First Community Corporation

What they do

First Community Corporation owns all of the capital stock of First Community Bank, which commenced operations in August 1995 and is regulated by the FDIC and the South Carolina Board of Financial Institutions. The bank runs 21 full-service offices concentrated in the Midlands (Lexington, Richland, Newberry and Kershaw Counties), with additional offices in the Upstate (Greenville, Anderson, Pickens), the Piedmont (York County), the Central Savannah River Area (Aiken County) and Augusta, Georgia (Richmond and Columbia Counties). It targets professionals and small- to medium-sized businesses with consumer and commercial banking, mortgage, brokerage and investment, insurance services, and online banking. At December 31, 2025 the company reported approximately $2.1 billion in assets, $1.3 billion in loans, $1.7 billion in deposits and $167.6 million in shareholders' equity.

Revenue drivers

• Net interest income from commercial and retail lending — The bank is a general commercial and retail lender focused on small- to medium-sized businesses, professionals and individuals, with approximately $1.3 billion in loans at December 31, 2025.
• Deposit-funded branch banking — Roughly $1.7 billion in deposits at December 31, 2025 across 21 full-service offices funds the loan book; the franchise footprint spans the Midlands, Upstate, Piedmont, CSRA and Augusta, Georgia.
• Mortgage lending — Residential mortgage lending is named as a distinct line of business assigned to the incoming bank CEO's oversight, alongside commercial and retail banking.
• Non-interest services: brokerage, investment advisory, insurance and government guaranteed lending — The bank offers brokerage and investment services, insurance, and financial planning and investment advisory services and government guaranteed lending, which are assigned to the incoming bank President's oversight.

Recent performance

For the second quarter of 2026, revenue was $213 thousand, down from $223 thousand in 2026-03-31, $234 thousand in 2025-12-31 and $243 thousand in 2025-09-30. Full-year 2025 net income was $19.2 million, or $2.47 diluted EPS, up from $14.0 million and $1.81 in 2024. On July 22, 2026 the company announced second quarter results along with an increased cash dividend, and 2025 dividends per share were $0.62 versus $0.58 in 2024. At 2026-06-30 the company reported total assets of $2.37 billion, total liabilities of $2.14 billion, shareholders' equity of $228.0 million and cash and equivalents of $162.2 million. Annual revenue has declined each year since 2021, from $977 thousand to $922 thousand in 2025, even as net income rose.

Strategy

Management announced a leadership transition on July 22, 2026: J. Ted Nissen will retire as CEO and President of First Community Bank and as a director of the bank and holding company effective December 31, 2026. Effective January 1, 2027, the bank CEO and President roles split, with Vaughan R. Dozier becoming CEO and Joseph A. "Drew" Painter becoming President, both joining the company and bank boards. Michael Cromer and Trey Werner will assume Regional Executive roles on the same date, with Cromer overseeing the Midlands and CSRA regions and Werner overseeing the Upstate, Piedmont and Atlanta/Sandy Springs regions. Mike Crapps continues as CEO and President of First Community Corporation, focusing on board and corporate governance, investor relations, strategy, balance sheet and capital management, and leadership development. The company states it has grown organically and through acquisitions, including Savannah River Banking Company in 2014 and Cornerstone Bancorp in 2017.

Risks

• Geographic concentration — As a regional bank serving primarily South Carolina and Georgia, its results are tied to local economic conditions that may differ from, and in some cases be worse than, conditions in the U.S. as a whole.
• Credit losses and real estate collateral — Loan losses could rise from declines in real estate values, interest rates, unemployment or customer payment behavior, and the loan portfolio is substantially collateralized by real estate.
• Interest rate and margin pressure — Changes in the rate environment could reduce margins and temporarily reduce the market value of available-for-sale securities and shareholders' equity through accumulated other comprehensive income.
• Regulatory and capital constraints — The bank faces FDIC and South Carolina Board of Financial Institutions examinations and could be required to increase its allowance for credit losses, write down assets or take other actions; FDIC assessments have increased and may continue to increase cost of doing business.

Outlook

The company disclosed an executive leadership transition effective January 1, 2027, splitting the bank CEO and President roles between Vaughan R. Dozier and Joseph A. "Drew" Painter, with Michael Cromer and Trey Werner named Regional Executives. Mike Crapps continues as holding company CEO and President with responsibility for governance, investor relations, strategy and balance sheet and capital management. The 10-Q forward-looking language notes anticipated timing and benefits of leadership transitions and consulting arrangements with former executives as matters subject to assumptions and estimates.