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First Community Bankshares, Inc. Announces Fourth Quarter and Full Year 2024 Results, Quarterly Cash Dividend, and Special Dividend

BLUEFIELD, Va., Jan. 28, 2025 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (NASDAQ: FCBC) () (the 鈥淐ompany鈥�) today reported its unaudited results of operations and other financial information for the quarter ended December 31, 2024. The Company reported net income of听$13.04听尘颈濒濒颈辞苍, or $0.71听per diluted common share, for the quarter ended December 31, 2024.听 Net income for the twelve听months ended December 31, 2024, was $51.60听尘颈濒濒颈辞苍 or $2.80听per diluted common share.听 听

The Company also听declared a quarterly cash dividend to common shareholders of thirty-one听cents, $0.31听per common share.听The quarterly dividend is payable to common shareholders of record on February 14, 2025, and is expected to be paid on 听February 28, 2025. This marks the 40th听consecutive year of regular dividends to common shareholders.

Additionally, the Board of Directors declared a special cash dividend to common shareholders of $2.07听per common share.

The Company鈥檚 capital management plan and philosophy require the maintenance of a strong capital base from which to grow and serve its customers. As part of the capital plan, the Company intends to return current earnings not needed to fund growth in core operations or other uses back to shareholders through regular cash dividends and stock repurchases. To the extent current earnings exceed those capital uses, the Company may declare special dividends from time to time. The Company earned approximately $197.45 million in the last four years, from which it paid regular dividends of $79.68 million, and repurchased shares for $81.95 million.听 Since July 1, 2013, the Company earned approximately $415.90 million, from which it paid regular dividends of $174.84 million, special dividends of $8.12 million, and repurchased 9.33 million shares for $232.08 million

The Board of Directors determined that the Company will have sufficient surplus capital to support anticipated growth opportunities and other needs after payment of the special dividend totaling approximately $37.92听尘颈濒濒颈辞苍. This special cash dividend is also payable on February 28, 2025, to shareholders of record February 14, 2025, and may not be indicative of special cash dividend activity in the future.

Fourth听Quarter 2024听Highlights

Income Statement

• Net income of $13.04听尘颈濒濒颈辞苍 for the fourth听quarter of听2024, was a increase of $1.26听尘颈濒濒颈辞苍, or 10.65%, from the same听quarter of听2023.听 Net income of $51.60听尘颈濒濒颈辞苍 for the听year, was an increase of $3.58听尘颈濒濒颈辞苍, or 7.46%, from听the same period of 2023.
• Net interest income decreased $730 thousand compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits.
• Net interest margin of 4.36% was a decrease of 6 basis points over the same quarter of听2023.听 The yield on earning assets increased 11 basis points from the same period of 2023 and is primarily attributable to an increase in interest income of $422 thousand.听 Interest income on interest-bearing deposits with banks increased $2.91 million and was primarily due to the increase in the average balance of $246.39 million offset by a decrease in yield of 75 basis points.听 This increase in interest income was offset by decreases in interest income for loans and securities available-for-sale of $2.04 million and $450 thousand, respectively.听 The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $159.86 million and $107.16 million offset by increases in yield of 2 basis points and 72 basis points, respectively.听 Interest expense on interest-bearing liabilities increased $1.16 million and is primarily attributable to yield.听 The yield on interest-bearing liabilities increased 26 basis points when compared with the same period of听2023听补苍诲 is primarily attributable to increased rates on interest-bearing deposit liabilities.
• Noninterest income decreased approximately $125 thousand, or 1.19%, when compared to the same quarter of 2023.听 Noninterest expense decreased $2.67 million, or 9.98% when compared to the same period of 2023.听 The decrease is primarily attributable to litigation expense of $3.00 million recorded in the fourth quarter of 2023.
• Annualized return on average assets ("ROA") was 1.60%听for both the fourth听quarter and for the twelve months of听2024听compared to听1.43%听补苍诲 1.48%听for the same periods, respectively, of 2023. Annualized return on average common equity ("ROE") was 9.89%听for the听fourth听quarter of听2024 and听10.03% for the听year compared to 9.39%听补苍诲 10.02% for the same periods, respectively, of 2023.听 Annualized return on average tangible common equity ("ROTCE") was 14.12% for the fourth听quarter of 2024听补苍诲 14.48% for the year听compared to 13.82% and 14.65% for the same periods, respectively, of 2023.

Balance Sheet and Asset Quality

• Consolidated assets totaled $3.26听产颈濒濒颈辞苍 at December 31, 2024.
• Loans decreased $156.21 million, or 6.07%, from听December 31, 2023.听 Securities available for sale decreased $111.12 million, or 39.55%, from December 31, 2023.听听Deposits decreased $31.08 million, or 1.14%.听 The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $261.03 million, or 224.22%.
• The Company did not repurchase any听common shares during the fourth听quarter of 2024.听 The Company repurchased 257,294听common shares during 2024听at听a total cost of $8.72听尘颈濒濒颈辞苍.
• Non-performing loans to total loans increased to听0.83%听when compared with the same听quarter of 2023.听听The Company experienced net charge-offs for the听fourth听quarter of 2024听of $1.48听尘颈濒濒颈辞苍, or 0.24%听of annualized average loans, compared to net charge-offs of $883 thousand, or 0.14%, of annualized average loans for the same period in听2023.
• The allowance for credit losses to total loans was 1.44%听at December 31, 2024, compared to 1.41%听at December 31, 2023.
• Book value per share at December 31, 2024, was $ 28.73, an increase of $1.53听from year-end 2023.

Non-GAAP Financial Measures

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

About First Community Bankshares, Inc.

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated听53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2024. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.62听产颈濒濒颈辞苍听in combined assets as of December 31, 2024. The Company reported consolidated assets of $3.26听产颈濒濒颈辞苍听as of December 31, 2024. The Company鈥檚 common stock is listed on the NASDAQ Global Select Market under the trading symbol, 鈥淔CBC鈥�. Additional investor information is available on the Company鈥檚 website at www.firstcommunitybank.com.

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

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