Management ChangeJul 22, 2026, 04:13 PM
First Community Bank Announces Leadership Transition, Q2 Results
AI Summary
First Community Corporation announced a planned management succession and leadership transition for First Community Bank, effective January 1, 2027. J. Ted Nissen will retire as the Bank's President and CEO, with Vaughan R. Dozier, Jr. becoming CEO and Joseph A. Painter becoming President. Concurrently, the company reported strong second-quarter 2026 financial results, including a 46.5% increase in net income to $7.595 million and a 19.4% rise in diluted EPS to $0.80 year-over-year. The Board also approved a cash dividend of $0.17 per share.
Key Highlights
- J. Ted Nissen to retire as Bank CEO/President and board member effective December 31, 2026.
- Vaughan R. Dozier, Jr. appointed Bank CEO, and Joseph A. Painter appointed Bank President, effective January 1, 2027.
- Q2 2026 Net income increased 46.5% year-over-year to $7.595 million; diluted EPS rose 19.4% year-over-year to $0.80.
- Net interest margin expanded to 3.51%, marking the ninth consecutive quarter of margin expansion.
- Total deposits reached $2.025 billion; total loans grew to $1.578 billion at June 30, 2026.
- Board declared a cash dividend of $0.17 per share, payable August 18, 2026.
- Asset quality remains strong with non-performing assets at 0.04% of total assets.
- Investment advisory revenue increased 30.6% year-over-year to $2.286 million; AUM reached $1.378 billion.
Price Impact
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