AcquisitionsMay 15, 2026, 04:24 PM

First Community Corp Q1 Net Income +37.6%; Completes Signature Bank Acquisition

AI Summary

First Community Corporation reported a significant increase in net income and EPS for Q1 2026, alongside the completion of its all-stock acquisition of Signature Bank of Georgia on January 8, 2026. The acquisition involved issuing 1.66 million common shares for approximately $49.7 million in total consideration. The company also disclosed corrections to the preliminary purchase accounting for the acquisition, which adjusted goodwill and other intangible assets but did not materially impact total assets, liabilities, equity, or net income.

Key Highlights

Net income for Q1 2026 increased 37.6% to $5.5 million from $4.0 million in Q1 2025.
Basic earnings per common share rose 15.4% to $0.60 in Q1 2026 from $0.52 in Q1 2025.
Completed the acquisition of Signature Bank of Georgia on January 8, 2026, issuing 1.66 million common shares.
Total consideration for the acquisition was approximately $49.7 million.
Total assets grew 16.2% to $2.39 billion at March 31, 2026, from $2.06 billion at December 31, 2025.
Total deposits increased 17.1% to $2.05 billion at March 31, 2026, from $1.75 billion at December 31, 2025.
Declared a common stock dividend of $0.16 per share for Q1 2026, up from $0.15 per share in Q1 2025.
Preliminary purchase accounting for the acquisition was corrected, adjusting goodwill to $14.76 million and intangible assets to $2.59 million.

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FCCO

Major Banks

FIRST COMMUNITY CORP /SC/

Price Impact