First Community Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017
January 23, 2018 at 04:56 pm EST
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First Community Bancshares, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, net interest income was $21,733,000, income before income taxes of $11,933,000, net income of $1,213,000 or $0.07 per basic and diluted share against net interest income of $20,957,000, income before income taxes of $10,042,000, net income of $6,404,000 or $0.38 per basic and diluted share a year ago. Return on average assets was 0.20% against 1.05% a year ago. Return on average common equity was 1.35% against 7.49% a year ago. Return on average tangible common equity was 1.89% against 10.75% a year ago. Core earnings were $7,679,000 or $0.45 per diluted share against core earnings of $6,112,000 or $0.36 per diluted share a year ago. Core return on average assets was 1.28% against 1.01% a year ago. Core return on average common equity was 8.56% against 7.15% a year ago. Core return on average tangible common equity was 11.99% against 10.26% a year ago. Book value per common share was $20.63 compared to $19.95 as at December 31, 2016. Tangible book value per common share was $14.15 compared to $13.89 as at December 31, 2016. Total interest income was $23,762,000 compared to $23,416,000 a year ago. Adjusted return on assets and equity were 1.18% and 8.02%, respectively, both significant increases over the prior year.
For the full year, the company reported net interest income of $87,218,000, income before income taxes of $42,113,000, net income of $21,485,000 or $1.26 per diluted share against net interest income of $84,880,000, income before income taxes of $37,945,000, net income of $25,126,000 or $1.45 per diluted share a year ago. Return on average assets was 0.91% against 1.02% a year ago. Return on average common equity was 6.14% against 7.42% a year ago. Core earnings were $28,099,000 or $1.64 per diluted share against core earnings of $25,119,000 or $1.45 per diluted share a year ago. Core return on average assets was 1.19% against 1.02% a year ago. Core return on average common equity was 8.04% against 7.42% a year ago. Core return on average tangible common equity was 11.36% against 10.75% a year ago. Return on average tangible common equity was 8.69% against 10.76% a year ago. Total interest income was $95,308,000 compared to $94,724,000 a year ago.
The company realized net charge-offs of $545,000 in the fourth quarter of 2017 against $2,185,000 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 Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017