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First Community Bancshares Q1 Profit Edges Down, Yet Tops Estimates

First Community Bancshares, Inc. (FCBC) reported first-quarter net income available to common shareholders of $5.7 million or $0.31 per share, slightly lower from $5.8 million or $0.32 per share last year.

Excluding items, non-GAAP core earnings was $6.2 million or $0.32 per share, compared to $5.4 million or $0.0.30 per share a year ago.

On average, 4 analysts polled by Thomson Reuters expected earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter declined to $18.0 million from $18.2 million a year ago. Net interest margin dropped 5 basis points to 3.91 percent from 3.96 percent last year.

Noninterest income dropped to $8.0 million from $9.5 million in the year-ago quarter.

Analysts expected total revenues of $26.46 million for the quarter.

Provision for loan losses for the quarter reduced to $0.9 million from $1.6 million last year.

by RTTNews Staff Writer

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