FCCO

MKT CAP $308MP/E 12.2DIV YIELD 1.95%FCF YIELD 2.13%REV TTM —NET INCOME $23.1M +33.8%NET CASH —52W 26.62 – 35.01SEC XBRL · TTM TO Invalid Date

How FCCO rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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New in FY2025

Risks Related to Our Industry · Inflationary pressures and rising prices may affect our results of operations and financial condition. · The Federal Reserve has implemented significant economic strategies that have affected interest rates, inflation, asset values, and the shape of the yield curve. · Adverse developments affecting the financial services industry, such as bank failures or concerns involving liquidity, may have a material adverse effect on our operations · Higher FDIC deposit insurance premiums and assessments could adversely affect our financial condition. · We could experience a loss due to competition with other financial institutions or non-bank companies. · We may be adversely affected by the soundness of other financial institutions. · Failure to keep pace with technological changes could adversely affect our business. · New lines of business or new products and services may subject us to additional risk. · Consumers may decide not to use banks to complete their financial transactions. · We use brokered deposits, which may be an unstable and costly source of funding for asset growth. · Our ability to obtain brokered deposits as an additional funding source may become limited.
Unless otherwise mentioned or unless the context requires otherwise, references herein to “First Community,” “we,” “us,” “our” or similar references mean First Community Corporation and its consolidated subsidiaries.
At December 31, 2025, we had approximately $2.1 billion in assets, $1.3 billion in loans, $1.7 billion in deposits, and $167.6 million in shareholders’ equity.
On March 14, 2022, we opened a loan production office in York County, South Carolina, which has the fourth highest county median household income in South Carolina.
The following table shows data as to deposits, market share and population for our four market areas (deposits in thousands): Total Estimated Total Market Deposits (2) Our Market Deposits (2) Offices Population (1) June 30, 2025 June 30, 2025 Market Share Midlands Region 867,965 $ 27,019,680 $ 1,311,183 4.85 % CSRA Region 558,361 $ 11,308,361 $ 162,310 1.44 % Upstate Region 946,677 $ 25,237,802 $ 229,308 0.91 % Piedmont Region 308,746 $ 4,780,560 $ 56,029 1.17 % (1) Population data is 2026 total population from S&P Global Market Intelligence.
(2) All deposit data is based on June 30, 2025 data sourced from S&P Global Market Intelligence.
According to S&P Global Market Intelligence, 2026 median household incomes for each of the counties in the regions noted above were as follows: Richland County, SC $ 68,296 Lexington County, SC $ 82,807 Newberry County, SC $ 68,516 Kershaw County, SC $ 74,302 Greenville County, SC $ 85,125 Anderson County, SC $ 72,272 Pickens County, SC $ 63,817 Aiken County, SC $ 72,345 Richmond County, GA $ 83,218 Columbia County, GA $ 101,226 York County, SC $ 91,323 The county estimates noted above illustrate differences between South Carolina and Georgia in 2026 statewide median household income estimates of $74,877 and $83,364, respectively.
Based upon the capitalization of the Bank at December 31, 2025, the maximum amount we could lend to one borrower is $29.0 million.
As of June 30, 2025, there were 27 financial institutions operating approximately 156 offices in the Midlands market, 23 financial institutions operating 95 branches in the CSRA market, 41 financial institutions operating 229 branches in the Upstate market, and 18 financial institutions operating 47 branches in the Piedmont market.
Human Capital At December 31, 2025, we had 265 full-time, 10 part-time, and seven seasonal/on-call employees.
The current executive officers, and persons chosen to become executive officers, and their ages, positions with us over the past five years, and terms of office as of March 16, 2026, are as follows: Name (age) Position and Five Year History with Company With the Company Since Michael C.
Crapps (67) Chief Executive Officer and President, Director 1994 J.
Ted Nissen (64) Executive Vice President, Chief Banking Officer, and Director; Chief Executive Officer, President, and Director of First Community Bank 1995 Robin D.
Brown (58) Chief Human Resources and Marketing Officer 1994 Sarah T.
Donley (60) Chief Operations Officer/Chief Risk Officer; formerly Senior Vice President and Controller of First Community Bank 1997 John F.
(Jack) Walker (60) Chief Credit Officer 2009 D.
Shawn Jordan (58) Chief Financial Officer 2019 Vaughan R.
(45) Co-Chief Commercial and Retail Banking Officer; formerly Senior Vice President and Regional Market President of First Community Bank 2008 Joseph A.
(Drew) Painter (48) Co-Chief Commercial and Retail Banking Officer; formerly Senior Vice President and Regional Market President of First Community Bank 2003 During the past five years, each of the executive officers listed above has served in the positions indicated or in other executive positions with the Company or First Community Bank.
Painter and Dozier were appointed Executive Vice Presidents and Co-Chief Commercial and Retail Banking Officers.
Nissen became Chief Executive Officer of First Community Bank.
Donley was appointed Executive Vice President and Chief Operations Officer/Chief Risk Officer.
There are no family relationships among any of the executive officers, and there are no arrangements or understandings between any executive officer and any other person pursuant to which such officer was selected, other than arrangements with the Company’s Board of Directors.
Proposed new rules for U.S. implementation of capital requirements under Basel IV rules, referred to as the “Basel III Endgame,” were issued by the U.S. federal banking agencies on July 27, 2023.
The proposed rules are generally intended to apply only to large banking organizations with total assets of $100 billion or more, and, if finalized as proposed, are not expected to be applicable to us.
As of the date of this filing, the Basel III Endgame rules have not been finalized, and their scope, timing, and ultimate implementation remain uncertain.
In November 2019, the federal banking regulators adopted a simplified measure of capital adequacy for qualifying community banking organizations with less than $10 billion in total consolidated assets (the “community bank leverage ratio framework” or “CBLR framework”).
A qualifying community banking organization that elects the CBLR framework and maintains a leverage ratio at or above the applicable threshold is deemed to satisfy the generally applicable risk-based and leverage capital requirements under Basel III and, if applicable, the “well capitalized” requirements for prompt corrective action purposes.
We have not elected to use the CBLR framework and currently calculate and report under the generally applicable risk-based capital framework; however, we may evaluate the CBLR framework in the future.
On November 25, 2025, the federal banking agencies proposed changes to the CBLR framework that would, among other things, reduce the leverage ratio threshold from 9% to 8% and extend the grace period for certain institutions that fall below the threshold; the proposal remains pending and has not been finalized as of the date of this filing.
The BHCA generally requires prior approval of the Federal Reserve for any merger involving a bank holding company or any acquisition by a bank holding company of another bank or bank holding company.
In addition, the FDIC’s prior approval is generally required for a bank to merge with another bank or to purchase the assets of, or assume the deposits of, another bank.
In acting on acquisition applications, the federal banking agencies consider, among other factors, competitive effects, the public benefits expected to be received, post-transaction capital levels, and the applicant’s record of meeting community credit needs, including the needs of low- and moderate-income neighborhoods, consistent with safe and sound operation, under the CRA.
Regulatory policy regarding bank merger review has been evolving in recent years.
In July 2021, President Biden issued an executive order encouraging federal agencies to promote competition and, among other things, to review existing merger oversight practices.
In September 2024, the OCC finalized updates to its business combination regulations and issued a policy statement clarifying its application review principles under the Bank Merger Act.
At the same time, the FDIC adopted a revised Statement of Policy on Bank Merger Transactions emphasizing a broader evaluation of merger applications.
In parallel, the DOJ withdrew the 1995 Bank Merger Competitive Review Guidelines and indicated it would apply its general merger enforcement framework, including the 2023 Merger Guidelines, in reviewing banking transactions.
In 2025, the FDIC rescinded its 2024 statement of policy and reinstated the prior statement of policy while it reevaluates its merger review framework.
These developments underscore that merger review standards and supervisory expectations may continue to change, which could affect the timing, cost, and feasibility of future acquisition opportunities.

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Gone since FY2024

Risks Related to Our Industry · Inflationary pressures and rising prices may affect our results of operations and financial condition. · The Federal Reserve has implemented significant economic strategies that have affected interest rates, inflation, asset values, and the shape of the yield curve. · Adverse developments affecting the financial services industry, such as bank failures or concerns involving liquidity, may have a material adverse effect on our operations · Higher FDIC deposit insurance premiums and assessments could adversely affect our financial condition. · We could experience a loss due to competition with other financial institutions or nonbank companies. · We may be adversely affected by the soundness of other financial institutions. · Failure to keep pace with technological changes could adversely affect our business. · New lines of business or new products and services may subject us to additional risk. · Consumers may decide not to use banks to complete their financial transactions. · We use brokered deposits, which may be an unstable and costly source of funding for asset growth. · Our ability to obtain brokered deposits as an additional funding source may become limited. · Consumers may decide not to use banks to complete their financial transactions.
Unless otherwise mentioned or unless the context requires otherwise, references herein to “First Community,” the “Company” “we,” “us,” “our” or similar references mean First Community Corporation and its consolidated subsidiaries.
At December 31, 2024, we had approximately $2.0 billion in assets, $1.2 billion in loans, $1.7 billion in deposits, and $144.5 million in shareholders’ equity.
On March 14, 2022, we opened a loan production office in York County, South Carolina, which has the second highest county median household income in South Carolina.
The following table shows data as to deposits, market share and population for our four market areas (deposits in thousands): Total Estimated Total Market Deposits (2) Our Market Deposits (2) Offices Population (1) June 30, 2024 June 30, 2024 Market Share Midlands Region 860,314 $ 27,993,573 $ 1,231,216 4.40 % CSRA Region 556,483 $ 10,377,142 $ 143,268 1.38 % Upstate Region 931,563 $ 25,001,836 $ 204,445 0.82 % Piedmont Region (3) 305,751 $ 4,742,429 $ 31,190 0.66 % (1) Population data is 2025 total population from S&P Global Market Intelligence.
(2) All deposit data is based on June 30, 2024 data sourced from S&P Global Market Intelligence.
(3) Our full-service banking office in the Piedmont Region opened on October 20, 2022.
According to S&P Global Market Intelligence, 2025 median household incomes for each of the counties in the regions noted above were as follows: Richland County, SC $ 64,520 Lexington County, SC $ 74,805 Newberry County, SC $ 62,392 Kershaw County, SC $ 62,464 Greenville County, SC $ 73,698 Anderson County, SC $ 63,945 Pickens County, SC $ 58,326 Aiken County, SC $ 67,850 Richmond County, GA $ 51,339 Columbia County, GA $ 95,838 York County, SC $ 89,527 The county estimates noted above compare to 2025 statewide median household income estimates of $67,758 and $75,118 for South Carolina and Georgia, respectively.
Based upon the capitalization of the Bank at December 31, 2024, the maximum amount we could lend to one borrower is $26.6 million.
As of June 30, 2024, there were 27 financial institutions operating approximately 158 offices in the Midlands market, 21 financial institutions operating 90 branches in the CSRA market, 41 financial institutions operating 230 branches in the Upstate market, and 18 financial institutions operating 47 branches in the Piedmont market.
Human Capital At December 31, 2024, we had 260 full-time, 10 part-time, and eight seasonal/on-call employees.
The current executive officers, and persons chosen to become executive officers, and their ages, positions with us over the past five years, and terms of office as of March 14, 2025, are as follows: Name (age) Position and Five Year History with Company With the Company Since Michael C.
Crapps (66) Chief Executive Officer and President, Director 1994 J.
Ted Nissen (63) Executive Vice President, Chief Banking Officer, and Director; Chief Executive Officer, President, and Director of First Community Bank 1995 Robin D.
Brown (57) Chief Human Resources and Marketing Officer 1994 Sarah T.
Donley (59) Chief Operations Officer/Chief Risk Officer; formerly Senior Vice President and Controller of First Community Bank 1997 John F.
(Jack) Walker (59) Chief Credit Officer 2009 D.
Shawn Jordan (57) Chief Financial Officer 2019 Vaughan R.
(44) Co-Chief Commercial and Retail Banking Officer, formerly Senior Vice President and Regional Market President of First Community Bank 2008 Joseph A.
(Drew) Painter (47) Co-Chief Commercial and Retail Banking Officer, formerly Senior Vice President and Regional Market President of First Community Bank 2003 On December 14, 2023, we announced promotions and additions to our Executive Leadership Team.
Dozier, Jr. became Executive Vice Presidents in the roles of Co-Chief Commercial and Retail Banking Officers.
In their roles as Co-Chief Commercial and Retail Banking Officers, Mr.
Dozier are responsible for leading the Bank’s network of banking offices.
Ted Nissen became the CEO of the Bank while still retaining the role of President and joined the boards of directors of the Company and the Bank.
“Mike” Crapps continues in his role as President and CEO of the Company.
Nissen is responsible for the leadership of day-to-day operations of the Bank including its mortgage and financial planning lines of business.
Crapps continues to focus on board governance, investor relations, strategy development and growth decisions, client retention and prospecting, and leadership development.
Donley, former Senior Vice President and Controller of First Community Bank and a 27-year employee of the Bank, succeeded Ms.
Tanya Butts (who retired effective December 31, 2024) as Executive Vice President and Chief Operations Officer/Chief Risk Officer.
None of the above officers are related and there are no arrangements or understandings between them and any other person pursuant to which any of them was elected as an officer, other than arrangements or understandings with the directors or officers of the Company acting solely in their capacities as such.
Proposed new rules for U.S. implementation of capital requirements under Basel IV rules, more recently referred to as the “Basel III Endgame,” were issued by the U.S. federal banking agencies on July 27, 2023.
However, the proposed rules generally apply only to large banking organizations with total assets of $100 billion or more, and are expected to not be applicable to us.
Recent regulatory developments have introduced uncertainty regarding the implementation of the Basel III Endgame rules.
Changes in leadership and evolving policy priorities within regulatory agencies have led to speculation about potential delays or modifications to the final rulemaking process.
As part of its response to the impact of the COVID-19 pandemic, in the first quarter of 2020, U.S. federal regulatory authorities issued an interim final rule that provided banking organizations that adopted the credit impairment model, the Current Expected Credit Loss, or CECL, during the 2020 calendar year with the option to delay for two years the estimated impact of CECL on regulatory capital relative to regulatory capital determined under the prior incurred loss methodology, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during the initial two-year delay (i.e., a five-year transition in total).
In connection with our adoption of CECL on January 1, 2023, we did not elect to utilize the five-year CECL transition.
In November 2019, the federal banking regulators published final rules implementing a simplified measure of capital adequacy for certain banking organizations that have less than $10 billion in total consolidated assets.
Under the final rules, which went into effect on January 1, 2020, depository institutions and depository institution holding companies that have less than $10 billion in total consolidated assets and meet other qualifying criteria, including a leverage ratio of greater than 9%, off-balance-sheet exposures of 25% or less of total consolidated assets, and trading assets plus trading liabilities of 5% or less of total consolidated assets, are deemed “qualifying community banking organizations” and are eligible to opt into the “community bank leverage ratio framework.” A qualifying community banking organization that elects to use the community bank leverage ratio framework and that maintains a leverage ratio of greater than 9% is considered to have satisfied the generally applicable risk-based and leverage capital requirements under the Basel III rules and, if applicable, is considered to have met the “well capitalized” ratio requirements for purposes of its primary federal regulator’s prompt corrective action rules, discussed below.
We do not have any immediate plans to elect to use the community bank leverage ratio framework but may make such an election in the future.
The BHCA generally requires the prior approval of the Federal Reserve for any merger involving a bank holding company or any acquisition by a bank holding company of another bank or bank holding company.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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