First Community Corporation (FCCO) has reported 11.93 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $1.79 million, or $0.26 a share in the quarter, compared with $1.60 million, or $0.24 a share for the same period last year. Revenue during the quarter grew 5.61 percent to $8.76 million from $8.29 million in the previous year period. Net interest income for the quarter rose 7.03 percent over the prior year period to $6.79 million. Non-interest income for the quarter rose 5.21 percent over the last year period to $2.20 million.
First Community Corporation has made provision of $0.24 million for loan losses during the quarter, up 60.81 percent from $0.15 million in the same period last year.
Net interest margin improved 6 basis points to 3.25 percent in the quarter from 3.19 percent in the last year period. Efficiency ratio for the quarter deteriorated to 72.47 percent from 71.47 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
First Community president and chief executive officer Michael Crapps commented, "We are extremely pleased with our companys financial results during 2016 led by very strong organic growth in both loans and pure deposits."
Return on average assets moved up 4 basis points to 0.78 percent in the quarter from 0.74 percent in the last year period. At the same time, return on average equity increased 45 basis points to 8.51 percent in the quarter from 8.06 percent in the last year period.
Nonperforming assets moved down 28.08 percent or $2.05 million to $5.25 million on Dec. 31, 2016 from $7.30 million on Dec. 31, 2015.
Capital ratios deteriorateFirst Community Corporation witnessed a deterioration in capital ratios during in the quarter. Tier-1 leverage ratio stood at 14.46 percent for the quarter, down from 15.40 percent for the previous year quarter. Equity to assets ratio was 8.95 percent for the quarter, down from 9.16 percent for the previous year quarter. Book value per share was $12.20 for the quarter, up 3.30 percent or $0.39 compared to $11.81 for the same period last year.
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