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First Community Bancshares Inc. in Bluefield, Va., is bulking up in the Richmond market with a deal to acquire the $286 million-asset Peoples Bank in Virginia for about $40.6 million in cash and stock.
March 2
Two deals lifted First Community Bancshares (FCBC) in Bluefield, Va., in the first quarter.
Earnings at the $2.7 billion-asset company rose 21% from a year earlier, to $6.9 million, or 33 cents per share.
Net interest income rose roughly 30% from the first quarter of 2012, to $23.4 million, primarily because of loan portfolios that First Community acquired in its purchases last year of
First Community's loan portfolio grew 21.4% year over year, to $1.7 billion; chargeoffs rose 75% from a year earlier, to $2.8 million.
Noninterest income fell 1.3% year over year, to $7.9 million. Noninterest expense rose 21% from a year earlier, to $19.5 million, primarily because of expenses related to the Peoples and Waccamaw acquisitions.
First Community's efficiency ratio deteriorated 2.37 percentage points from a year earlier, to 59.55%.