first nine months of 2014, the company added.

The company also reported total assets of $852.239 million at the end of the third quarter compared with $830.917 million for a similar period in 2014.

Deposits totaled $704.370 million at the end of the third quarter compared with $686.971 million.

"This was another quarter of strong performance by our company led by continued growth in loans and pure deposits,” CEO Mike Crapps said. “We continue to see the benefit of focused efforts in these key areas."

The company recorded an annualized growth rate of 8.4% and year-to-date net loan growth of more than $40 million and total production exceeding $90 million. In the third quarter, First Community’s loan portfolio grew by $9.9 million.

The board declared a cash dividend of 7 cents per share, which is the 55th consecutive quarter of cash dividends paid to common shareholders

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