First Community Bank profit drops
First Community Bank Corporation of America reported after-tax income for the quarter ended June 30 of $158,000, or 4 cents a share, compared to $760,000, or 19 cents a share, for the same period in 2007.
Second quarter 2008 results included a $537,000 increase in the provision for loan losses, a $196,000 decrease in net interest income and a $316,000 increase in non-interest expenses, the bank said in a release. The expense increase reflected an investment in new branches and infrastructure to support growth, the release said.
For the six months ended June 30, after-tax income was $707,000, or 17 cents a share, compared to $1.5 million, or 37 cents a share, for the year-ago period cashadvance. The bank ended the second quarter with $482 million in assets, an increase of 3 percent, or $15 million, from March 31.
First Community (NASDAQ: FCFL), based in Pinellas Park, operates 10 offices along the west coast of Florida.