Extract
First Community Reports Improved Net Income for 2003.
Business Editors
BLUEFIELD, Va.--(BUSINESS WIRE)--Jan. 27, 2004 First Community Bancshares, Inc. (Nasdaq: FCBC) (www.fcbinc.com) announced record earnings for its 2003 fiscal year as net income reached $25.2 million, an increase of 2.1% over the previous year's earnings of $24.7 million. Basic and diluted earnings per share were $2.27 and $2.25, respectively, compared with $2.26 and 2.25 per share in 2002, a modest increase year over year in basic earnings per share. For the fourth quarter of 2003, net income totaled $5.3 million as compared with $5.8 million in the fourth quarter of 2002. Basic and diluted earnings per share for the fourth quarter were $0.47, down from $0.53 and $0.52, respectively, in the fourth quarter of 2002. The June 6, 2003 acquisition of The CommonWealth Bank, in Richmond, Virginia, the opening of three de novo branches in Winston-Salem, North Carolina combined with a $1.97 million decline in earnings in its mortgage banking segment were the major factors impacting the Company's 2003 earnings performance. Although the Company had a modest $519,000 increase in earnings, the Community Banking segment generated net income of $26.3 million, which was a $2.2 million or 9.3% improvement over the performance of that segment in the previous year. This improvement was realized despite the impact of the additional costs (salaries, ...See the full content of this document
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