U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
|
ý |
|
Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|
|
|
|
|
|
|
For the quarterly period ended September 30, 2004 |
|
|
|
|
|
o |
|
Transition report under Section 13 or 15(d) of the Exchange Act |
|
|
|
|
|
|
|
For the transition period from to |
|
|
|
|
|
Commission File No. 000-28344 | ||
|
|
|
|
|
FIRST COMMUNITY CORPORATION | ||
|
(Exact Name of Small Business Issuer as Specified in its Charter) | ||
|
South Carolina |
|
57-1010751 |
|
(State of Incorporation) |
|
(I.R.S. Employer Identification) |
|
|
|
|
|
5455 Sunset Boulevard, Lexington, South Carolina 29072 | ||
|
(Address of Principal Executive Offices) | ||
|
|
|
|
|
(803) 951-2265 | ||
|
(Issuer’s Telephone Number, Including Area Code) | ||
|
|
|
|
|
N/A | ||
|
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) | ||
Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:
2,819,517 shares of common stock, par value $1.00 per share, were issued and outstanding as of October 31, 2004.
Transitional Small Business Disclosure Format (check one): Yes o No ý
TABLE OF CONTENTS
|
PART I - FINANCIAL INFORMATION |
|
|
Item 1. Financial Statements. |
|
|
| |
|
| |
|
Consolidated Statements of Shareholders’ Equity and Comprehensive Income (Loss) |
|
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| |
|
| |
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
EX-31.1 Rule 13a-14(a) Certification of the Chief Executive Officer |
|
|
EX-31.2 Rule 13a-14(a) Certification of the Chief Financial Officer |
|
|
EX-32 Section 1350 Certification |
|
2
FIRST COMMUNITY CORPORATION
|
|
|
September 30, |
|
December 31, |
| ||
|
|
|
(Unaudited) |
|
|
| ||
|
ASSETS |
|
|
|
|
| ||
|
Cash and due from banks |
|
$ |
7,947,359 |
|
$ |
6,926,341 |
|
|
Interest-bearing bank balances |
|
3,236,190 |
|
2,221,397 |
| ||
|
Federal funds sold and securities purchased under agreements to resell |
|
36,883,034 |
|
17,335,461 |
| ||
|
Investment securities - available for sale |
|
65,606,919 |
|
53,958,799 |
| ||
|
Investment securities - held-to-maturity (market value of $5,564,421 and $5,169,282 at September 30, 2004 and December 31, 2003, respectively) |
|
5,380,354 |
|
4,994,896 |
| ||
|
Loans |
|
132,814,050 |
|
121,008,673 |
| ||
|
Less, allowance for loan losses |
|
1,858,033 |
|
1,705,082 |
| ||
|
Net loans |
|
130,956,017 |
|
119,303,591 |
| ||
|
Property, furniture and equipment - net |
|
9,323,372 |
|
7,981,611 |
| ||
|
Intangible assets |
|
630,000 |
|
763,585 |
| ||
|
Other assets |
|
2,547,628 |
|
1,543,008 |
| ||
|
Total assets |
|
$ |
262,510,873 |
|
$ |
215,028,689 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES |
|
|
|
|
| ||
|
Deposits: |
|
|
|
|
| ||
|
Non-interest bearing demand |
|
$ |
45,890,012 |
|
$ |
37,043,600 |
|
|
NOW and money market accounts |
|
59,463,103 |
|
57,015,473 |
| ||
|
Savings |
|
22,932,556 |
|
11,222,761 |
| ||
|
Time deposits less than $100,000 |
|
46,782,748 |
|
45,125,843 |
| ||
|
Time deposits $100,000 and over |
|
39,583,810 |
|
34,850,195 |
| ||
|
Total deposits |
|
214,652,229 |
|
185,257,872 |
| ||
|
Securities sold under agreements to repurchase |
|
6,270,100 |
|
3,941,000 |
| ||
|
Federal Home Loan Bank Advances |
|
4,000,000 |
|
5,000,000 |
| ||
|
Long-term debt, trust preferred securities |
|
15,464,000 |
|
— |
| ||
|
Other short-term borrowed money |
|
136,006 |
|
160,076 |
| ||
|
Other liabilities |
|
1,151,525 |
|
1,160,927 |
| ||
|
Total liabilities |
|
241,673,860 |
|
195,519,875 |
| ||
|
|
|
|
|
|
| ||
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Preferred stock, par value $1.00 per share; 10,000,000 shares authorized; none issued and outstanding |
|
|
|
|
| ||
|
Common stock, par value $1.00 per share; 10,000,000 shares shares authorized; issued and outstanding 1,616,263 at September 30, 2004 and 1,597,224 at December 31, 2003 |
|
1,616,263 |
|
1,597,224 |
| ||
|
Additional paid in capital |
|
13,065,657 |
|
12,862,715 |
| ||
|
Retained earnings |
|
6,014,562 |
|
4,909,742 |
| ||
|
Unrealized gain on securities available-for-sale |
|
140,531 |
|
139,133 |
| ||
|
Total shareholders’ equity |
|
20,837,013 |
|
19,508,814 |
| ||
|
Total liabilities and shareholders’ equity |
|
$ |
262,510,873 |
|
$ |
215,028,689 |
|
3
FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
Nine |
|
Nine |
| ||
|
|
|
(Unaudited) |
|
(Unaudited) |
| ||
|
Interest income: |
|
||||||