First Community sees income growth, declares dividend


First Community Bancshares Inc. (NASDAQ:FCBC) recently reported net income that had grown more than 9 percent for the second quarter and first six months of 2016.

The company reported net income of $6.26 million, or 36 cents per share, for the quarter ended June 30, a 9 percent increase to the same quarter of 2015.

For the six months ending June 30, net income was $12.34 million, 70 cents per common share, which represents a 9.38 percent increase in per share earnings compared to the same period of 2015.

The company also announced the board of directors declared a quarterly cash dividend to common shareholders of 16 cents per common share, an increase of 14.29 percent over the most recent cash dividend. The quarterly dividend is payable to common shareholders of record on August 5, and is expected to be paid on or about August 19. This year marks the 31st consecutive year of cash dividends paid to stockholders.

On July 15, the company completed the previously announced branch exchange with First Bank, North Carolina, pursuant to which First Community Bank sold six branches in the Winston-Salem and Mooresville areas of North Carolina and acquired seven branches in Southwestern Virginia.

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