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First Community Bankshares, Inc. reports community-bank operating results, dividend actions and corporate developments for its financial holding company and banking subsidiary, First Community Bank. Company news commonly covers quarterly earnings, net interest and fee-based banking activity, regular and special cash dividends, share repurchases and capital-management decisions tied to its common stock.
The company provides commercial banking products and services, including deposits, commercial, consumer and real estate mortgage loans, card services, trust services, investment management and insurance-related offerings. Recent company developments also include the completed acquisition of Hometown Bancshares, Inc. and the merger of Union Bank, Inc. into First Community Bank, expanding its West Virginia branch presence.
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
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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.