First Community Corporation reported record net income of $5.186 million for the second quarter of 2025, a significant increase from $3.265 million in the second quarter of 2024. Diluted earnings per common share reached $0.67, up from $0.42 year-over-year. Year-to-date net income through June 30, 2025, was $9.183 million, compared to $5.862 million during the first six months of 2024.
The Board of Directors approved an increased cash dividend of $0.16 per share, payable August 19, 2025, to shareholders of record as of August 5, 2025. The company also approved a new share repurchase plan authorizing up to $7.5 million of capital, representing approximately 5.0% of total shareholders' equity as of March 31, 2025, which expires on May 8, 2026.
Net interest income for the second quarter of 2025 was $15.3 million, up from $12.7 million in Q2 2024, with the net interest margin expanding to 3.21% from 3.13% in the prior quarter. The loan portfolio yield increased to 5.77% from 5.71% in the first quarter. Total deposits grew by $28.3 million to $1.754 billion, with pure deposits increasing by $23.0 million.
Asset quality metrics showed significant improvement, with the non-performing assets ratio at 0.02% and the total past dues ratio at 0.02% as of June 30, 2025. The allowance for credit losses on loans declined to 1.06% due to improved external forecasts for recession probability. Non-interest income increased to $4.206 million, supported by strong mortgage loan production of $62.9 million and record investment advisory assets under management of $1.011 billion.
Non-interest expense included $234 thousand related to the planned acquisition of Signature Bank of Georgia, which was announced on July 14, 2025. This acquisition is expected to expand the company's presence into the Atlanta area and add an SBA lending line of business, with financial closing anticipated in early Q1 2026.
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