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3rd-quarter net income falls 38% at First Community

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JOURNAL STAFF AND WIRE REPORT

Published: November 1, 2008

BLUEFIELD, Va. -- First Community Bancshares Inc. reported Thursday that it had a 38 percent decline in net income to $4.5 million in the third quarter compared with the third quarter of 2007.

Diluted earnings were down 24 cents to 41 cents a share. The bank, based in Bluefield, Va., has five branches. Its North Carolina headquarters is in Forsyth County.

The bank reported that its revenue from loans dropped 5 percent to $16.3 million. Revenue from fees rose 31 percent to $7.9 million. It took a loan-loss provision of $3.5 million in the quarter after not having a loan-loss provision in the third quarter of 2007.

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3rd-quarter net income falls 38% at First Community

JOURNAL STAFF AND WIRE REPORT