First Community Corporation reported net income of $3.997 million for the first quarter of 2025, a substantial increase from $2.597 million in the first quarter of 2024. Diluted earnings per common share rose to $0.51, up from $0.34 year-over-year. This growth was driven by strong performance across key banking segments.
Net interest income reached $14.4 million in Q1 2025, up from $12.1 million in Q1 2024, with the net interest margin expanding to 3.13% from 2.79% in the prior year. This margin expansion was a result of improved loan portfolio yield and decreased cost of funds. The loan portfolio yield increased to 5.71% from 5.65% in the previous quarter.
Total loans increased by $31.4 million to $1.252 billion, representing an annualized growth rate of 10.4% for the quarter. Commercial loan production was $53.6 million, a 93% increase over Q1 2024. Total deposits grew by $49.8 million to $1.726 billion, with pure deposits increasing by $38.6 million, reflecting an 11.4% annualized growth rate.
Asset quality remained excellent, with non-performing assets at 0.03% of total assets, down from 0.04% in the previous quarter. The past due ratio for all loans increased to 0.14% from 0.05% in the prior quarter. Non-interest income also contributed positively, rising to $3.982 million from $3.184 million in Q1 2024, supported by a 19.7% year-over-year increase in mortgage loan production.
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