First Community Corporation (FCCO): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the story behind First Community Corporation (FCCO) and how it operates? This financial institution, trading on the NASDAQ Capital Market, has a rich history and a unique approach to community banking. With a market capitalization of $170.93 million as of March 21, 2025, and $65.13 million in revenue for 2024, how does FCCO stand out in the competitive banking sector, and what strategies drive its profitability? Keep reading to discover more about its origins, ownership structure, mission, and revenue model.

First Community Corporation (FCCO) History

First Community Corporation Founding Timeline

Year established

The company was established in 1995.

Original location

The company is headquartered in Lexington, South Carolina.

Founding team members

The founding team members include:

• O. Lemuel Funchess III
• Michael C. Crapps
• W. James Kitchens, Jr.
• Robert E. McIver, Jr.
• Hugh K. Leatherman, Sr.

Initial capital/funding

The initial capitalization was approximately $7.2 million.

First Community Corporation Evolution Milestones

First Community Corporation Transformative Moments

• Strategic Expansion: The decision to expand beyond its initial location in Lexington to Columbia and the Midlands was a transformative moment. This geographic diversification allowed the company to tap into new markets and customer bases, significantly increasing its growth potential.
• Savannah River Bancorp Acquisition: The acquisition of Savannah River Bancorp in 2016 marked a pivotal moment as it extended the company's operations into the Augusta, Georgia market. This strategic move broadened its regional presence and diversified its asset base.
• Capital Management: The 2020 reverse stock split was a critical decision aimed at enhancing the company's stock value and appeal to investors. This move reflected a proactive approach to capital management and shareholder value.

To learn more about investor profiles, check out this link: Exploring First Community Corporation (FCCO) Investor Profile: Who’s Buying and Why?

First Community Corporation (FCCO) Ownership Structure

First Community Corporation (FCCO) exhibits a mixed ownership structure, featuring a combination of institutional, retail, and insider holdings. Understanding this structure provides insights into the company's governance and potential influences on its strategic decisions.

First Community Corporation's Current Status

First Community Corporation is a publicly traded company. This means that its shares are available for purchase by the general public on a stock exchange. As a publicly traded entity, First Community Corporation is subject to regulatory requirements, including financial reporting and corporate governance standards.

First Community Corporation's Ownership Breakdown

The ownership of First Community Corporation is distributed among various types of shareholders. As of the fiscal year 2024, the ownership breakdown is as follows:

First Community Corporation's Leadership

The leadership team at First Community Corporation plays a crucial role in guiding the company's strategic direction and ensuring its operational success. Key members of the leadership team include:

• Michael C. Crapps: Chairman and Chief Executive Officer of First Community Bank since its formation in 1995 and of First Community Corporation since its formation in 2001.
• Ted Nissen: President of First Community Bank.
• Drew R. Water: Chief Financial Officer of First Community Bank.

For more insights into First Community Corporation's financial performance, you might find this resource helpful: Breaking Down First Community Corporation (FCCO) Financial Health: Key Insights for Investors

First Community Corporation (FCCO) Mission and Values

First Community Corporation is dedicated to enhancing shareholder value and fostering community growth through its financial services. The company's values emphasize integrity, customer service, and community involvement.

First Community Corporation's Core Purpose

Official mission statement

First Community Corporation's mission statement is to deliver financial solutions that meet the needs of its customers, support the economic growth of its communities, and provide a fair return to its shareholders.

• Providing personalized banking services.
• Investing in local communities through loans and sponsorships.
• Maintaining a strong financial position to ensure stability and growth.

Vision statement

While a specific formal vision statement might not be publicly emphasized, First Community Corporation aims to be recognized as the leading community-focused financial institution in its service areas.

• Expanding its market presence through strategic growth and innovation.
• Being the preferred choice for customers seeking local banking expertise.
• Cultivating a reputation for integrity and community support.

Company slogan/tagline

First Community Corporation doesn't have a widely publicized official slogan, but its actions and communications reflect a commitment to local values and customer relationships. The absence of a specific slogan underscores their approach to banking which is deeply rooted in community engagement rather than marketing catchphrases.

To gain more insights into the financial standing of First Community Corporation, consider exploring: Breaking Down First Community Corporation (FCCO) Financial Health: Key Insights for Investors

First Community Corporation (FCCO) How It Works

First Community Corporation operates as the bank holding company for First Community Bank, providing a range of community banking services to individuals and businesses.

First Community Corporation's Product/Service Portfolio

First Community Corporation's Operational Framework

First Community Corporation (FCCO) operates with a focus on community banking, emphasizing personalized service and local decision-making. The bank generates revenue primarily through:

• Net Interest Income: Earning the difference between interest earned on loans and investments and interest paid on deposits.
• Service Charges and Fees: Collecting fees for various banking services.
• Lending Activities: Providing loans to individuals and businesses, driving interest income.
• Investment Portfolio Management: Managing investments to generate income.

FCCO focuses on serving the financial needs of local communities through a network of branches and digital banking platforms. The bank's operational efficiency is supported by risk management practices and compliance with banking regulations.

First Community Corporation's Strategic Advantages

First Community Corporation maintains several strategic advantages that contribute to its competitive positioning and operational success:

• Community Focus: Strong local presence and customer relationships, enabling personalized service.
• Diverse Product Range: Wide array of banking products and services catering to individuals and businesses.
• Experienced Management: Experienced leadership team guiding the company's strategic direction.
• Technology Adoption: Embracing digital banking solutions to enhance customer experience and operational efficiency.

For insights into the financial health of First Community Corporation, you might find this resource helpful: Breaking Down First Community Corporation (FCCO) Financial Health: Key Insights for Investors

First Community Corporation (FCCO) How It Makes Money

First Community Corporation primarily generates revenue through traditional banking activities, focusing on lending and deposit-related services.

First Community Corporation's Revenue Breakdown

Here's a look at First Community Corporation's revenue streams based on the 2024 fiscal year:

First Community Corporation's Business Economics

First Community Corporation's business economics are driven by several key factors:

• Interest Rate Spread: The difference between the interest earned on loans and the interest paid on deposits significantly impacts profitability. Managing this spread effectively is crucial.
• Loan Portfolio Composition: The mix of commercial, residential, and consumer loans affects risk and return. Diversification helps mitigate risks associated with specific sectors.
• Operating Efficiency: Controlling operating expenses, such as salaries and overhead, is essential for maintaining profitability.
• Regulatory Environment: Compliance with banking regulations influences operational costs and strategic decisions.
• Market Conditions: Local economic conditions, including employment rates and business growth, affect loan demand and credit quality.

First Community Corporation's Financial Performance

Key aspects of First Community Corporation's financial performance include:

• Net Interest Margin (NIM): A key profitability metric, NIM reflects the efficiency of earning income from interest-bearing assets.
• Asset Quality: Monitoring non-performing loans and charge-offs is vital for assessing credit risk and financial health.
• Capital Adequacy: Maintaining sufficient capital reserves ensures the bank can withstand potential losses and supports growth.
• Earnings Per Share (EPS): EPS indicates the profitability on a per-share basis, important for investors.
• Return on Assets (ROA) and Return on Equity (ROE): These ratios measure how effectively the bank is using its assets and equity to generate profits.

To gain more insight into First Community Corporation's values, read about the Mission Statement, Vision, & Core Values of First Community Corporation (FCCO).

First Community Corporation (FCCO) Market Position & Future Outlook

First Community Corporation operates within a competitive financial services landscape, navigating both opportunities for growth and potential challenges that could impact its future performance. Understanding its market position and strategic outlook requires analyzing its competitive landscape, identifying key opportunities and risks, and assessing its standing within the broader industry. For more information, see: Mission Statement, Vision, & Core Values of First Community Corporation (FCCO).

Competitive Landscape

Opportunities & Challenges

Industry Position

First Community Corporation maintains a solid position as a community-focused bank, primarily serving the South Carolina region. Its strengths lie in its local market knowledge and customer relationships.

• Community Focus: Strong emphasis on local relationships and community development.
• Regional Player: Concentrated operations within South Carolina, offering growth potential within the region.
• Customer Service: Known for providing personalized banking services.