First Community Bancshares, Inc. (FCBC) has reported 1.98 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $6.38 million, or $0.37 a share in the quarter, compared with $6.26 million, or $0.34 a share for the same period last year.
Revenue during the quarter went down marginally by 0.68 percent to $28.17 million from $28.36 million in the previous year period. Net interest income for the quarter dropped 2.53 percent over the prior year period to $21.12 million. Non-interest income for the quarter fell 16.67 percent over the last year period to $5.90 million.
First Community Bancshares, Inc. has made negative provision of $1.15 million for loan losses during the quarter, compared with a positive provision of $0.38 million in the same period last year.
Net interest margin contracted 10 basis points to 3.95 percent in the quarter from 4.05 percent in the last year period. Efficiency ratio for the quarter deteriorated to 68.69 percent from 66.17 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Assets, liabilities fall
Total assets stood at $2,450.27 million as on Sep. 30, 2016, down 1.12 percent compared with $2,478.12 million on Sep. 30, 2015. On the other hand, total liabilities stood at $2,112.74 million as on Sep. 30, 2016, down 0.96 percent from $2,133.29 million on Sep. 30, 2015.
Deposits stood at $1,861.90 million as on Sep. 30, 2016, down 2.15 percent compared with $1,902.90 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $473.51 million or 25.43 percent of total deposits on Sep. 30, 2016, compared with $442.02 million or 23.23 percent of total deposits on Sep. 30, 2015.
Investments stood at $293.04 million as on Sep. 30, 2016, down 35.57 percent or $161.77 million from year-ago. Shareholders equity stood at $337.54 million as on Sep. 30, 2016, down 2.11 percent or $7.29 million from year-ago.
Return on average assets moved up 3 basis points to 1.03 percent in the quarter from 1 percent in the last year period. At the same time, return on average equity increased 40 basis points to 7.58 percent in the quarter from 7.18 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.01 percent in the quarter, down from 1.10 percent in the last year period.
Book value per share was $19.87 for the quarter, up 5.52 percent or $1.04 compared to $18.83 for the same period last year.
