First Community Q1 Net Income Grows 37.6%, Deposits Rise $298.7M, Dividend at $0.16
First Community posted Q1 net income excluding merger expenses of $6.754 million, up 69%, and EPS excluding expenses of $0.72. Deposits climbed $298.7 million to $2.048 billion with $68.9 million organic gain, and loans rose $238.1 million; board declared $0.16 dividend.
1. Earnings Performance
First Community reported Q1 2026 net income of $5.498 million, a 37.6% year-over-year increase, and diluted EPS of $0.59. Excluding merger expenses tied to the Signature Bank acquisition, net income rose to $6.754 million (up 69.0%) with EPS of $0.72.
2. Deposit and Loan Growth
Total deposits at March 31, 2026 reached $2.048 billion, up $298.7 million during the quarter, including $229.8 million from the Signature Bank acquisition. Organic deposits increased $68.9 million, representing 16.0% linked quarter annualized growth. Total loans grew $238.1 million to $1.549 billion, with $195.5 million from acquisition and $42.6 million organic growth.
3. Capital Ratios and Dividend
Regulatory capital ratios strengthened, with leverage at 9.06%, Common Equity Tier I at 12.80% and total risk-based at 13.95%. Tangible common equity to tangible assets rose to 7.93%, and tangible book value per share increased to $19.88. The board approved a $0.16 per share cash dividend, the 97th consecutive quarterly payout.
4. Asset Quality Metrics
Non-performing assets remain low at 0.04% of total assets and past-due loans at 0.17%. Net charge-offs totaled $5,000, with net loan recoveries of $4,000. The allowance for credit losses increased to 1.19% following recognition of a substandard real estate loan identified in the acquisition due diligence.