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First Community Corporation Announces Fourth Quarter and Year End 2024 Results and Cash Dividend

PR Newswire


LEXINGTON, S.C.
, Jan. 22, 2025 /PRNewswire/ —


Highlights

  • Net income of $4.232 million for the fourth quarter of 2024 and $13.955 million for the year of 2024.
  • Diluted EPS of $0.55 per common share for the fourth quarter of 2024 and $1.81 per common share for the year of 2024.
  • Total deposits increased $164.9 million, or 10.9%, during the year of 2024 and $31.8 million or 1.9% during the fourth quarter of 2024, an annualized growth rate of 7.7%. Total deposit growth, excluding brokered CDs, was $202.6 million during the year of 2024, a 13.8% growth rate and $43.8 million during the fourth quarter of 2024, a 10.8% annualized growth rate.
  • Reduction in wholesale funding (Federal Home Loan Bank Borrowings and Brokered CDs) from $138.1 million as of December 31, 2023 to $10.4 million as of December 31, 2024.
  • Total loan growth of $86.5 million, or 7.6%, during the year of 2024 and $23.9 million, or 2.0%, during the fourth quarter of 2024, an annualized growth rate of 7.9%.
  • Key credit quality metrics continue to be excellent with 2024 net charge-offs of $65 thousand; net loan recoveries, excluding overdrafts, of $6 thousand; non-performing assets of 0.04%; and past due loans of 0.05% at year-end 2024.
  • Investment advisory revenue of $1.720 million for the fourth quarter of 2024 and $6.181 million for the year of 2024. Assets under management (AUM) were $926.0 million at December 31, 2024, up from $901.6 million at September 30, 2024 and $755.4 million at December 31, 2023.
  • Cash dividend of $0.15 per common share, the 92nd consecutive quarter of cash dividends paid to common shareholders.

Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income for the fourth quarter and year end of 2024.  Net income for the fourth quarter of 2024 was $4.232 million and diluted earnings per common share were $0.55 compared to $3.297 million and $0.43 in the fourth quarter of 2023 and $3.861 million and $0.50 in the third quarter of 2024.  For the year ended December 31, 2024, net income was $13.955 million compared to $11.843 million in 2023.  Diluted earnings per common share were $1.81 for 2024 compared to $1.55 in 2023.  

As previously reported, during the third quarter of 2023, the company sold $39.9 million of book value U.S. Treasuries in its available-for-sale portfolio and this sale created a one-time pre-tax loss of $1.2 million.  


Cash Dividend and Capital

The Board of Directors has approved a cash dividend for the fourth quarter of 2024 of $0.15 per common share.  This dividend is payable on February 18, 2025 to shareholders of record of the company’s common stock as of February 4, 2025.  First Community Corporation President and CEO, Mike Crapps commented, “The entire board is pleased that our performance enables the company to continue our cash dividend uninterrupted for 92 consecutive quarters.” 

The company has a share repurchase plan approved to utilize up to $7.1 million of capital to repurchase shares of its common stock, which represents approximately 4.9% of total shareholders’ equity as of December 31, 2024.  This plan expires on May 13, 2025.  Under the repurchase plan, the company may repurchase shares from time to time.  No shares have been repurchased under this plan.  Mr. Crapps noted, “This share repurchase plan, along with other measures taken, provides us optionality in managing capital going forward.”   

Each of the regulatory capital ratios for the bank exceed the well capitalized minimum levels currently required by regulatory statute.  At December 31, 2024, the bank’s regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 8.40%, 12.87%, and 13.94%, respectively.  This compares to the same ratios as of December 31, 2023 of 8.45%, 12.53%, and 13.58%, respectively. As of December 31, 2024, the bank’s Common Equity Tier I ratio was 12.87% compared to 12.53% at December 31, 2023.  Further, the company’s Tangible Common Equity to Tangible Assets (TCE) ratio was 6.66% as of December 31, 2024 compared to 6.65% at September 30, 2024 and 6.39% as of December 31, 2023.  

Tangible Book Value (TBV) per share increased during the quarter to $16.93 per share as of December 31, 2024 as compared to $16.78 as of September 30, 2024 and $15.23 as of December 31, 2023. 


Asset Quality
 

The company’s asset quality remains excellent.  The non-performing assets (NPAs) were 0.04% of total assets at December 31, 2024 with $810 thousand in NPAs compared to 0.04% at September 30, 2024.  The past due ratio for all loans was 0.05% at year-end 2024, down from 0.11% at September 30, 2024.  During the fourth quarter of 2024, the bank experienced net recoveries of $30 thousand with overall net charge-offs for the year of 2024 of $65 thousand.  Net loan recoveries excluding overdrafts were $49 thousand during the fourth quarter of 2024, with overall net loan recoveries excluding overdrafts for the year of 2024 of $6 thousand.   The ratio of classified loans plus OREO stands at 1.06% of total bank regulatory risk-based capital as of December 31, 2024 compared to 1.15% on a linked quarter and 1.24% at the end of 2023. 

As a community bank focused on local businesses, professionals, organizations, and individuals, the bank has no individual or industry concentrations. In order to provide additional clarity to our commercial real estate exposure, the information below includes only non-owner occupied loans.  As of December 31, 2024:


Collateral


Outstanding


% of Loan

Portfolio


Average

Loan Size

Weighted 
Avg LTV
of Top 10 
Loans

  Retail

$91,023,967

7.5 %

$978,752

52 %

Warehouse & Industrial

$76,994,204

6.3 %

$793,755

59 %

Office

$73,423,596

6.0 %

$726,966

59 %

Hotel

$60,443,080

5.0 %

$3,555,475

57 %

It is worth noting that in our office exposure noted above, there are only four loans where the collateral is an office building in excess of 50,000 square feet of rentable space.  These four loans represent $13.4 million in loan outstandings and have a weighted average loan-to-value of 48%. 


Balance Sheet

Total loans increased during the fourth quarter of 2024 by $23.9 million to $1.221 billion at December 31, 2024, compared to $1.197 billion at September 30, 2024, which is an annualized growth rate of 7.9%.  For the year ended December 31, 2024, loan growth was $86.5 million which is a 7.6% annual growth rate.  Commercial loan production was $33.0 million during the fourth quarter of 2024 and $138.4 million for the year of 2024 with advances of unfunded commercial construction loans of $23.2 million during the quarter and $94.5 million during the year.  Loan payoffs and paydowns in 2024 were up approximately 30% compared to 2023; however, they were still the second lowest in the past six years.  First Community Bank President and CEO Ted Nissen noted, “Loan growth was strong in 2024; a combination of loan production and advances of unfunded commercial loans available for draws even with the headwinds of higher payoffs and paydowns during the year.” 

The yield on the loan portfolio was 5.65% in the fourth quarter of 2024 as compared to 5.73% in the prior quarter.  This decrease reflects the timing and impact of the Federal Reserve rate decreases of a cumulative 100 basis points beginning in late September 2024.  These rate decreases have an immediate impact on the floating rate portion of the loan portfolio and on the swap (discussed below).  Excluding the swap, the yield on the loan portfolio was 5.51% in the fourth quarter of 2024 compared to 5.49% in the prior quarter.  Over time, the pricing of new and renewed loans at rates higher than the average yield of the portfolio will counter the immediate impact described above. 

At December 31, 2024, total deposits were $1.676 billion compared to $1.511 billion at December 31, 2023, an increase of $164.9 million, representing an annual growth rate of 10.9%.  Total deposits increased $31.8 million during the fourth quarter to $1.676 billion at December 31, 2024 compared to $1.644 billion at September 30, 2024.  Pure deposits, which are defined as total deposits less certificates of deposits, increased $26.0 million on a linked quarter basis to $1.376 billion at December 31, 2024, an annualized growth rate of 7.7%.  Securities sold under agreements to repurchase, which are related to customer cash management accounts or business sweep accounts, were $103.1 million at December 31, 2024, an increase of $36.2 million on a linked quarter basis, a 215.0% annualized growth rate.  The bank began issuing brokered certificates of deposit during the third quarter of 2023 to supplement its funding mix.  Brokered CDs declined to $10.4 million as of December 31, 2024, compared to $22.4 million as of September 30, 2024, and $48.1 million as of December 31, 2023.  Total deposits, excluding brokered deposits, were $1.665 billion at December 31, 2024 compared to $1.622 billion at September 30, 2024, which is an increase of $43.8 million for an annualized growth rate of 10.7%. Total deposit growth, excluding brokered CDs was $202.6 million for the year of 2024, a 13.8% annual growth rate. Costs of deposits decreased 12 basis points to 1.91% in the fourth quarter of 2024 compared to 2.03% in the third quarter of the year.  Cost of funds decreased 16 basis points on a linked quarter basis to 2.05% in the fourth quarter of 2024 from 2.21% in the third quarter of the year.  Non-interest bearing deposits increased by $21.3 million on a linked quarter basis to $462.7 million or 27.6% of total deposits and increased on an average basis for the quarter to $461.9 million from $445.3 million in the quarter ending September 30,2024.  Mr. Nissen commented, “A strength of our bank has been and continues to be the value of our deposit franchise.  Of the $31.8 million in total deposit growth in the fourth quarter of 2024, $26.0 million of that was in pure deposits, which are more relationship based than the more price sensitive certificates of deposit. Further, during the quarter, we were able to reduce both cost of funds and cost of deposits due to this improved mix of deposit balances and the current interest rate environment.”   

As of December 31, 2024, including brokered CDs, the bank had uninsured deposits of $542.9 million, or 32.4%, of total bank deposits.  Of those uninsured deposits, $105.8 million, or 6.3%, of total bank deposits were deposits of states or political subdivisions in the U.S. which are secured or collateralized.  Total uninsured deposits, excluding these deposits that are secured or collateralized, were $437.1 million, or 26.1%, of total deposits at December 31, 2024.  The average balance of all customer deposit accounts as of December 31, 2024 was $24,434.  The average balance for consumer accounts was $13,106 and for non-consumer accounts was $53,162. All of the above points to the granularity and the quality of the bank’s deposit franchise. 

The bank has other short-term investments, primarily interest bearing cash at the Federal Reserve Bank, of $123.5 million at December 31, 2024 compared to $144.4 million at September 30, 2024.  Further, the bank has additional sources of liquidity in the form of federal funds purchased lines of credit in the total amount of $77.5 million with three financial institutions and $10.0 million through the Federal Reserve Discount Window.  There were no borrowings against these lines of credit as of December 31, 2024.

The bank also has substantial borrowing capacity at the Federal Home Loan Bank (FHLB) of Atlanta with an approved line of credit of up to 25% of assets.  As of December 31, 2024, the bank had no FHLB advances.  Therefore, having remaining credit availability under this facility in excess of $485.6 million, subject to collateral requirements.

Combined, the company has total remaining credit availability in excess of $573.1 million, subject to collateral requirements, as compared to uninsured deposits (excluding deposits secured or collateralized as noted above) of $437.1 million.  

During the fourth quarter of 2024, FHLB Advances were reduced from $50.0 million to zero, including the pre-payment of $35.0 million in FHLB advances, resulting in a loss on early extinguishment of debt of $229 thousand.

The investment portfolio was $491.7 million at December 31, 2024 compared to $486.8 million at September 30, 2024.  The yield declined to 3.40% during the fourth quarter of 2024 as compared to 3.53% in the third quarter of 2024.  The effective duration of the total investment portfolio is 3.5 at December 31, 2024.  Accumulated Other Comprehensive Loss (AOCL) was $25.5 million at December 31, 2024 compared to $23.2 million at September 30, 2024 due to an increase in market interest rates.


Revenue

Net Interest Income/Net Interest Margin

Net interest income for the year of 2024 increased 6.4% to $52.0 million compared to $48.9 million for the year of 2023.  On a linked quarter basis, net interest income increased to $13.9 million in the fourth quarter of 2024 from $13.4 million in the third quarter of the year, an annualized increase of 13.2%.  The net interest margin, on a taxable equivalent basis, was 3.00% for the fourth quarter of 2024 compared to 2.96% in the third quarter of 2024.  This represents three consecutive quarters of net interest margin expansion with positive momentum entering the first quarter of 2025. The net interest margin, on a taxable equivalent basis, was 3.05% for the month of December 2024.

Effective May 5, 2023, the company entered into a pay-fixed/receive-floating interest rate swap (the “Pay-Fixed Swap Agreement”) for a notional amount of $150.0 million that was designated as a fair value hedge to hedge the risk of changes in the fair value of the fixed rate loans included in the closed loan portfolio. This fair value hedge converts the hedged loans from a fixed rate to a synthetic floating SOFR rate. The Pay-Fixed Swap Agreement will mature on May 5, 2026 and the company will pay a fixed coupon rate of 3.58% while receiving the overnight SOFR rate.  This interest rate swap positively impacted interest on loans by $414 thousand during the fourth quarter of 2024 and $2.411 million for the year of 2024.  Loan yields and net interest margin both benefitted with an increase of 14 basis points and nine basis points, respectively during the fourth quarter of 2024 and 21 basis points and 14 basis points, respectively, for the year of 2024. 

Non-Interest Income

Total non-interest income was $3.608 million in the fourth quarter of 2024 compared to $3.570 million in the third quarter of the year and $2.931 million in the fourth quarter of 2023.  Total non-interest income, for the year of 2024 was $14.004 million, compared to 2023 non-interest income of $10.421 million.  Impacting non-interest income in the fourth quarter of 2024 was a loss on early extinguishment of debt in the amount of $229 thousand. Impacting non-interest income in 2023 was a $1.249 million loss on the sale of securities during the third quarter as discussed in prior earnings releases. 

Total production in the mortgage line of business in the fourth quarter of 2024 was $41.88 million which was comprised of $24.04 million in secondary market loans, $7.92 million in adjustable rate mortgages (ARMs) and $9.92 million in construction loans.  Fee revenue associated with the secondary market loans was $707 thousand in the fourth quarter of 2024 with a gain-on-sale margin of 2.94%.  This compares to production in the third quarter of 2024 of $38.1 million which was comprised of $19.5 million in secondary market loans, $8.7 million in ARMs, and $9.9 million in construction loans.  Fee revenue associated with the secondary market loans in the third quarter of 2024 was $571 thousand with a gain-on-sale margin of 2.92%.  Production in the fourth quarter of 2023 was $38.6 million which was comprised of $14.3 million in secondary market loans, $10.0 million in ARMs, and $14.4 million in construction loans.  Fee revenue associated with the secondary market loans was $372 thousand in the fourth quarter of 2023 with a gain-on-sale margin of 2.61%.  Mr. Nissen noted, “While we are still experiencing the headwinds of a higher interest rate environment and low housing inventory, we are encouraged by recent trends.” 

Revenue in the investment advisory line of business was $1.720 million in the fourth quarter of 2024 compared to $1.595 million in the third quarter of 2024 and $1.176 million in the fourth quarter of 2023.  Total revenue in the investment advisory line of business in 2024 was $6.181 million compared to $4.511 million in 2023.  AUM ended 2024 at $926.0 million compared to $901.6 million at September 30, 2024 and $755.4 million at year-end 2023.   


Non-Interest Expense / Taxes

Total non-interest expense was $11.826 million in the fourth quarter of 2024, down $165 thousand from non-interest expense of $11.991 million in the third quarter of the year.  There was a planned decrease in marketing and public relations expenses of $267 thousand in the fourth quarter of 2024 compared to the third quarter of the year related to fewer media placements in the last three months of the year.  This decrease was partially offset by an increase of $89 thousand in Other expenses.

In the fourth quarter of 2024, the bank purchased a $500 thousandSouth Carolina state income tax credit in the amount of $432.5 thousand which resulted in a $67.5 thousand non-recurring benefit to income taxes in the quarter.      


About First Community Corporation

First Community Corporation stock trades on The NASDAQ Capital Market under the symbol “FCCO” and is the holding company for First Community Bank, a local community bank based in the Midlands of South Carolina.  First Community Bank is a full-service commercial bank offering deposit and loan products and services, residential mortgage lending and financial planning/investment advisory services for businesses and consumers.  First Community serves customers in the Midlands, Aiken, Upstate and Piedmont Regions of South Carolina as well as Augusta, Georgia.  For more information, visit www.firstcommunitysc.com.

FORWARD-LOOKING STATEMENTS

This news release and certain statements by our management may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, goals, projections and expectations, and are thus prospective. Forward looking statements can be identified by words such as “anticipate”, “expects”, “intends”, “believes”, “may”, “likely”, “will”, “plans”, “positions”, “future”, “forward”, or other statements that indicate future periods.  Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Such risks, uncertainties and other factors, include, among others, the following: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies or administrative practices, whether by judicial, governmental, or legislative action; (5) adverse conditions in the stock market, the public debt markets and other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the company; (6) changes in interest rates, which have and may continue to affect our deposit and funding costs, net income, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of our assets, including our investment securities; (7) technology and cybersecurity risks, including potential business disruptions, reputational risks, and financial losses, associated with potential attacks on or failures by our computer systems and computer systems of our vendors and other third parties; (8) elevated inflation which causes adverse risk to the overall economy, and could indirectly pose challenges to our customers and to our business; (9) any increases in FDIC assessment which has increased, and may continue to increase, our cost of doing business; (10) the adverse effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics, war or terrorist activities, essential utility outages, deterioration in the global economy, instability in the credit markets, disruptions in our customers’ supply chains or disruption in transportation; and (11) risks, uncertainties and other factors disclosed in our most recent Annual Report on Form 10-K filed with the SEC, or in any of our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K filed with the SEC since the end of the fiscal year covered by our most recently filed Annual Report on Form 10-K, which are available at the SEC’s Internet site (http://www.sec.gov).

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. We can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.


FIRST COMMUNITY CORPORATION


BALANCE SHEET DATA


(Dollars in thousands, except per share data)

As of

December 31,

September 30,

June 30,

March 31,

December 31,

2024

2024

2024

2024

2023

  Total Assets

$    1,958,021

$    1,943,548

$    1,884,844

$    1,886,991

$    1,827,688

  Other Short-term Investments and CD’s1

123,455

144,354

86,172

122,778

66,787

  Investment Securities

     Investments Held-to-Maturity

209,436

212,243

213,706

215,260

217,200

     Investments Available-for-Sale

279,582

269,553

269,918

274,349

282,226

     Other Investments at Cost

2,679

5,054

5,029

5,504

6,800

   Total Investment Securities

491,697

486,850

488,653

495,113

506,226

  Loans Held-for-Sale

9,662

3,935

6,701

1,719

4,433

  Loans

1,220,542

1,196,659

1,189,189

1,157,305

1,134,019

  Allowance for Credit Losses – Investments

23

24

27

29

30

  Allowance for Credit Losses – Loans

13,135

12,933

12,932

12,459

12,267

  Allowance for Credit Losses – Unfunded Commitments

480

409

490

512

597

  Goodwill

14,637

14,637

14,637

14,637

14,637

  Other Intangibles

446

486

525

564

604

  Total Deposits

1,675,901

1,644,064

1,604,528

1,578,067

1,511,001

  Securities Sold Under Agreements to Repurchase

103,110

66,933

59,286

81,833

62,863

  Federal Funds Purchased

–

3,656

–

–

–

  Federal Home Loan Bank Advances

–

50,000

50,000

60,000

90,000

  Junior Subordinated Debt

14,964

14,964

14,964

14,964

14,964

  Accumulated Other Comprehensive Loss (AOCL)

(25,459)

(23,223)

(27,288)

(27,442)

(28,191)

  Shareholders’ Equity

144,494

143,312

136,179

133,493

131,059

  Book Value Per Common Share

$           18.90

$           18.76

$           17.84

$           17.50

$           17.23

  Tangible Book Value Per Common Share (non-GAAP)

$           16.93

$           16.78

$           15.85

$           15.51

$           15.23

  Equity to Assets

7.38 %

7.37 %

7.22 %

7.07 %

7.17 %

  Tangible Common Equity to Tangible Assets (TCE Ratio) (non-GAAP)

6.66 %

6.65 %

6.47 %

6.32 %

6.39 %

  Loan to Deposit Ratio (Includes Loans Held-for-Sale)

73.41 %

73.03 %

74.53 %

73.45 %

75.34 %

  Loan to Deposit Ratio (Excludes Loans Held-for-Sale)

72.83 %

72.79 %

74.11 %

73.34 %

75.05 %

  Allowance for Credit Losses – Loans/Loans

1.08 %

1.08 %

1.09 %

1.08 %

1.08 %

Regulatory Capital Ratios (Bank):

  Leverage Ratio

8.40 %

8.39 %

8.44 %

8.35 %

8.45 %

  Tier 1 Capital Ratio

12.87 %

12.93 %

12.56 %

12.65 %

12.53 %

  Total Capital Ratio

13.94 %

14.00 %

13.62 %

13.71 %

13.58 %

  Common Equity Tier 1 Capital Ratio

12.87 %

12.93 %

12.56 %

12.65 %

12.53 %

  Tier 1 Regulatory Capital

$       164,397

$       161,058

$       158,080

$       155,590

$       153,859

  Total Regulatory Capital

$       178,034

$       174,423

$       171,529

$       168,590

$       166,752

  Common Equity Tier 1 Capital

$       164,397

$       161,058

$       158,080

$       155,590

$       153,859


1 Includes federal funds sold and interest-bearing deposits


Average Balances:

Three months ended

Twelve months ended

December 31,

December 31,

2024

2023

2024

2023

  Average Total Assets

$    1,954,772

$    1,809,653

$    1,897,755

$    1,746,977

  Average Loans (Includes Loans Held-for-Sale)

1,211,880

1,121,383

1,185,024

1,048,118

  Average Investment Securities

486,074

504,231

491,039

541,078

  Average Short-term Investments and CDs1

147,817

69,199

110,907

42,915

  Average Earning Assets

1,845,771

1,694,813

1,786,970

1,632,111

  Average Deposits

1,661,782

1,498,773

1,593,832

1,430,935

  Average Other Borrowings

129,165

168,994

146,956

177,264

  Average Shareholders’ Equity

143,726

124,866

137,171

123,477


Asset Quality:

 As of 

December 31,

September 30,

June 30,

March 31,

December 31,

2024

2024

2024

2024

2023

Loan Risk Rating by Category (End of Period)

  Special Mention

$             921

$             672

$             673

$             833

$             331

  Substandard

1,341

1,455

1,528

1,418

1,449

  Doubtful

–

–

–

–

–

  Pass

1,218,280

1,194,532

1,186,988

1,155,054

1,132,239

Total Loans

$    1,220,542

$    1,196,659

$    1,189,189

$    1,157,305

$    1,134,019

Nonperforming Assets

  Non-accrual Loans

$             219

$             119

$             173

$               56

$               27

  Other Real Estate Owned and Repossessed Assets

543

544

544

622

622

  Accruing Loans Past Due 90 Days or More

48

211

–

157

215

Total Nonperforming Assets

$             810

$             874

$             717

$             835

$             864

 Three months ended 

 Twelve months ended 

December 31,

December 31,

2024

2023

2024

2023

  Loans Charged-off

$               12

$                –

$               97

$               24

  Overdrafts Charged-off

23

17

87

63

  Loan Recoveries

(61)

(15)

(103)

(79)

  Overdraft Recoveries

(4)

(3)

(16)

(14)

     Net Charge-offs (Recoveries)

$              (30)

$                (1)

$               65

$                (6)

Net Charge-offs / (Recoveries) to Average Loans2

(0.01 %)

(0.00 %)

0.01 %

(0.00 %)


1 Includes federal funds sold and interest-bearing deposits


2 Annualized

 


FIRST COMMUNITY CORPORATION


INCOME STATEMENT DATA


(Dollars in thousands, except per share data)

Three months ended

Three months ended

Three months ended

Three months ended

Twelve months ended

December 31,

September 30,

June 30,

March 31,

December 31,

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

  Interest income

$    23,074

$    20,576

$    23,161

$    18,734

$    21,931

$    17,497

$    21,256

$    15,890

$    89,422

$    72,697

  Interest expense

9,217

8,281

9,749

6,631

9,237

5,360

9,179

3,533

37,382

23,805

  Net interest income

13,857

12,295

13,412

12,103

12,694

12,137

12,077

12,357

52,040

48,892

  Provision for (release of) credit losses

242

399

(16)

474

454

186

129

70

809

1,129

  Net interest income after provision for (release of) credit losses

13,615

11,896

13,428

11,629

12,240

11,951

11,948

12,287

51,231

47,763

  Non-interest income

    Deposit service charges

230

271

228

240

235

220

259

232

952

963

    Mortgage banking income

709

372

575

508

659

371

425

155

2,368

1,406

    Investment advisory fees and non-deposit commissions

1,720

1,176

1,595

1,187

1,508

1,081

1,358

1,067

6,181

4,511

    Loss on sale of securities

–

–

–

(1,249)

–

–

–

–

–

(1,249)

    Gain on sale of other assets

–

–

5

46

–

105

–

–

5

151

    Loss on early extinguishment of debt

(229)

–

–

–

–

–

–

–

(229)

–

    Other non-recurring income

–

–

–

–

95

121

–

–

95

121

    Other

1,178

1,112

1,167

1,132

1,145

1,153

1,142

1,121

4,632

4,518

  Total non-interest income

3,608

2,931

3,570

1,864

3,642

3,051

3,184

2,575

14,004

10,421

  Non-interest expense

    Salaries and employee benefits

7,437

6,412

7,422

6,613

7,303

6,508

7,101

6,331

29,263

25,864

    Occupancy

773

738

793

776

738

813

790

830

3,094

3,157

    Equipment

413

437

391

416

317

377

330

336

1,451

1,566

    Marketing and public relations

210

171

477

609

258

370

566

346

1,511

1,496

    FDIC assessment 

307

290

290

211

302

221

278

182

1,177

904

    Other real estate (income) expenses

(10)

30

11

21

90

(30)

12

(133)

103

(112)

    Amortization of intangibles

40

40

40

39

39

40

39

39

158

158

    Other

2,656

2,562

2,567

2,588

2,796

2,456

2,689

2,505

10,708

10,111

  Total non-interest expense

11,826

10,680

11,991

11,273

11,843

10,755

11,805

10,436

47,465

43,144

  Income before taxes

5,397

4,147

5,007

2,220

4,039

4,247

3,327

4,426

17,770

15,040

  Income tax expense

1,165

850

1,146

464

774

920

730

963

3,815

3,197

  Net income

$      4,232

$      3,297

$      3,861

$      1,756

$      3,265

$      3,327

$      2,597

$      3,463

$    13,955

$    11,843

  Per share data

     Net income, basic 

$        0.55

$        0.43

$        0.51

$        0.23

$        0.43

$        0.44

$        0.34

$        0.46

$        1.83

$        1.56

     Net income, diluted 

$        0.55

$        0.43

$        0.50

$        0.23

$        0.42

$        0.43

$        0.34

$        0.45

$        1.81

$        1.55

  Average number of shares outstanding – basic

7,628,421

7,579,513

7,623,260

7,571,994

7,617,266

7,564,928

7,600,450

7,555,080

7,616,502

7,567,819

  Average number of shares outstanding – diluted

7,738,048

7,658,610

7,722,276

7,654,962

7,695,476

7,654,817

7,679,771

7,644,440

7,702,343

7,646,874

  Shares outstanding period end

7,644,424

7,606,172

7,640,648

7,600,023

7,635,145

7,593,759

7,629,005

7,587,763

7,644,424

7,606,172

  Return on average assets

0.86 %

0.72 %

0.80 %

0.40 %

0.71 %

0.77 %

0.56 %

0.83 %

0.74 %

0.68 %

  Return on average common equity

11.71 %

10.48 %

11.04 %

5.57 %

9.82 %

10.75 %

7.91 %

11.70 %

10.17 %

9.59 %

  Return on average tangible common equity (non-GAAP)

13.09 %

11.93 %

12.39 %

6.35 %

11.08 %

12.26 %

8.95 %

13.42 %

11.44 %

10.95 %

  Net interest margin (non taxable equivalent) 

2.99 %

2.88 %

2.95 %

2.95 %

2.92 %

3.00 %

2.78 %

3.17 %

2.91 %

3.00 %

  Net interest margin (taxable equivalent)

3.00 %

2.89 %

2.96 %

2.96 %

2.93 %

3.02 %

2.79 %

3.19 %

2.92 %

3.01 %

  Efficiency ratio1 

66.67 %

69.92 %

70.48 %

74.01 %

72.75 %

71.52 %

77.15 %

69.43 %

71.56 %

71.23 %


1 Calculated by dividing non-interest expense by net interest income on tax equivalent basis and non interest income, excluding loss on sale of securities, gain on sale of other assets, loss on early extinguishment of debt, and other non-recurring noninterest income.

 


FIRST COMMUNITY CORPORATION


Yields on Average Earning Assets and  


Rates on Average Interest-Bearing Liabilities

Three months ended December 31, 2024

Three months ended December 31, 2023

Average

Interest 

Yield/

Average

Interest 

Yield/



Balance



Earned/Paid



Rate



Balance



Earned/Paid



Rate


Assets

Earning assets

  Loans

$     1,211,880

$          17,201

5.65 %

$    1,121,383

$        15,040

5.32 %

  Non-taxable securities

48,170

350

2.89 %

50,063

363

2.88 %

  Taxable securities

437,904

3,805

3.46 %

454,168

4,201

3.67 %

  Int bearing deposits in other banks

147,668

1,716

4.62 %

69,101

971

5.57 %

  Fed funds sold

149

2

5.34 %

98

1

4.05 %

Total earning assets

1,845,771

23,074

4.97 %

1,694,813

20,576

4.82 %

Cash and due from banks

24,282

23,848

Premises and equipment

30,044

30,813

Goodwill and other intangibles

15,102

15,260

Other assets

52,612

56,968

Allowance for credit losses – investments

(24)

(32)

Allowance for credit losses – loans

(13,015)

(12,017)

Total assets

$     1,954,772

$    1,809,653


Liabilities

Interest-bearing liabilities

  Interest-bearing transaction accounts

$        328,330

$              965

1.17 %

$      297,972

$             645

0.86 %

  Money market accounts

437,872

3,497

3.18 %

397,258

3,297

3.29 %

  Savings deposits

109,992

89

0.32 %

119,602

114

0.38 %

  Time deposits

323,690

3,412

4.19 %

241,795

2,345

3.85 %

  Fed funds purchased

–

–

NA

–

–

NA

  Securities sold under agreements to repurchase

83,929

572

2.71 %

70,008

492

2.79 %

  FHLB Advances

30,272

392

5.15 %

84,022

1,074

5.07 %

  Other long-term debt

14,964

290

7.71 %

14,964

314

8.33 %

Total interest-bearing liabilities

1,329,049

9,217

2.76 %

1,225,621

8,281

2.68 %

Demand deposits

461,898

442,146

Allowance for credit losses – unfunded commitments

410

643

Other liabilities

19,689

16,377

Shareholders’ equity

143,726

124,866

Total liabilities and shareholders’ equity

$     1,954,772

$    1,809,653

Cost of deposits, including demand deposits

1.91 %

1.69 %

Cost of funds, including demand deposits

2.05 %

1.97 %

Net interest spread 

2.21 %

2.14 %

Net interest income/margin

$          13,857

2.99 %

$        12,295

2.88 %

Net interest income/margin (tax equivalent) 

$          13,900

3.00 %

$        12,343

2.89 %

 


FIRST COMMUNITY CORPORATION


Yields on Average Earning Assets and  


Rates on Average Interest-Bearing Liabilities

Twelve months ended December 31, 2024

Twelve months ended December 31, 2023

Average

Interest 

Yield/

Average

Interest 

Yield/



Balance



Earned/Paid



Rate



Balance



Earned/Paid



Rate


Assets

Earning assets

  Loans

$    1,185,024

$         66,431

5.61 %

$    1,048,118

$         52,317

4.99 %

  Non-taxable securities

48,761

1,420

2.91 %

50,726

1,471

2.90 %

  Taxable securities

442,278

16,084

3.64 %

490,352

16,715

3.41 %

  Int bearing deposits in other banks

110,844

5,484

4.95 %

42,859

2,191

5.11 %

  Fed funds sold

63

3

4.76 %

56

3

5.36 %

Total earning assets

1,786,970

89,422

5.00 %

1,632,111

72,697

4.45 %

Cash and due from banks

24,126

25,278

Premises and equipment

30,313

31,145

Goodwill and other intangibles

15,161

15,319

Other assets

53,948

54,840

Allowance for credit losses – investments

(27)

(39)

Allowance for credit losses – loans

(12,736)

(11,677)

Total assets

$    1,897,755

$    1,746,977


Liabilities

Interest-bearing liabilities

  Interest-bearing transaction accounts

$       311,101

$          3,451

1.11 %

$       307,415

$          1,760

0.57 %

  Money market accounts

417,178

13,824

3.31 %

361,994

9,721

2.69 %

  Savings deposits

112,473

430

0.38 %

133,010

307

0.23 %

  Time deposits

309,509

13,468

4.35 %

178,339

4,775

2.68 %

  Fed funds purchased

12

1

8.33 %

1,100

52

4.73 %

  Securities sold under agreements to repurchase

77,158

2,183

2.83 %

74,586

1,658

2.22 %

  FHLB Advances

54,822

2,808

5.12 %

86,614

4,345

5.02 %

  Other long-term debt

14,964

1,217

8.13 %

14,964

1,187

7.93 %

Total interest-bearing liabilities

1,297,217

37,382

2.88 %

1,158,022

23,805

2.06 %

Demand deposits

443,571

450,177

Allowance for credit losses – unfunded commitments

501

464

Other liabilities

19,295

14,837

Shareholders’ equity

137,171

123,477

Total liabilities and shareholders’ equity

$    1,897,755

$    1,746,977

Cost of deposits, including demand deposits

1.96 %

1.16 %

Cost of funds, including demand deposits

2.15 %

1.48 %

Net interest spread 

2.12 %

2.39 %

Net interest income/margin

$         52,040

2.91 %

$         48,892

3.00 %

Net interest income/margin (tax equivalent) 

$         52,198

2.92 %

$         49,176

3.01 %

 

The tables below provide a reconciliation of non‑GAAP measures to GAAP for the periods indicated:

 

 

December

 31,

 

September

 30,

June

 30,

March

 31,

December

 31,



Tangible book value per common share

2024

2024

2024

2024

2023

Tangible common equity per common share (non‑GAAP)

$

16.93

$

16.78

$

15.85

$

15.51

$

15.23

Effect to adjust for intangible assets

1.97

1.98

1.99

1.99

2.00

Book value per common share (GAAP)

$

18.90

$

18.76

$

17.84

$

17.50

$

17.23



Tangible common shareholders’ equity to tangible assets

Tangible common equity to tangible assets (non‑GAAP)

6.66

%

6.65

%

6.47

%

6.32

%

6.39

%

Effect to adjust for intangible assets

0.72

%

0.72

%

0.75

%

0.75

%

0.78

%

Common equity to assets (GAAP)

7.38

%

7.37

%

7.22

%

7.07

%

7.17

%

 



Return on average tangible common equity

Three months ended
December 31,

Three months ended
September 30,

Three months ended
June 30,

Three months ended
March 31,

Twelve months ended
December 31,


2024


2023


2024


2023


2024


2023


2024


2023


2024


2023

Return on average tangible common equity (non-GAAP)

13.09

%

11.93

%

12.39

%

6.35

%

11.08

%

12.26

%

8.95

%

13.42

%

11.44

%

10.95

%

Effect to adjust for intangible assets

(1.38)

%

(1.45)

%

(1.35)

%

(0.78)

%

(1.26)

%

(1.51)

%

(1.04)

%

(1.72)

%

(1.27)

%

(1.36)

%

Return on average common equity (GAAP)

11.71

%

10.48

%

11.04

%

5.57

%

9.82

%

10.75

%

7.91

%

11.70

%

10.17

%

9.59

%

 

Three months ended

 Twelve months ended

December

31,

September

30,

December

31,

 

December 31,



Pre-tax, pre-provision earnings

2024

2024

2023

2024

2023

Pre-tax, pre-provision earnings (non‑GAAP)

$

5,639

$

4,991

$

4,546

$

18,579

$

16,169

Effect to adjust for pre-tax, pre-provision earnings

(1,407)

(1,130)

(1,249)

(4,624)

(4,326)

Net Income (GAAP)

$

4,232

$

3,861

$

3,297

$

13,955

$

11,843

Certain financial information presented above is determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures include “Tangible book value per common share,” “Tangible common shareholders’ equity to tangible assets,”  “Return on average tangible common equity,” and “Pre-tax, pre-provision earnings.” 

  • “Tangible book value per common share” is defined as total equity reduced by recorded intangible assets divided by total common shares outstanding.
  • “Tangible common shareholders’ equity to tangible assets” is defined as total common equity reduced by recorded intangible assets divided by total assets reduced by recorded intangible assets.
  • “Return on average tangible common equity” is defined as net income on an annualized basis divided by average total equity reduced by average recorded intangible assets. 
  • “Pre-tax, pre-provision earnings” is defined as net interest income plus non-interest income, reduced by non-interest expense.

Our management believes that these non-GAAP measures are useful because they enhance the ability of investors and management to evaluate and compare our operating results from period-to-period in a meaningful manner. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results as reported under GAAP.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/first-community-corporation-announces-fourth-quarter-and-year-end-2024-results-and-cash-dividend-302356937.html

SOURCE First Community Corporation

Posted on

Rocket Launches Rocket.com Website with Integrated Search, Financing and Management Tools

PR Newswire

Rocket Companies unites and streamlines the end-to-end homeownership process with Rocket Mortgage and Rocket Homes


DETROIT
, Jan. 22, 2025 /PRNewswire/ — Rocket Companies (NYSE: RKT), the Detroit-based fintech platform company consisting of mortgage, real estate and personal finance businesses, today announced the launch of Rocket.com. Rocket.com empowers consumers to search, purchase and manage their home financing with an intuitive, AI-driven experience, simplifying every step of the homeownership journey.

With today’s limited housing inventory and affordability concerns, Rocket.com simplifies the path to homeownership and offers consumers a one-stop solution. Traditional home search platforms often focus solely on property browsing, leaving buyers without the necessary guidance or actionable options once they are ready to move forward.

Rocket.com improves this by bringing home search, financing and servicing together in one intuitive platform. Clients can easily explore properties and receive personalized financing options from a Rocket banker – all in just a few clicks.

“Rocket.com is designed for serious buyers and sellers, offering a streamlined path to homeownership,” said Jamie Belsky, Chief Product and Design Officer at Rocket. “The platform combines Rocket Mortgage’s award-winning service with Rocket Homes’ search and deep property insights. By leveraging AI technology, we are making buying a home more accessible and achievable for everyone.”

At the heart of the site is Rocket’s AI Agent, the ultimate homeownership assistant. It provides 24/7 support, answers real estate and mortgage questions and keeps clients and real estate agents informed about interest rates and market trends. In addition, the AI Agent streamlines tasks such as filling out applications, connecting users with Rocket bankers and offering guidance throughout the process. Since its launch, this tool has tripled Rocket’s conversion rate from website visits to loan closings, validating the confidence and support it gives consumers every step of the way.

“Rocket.com is a significant milestone for the company and the future of homeownership,” Belsky continued. “With this intuitive platform, we will remove traditional barriers for homebuyers through instant offers, AI-powered financing and Verified Approval Letters. We want to create a process that empowers clients with confidence, making it faster and easier for them to achieve their dream of owning a home.”

Today’s launch is the start for Rocket.com. Homeowners will soon be able to track viewing activity for their homes – whether on or off the market – and access comparable sales data to decide the best time to sell, all powered by Rocket AI. Homeowners serviced by Rocket can use Rocket.com as a central hub for managing mortgages and streamlining the entire homeownership process from click to close.

Visit Rocket.com to explore homes in your area and see how Rocket is leveraging AI to expand the path to homeownership.

Forward Looking Statements

Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission (“SEC”). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Companies

Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform including mortgage, real estate and personal finance businesses: Rocket Mortgage, Rocket Homes, Rocket Close, Rocket Money and Rocket Loans.

With more than 65 million call logs each year, 10 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled homeownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender.

For more information, please visit our Corporate Website or Investor Relations Website.

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SOURCE Rocket Companies

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Microsoft launches $5 million AI for Good Open Call grant program to drive positive change in Washington state

PR Newswire

New program celebrates 50 years of innovation in Washington state


REDMOND, Wash.
, Jan. 22, 2025 /PRNewswire/ — On Wednesday, with the goal of fostering innovative solutions in its home state of Washington, Microsoft Corp. announced an AI for Good Open Call, a program that will award $5 million in grants and the opportunity to collaborate with Microsoft’s leading AI scientists. Organizations are invited to leverage the power of artificial intelligence to address pressing social and scientific challenges in Washington state.

Diverse entities, including nonprofits, academic institutions, individual researchers, startups and businesses based in or benefiting Washington state, are eligible to participate. Projects must focus on addressing sustainability, public health, education or human rights.

In celebration of its 50th anniversary, Microsoft created this program as a goodwill gift to Washington. It’s an opportunity to highlight the global innovations coming from Washington state, as Microsoft and others work to build and deploy responsible AI innovations.

“If you lead an organization that is tackling one of our state’s most pressing issues, from sustainable energy development to addressing housing affordability, we invite you to apply for a Microsoft AI for Good grant,” said Juan Lavista Ferres, corporate vice president and chief data scientist of the AI for Good Lab at Microsoft. “As we look toward Microsoft’s 51st year, our AI for Good Lab will globally provide extensive opportunities for collaborative research projects leveraging Azure compute resources. This is a focused opportunity for our home state of Washington, and we’re confident it will harness innovative solutions to complex questions.”

Successful grant applicants will show potential for their concept and data to result in a unique and scalable solution to a major scientific or societal challenge. Strong applicants will have clean, accurate and unbiased high-quality data.

Organizations based in Washington or benefiting residents of Washington are invited to submit their online applications by Feb. 17, 2025. Selected grantees will be notified by March 18, 2025.

Community members will have the opportunity to ask questions prior to submitting their applications. For more information and to ask questions, please visit Microsoft AI for Good Lab Open Call.

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

Note to editors: For more information, news and perspectives from Microsoft, please visit Microsoft Source at https://news.microsoft.com/source. Web links, telephone numbers and titles were correct at time of publication but may have changed. For additional assistance, journalists and analysts may contact Microsoft’s Rapid Response Team or other appropriate contacts listed at https://news.microsoft.com/microsoft-public-relations-contacts. 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/microsoft-launches-5-million-ai-for-good-open-call-grant-program-to-drive-positive-change-in-washington-state-302357118.html

SOURCE Microsoft Corp.

Posted on

Qualtrics and SAP Announce New Partnership to Help Organizations Deliver Great Employee Experiences

PR Newswire


PROVO, Utah and WALLDORF, Germany, Jan. 22, 2025 /PRNewswire/ — Qualtrics, the leader in experience management (XM), and SAP today announced a new partnership helping organizations bring together the power of SAP SuccessFactors and Qualtrics® XM for Employee Experience™ to improve employee experience, reduce unwanted employee attrition, retain and develop top performers, improve employee engagement, and increase productivity.

Under the new SAP Endorsed Apps agreement, organizations using SAP SuccessFactors will be able to contract Qualtrics XM for Employee Experience to access the latest innovations including People Engage, People Lifecycle, and Employee Technology Experience – equipping them with capabilities to engage teams, improve manager effectiveness, and make informed people decisions. Organizations will also gain access to new Qualtrics AI capabilities, including:

  • Qualtrics Assist for Employee Experience: Rapidly analyze employee feedback to obtain clear and actionable insights for improving employee experience using AI-powered natural language understanding.
  • Qualtrics Comment Summaries: Automatically aggregate and summarize employee feedback into clear themes, allowing managers to quickly identify patterns while ensuring employee anonymity.
  • Qualtrics Conversational Feedback: Instantly analyze survey responses and prompt for clarification on vague answers, providing richer and more detailed insights into each employee’s experience.

“At Qualtrics, we are transforming the way organizations understand and improve employee experiences–enabling them to hire, develop and retain the best talent. AI is at the forefront of our EX Suite, providing leaders with real-time, detailed and action-oriented insights that help them build trust with and create exceptional experiences for their teams,” said Brian Stucki, President & Chief Operating Officer. “This partnership with SAP SuccessFactors is an exciting milestone that will undoubtedly bring ongoing value to our shared customers across their EX efforts.”

“Great employee experiences are a key competitive advantage in business today, and together, SAP SuccessFactors and Qualtrics are helping organizations deliver the insights, capabilities, and support to help teams do their best work,” said Dan Beck, President and Chief Product Officer of SAP SuccessFactors. “We look forward to building upon our relationship with Qualtrics to help customers unlock the value of great employee experiences.”

For more information about the new features and capabilities available through this enhanced partnership, click here.

About Qualtrics

Qualtrics, the leader of the experience management category, is a cloud-native software platform that empowers organizations to deliver exceptional experiences and build deep relationships with their customers and employees. With insights from Qualtrics, organizations can identify and resolve the greatest friction points in their business, retain and engage top talent, and bring the right products and services to market. Nearly 20,000 organizations around the world use Qualtrics’ advanced AI to listen, understand, and take action. Qualtrics uses its vast universe of experience data to form the largest database of human sentiment in the world. Qualtrics is co-headquartered in Provo, Utah and Seattle. To learn more, please visit qualtrics.com.

About SAP

As a global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.

Contact:
Tyler Petersen, [email protected]

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/qualtrics-and-sap-announce-new-partnership-to-help-organizations-deliver-great-employee-experiences-302357129.html

SOURCE Qualtrics, LLC

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Wix Announces Completion of $200 Million Share Repurchase Program

NEW YORK – – Wix.com Ltd. (NASDAQ: WIX), today announced that it has completed $200 million in share repurchases, which were part of the authorization by its Board of Directors approved in July 2024.

The Company repurchased 868,026 outstanding Wix ordinary shares, representing approximately 1.5% of total shares outstanding, at an approximate volume-weighted average price per share of $230.41.


About Wix.com Ltd.


Wix
 is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients. 

For more about Wix, please visit our Press Room
Investor Relations Contact: [email protected]
Media Relations Contact:  [email protected]  


1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.



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Tenable Once Again Named One of the Top 20 Cloud Security Companies by CRN

Exposure management pioneer continues to innovate and tackle emerging cloud, data and AI threats

COLUMBIA, Md., Jan. 22, 2025 (GLOBE NEWSWIRE) — Tenable®, the exposure management company, today announced it has been named a CRN 2025 Cloud 100 Company for the second year in a row. This list from CRN®, a brand of The Channel Company, spotlights 100 leading channel-focused cloud companies across five key categories: cloud infrastructure, management, security, software and storage. Tenable is one of the top 20 coolest companies in the cloud security category.

CRN Cloud 100 companies demonstrate dedication to supporting channel partners and advancing innovation in cloud-based products and services. The list is the trusted resource for solution providers exploring cloud technology vendors that are well positioned to help them build cloud portfolios that drive their success.


Tenable Cloud Security
, the actionable cloud security platform, reduces cloud risk by:

  • Exposing and closing priority security gaps caused by misconfigurations, risky entitlements, vulnerabilities and overly permissive access – in one powerful, fully-featured cloud native application protection platform (CNAPP) that secures the entire cloud stack.
  • Employing data security posture management (DSPM) and artificial intelligence security posture management (AI-SPM) features to extend Tenable’s market-leading exposure management capabilities to cloud data and AI resources – two of the biggest emerging cloud threats.

“We’re 100% focused on enabling our partners to guide customers expertly through their cloud security journey,” said Jeff Brooks, Senior Vice President of Global Channels and Business Development, Tenable. “Together with our valued partners, we build strong exposure management programs so that customers can proactively identify and prioritize the cloud exposures that pose the biggest threat to the business.”

Watch the video for more comments from Tenable: https://www.youtube.com/watch?v=unZOXx_fN-4

More information on Tenable Cloud Security is available at www.tenable.com/products/tenable-cloud-security.

About Tenable

Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

Media Contact:

Tenable
[email protected]



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Axalta and Dürr Partner on Automotive Digital Paint Technology

Strategic agreement brings together a leading coatings and a leading robotics company

PHILADELPHIA, Jan. 22, 2025 (GLOBE NEWSWIRE) — Axalta Coating Systems (NYSE: AXTA), a leading global coatings company, and Dürr Systems AG, a leading mechanical and plant engineering firm, have entered into a partnership to provide a digital paint solution, combining Axalta’s NextJet™ technology with Dürr’s robotics integration.

Digital paint, also referred to as overspray-free application, is an advanced paint application that allows for precise paint placement. Under the terms of the agreement, Dürr will serve as the robotics integrator for Axalta NextJet™ for light vehicle Original Equipment Manufacturers (OEM).

“The maskless application of paint for tutone and graphics takes collaboration,” said Hadi Awada, President, Global Mobility Coatings, Axalta. “Through our partnership with Dürr, we can better serve OEM customers, building on Axalta’s coatings know-how and Dürr’s robotics integration. Together we are driving the future of digital paint technology.”

Dr. Lars Friedrich, CEO, Dürr Systems AG, added “We are excited to collaborate with Axalta on the next generation of digital paint. As a pioneer in the field of overspray-free application, Dürr understands the requirements that OEMs demand for individual designs on their vehicles. This agreement will enable our joint technology to come faster to market and meet the needs of our customers.”

This partnership leverages the digital paint expertise Axalta and Dürr have each cultivated over recent years. In 2023, Axalta and Xaar announced their digital paint partnership that brought their unique capabilities together to offer solutions to light vehicle OEMs. Xaar will continue to be an integral part of the digital paint solutions that Axalta and Dürr will offer to the OEM market.

Demonstrations with Axalta NextJet™ on Dürr robotics have already begun at Dürr’s test center in Bietigheim, Germany. OEMs can reach out to their Dürr or Axalta representative for more information.

About Axalta

Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful, and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity, and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. For more information, visit axalta.com and follow us on Facebook, LinkedIn, Instagram and @axalta on X.

About Dürr Group

The Dürr Group is one of the world’s leading mechanical and plant engineering firms with particular expertise in the technology fields of automation, digitalization, and energy efficiency. Its products, systems, and services enable highly efficient and sustainable manufacturing processes for various industries. As of January 1, 2025, the former divisions Paint and Final Assembly Systems and Application Technology were merged to form the new Automotive division and to operate as Dürr Systems AG. The focus is on the planning and construction of paint shops as well as robots and products for the automated application of paint, sealants, and adhesives. Final assembly, testing, and filling technology for the automotive industry are further pillars of the company. In 2023, the Dürr Group generated sales of €4.6 billion. The Dürr Group has around 20,000 employees and 141 business locations in 33 countries. For more information visit durr.com and follow us on LinkedIn.

Media Inquiries – Axalta
Lisa Gentile
(d) 248-896-7783
[email protected]

Jessica McDuell
(d) 302-897-4486
[email protected]

Media Inquiries – Dürr
Harald Pandl
(p) +49 7142 78-4284
(m) +49 173 5364920
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b53e025-d884-4764-8c2a-676482d4b034



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Reading International reports strong 2024 Holiday Box Office Results

NEW YORK, Jan. 22, 2025 (GLOBE NEWSWIRE) — Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced that its global cinema operations achieved several box office records over the November and December 2024 holiday period driven by the release of a variety of Hollywood blockbusters, including Wicked, Moana 2, Gladiator II, Mufasa: The Lion King and Sonic the Hedgehog 3. Our Company’s specialty theaters, trading under the Angelika brand, likewise enjoyed a strong box office from award winning movies like The Brutalist, Anora, The Room Next Door, Queer and A Real Pain.

Our Company’s Australian circuit, trading under the Reading Cinemas (www.ReadingCinemas.com.au) and Angelika (www.AngelikaCinemas.com.au) brands set Box Office Revenue records for both November and December:

  • December 2024 was the highest December Box Office result ever, eclipsing the previous record set in December 2019.
  • November 2024 was the highest November Box Office result ever.

Reading Cinemas in New Zealand (www.ReadingCinemas.co.nz) captured the following Box Office milestones:

  • December 2024 was the highest December Box Office since the pandemic.
  • November 2024 was the highest November Box Office since the pandemic.

In the United States, despite our closing of several unprofitable cinemas (eight theaters comprising 52 screens) since January 2019, the Box Office of our Company’s Reading Cinema (www.ReadingCinemas.com), Consolidated Theatre (www.ConsolidatedTheatres.com) and Angelika (www.AngelikaFilmCenter.com) brands achieved the following revenue milestones:

  • December 2024 was the highest December Box Office since the pandemic.
  • November 2024 was the highest November Box Office since the pandemic.

In Australia, our Company has launched a new Loyalty Program, Reading Rewards, which provides customers the opportunity to earn and redeem points for a range of Ticket and Food & Beverage items. In addition, for AUS$20 a year, customers can upgrade their membership to a Boost tier – offering 15% off Tickets and 10% off Food and Beverage, along with double points and access to Boost member exclusive promotions.

More information on Reading Rewards can be found at www.readingrewards.com.au.


About Reading International, Inc.

Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.

Reading’s cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Consolidated Theatres and the Angelika brand. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments, including Newmarket Village in Brisbane, Australia, and 44 Union Square in New York City, are maintained in special purpose entities.

Additional information about Reading can be obtained from our Company’s website: www.readingrdi.com.


Cautionary Note Regarding Forward-Looking Statements

This release contains a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995, including those related to (i) our expectations about the box office and revenues of our global cinema divisions and (ii) our loyalty program in Australia. You can recognize these statements by our use of words, such as “may,” “will,” “expect,” “believe,” “intend” and “anticipate” or other similar terminology.

Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct. Actual results may differ materially from those indicated in the forward-looking statements and there is no guarantee as to how our securities will perform either when considered in isolation or when compared to other securities or investment opportunities.

Forward-looking statements made by us in this release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update or to revise any of our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. Accordingly, you should always note the date to which our forward-looking statements speak.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those factors discussed throughout Part I, Item 1A – Risk Factors – and Part II Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – of our Annual Report on Form 10-K for the most recently ended fiscal year, as well as the risk factors set forth in any other filings made under the Securities Act of 1934, as amended, including any of our Quarterly Reports on Form 10-Q, for more information.

For more information, contact:
Gilbert Avanes – EVP, CFO, and Treasurer
Andrzej Matyczynski – EVP Global Operations
(213) 235-2240



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Denny’s Corporation Announces Timing of Fourth Quarter and Full Year 2024 Results and Conference Call on February 12, 2025

SPARTANBURG, S.C., Jan. 22, 2025 (GLOBE NEWSWIRE) — Denny’s Corporation (the “Company”) (NASDAQ: DENN), owner and operator of Denny’s Inc. (“Denny’s”) and Keke’s Inc. (“Keke’s”), will announce financial and operating results for its fourth quarter and full year ended December 25, 2024, on Wednesday, February 12, 2025, before the markets open. Senior management will hold a conference call on the same day at 8:30 a.m. Eastern Time to discuss these results and answer questions.

Interested parties are invited to listen to a live broadcast of the conference call accessible through the Investor Relations section of the Company’s website at investor.dennys.com.

For any questions, please contact the Company’s Investor Relations Department at 877-784-7167.

About Denny’s Corporation

Denny’s Corporation is one of America’s largest full-service restaurant chains based on number of restaurants. As of December 25, 2024, the Company consisted of 1,568 restaurants, 1,493 of which were franchised and licensed restaurants and 75 of which were company operated.

Denny’s Corporation consists of the Denny’s brand and the Keke’s brand. As of December 25, 2024, the Denny’s brand consisted of 1,499 global restaurants, 1,438 of which were franchised and licensed restaurants and 61 of which were company operated. As of December 25, 2024, the Keke’s brand consisted of 69 restaurants, 55 of which were franchised restaurants and 14 of which were company operated.

For further information on Denny’s Corporation, including news releases, links to SEC filings, and other financial information, please visit investor.dennys.com.



Investor Contact: 877-784-7167

Media Contact: 864-597-8005

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eXp Realty Named to Glassdoor’s Best Places to Work for Eighth Consecutive Year

eXp jumps from No. 22 to No. 7 out of 100 U.S. Large Companies

BELLINGHAM, Wash., Jan. 22, 2025 (GLOBE NEWSWIRE) — eXp Realty®, “the most agent-centric real estate brokerage on the planet™” and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), has been named to Glassdoor’s Best Places to Work list for the eighth straight year in the U.S., ranking No. 7 out of 100 in the U.S. Large Company list – a jump from No. 22 last year. 

“Our recognition as one of Glassdoor’s Best Places to Work for the eighth consecutive year – and our remarkable leap to No. 7 this year – is a testament to eXp Realty’s unwavering commitment to creating an agent-centric environment and fostering satisfaction among our agents and staff alike,” said Leo Pareja, eXp Realty CEO. “At eXp, we prioritize innovation, collaboration, and growth opportunities that empower our team to thrive, and this honor reflects the passion and dedication of our entire eXp community. We remain steadfast in our mission to redefine real estate by putting our people first.”

Renee Kaspar, Chief People Officer at eXp Realty, concurred:
“At eXp Realty, we believe that a supportive and inclusive workplace is the foundation for innovation and success. Being named to Glassdoor’s Best Places to Work list for the eighth year in a row, and climbing to No. 7, highlights the strength of our culture and the meaningful connections we foster with our agents and staff. This achievement reflects our commitment to listening, evolving, and providing an environment where everyone feels valued and empowered to reach their full potential.”

Glassdoor’s Employees’ Choice Award is in its 17th year and is based solely on the input of company employees who submit anonymous feedback on Glassdoor by completing a company review about their job, work environment and employer. 

Employees are asked to rate their satisfaction with the company overall, and provide ratings for nine workplace factors, including career opportunities, compensation and benefits, culture and values, senior management, diversity and inclusion, and work/life balance. Employers considered for the large list must have received at least 75 ratings for each of the nine workplace attributes, which are taken into account as part of the awards algorithm.

For the complete list of the Glassdoor Best Places to Work winners, please visit: https://www.glassdoor.com/Award/Best-Places-to-Work-LST_KQ0,19.htm

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty®, FrameVR.io and SUCCESS® Enterprises. eXp Realty is the largest independent real estate company in the world with more than 85,000 agents in the United States, Canada, the United Kingdom, Australia, France, India, Mexico, Portugal, South Africa, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including an innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by FrameVR.io technology, offering immersive 3D platforms that are deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS® Enterprises, anchored by SUCCESS® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

For more information, visit https://expworldholdings.com. 

Media Relations Contact:

eXp World Holdings, Inc.
[email protected]

Investor Relations Contact:

Denise Garcia, Managing Partner
Hayflower Partners
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5b6e8b0-7e15-4f5f-b123-e2392fc9c817