First Community Corp. (FCCO) Reports Strong Fourth Quarter Profit
First Community Corp. reported net income of $705,000, or $0.22 per share, for the fourth quarter of 2009. This was an improvement from the loss of $559,000, or $0.17 per share, in the same quarter of 2008. Full year operating income for 2009 was $1.9 million, compared to a loss of $6.9 million in 2008. First Community Corporation reported strong asset quality despite the lingering effects of the recession, with non-performing assets at the end of 2009 of $8.3 million, or 1.38% of total assets. The bank also reported a Tier 1 Risk Based capital ratio of 12.09%, well above…