First Community reports Q3 EPS 68c, one estimate 70c

Reports Q3 net income of $13.03 M for the third quarter of 2024, was a decrease of $1.61 M, or 10.98%, from the same quarter of 2023. Net income of $38.56M for the first nine months of 2024, was an increase of $2.33M or 6.42%, from the same period of 2023. Net interest income decreased $1.75 million compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits. Net interest margin of 4.41% was a decrease of 10 basis points over the same quarter of 2023. The yield on earning assets increased 26 basis points from the same period of 2023 and is attributable to an increase in interest income resulting from an increase in yield. While there was an increase in yield for both loans and securities available for sale; the average balances decreased. The average balance for interest-bearing deposits with banks increased $219.59 million over the same period of 2023; however, there was no change in the yield from the same period of 2023. The yield on interest-bearing liabilities increased 58 basis points when compared with the same period of 2023 and is primarily attributable to increased rates on interest-bearing deposit liabilities.