[10-Q] First Community Bankshares, Inc. (VA) Quarterly Earnings Report

Rhea-AI Filing Summary

0000859070 FIRST COMMUNITY BANKSHARES INC /VA/ false --12-31 Q2 2025 0 0 1,000,000 1,000,000 0.01 0.01 25,000 25,000 0 0 1 1 50,000,000 50,000,000 27,639,015 18,311,232 27,599,240 18,321,795 0.29 34.03 0.31 36.80 0.58 33.75 0.62 2.07 36.80 http://fasb.org/us-gaap/2025#InterestReceivable http://fasb.org/us-gaap/2025#InterestReceivable 0 http://fasb.org/us-gaap/2025#InterestReceivable http://fasb.org/us-gaap/2025#InterestReceivable 6 66 6 6 10.5 2 60 2 84 10.5 10 3.15 1.95 6 66 6 8 2 60 2 84 10.5 10 0 0 http://fasb.org/us-gaap/2025#OtherAssets http://fasb.org/us-gaap/2025#OtherAssets 0 0 59 0 61 false false false false The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. Fair value is generally based on appraisals of the underlying collateral. 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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 June 30, 2025

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 July 25, 2025, there were 18,314,905 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 June 30, 2025 (Unaudited) and December 31, 2024	4
		Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	5
		Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	6
		Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	7
		Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	9
		Notes to Condensed Consolidated Financial Statements (Unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		51
Item 4.	Controls and Procedures		51
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings		51
Item 1A.	Risk Factors		51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		52
Item 3.	Defaults Upon Senior Securities		52
Item 4.	Mine Safety Disclosures		52
Item 5.	Other Information		52
Item 6.	Exhibits		53
Signatures			55

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 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 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; 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, 2024.

3

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PART I. FINANCIAL INFORMATION

Item 1.     Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

		June 30,				December 31,
		2025				2024(1)
(Amounts in thousands, except share and per share data)		(Unaudited)
Assets
Cash and due from banks		$	92,412			$	78,540
Federal funds sold			300,656				296,997
Interest-bearing deposits in banks			1,989				1,917
Total cash and cash equivalents			395,057				377,454
Debt securities available-for-sale, at fair value			132,535				169,849
Loans held for investment, net of unearned income			2,353,277				2,416,089
Allowance for credit losses			(33,020	)			(34,825	)
Loans held for investment, net			2,320,257				2,381,264
Premises and equipment, net			48,023				48,735
Other real estate owned			455				521
Interest receivable			8,787				9,207
Goodwill			143,946				143,946
Other intangible assets			11,964				13,014
Other assets			119,990				117,226
Total assets		$	3,181,014			$	3,261,216
Liabilities
Deposits
Noninterest-bearing		$	873,677			$	883,499
Interest-bearing			1,761,687				1,807,748
Total deposits			2,635,364				2,691,247
Securities sold under agreements to repurchase			1,016				906
Interest, taxes, and other liabilities			41,805				42,671
Total liabilities			2,678,185				2,734,824
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; 27,639,015 shares issued and 18,311,232 outstanding at June 30, 2025; 27,599,240 shares issued and 18,321,795 outstanding at December 31, 2024			18,311				18,322
Additional paid-in capital			169,358				169,752
Retained earnings			324,307				349,489
Accumulated other comprehensive loss			(9,147	)			(11,171	)
Total stockholders' equity			502,829				526,392
Total liabilities and stockholders' equity		$	3,181,014			$	3,261,216

(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								Six Months Ended
		June 30,								June 30,
(Amounts in thousands, except share and per share data)		2025				2024				2025				2024
Interest income
Interest and fees on loans		$	30,637			$	32,696			$	61,306			$	66,114
Interest on securities -- taxable			945				1,089				2,092				2,652
Interest on securities -- tax-exempt			84				122				175				257
Interest on deposits in banks			3,722				2,882				6,984				3,795
Total interest income			35,388				36,789				70,557				72,818
Interest expense
Interest on deposits			4,731				4,877				9,602				9,242
Interest on short-term borrowings			-				-				-				35
Total interest expense			4,731				4,877				9,602				9,277
Net interest income			30,657				31,912				60,955				63,541
(Recovery of) provision for credit losses			(285	)			144				36				1,155
Net interest income after provision for credit losses			30,942				31,768				60,919				62,386
Noninterest income
Wealth management			1,222				1,064				2,384				2,163
Service charges on deposits			4,120				3,428				7,956				6,738
Other service charges and fees			3,791				3,670				7,131				7,120
Other operating income			1,207				1,180				3,098				2,580
Total noninterest income			10,340				9,342				20,569				18,601
Noninterest expense
Salaries and employee benefits			14,349				12,491				27,684				25,072
Occupancy expense			1,290				1,309				2,866				2,687
Furniture and equipment expense			1,587				1,687				3,162				3,232
Service fees			2,475				2,427				4,959				4,876
Advertising and public relations			1,154				933				2,209				1,729
Professional fees			360				330				732				702
Amortization of intangibles			526				530				1,050				1,060
FDIC premiums and assessments			361				364				723				733
Litigation expense			-				1,800				-				1,800
Other operating expense			3,353				3,026				7,014				6,392
Total noninterest expense			25,455				24,897				50,399				48,283
Income before income taxes			15,827				16,213				31,089				32,704
Income tax expense			3,581				3,527				7,025				7,173
Net income		$	12,246			$	12,686			$	24,064			$	25,531
Earnings per common share
Basic		$	0.67			$	0.69			$	1.31			$	1.39
Diluted			0.67				0.71				1.31				1.42
Weighted average shares outstanding
Basic			18,295,465				18,343,958				18,310,032				18,410,043
Diluted			18,400,793				18,409,876				18,427,503				18,475,110

See Notes to Condensed Consolidated Financial Statements.

5

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2025				2024				2025				2024
(Amounts in thousands)
Net income		$	12,246			$	12,686			$	24,064			$	25,531
Other comprehensive income (loss), before tax
Available-for-sale debt securities:
Change in net unrealized (losses) gains on debt securities			455				(654	)			2,563				(1,852	)
Net unrealized (losses) gains on available-for-sale debt securities			455				(654	)			2,563				(1,852	)
Employee benefit plans:
Net actuarial gain (loss)			16				(9	)			11				(18	)
Reclassification adjustment for amortization of prior service cost and net actuarial loss recognized in net income			(16	)			9				(11	)			18
Net unrealized gains (losses) on employee benefit plans			-				-				-				-
Other comprehensive (loss) income, before tax			455				(654	)			2,563				(1,852	)
Income tax expense (benefit) expense			97				(139	)			539				(389	)
Other comprehensive gain (loss), net of tax			358				(515	)			2,024				(1,463	)
Total comprehensive income		$	12,604			$	12,171			$	26,088			$	24,068

See Notes to Condensed Consolidated Financial Statements.

6

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

THREE MONTHS ENDED

June 30, 2025 and 2024

																										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 April 1, 2024			-			$	-				18,413,088			$	18,413			$	173,041			$	327,389			$	(11,899	)		$	506,944
Net income			-				-				-				-				-				12,686				-				12,686
Other comprehensive loss			-				-				-				-				-				-				(515	)			(515	)
Common dividends declared -- $0.29 per share			-				-				-				-				-				(5,319	)			-				(5,319	)
Equity-based compensation expense			-				-				9,204				9				313				-				-				322
Common stock options exercised			-				-				3,025				3				39				-				-				42
Repurchase of common shares at $34.03 per share			-				-				(155,044	)			(155	)			(5,121	)			-				-				(5,276	)
Balance June 30, 2024			-			$	-				18,270,273			$	18,270			$	168,272			$	334,756			$	(12,414	)		$	508,884
Balance April 1, 2025			-			$	-				18,326,657			$	18,327			$	169,867			$	317,728			$	(9,505	)		$	496,417
Net income			-				-				-				-				-				12,246				-				12,246
Other comprehensive income			-				-				-				-				-				-				358				358
Common dividends declared -- $0.31 per share			-				-				-				-				-				(5,667	)			-				(5,667	)
Equity-based compensation expense			-				-				34,913				34				1,292				-				-				1,326
Common stock options exercised			-				-				-				-				-				-				-				-
Repurchase of common shares at $36.80 per share			-				-				(50,338	)			(50	)			(1,801	)			-				-				(1,851	)
Balance June 30, 2025			-			$	-			$	18,311,232			$	18,311			$	169,358			$	324,307			$	(9,147	)		$	502,829

See Notes to Condensed Consolidated Financial Statements.

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

SIX MONTHS ENDED

June 30, 2025 and 2024

																										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, 2024			-			$	-				18,502,396			$	18,502			$	175,841			$	319,902			$	(10,951	)		$	503,294
Net income			-				-				-				-				-				25,531				-				25,531
Other comprehensive loss			-				-				-				-				-				-				(1,463	)			(1,463	)
Common dividends declared -- $0.58 per share			-				-				-				-				-				(10,677	)			-				(10,677	)
Equity-based compensation expense			-				-				9,204				9				394				-				-				403
Common stock options exercised			-				-				3,025				3				39				-				-				42
Issuance of common stock to 401(k) plan			-				-				88				-				3				-				-				3
Repurchase of common shares at $33.75 per share			-				-				(244,440	)			(244	)			(8,005	)			-				-				(8,249	)
Balance June 30, 2024			-			$	-				18,270,273			$	18,270			$	168,272			$	334,756			$	(12,414	)		$	508,884
Balance January 1, 2025			-			$	-				18,321,795			$	18,322			$	169,752			$	349,489			$	(11,171	)		$	526,392
Net income			-				-				-				-				-				24,064				-				24,064
Other comprehensive income			-				-				-				-				-				-				2,024				2,024
Common dividends declared -- $0.62 per share and special dividend $2.07 per share			-				-				-				-				-				(49,246	)			-				(49,246	)
Equity-based compensation expense			-				-				34,913				34				1,292				-				-				1,326
Common stock options exercised			-				-				4,877				5				115				-				-				120
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 June 30, 2025			-			$	-				18,311,232			$	18,311			$	169,358			$	324,307			$	(9,147	)		$	502,829

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Six Months Ended
		June 30,
(Amounts in thousands)		2025				2024
Operating activities
Net income		$	24,064			$	25,531
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses for loans			36				1,155
Depreciation and amortization of premises and equipment			1,998				2,224
Accretion of discounts on investments			(473	)			(329	)
Amortization of intangible assets			1,050				1,060
Accretion on acquired loans			(986	)			(1,443	)
Equity-based compensation expense			1,326				403
Issuance of common stock to 401(k) plan			-				3
Loss on sale of premises and equipment, net			4				8
Loss on sale of other real estate owned			93				32
Decrease in accrued interest receivable			420				897
(Decrease) increase in other operating activities			(4,100	)			1,843
Net cash provided by operating activities			23,432				31,384
Investing activities
Proceeds from maturities, prepayments, and calls of securities available-for-sale			90,453				155,005
Payments to acquire securities available-for-sale			(50,105	)			(5,252	)
Net decrease in loans			61,744				97,437
Proceeds from the sale of FHLB stock, net			29				265
Proceeds from bank owned life insurance			-				585
Proceeds from sale of premises and equipment			-				13
Payments to acquire premises and equipment			(1,364	)			(2,150	)
Proceeds from sale of other real estate owned			164				332
Net cash provided by investing activities			100,921				246,235
Financing activities
Decrease in noninterest-bearing deposits, net			(9,822	)			(42,458	)
Decrease in interest-bearing deposits, net			(46,061	)			(2,595	)
Increase (decrease) in securities sold under agreements to repurchase, net			110				(225	)
Proceeds from stock options exercised			120				42
Payments for repurchase of common stock			(1,851	)			(8,249	)
Payments of common dividends			(49,246	)			(10,677	)
Net cash used in financing activities			(106,750	)			(64,162	)
Net increase in cash and cash equivalents			17,603				213,457
Cash and cash equivalents at beginning of period			377,454				116,420
Cash and cash equivalents at end of period		$	395,057			$	329,877
Supplemental disclosure -- cash flow information
Cash paid for interest		$	7,976			$	9,021
Cash paid for income taxes			7,520				6,056
Supplemental transactions -- noncash items
Transfer of loans to other real estate owned			191				272
Increase (decrease) in other comprehensive income (loss), net of taxes			2,024				(1,463	)

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, 2024 (the “2024 Form 10-K”), as filed with the Securities and Exchange Commission (the “SEC”) on March 7, 2025. The condensed consolidated balance sheet as of December 31, 2024, 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 are included 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 2024 Form 10-K.

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Recent Accounting Standards

Standards Adopted

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The amendment requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. This ASU became effective for the Company on December 31, 2024. The Company has one reportable segment and as such, adoption of ASU No. 2023-07 did not have a material impact on the Company's financial statements.

Standards Not Yet Adopted 

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740).” The amendments in this ASU are related to the rate reconciliation and income taxes paid disclosures and are designed to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 31, 2024, and will be applied on a prospective basis with the option to apply the standard retrospectively.  The adoption of the ASU has no material impact on the Company's financial statements.  The adoption of the ASU is not expected to have a material impact on the Company's financial statements but will affect our income tax disclosures.

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. This ASU will become effective for the Company on December 31, 2027.  The Company does not expect this ASU to have a material impact on the consolidated 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.

Note 2. 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:

		June 30, 2025
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
(Amounts in thousands)
U.S. Treasury securities		$	10,915			$	-			$	(3	)		$	10,912
Municipal securities			11,916				2				(61	)			11,857
Corporate notes			27,615				-				(598	)			27,017
Agency mortgage-backed securities			94,364				172				(11,787	)			82,749
Total		$	144,810			$	174			$	(12,449	)		$	132,535

		December 31, 2024
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
(Amounts in thousands)
U.S. Treasury securities		$	55,760			$	10			$	(1	)		$	55,769
Municipal securities			13,949				2				(114	)			13,837
Corporate notes			28,598				—				(1,056	)			27,542
Agency mortgage-backed securities			86,380				—				(13,679	)			72,701
Total		$	184,687			$	12			$	(14,850	)		$	169,849

There was no allowance for credit losses for debt securities as of  June 30, 2025 and December 31, 2024; 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 $661 thousand and $694 thousand as of  June 30, 2025, and  December 31, 2024, 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.

		June 30, 2025
		Amortized
(Amounts in thousands)		Cost				Fair Value
Available-for-sale debt securities
Due within one year		$	23,181			$	23,087
Due after one year but within five years			27,265				26,699
Due after five years but within ten years			-				-
			50,446				49,786
Agency mortgage-backed securities			94,364				82,749
Total debt securities available-for-sale		$	144,810			$	132,535

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:

		June 30, 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)
U.S. Treasury securities		$	10,912			$	(3	)		$	-			$	-			$	10,912			$	(3	)
Municipal securities			2,804				(6	)			5,563				(55	)			8,367				(61	)
Corporate notes			-				-				27,061				(598	)			27,061				(598	)
Agency mortgage-backed securities			4,115				(19	)			66,821				(11,768	)			70,936				(11,787	)
Total		$	17,831			$	(28	)		$	99,445			$	(12,421	)		$	117,276			$	(12,449	)

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		December 31, 2024
		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. Treasury securities		$	4,984			$	(1	)		$	-			$	-			$	4,984			$	(1	)
Municipal securities			3,914				(16	)			6,638				(98	)			10,552				(114	)
Corporate notes			—				—				27,542				(1,056	)			27,542				(1,056	)
Agency mortgage-backed securities			4,100				(81	)			68,601				(13,598	)			72,701				(13,679	)
Total		$	12,998			$	(98	)		$	102,781			$	(14,752	)		$	115,779			$	(14,850	)

There were 96 individual debt securities in an unrealized loss position as of June 30, 2025, and the combined depreciation in value represented 9.39% of the debt securities portfolio. There were 103 individual debt securities in an unrealized loss position as of December 31, 2024, and their combined depreciation in value represented 8.74% 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 State 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 June 30, 2025, 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. There can be no assurance that we will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods.

There were no available-for-sale securities sold during the first six months of 2025 or 2024.

The carrying amount of securities pledged for various purposes totaled $28.32  million as of June 30, 2025, and $24.64 million as of December 31, 2024.

Note 3. 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 $2.34 million as of June 30, 2025, and $1.82 million as of December 31, 2024. Deferred loan fees, net of loan costs, totaled $6.20  million as of June 30, 2025, and $6.60 million as of December 31, 2024. 

In accordance with the adoption of ASU 2016-13, the table below reflects the loan portfolio at the amortized cost basis to include net deferred loan fees of $6.20 million and $6.60 million and unamortized discount related to loans acquired of $11.40 million and $12.39 million for June 30, 2025, and December 31, 2024, respectively.  Accrued interest receivable of $8.13 million as of  June 30, 2025, and $8.51 million as of  December 31, 2024, is accounted for separately and reported in Interest Receivable on the Consolidated Balance Sheet.

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		June 30, 2025								December 31, 2024
(Amounts in thousands)		Amount				Percent				Amount				Percent
Loans held for investment
Commercial loans
Construction, development, other land		$	64,441				2.74	%		$	72,319				2.99	%
Commercial and industrial			249,674				10.61	%			232,854				9.64	%
Multi-family residential			189,267				8.04	%			199,521				8.26	%
Single family non-owner occupied			185,042				7.86	%			195,588				8.10	%
Non-farm, non-residential			840,642				35.73	%			852,223				35.27	%
Agricultural			14,077				0.60	%			16,676				0.69	%
Farmland			11,170				0.47	%			12,311				0.51	%
Total commercial loans			1,554,313				66.05	%			1,581,492				65.46	%
Consumer real estate loans
Home equity lines			84,629				3.60	%			90,227				3.73	%
Single family owner occupied			634,898				26.98	%			650,306				26.92	%
Owner occupied construction			4,775				0.20	%			4,491				0.19	%
Total consumer real estate loans			724,302				30.78	%			745,024				30.84	%
Consumer and other loans
Consumer loans			72,325				3.07	%			87,758				3.63	%
Other			2,337				0.10	%			1,815				0.08	%
Total consumer and other loans			74,662				3.17	%			89,573				3.71	%
Total loans held for investment, net of unearned income		$	2,353,277				100.00	%		$	2,416,089				100.00	%

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Note 4. 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:

		June 30, 2025
						Special
(Amounts in thousands)		Pass				Mention				Substandard				Doubtful				Loss				Total
Commercial loans
Construction, development, and other land		$	63,881			$	128			$	432			$	-			$	-			$	64,441
Commercial and industrial			245,471				722				3,481				-				-				249,674
Multi-family residential			189,083				43				141				-				-				189,267
Single family non-owner occupied			176,925				1,524				6,593				-				-				185,042
Non-farm, non-residential			821,450				11,309				7,883				-				-				840,642
Agricultural			9,301				3,052				1,724				-				-				14,077
Farmland			9,867				242				1,061				-				-				11,170
Consumer real estate loans
Home equity lines			81,443				420				2,766				-				-				84,629
Single family owner occupied			613,347				1,596				19,955				-				-				634,898
Owner occupied construction			4,775				-				-				-				-				4,775
Consumer and other loans
Consumer loans			70,895				-				1,430				-				-				72,325
Other			2,337				-				-				-				-				2,337
Total loans		$	2,288,775			$	19,036			$	45,466			$	-			$	-			$	2,353,277

		December 31, 2024
						Special
(Amounts in thousands)		Pass				Mention				Substandard				Doubtful				Loss				Total
Commercial loans
Construction, development, and other land		$	69,290			$	133			$	2,896			$	—			$	—			$	72,319
Commercial and industrial			227,108				2,045				3,701				—				—				232,854
Multi-family residential			194,865				3,319				1,337				—				—				199,521
Single family non-owner occupied			187,762				1,701				6,125				—				—				195,588
Non-farm, non-residential			831,821				12,572				7,830				—				—				852,223
Agricultural			11,144				3,589				1,943				—				—				16,676
Farmland			10,729				430				1,152				—				—				12,311
Consumer real estate loans
Home equity lines			86,908				476				2,843				—				—				90,227
Single family owner occupied			627,853				2,047				20,406				—				—				650,306
Owner occupied construction			4,491				—				—				—				—				4,491
Consumer and other loans
Consumer loans			86,177				—				1,581				—				—				87,758
Other			1,815				—				—				—				—				1,815
Total loans		$	2,339,963			$	26,312			$	49,814			$	—			$	—			$	2,416,089

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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 June 30, 2025		2025				2024				2023				2022				2021				Prior				Revolving				Total
Construction, development and other land
Pass		$	803			$	10,226			$	3,344			$	31,581			$	12,028			$	5,298			$	601			$	63,881
Special mention			-				-				-				-				-				128				-				128
Substandard			-				163				110				-				-				159				-				432
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total construction, development, and other land		$	803			$	10,389			$	3,454			$	31,581			$	12,028			$	5,585			$	601			$	64,441
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial and industrial
Pass		$	38,675			$	62,418			$	28,397			$	43,609			$	8,668			$	16,516			$	47,188			$	245,471
Special mention			139				86				-				92				-				132				273				722
Substandard			81				324				413				1,047				416				1,200				-				3,481
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total commercial and industrial		$	38,895			$	62,828			$	28,810			$	44,748			$	9,084			$	17,848			$	47,461			$	249,674
Current period gross write-offs		$	-			$	56			$	63			$	79			$	22			$	393			$	-			$	613
Multi-family residential
Pass		$	1,884			$	756			$	11,301			$	71,460			$	39,809			$	62,930			$	943			$	189,083
Special mention			-				-				-				-				-				43				-				43
Substandard			-				-				-				100				-				41				-				141
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total multi-family residential		$	1,884			$	756			$	11,301			$	71,560			$	39,809			$	63,014			$	943			$	189,267
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Non-farm, non-residential
Pass		$	29,874			$	38,357			$	72,435			$	216,826			$	130,953			$	322,490			$	10,515			$	821,450
Special mention			-				151				-				2,726				3,744				4,688				-				11,309
Substandard			179				282				81				305				2,595				4,028				413				7,883
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total non-farm, non-residential		$	30,053			$	38,790			$	72,516			$	219,857			$	137,292			$	331,206			$	10,928			$	840,642
Current period gross write-offs		$	-			$	-			$	-			$	56			$	-			$	16			$	-			$	72
Agricultural
Pass		$	260			$	547			$	2,733			$	2,286			$	1,026			$	1,816			$	633			$	9,301
Special mention			-				-				-				245				149				2,658				-				3,052
Substandard			-				-				344				127				16				1,237				-				1,724
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total agricultural		$	260			$	547			$	3,077			$	2,658			$	1,191			$	5,711			$	633			$	14,077
Current period gross write-offs		$	-			$	-			$	-			$	10			$	-			$	-			$	-			$	10
Farmland
Pass		$	155			$	846			$	915			$	989			$	1,302			$	4,457			$	1,203			$	9,867
Special mention			-				-				-				-				97				145				-				242
Substandard			-				-				-				-				-				1,061				-				1,061
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total farmland		$	155			$	846			$	915			$	989			$	1,399			$	5,663			$	1,203			$	11,170
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-

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(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at June 30, 2025		2025				2024				2023				2022				2021				Prior				Revolving				Total
Home equity lines
Pass		$	353			$	77			$	120			$	981			$	147			$	3,833			$	75,932			$	81,443
Special mention			-				-				-				-				-				86				334				420
Substandard			-				-				-				171				-				1,747				848				2,766
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total home equity lines		$	353			$	77			$	120			$	1,152			$	147			$	5,666			$	77,114			$	84,629
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	28			$	28
Single family Mortgage
Pass		$	19,653			$	16,937			$	46,247			$	146,259			$	195,012			$	365,095			$	1,069			$	790,272
Special mention			-				-				-				-				535				2,585				-				3,120
Substandard			29				30				856				2,895				1,493				21,245				-				26,548
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total single family owner and non-owner occupied		$	19,682			$	16,967			$	47,103			$	149,154			$	197,040			$	388,925			$	1,069			$	819,940
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	1			$	-			$	1
Owner occupied construction
Pass		$	462			$	3,817			$	27			$	50			$	156			$	263			$	-			$	4,775
Special mention			-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total owner occupied construction		$	462			$	3,817			$	27			$	50			$	156			$	263			$	-			$	4,775
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Consumer loans
Pass		$	9,923			$	13,860			$	15,318			$	17,369			$	6,881			$	2,219			$	7,662			$	73,232
Special mention			-				-				-				-				-				-				-				-
Substandard			-				63				286				433				302				315				31				1,430
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total consumer loans		$	9,923			$	13,923			$	15,604			$	17,802			$	7,183			$	2,534			$	7,693			$	74,662
Current period gross write-offs		$	874			$	370			$	499			$	594			$	236			$	67			$	143			$	2,783

(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at June 30, 2025		2025				2024				2023				2022				2021				Prior				Revolving				Total
Total loans
Pass		$	102,042			$	147,841			$	180,837			$	531,410			$	395,982			$	784,917			$	145,746			$	2,288,775
Special mention			139				237				-				3,063				4,525				10,465				607				19,036
Substandard			289				862				2,090				5,078				4,822				31,033				1,292				45,466
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total loans		$	102,470			$	148,940			$	182,927			$	539,551			$	405,329			$	826,415			$	147,645			$	2,353,277
Current period gross write-offs		$	874			$	426			$	562			$	739			$	258			$	477			$	171			$	3,507

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(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at December 31, 2024		2024				2023				2022				2021				2020				Prior				Revolving				Total
Construction, development
and other land
Pass		$	9,806			$	7,378			$	33,423			$	12,495			$	1,948			$	3,589			$	651			$	69,290
Special Mention			-				-				-				-				65				68				-				133
Substandard			164				2,418				-				-				11				303								2,896
Doubtful			-				-				-				-				-				-								-
Loss			-				-				-				-				-				-				-				-
Total construction, development, and other land		$	9,970			$	9,796			$	33,423			$	12,495			$	2,024			$	3,960			$	651			$	72,319
Current period gross write-offs		$	-			$	-			$	-			$	-			$	1			$	8			$	-			$	9
Commercial and industrial
Pass		$	71,241			$	34,794			$	50,214			$	11,973			$	7,332			$	12,265			$	39,289			$	227,108
Special Mention			5				-				35				82				-				1,584				339				2,045
Substandard			193				404				831				457				465				1,351				-				3,701
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total commercial and industrial		$	71,439			$	35,198			$	51,080			$	12,512			$	7,797			$	15,200			$	39,628			$	232,854
Current period gross write-offs		$	24			$	95			$	351			$	48			$	34			$	2			$	-			$	554
Multi-family residential
Pass		$	775			$	10,084			$	73,633			$	42,533			$	28,855			$	36,150			$	2,835			$	194,865
Special Mention			-				-				-				-				-				3,319								3,319
Substandard			-				-				1,285				-				-				52								1,337
Doubtful			-				-				-				-				-				-								-
Loss			-				-				-				-				-				-				-				-
Total multi-family residential		$	775			$	10,084			$	74,918			$	42,533			$	28,855			$	39,521			$	2,835			$	199,521
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Non-farm, non-residential
Pass		$	40,054			$	76,285			$	226,217			$	140,911			$	104,728			$	235,001			$	8,625			$	831,821
Special Mention			154				-				565				1,758				-				10,095				-				12,572
Substandard			-				593				285				1,882				872				3,885				313				7,830
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-								-
Total non-farm, non-residential		$	40,208			$	76,878			$	227,067			$	144,551			$	105,600			$	248,981			$	8,938			$	852,223
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	29			$	-			$	29
Agricultural
Pass		$	646			$	3,168			$	2,723			$	1,561			$	245			$	1,754			$	1,047			$	11,144
Special Mention			-				-				256				161				3				3,169								3,589
Substandard			-				429				166				25				79				1,244								1,943
Doubtful			-				-				-				-				-				-								-
Loss			-				-				-				-				-				-				-				-
Total agricultural		$	646			$	3,597			$	3,145			$	1,747			$	327			$	6,167			$	1,047			$	16,676
Current period gross write-offs		$	-			$	115			$	96			$	19			$	-			$	-			$	-			$	230
Farmland
Pass		$	861			$	1,175			$	1,052			$	1,389			$	665			$	4,429			$	1,158			$	10,729
Special Mention			-				-				-				99				-				331								430
Substandard			-				-				-				-				142				1,010								1,152
Doubtful			-				-				-				-				-				-								-
Loss			-				-				-				-				-				-				-				-
Total farmland		$	861			$	1,175			$	1,052			$	1,488			$	807			$	5,770			$	1,158			$	12,311
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-

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(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at December 31, 2024		2024				2023				2022				2021				2020				Prior				Revolving				Total
Home equity lines
Pass		$	10			$	106			$	1,205			$	100			$	86			$	4,175			$	81,226			$	86,908
Special Mention			-				-				-				-				-				140				336				476
Substandard			23				22				78				-				22				1,793				905				2,843
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total home equity lines		$	33			$	128			$	1,283			$	100			$	108			$	6,108			$	82,467			$	90,227
Current period gross write-offs		$	3			$	-			$	-			$	-			$	47			$	-			$	17			$	67
Single family Mortgage
Pass		$	16,876			$	47,598			$	154,680			$	204,443			$	173,310			$	218,047			$	661			$	815,615
Special Mention			-				-				-				440				-				3,308				-				3,748
Substandard			6				779				1,550				1,270				1,161				21,765				-				26,531
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total single family owner and non-owner occupied		$	16,882			$	48,377			$	156,230			$	206,153			$	174,471			$	243,120			$	661			$	845,894
Current period gross write-offs		$	-			$	-			$	-			$	185			$	-			$	84			$	-			$	269
Owner occupied construction
Pass		$	2,387			$	1,272			$	318			$	217			$	-			$	297			$	-			$	4,491
Special Mention			-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total owner occupied construction		$	2,387			$	1,272			$	318			$	217			$	-			$	297			$	-			$	4,491
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Consumer loans
Pass		$	19,684			$	20,709			$	24,573			$	10,590			$	3,214			$	1,493			$	7,729			$	87,992
Special Mention			-				-				-				-				-				-				-				-
Substandard			94				327				532				284				30				279				35				1,581
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total consumer loans		$	19,778			$	21,036			$	25,105			$	10,874			$	3,244			$	1,772			$	7,764			$	89,573
Current period gross write-offs		$	1,518			$	1,269			$	2,277			$	908			$	243			$	105			$	373			$	6,693

(Amounts in thousands)		Term Loans Amortized Cost Basis by Origination Year
Balance at December 31, 2024		2024				2023				2022				2021				2020				Prior				Revolving				Total
Total loans
Pass		$	162,340			$	202,569			$	568,038			$	426,212			$	320,383			$	517,200			$	143,221			$	2,339,963
Special mention			159				-				856				2,540				68				22,014				675				26,312
Substandard			480				4,972				4,727				3,918				2,782				31,682				1,253				49,814
Doubtful			-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-
Total loans		$	162,979			$	207,541			$	573,621			$	432,670			$	323,233			$	570,896			$	145,149			$	2,416,089
Current period gross write-offs		$	1,545			$	1,479			$	2,724			$	1,160			$	325			$	228			$	390			$	7,851

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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:

		June 30, 2025												December 31, 2024
(Amounts in thousands)		No Allowance				With an Allowance				Total				No Allowance				With an Allowance				Total
Commercial loans
Construction, development, and other land		$	126			$	-			$	126			$	140			$	—			$	140
Commercial and industrial			1,677				-				1,677				2,492				—				2,492
Multi-family residential			141				-				141				152				—				152
Single family non-owner occupied			1,698				-				1,698				983				—				983
Non-farm, non-residential			2,566				-				2,566				2,284				531				2,815
Agricultural			1,362				-				1,362				1,541				—				1,541
Farmland			336				-				336				386				—				386
Consumer real estate loans
Home equity lines			991				-				991				1,072				—				1,072
Single family owner occupied			8,204				-				8,204				9,189				—				9,189
Owner occupied construction			-				-				-				—				—				—
Consumer and other loans
Consumer loans			983				-				983				1,099				—				1,099
Total nonaccrual loans		$	18,084			$	-			$	18,084			$	19,338			$	531			$	19,869

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 second quarter of 2025 or 2024.  

The following tables presents 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: 

		June 30, 2025
																										Amortized Cost of
		30 - 59 Days				60 - 89 Days				90+ Days				Total				Current				Total				> 90 Days Accruing
(Amounts in thousands)		Past Due				Past Due				Past Due				Past Due				Loans				Loans				No Allowance
Commercial loans
Construction, development, and other land		$	22			$	-			$	122			$	144			$	64,297			$	64,441			$	-
Commercial and industrial			848				847				1,288				2,983				246,691				249,674				-
Multi-family residential			291				-				-				291				188,976				189,267				-
Single family non-owner occupied			635				105				790				1,530				183,512				185,042				-
Non-farm, non-residential			1,075				446				1,626				3,147				837,495				840,642				-
Agricultural			-				6				1,156				1,162				12,915				14,077				-
Farmland			171				1				109				281				10,889				11,170				-
Consumer real estate loans
Home equity lines			422				122				344				888				83,741				84,629				-
Single family owner occupied			4,666				2,093				2,528				9,287				625,611				634,898				-
Owner occupied construction			-				-				-				-				4,775				4,775				-
Consumer and other loans
Consumer loans			2,299				819				470				3,588				68,737				72,325				-
Other			-				-				-				-				2,337				2,337				-
Total loans		$	10,429			$	4,439			$	8,433			$	23,301			$	2,329,976			$	2,353,277			$	-

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		December 31, 2024
																										Amortized Cost of
		30 - 59 Days				60 - 89 Days				90+ Days				Total				Current				Total				> 90 Days Accruing
(Amounts in thousands)		Past Due				Past Due				Past Due				Past Due				Loans				Loans				No Allowance
Commercial loans
Construction, development, and other land		$	40			$	2,424			$	143			$	2,607			$	69,712			$	72,319			$	—
Commercial and industrial			1,100				295				2,285				3,680				229,174				232,854				—
Multi-family residential			—				—				—				—				199,521				199,521				—
Single family non-owner occupied			1,228				434				500				2,162				193,426				195,588				—
Non-farm, non-residential			3,182				123				1,457				4,762				847,461				852,223				—
Agricultural			159				67				492				718				15,958				16,676				—
Farmland			11				2				142				155				12,156				12,311				—
Consumer real estate loans
Home equity lines			599				230				558				1,387				88,840				90,227				—
Single family owner occupied			5,812				1,457				3,974				11,243				639,063				650,306				—
Owner occupied construction			—				—				—				—				4,491				4,491				—
Consumer and other loans
Consumer loans			2,960				932				560				4,452				83,306				87,758				—
Other			—				—				—				—				1,815				1,815				—
Total loans		$	15,091			$	5,964			$	10,111			$	31,166			$	2,384,923			$	2,416,089			$	—

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 table below summarizes collateral dependent loans, where foreclosure is probable, by type of collateral, and the extent to which they are collateralized during the period.  

		June 30, 2025												December 31, 2024
(Amounts in thousands)		Balance				Collateral Coverage				%				Balance				Collateral Coverage				%
Commercial Real Estate		$	-			$	-				-			$	-			$	-				-
Other			-				-				-				531				645				121.57	%
Total collateral dependent loans		$	-			$	-				-			$	531			$	645				121.57	%

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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.  Effective, January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. The amendments eliminated TDR accounting guidance for issuers that adopted ASU 2016-13, created a single loan modification accounting model, and clarified disclosure requirements for loan modifications and write-offs.  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
		June 30, 2025				Financing Receivable			Financial Effect
(Amounts in thousands)
Non Farm, Non Residential Property		$	250				0.03	%	Deferred 6 months of interest to loan maturity.
Single Family Owner Occupied			488				0.08	%	Deferred $66 thousand in principal to loan maturity.
Single Family Non Owner Occupied			24				0.01	%	Deferred 6 months of interest to loan maturity.
Agricultural			164				1.17	%	Deferred 6 months of interest to loan maturity.
Total		$	926

		Term Extensions
		Amortized Cost Basis				% of Total Class of
		June 30, 2025				Financing Receivable			Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	70				0.01	%	Extended term 10.5 years.
Commercial & Industrial			35				0.01	%	Delayed repayment of P & I for two years.
Consumer			1				0.00	%	Extended term from 60 to 84 months.
HELOC			1				0.00	%	Delayed repayment of P & I for two years.
Total		$	107

		Term Extension and Rate Reduction
		Amortized Cost Basis				% of Total Class of
		June 30, 2025				Financing Receivable			Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	999				0.16	%	Reduced interest income and extended time to recover principal.
Consumer			6				0.01	%	Reduced rate to 10.5%; extended term by ten months.
Total		$	1,005

		Interest Rate Reduction
		Amortized Cost Basis				% of Total Class of
		June 30, 2025				Financing Receivable			Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	91				0.01	%	Reduced interest rate from 3.15% to 1.95%.
Total		$	91

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		Payment Delays
		Amortized Cost Basis				% of Total Class of
		December 31, 2024				Financing Receivable					Financial Effect
(Amounts in thousands)
Non Farm, Non Residential Property		$	625				0.07	%			Deferred 6 months of interest to Loan Maturity.
Single Family Owner Occupied			509				0.08	%			Deferred $66 thousand in Principal to Loan Maturity.
Single Family Non Owner Occupied			30				0.02	%			Deferred 6 months of interest to Loan Maturity.
Commercial & Industrial			135				0.06	%			Deferred $8 thousand in Principal to Loan Maturity.
Total		$	1,299

		Term Extensions
		Amortized Cost Basis				% of Total Class of
		December 31, 2024				Financing Receivable					Financial Effect
(Amounts in thousands)
Commercial & Industrial		$	144				0.06	%			Delayed repayment of P & I for two years.
Consumer			2				0.00	%			Extended term from 60 to 84 months.
Home Equity			2				0.00	%			Delayed repayment of P & I for two years.
Total		$	148

		Term Extension and Rate Reduction
		Amortized Cost Basis				% of Total Class of
		December 31, 2024				Financing Receivable					Financial Effect
(Amounts in thousands)
Single Family Owner Occupied		$	806				0.12	%			Reduced interest income and extended time to recover principal.
Consumer			7				0.01	%			Reduced rate to 10.5%; extended term by ten months.
Total		$	813

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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  June 30, 2025, or  December 31, 2024.

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:

		June 30, 2025
		Payment Status (Amortized Cost Basis)
		Current				30-89 Days Past Due				90+ Days Past Due
(Amounts in thousands)
Non Farm, Non Residential Property		$	250			$	-			$	-
Single Family Owner Occupied			1,268				322				58
Single Family Non Owner Occupied			24				-				-
Agricultural			164				-				-
Commercial & Industrial			35				-				-
Consumer			7				-				-
Home Equity			1				-				-
Total		$	1,749			$	322			$	58
		December 31, 2024
		Payment Status (Amortized Cost Basis)
		Current				30-89 Days Past Due				90+ Days Past Due
(Amounts in thousands)
Non Farm, Non Residential Property		$	625			$	-			$	-
Single Family Owner Occupied			1,140				174				-
Single Family Non Owner Occupied			-				30				-
Commercial & Industrial			144				-				135
Consumer			10				-				-
Home Equity			2
Total		$	1,921			$	204			$	135

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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:

		June 30, 2025				December 31, 2024
(Amounts in thousands)
OREO		$	455			$	521
OREO secured by residential real estate		$	455			$	521
Residential real estate loans in the foreclosure process(1)		$	936			$	2,625

(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 5. 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 June 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		$	19,908			$	9,720			$	4,156			$	33,784
Allowance for credit losses - loan commitments			154				132				26				312
Total allowance for credit losses beginning of year			20,062				9,852				4,182				34,096
Provision for credit losses:
(Recovery of) provision for credit losses - loans			(1,104	)			59				753				(292	)
Provision for (recovery of) credit losses - loan commitments			9				(2	)			-				7
Total (recovery of) provision for credit losses - loans and loan commitments			(1,095	)			57				753				(285	)
Charge-offs			(161	)			(22	)			(1,326	)			(1,509	)
Recoveries			604				50				383				1,037
Net recoveries (charge-offs)			443				28				(943	)			(472	)
Allowance for credit losses - loans			19,247				9,807				3,966				33,020
Allowance for credit losses - loan commitments			163				130				26				319
Ending balance		$	19,410			$	9,937			$	3,992			$	33,339

		Three Months Ended June 30, 2024
						Consumer Real				Consumer and				Total
(Amounts in thousands)		Commercial				Estate				Other				Allowance
Total allowance
Balance at beginning of quarter:
Allowance for credit losses - loans		$	21,052			$	9,701			$	4,708			$	35,461
Allowance for credit losses - loan commitments			597				121				28				746
Total allowance for credit losses beginning of year			21,649				9,822				4,736				36,207
Provision for credit losses:
(Recovery of) provision for credit losses - loans			(634	)			193				890				449
(Recovery of) provision for credit losses - loan commitments			(308	)			(3	)			6				(305	)
Total (recovery of) provision for credit losses - loans and loan commitments			(942	)			190				896				144
Charge-offs			(194	)			(63	)			(1,342	)			(1,599	)
Recoveries			128				48				398				574
Net charge-offs			(66	)			(15	)			(944	)			(1,025	)
Allowance for credit losses - loans			20,352				9,879				4,654				34,885
Allowance for credit losses - loan commitments			289				118				34				441
Ending balance		$	20,641			$	9,997			$	4,688			$	35,326

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		Six Months Ended June 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			(1,162	)			(248	)			1,468				58
Recovery of credit losses - loan commitments			(8	)			(8	)			(6	)			(22	)
Total (recovery of) provision for credit losses - loans and loan commitments			(1,170	)			(256	)			1,462				36
Charge-offs			(695	)			(29	)			(2,783	)			(3,507	)
Recoveries			686				177				781				1,644
Net (charge-offs) recoveries			(9	)			148				(2,002	)			(1,863	)
Allowance for credit losses - loans			19,247				9,807				3,966				33,020
Allowance for credit losses - loan commitments			163				130				26				319
Ending balance		$	19,410			$	9,937			$	3,992			$	33,339

		Six Months Ended June 30, 2024
						Consumer Real				Consumer and				Total
(Amounts in thousands)		Commercial				Estate				Other				Allowance
Total allowance
Balance at beginning of year:
Allowance for credit losses - loans		$	21,850			$	9,693			$	4,646			$	36,189
Allowance for credit losses - loan commitments			597				121				28				746
Total allowance for credit losses beginning of year			22,447				9,814				4,674				36,935
Provision for credit losses:
(Recovery of) provision for credit losses - loans			(1,186	)			58				2,588				1,460
(Recovery of) provision for credit losses - loan commitments			(308	)			(3	)			6				(305	)
Total (recovery of) provision for credit losses - loans and loan commitments			(1,494	)			55				2,594				1,155
Charge-offs			(556	)			(129	)			(3,362	)			(4,047	)
Recoveries			244				257				782				1,283
Net (charge-offs) recoveries			(312	)			128				(2,580	)			(2,764	)
Allowance for credit losses - loans			20,352				9,879				4,654				34,885
Allowance for credit losses - loan commitments			289				118				34				441
Ending balance		$	20,641			$	9,997			$	4,688			$	35,326

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Note 6. Deposits

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

		June 30, 2025				December 31, 2024
(Amounts in thousands)
Noninterest-bearing demand deposits		$	873,677			$	883,499
Interest-bearing deposits:
Interest-bearing demand deposits			649,339				675,522
Money market accounts			323,239				338,527
Savings deposits			566,992				553,158
Certificates of deposit			147,475				162,139
Individual retirement accounts			74,642				78,402
Total interest-bearing deposits			1,761,687				1,807,748
Total deposits		$	2,635,364			$	2,691,247

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Note 7. Borrowings

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

		June 30, 2025								December 31, 2024
						Weighted								Weighted
(Amounts in thousands)		Balance				Average Rate				Balance				Average Rate
Retail repurchase agreements		$	1,016				0.06	%		$	906				0.05	%

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 June 30, 2025, or  December 31, 2024.

Unused borrowing capacity with the FHLB totaled $326.43 million, net of FHLB letters of credit of $122.57 million, as of June 30, 2025. As of June 30, 2025, the Company maintains $449.01  million in qualifying loans to secure the FHLB borrowing capacity.

Note 8. 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 June 30, 2025, and December 31, 2024.

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

		June 30, 2025												December 31, 2024
		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		$	2,877			$	63			$	-			$	3,109			$	116			$	—
Total derivatives		$	2,877			$	63			$	-			$	3,109			$	116			$	-

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 June 30,								Six Months Ended June 30,
(Amounts in thousands)		2025				2024				2025				2024			Income Statement Location
Derivatives designated as hedges
Interest rate swaps		$	(15	)		$	(26	)		$	(31	)		$	(53	)	Interest and fees on loans
Total derivative (income) expense		$	(15	)		$	(26	)		$	(31	)		$	(53	)

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Note 9. 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 June 30,								Six Months Ended June 30,
		2025				2024				2025				2024			Income Statement Location
(Amounts in thousands)
Interest cost		$	118			$	103			$	214			$	207		Other expense
Amortization of prior service cost			-				-				-				-		Other expense
Amortization of losses			(16	)			9				(11	)			18		Other expense
Net periodic cost		$	102			$	112			$	203			$	225

Note 10. Earnings per Share

The following table presents the calculation of basic and diluted earnings per common share for the periods indicated:  

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2025				2024				2025				2024
(Amounts in thousands, except share and per share data)
Net income		$	12,246			$	12,686			$	24,064			$	25,531
Weighted average common shares outstanding, basic			18,295,465				18,343,958				18,310,032				18,410,043
Dilutive effect of potential common shares
Stock options			23,634				19,872				27,245				19,904
Restricted stock units			81,694				46,046				90,226				45,163
Total dilutive effect of potential common shares			105,328				65,918				117,471				65,067
Weighted average common shares outstanding, diluted			18,400,793				18,409,876				18,427,503				18,475,110
Basic earnings per common share		$	0.67			$	0.69			$	1.31			$	1.39
Diluted earnings per common share			0.67				0.71				1.31				1.42
Antidilutive potential common shares
Stock options			58				-				29				-
Stock units			-				21,571				-				10,786
Total potential antidilutive shares			58				21,571				29				10,786

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Note 11. 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 June 30, 2025
		Unrealized
		Losses on Available-
		for-Sale Securities				Employee Benefit Plans				Total
(Amounts in thousands)
Beginning balance		$	(10,057	)		$	552			$	(9,505	)
Other comprehensive income before reclassifications			358				13				371
Reclassified from AOCI			-				(13	)			(13	)
Other comprehensive income, net			358				-				358
Ending balance		$	(9,699	)		$	552			$	(9,147	)

		Three Months Ended June 30, 2024
		Unrealized
		Losses on Available-
		for-Sale Securities				Employee Benefit Plans				Total
(Amounts in thousands)
Beginning balance		$	(12,074	)		$	175			$	(11,899	)
Other comprehensive loss before reclassifications			(515	)			(7	)			(522	)
Reclassified from AOCI			-				7				7
Other comprehensive loss, net			(515	)			-				(515	)
Ending balance		$	(12,589	)		$	175			$	(12,414	)

		Six Months Ended June 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 income before reclassifications			2,024				8				2,032
Reclassified from AOCI			-				(8	)			(8	)
Other comprehensive income, net			2,024				-				2,024
Ending balance		$	(9,699	)		$	552			$	(9,147	)

		Six Months Ended June 30, 2024
		Unrealized Gains
		(Losses) on Available-
		for-Sale Securities				Employee Benefit Plans				Total
(Amounts in thousands)
Beginning balance		$	(11,126	)		$	175			$	(10,951	)
Other comprehensive loss before reclassifications			(1,463	)			(15	)			(1,478	)
Reclassified from AOCI			-				15				15
Other comprehensive loss, net			(1,463	)			-				(1,463	)
Ending balance		$	(12,589	)		$	175			$	(12,414	)

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,							Income Statement
(Amounts in thousands)		2025				2024				2025				2024			Line Item Affected
Available-for-sale securities
Gain recognized		$	-			$	-			$	-			$	-		Net loss on sale of securities
Reclassified out of AOCI, before tax			-				-				-				-		Income before income taxes
Income tax expense			-				-				-				-		Income tax expense
Reclassified out of AOCI, net of tax			-				-				-				-		Net income
Employee benefit plans
Amortization of prior service cost			-				-				-				-		Salaries and employee benefits
Amortization of net actuarial benefit cost			(16	)			9				(11	)			18		Salaries and employee benefits
Reclassified out of AOCI, before tax			(16	)			9				(11	)			18		Income before income taxes
Income tax (benefit) expense			(3	)			2				(3	)			3		Income tax expense
Reclassified out of AOCI, net of tax			(13	)			7				(8	)			15		Net income
Total reclassified out of AOCI, net of tax		$	(13	)		$	7			$	(8	)		$	15		Net income

(1) Amortization is included in net periodic pension cost. See Note 9, "Employee Benefit Plans."

Note 12. 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, 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:

		June 30, 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		$	10,912			$	-			$	10,912			$	-
Municipal securities			11,857				-				11,857				-
Corporate Notes			27,017								27,017
Agency mortgage-backed securities			82,749				-				82,749				-
Total available-for-sale debt securities			132,535				-				132,535				-
Equity securities			55				-				55				-
Fair value loans			2,814				-				-				2,814
Derivative assets			63				-				63				-
Deferred compensation assets			10,160				10,160				-				-
Deferred compensation liabilities			11,640				11,640				-				-

		December 31, 2024
		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		$	55,769			$	-			$	55,769			$	-
Municipal securities			13,837				-				13,837				-
Corporate notes			27,542				-				27,542				-
Agency mortgage-backed securities			72,701				-				72,701				-
Total available-for-sale debt securities			169,849				-				169,849				-
Equity securities			55				—				55				—
Fair value loans			2,993				—				—				2,993
Derivative assets			116				—				116				—
Deferred compensation assets			8,571				8,571				—				—
Deferred compensation liabilities			10,189				10,189				—				—

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Assets Measured at Fair Value on a Nonrecurring Basis

Collateral Dependent Loans. Fair value is based on appraised value adjusted for customized discounting criteria, Level 3 inputs.

The Company maintains an active and robust problem credit identification system. The review for collateral dependent loans includes obtaining third-party collateral valuations to help management identify potential credit losses and determine the amount of expected credit losses to record. The Company’s Special Assets staff manages and monitors all collateral dependent loans. Internal collateral valuations are generally performed within two to four weeks of identifying the initial potential credit loss. The internal valuation compares the original appraisal to current local real estate market conditions and considers experience and expected liquidation costs. The Company typically receives a third-party valuation within thirty to forty-five days of completing the internal valuation. When a third-party valuation is received, it is reviewed for reasonableness. Once the valuation is reviewed and accepted, discounts are applied to fair market value, based on, but not limited to, our historical liquidation experience for like collateral, resulting in an estimated net realizable value. The estimated net realizable value is compared to the outstanding loan balance to determine the appropriate amount of specific reserve for expected credit loss.

OREO. OREO is recorded at fair value on a nonrecurring basis using Level 3 inputs. The Company calculates the fair value of OREO from current or prior appraisals that have been adjusted for valuation declines, estimated selling costs, and other proprietary qualitative adjustments that are deemed necessary.

The following tables present assets measured at fair value on a nonrecurring basis, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated:

		June 30, 2025
		Total				Fair Value Measurements Using
		Fair Value				Level 1				Level 2				Level 3
(Amounts in thousands)
Collateral dependent assets with specific reserves		$	-			$	-			$	-			$	-
OREO			455				-				-				455

		December 31, 2024
		Total				Fair Value Measurements Using
		Fair Value				Level 1				Level 2				Level 3
(Amounts in thousands)
Collateral dependent assets with specific reserves		$	531			$	-			$	-			$	531
OREO			521				-				-				521

Quantitative Information about Level 3 Fair Value Measurements

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

	June 30, 2025
	Valuation	Unobservable		Discount Range
	Technique	Input		(Weighted Average)
Collateral dependent assets with specific reserves	Discounted appraisals(1)	Appraisal adjustments(2)			0% (0%)
OREO	Discounted appraisals(1)	Appraisal adjustments(2)			51% to 67% (59%)

(1)	Fair value is generally based on appraisals of the underlying collateral.
(2)	Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments.

	December 31, 2024
	Valuation	Unobservable		Discount Range
	Technique	Input		(Weighted Average)
Collateral dependent assets with specific reserves	Discounted appraisals(1)	Appraisal adjustments(2)			0% (0%)
OREO	Discounted appraisals(1)	Appraisal adjustments(2)			20% to 74% (61%)

(1)	Fair value is generally based on appraisals of the underlying collateral.
(2)	Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments.

 

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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:

		June 30, 2025
		Carrying								Fair Value Measurements Using
(Amounts in thousands)		Amount				Fair Value				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	395,057			$	395,057			$	395,057			$	-			$	-
Debt securities available-for-sale			132,535				132,535				-				132,535				-
Equity securities			55				55				-				55				-
Loans held for investment, net of allowance			2,320,257				2,123,057				-				-				2,123,057
Derivative financial assets			63				63				-				63				-
Interest receivable			8,787				8,787				-				661				8,126
Deferred compensation assets			10,160				10,160				10,160				-				-
Liabilities
Time deposits			222,117				219,589				-				219,589				-
Securities sold under agreements to repurchase			1,016				1,016				-				1,016				-
Interest payable			748				748				-				748				-
Deferred compensation liabilities			11,640				11,640				11,640				-				-

		December 31, 2024
		Carrying								Fair Value Measurements Using
(Amounts in thousands)		Amount				Fair Value				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	377,454			$	377,454			$	377,454			$	-			$	-
Debt securities available-for-sale			169,849				169,849				-				169,849				-
Equity securities			55				55				-				55				-
Loans held for investment, net of allowance			2,381,264				2,177,891				-				-				2,177,891
Interest receivable			9,207				9,207				-				1,246				9,635
Deferred compensation assets			8,571				8,571				8,571				-				-
Derivative assets			116				116				-				116				-
Liabilities
Time deposits			240,541				238,262				-				238,262				-
Securities sold under agreements to repurchase			906				906				-				906				-
Interest payable			880				880				—				880				—
Deferred compensation liabilities			10,189				10,189				10,189				—				—

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Note 13. 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:

		June 30, 2025				December 31, 2024
(Amounts in thousands)
Commitments to extend credit		$	249,688			$	252,225
Standby letters of credit and financial guarantees(1)			125,417				125,561
Total off-balance sheet risk		$	375,105				377,786

(1) Includes FHLB letters of credit

Note 14. 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 15. Subsequent Event

After the close of business on July 19, 2025, the Company entered into an Agreement and Plan of Merger (the “Agreement”) with Hometown Bancshares, Inc., a West Virginia corporation (“Hometown”), under which the Company will acquire Hometown (the “Merger”). Hometown will cease to exist and the Company will survive and continue to exist as a Virginia corporation. The Agreement provides that at the effective time of the Merger each share of Hometown common stock outstanding immediately prior to the effective time will be converted into the right to receive 11.706 shares of the Company’s common stock, which equates to $472.10 per share of Hometown common stock based on a closing price for the Company’s common stock of $40.33 as of July 18, 2025.

Following the effective time of the Merger, Union Bank, Inc., a wholly-owned subsidiary of Hometown, will merge with and into the Company’s wholly-owned subsidiary, First Community Bank (the “Bank Merger”). First Community Bank will survive the Bank Merger and continue to exist as a Virginia banking corporation.

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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, 2024 (the “2024 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 bank institution. As of June 30, 2025, the Bank operated 53 branches in Virginia, West Virginia, North Carolina and Tennessee. As of June 30, 2025, full-time equivalent employees, calculated using the number of hours worked, totaled 594.  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 June 30, 2025, the Trust Division and FCWM managed and administered $1.66 billion in combined assets under various fee-based arrangements as fiduciary or agent. The Bank also offers a full range of commercial and personal insurance products through its strategic partnership with Bankers Insurance, LLC.

Critical Accounting Estimates

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 2024 Form 10-K. Our critical accounting estimates are detailed in the “Critical Accounting Estimates” section in Part II, Item 7 of our 2024 Form 10-K.

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Performance Overview

Highlights of our results of operations for the three and six months ended June 30, 2025, and financial condition as of June 30, 2025, include the following:

	●	Net interest margin for the second quarter of 2025 remained strong at 4.37%. The yield on earning assets decreased 16 basis points from the same period of 2024 and is primarily attributable to a decrease in interest income of $1.40 million. Interest income on loans decreased $2.05 million, which was primarily due to a decrease in the average balance for loans of $134.85 million. Additionally, the yield on loans decreased 6 basis points. The decrease in interest income on loans was somewhat offset by an increase in interest income on interest-bearing deposits with banks of $840 thousand. Interest expense on interest-bearing liabilities decreased $145 thousand, which is primarily attributable to a decrease in average balance, as well as a decrease in yield of 3 basis points.
	●	There was a recovery of provision for credit losses for the quarter ending June 30, 2025, of $285 thousand compared to a provision of $144 thousand for the same period of 2024. The decrease is primarily due to a decrease in net charge-offs for the quarter of $553 thousand compared to the same period in 2024 and a reduction in loan balance period over period of $119.99 million.
	●	Noninterest income increased approximately $998 thousand, or 10.68%, when compared to the same quarter of 2024.  The increase is primarily attributable to an increase in service charges on deposits of $692 thousand, or 20.19%.  Noninterest expense increased $558 thousand, or 2.24%, when compared to the same period of 2024.  The increase is attributable to increases in salaries and benefits of $1.86 million, or 14.87%, other operating expense of $328 thousand, or 10.84%, and advertising and public relations of $221 thousand, or 23.67%.

	●	Net income of $12.25 million for the second quarter of 2025, was a decrease of $440 thousand, or 3.47%, from the same quarter of 2024. Net income of $24.06 million for the first six months of 2025, was a decrease of $1.47 million, or 5.75%, from the same period of 2024.
	●	Annualized return on average assets ("ROA") was 1.53% for the second quarter of 2025 compared to 1.58% for the same period of 2024. Annualized return on average assets ("ROA") for the six months ended June 30, 2025, was 1.51% compared to 1.59% for the same period of 2024.  Annualized return on average common equity ("ROE") was 9.84% for the second quarter of 2025 compared to 10.02% for the same period of 2024. Annualized return on average common equity ("ROE") was 9.67% for the six months ended June 30, 2025, compared to 10.10% for the same period of 2024.
	●	Consolidated assets totaled $3.18 billion at June 30, 2025.
	●	Loans decreased $62.81 million, or 2.60%, from December 31, 2024. Securities available for sale decreased $37.31 million, or 21.97%, from December 31, 2024. Deposits decreased $55.88 million, or 2.08%, which was due to a decrease in interest-bearing demand deposits and declining higher-rate time deposits.  Stockholder equity decreased $23.56 million, or 4.48% primarily due to the payment of a special cash dividend in the first quarter of 2025. The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $17.60 million, or 4.66%.
	●	The Company repurchased 50,338 common shares during the second quarter of 2025 at a cost of $1.85 million; there were no shares repurchased in the first quarter of 2025. The Company purchased 155,044 common shares during the second quarter of 2024 at a total cost of $5.28 million; a total of 244,440 common shares was purchased during the first six months of 2024 at a total cost of $8.25 million.
	●	Total non-performing assets as of June 30, 2025, were $19.17 million, compared with $20.54   million as of December 31, 2024, and $19.93 million as of June 30, 2024. The Company has realized a declining trend in non-performing assets since September 30, 2024.
	●	Non-performing loans to total loans remained the same at 0.80% when compared with the same quarter of 2024. The Company experienced net charge-offs for the second quarter of 2025 of $472 thousand, or 0.08% of annualized average loans, compared to net charge-offs of $1.03 million, or 0.16%, of annualized average loans for the same period in 2024.
	●	The allowance for credit losses to total loans was 1.40% at June 30, 2025, compared to 1.44% at December 31, 2024 and 1.41% at June 30, 2024.
	●	Book value per share at June 30, 2025, was $27.46, a decrease of $1.27 from year-end 2024. The decrease is primarily attributable to the payment of the special cash dividend in the first quarter of 2025 of $2.07 per share totaling approximately $37.93 million.

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Economic and Trade Policy Uncertainty

In the second quarter of 2025, the United States implemented new tariffs as part of U.S. trade policy. Other countries have responded with retaliatory actions or plans for retaliatory actions. Some of these tariff announcements have since been followed by announcements of limited exemptions and temporary pauses. The duration and extent of the tariffs and any reciprocal tariffs, as well as any available opportunities to lessen the impact, continue to evolve. To date, these actions have not had a material impact on our results of operations, financial condition or cash flows.

Results of Operations

Net Income

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

		Three Months Ended																Six Months Ended
(Amounts in thousands, except per		June 30,								Increase								June 30,								Increase
share data)		2025				2024				(Decrease)				% Change				2025				2024				(Decrease)				% Change
Net income		$	12,246			$	12,686			$	(440	)			-3.47	%		$	24,064			$	25,531			$	(1,467	)			-5.75	%
Basic earnings per common share			0.67				0.69				(0.02	)			-2.90	%			1.31				1.39				(0.08	)			-5.76	%
Diluted earnings per common share			0.67				0.71				(0.04	)			-5.63	%			1.31				1.42				(0.11	)			-7.75	%
Return on average assets			1.53	%			1.58	%			-0.05	%			-3.16	%			1.51	%			1.59	%			-0.08	%			-5.03	%
Return on average common equity			9.84	%			10.02	%			-0.18	%			-1.80	%			9.67	%			10.10	%			-0.43	%			-4.26	%

Three-Month Comparison.

Net income decreased $440 thousand, or 3.47%, in the second quarter of 2025 compared to the same period in 2024.  The decrease is primarily attributable to a decrease in net interest income of $1.26 million, or 3.93%; as well as an increase in non-interest expense of $558 thousand, or 2.24%.  The decreases in income were offset by an increase in total noninterest income of $998 thousand, or 10.68%, as well as a decrease in provision for credit losses of $429 thousand, or 297.92%, compared to the same period in 2024.

Six-Month Comparison.

Net income decreased $1.47 million, or 5.75%, in the first six months of 2025 compared to the same period in 2024.  The decrease is primarily attributable to a decrease in net interest income of $2.59 million, or 4.07%, as well as an increase in non-interest expense of $2.12 million, or 4.38%.  The decreases in income were offset by an increase in total noninterest income of $1.97 million, or 10.58%, as well as a decrease in provision for credit losses of $1.12 million, or 96.88%, compared to the same period in 2024.

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Net Interest Income

Net interest income, our largest contributor to earnings, is analyzed on a fully taxable equivalent (“FTE”) basis, a non-GAAP financial measure. For additional information, see “Non-GAAP Financial Measures” below. The following tables present the consolidated average balance sheets and net interest analysis on a FTE basis for the dates indicated:

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

		Three Months Ended June 30,
		2025												2024
		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)		$	2,364,362			$	30,731				5.21	%		$	2,499,212			$	32,777				5.27	%
Securities available-for-sale			128,457				1,053				3.29	%			144,755				1,242				3.45	%
Interest-bearing deposits			333,872				3,722				4.47	%			210,432				2,883				5.51	%
Total earning assets			2,826,691				35,506				5.04	%			2,854,399				36,902				5.20	%
Other assets			377,879												373,029
Total assets		$	3,204,570											$	3,227,428
Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits		$	657,888			$	177				0.11	%		$	664,707			$	174				0.10	%
Savings deposits			895,024				3,322				1.49	%			874,420				3,582				1.65	%
Time deposits			228,485				1,232				2.16	%			246,291				1,121				1.83	%
Total interest-bearing deposits			1,781,397				4,731				1.07	%			1,785,418				4,877				1.10	%
Borrowings
Retail repurchase agreements			1,293				-				0.07	%			1,002				-				0.04	%
Total borrowings			1,293				-				0.07	%			1,002				-				0.04	%
Total interest-bearing liabilities			1,782,690				4,731				1.06	%			1,786,420				4,877				1.10	%
Noninterest-bearing demand deposits			877,346												884,681
Other liabilities			45,310												47,123
Total liabilities			2,705,346												2,718,224
Stockholders' equity			499,224												509,204
Total liabilities and stockholders' equity		$	3,204,570											$	3,227,428
Net interest income, FTE(1)						$	30,775											$	32,025
Net interest rate spread											3.97	%											4.10	%
Net interest margin, FTE(1)											4.37	%											4.51	%

(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 $430 thousand and $661 thousand for the three months ended June 30, 2025 and 2024, respectively.

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AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

		Six Months Ended June 30,
		2025												2024
		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)		$	2,379,630			$	61,488				5.21	%		$	2,524,159			$	66,278				5.28	%
Securities available-for-sale			138,804				2,314				3.36	%			191,882				2,974				3.12	%
Interest-bearing deposits			315,011				6,984				4.47	%			138,458				3,798				5.52	%
Total earning assets			2,833,445				70,786				5.04	%			2,854,499				73,050				5.15	%
Other assets			375,846												373,322
Total assets		$	3,209,291											$	3,227,821
Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits		$	658,268			$	357				0.11	%		$	665,291			$	336				0.10	%
Savings deposits			893,096				6,633				1.50	%			870,252				6,995				1.62	%
Time deposits			233,343				2,612				2.26	%			248,133				1,911				1.55	%
Total interest-bearing deposits			1,784,707				9,602				1.09	%			1,783,676				9,242				1.04	%
Borrowings
Retail repurchase agreements			1,183				0				0.06	%			1,065				-				0.05	%
Federal funds purchased			-				-				-				1,264				35				5.52	%
Total borrowings			1,183				0				0.06	%			2,329				35				3.02	%
Total interest-bearing liabilities			1,785,890				9,602				1.08	%			1,786,005				9,277				1.04	%
Noninterest-bearing demand deposits			868,714												885,813
Other liabilities			52,698												47,710
Total liabilities			2,707,302												2,719,528
Stockholders' equity			501,989												508,293
Total liabilities and stockholders' equity		$	3,209,291											$	3,227,821
Net interest income, FTE(1)						$	61,184											$	63,773
Net interest rate spread											3.96	%											4.11	%
Net interest margin, FTE(1)											4.35	%											4.49	%

(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 $986 thousand and $1.44 million for the six months ended June 30, 2025 and 2024, 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																Six Months Ended
		June 30, 2025 Compared to 2024																June 30, 2025 Compared to 2024
		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		$	(3,537	)		$	(764	)		$	2,255			$	(2,046	)		$	(3,795	)		$	(874	)		$	(121	)		$	(4,790	)
Securities available-for-sale			(280	)			(117	)			208				(189	)			(823	)			234				(71	)			(660	)
Interest-bearing deposits with other banks			3,382				(1,087	)			(1,456	)			839				4,843				(720	)			(937	)			3,186
Total interest earning assets			(435	)			(1,968	)			1,007				(1,396	)			225				(1,360	)			(1,129	)			(2,264	)
Interest paid on
Demand deposits			(4	)			11				(3	)			4				(4	)			27				(1	)			22
Savings deposits			169				(691	)			262				(260	)			184				(514	)			(32	)			(362	)
Time deposits			(162	)			407				(134	)			111				(114	)			874				(59	)			701
Federal funds purchased			-				-				-				-				-				-				(35	)			(35	)
Retail repurchase agreements			-				1				(1	)			0				-				-				0				0
FHLB advances and other borrowings
Total interest-bearing liabilities			3				(272	)			124				(145	)			66				387				(127	)			326
Change in net interest income (1)		$	(438	)		$	(1,696	)		$	883			$	(1,251	)		$	159			$	(1,747	)		$	(1,002	)		$	(2,590	)

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

Three-Month Comparison. Net interest income comprised 74.78% of total net interest and noninterest income in the second quarter of 2025 compared to 77.35% in the same quarter of 2024. Net interest income on a GAAP basis decreased $1.26 million, or 3.93%.  Net interest income on a FTE basis decreased $1.25 million, with a percentage decrease of 3.91%. The net interest margin on a FTE basis decreased 14 basis points while the net interest spread on a FTE basis decreased 13 basis points. The decrease in both the net interest margin and the net interest spread was primarily the result of a decrease in interest income driven by a decrease in the yield and average balance in both the loan and the securities available for sale portfolios.

Average earning assets decreased $27.71 million, or 0.97%, primarily due to a decrease in the average balance for loans of $134.85 million, or 5.40%.  In addition, the average balance for available-for-sale securities decreased $16.30 million, or 11.26%.  These decreases to earning assets were offset by an increase in the average balance for interest-bearing balances with banks of $123.44 million, or 58.66%. The yield on earning assets decreased 16 basis points, or 3.08%, with loans experiencing a decrease of 6 basis points and securities available for sale experiencing a decrease of 16 basis points.   The average loan to deposit ratio decreased to 88.93% from 93.60% reported in the same quarter of 2024. Non-cash accretion income was $430 thousand for the second quarter compared to $661 thousand reported in the same period of 2024.

Average interest-bearing liabilities, which consist of interest-bearing deposits and borrowings, decreased $3.73 million, or 0.21%, primarily due to a decrease in time deposits of $17.81 million, or 7.23%, and a decrease in demand deposits of $6.82 million, or 1.03%.  The decreases in average interest-bearing liabilities were offset by an increase in average saving deposits of $20.60 million, of 2.36%.  The yield on interest-bearing liabilities decreased 4 basis points and is primarily due to the decrease in yield on savings deposits. 

Six-Month Comparison. Net interest income comprised 74.77% of total net interest and noninterest income in the six months ending June 30, 2025 compared to 77.36% for the same period of 2024. Net interest income on a GAAP basis decreased $2.59 million, or 4.07%.  Net interest income on a FTE basis decreased $2.59 million, with a percentage decrease of 4.06%. The net interest margin on a FTE basis decreased 14 basis points while the net interest spread on a FTE basis decreased 16 basis points. The decrease in both the net interest margin and the net interest spread was primarily the result of a decrease in interest income driven by a decrease in the yield and average balance in both the loan and the securities available for sale portfolios.  

Average earning assets decreased $21.05 million, or 0.74%, primarily due to a decrease in the average balance for loans of $144.53 million, or 5.73%.  In addition, the average balance for available-for-sale securities decreased $53.08 million, or 27.66%.  These decreases to earning assets were offset by an increase in the average balance for interest-bearing balances with banks of $176.55 million, or 127.51%. The yield on earning assets decreased 11 basis points, or 2.14%, primarily due to a decrease in the yield on loans of 7 basis points, or 1.33%. The average loan to deposit ratio decreased to 89.68% from 94.56% reported in the same quarter of 2024. Non-cash accretion income was $986 thousand for the first six months of 2025 compared to $ 1.44 million reported in the same period of 2024.

Average interest-bearing liabilities, which consist of interest-bearing deposits and borrowings, experienced an increase in interest expense of $326 thousand, or 3.52%, primarily due to an increase in the average balance of deposits of $1.03 million, or 0.06%.  The yield on interest-bearing liabilities increased 4 basis points primarily due to the increase in yield on time deposits. 

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Provision for Credit Losses

Three-Month Comparison. The provision charged to operations decreased $429 thousand, or 297.92%, in the second quarter of 2025 compared to the same quarter of 2024. There was a recovery of provision for credit losses for loans of $292 thousand was recorded in the second quarter of 2025 compared to the provision of $449 thousand recorded in the same period of 2024.  The decrease in provision was primarily due to a decrease in the balance of the loan portfolio, as well as a decrease in net charge-offs.  There was a provision recorded for the allowance for unfunded commitments during the second quarter of 2025 of $7 thousand.  A recovery of provision for the allowance for unfunded commitments was recorded during the second quarter of 2024, in the amount of $305 thousand.

Six-Month Comparison. The provision charged to operations decreased $1.12 million, or 96.88%, in the six months ending June 30, 2025 compared to the same quarter of 2024. Provision for credit losses for loans of $58 thousand was recorded in the six months ending June 30, 2025 compared to the provision of $1.46 million recorded in the same period of 2024.  As noted above, the decrease was primarily due to a decrease in the balance of loan portfolio, as well as a decrease in net charge-offs. There was a recovery of provision for the allowance for unfunded commitments during the first six months of 2025 of $22 thousand.  Compared to a recovery of provision for unfunded commitments of $305 thousand during the first six months of 2024.

Noninterest Income

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

		Three Months Ended																Six Months Ended
		June 30,								Increase				%				June 30,								Increase				%
		2025				2024				(Decrease)				Change				2025				2024				(Decrease)				Change
(Amounts in thousands)
Wealth management		$	1,222			$	1,064			$	158				14.85	%		$	2,384			$	2,163			$	221				10.22	%
Service charges on deposits			4,120				3,428				692				20.19	%			7,956				6,738				1,218				18.08	%
Other service charges and fees			3,791				3,670				121				3.30	%			7,131				7,120				11				0.15	%
Other operating income			1,207				1,180				27				2.29	%			3,098				2,580				518				20.08	%
Total noninterest income		$	10,340			$	9,342			$	998				10.68	%		$	20,569			$	18,601			$	1,968				10.58	%

Three-Month Comparison. Noninterest income comprised 25.22% of total net interest and noninterest income in the second quarter of 2025 compared to 22.65% in the same quarter of 2024. Noninterest income increased $998 thousand or 10.68%.  The increase is primarily attributable to an increase in service charges on deposits of $692 thousand, or 20.19%. 

Six-Month Comparison. Noninterest income comprised 25.23% of total net interest and noninterest income in the six months ending June 30, 2025 compared to 22.64% in the same quarter of 2024. Noninterest income increased $1.97 million or 10.58%.  The increase is primarily attributable to an increase in service charges on deposits of $1.22 million, or 18.08%, and an increase in other operating income of $518 thousand, or 20.08%.  

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Noninterest Expense

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

		Three Months Ended																Six Months Ended
		June 30,								Increase				%				June 30,								Increase				%
		2025				2024				(Decrease)				Change				2025				2024				(Decrease)				Change
(Amounts in thousands)
Salaries and employee benefits		$	14,349			$	12,491			$	1,858				14.87	%		$	27,684			$	25,072			$	2,612				10.42	%
Occupancy expense			1,290				1,309				(19	)			-1.45	%			2,866				2,687				179				6.66	%
Furniture and equipment expense			1,587				1,687				(100	)			-5.93	%			3,162				3,232				(70	)			-2.17	%
Service fees			2,475				2,427				48				1.98	%			4,959				4,876				83				1.70	%
Advertising and public relations			1,154				933				221				23.69	%			2,209				1,729				480				27.76	%
Professional fees			360				330				30				9.09	%			732				702				30				4.27	%
Amortization of intangibles			526				530				(4	)			-0.75	%			1,050				1,060				(10	)			-0.94	%
FDIC premiums and assessments			361				364				(3	)			-0.82	%			723				733				(10	)			-1.36	%
Litigation expense			-				1,800				(1,800	)			-100.00	%			-				1,800				(1,800	)			-100.00	%
Other operating expense			3,353				3,026				327				10.81	%			7,014				6,392				622				9.73	%
Total noninterest expense		$	25,455			$	24,897			$	558				2.24	%		$	50,399			$	48,283			$	2,116				4.38	%

Three-Month Comparison. Noninterest expense increased $558 thousand, or 2.24%, in the second quarter of 2025 compared to the same quarter of 2024.  The increase was primarily due to an increase in salaries and employee benefits of $1.86 million, or 14.87%.

Six-Month Comparison. Noninterest expense increased $2.12 million, or 4.38%, in the six months ending June 30, 2025 compared to the same quarter of 2024.  The largest increases were primarily due to increases in salaries and employee benefits of $2.61 million, or 10.42%, and other operating expense of $622 thousand, or 9.73%.

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 and increases in the cash surrender value of life insurance policies.

Three-Month Comparison. Income tax expense increased $54 thousand, or 1.53%.  The effective tax rate increased to 22.63% in the second quarter of 2025 from 21.75% in the same quarter of 2024. 

Six-Month Comparison. Income tax expense decreased $148 thousand, or 2.06%.  The decrease is primarily due to the decrease in net income before taxes.  The effective tax rate increased to 22.60% in the six months ending June 30, 2025 from 21.93% in the same quarter of 2024. 

Non-GAAP Financial Measures 

In addition to financial statements prepared in accordance with GAAP, we use certain non-GAAP financial measures that management believes provide investors with important information useful in understanding our operational performance and comparing our financial measures with other financial institutions. The non-GAAP financial measure presented in this report includes net interest income on a FTE basis. We believe FTE basis is the preferred industry measurement of net interest income and provides better comparability between taxable and tax exempt amounts. We use this non-GAAP financial measure to monitor net interest income performance and to manage the composition of our balance sheet. The FTE basis adjusts for the tax benefits of income from certain tax exempt loans and investments using the federal statutory rate of 21%. While we believe certain non-GAAP financial measures enhance understanding of our business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared on a GAAP basis. Our non-GAAP financial measures may not be comparable to those reported by other financial institutions. The reconciliations of non-GAAP to GAAP measures are presented below.

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

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
(Amounts in thousands)
Net interest income, GAAP		$	30,657			$	31,912			$	60,955			$	63,541
FTE adjustment(1)			118				113				229				232
Net interest income, FTE			30,775				32,025				61,184				63,773
Net interest margin, GAAP			4.35	%			4.49	%			4.33	%			4.47	%
FTE adjustment(1)			0.02	%			0.02	%			0.02	%			0.02	%
Net interest margin, FTE			4.37	%			4.51	%			4.35	%			4.49	%

(1) FTE basis of 21%.

Financial Condition

Total assets as of June 30, 2025, decreased $80.20 million, or 2.46%, from December 31, 2024.  The decrease in assets was primarily driven by decreases in the loans and securities available-for-sale portfolios.  Total liabilities decreased $56.64 million, or 2.07%, and was primarily driven by a decrease in deposits.  Stockholders' equity decreased $23.56 million, or 4.48%.    

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 June 30, 2025, decreased $37.31 million, or 21.97%, compared to December 31, 2024.  The decrease is primarily due to the maturities and calls of securities of $90.45 million during the first six months of 2025 offset by purchases of $50.11 million. The market value of debt securities available-for-sale as a percentage of amortized cost was 91.52% as of June 30, 2025, compared to 91.97% as of December 31, 2024.  

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 State 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 June 30, 2025 continue to perform as scheduled and we do not believe that a provision for credit losses is necessary.

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. 

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

		June 30, 2025								December 31, 2024								June 30, 2024
(Amounts in thousands)		Amount				Percent				Amount				Percent				Amount				Percent
Loans held for investment
Commercial loans
Construction, development, and other land		$	64,441				2.74	%		$	72,319				2.99	%		$	81,693				3.30	%
Commercial and industrial			249,674				10.61	%			232,854				9.64	%			205,858				8.32	%
Multi-family residential			189,267				8.04	%			199,521				8.26	%			196,311				7.94	%
Single family non-owner occupied			185,042				7.86	%			195,588				8.10	%			209,442				8.47	%
Non-farm, non-residential			840,642				35.73	%			852,223				35.27	%			870,513				35.20	%
Agricultural			14,077				0.60	%			16,676				0.69	%			19,513				0.79	%
Farmland			11,170				0.47	%			12,311				0.51	%			13,606				0.55	%
Total commercial loans			1,554,313				66.05	%			1,581,492				65.46	%			1,596,936				64.57	%
Consumer real estate loans
Home equity lines			84,629				3.60	%			90,227				3.73	%			88,608				3.58	%
Single family owner occupied			634,898				26.98	%			650,306				26.92	%			676,904				27.37	%
Owner occupied construction			4,775				0.20	%			4,491				0.19	%			4,731				0.19	%
Total consumer real estate loans			724,302				30.78	%			745,024				30.84	%			770,243				31.14	%
Consumer and other loans
Consumer loans			72,325				3.07	%			87,758				3.63	%			104,503				4.23	%
Other			2,337				0.10	%			1,815				0.08	%			1,586				0.06	%
Total consumer and other loans			74,662				3.17	%			89,573				3.71	%			106,089				4.29	%
Total loans held for investment, net of unearned income			2,353,277				100.00	%			2,416,089				100.00	%			2,473,268				100.00	%
Less: allowance for credit losses			33,020								34,825								34,885
Total loans held for investment, net of unearned income and allowance		$	2,320,257							$	2,381,264							$	2,438,383

Total loans as of June 30, 2025, decreased $62.81 million, or 2.60%, compared to December 31, 2024.  The largest decrease occurred in the commercial loans segment with an overall decrease of $27.18 million, or 1.72%.  Within this segment, the largest decreases occurred in non-farm, non-residential loans, single family non-owner occupied, and multi-family residential loans with decreases of $11.58 million, $10.55 million, and $10.25 million, respectively.  These decreases were offset by an increase in commercial and industrial loans of $16.82 million.  The consumer real estate segment decreased $20.72 million, or 2.78%, primarily due to a decrease in single family owner occupied of $15.41 million, or 2.37%.     

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. 

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

		June 30, 2025				December 31, 2024				June 30, 2024
(Amounts in thousands)
Nonperforming
Nonaccrual loans		$	18,084			$	19,869			$	19,815
Accruing loans past due 90 days or more			568				149				19
Modified loans past due 90 days or more not included in nonaccrual			-				-				-
Total nonperforming loans			18,652				20,018				19,834
OREO			455				521				100
Total nonperforming assets		$	19,107			$	20,539			$	19,934
Additional Information
Total modified loans		$	2,129			$	2,260			$	2,290
Asset Quality Ratios:
Nonperforming loans to total loans			0.79	%			0.83	%			0.80	%
Nonperforming assets to total assets			0.60	%			0.63	%			0.62	%
Allowance for credit losses to nonperforming loans			177.03	%			173.97	%			175.88	%
Allowance for credit losses to total loans			1.40	%			1.44	%			1.41	%

Nonperforming assets as of June 30, 2025, decreased $1.43 million, or 6.97%, from December 31, 2024.  Nonaccrual loans decreased $1.79 million, or 8.98%.  OREO decreased $66 thousand, or 12.67%.  In addition, accruing loans past due 90 days or more increased $419 thousand from year-end.  As of June 30, 2025, nonaccrual loans were largely attributed to single family owner occupied (45.37%), non-farm, non-residential (14.19%), and single family non-owner occupied of (9.39%). 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 $28.92 million as of June 30, 2025, a decrease of $8.62 million, or 22.98%, compared to $37.55 million as of December 31, 2024. Delinquent loans as a percent of total loans totaled 1.23% as of June 30, 2025, which includes past due loans (0.46%) and nonaccrual loans (0.77%).

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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 June 30, 2025, were $2.13 million.  As of June 30, 2025, $322 thousand of these loans were 30-89 days past due. Modified loans past due 90 days or more totaled $58 thousand and are included in the total for nonaccrual loans.   

OREO, which is carried at the lesser of estimated net realizable value or cost, decreased $66 thousand, or 12.67%, as of June 30, 2025, from December 31, 2024, and consisted of  5 properties with an average holding period of approximately 9  months. The net loss on the sale of OREO totaled $93 thousand for the six months ended June 30, 2025, compared to a net loss of $32 thousand for the same period of the prior year. The following table presents the changes in OREO during the periods indicated:  

		Six Months Ended June 30,
		2025				2024
(Amounts in thousands)
Beginning balance January 1		$	521			$	192
Additions			191				272
Disposals			(257	)			(315	)
Valuation adjustments			-				(14	)
Other adjustments			-				(35	)
Ending balance		$	455			$	100

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 2024 Form 10-K.

As of June 30, 2025, the balance of the ACL for loans was $33.02 million, or 1.40% of total loans. The ACL at June 30, 2025, decreased $1.81 million from the balance of $34.83 million recorded at December 31, 2024. This decrease included a provision of $36 thousand offset by net charge-offs for the six months of $1.86 million. 

At June 30, 2025, the Company also had an allowance for unfunded commitments of $319 thousand which was recorded in Other Liabilities on the Balance Sheet.  During the first six months of 2025, the Company recorded a recovery of provision for credit losses for loan commitments of $22 thousand  There was a recovery of provision of $305 thousand recorded in the same period of 2024. 

Deposits

Total deposits as of June 30, 2025, decreased $55.88 million, or 2.08%, compared to December 31, 2024.  The largest decreases in deposits occurred in interest-bearing demand of $26.18 million, or 3.88%, time deposits of $18.42 million, or 7.66%, and noninterest-bearing demand deposits of $9.82 million or 1.11%. 

Total borrowings in the form of retail repurchase agreements as of June 30, 2025, increased $110 thousand, or 12.14%, compared to December 31, 2024.

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 June 30, 2025, the Company’s cash reserves and short-term investment securities totaled $395.06 million and $10.91 million, respectively. The Company’s cash reserves and investments 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 June 30, 2025, our unencumbered cash totaled $395.06 million, unused borrowing capacity from the FHLB totaled $326.43 million, available credit from the FRB Discount Window totaled $5.84 million, available lines from correspondent banks totaled $100.00 million, and unpledged available-for-sale securities totaled $104.22 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 June 30, 2025, decreased $23.56 million, or 4.48%, to $502.83 million from $526.39 million as of December 31, 2024.    The decrease in capital is primarily attributable to the payment of the special cash dividend in the first quarter of 2025 of $2.07 per share totaling approximately $37.93 million in addition to the regular cash dividends paid in first and second quarter of $0.31 per share.   The decrease was offset by net income of $24.06 million.  Book value per share at June 30, 2025, was $27.46 compared to $28.73 at year-end 2024.

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 2024 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:

		June 30, 2025						December 31, 2024
		Company			Bank			Company			Bank
Common equity Tier 1 ratio		16.04%			14.29%			16.75%			13.89%
Tier 1 risk-based capital ratio		16.04%			14.29%			16.75%			13.89%
Total risk-based capital ratio		17.30%			15.54%			18.00%			15.15%
Tier 1 leverage ratio		11.63%			10.37%			12.25%			10.32%

The Company's risk-based capital ratios as of June 30, 2025, decreased from December 31, 2024, primarily due to a decrease in capital levels. The decrease in capital was primarily driven by the payment of a special cash dividend of $2.07 per share totaling approximately $37.93 million during the first quarter of 2025.  While the Company's risk-based capital ratios decreased, the Bank's risk-based capital ratios increased.  The increase in the Bank's risk-based capital ratios was primarily due to a decrease in risk-weighted assets.  As of June 30, 2025, we continued to meet all capital adequacy requirements and were classified as well-capitalized under the regulatory framework for prompt corrective action. Management believes there have been no conditions or events that would change the Bank’s classification. Additionally, our capital ratios were in excess of the minimum standards under the Basel III capital rules as of June 30, 2025.

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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:

		June 30, 2025				December 31, 2024
(Amounts in thousands)
Commitments to extend credit		$	249,688			$	252,225
Standby letters of credit and financial guarantees (1)			125,417				125,561
Total off-balance sheet risk		$	375,105			$	377,786

(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 June 30, 2025, the Federal Open Market Committee had set the benchmark federal funds rate to a range of 425 to 450 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:

		June 30, 2025								December 31, 2024
Increase (Decrease) in Basis Points		Change in Net Interest Income				Percent Change				Change in Net Interest Income				Percent Change
(Dollars in thousands)
200		$	2,674				2.1	%		$	2,997				2.4	%
100			1,350				1.1	%			1,505				1.2	%
(100)			(2,818	)			(2.2	)%			(2,883	)			-2.3	%
(200)			(6,451	)			(5.1	)%			(6,325	)			-5.0	%

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.

Astronomic federal government spending alongside labor shortages and supply chain complications have contributed to rising 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.

Subsequent Event

As reported on Form 8-K filed with the SEC on July 21, 2025, the Company, along with Hometown Bancshares, Inc. (“Hometown”) announced the execution of an Agreement and Plan of Merger (the “Agreement”) whereby the Company will acquire Hometown and its banking subsidiary, Union Bank, Inc for a total valuation of approximately $41.5 million based on closing price for the Company’s common stock of $40.33 as of July 18, 2025. Pursuant to the terms of the Agreement, Hometown shareholders will receive 11.706 shares of the Company common stock for each share of Hometown common stock that they own as of the closing date. Currently, the transaction is expected to close in the first quarter of 2026. Please refer to Note 15 of the Notes to Condensed Consolidated Financial Statements for more information on this acquisition.

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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 June 30, 2025, 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 June 30, 2025, 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, 2024, 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, 2024 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, 2024.

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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

During the second quarter of 2025, the Company purchased 50,338 shares of its common stock.   

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, during the periods indicated:

		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)
April 1-30, 2025			47,529			$	36.76				47,529				2,197,677
May 1-31, 2025			100				37.39				100				2,197,577
June 1-30, 2025			2,709				37.39				2,709				2,194,868
Total			50,338			$	36.80				50,338

(1) In September, 2023, the Board of Directors approved a repurchase plan to repurchase 2,700,000 shares of the Company's 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) None. 

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

(c) During the three months ended June 30, 2025, 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
3.1	Articles of Incorporation of First Community Bankshares, Inc., incorporated by reference to Appendix B of the Definitive Proxy Statement on Form DEF 14A dated April 24, 2018, filed on March 13, 2018
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
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
10.2**	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
10.1.7**	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
10.3**	First Community Bancshares, Inc. 2001 Nonqualified Director Stock Option Agreement, incorporated by reference to Exhibit 10.4 of the Quarterly Report on Form 10-Q for the period ended June 30, 2002, filed on August 14, 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**	Employment Agreement between First Community Bancshares, Inc. and David D. Brown, incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K dated and filed on April 16, 2015
10.15**	Employment Agreement between First Community Bancshares, Inc. and Gary R. Mills, incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K dated and filed on April 16, 2015
10.16**	Employment Agreement between First Community Bancshares, 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 April 16, 2015
10.17**	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
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 June 30, 2025, (Unaudited) and December 31, 2024; (ii) Condensed Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2025 and 2024; (iii) Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2025 and 2024; (iv) Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the three and six months ended June 30, 2025 and 2024; (v) Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024; 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 June 30, 2025, 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 August 1, 2025.

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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