First Community Corporation
First Community Corp. /SC/ is the holding company for First Community Bank, a South Carolina community bank focused on lending and deposit gathering in the local markets it serves. The bank earns most of its revenue from net interest income on loans and investments, supplemented by fee income and other customer charges.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueLoans to businesses, including commercial real estate and operating credit.
Loans and credit products for individuals and households.
Interest-bearing and noninterest-bearing deposit accounts used to fund lending.
Customer charges and other non-interest income from banking services.
Income earned on securities and other interest-earning assets.
Customers
The bank serves small and mid-size businesses, commercial real estate borrowers, and local individuals within its community banking footprint. Its lending model is built around relationship banking, with credit decisions and deposit relationships tied to local markets and long-standing customer ties.
Borrow working capital and owner-occupied or investment real estate credit from a relationship bank.
Buy CRE loans for income-producing properties and refinancing needs; core to loan growth.
Use short- to medium-term financing for development projects and land acquisition.
Use deposit accounts and consumer banking products for everyday financial needs.
Pay for banking services, account activity, and other customer charges.
Strategy
Management is focused on growing assets through quality loan growth while maintaining disciplined underwriting and credit monitoring. The bank emphasizes net interest income, spread management, and selective expansion in commercial real estate and small-business lending, while also managing concentration risk.
Loan growth is the main driver of earnings for a community bank.
High CRE and construction exposure can pressure asset quality in downturns.
Spread between asset yields and funding costs is the core earnings engine.
Geography
First Community operates as a local community bank, with business concentrated in the markets it serves in South Carolina and nearby areas. The filing does not provide a country or region revenue split, but the company’s strategy and credit exposure are clearly tied to local economic conditions and property markets.
Risks
The main business risk is credit quality, especially given the bank’s elevated exposure to non-owner occupied commercial real estate and construction lending. Like other community banks, it is also exposed to interest-rate sensitivity, deposit competition, and local economic weakness that can affect both loan demand and funding costs.
Non-owner occupied CRE was disclosed at a very high level relative to risk-based capital, increasing sensitivity to property-market stress.
Exposure: Non-owner occupied CRE and related lending portfolios
These loans are more cyclical and can deteriorate quickly if project demand or collateral values weaken.
Exposure: Construction and land development loans
Earnings depend on the spread between loan yields and deposit/borrowing costs.
Exposure: Net interest income and margin
Provisioning relies on forecasts, borrower performance, and collateral values, which can change quickly.
Exposure: Credit loss reserve and earnings volatility
A community bank model concentrates exposure in a limited geographic footprint.
Accounting
Judgemental itemsThis reserve is highly judgmental and directly affects provision expense and net income.
Impact: Can materially change earnings and loan carrying values
Recoverability depends on future taxable income and tax planning strategies.
Impact: Can affect equity and tax expense
Impairment testing depends on business performance and valuation assumptions.
Impact: Potential non-cash charges to earnings
Fair value changes and hedge accounting can create earnings volatility.
Impact: Can affect other income and balance-sheet values
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Last updated: 24/09/2026