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First Community Corporation posts record earnings, up 93.1% POST Online Media

First Community Corporation posts record earnings, up 93.1%

Staff Writer | Thursday January 17, 2019 3:16AM ET
First Community Bank
First Community Corporation   For the year ended December 31, 2018 net income was $11.2 million

First Community Corporation, the holding company for First Community Bank, reported net income for the fourth quarter and year end of 2018.


For the year ended December 31, 2018 net income was $11.2 million an increase of 93.1% over 2017. Diluted earnings per share for 2018 were $1.45 an increase of 74.7% over 2017.

Net income for the fourth quarter of 2018 was $2.7 million. Diluted earnings per share were $0.35 for the fourth quarter of 2018.

For comparison purposes, it should be noted that the year of 2017 was negatively impacted by expenses associated with the conversion to a new operating system in the amount of approximately $300 thousand, the Cornerstone National Bank acquisition in the amount of $945 thousand and an adjustment to the deferred tax asset of $1.2 million related to the Tax Cuts and Jobs Act.

 

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