Anzeige
Mehr »
Login
Freitag, 25.04.2025 Börsentäglich über 12.000 News von 693 internationalen Medien
Vergiss die Indizes - Forge steigt um 40 %, während der S&P & Dow fällt!!
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: 634813 | ISIN: US31983A1034 | Ticker-Symbol:
NASDAQ
24.04.25
21:59 Uhr
38,250 US-Dollar
0,000
0,00 %
1-Jahres-Chart
FIRST COMMUNITY BANCSHARES INC Chart 1 Jahr
5-Tage-Chart
FIRST COMMUNITY BANCSHARES INC 5-Tage-Chart
GlobeNewswire (Europe)
15 Leser
Artikel bewerten:
(0)

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

Finanznachrichten News

BLUEFIELD, Va., April 22, 2025 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the "Company") today reported its unaudited results of operations and other financial information for the quarter ended March 31, 2025. The Company reported net income of $11.82 million, or $0.64 per diluted common share, for the quarter ended March 31, 2025.

The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on May 9, 2025, and is expected to be paid on May 23, 2025. This year marks the 40th consecutive year of regular dividends to common shareholders and the prior year was the 15th consecutive year of regular dividend increases.

First Quarter 2025 Highlights

Income Statement

  • Net interest margin for the first quarter of 2025 was 4.34%. The yield on earning assets decreased 5 basis points from the same period of 2024 and is primarily attributable to a decrease in interest income of $867 thousand. Interest income for loans and securities available-for-sale decreased $2.74 million and $470 thousand, respectively. The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $154.04 million and $89.74 million, respectively. Additionally, the yield on loans decreased 8 basis points. The decrease in interest income on loans and securities available-for-sale was somewhat offset by an increase in interest income on interest-bearing deposits with banks. Interest expense on interest-bearing liabilities increased $472 thousand and is primarily attributable to an increase in yield of 11 basis points.
  • Noninterest income increased approximately $970 thousand, or 10.48%, when compared to the same quarter of 2024. The increase is primarily attributable to an increase in service charges on deposits of $526 thousand, or 15.89%, and an increase in other operating income of $491 thousand, or 35.07%. Noninterest expense increased $1.56 million, or 6.66% when compared to the same period of 2024. The increase is primarily attributable to an increase in salaries and benefits of $754 thousand, or 5.99%.
  • Annualized return on average assets ("ROA") was 1.49% for the first quarter of 2025 compared to 1.60% for the same period of 2024. Annualized return on average common equity ("ROE") was 9.49% for the first quarter of 2025 compared to 10.18% for the same period of 2024.

Balance Sheet and Asset Quality

  • Consolidated assets totaled $3.23 billion at March 31, 2025.
  • Loans decreased $33.39 million, or 1.38%, from December 31, 2024. Securities available for sale decreased $40.19 million, or 23.66%, from December 31, 2024. Deposits decreased $6.77 million, or 0.25%, which was largely a function of declining higher-rate time deposits. Stockholder equity decreased $29.98 million, or 5.69% 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 $37.23 million, or 9.86%.
  • The Company did not repurchase any common shares during the first quarter of 2025.
  • Non-performing loans to total loans increased to 0.85% when compared with the same quarter of 2024. The Company experienced net charge-offs for the first quarter of 2025 of $1.39 million, or 0.24% of annualized average loans, compared to net charge-offs of $1.74 million, or 0.27%, of annualized average loans for the same period in 2024.
  • The allowance for credit losses to total loans was 1.42% at March 31, 2025, compared to 1.44% at December 31, 2024 and 1.41% at March 31, 2024.
  • Book value per share at March 31, 2025, was $ 27.09, a decrease of $1.64 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 ("GAAP"), 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 "tangible book value per common share," "return on average tangible common equity," "adjusted earnings," "adjusted diluted earnings per share," "adjusted return on average assets," "adjusted return on average common equity," "adjusted return on average tangible common equity," and certain financial measures presented on a fully taxable equivalent ("FTE") 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 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of March 31, 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 $1.62 billion in combined assets as of March 31, 2025. The Company reported consolidated assets of $3.23 billion as of March 31, 2025. The Company's common stock is listed on the NASDAQ Global Select Market under the trading symbol, "FCBC". Additional investor information is available on the Company's 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'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.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
March 31,
2025
December 31,
2024
September 30,
2024
June 30,
2024
March 31,
2024
(Amounts in thousands, except share and per share data)
Interest income
Interest and fees on loans $30,669 $31,637 $32,120 $32,696 $33,418
Interest on securities 1,238 1,447 1,070 1,211 1,698
Interest on deposits in banks 3,262 3,348 3,702 2,882 913
Total interest income 35,169 36,432 36,892 36,789 36,029
Interest expense
Interest on deposits 4,871 5,099 5,298 4,877 4,365
Interest on borrowings - - - - 35
Total interest expense 4,871 5,099 5,298 4,877 4,400
Net interest income 30,298 31,333 31,594 31,912 31,629
Provision for credit losses 321 1,082 1,360 144 1,011
Net interest income after provision 29,977 30,251 30,234 31,768 30,618
Noninterest income 10,229 10,337 10,452 9,342 9,259
Noninterest expense 24,944 24,107 24,177 24,897 23,386
Income before income taxes 15,262 16,481 16,509 16,213 16,491
Income tax expense 3,444 3,441 3,476 3,527 3,646
Net income $11,818 $13,040 $13,033 $12,686 $12,845
Earnings per common share
Basic $0.64 $0.71 $0.71 $0.69 $0.70
Diluted $0.64 $0.71 $0.71 $0.71 $0.71
Cash dividends per common share
Regular 0.31 0.31 0.31 0.29 0.29
Special cash dividend 2.07 - - - -
Weighted average shares outstanding
Basic 18,324,760 18,299,612 18,279,612 18,343,958 18,476,128
Diluted 18,451,321 18,418,441 18,371,907 18,409,876 18,545,910
Performance ratios
Return on average assets 1.49% 1.60% 1.60% 1.58% 1.60%
Return on average common equity 9.49% 9.89% 10.04% 10.02% 10.18%
Return on average tangible common equity(1) 13.79% 14.12% 14.46% 14.54% 14.82%

_____________

(1)A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets.
CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)
Three Months Ended
March 31,
2025
December 31,
2024
September 30,
2024
June 30,
2024
March 31,
2024
(Amounts in thousands)
Noninterest income
Wealth management $1,162 $1,251 $1,071 $1,064 $1,099
Service charges on deposits 3,836 3,613 3,661 3,428 3,310
Other service charges and fees 3,340 3,575 3,697 3,670 3,450
Other operating income 1,891 1,898 2,023 1,180 1,400
Total noninterest income $10,229 $10,337 $10,452 $9,342 $9,259
Noninterest expense
Salaries and employee benefits $13,335 $13,501 $13,129 $12,491 $12,581
Occupancy expense 1,576 1,329 1,270 1,309 1,378
Furniture and equipment expense 1,575 1,562 1,574 1,687 1,545
Service fees 2,484 2,305 2,461 2,427 2,449
Advertising and public relations 1,055 1,165 967 933 796
Professional fees 372 295 221 330 372
Amortization of intangibles 524 535 536 530 530
FDIC premiums and assessments 362 365 365 364 369
Litigation expense - - - 1,800 -
Other operating expense 3,661 3,050 3,654 3,026 3,366
Total noninterest expense $24,944 $24,107 $24,177 $24,897 $23,386
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)
Three Months Ended
March 31,
2025
December 31,
2024
September 30,
2024
June 30,
2024
March 31,
2024
(Amounts in thousands, except per share data)
Adjusted Net Income for diluted earnings per share $11,818 $13,040 $13,033 $12,686 $12,845
Non-GAAP adjustments:
Loss (gain) on sale of securities - - - - -
Merger expense - - - - -
Day 2 provision for allowance for credit losses - Surrey - - - - -
Litigation expense - - - 1,800 -
Other items(1) - - (825) - -
Total adjustments - - (825) 1,800 -
Tax effect - - (198) 432 -
Adjusted earnings, non-GAAP $11,818 $13,040 $12,406 $14,054 $12,845
Adjusted diluted earnings per common share, non-GAAP $0.64 $0.71 $0.68 $0.76 $0.69
Performance ratios, non-GAAP
Adjusted return on average assets 1.49% 1.60% 1.53% 1.75% 1.60%
Adjusted return on average common equity 9.49% 9.89% 9.56% 11.10% 10.18%
Adjusted return on average tangible common equity (2) 13.79% 14.12% 13.77% 16.11% 14.82%

_____________

(1)Includes other non-recurring income and expense items.
(2)A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets.
AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
Three Months Ended March 31,
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) $2,395,068 $30,757 5.21% $2,549,107 $33,500 5.29%
Securities available for sale 149,266 1,261 3.43% 239,010 1,731 2.91%
Interest-bearing deposits 295,939 3,262 4.47% 66,483 916 5.54%
Total earning assets 2,840,273 35,280 5.04% 2,854,600 36,147 5.09%
Other assets 373,791 373,614
Total assets $3,214,064 $3,228,214
Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits $658,651 $180 0.11% $665,875 $162 0.10%
Savings deposits 891,148 3,311 1.51% 866,084 3,412 1.58%
Time deposits 238,254 1,380 2.35% 249,974 790 1.27%
Total interest-bearing deposits 1,788,053 4,871 1.10% 1,781,933 4,364 0.98%
Borrowings
Federal funds purchased - - - 2,527 35 5.52%
Retail repurchase agreements 1,071 - 0.06% 1,127 - 0.05%
Total borrowings 1,071 - 0.06% 3,654 35 3.85%
Total interest-bearing liabilities 1,789,124 4,871 1.10% 1,785,587 4,399 0.99%
Noninterest-bearing demand deposits 859,988 886,947
Other liabilities 60,167 48,298
Total liabilities 2,709,279 2,720,832
Stockholders' equity 504,785 507,382
Total liabilities and stockholders' equity $3,214,064 $3,228,214
Net interest income, FTE(1) $30,409 $31,748
Net interest rate spread 3.94% 4.10%
Net interest margin, FTE(1) 4.34% 4.47%

_____________

(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 $556 thousand and $781 thousand for the three months ended March 31, 2025 and 2024, respectively.
CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
March 31,
2025
December 31,
2024
September 30,
2024
June 30,
2024
March 31,
2024
(Amounts in thousands, except per share data)
Assets
Cash and cash equivalents $414,682 $377,454 $315,338 $329,877 $248,905
Debt securities available for sale, at fair value 129,659 169,849 166,669 129,686 166,247
Loans held for investment, net of unearned income 2,382,699 2,416,089 2,444,113 2,473,268 2,519,833
Allowance for credit losses (33,784) (34,825) (35,118) (34,885) (35,461)
Loans held for investment, net 2,348,915 2,381,264 2,408,995 2,438,383 2,484,372
Premises and equipment, net 48,780 48,735 49,654 50,528 51,333
Other real estate owned 298 521 346 100 374
Interest receivable 9,306 9,207 9,883 9,984 10,719
Goodwill 143,946 143,946 143,946 143,946 143,946
Other intangible assets 12,490 13,014 13,550 14,085 14,615
Other assets 117,697 117,226 115,980 116,230 115,470
Total assets $3,225,773 $3,261,216 $3,224,361 $3,232,819 $3,235,981
Liabilities
Deposits
Noninterest-bearing $893,794 $883,499 $869,723 $889,462 $902,396
Interest-bearing 1,790,683 1,807,748 1,789,530 1,787,810 1,779,819
Total deposits 2,684,477 2,691,247 2,659,253 2,677,272 2,682,215
Securities sold under agreements to repurchase 908 906 954 894 1,006
Interest, taxes, and other liabilities 43,971 42,671 43,460 45,769 45,816
Total liabilities 2,729,356 2,734,824 2,703,667 2,723,935 2,729,037
Stockholders' equity
Common stock 18,327 18,322 18,291 18,270 18,413
Additional paid-in capital 169,867 169,752 168,691 168,272 173,041
Retained earnings 317,728 349,489 342,121 334,756 327,389
Accumulated other comprehensive loss (9,505) (11,171) (8,409) (12,414) (11,899)
Total stockholders' equity 496,417 526,392 520,694 508,884 506,944
Total liabilities and stockholders' equity $3,225,773 $3,261,216 $3,224,361 $3,232,819 $3,235,981
Shares outstanding at period-end 18,326,657 18,321,795 18,290,938 18,270,273 18,413,088
Book value per common share $27.09 $28.73 $28.47 $27.85 $27.53
Tangible book value per common share(1) 18.55 20.16 19.86 19.20 18.92

_____________

(1 )A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding.
SELECTED CREDIT QUALITY INFORMATION (Unaudited)
March 31,
2025
December 31,
2024
September 30,
2024
June 30,
2024
March 31,
2024
(Amounts in thousands)
Allowance for Credit Losses
Balance at beginning of period:
Allowance for credit losses - loans $34,825 $35,118 $34,885 $35,461 $36,189
Allowance for credit losses - loan commitments 341 441 441 746 746
Total allowance for credit losses beginning of period 35,166 35,559 35,326 36,207 36,935
Provision for credit losses:
Provision for credit losses - loans 350 1,182 1,360 449 1,011
(Recovery of) provision for credit losses - loan commitments (29) (100) - (305) -
Total provision for credit losses - loans and loan commitments 321 1,082 1,360 144 1,011
Charge-offs (1,998) (2,005) (1,799) (1,599) (2,448)
Recoveries 607 530 672 574 709
Net (charge-offs) recoveries (1,391) (1,475) (1,127) (1,025) (1,739)
Balance at end of period:
Allowance for credit losses - loans 33,784 34,825 35,118 34,885 35,461
Allowance for credit losses - loan commitments 312 341 441 441 746
Ending balance $34,096 $35,166 $35,559 $35,326 $36,207
Nonperforming Assets
Nonaccrual loans $19,974 $19,869 $19,754 $19,815 $19,617
Accruing loans past due 90 days or more 117 149 176 19 30
Modified loans past due 90 days or more 125 135 - - -
Total nonperforming loans 20,216 20,153 19,930 19,834 19,647
OREO 298 521 346 100 374
Total nonperforming assets $20,514 $20,674 $20,276 $19,934 $20,021
Additional Information
Total modified loans $2,124 $2,260 $2,320 $2,290 $2,177
Asset Quality Ratios
Nonperforming loans to total loans 0.85% 0.83% 0.82% 0.80% 0.78%
Nonperforming assets to total assets 0.64% 0.63% 0.63% 0.62% 0.62%
Allowance for credit losses to nonperforming loans 167.12% 172.80% 176.21% 175.88% 180.49%
Allowance for credit losses to total loans 1.42% 1.44% 1.44% 1.41% 1.41%
Annualized net charge-offs (recoveries) to average loans 0.24% 0.24% 0.18% 0.16% 0.27%
FOR MORE INFORMATION, CONTACT:
David D. Brown
(276) 326-9000

© 2025 GlobeNewswire (Europe)
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.