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First Community reports lower income in Q2

Banking & Finance
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Lexington-based, First Community Corporation, holding company for First Community Bank reported a net income of $1.664 million for the second quarter of 2017, down from $1.745 million compared with the second quarter of 2016.

Despite the drop, year-to-date net income is marginally higher ($3.420 million) than the first six months of 2016 ($3.213 million).

“We are pleased with our results in the second quarter, in particular the growth in revenue from our mortgage and financial planning lines of business,” said CEO Mike Crapps. “We continue to work diligently to take advantage of the momentum in these areas.”  

According to the report, revenues from mortgage unit increased by 88.2% on a linked quarter basis and 38.1% year-over-year. Revenues from financial planning unit increased by 21.7% on a linked quarter basis and 5.7% year-over-year.

“During the second quarter, the company completed the conversion to a new operating system. This is a significant and long term investment in our infrastructure that will position us to leverage technology and take advantage of efficiencies now and well into the future,” Crapps said. “We believe these long term benefits more than offset the short term financial impact we experienced during the second quarter.  The vast majority of expenses relating to this conversion project have been recognized and we do not anticipate any future material impact on earnings.”

Also during the second quarter, First Community Corp. and Cornerstone Bancorp, headquartered in Easley, announced an agreement where First Community will acquire Cornerstone for approximately $25.8 million in cash and stock.

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