Form 8-K

8-K — FIRST COMMUNITY CORP /SC/

Accession: 0001552781-26-000389

Filed: 2026-07-22

Period: 2026-07-21

CIK: 0000932781

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Financial Statements and Exhibits

Documents

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2026-07-21

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UNITED STATES

SECURITIES

AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM

8-K

CURRENT REPORT

PURSUANT TO

SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date

of Report (Date of earliest event reported):

July 21, 2026

First

Community Corporation

(Exact

name of registrant as specified in its charter)

South

Carolina

(State or other

jurisdiction of incorporation)

000-28344

57-1010751

(Commission

File Number)

(IRS

Employer Identification No.)

5455

Sunset Blvd, Lexington, South Carolina

29072

(Address

of principal executive offices)

(Zip

Code)

(803)

951-2265

(Registrant’s

telephone number, including area code)

Not

Applicable

(Former name

or former address, if changed since last report.)

Check the appropriate box below if

the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions

(see General Instruction A.2. below):

☐ Written communications pursuant

to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to

Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of exchange on which registered

Common

stock, par value $1.00 per share

FCCO

The Nasdaq Stock Market

Indicate by check mark whether the

registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)

or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ☐

If an emerging growth company,

indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised

financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 22, 2026, First Community Corporation (the “Company”),

holding company for First Community Bank (the “Bank”), issued a press release announcing its financial results for the period

ended June 30, 2026. The Company also announced that the Board of Directors approved a cash dividend for the second quarter of 2026. The

Company will pay a $0.17 per share dividend to holders of the Company’s common stock. This dividend is payable August 18, 2026 to

shareholders of record as of August 4, 2026.

A copy of the press release is furnished herewith as Exhibit 99.1. The

information furnished pursuant to this Item 2.02, including the portions of Exhibit 99.1 relating to the Company’s financial results

and dividend announcement, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, nor shall it be deemed

incorporated by reference into any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference

in such filing.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment

of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 22, 2026, the Company and the Bank announced a planned management

succession and leadership transition, effective January 1, 2027.

J. Ted Nissen has notified the Company and the Bank of his decision to

retire from his positions as Executive Vice President and Chief Banking Officer of the Company and President and Chief Executive Officer

of the Bank, effective December 31, 2026. Mr. Nissen will also retire from the boards of directors of the Company and the Bank, effective

December 31, 2026. Mr. Nissen’s retirement is not the result of any disagreement with the Company or the Bank on any matter relating

to the Company’s or the Bank’s operations, policies or practices.

In connection with the transition, Vaughan R. Dozier, Jr., age 45, will

become Chief Executive Officer of the Bank and Joseph A. “Drew” Painter, age 48, will become President of the Bank, each effective

January 1, 2027. It is anticipated that Mr. Painter will report directly to Mr. Dozier. Mr. Dozier currently serves as Executive Vice

President and Chief Commercial and Retail Banking Officer, South Region of the Company and the Bank, and has served in such role since

January 1, 2024. Mr. Painter currently serves as Executive Vice President and Chief Commercial and Retail Banking Officer, North Region

of the Company and the Bank, and has served in such role since January 1, 2024. Prior to January 1, 2024, Messrs. Dozier and Painter each

served as Senior Vice President and Regional Market President of the Bank. Mr. Dozier has been with the Bank for 18 years, and Mr. Painter

has been with the Bank for 23 years.

Michael C. Crapps will continue to serve as President and Chief Executive

Officer of the Company following the transition. Mr. Crapps has served as President and Chief Executive Officer of the Company for over

31 years and since its inception.

In connection with Mr. Nissen’s retirement from the boards of directors

of the Company and the Bank, the board of directors of each entity approved an increase in the size of its board from 14 to 15 directors,

in each case in accordance with its applicable bylaws and other governing documents. On July 21, 2026, Mr. Dozier and Mr. Painter were

appointed to the boards of directors of the Company and the Bank, effective January 1, 2027. For each board, one of Mr. Dozier and Mr.

Painter will fill the vacancy created by Mr. Nissen’s retirement, and the other will fill the newly created directorship resulting

from the increase in the size of the board. Committee assignments for Messrs. Dozier and Painter have not yet been determined.

As of the date of this Current Report on Form 8-K, the Company and the

Bank have not entered into definitive amendments to the existing employment agreements with Messrs. Dozier and Painter in connection with

the transition. The Company and the Bank expect to enter into such amendments in connection with the transition. The material terms of

any such amendments, including any changes to annual base salary or other compensation arrangements, will be disclosed when finalized

and approved, to the extent required.

In connection with Mr. Nissen’s retirement, Mr. Nissen’s existing

employment agreement with the Company and the Bank will terminate effective December 31, 2026, subject to any continuing rights or obligations

expressly provided therein or in any transition and consulting agreement entered into in connection with his retirement. As of the date

of this Current Report on Form 8-K, the Company and the Bank have not entered into a definitive transition and consulting agreement with

Mr. Nissen. The Company and the Bank expect to enter into a transition and consulting agreement with Mr. Nissen in connection with his

retirement, pursuant to which Mr. Nissen would provide transition support through December 31, 2027. The material terms of any such agreement,

including consulting fees and other compensation arrangements, will be disclosed when finalized and approved, to the extent required.

There are no arrangements or understandings between either Mr. Dozier or

Mr. Painter and any other person pursuant to which either was selected as a director or officer, other than the Company’s planned

management succession process and the employment relationships described herein.

The information called for by Items 401(b), 401(d), 401(e), 401(f) and

404(a) of Regulation S-K with respect to Messrs. Dozier and Painter is set forth in the Company’s proxy statement filed with the

Securities and Exchange Commission on April 7, 2026 and the Company’s Annual Report on Form 10-K filed with the Securities and Exchange

Commission on March 16, 2026, which information is incorporated herein by reference, except as supplemented by the information set forth

herein. There are no family relationships between either Mr. Dozier or Mr. Painter and any director or executive officer of the Company,

and neither Mr. Dozier nor Mr. Painter has been involved in any legal proceeding required to be disclosed under Item 401(f) of Regulation

S-K. There are no transactions involving Mr. Dozier or Mr. Painter that would require disclosure under Item 404(a) of Regulation S-K.

A copy of the Company’s press release dated July 22, 2026 announcing,

among other things, the management succession and leadership transition is attached hereto as Exhibit 99.1. The portions of Exhibit 99.1

relating to the management succession and leadership transition are incorporated by reference into this Item 5.02.

FORWARD-LOOKING STATEMENTS

Certain statements in this report 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 trade disputes, epidemics and pandemics, war or terrorist activities, essential utility

outages, government shutdowns, deterioration in the global economy, instability in the credit markets, disruptions in our customers’

supply chains or disruptions 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.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Item

Exhibits

99.1

Press Release dated July 22, 2026 announcing financial results for the period ended June 30, 2026 and management succession and leadership transition.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant

has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST

COMMUNITY CORPORATION

By:

/s/

D. Shawn Jordan

Name:

Shawn Jordan

Title:

Chief

Financial Officer

Dated: July

22, 2026

EX-99.1

Filename: e26306_ex99-1.htm · Sequence: 2

News

Release

For

Release July 22, 2026

9:00

A.M.

Contact: Michael C. Crapps, Chief

Executive Officer and President

D. Shawn

Jordan, Executive Vice President & Chief Financial Officer or

Robin

D. Brown, Executive Vice President & Chief Marketing Officer

(803) 951-2265

First Community Corporation

Announces Leadership Transition, Second Quarter Results and Increased Cash Dividend

LEXINGTON, S.C., July 22, 2026

– Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, announced planned

changes to the bank’s executive leadership team and discussed the results of operations and the company’s activities

during the second quarter of 2026.

The company announced that J. Ted

Nissen will retire from his role as CEO and President of First Community Bank and as a director of the bank and its holding company,

First Community Corporation, effective December 31, 2026. Mr. Nissen is a founding member of the bank’s Executive Leadership

Team and he has dedicated over four decades to the banking industry, thirty-one of those years at First Community Bank. He has

served many industry and community organizations throughout his career including the South Carolina Bankers Association, the South

Carolina Small Business Development Corporation, and the Lexington Medical Center Foundation, all of which have benefited from

his talents and his commitment to actively supporting our industry and our local community. Mike Crapps, CEO and President of

First Community Corporation, commented on Mr. Nissen’s retirement by saying, “Through his passion and hard work, Ted

has contributed so much to so many during his very distinguished career. His contributions to First Community Bank have been significant,

his impact is felt throughout our organization, and we will continue to benefit from the legacy that he has created for years

to come. Words are not adequate to express our thanks to Ted for all that he has done for First Community and for all that he

has meant to our board, our executive team, our employees, our customers, and our community members. We all wish him well as he

moves into this next season.”

With Mr. Nissen’s retirement,

the CEO and President role will be split and effective January 1, 2027, Vaughan R. Dozier will become Chief Executive Officer

of First Community Bank and Joseph A. “Drew” Painter will become President of the bank. With their new roles, Mr.

Dozier and Mr. Painter will join the company’s and bank’s board of directors. In his new position as CEO, Mr. Dozier

will be responsible for overall bank operations and the oversight of the bank’s Executive Leadership Team including finance,

credit, risk, operations, human resources, and marketing as well as the bank’s residential mortgage lending line of business.

As President, Mr. Painter will be responsible for commercial and retail banking, financial planning and investment advisory services,

and government guaranteed lending, as well as the bank’s Business Services and Branch Administration areas. Mr. Dozier and

Mr. Painter are both seasoned bankers with long tenures with First Community, eighteen and twenty-three years, respectively. Both

have much institution and industry knowledge that they will bring to their new roles. Both understand First Community’s

business and culture on a deep level. Each has been incredibly successful in their various roles with the bank, having most recently

served as Co-Commercial and Retail Banking Officers leading significant geographic regions for the bank in addition to their service

on the bank’s Executive Leadership Team. Each has graduated from the First Community Bank Leadership Institute and each

has also been recognized by the South Carolina Bankers Association as a Young Banker of the Year.

Also, effective January 1, 2027,

Michael Cromer and Trey Werner will assume the roles of Regional Executives, each responsible for the oversight of a geographic

region of First Community’s network of banking offices. Mr. Cromer will oversee the Midlands region of South Carolina and

the CSRA region of South Carolina and Georgia, while Mr. Werner will oversee the Upstate and Piedmont regions of South Carolina

as well as the Atlanta/Sandy Springs, Georgia region. Both have had successful tenures with the bank, Mr. Cromer for eighteen

years and Mr. Werner for ten years. They are seasoned and talented bankers who will positively impact these important regions

for the bank in their new leadership roles.

Mike Crapps will continue in his

role as CEO and President of First Community Corporation focusing on board and corporate governance, investor relations, strategy,

balance sheet and capital management, and leadership development.

Commenting on the announced leadership

transition, First Community board Chairman Jimmy Chao said, “The long-term success and sustainability of First Community

Bank has been and continues to be an ongoing focus of our company and we have made it a priority to invest in our people to prepare

them for future leadership opportunities. This current leadership transition began in 2023 and it has been implemented in stages

over these past several years. Historically, most of our bank’s growth and success has been driven organically under the

leadership of Vaughan and Drew. We are committed to a seamless and successful leadership transition of the CEO and President roles

to Vaughan and Drew and have great confidence in their partnership leading our bank to even greater success. While Ted has chosen

to leave his role a little earlier than planned due to personal health reasons, we are fortunate that he will continue in a consulting

role through December 31, 2027 to help ensure a smooth transition. Our board of directors is incredibly grateful to Ted for all

of his many contributions to First Community through the years. He has generously shared his time and talents with our company

and led with a servant’s heart to impact lives for success and significance.”

In addition to announcing the leadership

transition, First Community announced results for the second quarter of 2026.

Highlights for the second quarter of 2026

include:

· Net

income of $7.595 million during the second quarter, an increase of 46.5% year-over-year

and 38.1% on a linked quarter basis. Net income excluding merger expenses1

during the quarter of $7.979 million, an increase of 48.7% year-over-year and 18.1%,

on a linked quarter basis.

· Net

income for the six months ended June 30, 2026 of $13.093 million, a 42.6% increase over

the same time period in 2025. Net income for the six months ended June 30, 2026, excluding

merger expenses1, of $14.733 million, an increase of 57.4% year-over-year.

· Diluted

EPS of $0.80 per common share during the second quarter, an increase of 19.4% year-over-year

and 35.6% on a linked quarter basis. Diluted EPS excluding merger expenses1

of $0.84, an increase of 21.7% year-over-year and 16.7% on a linked quarter basis.

· Diluted

EPS of $1.39 per common share for the six months ended June 30, 2026, an increase of

17.8% over the same time period in 2025. Diluted EPS excluding merger expenses1

of $1.56 for the six months ended June 30, 2026, an increase of 30.0% over the

same time period in 2025.

· Total

deposits were $2.025 billion at June 30, 2026. Year-to-date through June 30, 2026, total

deposits have increased $275.3 million, including $229.8 million related to the acquisition

of Signature Bank of Georgia that closed on January 8, 2026. Excluding the impact of

day one Signature Bank acquisition balances, organic deposit growth was $45.5 million

during the first six months of 2026, which represents an annualized growth rate of 5.2%.

· Total

loans were $1.578 billion at June 30, 2026 with growth of $29.1 million during the quarter,

an annualized growth rate of 7.5%. Year-to-date loan growth is $267.3 million. This growth

includes $195.7 million related to the acquisition of Signature Bank. Excluding the impact

of the day one Signature Bank acquisition balances, organic loan growth was $71.6 million

during the first half of 2026 which represents an 11.0% annualized growth rate.

· Capital

ratios including the Tangible common shareholders’ equity to tangible assets1

(TCE) and the Leverage ratio increased to 8.37% and 9.29%, respectively.

· Net

interest margin, on a tax equivalent basis, of 3.51%, an expansion of fourteen basis

points compared to the first quarter of 2026. This is the ninth consecutive quarter of

margin expansion.

Considered non-GAAP financial measure – See Non-GAAP Financial Measures and reconciliation

of non-GAAP financial measures to GAAP on pages 12 and 13.

· Key

credit quality metrics continue to be strong with net charge-offs, including overdrafts,

during the second quarter of 2026 of $21 thousand; net loan recoveries, excluding overdrafts,

during the quarter of $3 thousand; non-performing assets of 0.04%; and past due loans

of 0.26% at June 30, 2026.

· Investment

advisory revenue of $2.286 million, an increase of 30.6% year-over-year and 0.7% on a

linked quarter basis. Year to date investment advisory revenue of $4.557 million, an

increase of 28.1% over the same time period in 2025. Assets under management (AUM) were

$1.378 billion at June 30, 2026, compared to $1.130 billion at March 31, 2026, and $1.170

billion at December 31, 2025.

· Mortgage

income of $1.070 million during the second quarter of the year, an increase of 21.7%

year-over-year and 57.1% on a linked quarter basis. Year-to-date mortgage income of $1.751

million, an increase of 6.90% over the same time period in 2025.

· Government

Guaranteed Lending fee income of $704 thousand in the second quarter of 2026, with $16.140

million in loan production, $8.94 million in loans sold, and a gain-on-sale margin of

7.50%.

· Cash

dividend of $0.17 per common share, the 98th consecutive quarter of cash dividends

paid to common shareholders.

Earnings

Net income for the second quarter

of 2026 was $7.595 million with diluted earnings per common share of $0.80. This compares to net income and diluted earnings per

common share of $5.186 million and $0.67, respectively, year-over-year and $5.498 million and $0.59, respectively, on a linked

quarter basis. Net income excluding merger expenses1 was $7.979 million, an increase of 48.7% year-over-year and 18.1%,

on a linked quarter basis. Diluted EPS excluding merger expenses1 was $0.84, an increase of 21.7% year-over-year and

16.7% on a linked quarter basis. Results reported include the impact of the acquisition of Signature Bank, which closed on January

8, 2026.

Year-to-date through June 30, 2026,

net income was $13.093 million compared to $9.183 million during the first six months of 2025. Diluted earnings per share for

the first half of 2026 were $1.39 compared to $1.18 during the same time period in 2025. Net income year-to-date, excluding merger

expenses1, was $14.733 million, an increase of 57.4% year-over-year. Diluted EPS year-to-date, excluding merger expenses1,

was $1.56, an increase of 30.0% year-over-year. Results reported include the impact of the acquisition of Signature Bank of Georgia,

which was closed on January 8, 2026.

Cash

Dividend and Capital

The Board of Directors has approved

an increased cash dividend for the second quarter of 2026 of $0.17 per common share. This dividend is payable on August 18, 2026

to shareholders of record of the company’s common stock as of August 4, 2026. First Community Corporation CEO and President,

Mike Crapps commented, “The entire board is pleased that our performance enables the company to continue its cash dividend

for the 98th consecutive quarter.”

Each of the regulatory capital ratios

for the bank exceeds the well capitalized minimum levels currently required by regulatory statute. At June 30, 2026, the bank’s

regulatory capital ratios, Leverage, Tier I Risk Based and Total Risk Based, were 9.29%, 12.98%, and 14.13%, respectively. This

compares to the same ratios as of June 30, 2025 of 8.44%, 13.04%, and 14.10%, respectively. As of June 30, 2026, the bank’s

Common Equity Tier I ratio was 12.98% compared to 13.04% at June 30, 2025. The bank’s tangible common shareholders’

equity to tangible assets1 (TCE) was 8.37% at June 30, 2026 compared to 7.47% at December 31, 2025 and 6.92% as of

June 30, 2025.

Tangible Book Value (TBV) per share1

increased during the quarter to $20.84 per share at June 30, 2026, from $19.84 per share as of December 31, 2025, and $18.28

per share at June 30, 2025.

On May 7, 2026, the company announced

that it had approved a plan to utilize up to $7.5 million of capital to repurchase shares of the company’s common stock,

which represents approximately 3.3% of total shareholders’ equity as of June 30, 2026. Under the repurchase plan, the company

may repurchase shares from time to time, through May 7, 2027. While the company did not repurchase any shares during the second

quarter of 2026, the repurchase plan provides capital management opportunities for the company in the future.

Considered non-GAAP financial measure – See Non-GAAP Financial Measures and reconciliation

of non-GAAP financial measures to GAAP on pages 12 and 13.

Loan Portfolio Quality/Allowance

for Credit Losses

The company’s asset

quality remains strong. The non-performing assets (NPAs) were 0.04% of total assets at June 30, 2026, with $887 thousand in NPAs,

which compares to 0.04% and $853 thousand, respectively, at March 31, 2026. The past due ratio for all loans was 0.26% at June

30, 2026 compared to 0.17% at March 31, 2026. During the second quarter of 2026, the bank had net charge-offs, including overdrafts,

of $21 thousand and net loan recoveries, excluding overdrafts, of $3 thousand. Year-to-date through June 30, 2026, net charge-offs,

including overdrafts, of $26 thousand and net loan recoveries, excluding overdrafts, of $7 thousand. The ratio of classified loans

plus Other Real Estate Owned (OREO) is 2.55% of total bank regulatory risk-based capital at June 30, 2026.

Balance Sheet

Total loans increased during the

second quarter of 2026 by $29.1 million to $1.578 billion at June 30, 2026, a linked quarter annualized growth rate of 7.5%. Commercial

loan production was $60.3 million during the second quarter of 2026. There were also advances of unfunded commercial construction

loans of $24.9 million during the second quarter of 2026. Offsetting some of this loan growth were loan payoffs and paydowns in

the second quarter of 2026 which were up approximately 17.6% compared to the first quarter of 2026.

The yield on the loan portfolio was

6.02% in the second quarter of 2026 as compared to 5.94% in the first quarter of 2026. Purchase accounting amortization on the

acquired Signature Bank loan portfolio resulted in amortization expense of $178 thousand during the second quarter of 2026 compared

to $437 thousand in the first quarter of the year, thus reducing net interest margin by 0.03% during the second quarter of 2026

compared to 0.08% during the first quarter of 2026.

Total deposits were $2.025 billion

at June 30, 2026 compared to $2.048 billion at March 31, 2026. This decrease in deposits is largely attributable to deposit flows

into some specific accounts near the end of the first quarter which reversed out early in the second quarter. In fact, average

total deposits actually increased in the second quarter to $2.019 billion as compared to $1.978 billion in the first quarter.

Pure deposits, which are defined as total deposits less certificates of deposit, were $1.702 billion at June 30, 2026 compared

to $1.727 billion at March 31, 2026. Securities sold under agreements to repurchase, which are related to customer cash management

accounts or business sweep accounts, were $96.5 million at June 30, 2026. Non-interest-bearing deposits were $527.9 million or

26.1% of total deposits at June 30, 2026. The average balance per customer deposit account as of June 30, 2026 was $34,037, with

the average balance per consumer account of $18,020 and per non-consumer account of $72,669. All of the above point to the granularity

and the quality of the bank’s deposit franchise. Costs of deposits decreased four basis points to 1.76% in the second quarter

of 2026 compared to 1.80% in the first quarter of 2026. Cost of funds decreased three basis points on a linked quarter basis to

1.82% in the second quarter of 2026 from 1.85% in the first quarter of 2026.

The bank has other short-term investments,

primarily interest-bearing cash at the Federal Reserve Bank, of $130.5 million at June 30, 2026 compared to $182.5 million at

March 31, 2026. The investment portfolio was $510.8 million at June 30, 2026 compared to $512.6 million at March 31, 2026. The

yield increased to 3.33% during the second quarter of 2026 as compared to 3.32% in the first quarter of 2026. The effective duration

of the total investment portfolio is 3.4 at June 30, 2026. Accumulated Other Comprehensive Loss (AOCL) was $18.2 million at June

30, 2026 compared to $18.8 million at March 31, 2026.

Net Interest Income/Net

Interest Margin

Net interest income was $19.501 million

in the second quarter of 2026 compared to $18.369 million in the first quarter of 2026 and $15.324 million in the second quarter of 2025.

The net interest margin, on a tax equivalent basis, was 3.51% for the second quarter of 2026 compared to 3.37% in the first quarter of

2026 and 3.21% in the second quarter of 2025. This margin expansion was driven by a combination of factors including improved loan portfolio

yield, the growth in the loan portfolio which resulted in a better earning asset mix, a reduction in the purchase accounting amortization

expense of the acquired Signature Bank loan portfolio, lower cost of deposits and lower cost of funds. Loans as a percent of earning

assets were 70.4% at June 30, 2026 compared to 68.0% at March 31, 2026. Purchase accounting amortization on the acquired Signature Bank

loan portfolio resulted in amortization expense of $178 thousand during the second quarter of 2026 compared to $437 thousand in the first

quarter of the year, thus reducing net interest margin by 0.03% during the second quarter of 2026 compared to 0.08% during the first

quarter of 2026. Cost of deposits and cost of funds also declined by 0.04% and 0.03%, respectively.

Non-Interest Income

Non-interest income for the second

quarter of 2026 was $5.637 million, compared to $4.790 million in the first quarter of 2026 and $4.206 million in the second quarter

of 2025, an increase of 17.7% and 34.0%, respectively.

Total production in the mortgage

line of business in the second quarter of 2026 was $53.8 million which was comprised of $38.3 million in secondary market loans,

$2.3 million in adjustable rate mortgages (ARMs), and $13.2 million in construction loans. Total fee revenue in the mortgage line

of business was $1.070 million in the second quarter of 2026, which includes $1.066 million associated with the secondary market

loans with a gain-on-sale margin of 2.78%. This compares to production year-over-year of $62.9 million which was comprised of

$31.9 million in secondary market loans, $5.7 million in ARMs, and $25.3 million in construction loans during the second quarter

of 2025. Fee revenue associated with the secondary market loans in the second quarter of 2025 was $876 thousand with a gain-on-sale

margin of 2.74%.

Revenue from the financial planning

and investment advisory line of business was $2.286 million for the second quarter of 2026 compared to $2.271 million in the first

quarter of 2026 and $1.751 million in the second quarter of 2025. Assets Under Management (AUM) were $1.378 billion at June 30,

2026, compared to $1.130 billion at March 31, 2026, and $1.011 billion at June 30, 2025.

Total fee revenue from the Government Guaranteed

Lending line of business was $704 thousand in the second quarter of 2026 compared to $400 thousand in the first quarter of the year.

Production in this line of business in the second quarter of 2026 included $16.140 million in SBA loans compared to the first quarter

of the year with production of $2.36 million in SBA loans. During the second quarter of 2026, the company sold $8.94 million in loans,

which resulted in a premium of $671 thousand and a gain-on-sale margin of 7.50%. This compares to the first quarter of the year with

$2.021 million in loans sold for a premium of $194 thousand and a gain-on-sale margin of 9.59%. As previously reported, on April 10,

2026, First Community Bank received its Preferred Lender status from the Small Business Administration.

Non-Interest Expense

Non-interest expense was $15.273

million in the second quarter of 2026 compared to $17.031 million in the first quarter of the year. Merger expenses were $1.078

million lower in the second quarter as the company wrapped up the acquisition of Signature Bank of Georgia with the system conversion

in mid-March. Marketing and public relations expenses were down $271 thousand on a linked quarter basis due to a planned reduced

media schedule. Other expenses were down $560 thousand primarily due to lower audit, attorney and other professional fees as well

as lower fraud-related losses. Further, in the second quarter of 2026, the company benefited from the reversal of a merger related

accrual in the amount of $270 thousand.

Other

During the second quarter of 2026,

the company purchased $900 thousand in 2026 South Carolina low income housing tax credits which resulted in an income tax benefit

of $114 thousand. During the first quarter of 2026, the company purchased $12.544 million in federal tax credits for $11.666 million,

which resulted in a benefit to income tax expense of $878 thousand.

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, financial planning/investment advisory services, and SBA/USDA

lending. First Community serves customers in the Midlands, Aiken, Upstate and Piedmont Regions of South Carolina as well as Augusta

and Atlanta, Georgia. For more information, visit www.firstcommunitysc.com.

FORWARD-LOOKING STATEMENT

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, including statements regarding

the anticipated timing and benefits of the leadership transition, the consulting arrangement with Mr. Nissen, and the expected

roles and responsibilities of the company’s executive officers, 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 risks, uncertainties and other factors, include,

among others, the following: (1) the risk that anticipated cost savings or other expected benefits of the acquisition of Signature

Bank of Georgia may not be realized; (2) potential disruption to client or employee relationships as a result of the acquisition

of Signature Bank of Georgia; (3) competitive pressures among depository and other financial institutions may increase significantly

and have an effect on pricing, spending, third-party relationships and revenues; (4) 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; (5) 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; (6) changes in

legislation, regulation, policies or administrative practices, whether by judicial, governmental, or legislative action; (7) 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; (8) 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; (9) 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; (10) elevated inflation which causes adverse risk to the

overall economy, and could indirectly pose challenges to our customers and to our business; (11) any increases in FDIC assessment

which has increased, and may continue to increase, our cost of doing business; (12) 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, government shutdowns, deterioration in the global economy, instability in the credit markets, disruptions

in our customers’ supply chains or disruptions in transportation; (13) risks associated with the planned leadership transition,

including the ability to retain key employees, maintain client relationships, and successfully integrate new executive responsibilities;

and (14) 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

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Total Assets

$ 2,372,348

$ 2,391,531

$ 2,057,732

$ 2,066,598

$ 2,046,265

Other Short-term Investments and CDs1

130,516

182,497

137,184

163,237

151,323

Investment Securities

Investments Held-to-Maturity

184,974

188,728

195,135

198,824

201,761

Investments Available-for-Sale

322,596

320,710

294,109

299,529

302,627

Other Investments at Cost

3,252

3,204

2,942

2,894

Total Investment Securities

510,822

512,642

492,186

501,295

507,282

Loans Held-for-Sale

11,946

6,936

10,737

8,970

10,975

Loans

1,578,292

1,549,143

1,311,019

1,279,310

1,260,055

Allowance for Credit Losses - Investments

Allowance for Credit Losses - Loans

18,515

18,364

13,806

13,478

13,330

Allowance for Credit Losses - Unfunded Commitments

609

654

531

529

490

Goodwill

29,399

14,637

Other Intangibles

2,681

2,785

289

328

368

Total Deposits

2,024,840

2,048,264

1,749,544

1,771,164

1,754,041

Securities Sold Under Agreements to Repurchase

96,546

99,835

107,189

99,614

103,640

Federal Funds Purchased

—

Federal Home Loan Bank Advances

—

Junior Subordinated Debt

14,964

Accumulated Other Comprehensive Loss (AOCL)

(18,224 )

(18,834 )

(18,401 )

(20,173 )

(21,863 )

Shareholders’ Equity

227,985

220,817

167,557

161,568

155,500

Book Value Per Common Share

$ 24.25

$ 23.50

$ 21.78

$ 21.01

$ 20.23

Tangible Book Value Per Common Share (non-GAAP)

$ 20.84

$ 20.07

$ 19.84

$ 19.06

$ 18.28

Equity to Assets

9.61 %

9.23 %

8.14 %

7.82 %

7.60 %

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

8.37 %

8.00 %

7.47 %

7.15 %

6.92 %

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

78.54 %

75.97 %

75.55 %

72.74 %

72.46 %

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

77.95 %

75.63 %

74.93 %

72.23 %

71.84 %

Allowance for Credit Losses - Loans/Loans

1.17 %

1.19 %

1.05 %

1.06 %

Regulatory Capital Ratios (Bank):

Leverage Ratio

9.29 %

9.09 %

8.66 %

8.55 %

8.44 %

Tier 1 Capital Ratio

12.98 %

12.82 %

13.11 %

13.10 %

13.04 %

Total Capital Ratio

14.13 %

13.98 %

14.16 %

14.15 %

14.10 %

Common Equity Tier 1 Capital Ratio

12.98 %

12.82 %

13.11 %

13.10 %

13.04 %

Tier 1 Regulatory Capital

$ 217,585

$ 211,380

$ 179,295

$ 175,471

$ 171,611

Total Regulatory Capital

$ 236,724

$ 230,413

$ 193,650

$ 189,497

$ 185,450

Common Equity Tier 1 Capital

$ 217,585

$ 211,380

$ 179,295

$ 175,471

$ 171,611

Includes federal funds sold and interest-bearing deposits

FIRST

COMMUNITY CORPORATION

BALANCE

SHEET DATA

(Dollars

in thousands, except per share data)

Average Balances:

Three

months ended

Six months

ended

June 30,

2026

2025

2026

2025

Average Total Assets

$ 2,366,850

$ 2,033,216

$ 2,359,468

$ 2,007,497

Average Loans (Includes

Loans Held-for-Sale)

1,572,564

1,263,027

1,542,199

1,251,192

Average Investment Securities

510,084

505,473

506,837

498,868

Average

Short-term Investments and CDs1

152,375

155,878

179,132

148,287

Average Earning Assets

2,235,023

1,924,378

2,228,168

1,898,347

Average Deposits

2,018,940

1,737,259

1,998,681

1,703,526

Average Other Borrowings

116,026

125,197

126,407

135,414

Average Shareholders’ Equity

223,611

152,097

219,614

149,432

Asset Quality:

As of

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Loan Risk Rating by Category (End of Period)

Special Mention

$ 5,205

$ 5,713

$ 5,186

$ 2,948

$ 2,506

Substandard

5,869

4,009

1,306

1,314

1,323

Doubtful

—

Pass

1,567,218

1,539,421

1,304,527

1,275,048

1,256,226

Total Loans

$ 1,578,292

$ 1,549,143

$ 1,311,019

$ 1,279,310

$ 1,260,055

Nonperforming Assets

Non-accrual Loans

$ 300

$ 311

$ 202

$ 205

$ 210

Other Real Estate Owned and Repossessed Assets

168

194

Accruing Loans Past Due 90 Days or More

419

374

482

Total Nonperforming Assets

$ 887

$ 853

$ 372

$ 881

$ 470

Three

months ended

Six months

ended

June 30,

2026

2025

2026

2025

Loans Charged-off

$ 4

$ 3

$ 6

$ 3

Overdrafts Charged-off

Loan Recoveries

(7 )

(8 )

(13 )

(22 )

Overdraft

Recoveries

(2 )

(4 )

(6 )

(10 )

Net

Charge-offs (Recoveries)

$ 21

$ 10

$ 26

$ (1 )

Net

Charge-offs / (Recoveries) to Average Loans2

0.01 %

0.00 %

(0.00 %)

1 Includes federal

funds sold and interest-bearing deposits

Annualized

FIRST

COMMUNITY CORPORATION

INCOME

STATEMENT DATA

(Dollars

in thousands, except per share data)

Three months ended

Six months ended

June 30,

March 31,

June 30,

2026

2025

2026

2025

2026

2025

Interest income

$ 29,175

$ 24,173

$ 28,039

$ 23,082

$ 57,214

$ 47,255

Interest expense

9,674

8,849

9,670

8,692

19,344

17,541

Net interest income

19,501

15,324

18,369

14,390

37,870

29,714

Provision for (release of) credit losses

126

(237 )

193

437

319

200

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

19,375

15,561

18,176

13,953

37,551

29,514

Non-interest income

Deposit service charges

213

224

223

221

436

445

Mortgage banking income

1,070

879

681

759

1,751

1,638

Investment advisory fees and non-deposit commissions

2,286

1,751

2,271

1,806

4,557

3,557

Government guaranteed lending income

704

—

400

—

1,104

—

Gain on sale of other assets

—

127

—

127

Other non-recurring income

—

Other

1,284

1,225

1,215

1,196

2,499

2,421

Total non-interest income

5,637

4,206

4,790

3,982

10,427

8,188

Non-interest expense

Salaries and employee benefits

9,514

8,060

9,492

7,657

19,006

15,717

Occupancy

893

772

817

777

1,710

1,549

Equipment

406

390

379

390

785

780

Marketing and public relations

289

208

560

514

849

722

FDIC assessment

294

274

272

300

566

574

Other real estate expense, net

110

122

Amortization of intangibles

101

197

Merger expenses

503

234

1,581

—

2,084

234

Other

3,270

2,995

3,830

3,065

7,100

6,060

Total non-interest expense

15,273

13,083

17,031

12,754

32,304

25,837

Income before taxes

9,739

6,684

5,935

5,181

15,674

11,865

Income tax expense

2,144

1,498

437

1,184

2,581

2,682

Net income

$ 7,595

$ 5,186

$ 5,498

$ 3,997

$ 13,093

$ 9,183

Per share data

Net income, basic

$ 0.81

$ 0.68

$ 0.60

$ 0.52

$ 1.41

$ 1.20

Net income, diluted

$ 0.80

$ 0.67

$ 0.59

$ 0.51

$ 1.39

$ 1.18

Average number of shares outstanding - basic

9,366,415

7,663,964

9,215,205

7,647,537

9,291,228

7,665,796

Average number of shares outstanding - diluted

9,504,285

7,786,757

9,344,816

7,767,978

9,421,205

7,775,231

Shares outstanding period end

9,399,731

7,685,754

9,397,960

7,681,601

9,399,731

7,685,754

Return on average assets

1.29 %

1.02 %

0.95 %

0.82 %

1.12 %

0.92 %

Return on average common equity

13.62 %

13.68 %

10.34 %

11.05 %

12.02 %

12.39 %

Return on average tangible common equity (non-GAAP)

15.91 %

15.18 %

12.06 %

12.31 %

14.03 %

13.78 %

Net interest margin (non taxable equivalent)

3.50 %

3.19 %

3.35 %

3.12 %

3.43 %

3.16 %

Net interest margin (taxable equivalent)

3.51 %

3.21 %

3.37 %

3.13 %

3.44 %

3.17 %

Efficiency ratio1

58.79 %

66.04 %

66.46 %

69.23 %

62.48 %

67.59 %

1 Calculated by dividing non-interest expense less merger expenses by net interest income on tax equivalent basis and non-interest income, excluding gain on sale of other assets and other non-recurring income.

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and

Rates on Average Interest-Bearing Liabilities

(Dollars in thousands)

Three months ended June 30, 2026

Three months ended June 30, 2025

Average

Interest

Yield/

Average

Interest

Yield/

Balance

Earned/Paid

Rate

Balance

Earned/Paid

Rate

Assets

Earning assets

Loans

$ 1,572,564

$ 23,594

6.02 %

$ 1,263,027

$ 18,174

5.77 %

Non-taxable securities

43,492

337

3.11 %

46,160

344

2.99 %

Taxable securities

466,592

3,901

3.35 %

459,313

3,976

3.47 %

Int bearing deposits in other banks

152,253

1,342

3.54 %

155,860

1,679

4.32 %

Fed funds sold

122

3.29 %

—

0.00 %

Total earning assets

2,235,023

29,175

5.24 %

1,924,378

24,173

5.04 %

Cash and due from banks

28,046

25,103

Premises and equipment

29,679

29,732

Goodwill and other intangibles

32,134

15,024

Other assets

60,384

52,595

Allowance for credit losses - investments

(16 )

(24 )

Allowance for credit losses - loans

(18,400 )

(13,592 )

Total assets

$ 2,366,850

$ 2,033,216

Liabilities

Interest-bearing liabilities

Interest-bearing transaction accounts

$ 543,720

$ 2,364

1.74 %

$ 347,536

$ 1,064

1.23 %

Money market accounts

487,135

3,520

2.90 %

460,865

3,494

3.04 %

Savings deposits

108,158

0.18 %

110,193

0.27 %

Time deposits

350,813

2,929

3.35 %

343,998

3,268

3.81 %

Fed funds purchased

—

0.00 %

—

Securities sold under agreements to repurchase

101,061

566

2.25 %

110,233

681

2.48 %

FHLB Advances

—

Other long-term debt

14,964

246

6.59 %

14,964

269

7.21 %

Total interest-bearing liabilities

1,605,852

9,674

2.42 %

1,387,789

8,849

2.56 %

Demand deposits

529,114

474,667

Allowance for credit losses - unfunded commitments

653

455

Other liabilities

7,620

18,208

Shareholders’ equity

223,611

152,097

Total liabilities and shareholders’ equity

$ 2,366,850

$ 2,033,216

Cost of deposits, including demand deposits

1.76 %

1.82 %

Cost of funds, including demand deposits

1.82 %

1.91 %

Net interest spread

2.82 %

2.48 %

Net interest income/margin

$ 19,501

3.50 %

$ 15,324

3.19 %

Net interest income/margin (tax equivalent)

$ 19,568

3.51 %

$ 15,377

3.21 %

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and

Rates on Average Interest-Bearing Liabilities

(Dollars in thousands)

Six

months ended June 30, 2026

Six

months ended June 30, 2025

Average

Interest

Yield/

Average

Interest

Yield/

Balance

Earned/Paid

Rate

Balance

Earned/Paid

Rate

Assets

Earning

assets

Loans

$ 1,542,199

$ 45,723

5.98 %

$ 1,251,192

$ 35,618

5.74 %

Non-taxable

securities

43,238

661

3.08 %

46,571

687

2.97 %

Taxable

securities

463,599

7,701

3.35 %

452,297

7,783

3.47 %

Int

bearing deposits in other banks

178,965

3,127

3.52 %

148,247

3,166

4.31 %

Fed

funds sold

167

2.42 %

5.04 %

Total

earning assets

2,228,168

57,214

5.18 %

1,898,347

47,255

5.02 %

Cash

and due from banks

28,219

24,868

Premises

and equipment

29,781

29,802

Goodwill

and other intangibles

31,399

15,043

Other

assets

59,916

52,866

Allowance

for credit losses - investments

(17 )

(23 )

Allowance

for credit losses - loans

(17,998 )

(13,406 )

Total

assets

$ 2,359,468

$ 2,007,497

Liabilities

Interest-bearing

liabilities

Interest-bearing

transaction accounts

$ 529,513

$ 4,590

1.75 %

$ 339,760

$ 2,029

1.20 %

Money

market accounts

490,363

7,071

2.91 %

450,630

6,813

3.05 %

Savings

deposits

106,886

0.18 %

111,624

153

0.28 %

Time

deposits

349,847

5,866

3.38 %

338,835

6,514

3.88 %

Fed

funds purchased

—

0.00 %

Securities

sold under agreements to repurchase

111,443

1,230

2.23 %

120,449

1,494

2.50 %

FHLB

Advances

—

Other

long-term debt

14,964

491

6.62 %

14,964

538

7.25 %

Total

interest-bearing liabilities

1,603,016

19,344

2.43 %

1,376,263

17,541

2.57 %

Demand

deposits

522,072

462,677

Allowance

for credit losses - unfunded commitments

662

467

Other

liabilities

14,104

18,658

Shareholders’

equity

219,614

149,432

Total

liabilities and shareholders’ equity

$ 2,359,468

$ 2,007,497

Cost

of deposits, including demand deposits

1.78 %

1.84 %

Cost

of funds, including demand deposits

1.84 %

1.92 %

Net

interest spread

2.75 %

2.45 %

Net

interest income/margin

$ 37,870

3.43 %

$ 29,714

3.16 %

Net

interest income/margin (tax equivalent)

$ 38,024

3.44 %

$ 29,818

3.17 %

The tables below provide a reconciliation

of non-GAAP measures to GAAP for the periods indicated:

June 30,

March 31,

December 31,

September 30,

June 30,

Tangible book value per common share

2026

2025

Tangible common equity per common share (non-GAAP)

$ 20.84

$ 20.07

$ 19.84

$ 19.06

$ 18.28

Effect to adjust for intangible assets

3.41

3.43

1.94

1.95

Book value per common share (GAAP)

$ 24.25

$ 23.50

$ 21.78

$ 21.01

$ 20.23

Tangible common shareholders’ equity to tangible assets

Tangible common equity to tangible assets (non-GAAP)

8.37 %

8.00 %

7.47 %

7.15 %

6.92 %

Effect to adjust for intangible assets

1.24 %

1.23 %

0.67 %

0.68 %

Common equity to assets (GAAP)

9.61 %

9.23 %

8.14 %

7.82 %

7.60 %

Return on average tangible common equity

Three months ended

June 30,

Three months ended

March 31,

Six months ended

June 30,

2026

2025

2026

2025

2026

2025

Return on average tangible common equity (non-GAAP)

15.91 %

15.18 %

12.06 %

12.31 %

14.03 %

13.78 %

Effect to adjust for intangible assets

(2.29 )%

(1.50 )%

(1.72 )%

(1.26 )%

(2.01 )%

(1.39 )%

Return on average common equity (GAAP)

13.62 %

13.68 %

10.34 %

11.05 %

12.02 %

12.39 %

Three months ended

Six months ended

June 30,

March 31,

June 30,

Pre-tax, pre-provision earnings

2026

2025

2026

2025

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

$ 9,865

$ 6,128

$ 6,447

$ 15,993

$ 12,065

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

(2,270 )

(630 )

(1,261 )

(2,900 )

(2,882 )

Net Income (GAAP)

$ 7,595

$ 5,498

$ 5,186

$ 13,093

$ 9,183

Three months ended

Six months ended

June 30,

March 31,

June 30,

Net income excluding the after-tax effect of merger expenses

2026

2025

2026

2025

Net income excluding the after-tax effect of merger expenses (non-GAAP)

$ 7,979

$ 6,754

$ 5,365

$ 14,733

$ 9,362

Effect to adjust for the after-tax effect of merger expenses

(384 )

(1,256 )

(179 )

(1,640 )

(179 )

Net Income (GAAP)

$ 7,595

$ 5,498

$ 5,186

$ 13,093

$ 9,183

Three months ended

Six months ended

June 30,

March 31,

June 30,

Diluted earnings

per common share excluding the after-tax effect of merger expenses

2026

2025

2026

2025

Diluted earnings per common share excluding the after-tax effect of merger expenses (non-GAAP)

$ 0.84

$ 0.72

$ 0.69

$ 1.56

$ 1.20

Effect to adjust for the after-tax effect of merger expenses

(0.04 )

(0.13 )

(0.02 )

(0.17 )

(0.02 )

Diluted earnings per common share (GAAP)

$ 0.80

$ 0.59

$ 0.67

$ 1.39

$ 1.18

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,” “Pre-tax, pre-provision earnings,”

“Net income excluding the after-tax effect of merger expenses,” “Diluted

earnings per common share excluding the after-tax effect of merger expenses.”

· “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.

· “Net

income excluding the after-tax effect of merger expenses” is defined as net income

plus merger expenses less income taxes on merger expenses. For purposes of our non-GAAP

reconciliation, deductible merger expenses were tax-effected at our marginal tax rate

of 23.84%, while non-deductible merger-related costs were tax-effected at 0%. The after-tax

adjustment represents the combination of these two components.

· “Diluted

earnings per common share excluding the after-tax effect of merger expenses” is

defined as ((net income plus merger expenses less income taxes on merger expenses) divided

by the average number of diluted shares outstanding). For purposes of our non-GAAP reconciliation,

deductible merger expenses were tax-effected at our marginal tax rate of 23.84%, while

non-deductible merger-related costs were tax-effected at 0%. The after-tax adjustment

represents the combination of these two components.

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.

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