First Community Bankshares Inc. recently reported its unaudited results of operations and other financial information for the quarter ended March 31.
The company reported net income of $9.63 million, or $0.60 per diluted common share, for the quarter ended March 31, which was an increase of $763,000, or 8.60 precent, over the same quarter of 2018.
The company also announced that the Board of Directors declared a quarterly cash dividend to common shareholders of 25 cents per common share, an increase of seven cents, or 38.89 percent, over last second quarter’s dividend. The quarterly dividend is payable to common shareholders of record on May 3 and is expected to be paid on or about May 17. The current year marks the 34th consecutive year of regular cash dividends paid to shareholders.
Summit Financial Group Inc. recently reported quarterly net income of $7.09 million for first quarter 2019, or $0.56 per diluted share. In comparison, earnings for fourth quarter 2018 were $7.45 million, or $0.60 per diluted share, and for first quarter 2018, $7.44 million, or $0.60 per diluted share.
Summit completed its acquisition of Peoples Bankshares Inc. (“PBI”) and its subsidiary, First Peoples Bank, headquartered in Mullens, on Jan. 1 and will convert substantially all of its data processing systems to that of Summit’s effective April 27; accordingly, PBI’s results of operations are included in Summit’s consolidated results of operations from the date of acquisition, and therefore Summit’s first quarter 2019 results reflect increased levels of average balances, income and expenses compared to its first quarter 2018 and fourth quarter 2018 results.
At consummation, PBI had total assets of $133.1 million, loans of $42.4 million, and deposits of $112.9 million. In addition, merger-related expenses totaled $63,000 in Q1 2019 versus $59,000 in the prior quarter.
— Wendy Holdren