I have added First and Last name to the ApplicationUser Class.
 public class ApplicationUser : IdentityUser
    {
        public async Task<ClaimsIdentity> GenerateUserIdentityAsync(UserManager<ApplicationUser> manager)
        {
            // Note the authenticationType must match the one defined in CookieAuthenticationOptions.AuthenticationType
            var userIdentity = await manager.CreateIdentityAsync(this, DefaultAuthenticationTypes.ApplicationCookie);
            // Add custom user claims here
            return userIdentity;
        }
        public string FirstName { get; set; }
        public string LastName { get; set; }
    }
also added information to RegisterViewModel 
My application successfully created First and LastName to the table but I am unable to get the first and last names as to display in _LoginPartial  "User.Identity.Name"
User.Identity.Name is going to give you the name of the user that is currently logged into the application.
Open a new project in Visual Studio and select Visual C#. In Visual C#, select ASP.NET Web Application and give the project name. Click OK. Step 2: Select MVC template from template type and click Change Authentication button.
in your partialview _LoginPartial.cshtml
Add the code:
@if (Request.IsAuthenticated)
{
    var manager = new UserManager<ApplicationUser>(new UserStore<ApplicationUser>(new ApplicationDbContext()));
    var user = manager.FindById(User.Identity.GetUserId());
...
}
ApplicationDbContext = your DBContext -> Default : ApplicationDbContext 
With the instance of ApplicationUser (user) you can get First- and LastName-property
Replace User.Identity.Name with user.FirstName + " " + user.LastName like this:
<ul class="nav navbar-nav navbar-right">
    <li>
        @Html.ActionLink("Hello " + user.FirstName + " " + user.LastName + "!", "Manage", "Account", routeValues: null, htmlAttributes: new { title = "Manage" })
    </li>
    <li><a href="javascript:document.getElementById('logoutForm').submit()">Log off</a></li>
</ul>
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