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First Community Bankshares, Inc. Announces Second Quarter 2024 Results and Quarterly Cash Dividend

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First Community Bankshares, Inc. (NASDAQ: FCBC) reported its Q2 2024 results, with net income of $12.69 million, or $0.71 per diluted common share. For the first six months of 2024, net income was $25.53 million or $1.42 per diluted common share. The company declared a quarterly cash dividend of $0.31 per common share, payable on August 23, 2024.

Key highlights include:

  • 29.26% increase in net income compared to Q2 2023
  • Decrease in provision for credit losses by 96.49%
  • Net interest margin of 4.51%, up 3 basis points from Q2 2023
  • Annualized ROA of 1.58% and ROE of 10.02% for Q2 2024
  • Total assets of $3.23 billion as of June 30, 2024
  • Repurchase of 155,044 common shares during Q2 2024

First Community Bankshares, Inc. (NASDAQ: FCBC) ha riportato i risultati del secondo trimestre del 2024, con un utile netto di 12,69 milioni di dollari, equivalenti a 0,71 dollari per azione ordinaria diluita. Per i primi sei mesi del 2024, l'utile netto è stato di 25,53 milioni di dollari, ovvero 1,42 dollari per azione ordinaria diluita. L'azienda ha dichiarato un dividendo in contante trimestrale di 0,31 dollari per azione ordinaria, pagabile il 23 agosto 2024.

I punti salienti includono:

  • Aumento del 29,26% dell'utile netto rispetto al secondo trimestre del 2023
  • Riduzione della provvista per perdite creditizie del 96,49%
  • Margine di interesse netto del 4,51%, in aumento di 3 punti base rispetto al secondo trimestre del 2023
  • ROA annualizzato dell'1,58% e ROE del 10,02% per il secondo trimestre del 2024
  • Attivi totali di 3,23 miliardi di dollari al 30 giugno 2024
  • Riacquisto di 155.044 azioni ordinarie durante il secondo trimestre del 2024

First Community Bankshares, Inc. (NASDAQ: FCBC) reportó sus resultados del segundo trimestre de 2024, con un ingreso neto de 12,69 millones de dólares, o 0,71 dólares por acción común diluida. Durante los primeros seis meses de 2024, el ingreso neto fue de 25,53 millones de dólares o 1,42 dólares por acción común diluida. La empresa declaró un dividendo en efectivo trimestral de 0,31 dólares por acción común, pagadero el 23 de agosto de 2024.

Los aspectos destacados incluyen:

  • Aumento del 29,26% en el ingreso neto en comparación con el segundo trimestre de 2023
  • Disminución de la provisión para pérdidas crediticias del 96,49%
  • Margen de interés neto del 4,51%, un aumento de 3 puntos básicos en comparación con el segundo trimestre de 2023
  • ROA anualizado del 1,58% y ROE del 10,02% para el segundo trimestre de 2024
  • Activos totales de 3,23 mil millones de dólares hasta el 30 de junio de 2024
  • Recompra de 155,044 acciones comunes durante el segundo trimestre de 2024

퍼스트 커뮤니티 뱅크셰어스, Inc. (NASDAQ: FCBC)는 2024년 2분기 결과를 보고했으며, 순이익은 1,269만 달러, 즉 희석된 보통주 1주당 0.71달러입니다. 2024년 첫 6개월 동안 순이익은 2,553만 달러, 즉 희석된 보통주 1주당 1.42달러로 집계되었습니다. 회사는 보통주 1주당 0.31달러의 분기 배당금을 발표했으며, 이는 2024년 8월 23일에 지급될 예정입니다.

주요 하이라이트는 다음과 같습니다:

  • 2023년 2분기 대비 순이익 29.26% 증가
  • 신용 손실 충당금 96.49% 감소
  • 순이자 마진 4.51%, 2023년 2분기 대비 3bp 증가
  • 2024년 2분기 ROA 연율 1.58%, ROE 10.02%
  • 2024년 6월 30일 기준 총 자산 32억 3천만 달러
  • 2024년 2분기 동안 155,044주 보통주 재매입

First Community Bankshares, Inc. (NASDAQ: FCBC) a publié ses résultats du deuxième trimestre 2024, avec un bénéfice net de 12,69 millions de dollars, soit 0,71 dollar par action ordinaire diluée. Pour les six premiers mois de 2024, le bénéfice net était de 25,53 millions de dollars ou 1,42 dollar par action ordinaire diluée. L'entreprise a déclaré un dividende en espèces trimestriel de 0,31 dollar par action ordinaire, payable le 23 août 2024.

Les points clés incluent :

  • Augmentation de 29,26 % du bénéfice net par rapport au 2ème trimestre 2023
  • Réduction de la provision pour pertes sur crédits de 96,49 %
  • Marche d'intérêt net de 4,51 %, en hausse de 3 points de base par rapport au 2ème trimestre 2023
  • ROA annualisé de 1,58 % et ROE de 10,02 % pour le 2ème trimestre 2024
  • Actifs totaux de 3,23 milliards de dollars au 30 juin 2024
  • Rachat de 155 044 actions ordinaires durant le 2ème trimestre 2024

First Community Bankshares, Inc. (NASDAQ: FCBC) hat seine Ergebnisse für das zweite Quartal 2024 bekannt gegeben, mit einem Nettogewinn von 12,69 Millionen Dollar, oder 0,71 Dollar pro verwässerter Stammaktie. Für die ersten sechs Monate 2024 betrug der Nettogewinn 25,53 Millionen Dollar oder 1,42 Dollar pro verwässerter Stammaktie. Das Unternehmen kündigte eine vierteljährliche Bardividende von 0,31 Dollar pro Stammaktie an, zahlbar am 23. August 2024.

Schlüsselmerkmale sind:

  • 29,26% Anstieg des Nettogewinns im Vergleich zum 2. Quartal 2023
  • Rückgang der Rückstellungen für Kreditausfälle um 96,49%
  • Nettzinsspanne von 4,51%, 3 Basispunkte höher als im 2. Quartal 2023
  • Annualisierte ROA von 1,58% und ROE von 10,02% für das 2. Quartal 2024
  • Gesamtvermögen von 3,23 Milliarden Dollar zum 30. Juni 2024
  • Rückkauf von 155.044 Stammaktien im 2. Quartal 2024
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BLUEFIELD, Va., July 23, 2024 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended June 30, 2024. The Company reported net income of $12.69 million, or $0.71 per diluted common share, for the quarter ended June 30, 2024. Net income for the six months ended June 30, 2024, was $25.53 million or $1.42 per diluted common share.

The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on August 9, 2024, and is expected to be paid on or about August 23, 2024. This marks the 39th consecutive year of regular dividends to common shareholders.

Second Quarter 2024 Highlights

Income Statement

  • Net income of $12.69 million for the second quarter of 2024, was an increase of $2.87 million, or 29.26%, from the same quarter of 2023. Net income of $25.53 million for the first six months of 2024, was an increase of $3.94 million, or 18.22%, from the same period of 2023.
  • The provision for credit losses decreased $3.96 million, or 96.49%, from the same quarter of 2023. The second quarter of 2023 included $1.61 million of Day 2 provision associated with the Surrey Bancorp acquisition. The majority of the difference is due to a much smaller required credit loss provision as the loan portfolio has experienced a decline of $147.81 million from the same period of 2023. In addition, there was a recovery of provision for the allowance for unfunded commitments of $305 thousand for the current quarter; there was no provision for the same period of 2023.
  • Net interest income decreased $950 thousand compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits.
  • Net interest margin of 4.51% was an increase of 3 basis points over the same quarter of 2023. The yield on earning assets increased 45 basis points from the same period of 2023 and is attributable to an increase in interest income resulting from an increase in yield and an increase in average balance. There was an increase in yield for both loans and securities available for sale. The average balance for interest-bearing deposits with banks increased $147.11 million over the same period of 2023. The yield on interest-bearing liabilities increased 67 basis points when compared with the same period of 2023 and is primarily attributable to increased rates on interest-bearing deposit liabilities.
  • Noninterest income increased approximately $557 thousand, or 6.34%, when compared to the same quarter of 2023. Noninterest expense increased $226 thousand, or 0.92%. Noninterest expense for the quarter ending June 30, 2024, included a non-recurring charge of $1.80 million to settle a putative class action lawsuit. Noninterest expense for the same period of 2023 included non-recurring expense of $2.01 million in merger charges related to the Surrey Bancorp acquisition.
  • Annualized return on average assets ("ROA") was 1.58% for the second quarter and 1.59% for the first six months of 2024 compared to 1.18% and 1.36% for the same periods, respectively, of 2023. Annualized return on average common equity ("ROE") was 10.02% for the second quarter and 10.10% for the first six months of 2024 compared to 8.04% and 9.48% for the same periods, respectively, of 2023.

Balance Sheet and Asset Quality

 

  • Consolidated assets totaled $3.23 billion at June 30, 2024.
  • Securities available for sale decreased $151.28 million, or 53.84%, from December 31, 2023. The decrease is primarily attributable to the maturity of $141.50 million in U.S. Treasury Notes during the first six months of 2024. Loans decreased $99.03 million, or 3.85%. Deposits decreased $45.05 million, or 1.65%. The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $213.46 million, or 183.35%.
  • The Company repurchased 155,044 common shares during the second quarter of 2024 at a total cost of $5.28 million. The Company repurchased 244,440 common shares during the first six months of 2024 at a total cost of $8.25 million.
  • Non-performing loans to total loans increased to 0.80% when compared with the same quarter of 2023. The Company experienced net charge-offs for the second quarter of 2024 of $1.03 million, or 0.16% of annualized average loans, compared to net charge-offs of $728 thousand, or 0.11%, of annualized average loans for the same period in 2023.
  • The allowance for credit losses to total loans was 1.41% at June 30, 2024, compared to 1.41% at December 31, 2023, and 1.38% for June 30, 2023.
  • Book value per share at June 30, 2024, was $ 27.85, an increase of $0.65 from year-end 2023.

Non-GAAP Financial Measures

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

About First Community Bankshares, Inc.

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of June 30, 2024. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.58 billion in combined assets as of June 30, 2024. The Company reported consolidated assets of $3.23 billion as of June 30, 2024. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Companys Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.


CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 
  Three Months Ended  Six Months Ended 
  June 30,  March 31,  December 31,  September 30,  June 30,  June 30, 
(Amounts in thousands, except share and per share data) 2024  2024  2023  2023  2023  2024  2023 
Interest income                            
Interest and fees on loans $32,696  $33,418  $33,676  $33,496  $31,927  $66,114  $59,555 
Interest on securities  1,211   1,698   1,888   1,912   2,057   2,909   4,156 
Interest on deposits in banks  2,882   913   438   697   885   3,795   1,347 
Total interest income  36,789   36,029   36,002   36,105   34,869   72,818   65,058 
Interest expense                            
Interest on deposits  4,877   4,365   3,935   2,758   1,930   9,242   2,648 
Interest on borrowings  -   35   4   -   77   35   136 
Total interest expense  4,877   4,400   3,939   2,758   2,007   9,277   2,784 
Net interest income  31,912   31,629   32,063   33,347   32,862   63,541   62,274 
Provision for credit losses  144   1,011   1,029   1,109   4,105   1,155   5,847 
Net interest income after provision  31,768   30,618   31,034   32,238   28,757   62,386   56,427 
Noninterest income  9,342   9,259   10,462   9,622   8,785   18,601   17,368 
Noninterest expense  24,897   23,386   26,780   22,913   24,671   48,283   45,484 
Income before income taxes  16,213   16,491   14,716   18,947   12,871   32,704   28,311 
Income tax expense  3,527   3,646   2,932   4,307   3,057   7,173   6,715 
Net income $12,686  $12,845  $11,784  $14,640  $9,814  $25,531  $21,596 
                             
                             
Earnings per common share                            
Basic $0.69  $0.70  $0.64  $0.78  $0.53  $1.39  $1.25 
Diluted $0.71  $0.71  $0.66  $0.79  $0.55  $1.42  $1.26 
Cash dividends per common share                            
Regular  0.29   0.29   0.29   0.29   0.29   0.58   0.58 
Weighted average shares outstanding                            
Basic  18,343,958   18,476,128   18,530,114   18,786,032   18,407,078   18,410,043   17,323,706 
Diluted  18,409,876   18,545,910   18,575,226   18,831,836   18,431,598   18,475,110   17,363,478 
Performance ratios                            
Return on average assets  1.58%  1.60%  1.43%  1.74%  1.18%  1.59%  1.36%
Return on average common equity  10.02%  10.18%  9.39%  11.63%  8.04%  10.10%  9.48%
Return on average tangible common equity(1)  14.54%  14.82%  13.82%  17.11%  11.65%  14.68%  13.76%

____________

(1)A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets.



CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)
 
  Three Months Ended  Six Months Ended 
  June 30,  March 31,  December 31,  September 30,  June 30,  June 30, 
(Amounts in thousands) 2024  2024  2023  2023  2023  2024  2023 
Noninterest income                            
Wealth management $1,064  $1,099  $1,052  $1,145  $965  $2,163  $1,982 
Service charges on deposits  3,428   3,310   3,637   3,729   3,471   6,738   6,630 
Other service charges and fees  3,670   3,450   3,541   3,564   3,460   7,120   6,542 
(Loss) gain on sale of securities  -   -   -   -   (28)  -   (21)
Other operating income  1,180   1,400   2,232   1,184   917   2,580   2,235 
Total noninterest income $9,342  $9,259  $10,462  $9,622  $8,785  $18,601  $17,368 
Noninterest expense                            
Salaries and employee benefits $12,491  $12,581  $12,933  $12,673  $12,686  $25,072  $24,281 
Occupancy expense  1,309   1,378   1,252   1,271   1,276   2,687   2,444 
Furniture and equipment expense  1,687   1,545   1,489   1,480   1,508   3,232   2,909 
Service fees  2,427   2,449   2,255   2,350   2,284   4,876   4,303 
Advertising and public relations  933   796   843   968   846   1,729   1,489 
Professional fees  330   372   787   172   281   702   608 
Amortization of intangibles  530   530   536   536   425   1,060   659 
FDIC premiums and assessments  364   369   376   392   423   733   743 
Merger expense  -   -   -   -   2,014   -   2,393 
Litigation expense  1,800   -   3,000   -   -   1,800   - 
Other operating expense  3,026   3,366   3,309   3,071   2,928   6,392   5,655 
Total noninterest expense $24,897  $23,386  $26,780  $22,913  $24,671  $48,283  $45,484 



RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)
 
  Three Months Ended  Six Months Ended 
  June 30,  March 31,  December 31,  September 30,  June 30,  June 30, 
(Amounts in thousands, except per share data) 2024  2024  2023  2023  2023  2024  2023 
Adjusted Net Income for diluted earnings per share $13,125  $13,085  $12,314  $14,855  $10,149  $26,210  $21,951 
Non-GAAP adjustments:                            
Loss (gain) on sale of securities  -   -   -   -   28   -   21 
Merger expense  -   -   -   -   2,014   -   2,393 
Day 2 provision for allowance for credit losses - Surrey  -   -   -   -   1,614   -   1,614 
Litigation expense  1,800   -   3,000   -   -   1,800   - 
Other items(1)  -   -   -   (204)  -   -   - 
Total adjustments  1,800   -   3,000   (204)  3,656   1,800   4,028 
Tax effect  432   -   720   (49)  522   432   532 
Adjusted earnings, non-GAAP $14,493  $13,085  $14,594  $14,700  $13,283  $27,578  $25,447 
                             
Adjusted diluted earnings per common share, non-GAAP $0.79  $0.71  $0.79  $0.78  $0.72  $1.49  $1.47 
Performance ratios, non-GAAP                            
Adjusted return on average assets  1.81%  1.63%  1.77%  1.75%  1.60%  1.72%  1.60%
Adjusted return on average common equity  11.45%  10.37%  11.63%  11.68%  10.88%  10.91%  11.17%
Adjusted return on average tangible common equity (2)  16.61%  15.10%  17.11%  17.18%  15.77%  15.86%  16.21%

____________

(1)Includes other non-recurring income and expense items.
(2)A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets.



AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
 
  Three Months Ended June 30, 
  2024  2023 
  Average      Average Yield/  Average      Average Yield/ 
(Amounts in thousands) Balance  Interest(1)  Rate(1)  Balance  Interest(1)  Rate(1) 
Assets                        
Earning assets                        
Loans(2)(3) $2,499,212  $32,777   5.27% $2,570,477  $31,997   4.99%
Securities available for sale  144,755   1,242   3.45%  318,263   2,099   2.65%
Interest-bearing deposits  210,432   2,883   5.51%  63,322   885   5.61%
Total earning assets  2,854,399   36,902   5.20%  2,952,062   34,981   4.75%
Other assets  373,029           382,162         
Total assets $3,227,428          $3,334,224         
                         
Liabilities and stockholders' equity                        
Interest-bearing deposits                        
Demand deposits $664,707  $174   0.10% $712,943  $34   0.02%
Savings deposits  874,420   3,582   1.65%  861,315   1,306   0.61%
Time deposits  246,291   1,121   1.83%  282,229   590   0.84%
Total interest-bearing deposits  1,785,418   4,877   1.10%  1,856,487   1,930   0.42%
Borrowings                        
Federal funds purchased  -   -   -   5,927   76   5.14%
Retail repurchase agreements  1,002   -   0.04%  1,693   1   0.06%
Total borrowings  1,002   -   0.04%  7,620   77   3.94%
Total interest-bearing liabilities  1,786,420   4,877   1.10%  1,864,107   2,007   0.43%
Noninterest-bearing demand deposits  884,681           939,902         
Other liabilities  47,123           40,705         
Total liabilities  2,718,224           2,844,714         
Stockholders' equity  509,204           489,510         
Total liabilities and stockholders' equity $3,227,428          $3,334,224         
Net interest income, FTE(1)     $32,025          $32,974     
Net interest rate spread          4.10%          4.32%
Net interest margin, FTE(1)          4.51%          4.48%

 

____________

(1)Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
(2)Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3)Interest on loans includes non-cash and accelerated purchase accounting accretion of $661 thousand and $884 thousand for the three months ended June 30, 2024 and 2023, respectively.



AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
 
  Six Months Ended June 30, 
  2024  2023 
  Average      Average Yield/  Average      Average Yield/ 
(Amounts in thousands) Balance  Interest(1)  Rate(1)  Balance  Interest(1)  Rate(1) 
Assets                        
Earning assets                        
Loans(2)(3) $2,524,159  $66,278   5.28% $2,482,606  $59,695   4.85%
Securities available for sale  191,882   2,974   3.12%  317,503   4,239   2.69%
Interest-bearing deposits  138,458   3,798   5.52%  52,219   1,350   5.21%
Total earning assets  2,854,499   73,050   5.15%  2,852,328   65,284   4.62%
Other assets  373,322           352,643         
Total assets $3,227,821          $3,204,971         
                         
Liabilities and stockholders' equity                        
Interest-bearing deposits                        
Demand deposits $665,291  $336   0.10% $689,823  $60   0.02%
Savings deposits  870,252   6,995   1.62%  844,459   1,790   0.43%
Time deposits  248,133   1,911   1.55%  276,752   798   0.58%
Total interest-bearing deposits  1,783,676   9,242   1.04%  1,811,034   2,648   0.29%
Borrowings                        
Federal funds purchased  1,264   35   5.52%  5,326   135   5.11%
Retail repurchase agreements  1,065   -   0.05%  1,889   1   0.06%
Total borrowings  2,329   35   3.02%  7,215   136   3.80%
Total interest-bearing liabilities  1,786,005   9,277   1.04%  1,818,249   2,784   0.31%
Noninterest-bearing demand deposits  885,813           889,253         
Other liabilities  47,710           38,204         
Total liabilities  2,719,528           2,745,706         
Stockholders' equity  508,293           459,265         
Total liabilities and stockholders' equity $3,227,821          $3,204,971         
Net interest income, FTE(1)     $63,773          $62,500     
Net interest rate spread          4.11%          4.31%
Net interest margin, FTE(1)          4.49%          4.42%

 

____________

(1)Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
(2)Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3)Interest on loans includes non-cash and accelerated purchase accounting accretion of $1.44 million and $1.08 million for the six months ended June 30, 2024 and 2023, respectively.



CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
 
  June 30,  March 31,  December 31,  September 30,  June 30, 
(Amounts in thousands, except per share data) 2024  2024  2023  2023  2023 
Assets                    
Cash and cash equivalents $329,877  $248,905  $116,420  $113,397  $152,660 
Debt securities available for sale, at fair value  129,686   166,247   280,961   275,332   314,373 
Loans held for investment, net of unearned income  2,473,268   2,519,833   2,572,298   2,593,472   2,621,073 
Allowance for credit losses  (34,885)  (35,461)  (36,189)  (36,031)  (36,177)
Loans held for investment, net  2,438,383   2,484,372   2,536,109   2,557,441   2,584,896 
Premises and equipment, net  50,528   51,333   50,680   51,205   53,546 
Other real estate owned  100   374   192   243   339 
Interest receivable  9,984   10,719   10,881   10,428   10,185 
Goodwill  143,946   143,946   143,946   143,946   143,946 
Other intangible assets  14,085   14,615   15,145   15,681   16,217 
Other assets  116,230   115,470   114,211   116,552   115,275 
Total assets $3,232,819  $3,235,981  $3,268,545  $3,284,225  $3,391,437 
                     
Liabilities                    
Deposits                    
Noninterest-bearing $889,462  $902,396  $931,920  $944,301  $974,995 
Interest-bearing  1,787,810   1,779,819   1,790,405   1,801,835   1,877,683 
Total deposits  2,677,272   2,682,215   2,722,325   2,746,136   2,852,678 
Securities sold under agreements to repurchase  894   1,006   1,119   1,029   1,348 
Interest, taxes, and other liabilities  45,769   45,816   41,807   41,393   38,691 
Total liabilities  2,723,935   2,729,037   2,765,251   2,788,558   2,892,717 
                     
Stockholders' equity                    
Common stock  18,270   18,413   18,502   18,671   18,969 
Additional paid-in capital  168,272   173,041   175,841   180,951   189,917 
Retained earnings  334,756   327,389   319,902   313,489   304,295 
Accumulated other comprehensive loss  (12,414)  (11,899)  (10,951)  (17,444)  (14,461)
Total stockholders' equity  508,884   506,944   503,294   495,667   498,720 
Total liabilities and stockholders' equity $3,232,819  $3,235,981  $3,268,545  $3,284,225  $3,391,437 
                     
Shares outstanding at period-end  18,270,273   18,413,088   18,502,396   18,671,470   18,969,281 
Book value per common share $27.85  $27.53  $27.20  $26.55  $26.29 
Tangible book value per common share(1)  19.20   18.92   18.60   18.00   17.85 

 

____________

(1)A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding.



SELECTED CREDIT QUALITY INFORMATION (Unaudited)
 
  June 30,  March 31,  December 31,  September 30,  June 30, 
(Amounts in thousands) 2024  2024  2023  2023  2023 
Allowance for Credit Losses                    
Balance at beginning of period:                    
Allowance for credit losses - loans $35,461  $36,189  $36,031  $36,177  $30,789 
Allowance for credit losses - loan commitments  746   746   758   964   964 
Total allowance for credit losses beginning of period  36,207   36,935   36,789   37,141   31,753 
Adjustments to beginning balance:                    
Allowance for credit losses - loans - Surrey acquisition for purchased credit deteriorated loans  -   -   -   -   2,011 
Allowance for credit losses - loan commitments  -   -   -   -   - 
Net Adjustments  -   -   -   -   2,011 
Provision for credit losses:                    
Provision for credit losses - loans  449   1,011   1,041   1,315   4,105 
(Recovery of) provision for credit losses - loan commitments  (305)  -   (12)  (206)  - 
Total provision for credit losses - loans and loan commitments  144   1,011   1,029   1,109   4,105 
Charge-offs  (1,599)  (2,448)  (2,105)  (2,157)  (1,993)
Recoveries  574   709   1,222   696   1,265 
Net (charge-offs) recoveries  (1,025)  (1,739)  (883)  (1,461)  (728)
Balance at end of period:                    
Allowance for credit losses - loans  34,885   35,461   36,189   36,031   36,177 
Allowance for credit losses - loan commitments  441   746   746   758   964 
Ending balance $35,326  $36,207  $36,935  $36,789  $37,141 
                     
Nonperforming Assets                    
Nonaccrual loans $19,815  $19,617  $19,356  $18,366  $18,628 
Accruing loans past due 90 days or more  19   30   104   59   - 
Modified loans past due 90 days or more  -   -   -   -   - 
Total nonperforming loans  19,834   19,647   19,460   18,425   18,628 
OREO  100   374   192   243   339 
Total nonperforming assets $19,934  $20,021  $19,652  $18,668  $18,967 
                     
                     
Additional Information                    
Total modified loans $2,290  $2,177  $1,873  $1,674  $642 
                     
Asset Quality Ratios                    
Nonperforming loans to total loans  0.80%  0.78%  0.76%  0.71%  0.71%
Nonperforming assets to total assets  0.62%  0.62%  0.60%  0.57%  0.56%
Allowance for credit losses to nonperforming loans  175.88%  180.49%  185.97%  195.55%  194.21%
Allowance for credit losses to total loans  1.41%  1.41%  1.41%  1.39%  1.38%
Annualized net charge-offs (recoveries) to average loans  0.16%  0.27%  0.14%  0.22%  0.11%


FOR MORE INFORMATION, CONTACT: 
David D. Brown
(276) 326-9000


FAQ

What was First Community Bankshares' (FCBC) net income for Q2 2024?

First Community Bankshares (FCBC) reported a net income of $12.69 million for Q2 2024, which is an increase of 29.26% compared to the same quarter in 2023.

How much is the quarterly cash dividend declared by FCBC for Q2 2024?

First Community Bankshares (FCBC) declared a quarterly cash dividend of $0.31 per common share, payable to shareholders of record on August 9, 2024, and expected to be paid around August 23, 2024.

What was FCBC's net interest margin for Q2 2024?

First Community Bankshares (FCBC) reported a net interest margin of 4.51% for Q2 2024, which is an increase of 3 basis points compared to the same quarter in 2023.

How many shares did FCBC repurchase in Q2 2024?

First Community Bankshares (FCBC) repurchased 155,044 common shares during Q2 2024 at a total cost of $5.28 million.

What was FCBC's return on average assets (ROA) for Q2 2024?

First Community Bankshares (FCBC) reported an annualized return on average assets (ROA) of 1.58% for Q2 2024, compared to 1.18% for the same period in 2023.

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