First Community Corporation Approves Cash Dividend for the Fourth Quarter of 2013, Payable February 14, 2014; Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2013
January 22, 2014 at 02:01 pm
Share
First Community Corporation announced Board of Directors has approved a cash dividend for the fourth quarter of 2013. The company will pay a $0.06 per share dividend to holders of the company's common stock. This dividend is payable February 14, 2014 to shareholders of record as of January 31, 2014.
The company reported earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported interest income of $5,656,000 compared to $5,468,000 a year ago. Net Interest Income was $4,777,000 compared to $4,285,000 a year ago. Income before taxes was $797,000 compared to $1,338,000 a year ago. Net Income available to common shareholders were $850,000 or $0.16 per diluted share compared to $1,021,000 or $0.19 per diluted share a year ago. Return on average assets was 0.53% compared to 0.67% a year ago. Return on average common equity was 6.32% compared to 7.51% a year ago. Return on average common tangible equity was 6.39% compared to 7.62% a year ago. Non GAAP earnings before tax are $1,382,000.
For the full year, the company reported interest income of $21,783,000 compared to $23,002,000 a year ago. Net Interest Income was $18,049,000 compared to $17,574,000 a year ago. Income before taxes was $5,290,000 compared to $5,588,000 a year ago. Net Income available to common shareholders were $4,137,000 or $0.78 per diluted share compared to $3,292,000 or $0.79 per diluted share a year ago. Return on average assets was 0.66% compared to 0.55% a year ago. Return on average common equity was 7.68% compared to 7.40% a year ago. Return on average common tangible equity was 7.78% compared to 7.55% a year ago. Book value per common share was $9.93 compared to $10.37 a year ago. Tangible book value per common share was $9.83 compared to $10.23 a year ago. Non GAAP earnings before tax are $5,897,000.
For the quarter, the company reported net charge offs was $253,000 compared to $154,000 a year ago.
First Community Corporation is a bank holding company, which operates through its First Community Bank (the Bank). The Company offers a range of traditional banking products and services for professionals and small-to medium-sized businesses, including consumer and commercial, mortgage, brokerage and investment, and insurance services. It also offers online banking to its customers. The Company is engaged in a commercial banking business with 22 full-service offices located in the Midlands of South Carolina, which includes Lexington County, Richland County, Newberry County and Kershaw County; the Upstate of South Carolina, which includes Greenville County, Anderson County and Pickens County; the Piedmont Region of South Carolina, which includes York County, South Carolina and the Central Savannah River Area, which includes Aiken County, South Carolina; and in Augusta, Georgia, which includes Richmond County and Columbia County.
First Community Corporation Approves Cash Dividend for the Fourth Quarter of 2013, Payable February 14, 2014; Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2013