First Community Bancshares, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 30, 2014 at 09:30 pm
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First Community Bancshares, Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2013. For the quarter, total interest income was $27,364,000 against $31,256,000 a year ago. Net interest income was $23,092,000 against $26,136,000 a year ago. Income before income taxes was $7,760,000 against $12,396,000 a year ago. Net income available to common shareholders was $5,072,000 or $0.26 per diluted share against $8,167,000 or $0.40 per diluted share a year ago. Return on average assets was 0.77% against 1.19% a year ago. Return on average common equity was 6.14% against 9.59% a year ago. Core earnings, non-GAAP was $6,346,000 or $0.31 per diluted share against $8,845,000 or $0.41 per diluted share a year ago. Core return on average assets was 0.96% against 1.29% a year ago. Core return on average common equity was 7.69% against 10.38% a year ago.
For the year, total interest income was $109,476,000 against $109,656,000 a year ago. Net interest income was $91,642,000 against $90,056,000 a year ago. Income before income taxes was $34,220,000 against $42,705,000 a year ago. Net income available to common shareholders was $22,288,000 or $1.11 per diluted share against $27,519,000 or $1.40 per diluted share a year ago. Return on average assets was 0.84% against 1.10% a year ago. Return on average common equity was 6.57% against 8.70% a year ago. Core earnings, non-GAAP was $24,804,000 or $1.18 per diluted share against $30,541,000 or $1.50 per diluted share a year ago. Core return on average assets was 0.93% against 1.22% a year ago. Core return on average common equity was 7.31% against 9.66% a year ago. Book value per as-converted common share increased to $16.79 as of December 31, 2013, compared with $16.76 as of December 31, 2012.
For the quarter, the company reported net charge-offs of $1,755,000 against $1,285,000 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 Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013