Welcome to our dedicated page for First Cmnty Bankshares Va news (Ticker: FCBC), a resource for investors and traders seeking the latest updates and insights on First Cmnty Bankshares Va stock.
First Community Bankshares, Inc. (NASDAQ: FCBC) is a financial holding company headquartered in Bluefield, Virginia, operating in the commercial banking industry through its wholly owned subsidiary, First Community Bank. This news page aggregates company-issued updates and regulatory-linked announcements so readers can follow how the bank’s financial performance, capital actions, and strategic decisions evolve over time.
News about First Community Bankshares frequently centers on quarterly and annual earnings releases, which detail net income, net interest income, noninterest income, and key performance ratios such as return on average assets and return on average common equity. These releases also discuss trends in loans, deposits, securities, nonperforming assets, and allowance for credit losses, providing insight into the company’s balance sheet and asset quality.
Another recurring theme in FCBC news is capital management. The company regularly announces quarterly cash dividends to common shareholders and has reported a long history of consecutive regular dividend payments. From time to time, it also discloses special cash dividends and share repurchase activity, explaining how these actions align with its capital management plan and philosophy.
Strategic transactions and regulatory milestones are also covered. First Community Bankshares has reported acquisitions, such as the Surrey Bancorp transaction, and has announced an Agreement and Plan of Merger to acquire Hometown Bancshares, Inc., with Union Bank, Inc. to be merged into First Community Bank. Related news includes updates on regulatory approvals, shareholder votes, and expected closing timelines.
Investors, analysts, and other interested readers can use this page to review FCBC’s historical and ongoing public communications, including earnings announcements, dividend declarations, merger-related updates, and other material events disclosed through press releases and SEC-referenced news.
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First Community Bankshares reported a net income of $11.78 million, or $0.72 per diluted share, for Q1 2023, representing a 24% increase compared to Q1 2022. The bank declared a quarterly cash dividend of $0.29, marking a 7.41% increase from the previous year. This is the 38th consecutive year of regular dividends. The acquisition of Surrey Bancorp was completed, adding approximately $468 million in assets and $405 million in deposits. Net interest income rose by $4.26 million, while noninterest expense and noninterest income also saw changes. The annualized return on average assets was 1.55% and the net interest margin increased to 4.35%.
First Community Bankshares, Inc. (NASDAQ: FCBC) has successfully completed its acquisition of Surrey Bancorp and its subsidiary Surrey Bank and Trust, effective April 21, 2023. This merger enhances First Community's presence in northwestern North Carolina and southwestern Virginia, integrating Surrey's seven branches into its network. Under the merger terms, Surrey shareholders received 0.7159 shares of First Community common stock for each share held. As of March 2023, Surrey Bank and Trust had approximately $482 million in total assets, $253 million in total loans, and $414 million in total deposits. CEO William P. Stafford II highlighted the deal's strategic importance for serving small business clients, while Surrey's CEO Ted Ashby expressed confidence in the new partnership's dedication to community banking.
First Community Bankshares reported net income of $12.58 million for Q4 2022, an increase of $2.03 million from the previous year, resulting in $0.77 per diluted share. The annual net income was $46.66 million, or $2.82 per share. A quarterly cash dividend of $0.29 was declared, marking a 7.41% increase from Q4 2021. The bank announced plans to acquire Surrey Bancorp, adding approximately $500 million in assets. Loan portfolio growth was 10.83% in 2022, and non-performing loans stood at 0.70% of total loans.
First Community Bankshares (NASDAQ: FCBC) announced an agreement to acquire Surrey Bancorp (OTCPK: SRYB) for about $113.2 million. The merger will enhance First Community's assets to over $3.6 billion. Surrey Bank & Trust, with roughly $500 million in assets, will merge into First Community Bank. Both banks reported strong performance metrics. The transaction, pending regulatory approvals, is expected to provide synergies, increased lending capabilities, and a positive impact on earnings per share. The deal is likely to close in Q2 2023.
First Community Bankshares reported net income of $13.35 million for Q3 2022, translating to $0.81 per diluted share, marking a 7.41% increase in quarterly dividends to $0.29 per share. The company experienced a 12.17% growth in loans and a 4.01% net interest margin, up from 3.56% in Q3 2021. However, the provision for credit losses rose by $2.08 million, indicating potential challenges in asset quality. The return on average assets stood at 1.63%, with consistent share repurchases totaling $19.42 million in 2022.
First Community Bankshares reported a net income of $11.21 million or $0.67 per diluted share for Q2 2022, a decline from the previous year. The six-month net income totaled $20.73 million or $1.24 per diluted share. The bank declared a quarterly dividend of $0.29, a 7.41% increase from Q2 2021, marking 37 consecutive years of dividends. Notably, loan portfolio increased by $134.23 million, and non-performing loans remain low at 0.80%. Annualized return on average assets was 1.38% for Q2.