BLUEFIELD, Va., Feb. 1, 2013 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (Nasdaq:FCBC) ( www.fcbinc.com ) (the "Company") today reported net income for the quarter and twelve months ended December 31, 2012, of $8.44 million and $28.58 million, respectively. Net income available to common shareholders totaled $8.17 million, or $0.39 per diluted common share, for the quarter ended December 31, 2012. Net income available to common shareholders totaled $27.52 million, or $1.40 per diluted common share, for the twelve months ended December 31, 2012. Net income for the quarter and twelve months ended December 31, 2012, was impacted by $857 thousand and $5.08 million, respectively, in merger related expenses. Excluding nonrecurring income and expense items, core earnings for the quarter and twelve months ended December 31, 2012, totaled $8.78 million and $30.47 million, respectively.
On January 22, 2013, the Company announced that the board of directors declared a quarterly cash dividend to common shareholders of twelve cents ($0.12) per common share. The quarterly dividend is payable to common shareholders of record on February 8, 2013, and is expected to be paid on or about February 22, 2013. The current dividend represents an increase of 20% over the dividend paid during the same quarter of 2012. The current year marks the 28 th consecutive year of cash dividends to shareholders.
Fourth Quarter 2012 Highlights –
- Core earnings were $8.78 million for the fourth quarter of 2012, an increase of $3.82 million, or 77.04%, compared with the fourth quarter of 2011.
- Core return on average assets was 1.28% and core return on average tangible common equity was 15.10% for the fourth quarter of 2012.
- Core return on average assets was 1.21% and core return on average tangible common equity was 13.95% for the year ended December 31, 2012.
- Loans held for investment increased $328.38 million, or 23.52%, compared with the fourth quarter of 2012.
- The tax equivalent net interest margin increased 56 basis points to 4.49% for the fourth quarter of 2012 compared with the fourth quarter of 2011.
- Net interest income was $26.14 million, an increase of $7.87 million, or 43.09%, compared with fourth quarter 2011.
- Cash dividends paid per common share increased 7.5% for the year ended December 31, 2012, compared with the year ended December 31, 2011.
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