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Sep 30, 2021
First Community Bankshares Q3 2021 Earnings Report
Reported record third quarter results, highlighted by increased net income and earnings per share compared to the same quarter of the previous year.
Key Takeaways
First Community Bankshares, Inc. reported a strong third quarter with a net income of $12.61 million, or $0.73 per diluted common share, representing a 55.32% increase over the same quarter in 2020. The company also declared a quarterly cash dividend of $0.27 per common share, an 8% increase year-over-year.
Net income for the quarter increased by $4.34 million to $12.61 million compared to Q3 2020.
The company reversed $1.39 million in allowance for credit losses, a significant improvement from the $4.70 million loan loss provision in Q3 2020.
Diluted earnings per share increased by $0.26 to $0.73 compared to the same quarter of 2020.
Non-interest income for the third quarter of 2021 increased by $1.08 million, or 14.17%, compared to the prior year.