First Community's Q3 net income rises 55% after Signature Bank of Georgia acquisition

Overview

• US community bank's Q3 net income rose 55% yr/yr, reflecting Signature Bank of Georgia acquisition

• Q3 diluted EPS increased 27% yr/yr

• Net interest income for Q3 rose yr/yr

Outlook

• Company did not provide specific guidance for future quarters or full-year results in its press release

Result Drivers

• LOAN PORTFOLIO YIELD AND MIX - Co said margin expansion was driven by improved loan portfolio yield and growth, resulting in a better earning asset mix, while deposit and funding costs remained unchanged

• LOAN GROWTH - Co reported Q3 loan growth, including balances from Signature Bank of Georgia acquisition and organic growth

• INVESTMENT ADVISORY REVENUE - Co said higher investment advisory revenue and assets under management contributed to non-interest income growth

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "hold."

• Wall Street's median 12-month price target for First Community Corp (South Carolina) is $38.00, about 16.5% above its October 20 closing price of $32.61

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

• Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%

• Oct 20 - Commerce Bancshares Q3 EPS beats, helped by loan growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)