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First Community Bankshares, Inc. Announces Third听Quarter 2024听Results and Quarterly Cash Dividend

BLUEFIELD, Va., Oct. 22, 2024 (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 September 30, 2024. The Company reported net income of听$13.03听尘颈濒濒颈辞苍, or $0.71听per diluted common share, for the quarter ended September 30, 2024.听 Net income for the nine听months ended September 30, 2024, was $38.56听尘颈濒濒颈辞苍 or $2.09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 November 8, 2024, and is expected to be paid on or about November 22, 2024. This marks the 39th听consecutive year of regular dividends to common shareholders.

The Company is working with borrowers and customers in North Carolina, Tennessee, Virginia, and southern West Virginia affected by the devastating floods, power outages, and water shortages from Hurricane Helene.听 This includes payment relief for affected borrowers.听 We will continue to monitor the situation over the coming weeks as it relates to asset quality.

Third听Quarter 2024 Highlights

Income Statement

• Net income of $13.03听尘颈濒濒颈辞苍 for the third听quarter of听2024, was a听decrease of $1.61听尘颈濒濒颈辞苍, or 10.98%, from the same听quarter of听2023.听 Net income of $38.56听尘颈濒濒颈辞苍 for the first听nine听months of 2024, was an increase of $2.33听尘颈濒濒颈辞苍, or 6.42%, from听the same period of 2023.听听
• Net interest income decreased $1.75 million compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits.听 听听
• Net interest margin of 4.41% was a decrease of 10 basis points over the same quarter of听2023.听 The yield on earning assets increased 26 basis points from the same period of 2023 and is attributable to an increase in interest income resulting from an increase in yield.听 While there was an increase in yield for both loans and securities available for sale; the average balances decreased.听 The average balance for interest-bearing deposits with banks increased $219.59 million over the same period of 2023; however, there was no change in the yield from the same period of 2023.听 The yield on interest-bearing liabilities increased 58 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.听听
• Noninterest income increased approximately $830 thousand, or 8.63%, when compared to the same quarter of 2023.听 Noninterest income for the third quarter of听2024听included a gain of $825 thousand from the sale of听 two closed branch properties; noninterest income for the same period of 2023听included a gain of $204 thousand for the sale of a closed branch property.听 Noninterest expense increased $1.26 million, or 5.52%.听 听听
• Annualized return on average assets ("ROA") was 1.60%听for the third听quarter and听1.60%听for the first nine听months of听2024听compared to听1.74%听补苍诲 1.49%听for the same periods, respectively, of 2023. Annualized return on average common equity ("ROE") was 10.04%听for the听third听quarter and听10.08% for the first nine听months of 2024听compared to 11.63%听补苍诲 10.25% for the same periods, respectively, of 2023.听 Annualized return on average tangible common equity ("ROTCE") was 14.46% for the third quarter and 14.61% for the first nine months of 2024 compared to 17.11% and 14.94% for the same periods, respectively, of 2023.

Balance Sheet and Asset Quality

• Consolidated assets totaled $3.22听产颈濒濒颈辞苍 at September 30, 2024.听听
• Loans decreased $128.19 million, or 4.98%, from听December 31, 2023.听 Securities available for sale decreased $114.29 million, or 40.68%, from December 31, 2023.听听Deposits decreased $63.07 million, or 2.32%.听 The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $198.92 million, or 170.86%.听 听听
• The Company repurchased 12,854听common shares during the third听quarter of 2024听at听a total cost of $469 thousand.听 The Company repurchased 257,294听common shares during the first听nine听months of 2024听at听a total cost of $8.72听尘颈濒濒颈辞苍.听听
• Non-performing loans to total loans increased to听0.82%听when compared with the same听quarter of 2023.听听The Company experienced net charge-offs for the听third听quarter of 2024听of $1.13听尘颈濒濒颈辞苍, or 0.18%听of annualized average loans, compared to net charge-offs of $1.46 million, or 0.22%, of annualized average loans for the same period in听2023.
• The allowance for credit losses to total loans was 1.44%听at September 30, 2024, compared to 1.41%听at December 31, 2023, and听1.39% for September 30, 2023.
• Book value per share at September 30, 2024, was $ 28.47, an increase of $1.27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 September 30, 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 $1.64听产颈濒濒颈辞苍听in combined assets as of September 30, 2024. The Company reported consolidated assets of $3.22听产颈濒濒颈辞苍听as of September 30, 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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