First Community Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 29, 2015 at 04:10 pm EST
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First Community Bancshares, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $28,181,000 compared to $27,364,000 a year ago. Net interest income was $24,710,000 compared to $23,092,000 a year ago. Net interest income after provision for loan losses was $25,198,000 compared to $21,564,000 a year ago. Income before income taxes was $8,646,000 compared to $7,760,000 a year ago. Net income was $5,715,000 compared to $5,324,000 a year ago. Net income available to common shareholders was $5,488,000 compared to $5,072,000 a year ago. Diluted earnings per share were $0.29 compared to $0.26 a year ago. Return on average assets was 0.80% compared to 0.77% a year ago. Return on average common equity was 6.48% compared to 6.14% a year ago. Core earnings, non-GAAP was $8,791,000 compared to $5,394,000 a year ago. Core return on average assets was 1.28% compared to 0.96% a year ago. Core return on average common equity was 10.39% compared to 7.69% a year ago. Core return on average tangible common equity was 15.50% compared to 11.47% a year ago. Core diluted earnings per common share was $0.45 compared to $0.31 a year ago.
For the full year, the company reported total interest income of $106,108,000 compared to $109,476,000 a year ago. Net interest income was $90,818,000 compared to $91,642,000 a year ago. Net interest income after provision for loan losses was $90,673,000 compared to $83,434,000 a year ago. Income before income taxes was $37,814,000 compared to $34,220,000 a year ago. Net income was $25,490,000 compared to $23,312,000 a year ago. Net income available to common shareholders was $24,580,000 compared to $22,288,000 a year ago. Diluted earnings per share were $1.31 compared to $1.11 a year ago. Return on average assets was 0.94% compared to 0.84% a year ago. Return on average common equity was 7.51% compared to 6.57% a year ago. . Core earnings, non-GAAP was $30,578,000 compared to $24,804,000 a year ago. Core return on average assets was 1.17% compared to 0.93% a year ago. Core return on average common equity was 9.34% compared to 7.31% a year ago. Core return on average tangible common equity was 13.99% compared to 10.74% a year ago. Core diluted earnings per common share was $1.57 compared to $1.18 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.