First Community Bankshares Q3 net income rises 26%
FCBC•First Community Bankshares said Q3 net income rose 26% year over year and adjusted EPS climbed 11% to $0.78, beating the $0.76 estimate. Net interest income increased 12% to $35.87 million.
1. Quarterly results
First Community Bankshares reported Q3 EPS of $0.81 and adjusted net income of $15.42 million, compared with an analyst estimate of $14.59 million. The company said net income rose 26% year over year and adjusted EPS increased 11% to $0.78.
2. Income and lending
Net interest income rose 12% year over year to $35.87 million, driven by higher average earning assets and lower funding costs. Noninterest income increased 16%, and loan production rose 41%; the company said total loan portfolio growth was mainly due to the Hometown Bancshares acquisition. It provided no specific guidance for future quarters or the full year.
