First Community Corp. (FCCO), the holding company for First Community Bank, reported that its first quarter of 2013 net income available to common shareholders was $1.038 million compared to $630 thousand in the first quarter of 2012.
Earnings per common share were $0.20 for the first quarter of 2013 as compared to $0.19 for the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Earlier this year, the company announced an increase in its cash dividend. Once again, the Board of Directors has approved a cash dividend at this new elevated level for the first quarter of 2013. The company noted that it will pay a $0.05 per share dividend to holders of the company's common stock. This dividend is payable May 15, 2013, to shareholders of record as of May 1, 2013.
Net interest income was $4.3 million for the first quarter of 2013 which represents a 5.1% decrease over the first quarter of 2012.
Non-interest income increased significantly by 42.4% to $2.083 million in the first quarter of 2013 as compared to $1.463 million in the first quarter of 2012. This was driven primarily by continued success in the mortgage line of business with $1.015 million in revenue this quarter as compared to $723 thousand last year's same period and also by a significant improvement in the financial planning / investment advisory line of business with revenues of $198 thousand this quarter as compared to $147 thousand last year in the same period.
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