First Community (FCCO) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $4.232 million, up from $3.297 million in Q4 2023; full-year net income was $13.955 million, up from $11.843 million in 2023.

• Diluted EPS was $0.55 for Q4 2024 and $1.81 for 2024, compared to $0.43 and $1.55, respectively, in 2023.

• Total deposits grew $164.9 million (10.9%) in 2024, with $31.8 million growth in Q4; excluding brokered CDs, deposit growth was 13.8% for the year.

• Total loan growth was $86.5 million (7.6%) in 2024, with $23.9 million (2.0%) in Q4.

• Asset quality remains strong with non-performing assets at 0.04% and net charge-offs of $65 thousand for 2024.

Financial highlights

• Net interest income for 2024 increased 6.4% to $52.0 million; Q4 net interest income was $13.9 million, up from $13.4 million in Q3.

• Net interest margin (taxable equivalent) was 3.00% in Q4 2024, up from 2.96% in Q3.

• Non-interest income for 2024 was $14.004 million, up from $10.421 million in 2023; Q4 non-interest income was $3.608 million.

• Total non-interest expense for 2024 was $47.465 million, up from $43.144 million in 2023.

• Return on average assets for 2024 was 0.74%; return on average common equity was 10.17%.

Outlook and guidance

• Management remains optimistic about deposit franchise value and positive net interest margin momentum entering 2025.

• Forward-looking statements note risks from economic conditions, interest rates, competition, and regulatory changes.