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Mar 31, 2022
First Community Bankshares Q1 2022 Earnings Report
Reported net income of $9.52 million for the quarter ended March 31, 2022.
Key Takeaways
First Community Bankshares, Inc. reported a net income of $9.52 million, or $0.56 per diluted common share, for the quarter ended March 31, 2022. The company's loan portfolio increased by $78.73 million during the quarter, and it repurchased 132,000 common shares for $4.09 million. The company also declared a quarterly cash dividend of $0.27 per common share, an 8% increase over the same quarter last year.
Net income for the quarter was $9.52 million, a decrease compared to the same quarter of 2021.
The decrease in net income was primarily driven by a return to more normalized expense in the provision for credit losses.
Net interest margin for the first quarter was 3.55%, an increase from the previous quarter.
The Company’s loan portfolio increased by $78.73 million, or an annualized growth rate of 14.74%.