First Community Bancshares, Inc. Announces Second Quarter 2010 Results, Quarterly Dividend, And Restatement Of Allowance For Loan Losses For Prior Periods
BLUEFIELD, Va., July 27, 2010 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (Nasdaq:FCBC) ( www.fcbinc.com) (the "Company") today reported net income for the quarter ended June 30, 2010, of $5.13 million, or $0.29 per diluted common share.
Commenting on second quarter results, Chief Executive Officer John M. Mendez stated, "We are pleased to see the continuation of solid earnings and credit measures through the second quarter of 2010. Compared to the same quarter in 2009, earnings available to common stockholders improved by 181% in the second quarter of 2010 and earnings per share increased by 107% in the second quarter of 2010 from $0.14 to $0.29 per common share. Core earnings also improved by 4% in the second quarter of 2010 compared to the same period on the prior year. Second quarter earnings closely parallel the first quarter of this year and appear to reflect stabilization of operations in the current economy and credit cycle."
Mendez continued, "We are also encouraged by the continued strong performance of our loan portfolio in the face of a difficult credit environment, high unemployment and a sluggish economic recovery. For the second quarter of 2010, total delinquencies within our loan portfolio were 1.70% which is a substantial decrease from total delinquencies of 2.35% in the first quarter of this year and non-accrual loans were essentially unchanged compared to the first quarter of 2010. Although higher than historic levels through March 31, 2010, the most recent date for which data is available, our asset quality metrics compare favorably to our peers during this credit cycle."Additionally, the board of directors of the Company declared a quarterly cash dividend to common stockholders of ten cents ($0.10) per common share. The quarterly dividend is payable to common stockholders of record on August 13, 2010, and is expected to be paid on or about August 27, 2010. The current dividend reflects the Company's practice of paying dividends based on a review of the results of the previous quarter.
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