First Community Bancshares, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Quarterly Cash Dividend, Payable on or About February 24, 2012; Records Net Charge Offs for the Fourth Quarter of 2011
January 26, 2012 at 03:30 am IST
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First Community Bancshares, Inc. (Bluefield) reported consolidated unaudited earnings results for the Fourth quarter and full year ended December 31, 2011. Net interest income was $18,266,000 against $18,099,000 a year ago. Income before income taxes was $5,382,000 against $6,657,000 a year ago. Net income available to common shareholders was $2,945,000 or $0.17 diluted per share against $4,885,000 or $0.27 diluted per share a year ago. Return on average assets was 0.54% against 0.85% a year ago. Return on average common equity was 4.06% against 7.00% a year ago. On non-GAAP basis, the company reported core earnings were $5,113,000 against $3,044,000 a year ago. Core return on average assets was 0.94% against 0.53% a year ago. Core return on average common equity was 7.05% against 4.36% a year ago. Book value per common share of $15.96 compared with $15.11 for the same period a year ago. Tangible book value per common share of $11.40 compared with $10.03 for the same period a year ago.
For the full year, the company reported net interest income was $72,029,000 against $73,857,000 a year ago. Income before income taxes was $29,601,000 against $29,665,000 a year ago. Net income available to common shareholders was $19,325,000 or $1.07 diluted per share against $21,847,000 or $1.23 diluted per share a year ago. Return on average assets was 0.88% against 0.97% a year ago. Return on average common equity was 6.81% against 8.11% a year ago. On non-GAAP basis, the company reported core earnings were $19,909,000 against $18,089,000 a year ago. Core return on average assets was 0.91% against 0.80% a year ago. Core return on average common equity was 7.02% against 6.71% a year ago. Tangible book value per common share increased to $11.40, up $1.37, or 13.66%, from December 31, 2010.
Additionally, the company announced that the board of directors declared a quarterly cash dividend to common stockholders of $1.78 million, or ten cents ($0.10), per common share. The quarterly dividend is payable to common stockholders of record February 10, 2012, and is expected to be paid on or about February 24, 2012.
For the quarter, the company recorded net charge offs of $2,638,000 compared with $3,624,000 for the same period a year ago.
First Community Bankshares, Inc. is a financial holding company, which provides banking products and services through its wholly owned subsidiary First Community Bank (the Bank). It operates in community banking segment, which consists of all operations, including commercial and consumer banking, lending activities, and wealth management. The Bank offers wealth management and investment advice through its Trust Division and wholly owned subsidiary First Community Wealth Management. Its commercial loans consist of loans to small and mid-size industrial, commercial, and service companies. Commercial real estate projects represent a variety of sectors of the commercial real estate market, including single family and apartment lessors, commercial real estate lessors, and hotel/motel operators. Consumer real estate loans segment consists of loans to individuals within its market footprint for home equity loans and lines of credit and for the purpose of financing residential properties.
First Community Bancshares, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Quarterly Cash Dividend, Payable on or About February 24, 2012; Records Net Charge Offs for the Fourth Quarter of 2011