First Community Bancshares, Inc. Declares Quarterly Dividend, Payable on or About February 19, 2016; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge Off for the Fourth Quarter Ended December 31, 2015
January 26, 2016 at 04:00 pm EST
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First Community Bancshares, Inc. announced that the Board of Directors declared a quarterly cash dividend to common shareholders of fourteen cents ($0.14) per common share. The quarterly dividend is payable to common shareholders of record on February 5, 2016, and is expected to be paid on or about February 19, 2016.
The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $23,677,000 compared to $28,181,000 a year ago. Net interest income was $21,175,000 compared to $24,710,000 a year ago. Income before income taxes was $9,141,000 compared to $8,646,000 a year ago. Net income available to common shareholders was $6,148,000 or $0.34 per diluted share compared to $5,488,000 or $0.29 per diluted share a year ago. Return on average assets was 0.99% compared to 0.80% a year ago. Return on average common equity was 7.05% compared to 6.48% a year ago. Core earnings, non-GAAP was $6,172,000 compared to $8,791,000 a year ago. Core diluted earnings per common share was $0.34 compared to $0.45 a year ago. Core return on average assets was 0.99% compared to 1.28% a year ago. Core return on average common equity was 7.08% compared to 10.39% a year ago. Core return on average tangible common equity was 10.21% compared to 15.50% a year ago.
For the full year, the company reported total interest income of $96,102,000 compared to $106,108,000 a year ago. Net interest income was $84,753,000 compared to $90,818,000 a year ago. Income before income taxes was $35,921,000 compared to $37,814,000 a year ago. Net income available to common shareholders was $24,435,000 or $1.31 per diluted share compared to $24,580,000 or $1.31 per diluted share a year ago. Return on average assets was 0.97% compared to 0.94% a year ago. Return on average common equity was 7.08% compared to 7.51% a year ago. Core earnings, non-GAAP was $24,520,000 compared to $30,578,000 a year ago. Core diluted earnings per common share was $1.31 compared to $1.57 a year ago. Core return on average assets was 0.97% compared to 1.17% a year ago. Core return on average common equity was 7.09% compared to 9.34% a year ago. Core return on average tangible common equity was 10.25% compared to 13.99% a year ago.
The company realized net charge-offs of $328,000 in the fourth quarter of 2015, an increase of $537,000 compared to net recoveries of $209,000 in the same quarter of 2014.
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. Declares Quarterly Dividend, Payable on or About February 19, 2016; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge Off for the Fourth Quarter Ended December 31, 2015