First Community Bancshares (FCBC) has reported an 1.94 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.20 million, or $0.36 a share in the quarter, compared with $6.08 million, or $0.34 a share for the same period last year.
Revenue during the quarter dropped 5.34 percent to $26.34 million from $27.83 million in the previous year period. Net interest income for the quarter rose 0.14 percent over the prior year period to $21.14 million. Non-interest income for the quarter fell 27.99 percent over the last year period to $5.69 million.
First Community Bancshares has made provision of $0.49 million for loan losses during the quarter, down 58.55 percent from $1.19 million in the same period last year.
Net interest margin improved 16 basis points to 4.17 percent in the quarter from 4.01 percent in the last year period. Efficiency ratio for the quarter improved to 63.67 percent from 64.84 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Assets, liabilities fall Total assets stood at $2,430.51 million as on Mar. 31, 2017, down 1.61 percent compared with $2,470.29 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,087.11 million as on Mar. 31, 2017, down 2.14 percent from $2,132.66 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $1,817.32 million as on Mar. 31, 2017, up 4.33 percent compared with $1,741.96 million on Mar. 31, 2016. Deposits stood at $1,906.59 million as on Mar. 31, 2017, up 1.70 percent compared with $1,874.66 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $467.68 million or 24.53 percent of total deposits on Mar. 31, 2017, compared with $453.34 million or 24.18 percent of total deposits on Mar. 31, 2016.
Investments stood at $205.78 million as on Mar. 31, 2017, down 49.93 percent or $205.18 million from year-ago. Shareholders equity stood at $343.40 million as on Mar. 31, 2017, up 1.71 percent or $5.77 million from year-ago.
Return on average assets moved up 7 basis points to 1.06 percent in the quarter from 0.99 percent in the last year period. At the same time, return on average equity increased 20 basis points to 7.35 percent in the quarter from 7.15 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1 percent in the quarter, down from 1.06 percent in the last year period.
Book value per share was $20.18 for the quarter, up 5.38 percent or $1.03 compared to $19.15 for the same period last year.
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