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First Community income up in third quarter

BLUEFIELD, VA – First Community Bankshares Inc. (NASDAQ: FCBC) this week reported earnings for the third quarter of the fiscal year, ending Sept. 30, were slightly ahead of earning for the same period a year earlier.

The company also declared a quarterly cash dividend to common shareholders of 29 cents per common share, an increase of 2 cents, or 7.41%, over the quarterly dividend declared in the same quarter of 2021. The quarterly dividend was payable to common shareholders of record on Nov. 4, and is expected to be paid on or about Nov. 18. This marks the 37th consecutive year of regular dividends to common shareholders.

The banking company reported net income of $13.35 million, or 81 cents per share, for the quarter, 5.8% higher than the $12.61 million recorded in the same quarter of 2021.

“The increase is primarily attributable to an increase in net interest income of $4.2 million and the branch sale gains of $1.66 million offset by an increase in the provision for credit losses of $2.08 million and an increase in salaries and employee benefits of $1.44 million compared to 2021,” the company said.

That sale of First Community Bank’s Emporia, Virginia, branch to Benchmark Community Bank, was completed Sept. 16.

First Community Bankshares Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 48 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of Sept. 30. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.19 billion in combined assets as of Sept. 30.

For more information on the bank’s performance, visit www.firstcommunitybank.com

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