BLUEFIELD, VA – First Community Bankshares Inc. (NASDAQ: FCBC) reported that its profits for the quarter ending September 30 were down from the same period a year earlier.
The company reported net income of $ 8.27 million, or 47 cents per common share, for the quarter, a decrease of 11 cents, or 18.97%, from the same quarter of 2019. Net
income was $ 24.38 million, or $ 1.37 per share, for the nine months ending September 30, a 25.95% decline from the same period in 2019.
Along with financial results released last week, the bank declared a quarterly cash dividend to common shareholders of 25 cents per share, payable to common shareholders of record on November 6, with an expected payment date around November 20. This marks the 35th consecutive year of regular dividends to common shareholders, the bank said.
In the third quarter of 2020, the bank:
● Consolidated six of its branches located primarily in eastern Tennessee and announced the consolidation of two sites in Abingdon, Virginia.
● Registration of $ 113.98 million in new residential mortgage loans;
● Amended or deferred payments on 1,314 commercial loans totaling $ 330.69 million in principal balances and 2,048 consumer mortgage and installment loans
totaling $ 95.76 million in principal balances. As at September 30, commercial and consumer loan deferrals were $ 102.54 million and $ 13.09 million, respectively.
● Processed, as of September 30, 803 loans with original principal balances totaling $ 62.74 million through the SBA’s Paycheck Protection Program.
The bank said its third quarter earnings reflect an allowance for loan losses of $ 4.70 million, an increase of $ 4.03 million from the third quarter of 2019, “further acknowledging the economic uncertainty caused by the coronavirus pandemic ”.
As of September 30, First Community Bank operated 52 bank branches in Virginia, West Virginia, North Carolina and Tennessee, including branches in Surry County.
STAMFORD, Connecticut (AP) – Charter Communications Inc. (CHTR), parent company of cable television provider Spectrum, reported third-quarter profit of $ 814 million on Friday.
On a per share basis, the Stamford, Connecticut-based company said it had net earnings of $ 3.90. The results exceeded Wall Street’s expectations. The average estimate of 12 analysts polled by Zacks Investment Research was of $ 3.05 per share.
The cable company posted revenues of $ 12.04 billion during the period, which is in line with Street’s forecast. Charter shares have increased 19% since the start of the year. The stock has risen 24% in the past 12 months.
NEW YORK (AP) – Exxon Mobil reported its third consecutive quarter of losses as the global pandemic slashed travel and crippled global economic activity. The energy giant posted a third-quarter loss of $ 680 million on Friday, and revenues fell to $ 46.2 billion from $ 65.05 billion in the same quarter last year.
The string of losses and what in almost all respects will be a loss year is new territory for Exxon Mobil, which has not recorded an annual loss since the Exxon and Mobil merger in 1999.
Already struggling with low prices due to oversupply, the pandemic has intensified the pain for oil and gas companies. The price of US benchmark crude has fallen 40% since the start of the year. The cost of a barrel of oil fell 10% this week alone as coronavirus infections rose in the United States and abroad.
Exxon has started cutting costs to offset lower energy demand, which means jobs. A day after announcing 1,900 job cuts, Exxon announced Friday that it plans to cut 15% of its global workforce by the end of next year, or about 11,250 jobs. The company employed 75,000 people at the end of 2019.
SAN RAMON, Calif. (AP) – Chevron Corp. (CVX) reported a third-quarter loss of $ 207 million on Friday, after reporting a profit for the same period a year earlier. On a per share basis, the company said it suffered a loss of 12 cents. Profit, adjusted for one-time costs, was 11 cents per share.
The results exceeded Wall Street’s expectations, but Chevron does not adjust its reported results based on one-off events such as asset sales. The average estimate of eight analysts polled by Zacks Investment Research was of a loss of 29 cents per share.
The oil company posted sales of $ 24.45 billion over the period, below Street’s forecast. Three analysts polled by Zacks expected $ 25.97 billion.
Chevron stock is down 43% year-to-date, while the Standard & Poor’s 500 index is up 2.5%. The stock has fallen 42% in the past 12 months. Chevron also announced job cuts Thursday after closing its acquisition of Noble Energy earlier this month, saying it would cut the company’s workforce by about a quarter.