First Community Bankshares Q3 profit rises to $15.4M

Early adoption for Hometown-acquired loans meant FCBC was not required to recognize a $2.98 million provision expense that otherwise would have been recorded.

Available on EDGAR 11/06/2026 - 02:26 PM EST Accepted by SEC EDGAR 11/06/2026 - 02:25 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

First Community Bankshares, Inc. reported third-quarter 2026 net income of $15.423 million, compared with $12.266 million a year earlier. Nine-month net income was $49.963 million, versus $36.329 million, while nine-month net interest income was $104.034 million, compared with $92.252 million. At September 30, 2026, total assets were $3,633.679 million, deposits were $3,028.884 million, and loans held for investment, net of unearned income, were $2,477.419 million.

The company completed its merger with Hometown Bancshares, Inc. on January 23, 2026. Each outstanding Hometown common share converted into the right to receive 11.706 FCBC common shares, plus cash, without interest, in lieu of fractional shares; FCBC issued 1,029,314 common shares. The company recognized $1.73 million of goodwill and $8.59 million of core deposit intangibles. Merger expenses totaled $5.22 million, including $2.31 million recorded in the first quarter of 2026.

3 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

How the balance works

Positive

• Moderate pointNine-month net income was $49.963 million, versus $36.329 million in 2025.
• Moderate pointNine-month net interest income was $104.034 million, versus $92.252 million in 2025.
• Moderate pointHometown merger completed January 23, 2026; FCBC issued 1,029,314 common shares.

Negative

• None.

Filing Explained

Early adoption for acquired loans kept $2.98 million of otherwise-recorded provision expense out of reported nine-month results.

For the nine months ended September 30, 2026, First Community Bankshares reports completed repurchases of 504,652 shares at $40.29 each, for $20,332 thousand.

The filing records the repurchases as reducing shares outstanding, but the reported total rose from 18,334,787 at December 31, 2025, to 18,916,116 at September 30, 2026. The company also says early adoption of loan-accounting guidance for loans acquired in the Hometown merger meant it did not recognize $2.98 million of provision expense that otherwise would have been recorded.

Key Figures

Third-quarter net income: $15.423 million Nine-month net income: $49.963 million Nine-month net interest income: $104.034 million +5 more

8 metrics

Third-quarter net income $15.423 million Three months ended September 30, 2026; $12.266 million in 2025

Nine-month net income $49.963 million Nine months ended September 30, 2026; $36.329 million in 2025

Nine-month net interest income $104.034 million Nine months ended September 30, 2026; $92.252 million in 2025

Total assets $3,633.679 million As of September 30, 2026

Total deposits $3,028.884 million As of September 30, 2026

Loans held for investment, net of unearned income $2,477.419 million As of September 30, 2026

Common shares issued in Hometown merger 1,029,314 shares Hometown merger completed January 23, 2026

Hometown common-share exchange ratio 11.706 FCBC common shares per Hometown common share Merger consideration

Key Terms

current expected credit losses, purchased seasoned loans, core deposit intangibles, acquisition method of accounting, +1 more

5 terms

current expected credit losses financial

"current expected credit losses (CECL) model"

An accounting rule that requires lenders and creditors to estimate and record expected loan losses up front, based on current information and reasonable forecasts, rather than waiting until losses actually occur. Think of it as a bank setting aside a rainy-day fund based on the weather report instead of only after storms hit; for investors this affects reported profits, reserves and capital levels and can change perceptions of a firm’s financial strength.

purchased seasoned loans financial

"purchased seasoned loans (PSLs)"

Purchased seasoned loans are existing loans that an investor buys after they have been outstanding for some time and have a track record of payments. Like buying a used car with a known service history, these loans give buyers clearer information about how likely borrowers are to keep paying, which helps investors estimate future cash flow, potential losses, and the returns they can expect.

core deposit intangibles financial

"core deposit intangibles for the Hometown transaction"

Core deposit intangibles are the recorded value placed on a bank’s customer deposits when one financial institution buys another, reflecting the extra worth of stable, low-cost accounts that are expected to stay after the sale. Investors care because this value is written into the buyer’s books and gradually expensed over time, which affects reported earnings and signals how much the market values the predictability and cost advantage of those customer relationships—similar to paying extra for a neighborhood store because its regular customers keep coming back.

acquisition method of accounting financial

"accounted for using the acquisition method of accounting"

An accounting method used when one company obtains control of another; the acquirer records the purchase by measuring the fair value of the consideration it gives up, identifying and measuring the acquiree’s identifiable assets and liabilities at their fair values, and recognizing either goodwill for excess purchase price or a gain if the fair value of net assets exceeds consideration. Measurement-period adjustments are allowed to revise provisional amounts as more information becomes available; the method applies only when control is obtained and replaces earlier approaches that combined owners’ interests without fair-value measurement.

available-for-sale debt securities financial

"debt securities available-for-sale, at fair value"

A type of debt investment—like bonds or loans a company buys—that the company intends to hold for a while but may sell before it matures. Think of it as lending money with the option to sell the IOU; changes in its market value alter the company’s reported net worth now but usually don’t affect reported profit until the investment is actually sold, so investors watch these holdings for balance-sheet risk and potential future gains or losses.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was FCBC's net income in the third quarter of 2026?

FCBC reported net income of $15.423 million for the three months ended September 30, 2026, compared with $12.266 million for the same 2025 period. For the nine months ended September 30, 2026, net income was $49.963 million, compared with $36.329 million.

What were the terms of FCBC's Hometown Bancshares merger?

The merger closed on January 23, 2026. Each outstanding Hometown common share converted into the right to receive 11.706 FCBC common shares, plus cash, without interest, in lieu of fractional shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-19297

FIRST COMMUNITY BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

Virginia							55-0694814
(State or other jurisdiction of incorporation or organization)							(IRS Employer Identification No.)

P.O. Box 989 Bluefield, Virginia							24605-0989
(Address of principal executive offices)							(Zip Code)

(276) 326-9000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($1.00 par value)	FCBC	NASDAQ Global Select

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
	Large accelerated filer ☐									Accelerated filer ☑
	Non-accelerated filer ☐									Smaller reporting company ☐
										Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☑ No
As of November 3, 2026, there were 18,916,116 shares outstanding of the registrant’s Common Stock, $1.00 par value.

Table of Contents

FIRST COMMUNITY BANKSHARES, INC.
FORM 10-Q
INDEX
PART I.	FINANCIAL INFORMATION		Page
Item 1.	Financial Statements
		Condensed Consolidated Balance Sheets as of September 30, 2026 (Unaudited) and December 31, 2025	4
		Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)	5
		Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)	6
		Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)	7
		Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 (Unaudited)	9
		Notes to Condensed Consolidated Financial Statements (Unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		54
Item 4.	Controls and Procedures		54
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings		54
Item 1A.	Risk Factors		54
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		55
Item 3.	Defaults Upon Senior Securities		55
Item 4.	Mine Safety Disclosures		55
Item 5.	Other Information		55
Item 6.	Exhibits		56
Signatures			58

2

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Forward-looking statements in filings with the Securities and Exchange Commission, including this Quarterly Report on Form 10-Q and the accompanying Exhibits, filings incorporated by reference, reports to shareholders, and other communications that represent the Company’s beliefs, plans, objectives, goals, guidelines, expectations, anticipations, estimates, and intentions are made in good faith pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” and other similar expressions identify forward-looking statements. The following factors, among others, could cause financial performance to differ materially from that expressed in such forward-looking statements:

● inflation, interest rate, market and monetary fluctuations;

	●	the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations including tariffs or changes in trade policies;
	●	the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve System;

● timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;

● the willingness of customers to substitute competitors’ products and services for the Company’s products and services and vice versa;

● the impact of changes in financial services laws and regulations, including laws about taxes, banking, securities, and insurance;

● the impact of the U.S. Department of the Treasury and federal banking regulators’ continued implementation of programs to address capital and liquidity in the banking system;

● technological changes;

	●	the effects of developments in cryptocurrencies, stablecoins, and other digital assets, including changes in regulations, market acceptance, cybersecurity risks, and customer demand for related products and services;
	●	the impact of prolonged federal government shutdowns;
	●	the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of third-party providers;
	●	the effect of continued changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters;

● the effect of acquisitions, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions;

● the sustainability of noninterest or fee income being less than expected;

● unanticipated regulatory or judicial proceedings;

● changes in consumer spending and saving habits;

	●	increased or expanded competition from banks and other financial service providers in the Company's markets;
	●	the Company's ability to effectively manage its liquidity and maintain adequate regulatory capital to support its business;
	●	risks related to the development and use of artificial intelligence;
	●	the effectiveness of the Company's risk management processes strategies and monitoring; and
	●	the Company’s success at managing the risks mentioned above.

This list of important factors is not exclusive. If one or more of the factors affecting these forward-looking statements proves incorrect, actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking statements contained in this Quarterly Report on Form 10-Q and other reports we file with the Securities and Exchange Commission. Therefore, the Company cautions you not to place undue reliance on forward-looking information and statements. The Company does not intend to update any forward-looking statements, whether written or oral, to reflect changes. These cautionary statements expressly qualify all forward-looking statements that apply to the Company including the risk factors presented in Part II, Item 1A, “Risk Factors,” of this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

3

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PART I. FINANCIAL INFORMATION

Item 1.     Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

		September 30,				December 31,
		2026				2025(1)
(Amounts in thousands, except share and per share data)		(Unaudited)
Assets
Cash and due from banks		$	108,219			$	126,068
Federal funds sold			386,767				384,141
Interest-bearing deposits in banks			7,362				2,031
Total cash and cash equivalents			502,348				512,240
Debt securities available-for-sale, at fair value			335,316				132,688
Loans held for investment, net of unearned income			2,477,419				2,314,755
Allowance for credit losses			(32,638	)			(30,761	)
Loans held for investment, net			2,444,781				2,283,994
Premises and equipment, net			50,132				47,560
Other real estate owned			66				-
Interest receivable			9,740				8,720
Goodwill			145,672				143,946
Other intangible assets			17,167				11,098
Other assets			128,457				119,397
Total assets		$	3,633,679			$	3,259,643
Liabilities
Deposits
Noninterest bearing		$	974,259			$	896,255
Interest-bearing			2,054,625				1,789,074
Total deposits			3,028,884				2,685,329
Securities sold under agreements to repurchase			2,440				1,214
Interest, taxes, and other liabilities			57,085				72,553
Total liabilities			3,088,409				2,759,096
Stockholders' equity
Preferred stock, undesignated par value; 1,000,000 shares authorized; Series A Noncumulative Convertible Preferred Stock, $0.01 par value; 25,000 shares authorized; none outstanding			-				-
Common stock, $1 par value; 50,000,000 shares authorized; 28,748,551 shares issued and 18,916,116 outstanding at September 30, 2026; 27,662,570 shares issued and 18,334,787 outstanding at December 31, 2025			18,916				18,335
Additional paid-in capital			186,827				170,358
Retained earnings			351,285				319,368
Accumulated other comprehensive loss			(11,758	)			(7,514	)
Total stockholders' equity			545,270				500,547
Total liabilities and stockholders' equity		$	3,633,679			$	3,259,643

(1)   Derived from audited financial statements

See Notes to Condensed Consolidated Financial Statements.

4

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(Amounts in thousands, except share and per share data)		2026				2025				2026				2025
Interest income
Interest and fees on loans		$	33,125			$	30,805			$	97,485			$	92,111
Interest on securities -- taxable			2,123				977				6,264				3,069
Interest on securities -- tax-exempt			44				73				207				248
Interest on deposits in banks			4,913				3,844				13,639				10,828
Total interest income			40,205				35,699				117,595				106,256
Interest expense
Interest on deposits			4,340				4,402				13,561				14,004
Total interest expense			4,340				4,402				13,561				14,004
Net interest income			35,865				31,297				104,034				92,252
Provision for credit losses			680				-				1,541				36
Net interest income after provision for credit losses			35,185				31,297				102,493				92,216
Noninterest income
Wealth management			1,324				1,371				4,022				3,755
Service charges on deposits			4,719				4,520				13,335				12,476
Other service charges and fees			4,412				3,847				12,828				10,978
Gain on sale of securities			-				-				208				-
Gain on divestiture- sale of Bearing Insurance			-				-				10,384				-
Other operating income			2,192				1,151				5,668				4,249
Total noninterest income			12,647				10,889				46,445				31,458
Noninterest expense
Salaries and employee benefits			15,306				14,351				44,800				42,035
Occupancy expense			1,431				1,508				4,626				4,374
Furniture and equipment expense			1,650				1,502				4,799				4,664
Service fees			3,033				2,728				8,680				7,687
Advertising and public relations			1,122				939				2,917				3,148
Professional fees			305				293				866				1,025
Amortization of intangibles			834				433				2,521				1,483
FDIC premiums and assessments			412				362				1,235				1,085
Merger expenses			-				787				2,310				787
Other operating expense			3,847				3,376				11,488				10,391
Total noninterest expense			27,940				26,279				84,242				76,679
Income before income taxes			19,892				15,907				64,696				46,995
Income tax expense			4,469				3,641				14,733				10,666
Net income		$	15,423			$	12,266			$	49,963			$	36,329
Earnings per common share
Basic		$	0.82			$	0.67			$	2.64			$	1.98
Diluted			0.81				0.67				2.63				1.97
Weighted average shares outstanding
Basic			18,910,756				18,314,865				18,905,327				18,311,661
Diluted			18,993,264				18,400,289				18,986,593				18,417,066

See Notes to Condensed Consolidated Financial Statements.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
(Amounts in thousands)
Net income		$	15,423			$	12,266			$	49,963			$	36,329
Other comprehensive income (loss), before tax
Available-for-sale debt securities:
Change in net unrealized (loss) gains on debt securities			(4,507	)			1,385				(5,580	)			3,946
Reclassification adjustment for gains recognized in net income			-				-				208				-
Net unrealized (loss) gain on available-for-sale debt securities			(4,507	)			1,385				(5,372	)			3,946
Employee benefit plans:
Net actuarial gain (loss)			-				6				(1	)			17
Reclassification adjustment for amounts recognized in net income			-				(6	)			1				(17	)
Net employee benefit plans adjustment			-				-				-				-
Other comprehensive income, before tax			(4,507	)			1,385				(5,372	)			3,946
Income tax (benefit) expense			(946	)			292				(1,128	)			829
Other comprehensive (loss) gain, net of tax			(3,561	)			1,093				(4,244	)			3,117
Total comprehensive income		$	11,862			$	13,359			$	45,719			$	39,446

See Notes to Condensed Consolidated Financial Statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

THREE MONTHS ENDED

September 30, 2026 and 2025

																										Accumulated
		Preferred								Common								Additional								Other
(Amounts in thousands, except share and per share data)		Stock Outstanding				Preferred Stock				Stock Outstanding				Common Stock				Paid-in Capital				Retained Earnings				Comprehensive Loss				Total
Balance July, 1 2025			-			$	-				18,311,232			$	18,311			$	169,358			$	324,307			$	(9,147	)		$	502,829
Net income			-				-				-				-				-				12,266				-				12,266
Other comprehensive income			-				-				-				-				-				-				1,093				1,093
Common dividends declared -- $0.31per share			-				-				-				-				-				(5,678	)			-				(5,678	)
Equity-based compensation expense			-				-				-				-				93				-				-				93
Common stock options exercised			-				-				3,673				4				118				-				-				122
Balance September 30, 2025			-			$	-				18,314,905			$	18,315			$	169,569			$	330,895			$	(8,054	)		$	510,725
Balance July, 1 2026			-			$	-				18,902,628			$	18,902			$	186,291			$	342,103			$	(8,197	)		$	539,099
Net income			-				-				-				-				-				15,423				-				15,423
Other comprehensive loss			-				-				-				-				-				-				(3,561	)			(3,561	)
Common dividends declared -- $0.33 per share			-				-				-				-				-				(6,241	)			-				(6,241	)
Equity-based compensation expense			-				-				-				-				131				-				-				131
Common stock options exercised			-				-				13,488				14				405				-				-				419
Balance September 30, 2026			-			$	-			$	18,916,116			$	18,916			$	186,827			$	351,285			$	(11,758	)		$	545,270

See Notes to Condensed Consolidated Financial Statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

Nine MONTHS ENDED

September 30, 2026 and 2025

																										Accumulated
		Preferred								Common								Additional								Other
(Amounts in thousands, except share and per share data)		Stock Outstanding				Preferred Stock				Stock Outstanding				Common Stock				Paid-in Capital				Retained Earnings				Comprehensive Loss				Total
Balance January 1, 2025			-			$	-				18,321,795			$	18,322			$	169,752			$	349,489			$	(11,171	)		$	526,392
Net income			-				-				-				-				-				36,329				-				36,329
Other comprehensive income			-				-				-				-				-				-				3,117				3,117
Common dividends declared -- $0.62 per share and special dividend $2.07 per share			-				-				-				-				-				(54,923	)			-				(54,923	)
Equity-based compensation expense			-				-				34,913				34				1,385				-				-				1,419
Common stock options exercised			-				-				8,550				9				233				-				-				242
Issuance of common stock to 401(k) plan			-				-				(15	)			-				-				-				-				-
Repurchase of common shares at $36.80 per share			-				-				(50,338	)			(50	)			(1,801	)			-				-				(1,851	)
Balance September 30, 2025			-			$	-				18,314,905			$	18,315			$	169,569			$	330,895			$	(8,054	)		$	510,725
Balance January 1, 2026			-			$	-				18,334,787			$	18,335			$	170,358			$	319,368			$	(7,514	)		$	500,547
Hometown Acquisition											1,029,314				1,029				34,044				-				-				35,073
Net income			-				-				-				-				-				49,963				-				49,963
Other comprehensive loss			-				-				-				-				-				-				(4,244	)			(4,244	)
Common dividends declared -- $0.95 per share			-				-				-				-				-				(18,046	)			-				(18,046	)
Equity-based compensation expense			-				-				30,742				31				1,543				-				-				1,574
Common stock options exercised			-				-				25,925				26				709				-				-				735
Repurchase of common shares at $40.29 per share			-				-				(504,652	)			(505	)			(19,827	)			-				-				(20,332	)
Balance September 30, 2026			-				-				18,916,116				18,916				186,827				351,285				(11,758	)			545,270

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Nine Months Ended
		September 30,
(Amounts in thousands)		2026				2025
Operating activities
Net income		$	49,963			$	36,329
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses for loans			1,541				36
Depreciation and amortization of premises and equipment			2,698				2,882
Net investment amortization and accretion			(8,882	)			(644	)
Amortization of intangible assets			2,521				1,483
Non-cash accretion on acquired loans			(1,017	)			(1,422	)
Equity-based compensation expense			1,574				1,419
Net gain on sale of premises and equipment			(943	)			(4	)
Net loss on sale of other real estate owned			13				4
Net gain on sale of securities			(208	)			-
Net gain on sale of equity investment			(10,384	)			-
(Increase) decrease in accrued interest receivable			(1,020	)			86
(Increase) decrease in other assets			(7,568	)			-
Increase in other liabilities			1,276				2,210
Net cash provided by operating activities			29,564				42,379
Investing activities
Proceeds from sale of securities available-for-sale			327,130				-
Proceeds from maturities, prepayments, and calls of securities available-for-sale			410,030				102,697
Proceeds from the sale of equity investment			13,916				-
Payments to acquire securities available-for-sale			(755,453	)			(59,572	)
Net decrease in loans			6,584				82,729
Purchase of FHLB stock			(34	)			-
Proceeds from the redemption of FHLB stock			214				29
Proceeds from bank owned life insurance			1,232				-
Cash provided by divestitures and acquisitions, net			28,545				-
Proceeds from sale of premises and equipment			2,311				6
Payments to acquire premises and equipment			(3,724	)			(1,798	)
Proceeds from sale of other real estate owned			8				444
Net cash provided by investing activities			30,759				124,535
Financing activities
Increase (decrease) in noninterest-bearing deposits, net			21,583				(17,945	)
Decrease in interest-bearing deposits, net			(35,752	)			(42,709	)
(Decrease) increase in securities sold under agreements to repurchase, net			(88	)			523
Proceeds from stock options exercised			735				242
Payments for repurchase of common stock			(20,332	)			(1,851	)
Payments of common and special dividends			(36,361	)			(54,923	)
Net cash used in financing activities			(70,215	)			(116,663	)
Net (decrease) increase in cash and cash equivalents			(9,892	)			50,251
Cash and cash equivalents at beginning of period			512,240				377,454
Cash and cash equivalents at end of period		$	502,348			$	427,705
Supplemental disclosure -- cash flow information
Cash paid for interest		$	13,623			$	12,502
Cash paid for income taxes			12,145				9,730
Supplemental transactions -- noncash items
Transfer of loans to other real estate owned			87				192
Loans originated to finance other real estate owned			-				-
(Decrease) increase in other comprehensive income (loss), net of taxes			(4,244	)			3,117
Noncash transactions related to merger
Assets acquired (excluding cash and cash equivalents)			365,261				-
Liabilities assumed			360,459				-

See Notes to Condensed Consolidated Financial Statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Basis of Presentation

General

First Community Bankshares, Inc. (the “Company”), a financial holding company, was founded in 1989 and reincorporated under the laws of the Commonwealth of Virginia. The Company’s principal executive office is located in Bluefield, Virginia. The Company provides banking products and services to individual and commercial customers through its wholly owned subsidiary First Community Bank (the “Bank”), a Virginia-chartered banking institution founded in 1874. The Bank offers wealth management and investment advice through its Trust Division and wholly owned subsidiary First Community Wealth Management.  Unless the context suggests otherwise, the terms “First Community,” “Company,” “we,” “our,” and “us” refer to First Community Bankshares, Inc. and its subsidiaries as a consolidated entity.

Principles of Consolidation

The Company’s accounting and reporting policies conform with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries and eliminate all intercompany balances and transactions. The Company operates in one business segment, Community Banking, which consists of all operations, including commercial and consumer banking, lending activities, and wealth management. Operating results for interim periods are not necessarily indicative of results that may be expected for other interim periods or for the full year. In management’s opinion, the accompanying unaudited interim condensed consolidated financial statements contain all necessary adjustments, including normal recurring accruals, and disclosures for a fair presentation.

These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”), as filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2026. The condensed consolidated balance sheet as of December 31, 2025, has been derived from the audited consolidated financial statements.

Reclassifications

Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the Company’s results of operations, financial position, or net cash flow.

Use of Estimates

Preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 

Significant Accounting Policies

The Company’s significant accounting policies as presented in Note 1, “Basis of Presentation and Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company’s 2025 Form 10-K remain unchanged except for the following recent accounting standards adopted described below.

Recent Accounting Standards

Standards Adopted

In November 2025, the FASB issued ASU No. 2025-08, "Financial Instruments- Credit Losses (Topic 326): Purchased Loans".  The amendment simplifies accounting for acquired loans under the current expected credit losses (CECL) model by expanding use of the gross-up method to a new category of purchased seasonal loans (PSLs).   PSLs are acquired loans purchased more than 90 days after origination or acquired in a business combination.  For PSLs, an allowance for credit loss is to be recorded at acquisition with an equal increase to amortized cost and remove credit loss expense on acquisition date.  The ASU does not apply to credit cards, Topic 606 trade receivables, and debt securities.  ASU 2025-08 requires entities to apply the amendments prospectively to loans acquired on or after the initial application date and does not require retrospective restatement of prior periods.  The amendments in this update are effective for annual periods beginning after December 15, 2026, an early adoption is permitted for annual financial statements that have not yet been issued or made available.  The Company early adopted the provisions of ASU 2025-08 in connection with its merger of Hometown Bancshares, Inc., which was completed on January 23, 2026.  The Company applied the guidance prospectively to loans acquired in the transaction and will apply the guidance to any subsequent acquisitions occurring on or after initial adoption.  Due to the adoption of the standard the Company was not required to recognize a $2.98 million provision expense that would otherwise have been recorded. 

In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets".  This amendment introduces a practical expedient available to all entities that permits an entity to assume that existing economic conditions at the balance sheet date will persist for the remaining life of current accounts receivable and current contract assets, rather than developing a full forward-looking forecast.  The Company adopted this ASU on March 31, 2026, on prospective basis.  The adoption of this pronouncement did not have a material impact on the Consolidated Financial Statements.

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Standards Not Yet Adopted 

In October 2023, the FASB issued ASU No. 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative".  The amendment amends the disclosure or presentation requirements and provides clarifications or technical corrections to a variety of topics within the Codification pursuant to matters identified by the Securities and Exchange Commission in its August 2018 Release No. 33-10532, "Disclosure Update and Simplification".  The ASU's effective date is contingent on SEC actions, with implementation expected no later than June 30, 2027.  The adoption of this pronouncement is not expected to have a material impact on the Company's financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Expense Disaggregation Disclosures (Topic 230): Disaggregation of Income Statement Expenses". The amendment requires disclosure of disaggregated information about specific expense categories underlying certain income statement expense line items.  The guidance is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.  Accordingly, the Company expects to adopt the standard in its annual financial statements for the year ending December 31, 2027, and in interim periods beginning in fiscal year 2028.  The adoption of this pronouncement is not expected to have a material impact on the Company's financial statements.

In September 2025, the FASB issued ASU No. 2025-06, "Modernizing Internal-Use Software Accounting".  The amendment amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40 by eliminating prospective project stages and requires capitalization of internal-use software costs only after 1) management authorizes and commits to funding the project and 2) it is probable the software will be completed and used as intended.  Entities also must evaluate and, if present, resolve significant development uncertainty, limited to 1) novel or unproven functionality not yet resolved through coding and testing and 2) situations in which significant performance requirements have not been identified or continue to be substantially revised. The ASU is effective for periods beginning after December 15, 2027, with early adoption permitted.  The adoption of this pronouncement is not expected to have a material impact on the Company's financial statements.

In September 2025, the FASB issued ASU No. 2025-07, "Derivative Accounting and Customer Share-Based Noncash Consideration".  The amendment refines Topic 815 by excluding from derivative accounting any non-exchange-traded contracts whose underlying's are based on operations or activities specific to one of the parties with certain scooping exceptions.  Clarifies that share-based noncash consideration received from a customer in a revenue contract is accounted for under Topic 606 until the right to receive or retain that consideration is unconditional, at which point other Topics apply.  The ASU is effective for periods beginning after December 15, 2026, with early adoption permitted.  The adoption of this pronouncement is not expected to have a material impact on the Company's financial statements.

In November 2025, the FASB issued ASU No. 2025-09, "Derivatives and Hedging (Topic 815): Targeted Improvements to Hedge Accounting".  The amendment amends ASC Topic 815 to clarify, improve, and better align hedge accounting guidance with entities' economic risk management strategies and address implementation challenges in practice.  The ASU is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted.   The adoption of this pronouncement is not expected to have a material impact on the Company's financial statements.

In December 2025, the FASB issued ASU-2025-10, "Accounting for Government Grants".  This amendment establishes the authoritative guidance for business entities on accounting for government grants, including definitions, recognition criteria based on a probable threshold, and models for both asset-related and income-related grants.  Permits either a deferred income approach or a cost-accumulation approach for asset-related grants and requires expanded annual disclosures.  The ASU is effective for annual reporting periods beginning after December 15, 2028, with early adoption permitted.   The adoption of this pronouncement is not expected to have a material impact on the Company's financial statements.

In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements".  The amendment is to enhance the clarity, navigability, and application of interim reporting guidance in ASC Topic 270 without expanding or reducing the fundamental nature of the interim reporting framework.  The amendments clarify when interim guidance applies, the form and content of interim financial statements, and the related disclosure requirements under GAAP.  The ASU is effective for periods beginning after December 15, 2027, with early adoption permitted.  The adoption of this pronouncement is not expected to have a material impact on the Company's financial statements. 

In December 2025, the FASB issued ASU No. 2025-12, "Codification Improvements".  The amendment consists of technical corrections, clarifications, and narrow-scope improvements that address unintended application issues and improve the clarity and usability of GAAP without making substantive changes to current accounting practice.  The amendments are intended to reduce diversity in practice and correct errors or ambiguous provisions in the Codification.  The ASU is effective for periods beginning after December 15, 2026, with early adoption permitted.  The adoption of this pronouncement is not expected to have a material impact on the Company's financial statements.

The Company does not expect other recent accounting standards issued by the FASB or other standards-setting bodies to have a material impact on the consolidated financial statements.

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Note 2.  Acquisitions

After the close of business on January 23, 2026 (the "Effective Time"), the Company completed its previously announced merger (the “Merger”) with Hometown Bancshares, Inc. ("Hometown"), a West Virginia corporation headquartered in Middlebourne, West Virginia, pursuant to an Agreement and Plan of Merger (the “Agreement”) dated July 19, 2025, by and between the company and Hometown.  At the Effective Time, Hometown merged with and into the Company, with the Company as the surviving corporation in the Merger.

Immediately following the Merger, Union Bank, Inc., a wholly-owned subsidiary of Hometown, merged with and into First Community Bank, a wholly-owned subsidiary of the Company (the “Bank Merger”), with First Community Bank as the surviving bank in the Bank Merger.

Pursuant to the Agreement, each outstanding share of common stock of Hometown was converted into the right to receive 11.706 shares (the “Exchange Ratio”) of the Company's common stock, par value $1.00 per share, plus cash, without interest, in lieu of fractional shares.  In connection with the transaction, the Company issued 1,029,314 common shares.

Under the terms of the Agreement, all Hometown stock appreciation rights under a stock appreciation award (except certain stock appreciation rights that were unvested as of January 1, 2025) and all Hometown dividend equivalent rights granted under the Hometown Dividend Equivalent Incentive Plan that were outstanding immediately prior to the Effective Time, to the extent not vested, became fully vested, and were canceled. The holders of stock appreciation rights received a cash payment equal to the number determined by multiplying (i) the excess, if any of (A) Average Closing Price (as defined in the Agreement) multiplied by (B) the Exchange Ratio over the applicable exercise price of the stock appreciation right, by (ii) the number of shares of Hometown common stock subject to the applicable stock appreciation right. The holders of dividend equivalent rights received a cash payment equal to the account value of the applicable dividend rights award. The stock appreciation rights that are unvested as of January 1, 2025, were assumed by the Company.

The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date.  Fair values are preliminary and subject to refinement for up to a year after the closing date of the acquisition.  The Company incurred a total of $5.22 million in merger expenses related to the Hometown transaction, $2.91 million was recorded in 2025 and $2.31 million in the first quarter of 2026.  These costs were primarily related to data conversion, investment banking fees, and legal fees.

Goodwill arising from business combinations represents the excess of the purchase price over the sum of the estimated fair values of the tangible and identifiable intangible assets acquired less the fair value of the liabilities assumed.  The Hometown acquisition resulted in the Company recognizing $1.73 million in goodwill.

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The primary identifiable intangible asset we typically record in connection with a whole bank or bank branch acquisition is the value of the core deposit intangibles which represents the estimated value of the long-term deposit relationships acquired in the transaction.  Determining the amount of identifiable intangible assets and their average lives involves multiple assumptions and estimates and is typically determined by performing a discounted cash flow analysis, which involves a combination of any or all of the following assumptions:  customer attrition/runoff, alternative funding costs, deposit servicing costs, and discount rates.  The core deposit intangibles are amortized over the estimated useful lives of the deposit accounts based on a method that we believe reasonably approximates the anticipated benefit stream from this intangible.  Core deposit intangibles for the Hometown transaction totaled $8.59 million.

When loans are acquired, due to the adoption of ASU 2025-08 in conjunction with ASU 2016-13 (CECL), the Company classifies acquired loans as either purchased credit deteriorated (“PCD”), purchased seasoned loans (“PSL”), or other non-PCD loans at the acquisition date. PCD loans, representing assets with more-than-insignificant credit deterioration since origination, and PSL loans, which meet the criteria for application of the gross-up approach under the new guidance, are both recorded by recognizing an allowance for credit losses as an adjustment to the amortized cost basis of the loans at acquisition, resulting in no initial impact to earnings. Subsequent changes in expected credit losses for these loans are recognized through provision expense in the periods in which they occur. Loans that do not meet the definition of PCD or PSL are recorded at fair value, typically determined using a discounted cash flow methodology incorporating assumptions such as discount rates, expected lives, prepayments, probability of default, and loss given default, with any resulting discount accreted into interest income over the estimated remaining life of the loans. An allowance for credit losses on these non-PCD loans is recognized through provision expense in the period of acquisition. This framework aligns the accounting for acquired loans more closely with their underlying credit characteristics while reducing earnings volatility at acquisition.  The fair value of purchased loans with credit deterioration was $11.05 million on the date of acquisition with the gross contractual amount totaling $12.66 million.   Purchased seasoned loans acquired had a fair value of $159.77 million with a gross contractual value of $161.58 million.  

		As recorded by				Fair Value					As recorded by
(Amounts in thousands, except share data)		Hometown				Adjustments					the Company
Assets
Cash and cash equivalents		$	28,547			$	-				$	28,547
Securities available for sale			171,138				(751	)	( a )			170,387
Loans held for investment, net of allowance and mark			173,211				(2,166	)	( b )			171,045
Premises and equipment			2,858				(401	)	( c )			2,457
Other assets			10,863				1,919		( d ), ( e )			12,782
Goodwill			7,067				(7,067	)	( f )			-
Intangible assets			-				8,590		( g )			8,590
Total assets		$	393,684			$	124				$	393,808
LIABILITIES
Deposits:
Noninterest bearing		$	56,421			$	-				$	56,421
Interest-bearing			301,582				(278	)	( h )		$	301,304
Total deposits			358,003				(278	)				357,725
Securities Sold Under Repo-Retail			1,314									1,314
Long term debt			-				-					-
Other liabilities			1,216				204		( i )			1,420
Total liabilities			360,533				(74	)				360,459
Net identifiable assets acquired over (under) liabilities assumed			33,151				198					33,349
Goodwill			-				1,726					1,726
Net assets acquired over liabilities assumed		$	33,151			$	1,924				$	35,075
Consideration:
First Community Bankshares, Inc. common stock issued												1,029,314
Purchase price per share of the Company's common stock											$	34.075
Fair Value of Company common stock issued												35,074
Cash paid for fractional shares												1
Fair Value of total consideration transferred											$	35,075

Explanation of fair value adjustments;

(a) Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired investment portfolio.

(b) Adjustment reflects the fair value adjustments of ($3.76) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for credit losses ("ACL") and deferred loan fees of $1.59 million as recorded by Hometown.

(c) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment.

(d) Adjustment reflects the fair value adjustment based on the Company's evaluation of stocks with other banks of ($3) thousand.

(e) Adjustment to record the deferred tax asset related to the fair value adjustments of $1.92 million.

(f) Goodwill previously recorded on Hometown's financial statements was not carried forward.

(g)	Adjustment to record the core deposit intangible on the acquired deposit accounts.
(h)	Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio.

(i) Adjustment reflects the reserve for unfunded commitments of ($46) thousand and a fair value adjustment based on the Company's evaluation of the Split-Dollar Policies of $250 thousand.

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Note 3. Debt Securities

The following tables present the amortized cost and fair value of available-for-sale debt securities, including gross unrealized gains and losses, as of the dates indicated:

		September 30, 2026
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
(Amounts in thousands)
U.S. Agency securities		$	1,404			$	-			$	(72	)		$	1,332
U.S. Treasury securities			228,984				-				(19	)			228,965
Municipal securities			6,201				-				(83	)			6,118
Corporate notes			19,949				-				(200	)			19,749
Agency mortgage-backed securities			94,208				-				(15,056	)			79,152
Total		$	350,746			$	-			$	(15,430	)		$	335,316

		December 31, 2025
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
(Amounts in thousands)
U.S. Treasury securities		$	10,924			$	5			$	-			$	10,929
Municipal securities			9,288				1				(27	)			9,262
Corporate notes			24,890				-				(330	)			24,560
Agency mortgage-backed securities			97,644				330				(10,037	)			87,937
Total		$	142,746			$	336			$	(10,394	)		$	132,688

There was no allowance for credit losses for debt securities as of  September 30, 2026 or  December 31, 2025; therefore, it is not presented in the table above.  The Company excludes the accrued interest receivable from the amortized cost basis in measuring expected credit losses on the debt securities and does not record an allowance for credit losses on accrued interest receivable.  Accrued interest receivable for debt securities was $1.00 million and $681 thousand as of  September 30, 2026, and  December 31, 2025, respectively. 

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The following table presents the amortized cost and aggregate fair value of available-for-sale debt securities by contractual maturity, as of the date indicated. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.

		September 30, 2026
		Amortized
(Amounts in thousands)		Cost				Fair Value
Available-for-sale debt securities
Due within one year		$	250,992			$	250,766
Due after one year but within five years			5,044				4,917
Due after five years but within ten years			502				481
			256,538				256,164
Agency mortgage-backed securities			94,208				79,152
Total debt securities available-for-sale		$	350,746			$	335,316

The following tables present the fair values and unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the dates indicated:

		September 30, 2026
		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
(Amounts in thousands)
U.S. Agency securities		$	1,332			$	(72	)		$	-			$	-			$	1,332			$	(72	)
U.S. Treasury securities			228,965				(19	)			-				-				228,965				(19	)
Municipal securities			3,894				(62	)			2,094				(21	)			5,988				(83	)
Corporate notes			-				-				19,749				(200	)			19,749				(200	)
Agency mortgage-backed securities			23,267				(1,093	)			55,885				(13,963	)			79,152				(15,056	)
Total		$	257,458			$	(1,246	)		$	77,728			$	(14,184	)		$	335,186			$	(15,430	)

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		December 31, 2025
		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
(Amounts in thousands)
Municipal securities		$	1,567			$	(3	)		$	4,689			$	(24	)		$	6,256			$	(27	)
Corporate notes			-				-				24,560				(330	)			24,560				(330	)
Agency mortgage-backed securities			3,909				(8	)			64,951				(10,029	)			68,860				(10,037	)
Total		$	5,476			$	(11	)		$	94,200			$	(10,383	)		$	99,676			$	(10,394	)

There were 109 individual debt securities in an unrealized loss position as of September 30, 2026, and the combined depreciation in value represented 4.60% of the debt securities portfolio. There were 85 individual debt securities in an unrealized loss position as of December 31, 2025, and their combined depreciation in value represented 7.83% of the debt securities portfolio.  

Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security.  The credit loss component would be recognized through the provision for credit losses and the creation of an allowance for credit losses. Consideration is given to (1) the financial condition and near-term prospects of the issuer including looking at default and delinquency rates, (2) the outlook for receiving the contractual cash flows of the investments, (3) the length of time and the extent to which the fair value has been less than cost, (4) our intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that we will be required to sell the debt security prior to recovering its fair value, (5) the anticipated outlook for changes in the general level of interest rates, (6) credit ratings, (7) third party guarantees, and (8) collateral values. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the results of reviews of the issuer’s financial condition, and the issuer’s anticipated ability to pay the contractual cash flows of the investments.  All of the U.S. Treasury and Agency-Backed Securities have the full faith and credit backing of the United States Government or one of its agencies. Municipal securities and all other securities that do not have a zero expected credit loss are evaluated quarterly to determine whether there is a credit loss associated with a decline in fair value. All debt securities available-for-sale in an unrealized loss position as of September 30, 2026, continue to perform as scheduled and we do not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of our evaluation of our intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, we consider our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. We do not currently intend to sell the securities within the portfolio, and it is not more-likely-than-not that we will be required to sell the debt securities. 

Management continues to monitor all of our securities with a high degree of scrutiny. While no such determination has been made, future conditions may result in management concluding that certain securities should be sold or that a provision for credit losses should be recognized in earnings in future periods. 

The carrying amount of securities pledged for various purposes totaled $225.13 million as of September 30, 2026, and $29.85 million as of December 31, 2025.

The following table presents gross realized gains and losses from the sale of available-for-sale debt securities for the periods indicated:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
(Amounts in thousands)
Gross realized gains		$	-			$	-			$	210			$	-
Gross realized losses			-				-				(2	)			-
Net gain on sale of securities		$	-			$	-			$	208			$	-

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Note 4. Loans

The Company groups loans held for investment into three segments (commercial loans, consumer real estate loans, and consumer and other loans) with each segment divided into various classes. Customer overdrafts reclassified as loans totaled $2.15 million as of September 30, 2026, and $1.65 million as of December 31, 2025. Deferred loan fees, net of loan costs, totaled $6.12 million as of September 30, 2026, and $4.75 million as of December 31, 2025. 

The table below reflects the loan portfolio at the amortized cost basis to include net deferred loan fees of $6.12 million and $4.75 million and unamortized discount related to loans acquired of $9.50 million and $11.45 million for September 30, 2026, and December 31, 2025, respectively.  Accrued interest receivable of $8.74 million as of  September 30, 2026, and $8.04 million as of  December 31, 2025, is accounted for separately and reported in Interest Receivable on the Consolidated Balance Sheet.

		September 30, 2026								December 31, 2025
(Amounts in thousands)		Amount				Percent				Amount				Percent
Loans held for investment
Commercial loans
Construction, development, other land		$	73,947				2.98	%		$	63,901				2.76	%
Commercial and industrial			286,513				11.56	%			243,983				10.54	%
Multi-family residential			189,646				7.65	%			191,486				8.27	%
Single family non-owner occupied			183,959				7.43	%			171,918				7.43	%
Non-farm, non-residential			907,172				36.62	%			838,458				36.22	%
Agricultural			14,755				0.60	%			13,464				0.58	%
Farmland			11,814				0.48	%			10,725				0.46	%
Total commercial loans			1,667,806				67.32	%			1,533,935				66.26	%
Consumer real estate loans
Home equity lines			84,428				3.41	%			82,764				3.58	%
Single family owner occupied			671,034				27.09	%			632,348				27.32	%
Owner occupied construction			3,811				0.15	%			5,605				0.24	%
Total consumer real estate loans			759,273				30.65	%			720,717				31.14	%
Consumer and other loans
Consumer loans			48,188				1.95	%			58,453				2.53	%
Other			2,152				0.09	%			1,650				0.07	%
Total consumer and other loans			50,340				2.03	%			60,103				2.60	%
Total loans held for investment, net of unearned income		$	2,477,419				100.00	%		$	2,314,755				100.00	%

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Note 5. Credit Quality

The Company uses a risk grading matrix to assign a risk grade to each loan in its portfolio. Loan risk ratings may be upgraded or downgraded to reflect current information identified during the loan review process. The general characteristics of each risk grade are as follows:

● Pass -- This grade is assigned to loans with acceptable credit quality and risk. The Company further segments this grade based on borrower characteristics that include capital strength, earnings stability, liquidity, leverage, and industry conditions.

● Special Mention -- This grade is assigned to loans that require an above average degree of supervision and attention. These loans have the characteristics of an asset with acceptable credit quality and risk; however, adverse economic or financial conditions exist that create potential weaknesses deserving of management’s close attention. If potential weaknesses are not corrected, the prospect of repayment may worsen.

● Substandard -- This grade is assigned to loans that have well defined weaknesses that may make payment default, or principal exposure, possible. These loans will likely be dependent on collateral liquidation, secondary repayment sources, or events outside the normal course of business to meet repayment terms.

● Doubtful -- This grade is assigned to loans that have the weaknesses inherent in substandard loans; however, the weaknesses are so severe that collection or liquidation in full is unlikely based on current facts, conditions, and values. Due to certain specific pending factors, the amount of loss cannot yet be determined.

● Loss -- This grade is assigned to loans that will be charged off or charged down when payments, including the timing and value of payments, are uncertain. This risk grade does not imply that the asset has no recovery or salvage value but simply means that it is not practical or desirable to defer writing off, either all or a portion of, the loan balance even though partial recovery may be realized in the future.

The following table presents the recorded investment of the loan portfolio, by loan class and credit quality, as of the dates indicated:

		September 30, 2026
						Special
(Amounts in thousands)		Pass				Mention				Substandard				Doubtful				Loss				Total
Commercial loans
Construction, development, and other land		$	73,636			$	110			$	201			$	-			$	-			$	73,947
Commercial and industrial			277,364				4,082				5,067				-				-				286,513
Multi-family residential			188,970				-				676				-				-				189,646
Single family non-owner occupied			176,078				1,305				6,576				-				-				183,959
Non-farm, non-residential			886,806				12,263				8,103				-				-				907,172
Agricultural			11,053				3,186				516				-				-				14,755
Farmland			9,609				1,266				939				-				-				11,814
Consumer real estate loans
Home equity lines			82,032				385				2,011				-				-				84,428
Single family owner occupied			654,491				1,310				15,233				-				-				671,034
Owner occupied construction			3,811				-				-				-				-				3,811
Consumer and other loans
Consumer loans			47,262				-				926				-				-				48,188
Other			2,152				-				-				-				-				2,152
Total loans		$	2,413,264			$	23,907			$	40,248			$	-			$	-			$	2,477,419

		December 31, 2025
						Special
(Amounts in thousands)		Pass				Mention				Substandard				Doubtful				Loss				Total
Commercial loans
Construction, development, and other land		$	63,434			$	119			$	348			$	-			$	-			$	63,901
Commercial and industrial			239,949				672				3,362				-				-				243,983
Multi-family residential			191,337				25				124				-				-				191,486
Single family non-owner occupied			165,489				1,250				5,179				-				-				171,918
Non-farm, non-residential			821,442				11,326				5,690				-				-				838,458
Agricultural			10,377				2,909				178				-				-				13,464
Farmland			9,595				224				906				-				-				10,725
Consumer real estate loans
Home equity lines			79,937				415				2,412				-				-				82,764
Single family owner occupied			613,279				1,364				17,705				-				-				632,348
Owner occupied construction			5,605				-				-				-				-				5,605
Consumer and other loans
Consumer loans			57,504				-				949				-				-				58,453
Other			1,650				-				-				-				-				1,650
Total loans		$	2,259,598			$	18,304			$	36,853				-				-			$	2,314,755

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The following tables present the amortized cost basis and current period gross write-offs of the loan portfolio, by year of origination, loan class, and credit quality, as of the date indicated:  

(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at September 30, 2026		2026				2025				2024				2023				2022				Prior				Revolving				Total
Construction, development and other land
Pass		$	27,511			$	14,168			$	4,310			$	4,384			$	7,061			$	15,869			$	333			$	73,636
Special mention			-				-				-				-				-				110				-				110
Substandard			-				-				160				23				-				18				-				201
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total construction, development, and other land		$	27,511			$	14,168			$	4,470			$	4,407			$	7,061			$	15,997			$	333			$	73,947
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	1			$	-			$	1
Commercial and industrial
Pass		$	45,929			$	58,980			$	42,666			$	20,311			$	35,800			$	17,868			$	55,810			$	277,364
Special mention			65				393				2,674				439				352				159				-				4,082
Substandard			46				697				921				390				738				1,161				1,114				5,067
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total commercial and industrial		$	46,040			$	60,070			$	46,261			$	21,140			$	36,890			$	19,188			$	56,924			$	286,513
Current period gross write-offs		$	47			$	341			$	368			$	116			$	59			$	6			$	-			$	937
Multi-family residential
Pass		$	19,636			$	13,515			$	2,698			$	7,491			$	72,670			$	68,820			$	4,140			$	188,970
Special mention			-				-				-				-				-				-				-				-
Substandard			-				-				280				-				219				177				-				676
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total multi-family residential		$	19,636			$	13,515			$	2,978			$	7,491			$	72,889			$	68,997			$	4,140			$	189,646
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Non-farm, non-residential
Pass		$	91,352			$	73,661			$	39,253			$	64,417			$	220,398			$	380,187			$	17,538			$	886,806
Special mention			-				-				1,383				183				2,922				7,775				-				12,263
Substandard			-				277				607				18				723				6,399				79				8,103
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total non-farm, non-residential		$	91,352			$	73,938			$	41,243			$	64,618			$	224,043			$	394,361			$	17,617			$	907,172
Current period gross write-offs		$	-			$	-			$	39			$	-			$	-			$	25			$	-			$	64
Agricultural
Pass		$	4,641			$	2,306			$	164			$	776			$	594			$	541			$	2,031			$	11,053
Special mention			408				-				-				-				217				2,482				79				3,186
Substandard			-				219				-				183				108				6				-				516
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total agricultural		$	5,049			$	2,525			$	164			$	959			$	919			$	3,029			$	2,110			$	14,755
Current period gross write-offs		$	-			$	-			$	-			$	1			$	56			$	3			$	-			$	60
Farmland
Pass		$	812			$	734			$	1,064			$	901			$	699			$	4,378			$	1,021			$	9,609
Special mention			-				-				-				-				-				1,266				-				1,266
Substandard			-				-				-				-				-				939				-				939
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total farmland		$	812			$	734			$	1,064			$	901			$	699			$	6,583			$	1,021			$	11,814
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-

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(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at September 30, 2026		2026				2025				2024				2023				2022				Prior				Revolving				Total
Home equity lines
Pass		$	141			$	71			$	77			$	314			$	1,064			$	3,451			$	76,914			$	82,032
Special mention			-				-				-				-				-				73				312				385
Substandard			-				-				203				18				11				1,221				558				2,011
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total home equity lines		$	141			$	71			$	280			$	332			$	1,075			$	4,745			$	77,784			$	84,428
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	16			$	16
Single family Mortgage
Pass		$	63,733			$	61,052			$	24,347			$	43,912			$	139,252			$	495,591			$	2,682			$	830,569
Special mention			-				-				-				-				196				2,419				-				2,615
Substandard			190				28				700				1,353				2,767				16,771				-				21,809
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total single family owner and non-owner occupied		$	63,923			$	61,080			$	25,047			$	45,265			$	142,215			$	514,781			$	2,682			$	854,993
Current period gross write-offs		$	-			$	-			$	-			$	-			$	112			$	167			$	-			$	279
Owner occupied construction
Pass		$	1,707			$	1,690			$	-			$	23			$	47			$	344			$	-			$	3,811
Special mention			-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total owner occupied construction		$	1,707			$	1,690			$	-			$	23			$	47			$	344			$	-			$	3,811
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Consumer loans
Pass		$	9,568			$	9,134			$	6,923			$	7,059			$	6,923			$	1,998			$	7,809			$	49,414
Special mention			-				-				-				-				-				-				-				-
Substandard			68				60				191				140				160				279				28				926
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total consumer loans		$	9,636			$	9,194			$	7,114			$	7,199			$	7,083			$	2,277			$	7,837			$	50,340
Current period gross write-offs		$	1,577			$	179			$	351			$	316			$	368			$	154			$	136			$	3,081

(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at September 30, 2026		2026				2025				2024				2023				2022				Prior				Revolving				Total
Total loans
Pass		$	265,030			$	235,311			$	121,502			$	149,588			$	484,508			$	989,047			$	168,278			$	2,413,264
Special mention			473				393				4,057				622				3,687				14,284				391				23,907
Substandard			304				1,281				3,062				2,125				4,726				26,971				1,779				40,248
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total loans		$	265,807			$	236,985			$	128,621			$	152,335			$	492,921			$	1,030,302			$	170,448			$	2,477,419
Current period gross write-offs		$	1,624			$	520			$	758			$	433			$	595			$	356			$	152			$	4,438

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(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at December 31, 2025		2025				2024				2023				2022				2021				Prior				Revolving				Total
Construction, development
and other land
Pass		$	9,413			$	8,406			$	2,349			$	27,258			$	11,630			$	4,302			$	76			$	63,434
Special Mention			-				-				-				-				-				119				-				119
Substandard			-				162				110				-				-				76				-				348
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total construction, development, and other land		$	9,413			$	8,568			$	2,459			$	27,258			$	11,630			$	4,497			$	76			$	63,901
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial and industrial
Pass		$	67,302			$	51,979			$	23,184			$	38,494			$	3,688			$	13,398			$	41,904			$	239,949
Special Mention			138				75				59				166				-				75				159				672
Substandard			144				629				314				892				518				689				176				3,362
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total commercial and industrial		$	67,584			$	52,683			$	23,557			$	39,552			$	4,206			$	14,162			$	42,239			$	243,983
Current period gross write-offs		$	20			$	82			$	175			$	228			$	115			$	559							$	1,179
Multi-family residential
Pass		$	11,385			$	673			$	9,176			$	72,897			$	39,194			$	56,176			$	1,836			$	191,337
Special Mention			-				-				-				-				-				25				-				25
Substandard			-				-				-				93				-				31				-				124
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total multi-family residential		$	11,385			$	673			$	9,176			$	72,990			$	39,194			$	56,232			$	1,836			$	191,486
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Non-farm, non-residential
Pass		$	70,136			$	36,383			$	68,826			$	208,994			$	122,622			$	301,436			$	13,045			$	821,442
Special Mention			-				434				-				2,667				3,669				4,489				67				11,326
Substandard			286				596				21				396				1,617				2,774				-				5,690
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total non-farm, non-residential		$	70,422			$	37,413			$	68,847			$	212,057			$	127,908			$	308,699			$	13,112			$	838,458
Current period gross write-offs		$	-			$	-			$	-			$	56			$	-			$	24			$	-			$	80
Agricultural
Pass		$	3,227			$	439			$	1,959			$	1,360			$	692			$	1,907			$	793			$	10,377
Special Mention			-				-				-				234				135				2,540				-				2,909
Substandard			-				-				84				74				18				2				-				178
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total agricultural		$	3,227			$	439			$	2,043			$	1,668			$	845			$	4,449			$	793			$	13,464
Current period gross write-offs		$	-			$	-			$	117			$	45			$	-			$	-			$	-			$	162
Farmland
Pass		$	902			$	829			$	896			$	699			$	1,151			$	3,955			$	1,163			$	9,595
Special Mention			-				-				-				-				94				130				-				224
Substandard			-				-				-				-				-				906				-				906
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total farmland		$	902			$	829			$	896			$	699			$	1,245			$	4,991			$	1,163			$	10,725
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-

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(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at December 31, 2025		2025				2024				2023				2022				2021				Prior				Revolving				Total
Home equity lines
Pass		$	489			$	231			$	299			$	1,053			$	74			$	3,459			$	74,332			$	79,937
Special Mention			-				-				-				-				-				229				186				415
Substandard			-				-				35				13				49				1,646				669				2,412
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total home equity lines		$	489			$	231			$	334			$	1,066			$	123			$	5,334			$	75,187			$	82,764
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	42			$	42
Single family Mortgage
Pass		$	53,580			$	16,131			$	41,767			$	140,463			$	185,508			$	339,851			$	1,468			$	778,768
Special Mention			-				-				-				-				377				2,237				-				2,614
Substandard			63				7				811				2,598				1,968				17,437				-				22,884
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total single family owner and non-owner occupied		$	53,643			$	16,138			$	42,578			$	143,061			$	187,853			$	359,525			$	1,468			$	804,266
Current period gross write-offs		$	-			$	-			$	53			$	-			$	56			$	49			$	-			$	158
Owner occupied construction
Pass		$	1,989			$	3,149			$	26			$	49			$	147			$	245			$	-			$	5,605
Special Mention			-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total owner occupied construction		$	1,989			$	3,149			$	26			$	49			$	147			$	245			$	-			$	5,605
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Consumer loans
Pass		$	13,061			$	10,349			$	10,916			$	12,025			$	4,171			$	1,061			$	7,571			$	59,154
Special Mention			-				-				-				-				-				-				-				-
Substandard			19				108				183				199				129				280				31				949
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total consumer loans		$	13,080			$	10,457			$	11,099			$	12,224			$	4,300			$	1,341			$	7,602			$	60,103
Current period gross write-offs		$	2,018			$	596			$	1,003			$	1,101			$	407			$	95			$	209			$	5,429

(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at December 31, 2025		2025				2024				2023				2022				2021				Prior				Revolving				Total
Total loans
Pass		$	231,484			$	128,569			$	159,398			$	503,292			$	368,877			$	725,790			$	142,188			$	2,259,598
Special mention			138				509				59				3,067				4,275				9,844				412				18,304
Substandard			512				1,502				1,558				4,265				4,299				23,841				876				36,853
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total loans		$	232,134			$	130,580			$	161,015			$	510,624			$	377,451			$	759,475			$	143,476			$	2,314,755
Current period gross write-offs		$	2,038			$	678			$	1,348			$	1,430			$	578			$	727			$	251			$	7,050

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The Company generally places a loan on nonaccrual status when it is 90 days or more past due.  The following table presents nonaccrual loans, by loan class, as of the dates indicated:

		September 30, 2026												December 31, 2025
(Amounts in thousands)		No Allowance				With an Allowance				Total				No Allowance				With an Allowance				Total
Commercial loans
Construction, development, and other land		$	26			$	-			$	26			$	133			$	-			$	133
Commercial and industrial			2,076				-				2,076				1,318				-				1,318
Multi-family residential			606				-				606				124				-				124
Single family non-owner occupied			2,276				-				2,276				1,003				-				1,003
Non-farm, non-residential			1,998				-				1,998				1,273				-				1,273
Agricultural			247				-				247				84				-				84
Farmland			191				-				191				220				-				220
Consumer real estate loans
Home equity lines			946				-				946				901				-				901
Single family owner occupied			6,732				-				6,732				8,256				-				8,256
Owner occupied construction			-				-				-				-				-				-
Consumer and other loans
Consumer loans			665				-				665				629				-				629
Total nonaccrual loans		$	15,763			$	-			$	15,763			$	13,941			$	-			$	13,941

Loans are considered past due when either principal or interest payments become contractually delinquent by 30 days or more. The Company’s policy is to discontinue the accrual of interest, if warranted, on loans based on the payment status, evaluation of the related collateral, and the financial strength of the borrower. Loans that are 90 days or more past due are placed on nonaccrual status. Management may elect to continue the accrual of interest when the loan is well secured and in process of collection. When interest accruals are discontinued, interest accrued and not collected in the current year is reversed from income, and interest accrued and not collected from prior years is charged to the allowance for credit losses. Nonaccrual loans may be returned to accrual status when all principal and interest amounts contractually due, including past due payments, are brought current; the ability of the borrower to repay the obligation is reasonably assured; and there is generally a period of at least six months of repayment performance by the borrower in accordance with the contractual terms. There was no material nonaccrual loan interest recognized in income during the third quarter of 2026 or 2025. 

The following tables present the aging of past due loans, by loan class, as of the dates indicated. Nonaccrual loans 30 days or more past due are included in the applicable delinquency category: 

		September 30, 2026
		30 - 59 Days				60 - 89 Days				90+ Days				Total				Current				Total
(Amounts in thousands)		Past Due				Past Due				Past Due				Past Due				Loans				Loans
Commercial loans
Construction, development, and other land		$	27			$	-			$	24			$	51			$	73,896			$	73,947
Commercial and industrial			818				939				991				2,748				283,765				286,513
Multi-family residential			153				87				280				520				189,126				189,646
Single family non-owner occupied			1,591				751				1,496				3,838				180,121				183,959
Non-farm, non-residential			1,229				1,329				828				3,386				903,786				907,172
Agricultural			6				6				-				12				14,743				14,755
Farmland			1				-				96				97				11,717				11,814
Consumer real estate loans
Home equity lines			1,274				307				256				1,837				82,591				84,428
Single family owner occupied			4,523				2,623				1,492				8,638				662,396				671,034
Owner occupied construction			7				-				-				7				3,804				3,811
Consumer and other loans
Consumer loans			1,508				519				404				2,431				45,757				48,188
Other			-				-				-				-				2,152				2,152
Total loans		$	11,137			$	6,561			$	5,867			$	23,565			$	2,453,854			$	2,477,419

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		December 31, 2025
		30 - 59 Days				60 - 89 Days				90+ Days				Total				Current				Total
(Amounts in thousands)		Past Due				Past Due				Past Due				Past Due				Loans				Loans
Commercial loans
Construction, development, and other land		$	207			$	-			$	130			$	337			$	63,564			$	63,901
Commercial and industrial			1,423				297				1,271				2,991				240,992				243,983
Multi-family residential			375.00				-				-				375.00				191,111				191,486
Single family non-owner occupied			1,691				292				491				2,474				169,444				171,918
Non-farm, non-residential			2,336				-				658				2,994				835,464				838,458
Agricultural			73				3				81				157				13,307				13,464
Farmland			16				-				-				16				10,709				10,725
Consumer real estate loans
Home equity lines			909				397				212				1,518				81,246				82,764
Single family owner occupied			5,166				1,518				2,338				9,022				623,326				632,348
Owner occupied construction			-				-				-				-				5,605				5,605
Consumer and other loans
Consumer loans			1,955				681				305				2,941				55,512				58,453
Other			-				-				-				-				1,650				1,650
Total loans		$	14,151			$	3,188			$	5,486			$	22,825			$	2,291,930			$	2,314,755

ASC 326 prescribes that when an entity determines foreclosure is probable, the expected credit loss can be measured based on the fair value of the collateral. As a practical expedient, an entity may use the fair value as of the reporting date when recording the net carrying amount of the asset. For the collateral dependent asset ("CDA") a credit loss expense is recorded for loan amounts in excess of fair value of the collateral.  The Company had no collateral-dependent loans as of  September 30, 2026, or  December 31, 2025.

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The Company may make concessions in interest rates, loan terms and/or amortization terms when restructuring loans for borrowers experiencing financial difficulty.  Presented below are the amortized cost basis and percentage of loan class for loan modifications made to borrowers experiencing financial difficulty by loan class, concession type, and financial effect as of the dates indicated:

		Payment Delays
		Amortized Cost Basis				% of Total Class of
		September 30, 2026				Financing Receivable			Financial Effect
(Amounts in thousands)
Non-Farm, Non-Residential Property		$	727				0.08	%	Interest only payments; deferred payments to maturity.
Single Family Owner Occupied			643				0.10	%	Deferred principal to loan maturity.
Agricultural			196				1.33	%	Deferred 6 months of principal to loan maturity.
Commercial & Industrial			25				0.01	%	Deferred 6 months of principal to loan maturity.
Total		$	1,591

		Term Extensions
		Amortized Cost Basis				% of Total Class of
		September 30, 2026				Financing Receivable			Financial Effect
(Amounts in thousands)
Commercial & Industrial		$	253				0.09	%	Delayed repayment of P&I.
Single Family Owner Occupied			66				0.01	%	Extended term by 10.5 years.
Consumer			24				0.05	%	Extended terms and deferred payments.
Agricultural			16				0.11	%	Extended maturity by 8 months.
Total		$	359

		Term Extension and Rate Reduction
		Amortized Cost Basis				% of Total Class of
		September 30, 2026				Financing Receivable			Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	1,009				0.15	%	Reduced interest income and extended time to recover principal.
Commercial & Industrial			311				0.11	%	Lowered rate by 2%; extended maturity by 26 months.
Non-Farm, Non-Residential Property			57				0.01	%	Reduced rate to 5%; extended term by approx. 5 years.
Consumer			7				0.01	%	Extended term and reduced interest rate.
Total		$	1,384

		Interest Rate Reduction
		Amortized Cost Basis				% of Total Class of
		September 30, 2026				Financing Receivable			Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	84				0.01	%	Reduced interest rate from 3.15% to 1.95%.
Total		$	84

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		Payment Delays
		Amortized Cost Basis				% of Total Class of
		December 31, 2025				Financing Receivable					Financial Effect
(Amounts in thousands)
Non-Farm, Non-Residential Property		$	594				0.07	%			Interest only payments; deferred payments to maturity.
Single Family Owner Occupied			647				0.10	%			Deferred Principal to loan maturity.
Single Family Non-Owner Occupied			20				0.01	%			Deferred 6 months of principal to loan maturity.
Commercial & Industrial			12				0.01	%			Deferred 6 months of interest to loan maturity.
Total		$	1,273

		Term Extensions
		Amortized Cost Basis				% of Total Class of
		December 31, 2025				Financing Receivable					Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	68				0.01	%			Extended term by 10.5 years.
Commercial & Industrial			32				0.01	%			Delayed repayment of P & I for 24-46 months.
Total		$	100

		Term Extension and Rate Reduction
		Amortized Cost Basis				% of Total Class of
		December 31, 2025				Financing Receivable					Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	976				0.15	%			Reduced interest income and extended time to recover principal.
Consumer			4				0.01	%			Reduced rate to 10.5%; extended term by ten months.
Total		$	980

		Interest Rate Reduction
		Amortized Cost Basis				% of Total Class of
		December 31, 2025				Financing Receivable			Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	89				0.01	%	Reduced interest rate from 3.15% to 1.95%
Total		$	89

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Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off.  Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.  There were no modified loans (or portions of a loan) deemed uncollectible as of  September 30, 2026, or  December 31, 2025.

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.  The following table depicts the performance of loans that have been modified for the periods indicated:

		September 30, 2026
		Payment Status (Amortized Cost Basis)
		Current				30-89 Days Past Due				90+ Days Past Due
(Amounts in thousands)
Non-Farm, Non-Residential Property		$	440			$	-			$	344
Single Family Owner Occupied			1,519				243				40
Agricultural			212				-				-
Commercial & Industrial			240				337				12
Consumer			7				6				18
Total		$	2,418			$	586			$	414
		December 31, 2025
		Payment Status (Amortized Cost Basis)
		Current				30-89 Days Past Due				90+ Days Past Due
(Amounts in thousands)
Non-Farm, Non-Residential Property		$	594			$	-			$	-
Single Family Owner Occupied			1,358				401				21
Single Family Non-Owner Occupied			-				20				-
Commercial & Industrial			44				-				-
Consumer			4				-				-
Total		$	2,000			$	421			$	21

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The following table provides information about other real estate owned (“OREO”), which consists of properties acquired through foreclosure, as of the dates indicated:

		September 30, 2026				December 31, 2025
(Amounts in thousands)
OREO		$	66			$	-
OREO secured by residential real estate		$	66			$	-
Residential real estate loans in the foreclosure process (1)		$	3,120			$	2,687

(1) The recorded investment in mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction

Note 6. Allowance for Credit Losses

The following tables present the changes in the allowance for credit losses, by loan segment, during the periods indicated:

		Three Months Ended September 30, 2026
						Consumer Real				Consumer and				Total
(Amounts in thousands)		Commercial				Estate				Other				Allowance
Total allowance
Balance at beginning of quarter:
Allowance for credit losses - loans		$	17,466			$	11,652			$	3,536			$	32,654
Allowance for credit losses - loan commitments			287				184				34				505
Total allowance for credit losses beginning of quarter			17,753				11,836				3,570				33,159
Provision for credit losses:
Provision for (recovery of) credit losses - loans			324				(93	)			449				680
Provision for credit losses - loan commitments			-				-				-				-
Total provision for (recovery of) credit losses - loans and loan commitments			324				(93	)			449				680
Charge-offs			(345	)			(31	)			(879	)			(1,255	)
Recoveries			132				58				369				559
Net (charge-offs) recoveries			(213	)			27				(510	)			(696	)
Allowance for credit losses - loans			17,577				11,586				3,475				32,638
Allowance for credit losses - loan commitments			287				184				34				505
Ending balance		$	17,864			$	11,770			$	3,509			$	33,143

		Three Months Ended September 30, 2025
						Consumer Real				Consumer and				Total
(Amounts in thousands)		Commercial				Estate				Other				Allowance
Total allowance
Balance at beginning of quarter:
Allowance for credit losses - loans		$	19,247			$	9,807			$	3,966				33,020
Allowance for credit losses - loan commitments			163				130				26				319
Total allowance for credit losses beginning of quarter			19,410				9,937				3,992				33,339
Provision for credit losses:
(Recovery of) provision for credit losses - loans			(2,311	)			1,240				1,071				-
Provision for credit losses - loan commitments			-				-				-				-
Total (recovery of) provision for credit losses - loans and loan commitments			(2,311	)			1,240				1,071				-
Charge-offs			(536	)			(75	)			(1,404	)			(2,015	)
Recoveries			187				69				336				592
Net charge-offs			(349	)			(6	)			(1,068	)			(1,423	)
Allowance for credit losses - loans			16,587				11,041				3,969				31,597
Allowance for credit losses - loan commitments			163				130				26				319
Ending balance		$	16,750			$	11,171			$	3,995			$	31,916

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		Nine Months Ended September 30, 2026
						Consumer Real				Consumer and				Total
(Amounts in thousands)		Commercial				Estate				Other				Allowance
Total allowance
Balance at beginning of year:
Allowance for credit losses - loans		$	16,113			$	10,886			$	3,762			$	30,761
Allowance for credit losses - loan commitments			186				137				32				355
Total allowance for credit losses beginning of year			16,299				11,023				3,794				31,116
Allowance recorded on acquired loans - Hometown			2,152				880				181				3,213
Provision for credit losses:
Provision for (recovery of) credit losses - loans			23				(183	)			1,551				1,391
Provision for credit losses - loan commitments			101				47				2				150
Total provision for (recovery of) credit losses - loans and loan commitments			124				(136	)			1,553				1,541
Charge-offs			(1,131	)			(226	)			(3,081	)			(4,438	)
Recoveries			420				229				1,062				1,711
Net (charge-offs) recoveries			(711	)			3				(2,019	)			(2,727	)
Allowance for credit losses - loans			17,577				11,586				3,475				32,638
Allowance for credit losses - loan commitments			287				184				34				505
Ending balance		$	17,864			$	11,770			$	3,509			$	33,143

		Nine Months Ended September 30, 2025
						Consumer Real				Consumer and				Total
(Amounts in thousands)		Commercial				Estate				Other				Allowance
Total allowance
Balance at beginning of year:
Allowance for credit losses - loans		$	20,418			$	9,907			$	4,500			$	34,825
Allowance for credit losses - loan commitments			171				138				32				341
Total allowance for credit losses beginning of year			20,589				10,045				4,532				35,166
Provision for credit losses:
(Recovery of) provision for credit losses - loans			(3,473	)			992				2,539			$	58
Recovery of credit losses - loan commitments			(8	)			(8	)			(6	)			(22	)
Total (recovery of) provision for credit losses - loans and loan commitments			(3,481	)			984				2,533				36
Charge-offs			(1,231	)			(104	)			(4,187	)			(5,522	)
Recoveries			873				246				1,117				2,236
Net (charge-offs) recoveries			(358	)			142				(3,070	)			(3,286	)
Allowance for credit losses - loans			16,587				11,041				3,969				31,597
Allowance for credit losses - loan commitments			163				130				26				319
Ending balance		$	16,750			$	11,171			$	3,995			$	31,916

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Note 7. Deposits

The following table presents the components of deposits as of the dates indicated:

		September 30, 2026				December 31, 2025
(Amounts in thousands)
Noninterest-bearing demand deposits		$	974,259			$	896,255
Interest-bearing deposits:
Interest-bearing demand deposits			815,383				684,245
Money market accounts			383,662				323,808
Savings deposits			657,152				580,653
Certificates of deposit			128,085				129,235
Individual retirement accounts			70,343				71,133
Total interest-bearing deposits			2,054,625				1,789,074
Total deposits		$	3,028,884			$	2,685,329

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Note 8. Borrowings

The following table presents the components of borrowings as of the dates indicated:

		September 30, 2026								December 31, 2025
						Weighted								Weighted
(Amounts in thousands)		Balance				Average Rate				Balance				Average Rate
Retail repurchase agreements		$	2,440				1.69	%		$	1,214				0.06	%

Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements.

The Company had no long-term borrowings as of September 30, 2026, or  December 31, 2025.

Unused borrowing capacity with the FHLB totaled $301.57 million, net of FHLB letters of credit of $115.13 million, as of September 30, 2026. As of September 30, 2026, the Company maintains $417.21 million in qualifying loans to secure the FHLB borrowing capacity.

Note 9. Derivative Instruments and Hedging Activities

Generally, derivative instruments help the Company manage exposure to market risk and meet customer financing needs. Market risk represents the possibility that fluctuations in external factors such as interest rates, market-driven loan rates, prices, or other economic factors will adversely affect economic value or net interest income.

The Company has used interest rate swap contracts to modify its exposure to interest rate risk caused by changes in benchmark interest rates in relation to certain designated fixed rate loans.  These instruments are used to convert these fixed rate loans to an effective floating rate. If the Secured Overnight Financing Rate ("SOFR") plus a spread falls below the loan’s stated fixed rate for a given period, the Company will owe the floating rate payer the notional amount times the difference between the floating rate and the stated fixed rate. If SOFR is above the stated rate for a given period, the Company will receive payments based on the notional amount times the difference between the floating rate and the stated fixed rate. 

The Company's interest rate swaps qualify as fair value hedging instruments; therefore, fair value changes in the derivative and hedged item attributable to the hedged risk are recognized in earnings in the same period. The fair value hedges were effective as of September 30, 2026, and December 31, 2025.

The following table presents the notional, or contractual, amounts and fair values of derivative instruments as of the dates indicated:

		September 30, 2026												December 31, 2025
		Notional or				Fair Value								Notional or				Fair Value
		Contractual				Derivative				Derivative				Contractual				Derivative				Derivative
(Amounts in thousands)		Amount				Assets				Liabilities				Amount				Assets				Liabilities
Derivatives designated as hedges
Interest rate swaps		$	2,268			$	51			$	-			$	2,637			$	41			$	-
Total derivatives		$	2,268			$	51			$	-			$	2,637			$	41			$	-

The following table presents the effect of derivative and hedging activity, if applicable, on the consolidated statements of income for the periods indicated:

		Three Months Ended September 30,								Nine Months Ended September 30,
(Amounts in thousands)		2026				2025				2026				2025			Income Statement Location
Derivatives designated as hedges
Interest rate swaps		$	(4	)		$	(15	)		$	(21	)		$	(45	)	Interest and fees on loans
Total derivative (income) expense		$	(4	)		$	(15	)		$	(21	)		$	(45	)

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Note 10. Employee Benefit Plans

The Company maintains two nonqualified domestic, noncontributory defined benefit plans (the “Benefit Plans”) for key members of senior management and non-management directors. The Company’s unfunded Benefit Plans include the Supplemental Executive Retention Plan ("SERP") and the Directors’ Supplemental Retirement Plan ("Director Plan"). The SERP was frozen near the end of 2021; the Director Plan was fundamentally frozen at that time as well. The following table presents the components of net periodic pension cost and the effect on the consolidated statements of income for the periods indicated:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025			Income Statement Location
(Amounts in thousands)
Interest cost		$	103			$	109			$	306			$	323		Salaries and employee benefits/Other Expense
Amortization of losses			-				(6	)			1				(17	)	Salaries and employee benefits/Other Expense
Net periodic cost		$	103			$	103			$	307			$	306

Note 11. Earnings per Share

The following table presents the calculation of basic earnings per common share for the periods indicated. 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
(Amounts in thousands, except share and per share data)
Net income		$	15,423			$	12,266			$	49,963			$	36,329
Weighted average common shares outstanding, basic			18,910,756				18,314,865				18,905,327				18,311,661
Dilutive effect of potential common shares
Stock options and awards			44,776				23,268				37,449				26,123
Restricted stock units			37,732				62,156				43,817				79,282
Total dilutive effect of potential common shares			82,508				85,424				81,266				105,405
Weighted average common shares outstanding, diluted			18,993,264				18,400,289				18,986,593				18,417,066
Basic earnings per common share		$	0.82			$	0.67			$	2.64			$	1.98
Diluted earnings per common share			0.81				0.67				2.63				1.97
Antidilutive potential common shares
Stock options and awards			-				5,282				129				-
Stock units			-				-				10,931				-
Total potential antidilutive shares			-				5,282				11,060				-

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Note 12. Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax and by component, during the periods indicated:

		Three Months Ended September 30, 2026
		Unrealized
		Losses on Available-
		for-Sale Securities				Employee Benefit Plans				Total
(Amounts in thousands)
Beginning balance		$	(8,628	)		$	431			$	(8,197	)
Other comprehensive income before reclassifications			(3,561	)			-				(3,561	)
Reclassified from AOCI			-				-				-
Other comprehensive income, net			(3,561	)			-				(3,561	)
Ending balance		$	(12,189	)		$	431			$	(11,758	)

		Three Months Ended September 30, 2025
		Unrealized
		Losses on Available-
		for-Sale Securities				Employee Benefit Plans				Total
(Amounts in thousands)
Beginning balance		$	(9,699	)		$	552			$	(9,147	)
Other comprehensive loss before reclassifications			1,093				4				1,097
Reclassified from AOCI			-				(4	)			(4	)
Other comprehensive loss, net			1,093				-				1,093
Ending balance		$	(8,606	)		$	552			$	(8,054	)

		Nine Months Ended September 30, 2026
		Unrealized Gains
		(Losses) on Available-
		for-Sale Securities				Employee Benefit Plans				Total
(Amounts in thousands)
Beginning balance		$	(7,945	)		$	431			$	(7,514	)
Other comprehensive income before reclassifications			(4,408	)			(1	)			(4,409	)
Reclassified from AOCI			164				1				165
Other comprehensive income, net			(4,244	)			-				(4,244	)
Ending balance		$	(12,189	)		$	431			$	(11,758	)

		Nine Months Ended September 30, 2025
		Unrealized Gains
		(Losses) on Available-
		for-Sale Securities				Employee Benefit Plans				Total
(Amounts in thousands)
Beginning balance		$	(11,723	)		$	552			$	(11,171	)
Other comprehensive loss before reclassifications			3,117				13				3,130
Reclassified from AOCI			-				(13	)			(13	)
Other comprehensive loss, net			3,117				-				3,117
Ending balance		$	(8,606	)		$	552			$	(8,054	)

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The following table presents reclassifications out of AOCI, by component, during the periods indicated:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,							Income Statement
(Amounts in thousands)		2026				2025				2026				2025			Line Item Affected
Available-for-sale securities
Gain recognized		$	-			$	-			$	208			$	-		Net gain (loss) on sale of securities
Reclassified out of AOCI, before tax			-				-				208				-		Income before income taxes
Income tax expense			-				-				44				-		Income tax expense
Reclassified out of AOCI, net of tax			-				-				164				-		Net income
Employee benefit plans
Amortization of net actuarial benefit cost			-				(6	)			1				(17	)	Salaries and employee benefits/Other Expense
Reclassified out of AOCI, before tax			-				(6	)			1				(17	)	Income before income taxes
Income tax (benefit) expense			-				(1	)			-				(4	)	Income tax expense
Reclassified out of AOCI, net of tax			-				(4	)			1				(13	)	Net income
Total reclassified out of AOCI, net of tax		$	-			$	(4	)		$	165			$	(13	)	Net income

(1) Amortization is included in net periodic pension cost. See Note 10, "Employee Benefit Plans."

Note 13. Fair Value

Financial Instruments Measured at Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy ranks the inputs used in measuring fair value as follows:

● Level 1 – Observable, unadjusted quoted prices in active markets

● Level 2 – Inputs other than quoted prices included in Level 1 that are directly or indirectly observable for the asset or liability

● Level 3 – Unobservable inputs with little or no market activity that require the Company to use reasonable inputs and assumptions

The Company uses fair value measurements to record adjustments to certain financial assets and liabilities on a recurring basis. The Company may be required to record certain assets at fair value on a nonrecurring basis in specific circumstances, such as evidence of impairment. Methodologies used to determine fair value might be highly subjective and judgmental in nature; therefore, valuations may not be precise. If the Company determines that a valuation technique change is necessary, the change is assumed to have occurred at the end of the respective reporting period. The following discussion describes the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments under the valuation hierarchy.

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Assets and Liabilities Reported at Fair Value on a Recurring Basis

Available-for-sale Debt Securities

Debt securities available-for-sale are reported at fair value on a recurring basis. The fair value of Level 1 securities is based on quoted market prices in active markets, if available. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are primarily derived from or corroborated by observable market data. Level 2 securities use fair value measurements from independent pricing services obtained by the Company. These fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and bond terms and conditions. The Company’s Level 2 securities include U.S. Agency and Treasury securities, municipal securities, corporate notes and mortgage-backed securities. Securities are based on Level 3 inputs when there is limited activity or less transparency to the valuation inputs. In the absence of observable or corroborated market data, internally developed estimates that incorporate market-based assumptions are used when such information is available.

Fair value models may be required when trading activity has declined significantly or does not exist, prices are not current, or pricing variations are significant. For Level 3 securities, the Company obtains the cash flow of specific securities from third parties that use modeling software to determine cash flows based on market participant data and knowledge of the structures of each individual security. The fair values of Level 3 securities are determined by applying proper market observable discount rates to the cash flow derived from third-party models.  Securities with increased uncertainty about the receipt of cash flows are discounted at higher rates due to the addition of a deal specific credit premium based on assumptions about the performance of the underlying collateral. Finally, internal fair value model pricing and external pricing observations are combined by assigning weights to each pricing observation. Pricing is reviewed for reasonableness based on the direction of specific markets and the general economic indicators.

Equity Securities. Equity securities are recorded at fair value on a recurring basis and included in other assets in the consolidated balance sheets. The Company uses Level 1 inputs to value equity securities that are traded in active markets. Equity securities that are not actively traded are classified in Level 2.

Loans Held for Investment. Loans held for investment that are subject to a fair value hedge are reported at fair value derived from third-party models. Loans designated in fair value hedges are recorded at fair value on a recurring basis.

Deferred Compensation Assets and Liabilities. Securities held for trading purposes are recorded at fair value on a recurring basis and included in other assets in the consolidated balance sheets. These securities include assets related to employee deferred compensation plans, which are generally invested in Level 1 equity securities. The liability associated with these deferred compensation plans is carried at the fair value of the obligation to the employee, which corresponds to the fair value of the invested assets.

Derivative Assets and Liabilities. Derivatives are recorded at fair value on a recurring basis. The Company obtains dealer quotes, Level 2 inputs, based on observable data to value derivatives.

The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated:

		September 30, 2026
		Total				Fair Value Measurements Using
(Amounts in thousands)		Fair Value				Level 1				Level 2				Level 3
Available-for-sale debt securities
U.S. Agency securities		$	1,332			$	-			$	1,332			$	-
U.S. Treasury securities			228,965			$	-				228,965			$	-
Municipal securities			6,118				-				6,118				-
Corporate Notes			19,749				-				19,749				-
Agency mortgage-backed securities			79,152				-				79,152				-
Total available-for-sale debt securities			335,316				-				335,316				-
Equity securities			55				-				55				-
Fair value loans			2,217				-				-				2,217
Derivative assets			51				-				51				-
Deferred compensation assets			13,537				13,537				-				-
Deferred compensation liabilities			15,082				15,082				-				-

		December 31, 2025
		Total				Fair Value Measurements Using
(Amounts in thousands)		Fair Value				Level 1				Level 2				Level 3
Available-for-sale debt securities
U.S. Treasury securities		$	10,929			$	-			$	10,929			$	-
Municipal securities			9,262				-				9,262				-
Corporate notes			24,560				-				24,560				-
Agency mortgage-backed securities			87,937				-				87,937				-
Total available-for-sale debt securities			132,688				-				132,688				-
Equity securities			55				-				55				-
Fair value loans			2,596				-				-				2,596
Derivative assets			41				-				41				-
Deferred compensation assets			10,951				10,951				-				-
Deferred compensation liabilities			12,479				12,479				-				-

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Assets Measured at Fair Value on a Nonrecurring Basis

Collateral Dependent Loans and OREO:  The fair value of collateral-dependent loans and OREO is measured on a nonrecurring basis using Level 3 inputs, which typically include appraised values of collateral that are adjusted for estimated selling costs and other qualitative factors.

The following table presents assets measured at fair value on a nonrecurring basis, by the level of valuation inputs in the fair value hierarchy, as the date indicated.   The Company had no collateral-dependent loans or OREO measured at fair value on a nonrecurring basis as of  December 31, 2025.  

		September 30, 2026
		Total				Fair Value Measurements Using
		Fair Value				Level 1				Level 2				Level 3
(Amounts in thousands)
Collateral dependent assets with specific reserves		$	-			$	-			$	-			$	-
OREO			66				-				-				66

Quantitative Information about Level 3 Fair Value Measurements

The following table provides quantitative information for assets measured at fair value on a nonrecurring basis using Level 3 valuation inputs as of the date indicated:

	September 30, 2026
	Valuation		Unobservable		Discount Range
	Technique		Input		(Weighted Average)
Collateral dependent assets with specific reserves	Discounted appraisals(1)		Appraisal adjustments(2)			0%
OREO	Discounted appraisals(1)		Appraisal adjustments(2)			37% to 65% (55%)

Fair Value of Financial Instruments

The following tables present the carrying amounts and fair values of financial instruments, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated:

		September 30, 2026
		Carrying								Fair Value Measurements Using
(Amounts in thousands)		Amount				Fair Value				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	502,348			$	502,348			$	502,348			$	-			$	-
Debt securities available-for-sale			335,316				335,316				-				335,316				-
Equity securities			55				55				-				55				-
Loans held for investment, net of allowance			2,444,781				2,252,954				-				-				2,252,954
Derivative financial assets			51				51				-				51				-
Interest receivable			9,740				9,740				-				1,000				8,740
Deferred compensation assets			13,537				13,537				13,537				-				-
Liabilities
Time deposits			198,428				196,344				-				196,344				-
Securities sold under agreements to repurchase			2,440				2,440				-				2,440				-
Interest payable			508				508				-				508				-
Deferred compensation liabilities			15,082				15,082				15,082				-				-

		December 31, 2025
		Carrying								Fair Value Measurements Using
(Amounts in thousands)		Amount				Fair Value				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	512,240			$	512,240			$	512,240			$	-			$	-
Debt securities available-for-sale			132,688				132,688				-				132,688				-
Equity securities			55				55				-				55				-
Loans held for investment, net of allowance			2,283,994				2,105,996				-				-				2,105,996
Interest receivable			8,720				8,720				-				681				8,039
Deferred compensation assets			10,951				10,951				10,951				-				-
Derivative assets			41				41				-				41				-
Liabilities
Time deposits			200,368				198,815				-				198,815				-
Securities sold under agreements to repurchase			1,214				1,214				-				1,214				-
Interest payable			570				570				-				570				-
Deferred compensation liabilities			12,479				12,479				12,479				-				-

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Note 14. Litigation, Commitments, and Contingencies

Litigation

We are currently a defendant in legal actions and asserted claims in the normal course of business. Although we are unable to assess the ultimate outcome of each matter with certainty, we believe that the resolution of these actions should not have a material adverse effect on our financial position, results of operations, or cash flows.

Commitments and Contingencies

The Company is a party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and financial guarantees. These instruments involve, to varying degrees, elements of credit and interest rate risk beyond the amount recognized in the consolidated balance sheets. The contractual amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. If the other party to a financial instrument does not perform, the Company’s credit loss exposure is the same as the contractual amount of the instrument. The Company uses the same credit policies in making commitments and conditional obligations as it does for on balance sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments are expected to expire without being drawn on, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of each customer on a case-by-case basis. Collateral may include accounts receivable, inventory, property, plant and equipment, and income producing commercial properties. The Company maintains a reserve for the risk inherent in unfunded lending commitments, which is included in other liabilities in the consolidated balance sheets.

Standby letters of credit and financial guarantees are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending credit to customers. The amount of collateral obtained, if deemed necessary, to secure the customer’s performance under certain letters of credit is based on management’s credit evaluation of the customer.

The following table presents the off-balance sheet financial instruments as of the dates indicated:

		September 30, 2026				December 31, 2025
(Amounts in thousands)
Commitments to extend credit		$	278,408			$	263,912
Standby letters of credit and financial guarantees (1)			119,251				127,073
Total off-balance sheet risk		$	397,659				390,985

(1) Includes FHLB letters of credit

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Note 15. Segment Information

The Company conducts its business activities through community banking. Community banking revolves around serving the community and customers where the bank has branches and offices. Community banking consists of commercial and consumer banking, lending activities, and wealth management. 

The Company’s chief executive officer is in charge of allocating the Company’s resources and assessing the Company's performance, and as such, has been identified as the chief operating decision maker. The chief operating decision maker regularly reviews a multitude of reports that have a varying level of combined detail on products offered, however, all of the information and activity reviewed fall under the definition of community banking.

Based on the business activities and information reviewed by the chief operating decision maker, the Company has one reportable segment - Community Banking. 

The accounting policies of the community banking segment are the same as those for the Company described in Note 1. In accordance with ASC 280, the Company has concluded that consolidated net income is the measure of segment profit or loss that is required to be reported because it is the measure determined in accordance with measurement principles that are most consistent with US GAAP. As the Company only has one reportable segment, total segment net income and total segment assets are equivalent to the results disclosed in the accompanying Consolidated Statements of Income and Consolidated Balance Sheets, respectively.

Note 16.  Subsequent Events

On October 27, 2026, the Company entered into an Agreement and Plan of Merger (the “Agreement”) with Main Street Financial Services Corp., a West Virginia corporation (“Main Street”), under which the Company will acquire Main Street.

Main Street is a bank holding company headquartered in Wooster, Ohio, with total assets of approximately $1.6 billion, total loans of approximately $1.3 billion, total liabilities of approximately $1.5 billion, total deposits of approximately $1.4 billion and total shareholders' equity of approximately $137 million as of September 30, 2026. Main Street is the parent company of Main Street Bank Corp., which operates 21 banking offices across east central Ohio and in the northern panhandle of West Virginia.

Pursuant to the terms and conditions set forth in the Agreement, at the effective time of the Merger (the “Effective Time”), Main Street will merge with and into the Company.  Main Street will cease to exist, and the Company will survive and continue to exist as a Virginia corporation. The Agreement further provides that following the Effective Time, Main Street Bank Corp. will merge with and into First Community Bank, a wholly owned subsidiary of the Company (the “Bank Merger”).   First Community Bank will survive the Bank Merger and continue to exist as a Virginia banking corporation.

The Agreement provides that, upon the terms and conditions set forth in the Agreement, at the Effective Time, each share of Main Street common stock, par value $1.00 per outstanding immediately prior to the Effective Time will be converted into the right to receive 0.6174 shares of the Company common stock, par value $1.00 per share.  Holders of Main Street Common Stock will receive cash in lieu of fractional shares.

Pursuant to the Agreement, outstanding stock options of Main Street will be cancelled at closing and converted into the right to receive cash consideration in accordance with the terms of the Agreement.

The completion of the Merger and the Bank Merger are subject to customary conditions, including receipt of the requisite approval of both the Company’s and Main Street’s shareholders of the Agreement and receipt of required regulatory approvals from the Board of Governors of the Federal Reserve System and the Virginia State Corporation Commission Bureau of Financial Institutions and regulatory filings with the West Virginia Division of Financial Institutions.

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ITEM 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand our financial condition, changes in financial condition, and results of operations. MD&A contains forward-looking statements and should be read in conjunction with our consolidated financial statements, accompanying notes, and other financial information included in this report and our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Unless the context suggests otherwise, the terms “First Community,” “Company,” “we,” “our,” and “us” refer to First Community Bankshares, Inc. and its subsidiaries as a consolidated entity.

Executive Overview

First Community Bankshares, Inc. (the “Company”) is a financial holding company, headquartered in Bluefield, Virginia, that provides banking products and services through its wholly owned subsidiary First Community Bank (the “Bank”), a Virginia-chartered banking institution. As of September 30, 2026, the Bank operated 61 branches in Virginia, West Virginia, North Carolina and Tennessee. As of September 30, 2026, full-time equivalent employees, calculated using the number of hours worked, totaled 605.  Our primary source of earnings is net interest income, the difference between interest earned on assets and interest paid on liabilities, which is supplemented by fees for services, commissions on sales, and various deposit service charges. We fund our lending and investing activities primarily through the retail deposit operations of our branch banking network. We invest our funds primarily in loans to retail and commercial customers and various investment securities. Our common stock is traded on the NASDAQ Global Select Market under the symbol FCBC.

The Bank offers trust management, estate administration, and investment advisory services through its Trust Division and wholly owned subsidiary First Community Wealth Management Inc. (“FCWM”). The Trust Division manages inter vivos trusts and trusts under will, develops and administers employee benefit and individual retirement plans, and manages and settles estates. Fiduciary fees for these services are charged on a schedule related to the size, nature, and complexity of the account. Revenues consist primarily of investment advisory fees and commissions on assets under management and administration. As of September 30, 2026, the Trust Division and FCWM managed and administered $1.82 billion in combined assets under various fee-based arrangements as fiduciary or agent. 

Recent Developments 

As described in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, on January 23, 2026, the Company completed its previously announced merger (the " Hometown Merger") with Hometown Bancshares, Inc., a West Virginia corporation headquartered in Middlebourne, West Virginia ("Hometown"), pursuant to an Agreement and Plan of Merger (the "Agreement") dated July 19, 2025, by and between the company and Hometown.  Hometown merged with and into the Company, with the Company as the surviving corporation in the Hometown Merger.  Acquisition details are described in Note 2, "Acquisitions" of Part I, of this Quarterly Report on Form 10-Q.

On October 27, 2026, the Company entered into an Agreement and Plan of Merger (the “Main Street Agreement”) with Main Street Financial Services Corp., a West Virginia corporation (“Main Street”), under which the Company will acquire Main Street.  Main Street is a bank holding company head quartered in Wooster, Ohio.  As of September 30, 2026, Main Street reported total assets of approximately $1.6 million, deposits of approximately $1.4 billion and shareholders' equity of approximately $137 million. Upon completion of the transaction and subject to customary closing conditions, including shareholder and regulatory approvals, Main Street will cease to exist, and the Company will survive and continue to exist as a Virginia corporation.  Agreement details are described in Note 16, "Subsequent Events" of Part I, of this Quarterly Report on Form 10-Q.

Critical Accounting Policies

We prepare our consolidated financial statements in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and conform to general practices within the banking industry. Our financial position and results of operations may require management to make significant estimates and assumptions that have a material impact on our financial condition or operating performance. Due to the level of subjectivity and the susceptibility of such matters to change, actual results could differ significantly from management’s assumptions and estimates. Estimates, assumptions, and judgments, which are periodically evaluated, are based on historical experience and other factors, including expectations of future events believed reasonable under the circumstances. These estimates are generally necessary when assets and liabilities are required to be recorded at estimated fair value, when a decline in the value of an asset carried on the financial statements at fair value warrants an impairment write-down or a valuation reserve, or when an asset or liability needs recorded based on the probability of occurrence of a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. Fair values and information used to record valuation adjustments for certain assets and liabilities are based on quoted market prices, when available, or third-party sources. When quoted prices or third-party information is not available, management estimates valuation adjustments primarily through the use of financial modeling techniques and appraisal estimates.

Our accounting policies are fundamental in understanding MD&A and the disclosures presented in Item 1, “Financial Statements,” of this Quarterly Report on Form 10-Q. Our accounting policies are described in detail in Note 1, “Basis of Presentation and Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in Part II, Item 8 of our 2025 Form 10-K. Our critical accounting estimates are detailed in the “Critical Accounting Policies” section in Part II, Item 7 of our 2025 Form 10-K.

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Performance Overview

Highlights of our results of operations for the three and nine months ended September 30, 2026, and financial condition as of September 30, 2026, include the following:

	●	Net income for the third quarter of 2026 increased $3.16 million, or 25.74%, to $15.42 million, compared with $12.27 million for the third quarter of 2025. For the first nine months of 2026, net income reached a record $49.96 million, surpassing the previous nine-month record of $40.61 million reported in 2021 and increasing $13.63 million compared with the first nine months of 2025.
	●	Excluding merger-related and other non-recurring items, adjusted net income (non-GAAP) for the third quarter of 2026 was $14.74 million, an increase of $1.84 million, or 14.23%, from the same period in 2025. For the first nine months of 2026, adjusted net income (non-GAAP) totaled $42.79 million, an increase of $5.82 million, or 15.76%, compared to the same time period of 2025.  Significant non-recurring pre-tax items during 2026 included a $10.38 million gain on the sale of the Company's stake in Bearing Insurance and merger-related costs of $2.31million.
	●	Net interest margin increased 3 basis points to 4.46% for the third quarter of 2026, compared with 4.43% for the third quarter of 2025. Net interest rate spread increased 10 basis points to 4.16%, contributing to a $4.62 million, or 14.72%, increase in tax-equivalent net interest income. The improvement was primarily driven by an increase in average earning assets and lower funding costs. Average earning assets increased $390.91 million, or 13.89%, contributing $4.56 million in additional interest income, while the cost of interest-bearing deposits declined 15 basis points.
	●	Net interest income after provision for loan losses increased $3.89 million, or 12.42%, compared with September 30, 2025. The increase was primarily attributable to growth in average earning assets associated with the acquisition of Hometown Bancshares, completed in the first quarter of 2026.
	●	Noninterest income increased $1.76 million, or 16.14%, compared to the same quarter of 2025, primarily reflecting a combined $1.61 million increase in other operating income and other service charges and fees. Noninterest expense increased $1.66 million, or 6.32%, over the same period, primarily due to increases in salaries and benefits of $955 thousand, or 6.66%, other operating expense of $471 thousand, or 13.95%, and amortization of intangibles of $401 thousand, or 92.61%.

	●	Annualized return on average assets ("ROA") increased to 1.69% for the third quarter of 2026, compared with 1.53% for the same quarter of 2025. Annualized return on average common equity ("ROE") increased to 11.23%, compared with 9.58% for the same period of 2025.
	●	When adjusted for merger-related and other non-recurring items, adjusted ROA (non-GAAP) was 1.62% for the third quarter of 2026 and adjusted ROE (non-GAAP) was 10.73%. Return on average tangible common equity (non-GAAP) was 15.32%.
	●	Consolidated assets totaled $3.63 billion at September 30, 2026.
	●	The Company's loan portfolio increased $162.66 million, or 7.03% from year-end 2025. Excluding the Hometown acquisition, the loan portfolio decreased approximately $8.38 million, or 0.36%. However, loan production for the third quarter of 2026 was $125.59 million, compared to $88.84 million for the same quarter in 2025, a 41.37% increase.
	●	The allowance for credit losses increased $1.88 million during the first nine months of 2026 compared to December 31, 2025, primarily driven by the impact of the Hometown transaction. The allowance for credit losses to total loans was 1.32% on September 30, 2026, compared to 1.33% on December 31, 2025, and 1.36% on September 30, 2025.
	●	The Company did not repurchase any common shares in the third quarter of 2026 or 2025. However, 504,652 common shares at a total cost of $20.33 million were repurchased during the first quarter of 2026.
	●	Total non-performing assets declined $1.03 million, or 6.09%, compared to the same period of 2025, reflecting continued improvement in asset quality and the second consecutive quarterly decline.
	●	Non-performing loans as a percentage of total loans improved to 0.64% on September 30, 2026, from 0.71% at September 30, 2025, a decrease of 7 basis points. Net charge-offs for the third quarter of 2026 totaled $696 thousand, or 0.11%, of annualized average loans, compared to $1.42 million, or 0.24%, of annualized average loans for the same period in 2025. The year-over-year improvement was primarily attributable to $2.01 million of significant charge-offs recorded during the third quarter of 2025.
	●	Book value per share on September 30, 2026, was $ 28.83, an increase of $1.53, or 5.60%, from year-end 2025.

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Results of Operations

Net Income

The following table presents the changes in net income and related information for the periods indicated:

		Three Months Ended																Nine Months Ended
(Amounts in thousands, except per		September 30,								Increase								September 30,								Increase
share data)		2026				2025				(Decrease)				% Change				2026				2025				(Decrease)				% Change
Net income		$	15,423			$	12,266			$	3,157				25.74	%		$	49,963			$	36,329			$	13,634				37.53	%
Basic earnings per common share			0.82				0.67				0.15				22.39	%			2.64				1.98				0.66				33.33	%
Diluted earnings per common share			0.81				0.67				0.14				20.90	%			2.63				1.97				0.66				33.50	%
Return on average assets			1.69	%			1.53	%			0.16	%			10.46	%			1.86	%			1.52	%			0.34	%			22.37	%
Return on average common equity			11.23	%			9.58	%			1.65	%			17.22	%			12.49	%			9.64	%			2.85	%			29.56	%

Three-Month Comparison.

Net income for the third quarter of 2026 was $15.42 million, an increase of $3.16 million, or 25.74%, from $12.27 million for the third quarter of 2025.  The increase was primarily attributable to higher net interest income and noninterest income.  Interest income increased $4.51 million, or 12.62%, driven primarily by a $2.32 million increase in interest and fees on loans and a $1.15 million increase in income from taxable securities.  Noninterest income increased $1.76 million, or 16.14%, primarily from a pre-tax gain of $902 thousand from the sale of bank property.  These increases were partially offset by a $1.66 million, or 6.32%, increase in noninterest expense, primarily due to higher salaries and employee benefits expense of $955 thousand, increased other operating expense of $471 thousand, and higher amortization of intangible assets of $401 thousand. 

Nine-Month Comparison.

Net income for the nine months of 2026, reached a record $49.96 million, surpassing the previous nine-month record of $40.61 million reported in 2021 and increasing $13.63 million compared with the first nine months of 2025.  The increase was primarily attributable to a $10.38 million pre-tax gain on the sale of the Company's interest in Bearing Insurance and a $10.28 million, or 11.14%, increase of net interest income after the provision for credit losses.  These gains were offset by a $7.56 million, or 9.86%, increase in noninterest expense and a $4.07 million, or 38.13%, increase in income tax expense.   Higher noninterest expense was primarily driven by increases in salaries and employee benefits, merger related expenses, other operating expenses, and amortization of intangibles.  

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Net Interest Income

Net interest income, which represents the Company's primary source of earnings, is reviewed by management on both a GAAP basis and a fully taxable equivalent ("FTE") basis (non-GAAP).  Management believes presentation of net interest income on an FTE basis enhances comparability of income arising from taxable and tax-exempt sources and is a standard industry measure used by investors, analysts, and banking institutions in evaluating net interest margin, net interest rate spread and operating performance.  For additional information, see "Non-GAAP Financial Measures" below. 

The following tables present the consolidated average balance sheets and net interest analysis on an FTE basis for the dates indicated:

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

		Three Months Ended September 30,
		2026												2025
		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)		$	2,459,077			$	33,281				5.37	%		$	2,339,631			$	30,897				5.24	%
Securities available-for-sale			243,418				2,180				3.55	%			130,187				1,070				3.26	%
Interest-bearing deposits			501,771				4,913				3.88	%			343,541				3,845				4.44	%
Total earning assets			3,204,266				40,374				5.00	%			2,813,359				35,812				5.05	%
Other assets			409,121												377,244
Total assets		$	3,613,387											$	3,190,603
Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits		$	810,579			$	292				0.14	%		$	657,223			$	196				0.12	%
Savings deposits			1,030,223				3,246				1.25	%			895,925				3,225				1.43	%
Time deposits			203,090				788				1.54	%			213,601				981				1.82	%
Total interest-bearing deposits			2,043,892				4,326				0.84	%			1,766,749				4,402				0.99	%
Borrowings
Retail repurchase agreements			3,082				14				1.86	%			1,159				-				0.06	%
Total borrowings			3,082				14				1.86	%			1,159				-				0.06	%
Total interest-bearing liabilities			2,046,974				4,340				0.84	%			1,767,908				4,402				0.99	%
Noninterest-bearing demand deposits			965,545												868,489
Other liabilities			55,925												46,321
Total liabilities			3,068,444												2,682,718
Stockholders' equity			544,943												507,885
Total liabilities and stockholders' equity		$	3,613,387											$	3,190,603
Net interest income, FTE(1)						$	36,034											$	31,410
Net interest rate spread											4.16	%											4.06	%
Net interest margin, FTE(1)											4.46	%											4.43	%

(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 $156 thousand and $405 thousand for the three months ended September 30, 2026 and 2025, respectively.

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 AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

		Nine Months Ended September 30,
		2026												2025
		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)		$	2,450,945			$	97,931				5.34	%		$	2,366,151			$	92,385				5.22	%
Securities available-for-sale			248,350				6,521				3.51	%			135,900				3,384				3.33	%
Interest-bearing deposits			473,225				13,644				3.85	%			324,625				10,828				4.46	%
Total earning assets			3,172,520				118,096				4.98	%			2,826,676				106,597				5.04	%
Other assets			413,180												376,317
Total assets		$	3,585,700											$	3,202,993
Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits		$	808,799			$	1,279				0.21	%		$	657,916			$	554				0.11	%
Savings deposits			1,018,583				9,602				1.26	%			894,049				9,857				1.47	%
Time deposits			210,513				2,644				1.68	%			226,690				3,593				2.12	%
Total interest-bearing deposits			2,037,895				13,525				0.89	%			1,778,655				14,004				1.05	%
Borrowings
Retail repurchase agreements			2,882				36				1.69	%			1,174				-				0.06	%
Total borrowings			2,882				36				1.69	%			1,174				-				0.06	%
Total interest-bearing liabilities			2,040,777				13,561				0.89	%			1,779,829				14,004				1.05	%
Noninterest-bearing demand deposits			952,429												868,639
Other liabilities			57,653												50,547
Total liabilities			3,050,859												2,699,015
Stockholders' equity			534,841												503,978
Total liabilities and stockholders' equity		$	3,585,700											$	3,202,993
Net interest income, FTE(1)						$	104,535											$	92,593
Net interest rate spread											4.09	%											3.99	%
Net interest margin, FTE(1)											4.41	%											4.38	%

(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 $1.02 million and $1.39 million for the nine months ended September 30, 2026 and 2025, respectively.

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The following table presents the impact to net interest income on an FTE basis due to changes in volume (change in average volume times the prior year’s average rate), rate (average rate times the prior year’s average volume), and rate/volume (average volume times the change in average rate), for the periods indicated:

		Three Months Ended																Nine Months Ended
		September 30, 2026 Compared to 2025																September 30, 2026 Compared to 2025
		Dollar Increase (Decrease) due to																Dollar Increase (Decrease) due to
										Rate/																Rate/
(Amounts in thousands)		Volume				Rate				Volume				Total				Volume				Rate				Volume				Total
Interest earned on (1)
Loans		$	1,578			$	763			$	43			$	2,384			$	3,311			$	2,162			$	73			$	5,546
Securities available-for-sale			930				96				84				1,110				2,800				184				153				3,137
Interest-bearing deposits with other banks			1,771				(481	)			(222	)			1,068				4,957				(1,468	)			(673	)			2,816
Total interest earning assets			4,279				378				(95	)			4,562				11,068				878				(447	)			11,499
Interest paid on
Demand deposits			46				38				12				96				127				486				112				725
Savings deposits			484				(406	)			(57	)			21				1,373				(1,429	)			(199	)			(255	)
Time deposits			(48	)			(151	)			6				(193	)			(256	)			(746	)			53				(949	)
Retail repurchase agreements			-				5				9				14				1				14				21				36
Total interest-bearing liabilities			482				(514	)			(30	)			(62	)			1,245				(1,675	)			(13	)			(443	)
Change in net interest income (1)		$	3,797			$	892			$	(65	)		$	4,624			$	9,823			$	2,553			$	(434	)		$	11,942

(1) FTE basis based on the federal statutory rate of 21%. 

Three-Month Comparison. Net interest income represented 73.93% of total net interest and noninterest income in the third quarter of 2026, compared to 74.19% in the same quarter of 2025. On a GAAP basis, net interest income increased $4.57 million, or 14.60%, while on a fully taxable equivalent ("FTE") basis, it increased $4.62 million, or 14.72%.  The FTE net interest margin increased three basis points, and the net interest spread increased ten basis points, or 2.46%.   These improvements were primarily driven by growth in average interest- earning assets and lower funding costs. 

Average earning assets increased by $390.91 million, or 13.89%, in the third quarter of 2026 compared to the same time period in 2025.  The increase was primarily attributable to the acquisition of Hometown, completed in a previous quarter.  Although the average yield on earning assets declined 5 basis points, interest income increased by $4.56 million, or 12.74%, driven by higher average asset volumes.  The average loan-to-deposit ratio decreased to 81.71% from 88.78% in the third quarter of 2025.  Non-cash accretion income totaled $156 thousand, compared to $405 thousand in the prior-year period.

The average balance of interest-bearing liabilities, consisting of interest-bearing deposits and borrowings, increased by $279.07 million, or 15.79% during the third quarter of 2026 compared to the third quarter of 2025.  Despite the increase in funding balances, interest expense declined due to a 15-basis point, or 15.15%, reduction in the average rate paid on interest-bearing deposits, resulting in a lower overall cost of funds.  

Nine-Month Comparison. Net interest income represented 69.14% of total net interest and noninterest income in the nine months ended September 30, 2026, compared to 74.57% in the same period of 2025. On a GAAP basis, net interest income increased $11.78 million, or 12.77%, while on a fully taxable equivalent ("FTE") basis, it increased $11.94 million, or 12.90%.  The FTE net interest margin increased 3 basis points, and the net interest spread increased 10 basis points, or 2.51%.   These improvements were primarily driven by higher average interest-earning assets primarily attributable to the Hometown acquisition, as well as lower funding costs. 

Average earning assets increased $345.84 million, or 12.24%, driven by increases of $148.60 million in interest-bearing deposits, $112.45 million in securities available-for-sale and $84.79 million in loans.  Although the average yield on earning assets declined 6 basis points, interest income grew $11.50 million, or 10.79%, reflecting higher asset volumes.  The average loan-to-deposit ratio decreased to 81.96% for the nine months ended September 30, 2026, compared to 89.38% for the same period in 2025.  Non-cash accretion income totaled $1.02 thousand compared to $1.39 thousand in the prior-year period.

Average interest-bearing liabilities, consisting of interest-bearing deposits and borrowings, increased $260.95 million, or 14.66%, compared to the same period in 2025.  However, interest expense decreased $443 thousand as the cost of funds declined 16 basis points to 0.89% from 1.05% in the prior-year period.  The decrease was primarily attributable to interest-bearing deposits, where a 16-basis point reduction in the average rate paid contributed to a $479 thousand, or 3.42%, decline in interest expense. 

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Provision for Credit Losses

Three-Month Comparison.  The Company recorded a provision for credit losses of $680 thousand in the third quarter of 2026, compared to no provision in the prior-year quarter.  The increase was primarily related to loan growth, as the loan portfolio increased $146.11 million from the prior-year period, driven largely by the Hometown acquisition completed in the first quarter of 2026.

Nine-Month Comparison.  The provision charged to operations increased $1.50 million in the nine months ended September 30, 2026, compared to the same period of 2025.  The Company recorded a $1.39 million provision for credit losses on loans and a $150 thousand provision for credit losses on unfunded commitments during the first nine months of 2026, compared to a $58 thousand provision for credit losses on loans and a $22 thousand recovery of provision for credit losses on unfunded loan commitments during the same period in 2025.  The increase in total provision expense was primarily driven by growth in the loan portfolio, primarily attributable to loans acquired through the Hometown acquisition.

Noninterest Income

The following table presents the components of, and changes in, noninterest income for the periods indicated:

		Three Months Ended																Nine Months Ended
		September 30,								Increase								September 30,								Increase				%
		2026				2025				(Decrease)				Change %				2026				2025				(Decrease)				Change
(Amounts in thousands)
Wealth management		$	1,324			$	1,371			$	(47	)			-3.43	%		$	4,022			$	3,755			$	267				7.11	%
Service charges on deposits			4,719				4,520				199				4.40	%			13,335				12,476				859				6.89	%
Other service charges and fees			4,412				3,847				565				14.69	%			12,828				10,978				1,850				16.85	%
Gain on sale of securities			-				-				-				NM				208				-				208				NM
Gain on sale of equity investment			-				-				-				NM				10,384				-				10,384				NM
Other operating income			2,192				1,151				1,041				90.44	%			5,668				4,249				1,419				33.40	%
Total noninterest income		$	12,647			$	10,889			$	1,758				16.14	%		$	46,445			$	31,458			$	14,987				47.64	%

Three-Month Comparison. Noninterest income comprised 26.07% of total net interest and noninterest income in the third quarter of 2026 compared to 25.81% in the same quarter of 2025. Noninterest income increased $1.76 million, or 16.14%, compared to the third quarter of 2025.  The increase was primarily attributable to a $902 thousand pre-tax gain on the sale of bank property and growth in other service charges and fees of $565 thousand.

Nine-Month Comparison. Noninterest income comprised 30.86% of total net interest and noninterest income in the nine months ended September 30, 2026, compared to 25.43% in the same period of 2025. Noninterest income increased $14.99 million, or 47.64%, compared to the same period of 2025.  The increase was primarily attributable to a $10.38 million pre-tax gain on the sale of the Company's ownership interest in Bearing Insurance, a $1.85 million, or 16.85% growth in other service charges and fees and a $902 thousand pre-tax gain on the sale of bank property.  

Noninterest Expense

The following table presents the components of, and changes in, noninterest expense for the periods indicated:

		Three Months Ended																Nine Months Ended
		September 30,								Increase								September 30,								Increase				%
		2026				2025				(Decrease)				Change %				2026				2025				(Decrease)				Change
(Amounts in thousands)
Salaries and employee benefits		$	15,306			$	14,351			$	955				6.65	%		$	44,800			$	42,035			$	2,765				6.58	%
Occupancy expense			1,431				1,508				(77	)			-5.11	%			4,626				4,374				252				5.76	%
Furniture and equipment expense			1,650				1,502				148				9.85	%			4,799				4,664				135				2.89	%
Service fees			3,033				2,728				305				11.18	%			8,680				7,687				993				12.92	%
Advertising and public relations			1,122				939				183				19.49	%			2,917				3,148				(231	)			-7.34	%
Professional fees			305				293				12				4.10	%			866				1,025				(159	)			-15.51	%
Amortization of intangibles			834				433				401				92.61	%			2,521				1,483				1,038				69.99	%
FDIC premiums and assessments			412				362				50				13.81	%			1,235				1,085				150				13.82	%
Merger expense			-				787				(787	)			NM				2,310				787				1,523				193.52	%
Other operating expense			3,847				3,376				471				13.95	%			11,488				10,391				1,097				10.56	%
Total noninterest expense		$	27,940			$	26,279			$	1,661				6.32	%		$	84,242			$	76,679			$	7,563				9.86	%

Three-Month Comparison. Noninterest expense increased $1.66 million, or 6.32%, in the third quarter of 2026 compared to the same quarter of 2025.  The increase was primarily attributable to increases in salaries and employee benefits of $955 thousand, or 6.65%, other operating expense of $471 thousand, or 13.95%, and amortization of intangibles of $401 thousand, or 92.61%.  

Nine-Month Comparison. Noninterest expense increased $7.56 million, or 9.86%, in the nine months ended September 30, 2026, compared to the same period of 2025.  The increase was primarily attributable to increases of $2.76 million in salaries and employee benefits, $1.52 million in merger expense, and $1.10 million in other operating expense. The merger expense was related to the acquisition of Hometown, which was completed in the first quarter of 2026.

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Income Tax Expense

The Company’s effective tax rate, income tax as a percent of pre-tax income, may vary significantly from the statutory rate due to permanent differences and available tax credits. Permanent differences are income and expense items excluded by law in the calculation of taxable income. The Company’s most significant permanent differences generally include interest income on municipal securities, increase in the cash surrender value of life insurance policies and non-deductible acquisition costs.

Three-Month Comparison. Income tax expense increased $828 thousand, or 22.74%.  The effective tax rate decreased to 22.47% in the third quarter of 2026 from 22.89% in the same quarter of 2025.

Nine-Month Comparison. Income tax expense increased $4.07 million, or 38.13%.  The effective tax rate increased to 22.77% in the nine months ended September 30, 2026, from 22.70% in the same period of 2025.

Non-GAAP Financial Measures 

In addition to results presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP financial measures that management believes provide investors with meaningful supplemental information regarding the Company's operating performance and facilitate comparisons with other financial institutions. The non-GAAP financial measures presented in this report include fully tax-equivalent ("FTE") net interest income, net interest margin, and net interest rate spread; adjusted net income; adjusted return on average assets ("ROA"); adjusted return on average equity ("ROE"); average tangible common equity; and return on average tangible common equity.

Management believes that presenting net interest income, net interest margin, and net interest rate spread on an FTE basis enhances comparability between taxable and tax-exempt revenue streams and is a widely used industry methodology for evaluating net interest performance. The FTE adjustment reflects the tax-equivalent value of income earned on certain tax-exempt loans and investments using the federal statutory tax rate of 21%.

Adjusted net income, adjusted ROA, and adjusted ROE exclude merger-related expenses and other significant non-recurring items that management considers outside the normal course of banking operations. Management believes these adjustments provide a clearer view of the Company's core operating performance and facilitate period-to-period comparisons.

Average tangible common equity represents total shareholders equity less intangible assets and is a commonly used measure to evaluate capital strength. Return on average tangible common equity measures earnings relative to tangible common equity and assists management and investors in assessing the quality, adequacy, and effectiveness of the Company's capital structure. These measures, together with other financial and operating metrics, are used by management to evaluate performance and capital adequacy.

While management believes these non-GAAP financial measures enhance investors understanding of the Companys business and operating results, they should be considered supplemental to, and not a substitute for, financial measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be comparable to similarly titled measures reported by other financial institutions. 

The following table reconciles net interest income and margin, as presented in our consolidated statements of income, to net interest income and net interest margin, on an FTE basis for the periods indicated:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
(Amounts in thousands)
Net interest income, GAAP		$	35,865			$	31,297			$	104,034			$	92,252
FTE adjustment(1)			169				113				501				341
Net interest income, FTE		$	36,034			$	31,410				104,535				92,593
Net interest margin, GAAP			4.44	%			4.41	%			4.39	%			4.36	%
FTE adjustment(1)			0.02	%			0.02	%			0.02	%			0.02	%
Net interest margin, FTE			4.46	%			4.43	%			4.41	%			4.38	%

(1) FTE basis based on the federal statutory rate of 21%. 

The following table is a reconciliation of return on average tangible common equity, a non-GAAP financial measurement, for the periods indicated:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
(Amounts in thousands)
Net Income available to common shareholders, GAAP		$	15,423			$	12,266			$	49,963			$	36,329
Add (subtract) merger expenses and non-recurring items, net of tax (1)			(686	)			635				(7,175	)			635
Tangible net income available to common shareholders		$	14,737			$	12,901			$	42,788			$	36,964
Tangible net income available to common shareholders (annualized)		$	58,469			$	51,185			$	57,208			$	49,421
Average Common Equity		$	544,943			$	507,885			$	534,841			$	503,978
Less: Average Goodwill and Intangibles			163,293				155,689				163,353				156,179
Average Tangible Common Equity		$	381,650			$	352,196			$	371,488			$	347,799
Return on Average Tangible Common Equity			15.32	%			14.53	%			15.40	%			14.21	%

(1) Non-recurring items include gains (losses) from the sale of equity investments, the sale of bank property, and BOLI proceeds.

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Financial Condition

Total assets as of September 30, 2026, increased $374.04 million, or 11.47%, from December 31, 2025. Total liabilities increased $329.31 million, or 11.94%, and stockholders' equity increased $44.72 million, or 8.93%.  The primary driver of the changes in balance sheet components was the acquisition of Hometown in the first quarter of 2026.  The acquisition resulted in an increase in stockholders' equity of $35.07 million.  Total assets of $393.81 million and total liabilities of $360.46 million were acquired in the transaction.  Excluding the impact of the Hometown transaction, total assets decreased $19.77 million and liabilities decreased $31.15 million compared to December 31, 2025.

Investment Securities

Our investment securities are used to generate interest income through the employment of excess funds, to provide liquidity, to fund loan demand or deposit liquidation, and to pledge as collateral where required. The composition of our investment portfolio changes from time to time as we consider our liquidity needs, interest rate expectations, asset/liability management strategies, and capital requirements.

Available-for-sale debt securities as of September 30, 2026, increased $202.63 million, or 152.71%, compared to December 31, 2025.  The increase was primarily attributable to purchases of investment securities associated with the Company's participation in a state pooled collateral program. 

The market value of debt securities available-for-sale as a percentage of amortized cost was 95.60% as of September 30, 2026, compared to 92.95% as of December 31, 2025.  

Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security.  The credit loss component would be recognized through the provision for credit losses and the creation of an allowance for credit losses. Consideration is given to (1) the financial condition and near-term prospects of the issuer including looking at default and delinquency rates, (2) the outlook for receiving the contractual cash flows of the investments, (3) the length of time and the extent to which the fair value has been less than cost, (4) our intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that we will be required to sell the debt security prior to recovering its fair value, (5) the anticipated outlook for changes in the general level of interest rates, (6) credit ratings, (7) third party guarantees, and (8) collateral values. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the results of reviews of the issuer’s financial condition, and the issuer’s anticipated ability to pay the contractual cash flows of the investments. U.S. Treasury Securities, Agency-Backed Securities including GNMA, FHLMC, FNMA, FHLB, FFCB and SBA. All of the U.S. Treasury and Agency-Backed Securities have the full faith and credit backing of the United States Government or one of its agencies. Municipal securities and all other securities that do not have a zero expected credit loss are evaluated quarterly to determine whether there is a credit loss associated with a decline in fair value. All debt securities available-for-sale in an unrealized loss position as of September 30, 2026 continue to perform as scheduled and we do not believe that a provision for credit losses is necessary.

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Loans Held for Investment

Loans held for investment, which generates the largest component of interest income, are grouped into commercial, consumer real estate, and consumer and other loan segments. Each segment is divided into various loan classes based on collateral or purpose. 

The following table presents loans, net of unearned income, by loan class as of the dates indicated:

		September 30, 2026								December 31, 2025								September 30, 2025
(Amounts in thousands)		Amount				Percent				Amount				Percent				Amount				Percent
Loans held for investment
Commercial loans
Construction, development, and other land		$	73,947				2.98	%		$	63,901				2.76	%		$	63,178				2.71	%
Commercial and industrial			286,513				11.56	%			243,983				10.54	%			253,754				10.89	%
Multi-family residential			189,646				7.65	%			191,486				8.27	%			190,863				8.19	%
Single family non-owner occupied			183,959				7.43	%			171,918				7.43	%			179,300				7.69	%
Non-farm, non-residential			907,172				36.62	%			838,458				36.22	%			831,620				35.67	%
Agricultural			14,755				0.60	%			13,464				0.58	%			13,620				0.58	%
Farmland			11,814				0.48	%			10,725				0.46	%			11,052				0.47	%
Total commercial loans			1,667,806				67.32	%			1,533,935				66.27	%			1,543,387				66.20	%
Consumer real estate loans
Home equity lines			84,428				3.41	%			82,764				3.58	%			84,020				3.60	%
Single family owner occupied			671,034				27.09	%			632,348				27.32	%			632,709				27.14	%
Owner occupied construction			3,811				0.15	%			5,605				0.24	%			3,957				0.17	%
Total consumer real estate loans			759,273				30.65	%			720,717				31.14	%			720,686				30.91	%
Consumer and other loans
Consumer loans			48,188				1.95	%			58,453				2.53	%			64,724				2.78	%
Other			2,152				0.09	%			1,650				0.07	%			2,508				0.11	%
Total consumer and other loans			50,340				2.03	%			60,103				2.60	%			67,232				2.89	%
Total loans held for investment, net of unearned income			2,477,419				100.00	%			2,314,755				100.00	%			2,331,305				100.00	%
Less: allowance for credit losses			32,638								30,761								31,597
Total loans held for investment, net of unearned income and allowance		$	2,444,781							$	2,283,994							$	2,299,708

Total loans as of September 30, 2026, increased $162.66 million, or 7.03%, compared to December 31, 2025.  The increase was attributable to the Hometown acquisition.  

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Risk Elements

We seek to mitigate credit risk by following specific underwriting practices and by ongoing monitoring of our loan portfolio. Our underwriting practices include the analysis of borrowers’ prior credit histories, financial statements, tax returns, and cash flow projections; valuation of collateral based on independent appraisers’ reports; and verification of liquid assets. We believe our underwriting criteria are appropriate for the various loan types we offer; however, losses may occur that exceed the reserves established in our allowance for credit losses. We track certain credit quality indicators that include: trends related to the risk rating of commercial loans, the level of classified commercial loans, net charge-offs, nonperforming loans, and general economic conditions. The Company's loan review function performs an independent credit analysis on a risk-based sample of commercial loan relationships annually and performs a qualitative review of a sample of smaller commercial and retail loans.

Nonperforming assets consist of nonaccrual loans, accrual loans contractually past due 90 days or more, and modified loans past due 90 days or more, and OREO.  Ongoing activity in the classification and categories of nonperforming loans include collections on delinquencies, foreclosures, loan restructurings, and movements into or out of the nonperforming classification due to changing economic conditions, borrower financial capacity, or resolution efforts. 

The following table presents the components of nonperforming assets and related information as of the periods indicated:

		September 30, 2026				December 31, 2025				September 30, 2025
(Amounts in thousands)
Nonperforming
Nonaccrual loans		$	15,763			$	13,941			$	16,514
Accruing loans past due 90 days or more			45				212				125
Total nonperforming loans			15,808				14,153				16,639
OREO			66				-				264
Total nonperforming assets		$	15,874			$	14,153			$	16,903
Additional Information
Total modified loans		$	3,418			$	2,442			$	2,291
Asset Quality Ratios:
Nonperforming loans to total loans			0.64	%			0.61	%			0.71	%
Nonperforming assets to total assets			0.44	%			0.43	%			0.53	%
Allowance for credit losses to nonperforming loans			206.47	%			217.35	%			189.90	%
Allowance for credit losses to total loans			1.32	%			1.33	%			1.36	%

Nonperforming assets as of September 30, 2026, increased $1.72 million, or 12.16%, from December 31, 2025, and modified loans increased $976 thousand, or 39.97%.   As of September 30, 2026, nonaccrual loans were largely attributed to single family owner occupied (42.71%), single family non-owner occupied (14.44%) and commercial and industrial (13.17%).  Certain loans included in the nonaccrual category have been written down to estimated realizable value or assigned specific reserves in the allowance for credit losses based on management’s estimate of loss at ultimate resolution.

Delinquent loans, comprised of loans 30 days or more past due and nonaccrual loans, totaled $28.85 million as of September 30, 2026, an increase of $1.00 million, or 3.61%, compared to $27.85 million as of December 31, 2025. Delinquent loans as a percent of total loans totaled 1.16% as of September 30, 2026, which includes past due loans (0.53%) and nonaccrual loans (0.64%).

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When restructuring loans for borrowers experiencing financial difficulty, we generally make concessions with respect to interest rates, loan terms, or amortization terms.  Total loans modified as of September 30, 2026, were $3.42 million.  As of September 30, 2026, $586 thousand of these loans were 30-89 days past due. Modified loans past due 90 days or more totaled $414 thousand and are included in the total for nonaccrual loans.   

Other real estate owned ("OREO") is carried at the lesser of estimated net realizable value or cost. The following table presents the changes in OREO during the periods indicated:  

		Nine Months Ended September 30,
		2026				2025
(Amounts in thousands)
Beginning balance January 1		$	-			$	521
Additions			87				192
Disposals			(8	)			(448	)
Valuation adjustments			(13	)			-
Other adjustments			-				(1	)
Ending balance		$	66			$	264

Allowance for Credit Losses

The ACL reflects management’s estimate of losses that will result from the inability of our borrowers to make required loan payments. Management uses a systematic methodology to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. It is possible that others, given the same information, may at any point in time reach a different reasonable conclusion. The Company’s ACL recorded in the balance sheet reflects management’s best estimate of expected credit losses. The Company recognizes in net income the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s measurement of credit losses policy adheres to GAAP as well as interagency guidance. The Company's ACL is calculated using collectively evaluated and individually evaluated loans.

​For collectively evaluated loans, the Company in general uses two modeling approaches to estimate expected credit losses. The Company projects the contractual run-off of its portfolio at the segment level and incorporates a prepayment assumption in order to estimate exposure at default. Financial assets that have been individually evaluated can be returned to a pool for purposes of estimating the expected credit loss insofar as their credit profile improves and that the repayment terms were not considered to be unique to the asset.

In addition to its own loss experience, management also includes peer bank historical loss experience in its assessment of expected credit losses to determine the ACL. The Company utilized call report data to measure historical credit loss experience with similar risk characteristics within the segments. For the majority of segment models for collectively evaluated loans, the Company incorporated at least one macroeconomic driver either using a statistical regression modeling methodology or simple loss rate modeling methodology. 

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Included in its systematic methodology to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures.  Management considers the need to qualitatively adjust expected credit losses for information not already captured in the loss estimation process. These qualitative adjustments either increase or decrease the quantitative model estimation (i.e. formulaic model results). Each period the Company considers qualitative factors that are relevant within the qualitative framework.  For further discussion of our Allowance for Credit Losses - See Note 1, “Basis of Presentation and Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in Part II, Item 8 of our 2025 Form 10-K.

As of September 30, 2026, the balance of the ACL totaled $32.64 million, or 1.32%, of total loans. This compares to $30.76 million as of December 31, 2025, reflecting an increase of $1.88 million, or 6.10%.  The increase in the ACL is primarily driven by the Hometown acquisition, which resulted in a $3.21 million addition for acquired loans.  The increase was offset by net charge-offs of $2.73 million. 

As of September 30, 2026, the Company had an allowance for unfunded commitments of $505 thousand, which was recorded in Other Liabilities on the Balance Sheet.  During the first nine months of 2026, the Company recorded a $150 thousand provision for credit losses on loan commitments, compared to a $22 thousand recovery of provision for credit losses on loan commitments recorded during the same period in 2025.  

Deposits

Total deposits as of September 30, 2026, increased $343.55 million, or 12.79%, compared to December 31, 2025.  The largest increases occurred in interest-bearing demand deposits of $131.14 million, or 19.17%, and money-market and savings deposits of $136.35 million, or 15.08%.   The growth was primarily attributable to the acquisition of Hometown, which contributed $357.72 million in deposits.  Excluding the impact of the Hometown acquisition, total deposits decreased $14.17 million, or 0.53%.  

Total borrowings in the form of retail repurchase agreements as of September 30, 2026, increased $1.23 million, or 100.99%, compared to December 31, 2025.  The increase is primarily attributable to the Hometown acquisition, which included $1.31 million in securities sold under agreements to repurchase.  Excluding the impact of the Hometown acquisition, borrowings decreased $88 thousand, or 7.25%.

Liquidity and Capital Resources

Liquidity

Liquidity is a measure of our ability to convert assets to cash or raise cash to meet financial obligations. We believe that liquidity management should encompass an overall balance sheet approach that draws together all sources and uses of liquidity. Poor or inadequate liquidity risk management may result in a funding deficit that could have a material impact on our operations. We maintain a liquidity risk management policy and contingency funding policy (“Liquidity Plan”) to detect potential liquidity issues and protect our depositors, creditors, and shareholders. The Liquidity Plan includes various internal and external indicators that are reviewed on a recurring basis by our Asset/Liability Management Committee (“ALCO”) of the Board of Directors. ALCO reviews liquidity risk exposure and policies related to liquidity management; ensures that systems and internal controls are consistent with liquidity policies; and provides accurate reports about liquidity needs, sources, and compliance. The Liquidity Plan involves ongoing monitoring and estimation of potentially credit sensitive liabilities and the sources and amounts of balance sheet and external liquidity available to replace outflows during a funding crisis. The liquidity model incorporates various funding crisis scenarios and a specific action plan is formulated, and activated, when a financial shock that affects our normal funding activities is identified. Generally, the plan will reflect a strategy of replacing liability outflows with alternative liabilities, rather than balance sheet asset liquidity, to the extent that significant premiums can be avoided. If alternative liabilities are not available, outflows will be met through liquidation of balance sheet assets, including unpledged securities.

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As a financial holding company, the Company’s primary source of liquidity is dividends received from the Bank, which are subject to certain regulatory limitations. Other sources of liquidity include cash, investment securities, and borrowings. As of September 30, 2026, the Company’s cash and cash equivalent reserves totaled $39.49 million. The Company’s cash reserves provide adequate working capital to meet obligations for the next twelve months.

In addition to cash on hand and deposits with other financial institutions, we rely on customer deposits, cash flows from loans and investment securities, and lines of credit from the FHLB and the Federal Reserve Bank (“FRB”) Discount Window to meet potential liquidity demands. These sources of liquidity are immediately available to satisfy deposit withdrawals, customer credit needs, and our operations. Secondary sources of liquidity include approved lines of credit with correspondent banks and unpledged available-for-sale securities. As of September 30, 2026, our unencumbered cash totaled $502.35 million, unused borrowing capacity from the FHLB totaled $301.57 million, available credit from the FRB Discount Window totaled $6.88 million, available lines from correspondent banks totaled $100.00 million, and unpledged available-for-sale securities totaled $110.18 million.

Capital Resources

We are committed to effectively managing our capital to protect our depositors, creditors, and shareholders. Failure to meet certain capital requirements may result in actions by regulatory agencies that could have a material impact on our operations. Total stockholders’ equity as of September 30, 2026, increased $44.72 million, or 8.93%, to $545.27 million from $500.55 million as of December 31, 2025.  The increase was primarily attributable to the acquisition of Hometown, in which the Company issued 1.03 million shares of common stock, resulting in a $35.07 million increase in capital.  Stockholders' equity was further increased by net income of $49.96 million.  These increases were partially offset by $18.05 million of common stock dividends declared and $20.33 million of common stock repurchases.  Book value per share increased $1.53 to $28.83 as of September 30, 2026, compared to $27.30 on December 31, 2025.

Capital Adequacy Requirements

Risk-based capital guidelines, issued by state and federal banking agencies, include balance sheet assets and off-balance sheet arrangements weighted by the risks inherent in the specific asset type. Our current risk-based capital requirements are based on the international capital standards known as Basel III. A description of the Basel III capital rules is included in Part I, Item 1 of the 2025 Form 10-K. Our current required capital ratios are as follows:

● 4.5% Common Equity Tier 1 capital to risk-weighted assets (effectively 7.00% including the capital conservation buffer)

● 6.0% Tier 1 capital to risk-weighted assets (effectively 8.50% including the capital conservation buffer)

● 8.0% Total capital to risk-weighted assets (effectively 10.50% including the capital conservation buffer)

● 4.0% Tier 1 capital to average consolidated assets (“Tier 1 leverage ratio”)

The following table presents our capital ratios as of the dates indicated:

		September 30, 2026						December 31, 2025
		Company			Bank			Company			Bank
Common equity Tier 1 ratio		16.86%			14.90%			16.10%			14.46%
Tier 1 risk-based capital ratio		16.86%			14.90%			16.10%			14.46%
Total risk-based capital ratio		18.11%			16.16%			17.35%			15.71%
Tier 1 leverage ratio		11.41%			10.08%			11.44%			10.38%

As of September 30, 2026, the Company and the Bank continue to maintain strong regulatory capital levels.  Compared with December 31, 2025, the Company and the Bank reported increases in their common equity Tier 1, Tier 1 risk-based capital ratio and total risk-based capital ratios, while the Tier 1 leverage ratio declined modestly.  The increase in the risk-based capital ratios was primarily driven by growth in regulatory capital during the period.  As of September 30, 2026, we continued to meet all capital adequacy requirements and were classified as well-capitalized under the regulatory framework for prompt corrective action due to our capital ratios being in excess of the minimum standards under the Basel III capital rules.  Management believes there have been no conditions or events that would have changed the Bank’s classification during the period. 

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Off-Balance Sheet Arrangements

We extend contractual commitments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. Our exposure to credit loss in the event of nonperformance by other parties to financial instruments is the same as the contractual amount of the instrument. The following table presents our off-balance sheet arrangements as of the dates indicated:

		September 30, 2026				December 31, 2025
(Amounts in thousands)
Commitments to extend credit		$	278,408			$	263,912
Standby letters of credit and financial guarantees (1)			119,251				127,073
Total off-balance sheet risk		$	397,659			$	390,985

(1) Includes FHLB letters of credit

Market Risk and Interest Rate Sensitivity

Market risk represents the risk of loss due to adverse changes in current and future cash flows, fair values, earnings, or capital due to movements in interest rates and other factors. Our profitability is largely dependent upon net interest income, which is subject to variation due to changes in the interest rate environment and unbalanced repricing opportunities. We are subject to interest rate risk when interest-earning assets and interest-bearing liabilities reprice at differing times, when underlying rates change at different levels or in varying degrees, when there is an unequal change in the spread between two or more rates for different maturities, and when embedded options, if any, are exercised. ALCO reviews our mix of assets and liabilities with the goal of limiting exposure to interest rate risk, ensuring adequate liquidity, and coordinating sources and uses of funds while maintaining an acceptable level of net interest income given the current interest rate environment. ALCO is also responsible for overseeing the formulation and implementation of policies and strategies to improve balance sheet positioning and mitigate the effect of interest rate changes.

In order to manage our exposure to interest rate risk, we periodically review internal simulation and third-party models that project net interest income at risk, which measures the impact of different interest rate scenarios on net interest income, and the economic value of equity at risk, which measures potential long-term risk in the balance sheet by valuing our assets and liabilities at fair value under different interest rate scenarios. Simulation results show the existence and severity of interest rate risk in each scenario based on our current balance sheet position, assumptions about changes in the volume and mix of interest-earning assets and interest-bearing liabilities, and estimated yields earned on assets and rates paid on liabilities. The simulation model provides the best tool available to us and the industry for managing interest rate risk; however, the model cannot precisely predict the impact of fluctuations in interest rates on net interest income due to the use of significant estimates and assumptions. Actual results will differ from simulated results due to the timing, magnitude, and frequency of interest rate changes; changes in market conditions and customer behavior; and changes in our strategies that management might undertake in response to a sudden and sustained rate shock.

As of September 30, 2026, the Federal Open Market Committee had set the benchmark federal funds rate to a range of 375 to 400 basis points.  The following table presents the sensitivity of net interest income from immediate and sustained rate shocks in various interest rate scenarios over a twelve-month period for the periods indicated:

		September 30, 2026								December 31, 2025
Increase (Decrease) in Basis Points		Change in Net Interest Income				Percent Change				Change in Net Interest Income				Percent Change
(Dollars in thousands)
200		$	7,928				5.4	%		$	4,432				3.5	%
100			3,940				2.7	%			2,232				1.7	%
(100)			(4,820	)			(3.3	)%			(3,888	)			(3.0	)%
(200)			(12,028	)			(8.2	)%			(8,748	)			(6.9	)%

Inflation and Changing Prices

Our consolidated financial statements and related notes are presented in accordance with GAAP, which requires the measurement of results of operations and financial position in historical dollars. Inflation may cause a rise in price levels and changes in the relative purchasing power of money. These inflationary effects are not reflected in historical dollar measurements. The primary effect of inflation on our operations is increased operating costs. In management’s opinion, interest rates have a greater impact on our financial performance than inflation. Interest rates do not necessarily fluctuate in the same direction, or to the same extent, as the price of goods and services; therefore, the effect of inflation on businesses with large investments in property, plant, and inventory is generally more significant than the effect on financial institutions.

Continued unprecedented levels of federal government spending is causing increased inflation. The timing and impact of inflation and rising interest rates on our business and related financial results will depend on future developments, which are highly uncertain and difficult to predict.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

The information required in this item is incorporated by reference to “Market Risk and Interest Rate Sensitivity” in Item 2 of this Quarterly Report on Form 10-Q.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

In connection with this report, we conducted an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures under the Exchange Act Rule 13a-15(b). Based upon that evaluation, the CEO and CFO concluded that, as of September 30, 2026, our disclosure controls and procedures were effective.

The Company's disclosure controls and procedures are designed to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including the CEO and CFO, as appropriate, to allow timely decisions about required disclosure.

Management, including the CEO and CFO, does not expect that our disclosure controls and internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, collusion of two or more people, or management’s override of the controls.

Changes in Internal Control over Financial Reporting

We assess the adequacy of our internal control over financial reporting quarterly and enhance our controls in response to internal control assessments and internal and external audit and regulatory recommendations. There were no changes in our internal control over financial reporting during the quarter ended September 30, 2026, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

We are currently a defendant in various legal actions and asserted claims in the normal course of business. Although we are unable to assess the ultimate outcome of each matter with certainty, we believe that the resolution of these actions should not have a material adverse effect on our financial position, results of operations, or cash flows.

ITEM 1A. Risk Factors

The risk factors set forth in our annual report on Form 10-K for the year ended December 31, 2025, discuss potential events, trends, or other circumstances that could adversely affect our business, financial condition, results of operations, cash flows, liquidity, access to capital resources, and, consequently, cause the market value of our common stock to decline. These risks could cause our future results to differ materially from historical results and expectations of future financial performance. If any of the risks occur and the market price of our common stock declines significantly, individuals may lose all, or part, of their investment in our Company. Individuals should carefully consider our risk factors and information included in our annual report on Form 10-K for the year ended December 31, 2025, before making an investment decision. There may be risks and uncertainties that we have not identified or that we have deemed immaterial that could adversely affect our business; therefore, such risk factors are not intended to be an exhaustive list of all risks we face. There have been no material changes to the risk factors included in Part I, Item 1A, “Risk Factors,” of our annual report on Form 10-K for the year ended December 31, 2025.

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ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Not Applicable

(b) Not Applicable

(c) Issuer Purchases of Equity Securities

The following table provides information about purchases of our common stock made by us or on our behalf by any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act.  The Company did not repurchase any common shares during the third quarter of 2026; however, 504,652 common shares were purchased during the first quarter of 2026 at a total cost of $20.33 million.  

		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of a Publicly Announced Plans or Programs				Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs (1)
July 1 - 31, 2026			-			$	-				-				1,690,216
August 1 - 31, 2026			-				-				-				1,690,216
September 1 - 30, 2026			-				-				-				1,690,216
Total			-			$	-				-

(1) In September 2023, the Board of Directors approved a repurchase plan to repurchase 2,700,000 shares of the Companys common stock.  The timing, price, and quantity of purchases under the repurchase plan are at the discretion of management and the repurchase plan may be discontinued, suspended, or restarted at any time depending on the facts and circumstances.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

None.

ITEM 5. Other Information

(a) Amendment to Articles of Incorporation. The information in this Item 5 is being furnished in lieu of a Current Report on Form 8-K under Item 5.03 (Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year).

At the 2025 Annual Meeting of Shareholders of the Company held on April 22, 2025, the Company’s shareholders approved an amendment to the Company’s Articles of Incorporation (the “Amendment”) to change the shareholder voting requirements applicable to the approval of certain corporate transactions and future amendments to the Company’s Articles of Incorporation. The Amendment was proposed by the Company’s Board of Directors and was described in the Company’s definitive proxy statement for the 2025 Annual Meeting of Shareholders as Proposal 4.

The Amendment amends and restates Section A of Article VII of the Company’s Articles of Incorporation (together with the reference to Section A) as Article VII in its entirety. As amended, Article VII provides that an amendment of the Company’s Articles of Incorporation, a plan of merger or share exchange, a plan of domestication, a plan of conversion, a transaction involving the sale of all or substantially all of the Company’s assets other than in the regular course of business, and a plan of dissolution, in each case for which the Virginia Stock Corporation Act requires shareholder approval, must be approved by the vote of a majority of all the votes cast on the transaction by each voting group entitled to vote, at a meeting at which a quorum of the voting group is present, provided that the transaction has been approved and recommended by at least two-thirds of the directors in office at the time of that approval and recommendation. If the transaction is not so approved and recommended by two-thirds of the directors in office, then the transaction must be approved by the vote of seventy-five percent (75%) or more of all the votes entitled to be cast on the transaction by each voting group entitled to vote.

The Amendment was adopted on April 22, 2025.  A quorum was present at the 2025 Annual Meeting, and the number of votes cast in favor of the Amendment was sufficient for approval under the applicable voting standard.

The Company previously reported the voting results from the 2025 Annual Meeting, including the results for Proposal 4, in a Current Report on Form 8-K filed with the Securities and Exchange Commission on April 24, 2025 (the “Original Report”) under Item 5.07 (Submission of Matters to a Vote of Security Holders). The Original Report correctly reported the numerical voting results for Proposal 4 but incorrectly stated that Proposal 4 had not been approved, as a result of the application of an incorrect voting standard. Because the Board of Directors had unanimously approved and recommended the Amendment, approval of Proposal 4 required the affirmative vote of a majority of the votes entitled to be cast on the proposal, rather than the affirmative vote of the holders of 75% or more of the outstanding shares of the Company’s common stock. Applying the correct voting standard to the voting results reported in the Original Report, Proposal 4 received the requisite shareholder vote and was approved at the 2025 Annual Meeting.

On November 6, 2026, the Company filed the Articles of Amendment to give effect to the Amendment with the Virginia State Corporation Commission.  

The Company's Articles of Incorporation, as amended to incorporate the Amendment, are filed as Exhibit 3.1 to this Quarterly Report on Form 10-Q, and the Articles of Amendment effecting the Amendment are filed as Exhibit 3.3 to this Quarterly Report on Form 10Q.  The foregoing description of the Amendment is qualified in its entirely by reference to the full text of Exhibits 3.1 and 3.3, which are incorporated herein by reference.  

(b) No changes were made to the procedures by which security holders may recommend nominees to the Companys board of directors.

(c) During the three months ended September 30, 2026, none of our directors or executive officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as such terms defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

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ITEM 6. Exhibits

2.1	Agreement and Plan of Reincorporation and Merger between First Community Bancshares, Inc. and First Community Bankshares, Inc., incorporated by reference to Appendix A of the Definitive Proxy Statement on Form DEF 14A dated April 24, 2018, filed on March 13, 2018
2.3	Agreement and Plan of Merger between First Community Bankshares, Inc. and Hometown Bancshares, Inc., incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K dated July 19, 2025, and filed July 21, 2025
2.4	Agreement and Plan of Merger between First Community Bankshares, Inc. and Main Street Financial Services Corp., incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K dated October 27, 2026, and filed October 28, 2026
3.1*	Articles of Incorporation of First Community Bankshares, Inc., as amended through November 6, 2026 (conformed copy).
3.2	Bylaws of First Community Bankshares, Inc., incorporated by reference to Exhibit 3.2 of the Current Report on Form 8-K dated and filed October 2, 2018
3.3*	Articles of Amendment to the Articles of Incorporation of First Community Bankshares, Inc., effective November 6, 2026
4.1	Description of First Community Bankshares, Inc. Common Stock, incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K dated and filed October 2, 2018
4.2	Form of First Community Bankshares, Inc. Common Stock Certificate, incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K dated and filed October 2, 2018
10.1.1**	First Community Bancshares, Inc. 1999 Stock Option Plan, incorporated by reference to Exhibit 10.1 of the Annual Report on Form 10-K/A for the period ended December 31, 1999, filed on April 13, 2000
10.1.2**	Amendment One to the First Community Bancshares, Inc. 1999 Stock Option Plan, incorporated by reference to Exhibit 10.1.1 of the Quarterly Report on Form 10-Q for the period ended March 31, 2004, filed on May 7, 2004
10.1.7**	First Community Bankshares Executive Incentive Compensation Plan, incorporated by reference to Exhibit 10.1 of the current Report on Form 8-K filed May 31, 2022
10.2**	First Community Bancshares, Inc. 1999 Stock Option Agreement, incorporated by reference to Exhibit 10.5 of the Quarterly Report on Form 10-Q for the period ended June 30, 2002, filed on August 13, 2002

10.6**	First Community Bancshares, Inc. 2012 Omnibus Equity Compensation Plan, incorporated by reference to Appendix B of the Definitive Proxy Statement on Form DEF 14A dated April 24, 2012, filed on March 7, 2012
10.7**	First Community Bancshares, Inc. 2012 Omnibus Equity Compensation Plan Restricted Stock Grant Agreement, incorporated by reference to Exhibit 99.1 of the Current Report on Form 8-K dated and filed May 28, 2013
10.8**	First Community Bancshares, Inc. Life Insurance Endorsement Method Split Dollar Plan and Agreement, incorporated by reference to Exhibit 10.5 of the Annual Report on Form 10-K/A for the period ended December 31, 1999, filed on April 13, 2000
10.9.1**	First Community Bancshares, Inc. and Affiliates Executive Retention Plan, incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K dated December 30, 2008, filed on January 5, 2009
10.9.2**	Amendment #1 to the First Community Bancshares, Inc. and Affiliates Executive Retention Plan, incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K dated December 16, 2010, filed on December 17, 2010
10.9.3**	Amendment #2 to the First Community Bancshares, Inc. and Affiliates Executive Retention Plan, incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K dated February 21, 2013, filed on February 25, 2013

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10.9.4**	Amendment #3 to the First Community Bancshares, Inc. and Affiliates Executive Retention Plan, incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K dated May 24, 2016, filed on May 31, 2016
10.9.5**	Amendment #4 to the First Community Bancshares, Inc. and Affiliates Executive Retention Plan, incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K dated and filed on February 28, 2017
10.9.6**	Amendment #5 to the First Community Bancshares, Inc. and Affiliates Executive Retention Plan
10.9.7**	Amendment #6 to the First Community Bancshares, Inc. and Affiliates Executive Retention Plan
10.10**	Amended and Restated Deferred Compensation Plan for Directors of First Community Bancshares, Inc. and Affiliates, incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K dated December 16,2019, filed on December 19,2019
10.11.1**	First Community Bancshares, Inc. Amended and Restated Nonqualified Supplemental Cash or Deferred Retirement Plan, incorporated by reference to Exhibit 99.1 of the Current Report on Form 8-K dated August 22, 2006, filed on August 23, 2006, and Amendment #2, incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K dated and filed on February 28, 2017
10.11.2**	Amendment #2 to the First Community Bancshares, Inc. Amended and Restated Nonqualified Supplemental Cash or Deferred Retirement Plan, incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K dated and filed on February 28, 2017
10.12.1**	First Community Bancshares, Inc. Supplemental Directors Retirement Plan, as amended and restated, incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K dated December 16, 2010, filed on December 17, 2010, and Amendment #2, incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K dated May 24, 2016, filed on May 31, 2016
10.12.2**	Amendment #2 to the First Community Bancshares, Inc. Supplemental Directors Retirement Plan, as amended and restated, incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K dated May 24, 2016, filed on May 31, 2016
10.12.3**	Amendment #3 to the First Community Bankshares, Inc. Supplemental Directors Retirement Plan, as amended and restated, incorporated by reference to Exhibit 10.12.3 of the Annual Report on Form 10-K for the period ended December 31, 2021, filed on March 3, 2022
10.12.4**	Amendment #4 to the First Community Bankshares, Inc Supplemental Directors Retirement Plan, as amended and restated, incorporated by reference to Exhibit 10.12.4 of the Annual Report on Form 10-K for the period ended December 31, 2021, filed on March 3, 2022
10.13**	Amended and Restated Employment Agreements between First Community Bankshares, Inc. and William P. Stafford, II, incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K dated and filed on August 27, 2024.
10.14**	Amended and Restated Employment Agreements between First Community Bankshares, Inc. and Gary R. Mills, incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K dated and filed on August 27, 2024.
10.15**	Amended and Restated Employment Agreements between First Community Bankshares, Inc. and David D. Brown, incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K dated and filed on August 27, 2024.
10.16**	Amended and Restated Employment Agreements between First Community Bankshares, Inc. and Jason R. Belcher, incorporated by reference to Exhibit 10.4 of the Current Report on Form 8-K dated and filed on August 27, 2024.
10.17**	Amended and Restated Employment Agreements between First Community Bankshares, Inc. and Sarah W. Harmon, incorporated by reference to Exhibit 10.5 of the Current Report on Form 8-K dated and filed on August 27, 2024.
10.18**	First Community Bankshares, Inc. 2022 Omnibus Equity Compensation Plan incorporated by reference to Exhibit 99.a of the Definitive Proxy Statement on Form DEF 14A dated April 26, 2022, filed on March 16, 2022
10.19**	Amended Nonqualified Deferred Compensation Plan and Adoption Agreement, incorporated by reference to Exhibit 10.19 of the Annual Report on Form 10-K for the period ended December 31, 2024, filed on March 7, 2025.
31.1*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32*	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101***

Interactive data files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Condensed Consolidated Balance Sheets as of September 30, 2026, (Unaudited) and December 31, 2025; (ii) Condensed Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2026 and 2025; (iii) Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2026 and 2025; (iv) Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the three and nine months ended September 30, 2026 and 2025; (v) Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2026 and 2025; and (vi) Notes to Condensed Consolidated Financial Statements (Unaudited).

104*

The cover page of First Community Bankshares, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL (included within the Exhibit 101 attachments).

*	Filed herewith.
**	Indicates a management contract or compensation plan or agreement. These contracts, plans, or agreements were assumed by First Community Bankshares, Inc. in October 2018 in connection with First Community Bancshares, Inc., a Nevada corporation, merging with and into its wholly-owned subsidiary, First Community Bankshares, Inc., a Virginia corporation, pursuant to an Agreement and Plan of Reincorporation and Merger with First Community Bankshares, Inc. continuing as the surviving corporation.
***	Submitted electronically herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 6, 2026.

First Community Bankshares, Inc.

(Registrant)

/s/ William P. Stafford, II

William P. Stafford, II

Chief Executive Officer

(Principal Executive Officer)

/s/ David D. Brown

David D. Brown

Chief Financial Officer

(Principal Accounting Officer)

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