BLUEFIELD, VA – First Community Bankshares Inc. (NASDAQ: FCBC) reported a record first quarter, with net income of $14.6 million, or 82 cents per share, for the quarter ending March 31. That was an increase of 38 cents per share, or 86%, over the previous first quarter.
Part of the increase in net income was the reversal of $4 million in allowance for credit losses due to improved economic forecasts from those seen at year-end 2020, according to a statement issued by the bank.
The company also declared a quarterly cash dividend to common shareholders of 25 cents per share, payable to common shareholders of record on May 7, with the anticipated pay-out on or about May 21. This is the 36th consecutive year of regular dividends to common shareholders.
In addition the company’s board of directors approved a plan to repurchase, on the open market at prevailing prices, up to 2.4 million shares of the company’s common stock through Jan. 26, 2024. During the first quarter of the year, the company repurchased 187,700 common shares for $4.99 million.
Other information released included:
• As of March 31, total COVID-19 loan deferrals stood at $17.48 million, down significantly from the peak of $436.11 million at June 30, 2020.
• The SBA had forgiven $32.73 million, or 53.58%, of the company’s first round Paycheck Protection Program loan balances through March 31. Current PPP loan balances at March 31, which include second round originations were, $50.75 million.
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 operates 50 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee, including in Mount Airy. First Community Bank offers wealth management and investment advice through its Trust Division and First Community Wealth Management, which collectively managed and administered $1.23 billion in combined assets as of March 31.
Additional information is available on the company’s website at www.firstcommunitybank.com.
Source: https://www.mtairynews.com
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