First Community Corporation Approves Increase in Cash Dividend for the Fourth Quarter of 2015, Payable on February 12, 2016; Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2015
The company reported earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported interest income of $7,203,000 compared to $7,078,000 a year ago. Net interest income was $6,348,000 compared to $6,192,000 a year ago. Income before taxes was $2,169,000 compared to $2,063,000 a year ago. Net income was $1,601,000 or $0.24 per diluted share compared to $1,506,000 or $0.22 per diluted share a year ago. Return on average assets was 0.74% compared to 0.73% a year ago. Return on average common equity was 8.06% compared to 8.13% a year ago. Return on average common tangible equity was 8.79% compared to 8.88% a year ago.
For the full year, the company reported interest income of $28,649,000 compared to $27,298,000 a year ago. Net interest income was $25,253,000 compared to $23,731,000 a year ago. Income before taxes was $8,403,000 compared to $7,103,000 a year ago. Net income was $6,127,000 or $0.91 per diluted share compared to $5,121,000 or $0.78 per diluted share a year ago. Return on average assets was 0.73% compared to 0.73% a year ago. Return on average common equity was 7.94% compared to 8.13% a year ago. Return on average common tangible equity was 8.68% compared to 8.88% a year ago. Book value per common share was $11.81 compared to $11.18 a year ago. Tangible book value per common share was $10.84 compared to $10.25 a year ago.
For the quarter, the company reported net charge offs was $20,000 compared to $202,000 a year ago.