First Community Bankshares, Inc. (VA) - FCBC STOCK NEWS

First Community Bankshares, Inc. (NASDAQ: FCBC) reported its Q2 2024 results, with net income of $12.69 million, or $0.71 per diluted common share. For the first six months of 2024, net income was $25.53 million or $1.42 per diluted common share. The company declared a quarterly cash dividend of $0.31 per common share, payable on August 23, 2024.

Key highlights include:

• 29.26% increase in net income compared to Q2 2023
• Decrease in provision for credit losses by 96.49%
• Net interest margin of 4.51%, up 3 basis points from Q2 2023
• Annualized ROA of 1.58% and ROE of 10.02% for Q2 2024
• Total assets of $3.23 billion as of June 30, 2024
• Repurchase of 155,044 common shares during Q2 2024

First Community Bankshares, Inc. announced its first-quarter 2024 results, reporting a net income of $12.85 million and a quarterly cash dividend of $0.29 per common share. The dividend is payable to common shareholders of record on May 10, 2024.

First Community Bankshares, Inc. (FCBC) reported a net income of $11.78 million, or $0.66 per diluted common share, for the quarter ended December 31, 2023. The net income for the twelve months ended December 31, 2023, was $48.02 million or $2.72 per diluted common share. The company also declared a quarterly cash dividend to common shareholders of $0.29 per common share, payable to common shareholders of record on February 9, 2024.

First Community Bankshares, Inc. reports net income of $14.64 million for Q3 2023 and declares a quarterly cash dividend of $0.29 per common share. Net interest income increased $4.01 million compared to Q3 2022, primarily due to improved net interest margin. The loan portfolio increased by $193.28 million, while deposits increased by $67.32 million. The Company repurchased 299,012 common shares during Q3 2023 for a total cost of $9.37 million.

First Community Bankshares reports Q2 2023 results with net income of $9.81 million. Adjusted net income was $12.95 million. Declares quarterly cash dividend of $0.29 per common share. Net interest income increased $5.32 million. Loan portfolio increased by $220.88 million. Non-performing loans increased slightly to 0.71%.

First Community Bankshares reported a net income of $11.78 million, or $0.72 per diluted share, for Q1 2023, representing a 24% increase compared to Q1 2022. The bank declared a quarterly cash dividend of $0.29, marking a 7.41% increase from the previous year. This is the 38th consecutive year of regular dividends. The acquisition of Surrey Bancorp was completed, adding approximately $468 million in assets and $405 million in deposits. Net interest income rose by $4.26 million, while noninterest expense and noninterest income also saw changes. The annualized return on average assets was 1.55% and the net interest margin increased to 4.35%.

First Community Bankshares, Inc. (NASDAQ: FCBC) has successfully completed its acquisition of Surrey Bancorp and its subsidiary Surrey Bank and Trust, effective April 21, 2023. This merger enhances First Community's presence in northwestern North Carolina and southwestern Virginia, integrating Surrey's seven branches into its network. Under the merger terms, Surrey shareholders received 0.7159 shares of First Community common stock for each share held. As of March 2023, Surrey Bank and Trust had approximately $482 million in total assets, $253 million in total loans, and $414 million in total deposits. CEO William P. Stafford II highlighted the deal's strategic importance for serving small business clients, while Surrey's CEO Ted Ashby expressed confidence in the new partnership's dedication to community banking.

First Community Bankshares reported net income of $12.58 million for Q4 2022, an increase of $2.03 million from the previous year, resulting in $0.77 per diluted share. The annual net income was $46.66 million, or $2.82 per share. A quarterly cash dividend of $0.29 was declared, marking a 7.41% increase from Q4 2021. The bank announced plans to acquire Surrey Bancorp, adding approximately $500 million in assets. Loan portfolio growth was 10.83% in 2022, and non-performing loans stood at 0.70% of total loans.

First Community Bankshares (NASDAQ: FCBC) announced an agreement to acquire Surrey Bancorp (OTCPK: SRYB) for about $113.2 million. The merger will enhance First Community's assets to over $3.6 billion. Surrey Bank & Trust, with roughly $500 million in assets, will merge into First Community Bank. Both banks reported strong performance metrics. The transaction, pending regulatory approvals, is expected to provide synergies, increased lending capabilities, and a positive impact on earnings per share. The deal is likely to close in Q2 2023.