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First Community Bankshares, Inc. Announces Second Quarter 2025 Results and Quarterly Cash Dividend

BLUEFIELD, Va., July 22, 2025 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the 鈥淐ompany鈥�) today reported its unaudited results of operations and other financial information for the quarter ended June 30, 2025. The Company reported net income of听$12.25听尘颈濒濒颈辞苍, or $0.67听per diluted common share, for the quarter ended June 30, 2025. Net income for the six听months ended June 30, 2025, was $24.06 million听辞谤 $1.31听per diluted common share.

The Company also听declared a quarterly cash dividend to common shareholders of thirty-one听cents, $0.31, per common share.听The quarterly dividend is payable to common shareholders of record on August 8, 2025, and is expected to be paid on听August 22, 2025. This year marks the 40th听consecutive year of regular dividends to common shareholders and the prior year was the 15th consecutive year of regular dividend increases.

During the second quarter of 2025,听the Company was named a recipient听of the 2024 Raymond James Community Bankers Cup. The award recognizes the superior financial performance of the top 10% of the country's community banks.

Second听Quarter 2025听Highlights

Income Statement

• 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听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%.听
• 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%听for听the second听quarter听of听2025听compared to听1.58%听for the same period听of 2024. Annualized return on average assets ("ROA") for the six听months ended听June 30, 2025, was听1.51%听compared to听1.59%听for the same period of 2024听Annualized return on average common equity ("ROE") was 9.84%听for the听second听quarter of听2025 compared to 10.02%听for the same period of 2024. Annualized return on average common equity ("ROE") was 9.67%听for the听six听months ended听June 30, 2025,听compared to 10.10%听for the same period of 2024. Additionally, return on average tangible common equity continues to remain听strong at 14.32% for the second quarter of 2025.

Balance Sheet and Asset Quality

• Consolidated assets totaled $3.18听产颈濒濒颈辞苍 at June 30, 2025.
• Loans decreased $62.81 million, or 2.60%, from听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听second听quarter of 2025 at a cost of $1.85听尘颈濒濒颈辞苍; 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 $20.67 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听0.79%听when compared with the same听quarter of 2024. The Company experienced net charge-offs for the听second听quarter of 2025听of $472 thousand, or 0.08%听of annualized average loans, compared to net charge-offs of $1.03听尘颈濒濒颈辞苍, or 0.16%, of annualized average loans for the same period in听2024.
• The allowance for credit losses to total loans was 1.40%听at听June 30, 2025, compared to 1.44%听at December 31, 2024听and 1.41% at June 30, 2024.
• Book value per share at June 30, 2025, was $ 27.46, a decrease of $1.27听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.

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%. 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. 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 June 30, 2025. 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 $1.66听产颈濒濒颈辞苍听in combined assets as of June 30, 2025. The Company reported consolidated assets of $3.18听产颈濒濒颈辞苍听as of June 30, 2025. 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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