First Community Corp. (FCCO), the holding company for First Community Bank, reported Wednesday that net income for the first quarter declined to $2.60 million or $0.34 per share from $3.46 million or $0.45 per share in the prior-year quarter.
Total net revenue for the quarter increased to $15.25 million, including $12.07 million of net interest income and $3.18 million of noninterest income, from $14.94 million, including $12.36 million of net interest income and $2.58 million of noninterest income, in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share on revenue of $14.74 million for the quarter. Analysts\' estimates typically exclude certain special items.
Provision for credit losses for the quarter was $129 million, up from $70 last year.
The Board of Directors has also approved a cash dividend for the first quarter of 2024 of $0.14 per common share, payable on May 14, 2024 to shareholders of record of the company\'s common stock as of April 30, 2024.
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