For the three months ended September 30, 2024, First Community Corp reported a net income of $3.9 million, reflecting a significant increase of $2.1 million compared to $1.8 million for the same period in 2023. This growth in profitability was supported by a rise in net interest income, which increased by $1.3 million to $13.4 million, attributed to a $177.5 million increase in average earning assets.

Total non-interest income also saw a substantial rise, reaching $3.6 million for the three months ended September 30, 2024, up from $1.9 million in the same period in 2023. This increase was primarily driven by higher mortgage banking income and investment advisory fees. However, total non-interest expenses increased to $12.0 million, compared to $11.3 million in the prior year, largely due to elevated salaries and employee benefits.

For the nine months ended September 30, 2024, net income totaled $9.7 million, an increase from $8.5 million in the same period in 2023. Net interest income for this nine-month period rose by $1.6 million to $38.2 million, supported by an increase of $156.2 million in average earning assets.

As of September 30, 2024, First Community Corp reported total assets of $1.943 billion, up from $1.828 billion at the end of the previous fiscal year on December 31, 2023. Total deposits also increased to $1.644 billion, compared to $1.511 billion at the end of 2023. Additionally, total shareholders’ equity rose to $143.3 million from $131.1 million during the same timeframe. Loans held-for-investment increased to $1.197 billion as of September 30, 2024, compared to $1.134 billion at the end of 2023.