Net income has risen to $8.6 million or $0.55 per diluted share for the second quarter from $7.2 million or $0.46 per diluted share for the first three months of the year. The company has also announced consolidated net income for the first half of 2003 as $15.9 million. According to company officials, this figure reflects an increase of 164% from the same period last year.
"During the second quarter, First Community made significant progress in several key areas," says president and CEO Matt Wagner, explaining that aside from increasing net income, the company has also succeeded in keeping a steady net interest margin, reducing nonperforming assets and improving efficiency ratio and return on average assets.
Rancho Santa Fe-based First Community is a bank holding company that has two wholly owned banking subsidiaries, Pacific Western National Bank and First National Bank. With $2.2 billion in assets, First Community provides commercial banking services (including real estate and construction loans) through its 31 full-services banking branches.
First Community's 2003 figures have been affected by the purchases of Upland Bank, Marathon Bancorp, First Bank and Bank of Colorado, which resulted in the acquisition of aggregate assets totaling $1 billion and aggregate deposits totaling $816.6 million. The year-over-year comparisons have also been affected by the additions of Pacific Western National Bank and W.H.E.C. Inc., which resulted in the acquisition of aggregate assets totaling $407 million and aggregate deposits totaling $373.7 million.
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