First Community Bancshares, Inc. (FCBC) has reported a 4.16 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $6.40 million, or $0.38 a share in the quarter, compared with $6.15 million, or $0.34 a share for the same period last year.
Revenue during the quarter dropped 5.42 percent to $26.70 million from $28.22 million in the previous year period. Net interest income for the quarter dropped 1.03 percent over the prior year period to $20.96 million. Non-interest income for the quarter fell 16.64 percent over the last year period to $6.24 million.
First Community Bancshares, Inc. has made provision of $0.50 million for loan losses during the quarter, up 15.21 percent from $0.43 million in the same period last year.
Net interest margin improved 1 basis points to 3.99 percent in the quarter from 3.98 percent in the last year period. Efficiency ratio for the quarter improved to 61.24 percent from 66.59 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Assets, liabilities fall
Total assets stood at $2,386.40 million as on Dec. 31, 2016, down 3.08 percent compared with $2,462.28 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,047.34 million as on Dec. 31, 2016, down 3.39 percent from $2,119.26 million on Dec. 31, 2015. Net loans stood at $1,835 million as on Dec. 31, 2016. Deposits stood at $1,841.34 million as on Dec. 31, 2016, down 1.70 percent compared with $1,873.26 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $427.70 million or 23.23 percent of total deposits on Dec. 31, 2016, compared with $451.51 million or 24.10 percent of total deposits on Dec. 31, 2015.
Investments stood at $212.71 million as on Dec. 31, 2016, down 51.51 percent or $226 million from year-ago. Shareholders equity stood at $339.06 million as on Dec. 31, 2016, down 1.15 percent or $3.96 million from year-ago.
Return on average assets moved up 6 basis points to 1.05 percent in the quarter from 0.99 percent in the last year period. At the same time, return on average equity increased 44 basis points to 7.49 percent in the quarter from 7.05 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.90 percent in the quarter, down from 0.96 percent in the last year period.
Book value per share was $19.95 for the quarter, up 5.28 percent or $1 compared to $18.95 for the same period last year.
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