First Community Corporation net income $6.1 million
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Each of the regulatory capital ratios exceeds the well capitalized minimum levels.
Net income available to common shareholders for the fourth quarter of 2015 was $1.60 million, compared to $1.51 million in the fourth quarter of 2014. Diluted earnings per common share were $0.24 for the fourth quarter of 2015 as compared to $0.22 for the fourth quarter of 2014.
The board has approved an increase in the cash dividend for the fourth quarter of 2015 to $0.08. This dividend is payable on February 12, 2016 to shareholders of record of the company's common stock as of February 1, 2016.
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, 2015, the company's regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 10.19%, 15.40%, and 16.21%, respectively. This compares to the same ratios as of December 31, 2014 of 10.02%, 16.12%, and 16.94%, respectively.
Additionally, the regulatory capital ratios for the company's wholly owned subsidiary, First Community Bank, were 9.73%, 14.72%, and 15.54% respectively as of December 31, 2015.
Further, the company's ratio of tangible common equity to tangible assets indicates a high quality of capital with a ratio of 8.47% as of December 31, 2015. The common equity tier one ratio for the company and the bank was 12.87% and 14.72%, respectively, at December 31, 2015. ■