First Community Corporation Announces Record Earnings and Increased Cash Dividend

First Community Corporation Announces Record Earnings and Increased Cash Dividend

PR Newswire

LEXINGTON, S.C., Jan. 18, 2017 /PRNewswire/ --

Highlights

  • Record Yearly and Quarterly Earnings for the company
  • Net income of $6.7 million in 2016, a 9.1% increase over 2015 earnings, highest ever annual earnings reported for the company
  • Net income of $1.8 million in the Q4 2016, an 11.9% increase over 2015 Q4 earnings, highest ever quarterly earnings reported for the company
  • Diluted EPS of $0.98 per common share in 2016, an increase of 7.7% over 2015
  • Increase in cash dividend to $0.09 per common share, the 60th consecutive quarter of cash dividends paid to common shareholders, highest dividend ever paid by the company
  • Total revenue growth of $1.2 million, a 3.5% increase to $35.4 million in total revenue in 2016
  • Exceptional loan growth of $57.5 million in 2016, an increase of 11.8%
  • Strong pure deposit growth (including customer cash management accounts) of $47.2 million during the year, an 8.1% increase.
  • Key credit quality metrics continue to be excellent with net loan charge-offs of 0.02% and non-performing assets of 0.58% at year end.
  • Regulatory capital ratios of 10.23% (Tier 1 Leverage) and 15.28% (Total Capital) along with Tangible Common Equity / Tangible Assets (TCE/TA) ratio of 8.33%

 

Today, First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported net income available to common shareholders for the fourth quarter and year end of 2016.  For the year ended December 31, 2016 net income available to common shareholders was $6.7 million compared to $6.1 million during year ended December 31, 2015, an increase of 9.8%.  Diluted earnings per share for 2016 were $0.98 an increase of 7.7% over $0.91 in 2015.  Net income available to common shareholders for the fourth quarter of 2016 was $1.8 million, compared to $1.6 million in the fourth quarter of 2015.  Diluted earnings per common share were $0.26 for the fourth quarter of 2016 an increase of 8.3% year-over-year and 4.0% on a linked quarter basis. 

First Community President and CEO Michael Crapps commented, "We are extremely pleased with our company's financial results during 2016 led by very strong organic growth in both loans and pure deposits." 

Cash Dividend and Capital

The Board of Directors has approved an increase in the cash dividend for the fourth quarter of 2016 to $0.09.  This dividend is payable on February 13, 2017 to shareholders of record of the company's common stock as of January 30, 2017.  Mr. Crapps commented, "The entire board is pleased that our company's strong financial performance enables us to increase the cash dividend to the highest level ever paid by the company.  We are also proud that dividend payments have continued uninterrupted for 60 consecutive quarters." 

Each of the regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) exceeds the well capitalized minimum levels currently required by regulatory statute.  At December 31, 2016, the company's regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 10.23%, 14.46%, and 15.28%, respectively.  This compares to the same ratios as of December 31, 2015 of 10.19%, 15.40%, and 16.21%, respectively.  Additionally, the regulatory capital ratios for the company's wholly owned subsidiary, First Community Bank, were 9.77%, 13.83%, and 14.65% respectively as of December 31, 2016.  Further, the company's ratio of tangible common equity to tangible assets indicates a high quality of capital with a ratio of 8.33% as of December 31, 2016.  The common equity tier one ratio for the company and the bank was 12.18% and 13.83%, respectively, at December 31, 2016. 

Asset Quality 

The company's asset quality remains strong and showed continued improvement on a linked quarter and year-over-year comparison.  The non-performing assets ratio remained relatively flat on a linked quarter basis at 0.58% of total assets at December 31, 2016, as compared to the ratio of 0.57% at the end of the third quarter of 2016 and down significantly from 0.85% at December 31, 2015.  The nominal level of non-performing assets was $5.25 million at year end 2016 up slightly from $5.20 million at the end of the third quarter of 2016 and down significantly from $7.3 million at the end of 2015.  The past due ratio for all loans was 0.35% at year-end 2016 down from 0.53% at the end of third quarter 2016.  The $1.7 million increase in loans in the Special Mention Category is primarily attributable to a line of credit that was advanced during the quarter.  Trouble debt restructurings, that are still accruing interest, declined slightly during the quarter to $1.77 million from $1.82 million at the end of the third quarter of 2016 and $1.63 million at year end 2015. 

Net loan charge-offs for the fourth quarter were $37 thousand and $109 thousand for the year of 2016.  The ratio of classified loans plus OREO now stands at 9.77% of total bank regulatory risk-based capital as of December 31, 2016. 

Balance Sheet










(Numbers in millions)











Quarter ending


Quarter ending


Quarter ending


12 Month


12 Month  


12/31/16


12/31/15


9/30/16


$ Variance


% Variance

Assets










Investments

$272.4


$283.8


$288.2


($ 11.4)


( 4.0%)

Loans

546.7


489.2


523.4


57.5


11.8%











Liabilities










Total Pure Deposits

$611.9


$563.1


$606.5


$  48.8


8.7%

Certificates of Deposit

154.7


153.0


159.4


1.7


1.1%

Total Deposits

$766.6


$716.1


$765.9


$50.5


7.1%











Customer Cash Management

19.5


21.0


22.2


(1.5)


(7.1%)

FHLB Advances

24.0


24.8


21.0


(0.8)


(3.2%)











Total Funding

$810.1


$761.9


809.1


48.2


6.3%

Cost of Funds*

0.35%


0.44%


0.37%




(9 bps)

 (*including demand deposits)










Cost of Deposits 

0.24%


0.25%


0.25%




(1 bp)

 

Mr. Crapps commented, "Deposit and loan growth during 2016 were both strong and we are encouraged as that momentum continues into 2017.  During 2016, our company saw the benefit of a number of previously discussed initiatives focused on increasing loan growth, including the addition of a loan production office in the Greenville market, resulting in loan production of $164.6 million and net loan growth of $57.5 million.  The fourth quarter was exceptional with net loan growth of $23.3 million, which is an annualized growth rate of 17.8%.  This loan growth is especially impressive given our commitment to credit quality.  With our current level of liquidity and continued success in pure deposit growth, we have the funding available to support significant additional loan growth."

Revenue

Net Interest Income/Net Interest Margin

Net interest income increased on a linked quarter basis to $6.8 million for the fourth quarter up from $6.7 million in the third quarter of 2016 and year-over-year increased 4.7% to $26.5 million at December 31, 2016 from $25.3 million at December 31, 2015.  The net interest margin, on a taxable equivalent basis, increased to 3.35% for the fourth quarter of 2016 from 3.29% in the third quarter of the year. 

Non-Interest Income

Non-interest income for the year, adjusted for securities gains and loss on the early extinguishment of debt, was down slightly year-over-year at $8.8 million in 2016 compared to $8.9 million in 2015.  Fourth quarter non-interest income was $2.2 million, up year-over-year from $2.1 million in the fourth quarter of 2015, but  down on a linked quarter basis from $2.4 million in the third quarter.   

Revenues in the mortgage line of business were relatively flat year-over-year at $3.4 million in 2016 and on a linked quarter basis declined as anticipated due to seasonal factors from $937.3 thousand in the third quarter to $866.5 thousand in the fourth quarter of 2016.  Mortgage production year-over-year decreased $8.9 million or 7.9%, but a 22 basis point improvement in yields help offset this decline to keep revenue stable.  Revenue in the investment advisory line of business was down year-over-year at $1.1 million in 2016 compared to $1.3 million in 2015, and was down slightly on a linked quarter basis at $239 thousand in the fourth quarter of 2016 compared to $249 thousand in the third quarter.  Mr. Crapps  noted, "Our strategy of generating revenue streams from multiple lines of business continues to serve us well and we are focused on continuing to leverage each of our lines of business."

Non-Interest Expense

Non-interest expenses were $6.518 million in the fourth quarter, relatively flat on a linked quarter basis. 

Other

The effective tax rate for the fourth quarter of 2016 was lower than the prior quarter due to a $200 thousand South Carolina income tax credit related to an investment in a South Carolina Community Development program.  The effective tax rate for the quarter would have been approximately 26% without this tax credit. 

The company recently began work on the conversion to a new core system processor, moving from an in-house solution to an out-sourced environment.  This move will be mostly transparent to customers and will position the company well for future growth by providing the technological support needed to provide competitive and innovative bank technology-based products and services.  The company has committed significant administrative resources to this project which is expected to be completed in several phases during the year.     

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 operates fifteen banking offices located in Lexington, Richland, Newberry, Kershaw, and Aiken counties in South Carolina and Augusta, Georgia, a loan production office in Greenville, South Carolina, in addition to two other lines of business, First Community Bank Mortgage and First Community Financial Consultants, a financial planning/investment advisory division. 

FORWARD-LOOKING STATEMENTS

Certain statements in this news release 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. 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 resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the company's loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan 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 the U.S. legal and regulatory framework; (5) adverse conditions in the stock market, the public debt markets and other capital markets (including changes in interest rate conditions) could have a negative impact on the company; (6) technology and cybersercurity 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; and (7) 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.

 

FIRST COMMUNITY CORPORATION












BALANCE SHEET DATA;







(Dollars in thousands, except per share data)















At December 31,






2016

2015










  Total Assets



$       914,793

$   862,734



  Other short-term investments (1)

10,074

11,968



  Investment Securities



272,396

283,841



  Loans held for sale



5,707

2,962



  Loans



546,709

489,191



  Allowance for Loan Losses


5,214

4,596



  Total Deposits



766,622

716,151



  Securities Sold Under Agreements to Repurchase

19,527

21,033



  Federal Home Loan Bank Advances

24,035

24,788



  Junior Subordinated Debt



14,964

14,964



  Shareholders' Equity



81,861

79,038










  Book Value Per Common Share 

$          12.20

$       11.81



  Tangible Book Value Per Common Share 

$          11.28

$       10.84



  Equity to Assets



8.95%

9.16%



  Tangible common equity to tangible assets

8.33%

8.47%



  Loan (incl loans held for sale) to Deposit Ratio

72.06%

68.72%



  Allowance for Loan Losses/Loans

0.95%

0.94%



  Allowance for Loan Losses plus credit mark/Loans 

1.01%

1.15%










  Regulatory Ratios:







   Leverage Ratio



10.23%

10.19%



   Tier 1 Capital Ratio



14.46%

15.40%



   Total Capital Ratio



15.28%

16.21%



   Common Equity Tier 1



12.18%

12.87%



 Tier 1 Regulatory Capital


$        91,973

$     86,682



 Total Regulatory Capital


$        97,187

$     91,278



 Common Equity Tier 1 Capital

$        77,473

$     72,444



(1) Includes federal funds sold, securities purchased under agreements to resell and interest-bearing deposits








Average Balances:









Three months ended


Year ended



December 31,


December 31, 



2016

2015


2016

2015








  Average Total Assets


$       905,882

$       858,413


$ 888,240

$     835,604

  Average Loans (incl loans held for sale)

536,925

487,203


514,766

473,367

  Average Earning Assets


832,192

790,288


815,863

769,604

  Average Deposits


760,512

708,583


739,355

688,573

  Average Other Borrowings


54,709

64,639


59,569

64,072

  Average Shareholders' Equity


83,518

78,797


82,653

77,124















Asset Quality:


 December 31, 

 September 30, 

June 30,

March 31,

December 31,



2016

2016

2016

2016

2015

Loan Risk Rating by Category (End of Period)






       Special Mention


$          6,799

$          5,109

$     13,297

$    8,581

$         9,869

       Substandard


7,930

8,460

8,552

10,445

10,327

       Doubtful


-

-

-

-

-

       Pass (includes held for sale)

537,687

509,872

489,454

474,995

468,995



$       552,416

$       523,441

$   511,303

$ 494,021

$     489,191








  Nonperforming Assets:







   Non-accrual loans


$          4,049

$          3,904

$       4,502

6,013

$         4,839

   Other real estate owned


1,146

1,198

1,355

1,484

2,458

   Accruing loans past due 90 days or more

53

99

38

32

-

            Total nonperforming assets

$          5,248

$          5,201

$       5,895

$    7,529

$         7,297

Accruing troubled debt restructurings

$          1,770

$          1,815

$       1,600

$    1,634

$         1,632










Three months ended


Year ended



December 31,


December 31, 



2016

2015


2016

2015

Loans charged-off:


$               69

$               29


$       180

$            756

Overdrafts charged-off


13

13


59

50

Loan recoveries


(10)

(20)


(72)

(114)

Overdraft recoveries


(8)

(2)


(16)

(18)

  Net Charge-offs


$               64

$               20


$       151

$            674








Net charge-offs to average loans


0.01%

0.00%


0.03%

0.14%








 

 

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


Year ended



December 31,


September 30,


June 30,


March 31,


December 31,



2016

2015


2016

2015


2016

2015


2016

2015


2016

2015

  Interest Income


$     7,510

$     7,203


$     7,400

$     7,114


$     7,459

$     7,049


$     7,137

$     7,283


$   29,506

$   28,649

  Interest Expense


716

855


749

861


782

845


800

835


3,047

3,396

  Net Interest Income


6,794

6,348


6,651

6,253


6,677

6,204


6,337

6,448


26,459

25,253

  Provision for Loan Losses


238

148


179

193


217

391


140

406


774

1,138

  Net Interest Income After Provision


6,556

6,200


6,472

6,060


6,460

5,813


6,197

6,042


25,685

24,115

  Non-Interest Income:
















    Deposit service charges


341

386


377

390


340

346


347

347


1,405

1,469

    Mortgage banking income


867

753


937

964


913

980


665

735


3,382

3,432

    Investment advisory fees and non-deposit commissions

264

294


283

290


297

407


291

296


1,135

1,287

    Gain on sale of securities


-

84


478

-


64

167


59

104


601

355

    Gain (loss) on sale other assets


3

(16)


45

19


(84)

3


3

4


(33)

8

    Gain on redemption of subordinated debt (TRUPS)

-

130


-

-


-

-


-

-


-

130

    Loss on early extinguishment of debt


-

(226)


(459)

-


-

-


-

(103)


(459)

(329)

    Other


725

686


726

666


734

662


724

598


2,909

2,614

  Total non-interest income


2,200

2,091


2,387

2,329


2,264

2,565


2,089

1,981


8,940

8,966

  Non-interest Expense:
















    Salaries and employee benefits


3,851

3,610


3,888

3,595


3,833

3,658


3,751

3,565


15,323

14,428

    Occupancy


566

578


531

513


511

500


559

485


2,167

2,076

    Equipment


420

416


442

437


437

394


429

402


1,728

1,649

    Marketing and public relations


336

165


240

129


195

328


94

226


865

848

    FDIC assessment


76

138


60

113


138

138


138

138


412

527

    Other real estate expense


14

90


115

126


21

154


51

154


201

524

    Amortization of intangibles


75

88


80

98


80

98


83

103


318

387

    Other


1,180

1,037


1,227

1,056


1,118

1,119


1,237

1,027


4,762

4,239

  Total non-interest expense


6,518

6,122


6,583

6,067


6,333

6,389


6,342

6,100


25,776

24,678

  Income before taxes


2,238

2,169


2,276

2,322


2,391

1,989


1,944

1,923


8,849

8,403

  Income tax expense 


446

568


599

643


646

546


476

519


2,167

2,276

  Net Income 


$     1,792

$     1,601


$     1,677

$     1,679


$     1,745

$     1,443


$     1,468

$     1,404


$     6,682

$     6,127

















  Per share data:
















     Net income, basic 


$      0.27

$       0.24


$      0.26

$       0.26


$      0.27

$      0.22


$      0.22

$      0.22


$      1.01

$      0.93

     Net income, diluted 


$      0.26

$       0.24


$      0.25

$       0.25


$      0.26

$      0.22


$      0.22

$      0.21


$      0.98

$      0.91

















  Average number of shares outstanding - basic

6,630,951

6,569,379


6,572,614

6,559,844


6,553,752

6,539,154


6,572,969

6,522,420


6,616,741

6,558,386

  Average number of shares outstanding - diluted

6,805,447

6,736,615


6,762,074

6,712,026


6,732,574

6,697,620


6,751,074

6,664,654


6,787,132

6,718,553

  Shares outstanding period end


6,708,393

6,690,551


6,703,317

6,684,563


6,699,030

6,679,938


6,893,042

6,683,960


6,708,393

6,690,551

  Return on average assets


0.78%

0.74%


0.74%

0.81%


0.80%

0.70%


0.68%

0.70%


0.75%

0.73%

  Return on average common equity


8.51%

8.06%


7.90%

8.73%


8.53%

7.53%


7.35%

7.54%


8.08%

7.94%

  Return on average common tangible equity

9.20%

8.79%


8.54%

9.55%


9.24%

8.25%


7.99%

8.23%


8.76%

8.68%

  Net Interest Margin (non taxable equivalent)

3.25%

3.19%


3.19%

3.22%


3.32%

3.25%


3.22%

3.51%


3.24%

3.28%

  Net Interest Margin (taxable equivalent)


3.35%

3.29%


3.29%

3.32%


3.43%

3.34%


3.33%

3.62%


3.35%

3.38%

  Efficiency Ratio


72.47%

71.47%


72.99%

70.53%


71.34%

74.27%


73.86%

73.27%


73.11%

71.25%

















 

 

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates 

on Average Interest-Bearing Liabilities







































Three Months ended December 31, 2016


Three Months ended December 31, 2015



Average

Interest 

Yield/


Average

Interest 

Yield/



Balance

Earned/Paid

Rate


Balance

Earned/Paid

Rate

Assets









Earning assets









  Loans


$      536,925

$     6,095

4.52%


$     487,203

$       5,846

4.76%

  Securities:


281,631

1,393

1.97%


280,804

1,324

1.87%

  Other funds


13,636

22

0.64%


22,281

33

0.59%

        Total earning assets


832,192

7,510

3.59%


790,288

7,203

3.62%

Cash and due from banks


11,374




10,002



Premises and equipment


29,927




31,128



Intangible assets


6,217




6,545



Other assets


31,273




24,999



Allowance for loan losses


(5,101)




(4,549)



       Total assets


$      905,882




$     858,413












Liabilities









Interest-bearing liabilities









  Interest-bearing transaction accounts


155,757

41

0.10%


144,177

42

0.12%

  Money market accounts


163,598

103

0.25%


163,314

108

0.26%

  Savings deposits


75,518

23

0.12%


60,458

18

0.12%

  Time deposits


183,401

293

0.64%


182,382

278

0.60%

  Other borrowings


54,709

256

1.86%


64,639

409

2.51%

     Total interest-bearing liabilities


632,983

716

0.45%


614,970

855

0.55%

Demand deposits


182,238




158,252



Other liabilities


7,143




6,394



Shareholders' equity


83,518




78,797



   Total liabilities and shareholders' equity

$      905,882




$     858,413












Cost of funds including demand deposits



0.35%




0.44%

Net interest spread 




3.14%




3.06%

Net interest income/margin



$     6,794

3.25%



$       6,348

3.19%










Tax equivalent



$     7,013

3.35%



$       6,559

3.29%










 

 

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates 

on Average Interest-Bearing Liabilities






























Year ended December 31, 2016


Year ended December 31, 2015



Average

Interest 

Yield/


Average

Interest 

Yield/



Balance

Earned/Paid

Rate


Balance

Earned/Paid

Rate

Assets









Earning assets








  Loans


$    514,766

$      23,677

4.60%


$    473,367

$      23,219

4.91%

  Securities:


283,585

5,724

2.02%


275,944

5,311

1.92%

  Other funds 


17,512

105

0.60%


20,293

119

0.59%

        Total earning assets

815,863

29,506

3.62%


769,604

28,649

3.72%

Cash and due from banks

10,903




8,070



Premises and equipment

30,084




30,833



Intangible assets

6,334




6,575



Other assets


29,922




24,895



Allowance for loan losses

(4,866)




(4,373)



       Total assets

$    888,240




$    835,604



Liabilities









Interest-bearing liabilities








  Interest-bearing transaction accounts

152,936

173

0.11%


137,969

160

0.12%

  Money market accounts

164,826

426

0.26%


158,726

423

0.27%

  Savings deposits

69,176

82

0.12%


57,958

68

0.12%

  Time deposits

180,447

1,137

0.63%


186,911

1,099

0.59%

  Other borrowings

59,569

1,229

2.06%


64,072

1,646

2.57%

     Total interest-bearing liabilities

626,856

3,047

0.49%


605,636

3,396

0.56%

Demand deposits

171,968




147,009



Other liabilities

6,663




5,835



Shareholders' equity

82,653




77,124



   Total liabilities and shareholders' equity

$    888,240




$    835,604












Net interest spread 



3.13%




3.16%

Net interest income/margin


$      28,459

3.24%



$      25,253

3.28%










Tax Equivalent



$      27,326

3.35%



$      26,024

3.38%










 

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












December
31,



December
31,


Tangible book value per common share



2016



2015


Tangible common equity per common share (non‑GAAP)


$

11.28


$

10.84


Effect to adjust for intangible assets



0.92



0.97


Book value per common share (GAAP)


$

12.20


$

11.81


Tangible common shareholders' equity to tangible
   assets








Tangible common equity to tangible assets (non‑GAAP)



8.33

%


8.47

%

Effect to adjust for intangible assets



0.62

%


0.69

%

Common equity to assets (GAAP)



8.95

%


9.16

%

 

 

 



Three months ended


Three months ended


Three Months ended


Three months ended


Year ended




December 31,


September 30,


June 30,


March 31,


December 31,


Return on average tangible
   common equity


2016

2015


2016



2015



2016



2015


2016


2015


2016


2015


Return on average tangible
   common equity
   (non‑GAAP)


9.50%

8.79

%

8.54

%


9.55

%


9.24

%


8.25

%

7.99

%

8.23

%

8.76

%

8.68

%

Effect to adjust for intangible
   assets


0.99%

(0.73)

%

(0.64)

%


(0.82)

%


(0.71)

%


(0.72)

%

(0.64)

%

(0.69)

%

(0.68)

%

(0.74)

%

Return on average common
   equity (GAAP)


8.51%

8.06

%

7.90

%


8.73

%


8.53

%


7.53

%

7.35

%

7.54

%

8.08

%

7.94

%


























 

 

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 at period end," "return on average tangible common equity" and "tangible common shareholders' equity to tangible assets." "Tangible book value at period end" 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. 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.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-community-corporation-announces-record-earnings-and-increased-cash-dividend-300392490.html

SOURCE First Community Corporation

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