The return on average assets was 1.43% for the fourth quarter of 2007 compared with 1.51% for the fourth quarter of 2006. Return on average equity for the fourth quarter of 2007 was 13.95%, compared to 14.41% for the same period in 2006. Return on average tangible equity was 20.67% for the fourth quarter of 2007 compared to 20.57% for fourth quarter 2006.
Full year 2007 earnings were $29.63 million, or $2.62 diluted earnings per share, up 2.36% as against $28.95 million, or $2.57 diluted earnings per share in 2006.
John Mendez, president and CEO, said: We are very pleased with our results in light of increasingly difficult operating environments. First Community’s credit quality continues to be among the best in the industry and puts us in an enviable position given the current credit problems seen by many of our peers and throughout the industry.
