U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
ý Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 2005
o Transition report pursuant to 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 registrant as specified in its charter)
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South Carolina |
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57-1010751 |
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(State of Incorporation) |
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(I.R.S. Employer Identification) |
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5455 Sunset Boulevard, Lexington, South Carolina 29072 | ||
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(Address of Principal Executive Offices) | ||
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(803) 951-2265 | ||
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(Registrant’s Telephone Number, Including Area Code) | ||
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:
2,839,860 shares of common stock, par value $1.00 per share, were issued and outstanding as of July 31, 2005
TABLE OF CONTENTS
TABLE OF CONTENTS
2
FINANCIAL INFORMATION
FIRST COMMUNITY CORPORATION
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Cash and due from banks |
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$ |
12,678,312 |
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$ |
9,391,494 |
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Interest-bearing bank balances |
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209,060 |
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803,426 |
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Federal funds sold and securities purchased under agreements to resell |
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4,322,455 |
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9,130,725 |
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Investment securities - available for sale |
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182,251,083 |
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190,010,307 |
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Investment securities - held to maturity (market value of $5,837,428 and $6,147,698 at June 30, 2005 and December 31, 2004, respectively) |
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5,726,558 |
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6,015,745 |
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Loans |
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202,533,224 |
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186,771,344 |
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Less, allowance for loan losses |
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2,668,412 |
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2,763,988 |
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Net loans |
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199,864,812 |
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184,007,356 |
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Property, furniture and equipment - net |
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14,363,035 |
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14,313,090 |
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Goodwill |
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24,256,020 |
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24,256,020 |
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Intangible assets |
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3,064,445 |
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3,361,815 |
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Other assets |
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15,365,337 |
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14,416,034 |
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Total assets |
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$ |
462,101,117 |
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$ |
455,706,012 |
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LIABILITIES |
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Deposits: |
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Non-interest bearing demand |
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$ |
54,242,520 |
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$ |
49,519,816 |
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NOW and money market accounts |
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92,078,338 |
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98,846,828 |
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Savings |
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32,047,258 |
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35,370,267 |
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Time deposits less than $100,000 |
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99,823,198 |
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100,629,304 |
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Time deposits $100,000 and over |
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57,848,419 |
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52,698,069 |
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Total deposits |
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336,039,733 |
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337,064,284 |
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Securities sold under agreements to repurchase |
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10,501,200 |
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7,549,900 |
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Federal Home Loan Bank Advances |
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46,613,103 |
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42,452,122 |
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Long term debt |
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15,464,000 |
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15,464,000 |
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Other borrowed money |
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170,345 |
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184,593 |
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Other liabilities |
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2,458,477 |
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2,528,424 |
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Total liabilities |
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411,246,858 |
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405,243,323 |
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SHAREHOLDERS’ EQUITY |
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Preferred stock, par value $1.00 per share; 10,000,000 shares authorized; none issued and outstanding |
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Common stock, par value $1.00 per share; 10,000,000 shares authorized; issued and outstanding 2,839,860 and 2,788,902 at June 30, 2005 and December 31, 2004, respectively |
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2,839,860 |
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2,788,902 |
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Additional paid in capital |
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42,251,649 |
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41,832,090 |
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Retained earnings |
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7,918,846 |
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6,712,849 |
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Accumulated other comprehensive income |
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(2,156,096 |
) |
(871,152 |
) | ||
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Total shareholders’ equity |
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50,854,259 |
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50,462,689 |
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Total liabilities and shareholders’ equity |
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$ |
462,101,117 |
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$ |
455,706,012 |
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3
FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
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Six |
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Six |
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(Unaudited) |
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(Unaudited) |
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Interest income: |
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Loans, including fees |
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$ |
6,292,892 |
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$ |
4,035,279 |
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Investment securities |
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3,686,323 |
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1,043,437 |
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Federal funds sold and securities purchased under resale agreements |
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106,570 |
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79,239 |
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Other |
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