First Community Bancshares, Inc. Announces Significantly Improved Fourth Quarter And Full Year 2010 Results
BLUEFIELD, Va., Jan. 26, 2011 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (Nasdaq:FCBC) ( www.fcbinc.com) (the "Company") today reported net income for the quarter and year ended December 31, 2010. Net income available to common shareholders amounted to $4.89 million, or $0.27 per diluted common share for the quarter ended December 31, 2010. Net income available to common shareholders amounted to $21.85 million, or $1.23 per diluted common share for the twelve months ended December 31, 2010.
Commenting on fourth quarter and full year results for 2010, Chief Executive Officer John M. Mendez stated, "Given the difficult operating environment that persisted throughout 2010, we are pleased to report operating results, capital levels, and credit measures that continue to position our company among the leaders in the industry. Credit management has indeed been a challenge for banks over the past three years as the economy struggled to recover from a very deep recession and significant devaluations in many segments of the real estate market. We have weathered these conditions well and we look forward to a more hospitable environment in the coming quarters as we begin to see the modest economic expansion and recovery that is being forecast by many."
Mendez continued by saying, "Despite high credit costs we achieved a strong performance for the year with a 0.97% return on average assets and a solidly profitable year with earnings of $21.85 million during the most challenging economic environment in decades. With these results we finished the year with a solid and growing capital base, with non-performing assets at a very manageable 1.32% of total assets, and with a generous loan loss reserve of $26.48 million or 1.91% of loans. While these results do not represent the high standard of performance that we expect of ourselves, they do represent a solid rebound performance in light of the economy."
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