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First Community reports $5.8 million net income for 2017

Banking & Finance
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Lexington-based First Community Corp., holding company for First Community Bank, reported a fourth-quarter net income of $502,000 and year-end net income of $5.8 million, resulting in an increased cash dividend to 10 cents per common share.

The dividend is the highest ever paid by the company, which has paid cash dividends to common shareholders for 64 consecutive quarters, according to a news release.

The company recognized an adjustment to deferred tax assets of $1.2 million in the final quarter as a result of new tax legislation. The company also saw $619,000 in merger expenses for the quarter related to its acquisition of Cornerstone Bancorp.

“While the new tax law had a negative impact on earnings in the fourth quarter, we are excited about the long-term benefit that we will recognize,” First Community President and CEO Michael Crapps said. “In addition, the acquisition of Cornerstone Bancorp gives us an expanded presence in the growing Upstate market." 

First Community noted organic loan growth of $18.2 million during the fourth quarter — a 12.8% annualized growth rate. The company’s assets now total more than $1 billion.

“Pure deposit growth was strong during the year, and with the additional liquidity provided by the acquisition of Cornerstone Bancorp, we have the funding available to support significant additional loan growth,” Crapps said. 

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