First Community Corp /Sc/ (NASDAQ: FCCO)

First Community Corporation is a bank holding company registered under the Bank Holding Company Act of 1956 that owns and controls First Community Bank, which commenced operations in August 1995 and provides commercial and retail banking services. The corporation operates through its subsidiary bank, which maintains 21 full service offices located in multiple counties across South Carolina and Georgia, including Lexington, Richland, Newberry, Kershaw, Greenville, Anderson, Pickens, York, Aiken, and Richmond and Columbia counties in Georgia. As of December 31, 2025, the company reported approximately $2.1 billion in assets, $1.3 billion in loans, $1.7 billion in deposits, and $167.6 million in shareholders’ equity. Its common stock trades on the NASDAQ Capital Market under the symbol FCCO, and the company has expanded both organically and through strategic acquisitions. The bank also provides services such as individual retirement accounts, mortgage origination, and investment advisory, and it has grown through both organic expansion and acquisitions like the 2014 purchase of Savannah River Banking Company and the 2017 acquisition of Cornerstone Bancorp.

The company generates revenue primarily from interest income on loans and investments, as well as fees for deposit services, wealth management, and other banking products. Loan interest is derived from commercial, consumer, mortgage, and real estate loans, while fee income includes service charges on deposit accounts, brokerage commissions through its affiliation with LPL Financial, insurance sales, and charges for online banking, cash management, safe deposit boxes, and direct deposit services. The bank also offers debit card services through MasterCard networks and credit card services via a correspondent bank, and it provides automated teller machine access through the Nyce and Plus networks. Additionally, the bank earns revenue from service charges on deposit accounts, ATM usage fees, and interchange income from debit and credit card transactions. Its customer base consists of professionals, small to medium sized businesses, and individual consumers who utilize these retail and commercial banking products.

First Community Corporation competes in a highly fragmented banking market alongside numerous regional and national banks, credit unions, and other financial institutions. In its four defined markets Midlands, CSRA, Upstate, and Piedmont, the company operates 13, 3, 4, and 1 full service branches respectively, while the total number of competing financial institutions in those markets stands at 27, 23, 41, and 18 with approximately 156, 95, 229, and 47 branches. Based on deposit data as of June 30, 2025, its market share of deposits is 4.85% in the Midlands, 1.44% in the CSRA, 0.91% in the Upstate, and 1.17% in the Piedmont. The company’s competitive strategy emphasizes personalized service, local decision making, and a focus on small to medium sized businesses and individuals, allowing it to differentiate from larger competitors that pursue broader corporate relationships. By concentrating on relationship banking and avoiding large corporate lending, the company mitigates competition from larger banks while building deep ties within its local communities.

The bank’s customer base consists of professionals, small to medium sized enterprises, and retail consumers residing in its service area. These customers use checking and savings accounts, various loan products including mortgages, commercial loans, and consumer loans. They also utilize ancillary services such as online banking, cash management, safe deposit boxes, direct deposit of payroll, ATM networks, debit and credit card services, and investment brokerage through its affiliation with LPL Financial. No specific customer names are disclosed in the filing, so the description is limited to these general categories. The bank’s footprint covers the Midlands, CSRA, Upstate, and Piedmont regions, providing localized access to banking products for residents and businesses across these geographic areas.