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First Community Bankshares, Inc. reports community-bank operating results, dividend actions and corporate developments for its financial holding company and banking subsidiary, First Community Bank. Company news commonly covers quarterly earnings, net interest and fee-based banking activity, regular and special cash dividends, share repurchases and capital-management decisions tied to its common stock.
The company provides commercial banking products and services, including deposits, commercial, consumer and real estate mortgage loans, card services, trust services, investment management and insurance-related offerings. Recent company developments also include the completed acquisition of Hometown Bancshares, Inc. and the merger of Union Bank, Inc. into First Community Bank, expanding its West Virginia branch presence.
First Community Bankshares reported a net income of $8.27 million for Q3 2020, an 18.97% decline from the previous year. For the nine months ended September 30, net income was $24.38 million, down 25.95% per diluted share. The company declared a quarterly cash dividend of $0.25, payable on or about November 20, 2020. The bank consolidated eight branches and reported $113.98 million in new residential mortgage loans, with a strong pipeline of $61.70 million. A loan loss provision increased by $4.03 million to $4.70 million, reflecting economic uncertainty from the pandemic.
First Community Bankshares, Inc. (NASDAQ: FCBC) reported net income of $7.87 million, or $0.44 per diluted common share, for Q1 2020, reflecting a 26.67% decrease compared to Q1 2019. The company declared a quarterly cash dividend of $0.25, marking 35 consecutive years of dividends. Due to the COVID-19 pandemic, the bank modified or deferred payments on loans totaling $327.52 million and processed 641 loans under the Paycheck Protection Program totaling $58.26 million. The net interest margin improved to 4.71%, while loan loss provisions increased to $3.50 million due to economic uncertainty.
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