First Community Corporation reported net income of $4.232 million for the fourth quarter of 2024, an increase from $3.297 million in the fourth quarter of 2023. Diluted earnings per common share for the quarter were $0.55, up from $0.43 year-over-year. For the full year 2024, net income reached $13.955 million, compared to $11.843 million in 2023, with diluted EPS of $1.81.
Net interest income for the fourth quarter of 2024 increased to $13.9 million from $13.4 million in the prior quarter, contributing to a full-year net interest income of $52.0 million, up 6.4% from 2023. The net interest margin expanded to 3.00% for the quarter, marking three consecutive quarters of expansion. The interest rate swap positively impacted interest on loans by $414 thousand during the quarter.
Total loans grew by $23.9 million in the fourth quarter to $1.221 billion, achieving a 7.6% annual growth rate for 2024. Total deposits increased by $31.8 million to $1.676 billion, with pure deposits growing by $26.0 million. The cost of deposits decreased by 12 basis points to 1.91%, and the cost of funds decreased by 16 basis points to 2.05%, reflecting an improved deposit mix and interest rate environment.
Asset quality remained strong, with non-performing assets at 0.04% of total assets and a past due ratio of 0.05%, down from 0.11% in the third quarter. The company reduced FHLB Advances from $50.0 million to zero, including a $35.0 million prepayment, which resulted in a $229 thousand loss on early extinguishment of debt. Capital ratios exceeded well-capitalized minimums, with a Tangible Common Equity to Tangible Assets ratio of 6.66%.
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