First Community Bankshares Reports Strong Growth and Strategic Acquisition of Signature Bank.

First Community Bankshares Reports Stellar Financial Growth and Strategic Acquisition

First Community Corporation, the parent company of First Community Bank, demonstrates robust financial performance in its second quarter of 2025. The company announces a net income of $5.186 million, which represents a significant 29.7% increase from the previous quarter and an impressive 58.8% rise year-over-year. This strong performance extends into the first half of the year, with a total net income of $9.183 million, reflecting a 56.7% increase compared to the same period in 2024. The diluted earnings per share (EPS) rise to $0.67 for the second quarter, marking a 31.4% increase from the first quarter and an extraordinary 59.5% year-over-year growth. Year-to-date, the EPS stands at $1.18, showcasing a 55.3% improvement from the previous year.

The bank's financial highlights include a record asset under management (AUM) of $1.011 billion, which signifies a 9.1% year-to-date increase. Investment advisory revenue for the quarter amounts to $1.751 million, further solidifying the bank's position in the financial services industry. Additionally, First Community Bank's mortgage division reports record production of $62.9 million, generating fee revenue of $879 thousand. Total loans increase by $8.1 million for the quarter, with a year-to-date increase of $39.5 million, indicating healthy loan demand. Customer deposits also see substantial growth, rising by $28.3 million during the quarter to reach a total of $1.754 billion. The bank maintains strong credit quality metrics, with non-performing assets at a mere 0.02%, underscoring its prudent lending practices.

In a move that further highlights its commitment to growth, First Community Corporation announces a definitive agreement to acquire Signature Bank of Georgia. This strategic acquisition is expected to enhance the company's market presence and broaden its service offerings. The acquisition aligns with First Community's strategic objectives, aiming to leverage the strengths of both institutions to create a more robust financial entity. As part of its commitment to shareholders, the company declares a cash dividend of $0.16 per common share, marking the 94th consecutive quarter of dividends, which reflects its ongoing dedication to delivering shareholder value.

Overall, First Community Corporation's impressive financial results and strategic initiatives position the bank as a strong player in the financial sector, emphasizing a sustainable growth trajectory and a commitment to excellence in customer service.