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First Community Corporation (FCCO+1.26%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $1.96 billion, an increase from $1.83 billion in the previous year. Loans totaled $1.22 billion, and deposits were $1.68 billion as of December 31, 2024.
Net income for the year was $13.96 million, up from $11.84 million in 2023. The increase in net income is attributed to higher net interest income and non-interest income.
Net interest income increased to $52.04 million from $48.89 million in the previous year, driven by higher average earning assets.
Non-interest income rose to $14.00 million, primarily due to increased mortgage banking income and investment advisory fees.
Non-interest expenses increased to $47.47 million, with salaries and employee benefits accounting for the majority of the increase.
The company reported a provision for credit losses of $809,000, a decrease from $1.13 million in 2023.
As of December 31, 2024, the allowance for credit losses on loans was $13.14 million, representing 1.08% of total loans.
The company continues to focus on its commercial banking business, serving small to medium-sized businesses and individuals across South Carolina and Georgia.
First Community Corporation operates 21 full-service offices and offers a range of banking products and services, including online banking.
The company’s stock is traded on The NASDAQ Capital Market under the symbol 'FCCO'.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Community Corporation annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.