First Community Bancshares Inc., Bluefield, Va., has announced plans to exit the mortgage banking business by selling its Richmond, Va.-based subsidiary United First Mortgage to certain members of UFM's management.The details of the proposed sale of 100% of UFM's stock were not disclosed, but the company said it resulted in a charge to net income of $651,000 in the first quarter. First Community reported net income of $4.2 million ($0.37 per share) for the first quarter, compared with $6.7 million ($0.62 per share) a year earlier. The year-over-year reduction in earnings "was largely attributable to a $1.9 million decline in net income of the mortgage banking segment," the company said.
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