First Community Bankshares, Inc. Announces Fourth Quarter and Full Year 2024 Results, Quarterly Cash Dividend, and Special Dividend
First Community Bankshares (NASDAQ: FCBC) reported Q4 2024 net income of $13.04 million ($0.71 per diluted share), a 10.65% increase from Q4 2023. Full-year 2024 net income reached $51.60 million ($2.80 per diluted share), up 7.46% year-over-year.
The company declared a quarterly dividend of $0.31 per share and a special dividend of $2.07 per share, both payable on February 28, 2025. This marks the 40th consecutive year of regular dividends. Over the past four years, FCBC earned $197.45 million, paying $79.68 million in regular dividends and repurchasing $81.95 million in shares.
Q4 highlights include a 6-basis-point decrease in net interest margin to 4.36%, a $156.21 million decrease in loans, and an increase in non-performing loans ratio to 0.83%. Book value per share increased by $1.53 to $28.73 from year-end 2023.
First Community Bankshares (NASDAQ: FCBC) ha riportato un reddito netto per il quarto trimestre 2024 di 13,04 milioni di dollari (0,71 dollari per azione diluita), con un aumento del 10,65% rispetto al quarto trimestre 2023. Il reddito netto totale per l'intero anno 2024 ha raggiunto i 51,60 milioni di dollari (2,80 dollari per azione diluita), in aumento del 7,46% anno su anno.
L'azienda ha dichiarato un dividendo trimestrale di 0,31 dollari per azione e un dividendo speciale di 2,07 dollari per azione, entrambi pagabili il 28 febbraio 2025. Questo segna il 40° anno consecutivo di dividendi regolari. Negli ultimi quattro anni, FCBC ha guadagnato 197,45 milioni di dollari, pagando 79,68 milioni di dollari in dividendi regolari e riacquistando azioni per un valore di 81,95 milioni di dollari.
I punti salienti del quarto trimestre includono una diminuzione di 6 punti base del margine di interesse netto, sceso al 4,36%, una diminuzione di 156,21 milioni di dollari nei prestiti e un aumento del rapporto di prestiti non performanti allo 0,83%. Il valore contabile per azione è aumentato di 1,53 dollari, raggiungendo 28,73 dollari rispetto alla fine del 2023.
First Community Bankshares (NASDAQ: FCBC) reportó un ingreso neto de 13,04 millones de dólares (0,71 dólares por acción diluida) en el cuarto trimestre de 2024, lo que representa un aumento del 10,65% en comparación con el cuarto trimestre de 2023. El ingreso neto total para todo el año 2024 alcanzó los 51,60 millones de dólares (2,80 dólares por acción diluida), un incremento del 7,46% interanual.
La empresa declaró un dividendo trimestral de 0,31 dólares por acción y un dividendo especial de 2,07 dólares por acción, ambos pagaderos el 28 de febrero de 2025. Esto marca el 40º año consecutivo de dividendos regulares. En los últimos cuatro años, FCBC obtuvo 197,45 millones de dólares, pagando 79,68 millones de dólares en dividendos regulares y recomprando acciones por un total de 81,95 millones de dólares.
Entre los aspectos destacados del cuarto trimestre se incluye una disminución de 6 puntos básicos en el margen de interés neto, que ahora es del 4,36%, una disminución de 156,21 millones de dólares en los préstamos y un aumento en la tasa de préstamos no productivos del 0,83%. El valor contable por acción aumentó en 1,53 dólares, alcanzando los 28,73 dólares al finalizar 2023.
퍼스트 커뮤니티 뱅크셰어스 (NASDAQ: FCBC)는 2024년 4분기 순이익이 1304만 달러(희석주당 0.71달러)로, 2023년 4분기 대비 10.65% 증가했다고 보고했습니다. 2024년 전체 순이익은 5160만 달러(희석주당 2.80달러)에 달해, 전년 대비 7.46% 증가했습니다.
회사는 주당 0.31달러의 분기 배당금과 주당 2.07달러의 특별 배당금을 선언했으며, 두 배당금 모두 2025년 2월 28일 지급될 예정입니다. 이는 40년 연속 정기 배당금을 지급한 기록입니다. 지난 4년 동안 FCBC는 197.45백만 달러의 수익을 올렸고, 79.68백만 달러의 정기 배당금을 지급했으며, 81.95백만 달러의 자사주 매입을 진행했습니다.
4분기 하이라이트로는 순이자마진이 4.36%로 6베이시스 포인트 감소했으며, 대출은 156.21백만 달러 감소했고, 부실 대출 비율은 0.83%로 증가했습니다. 주당 장부가는 2023년 말 대비 1.53달러 증가하여 28.73달러에 이렀습니다.
First Community Bankshares (NASDAQ: FCBC) a annoncé un bénéfice net de 13,04 millions de dollars (0,71 dollar par action diluée) pour le quatrième trimestre de 2024, soit une augmentation de 10,65 % par rapport au quatrième trimestre de 2023. Le bénéfice net total pour l'année 2024 a atteint 51,60 millions de dollars (2,80 dollars par action diluée), en hausse de 7,46 % par rapport à l'année précédente.
La société a déclaré un dividende trimestriel de 0,31 dollar par action et un dividende spécial de 2,07 dollars par action, tous deux payables le 28 février 2025. Cela marque la 40e année consécutive de dividendes réguliers. Au cours des quatre dernières années, FCBC a gagné 197,45 millions de dollars, distribuant 79,68 millions de dollars en dividendes réguliers et rachetant pour 81,95 millions de dollars d'actions.
Les faits saillants du quatrième trimestre incluent une diminution de 6 points de base de la marge d'intérêt nette à 4,36 %, une baisse de 156,21 millions de dollars des prêts, et une augmentation du ratio des prêts non performants à 0,83 %. La valeur comptable par action a augmenté de 1,53 dollar pour atteindre 28,73 dollars par rapport à la fin de l'année 2023.
First Community Bankshares (NASDAQ: FCBC) meldete für das vierte Quartal 2024 einen Nettogewinn von 13,04 Millionen Dollar (0,71 Dollar pro verwässerter Aktie), was einem Anstieg von 10,65% im Vergleich zum vierten Quartal 2023 entspricht. Der Nettogewinn für das gesamte Jahr 2024 betrug 51,60 Millionen Dollar (2,80 Dollar pro verwässerter Aktie), was einem Anstieg von 7,46% im Jahresvergleich entspricht.
Das Unternehmen erklärte eine vierteljährliche Dividende von 0,31 Dollar pro Aktie und eine Sonderdividende von 2,07 Dollar pro Aktie, die beide am 28. Februar 2025 zahlbar sind. Dies markiert das 40. aufeinanderfolgende Jahr regulärer Dividenden. In den letzten vier Jahren erzielte FCBC einen Gewinn von 197,45 Millionen Dollar, zahlte 79,68 Millionen Dollar an regulären Dividenden und kaufte Aktien im Wert von 81,95 Millionen Dollar zurück.
Die Höhepunkte des vierten Quartals umfassen einen Rückgang der Nettzinsmarge um 6 Basispunkte auf 4,36%, einen Rückgang der Kredite um 156,21 Millionen Dollar und einen Anstieg der Quote der notleidenden Kredite auf 0,83%. Der Buchwert pro Aktie stieg um 1,53 Dollar auf 28,73 Dollar im Vergleich zum Jahresende 2023.
- Net income increased 10.65% YoY to $13.04M in Q4 2024
- Full-year net income grew 7.46% to $51.60M
- Declared special dividend of $2.07 per share
- Strong capital position with $197.45M earnings over past four years
- Book value per share increased $1.53 from 2023
- Net interest income decreased $730K compared to Q4 2023
- Loans decreased $156.21M (6.07%) from December 2023
- Net charge-offs increased to 0.24% from 0.14% YoY
- Non-performing loans ratio increased to 0.83%
- Net interest margin declined 6 basis points to 4.36%
Insights
First Community Bankshares' Q4 results and dividend announcements demonstrate exceptional capital management and financial strength. The special dividend of
The bank's asset quality metrics remain solid, with the allowance for credit losses at
While net interest income decreased slightly due to higher deposit costs, the bank maintained a healthy net interest margin of
The 40-year streak of consecutive dividends, combined with the substantial special dividend, positions FCBC as a compelling option for income-focused investors. The bank's strong capital position post-special dividend distribution indicates continued capacity for growth and shareholder returns.
BLUEFIELD, Va., Jan. 28, 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 December 31, 2024. The Company reported net income of
The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents,
Additionally, the Board of Directors declared a special cash dividend to common shareholders of
The Company’s 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
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
Fourth Quarter 2024 Highlights
Income Statement
- Net income of
$13.04 million for the fourth quarter of 2024, was a increase of$1.26 million , or10.65% , from the same quarter of 2023. Net income of$51.60 million for the year, was an increase of$3.58 million , or7.46% , from 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 2023. 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 . 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. 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. 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. Interest expense on interest-bearing liabilities increased$1.16 million and is primarily attributable to yield. The yield on interest-bearing liabilities increased 26 basis points when compared with the same period of 2023 and is primarily attributable to increased rates on interest-bearing deposit liabilities. - Noninterest income decreased approximately
$125 thousand , or1.19% , when compared to the same quarter of 2023. Noninterest expense decreased$2.67 million , or9.98% when compared to the same period of 2023. 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% for both the fourth quarter and for the twelve months of 2024 compared to1.43% and1.48% for the same periods, respectively, of 2023. Annualized return on average common equity ("ROE") was9.89% for the fourth quarter of 2024 and10.03% for the year compared to9.39% and10.02% for the same periods, respectively, of 2023. Annualized return on average tangible common equity ("ROTCE") was14.12% for the fourth quarter of 2024 and14.48% for the year compared to13.82% and14.65% for the same periods, respectively, of 2023.
Balance Sheet and Asset Quality
- Consolidated assets totaled
$3.26 billion at December 31, 2024. - Loans decreased
$156.21 million , or6.07% , from December 31, 2023. Securities available for sale decreased$111.12 million , or39.55% , from December 31, 2023. Deposits decreased$31.08 million , or1.14% . The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of$261.03 million , or224.22% . - The Company did not repurchase any common shares during the fourth quarter of 2024. The Company repurchased 257,294 common shares during 2024 at a total cost of
$8.72 million . - Non-performing loans to total loans increased to
0.83% when compared with the same quarter of 2023. The Company experienced net charge-offs for the fourth quarter of 2024 of$1.48 million , or0.24% of annualized average loans, compared to net charge-offs of$883 thousand , or0.14% , of annualized average loans for the same period in 2023. - The allowance for credit losses to total loans was
1.44% at December 31, 2024, compared to1.41% at December 31, 2023. - Book value per share at December 31, 2024, was
$ 28.73 , an increase of$1.53 from year-end 2023.
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
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 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
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 | Year Ended | |||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | |||||||||||||||||||||||
| (Amounts in thousands, except share and per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 31,637 | $ | 32,120 | $ | 32,696 | $ | 33,418 | $ | 33,676 | $ | 129,871 | $ | 126,727 | ||||||||||||||
| Interest on securities | 1,447 | 1,070 | 1,211 | 1,698 | 1,888 | 5,426 | 7,956 | |||||||||||||||||||||
| Interest on deposits in banks | 3,348 | 3,702 | 2,882 | 913 | 438 | 10,845 | 2,482 | |||||||||||||||||||||
| Total interest income | 36,432 | 36,892 | 36,789 | 36,029 | 36,002 | 146,142 | 137,165 | |||||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||||
| Interest on deposits | 5,099 | 5,298 | 4,877 | 4,365 | 3,935 | 19,639 | 9,341 | |||||||||||||||||||||
| Interest on borrowings | - | - | - | 35 | 4 | 35 | 140 | |||||||||||||||||||||
| Total interest expense | 5,099 | 5,298 | 4,877 | 4,400 | 3,939 | 19,674 | 9,481 | |||||||||||||||||||||
| Net interest income | 31,333 | 31,594 | 31,912 | 31,629 | 32,063 | 126,468 | 127,684 | |||||||||||||||||||||
| Provision for credit losses | 1,082 | 1,360 | 144 | 1,011 | 1,029 | 3,597 | 7,985 | |||||||||||||||||||||
| Net interest income after provision | 30,251 | 30,234 | 31,768 | 30,618 | 31,034 | 122,871 | 119,699 | |||||||||||||||||||||
| Noninterest income | 10,337 | 10,452 | 9,342 | 9,259 | 10,462 | 39,390 | 37,452 | |||||||||||||||||||||
| Noninterest expense | 24,107 | 24,177 | 24,897 | 23,386 | 26,780 | 96,567 | 95,177 | |||||||||||||||||||||
| Income before income taxes | 16,481 | 16,509 | 16,213 | 16,491 | 14,716 | 65,694 | 61,974 | |||||||||||||||||||||
| Income tax expense | 3,441 | 3,476 | 3,527 | 3,646 | 2,932 | 14,090 | 13,954 | |||||||||||||||||||||
| Net income | $ | 13,040 | $ | 13,033 | $ | 12,686 | $ | 12,845 | $ | 11,784 | $ | 51,604 | $ | 48,020 | ||||||||||||||
| Earnings per common share | ||||||||||||||||||||||||||||
| Basic | $ | 0.71 | $ | 0.71 | $ | 0.69 | $ | 0.70 | $ | 0.64 | $ | 2.81 | $ | 2.67 | ||||||||||||||
| Diluted | $ | 0.71 | $ | 0.71 | $ | 0.71 | $ | 0.71 | $ | 0.66 | $ | 2.80 | $ | 2.72 | ||||||||||||||
| Cash dividends per common share | ||||||||||||||||||||||||||||
| Regular | 0.31 | 0.31 | 0.29 | 0.29 | 0.29 | 1.20 | 1.16 | |||||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||||||
| Basic | 18,299,612 | 18,279,612 | 18,343,958 | 18,476,128 | 18,530,114 | 18,349,498 | 17,996,373 | |||||||||||||||||||||
| Diluted | 18,418,441 | 18,371,907 | 18,409,876 | 18,545,910 | 18,575,226 | 18,430,206 | 18,027,151 | |||||||||||||||||||||
| Performance ratios | ||||||||||||||||||||||||||||
| Return on average assets | 1.60 | % | 1.60 | % | 1.58 | % | 1.60 | % | 1.43 | % | 1.60 | % | 1.48 | % | ||||||||||||||
| Return on average common equity | 9.89 | % | 10.04 | % | 10.02 | % | 10.18 | % | 9.39 | % | 10.03 | % | 10.02 | % | ||||||||||||||
| Return on average tangible common equity(1) | 14.12 | % | 14.46 | % | 14.54 | % | 14.82 | % | 13.82 | % | 14.48 | % | 14.65 | % | ||||||||||||||
_____________
| (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 | Year Ended | |||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | |||||||||||||||||||||||
| (Amounts in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| Noninterest income | ||||||||||||||||||||||||||||
| Wealth management | $ | 1,251 | $ | 1,071 | $ | 1,064 | $ | 1,099 | $ | 1,052 | $ | 4,485 | $ | 4,179 | ||||||||||||||
| Service charges on deposits | 3,613 | 3,661 | 3,428 | 3,310 | 3,637 | 14,012 | 13,996 | |||||||||||||||||||||
| Other service charges and fees | 3,575 | 3,697 | 3,670 | 3,450 | 3,541 | 14,392 | 13,647 | |||||||||||||||||||||
| (Loss) gain on sale of securities | - | - | - | - | - | - | (21 | ) | ||||||||||||||||||||
| Other operating income | 1,898 | 2,023 | 1,180 | 1,400 | 2,232 | 6,501 | 5,651 | |||||||||||||||||||||
| Total noninterest income | $ | 10,337 | $ | 10,452 | $ | 9,342 | $ | 9,259 | $ | 10,462 | $ | 39,390 | $ | 37,452 | ||||||||||||||
| Noninterest expense | ||||||||||||||||||||||||||||
| Salaries and employee benefits | $ | 13,501 | $ | 13,129 | $ | 12,491 | $ | 12,581 | $ | 12,933 | $ | 51,702 | $ | 49,887 | ||||||||||||||
| Occupancy expense | 1,329 | 1,270 | 1,309 | 1,378 | 1,252 | 5,286 | 4,967 | |||||||||||||||||||||
| Furniture and equipment expense | 1,562 | 1,574 | 1,687 | 1,545 | 1,489 | 6,368 | 5,878 | |||||||||||||||||||||
| Service fees | 2,305 | 2,461 | 2,427 | 2,449 | 2,255 | 9,642 | 8,908 | |||||||||||||||||||||
| Advertising and public relations | 1,165 | 967 | 933 | 796 | 843 | 3,861 | 3,300 | |||||||||||||||||||||
| Professional fees | 295 | 221 | 330 | 372 | 787 | 1,218 | 1,567 | |||||||||||||||||||||
| Amortization of intangibles | 535 | 536 | 530 | 530 | 536 | 2,131 | 1,731 | |||||||||||||||||||||
| FDIC premiums and assessments | 365 | 365 | 364 | 369 | 376 | 1,463 | 1,511 | |||||||||||||||||||||
| Merger expense | - | - | - | - | - | - | 2,393 | |||||||||||||||||||||
| Litigation expense | - | - | 1,800 | - | 3,000 | 1,800 | 3,000 | |||||||||||||||||||||
| Other operating expense | 3,050 | 3,654 | 3,026 | 3,366 | 3,309 | 13,096 | 12,035 | |||||||||||||||||||||
| Total noninterest expense | $ | 24,107 | $ | 24,177 | $ | 24,897 | $ | 23,386 | $ | 26,780 | $ | 96,567 | $ | 95,177 | ||||||||||||||
| RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited) | ||||||||||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | |||||||||||||||||||||||
| (Amounts in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| Adjusted Net Income for diluted earnings per share | $ | 13,040 | $ | 13,033 | $ | 12,686 | $ | 12,845 | $ | 12,314 | $ | 51,604 | $ | 49,120 | ||||||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||||||||||
| Loss (gain) on sale of securities | - | - | - | - | - | - | 21 | |||||||||||||||||||||
| Merger expense | - | - | - | - | - | - | 2,393 | |||||||||||||||||||||
| Day 2 provision for allowance for credit losses - Surrey | - | - | - | - | - | - | 1,614 | |||||||||||||||||||||
| Litigation expense | - | - | 1,800 | - | 3,000 | 1,800 | 3,000 | |||||||||||||||||||||
| Other items(1) | - | (825 | ) | - | - | - | (825 | ) | (204 | ) | ||||||||||||||||||
| Total adjustments | - | (825 | ) | 1,800 | - | 3,000 | 975 | 6,824 | ||||||||||||||||||||
| Tax effect | - | (198 | ) | 432 | - | 720 | 234 | 1,203 | ||||||||||||||||||||
| Adjusted earnings, non-GAAP | $ | 13,040 | $ | 12,406 | $ | 14,054 | $ | 12,845 | $ | 14,594 | $ | 52,345 | $ | 54,741 | ||||||||||||||
| Adjusted diluted earnings per common share, non-GAAP | $ | 0.71 | $ | 0.68 | $ | 0.76 | $ | 0.69 | $ | 0.79 | $ | 2.84 | $ | 3.04 | ||||||||||||||
| Performance ratios, non-GAAP | ||||||||||||||||||||||||||||
| Adjusted return on average assets | 1.60 | % | 1.53 | % | 1.75 | % | 1.60 | % | 1.77 | % | 1.62 | % | 1.68 | % | ||||||||||||||
| Adjusted return on average common equity | 9.89 | % | 9.56 | % | 11.10 | % | 10.18 | % | 11.63 | % | 10.18 | % | 11.43 | % | ||||||||||||||
| Adjusted return on average tangible common equity (2) | 14.12 | % | 13.77 | % | 16.11 | % | 14.82 | % | 17.11 | % | 14.69 | % | 16.70 | % | ||||||||||||||
_____________
| (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 December 31, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| 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) | $ | 2,421,668 | $ | 31,717 | 5.21 | % | $ | 2,581,528 | $ | 33,758 | 5.19 | % | ||||||||||||
| Securities available for sale | 167,357 | 1,474 | 3.50 | % | 274,513 | 1,924 | 2.78 | % | ||||||||||||||||
| Interest-bearing deposits | 277,678 | 3,351 | 4.80 | % | 31,293 | 438 | 5.55 | % | ||||||||||||||||
| Total earning assets | 2,866,703 | 36,542 | 5.07 | % | 2,887,334 | 36,120 | 4.96 | % | ||||||||||||||||
| Other assets | 379,566 | 379,960 | ||||||||||||||||||||||
| Total assets | $ | 3,246,269 | $ | 3,267,294 | ||||||||||||||||||||
| Liabilities and stockholders' equity | ||||||||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||||||||
| Demand deposits | $ | 663,033 | $ | 226 | 0.14 | % | $ | 697,555 | $ | 180 | 0.10 | % | ||||||||||||
| Savings deposits | 886,886 | 3,476 | 1.56 | % | 838,455 | 3,050 | 1.44 | % | ||||||||||||||||
| Time deposits | 242,899 | 1,396 | 2.29 | % | 254,668 | 705 | 1.10 | % | ||||||||||||||||
| Total interest-bearing deposits | 1,792,818 | 5,098 | 1.13 | % | 1,790,678 | 3,935 | 0.87 | % | ||||||||||||||||
| Borrowings | ||||||||||||||||||||||||
| Federal funds purchased | - | - | - | 293 | 4 | 5.35 | % | |||||||||||||||||
| Retail repurchase agreements | 995 | 1 | 0.05 | % | 1,090 | - | 0.05 | % | ||||||||||||||||
| Total borrowings | 995 | 1 | 0.05 | % | 1,383 | 4 | 0.87 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,793,813 | 5,099 | 1.13 | % | 1,792,061 | 3,939 | 0.87 | % | ||||||||||||||||
| Noninterest-bearing demand deposits | 881,767 | 931,681 | ||||||||||||||||||||||
| Other liabilities | 46,142 | 45,819 | ||||||||||||||||||||||
| Total liabilities | 2,721,722 | 2,769,561 | ||||||||||||||||||||||
| Stockholders' equity | 524,547 | 497,733 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,246,269 | $ | 3,267,294 | ||||||||||||||||||||
| Net interest income, FTE(1) | $ | 31,443 | $ | 32,181 | ||||||||||||||||||||
| Net interest rate spread | 3.94 | % | 4.09 | % | ||||||||||||||||||||
| Net interest margin, FTE(1) | 4.36 | % | 4.42 | % | ||||||||||||||||||||
_____________
| (1) | Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of | |
| (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 | |
| AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited) | ||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| 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) | $ | 2,481,215 | $ | 130,196 | 5.25 | % | $ | 2,538,361 | $ | 127,019 | 5.00 | % | ||||||||||||
| Securities available for sale | 171,081 | 5,547 | 3.24 | % | 298,389 | 8,115 | 2.72 | % | ||||||||||||||||
| Interest-bearing deposits | 206,629 | 10,850 | 5.25 | % | 46,601 | 2,485 | 5.33 | % | ||||||||||||||||
| Total earning assets | 2,858,925 | 146,593 | 5.13 | % | 2,883,351 | 137,619 | 4.77 | % | ||||||||||||||||
| Other assets | 374,398 | 369,700 | ||||||||||||||||||||||
| Total assets | $ | 3,233,323 | $ | 3,253,051 | ||||||||||||||||||||
| Liabilities and stockholders' equity | ||||||||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||||||||
| Demand deposits | $ | 662,584 | $ | 796 | 0.12 | % | $ | 686,534 | $ | 405 | 0.06 | % | ||||||||||||
| Savings deposits | 878,584 | 14,206 | 1.62 | % | 847,397 | 6,781 | 0.80 | % | ||||||||||||||||
| Time deposits | 246,035 | 4,636 | 1.88 | % | 267,957 | 2,155 | 0.80 | % | ||||||||||||||||
| Total interest-bearing deposits | 1,787,203 | 19,638 | 1.10 | % | 1,801,888 | 9,341 | 0.52 | % | ||||||||||||||||
| Borrowings | ||||||||||||||||||||||||
| Federal funds purchased | 628 | 35 | 5.53 | % | 2,715 | 139 | 5.12 | % | ||||||||||||||||
| Retail repurchase agreements | 1,045 | 1 | 0.05 | % | 1,528 | 1 | 0.06 | % | ||||||||||||||||
| Total borrowings | 1,673 | 36 | 2.15 | % | 4,243 | 140 | 3.30 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,788,876 | 19,674 | 1.10 | % | 1,806,131 | 9,481 | 0.52 | % | ||||||||||||||||
| Noninterest-bearing demand deposits | 882,700 | 926,378 | ||||||||||||||||||||||
| Other liabilities | 47,362 | 41,477 | ||||||||||||||||||||||
| Total liabilities | 2,718,938 | 2,773,986 | ||||||||||||||||||||||
| Stockholders' equity | 514,385 | 479,065 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,233,323 | $ | 3,253,051 | ||||||||||||||||||||
| Net interest income, FTE(1) | $ | 126,919 | $ | 128,138 | ||||||||||||||||||||
| Net interest rate spread | 4.03 | % | 4.25 | % | ||||||||||||||||||||
| Net interest margin, FTE(1) | 4.44 | % | 4.44 | % | ||||||||||||||||||||
_____________
| (1) | Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of | |
| (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 | |
| CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited) | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| (Amounts in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 377,454 | $ | 315,338 | $ | 329,877 | $ | 248,905 | $ | 116,420 | ||||||||||
| Debt securities available for sale, at fair value | 169,849 | 166,669 | 129,686 | 166,247 | 280,961 | |||||||||||||||
| Loans held for investment, net of unearned income | 2,416,089 | 2,444,113 | 2,473,268 | 2,519,833 | 2,572,298 | |||||||||||||||
| Allowance for credit losses | (34,825 | ) | (35,118 | ) | (34,885 | ) | (35,461 | ) | (36,189 | ) | ||||||||||
| Loans held for investment, net | 2,381,264 | 2,408,995 | 2,438,383 | 2,484,372 | 2,536,109 | |||||||||||||||
| Premises and equipment, net | 48,735 | 49,654 | 50,528 | 51,333 | 50,680 | |||||||||||||||
| Other real estate owned | 521 | 346 | 100 | 374 | 192 | |||||||||||||||
| Interest receivable | 9,207 | 9,883 | 9,984 | 10,719 | 10,881 | |||||||||||||||
| Goodwill | 143,946 | 143,946 | 143,946 | 143,946 | 143,946 | |||||||||||||||
| Other intangible assets | 13,014 | 13,550 | 14,085 | 14,615 | 15,145 | |||||||||||||||
| Other assets | 117,226 | 115,980 | 116,230 | 115,470 | 114,211 | |||||||||||||||
| Total assets | $ | 3,261,216 | $ | 3,224,361 | $ | 3,232,819 | $ | 3,235,981 | $ | 3,268,545 | ||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits | ||||||||||||||||||||
| Noninterest-bearing | $ | 883,499 | $ | 869,723 | $ | 889,462 | $ | 902,396 | $ | 931,920 | ||||||||||
| Interest-bearing | 1,807,748 | 1,789,530 | 1,787,810 | 1,779,819 | 1,790,405 | |||||||||||||||
| Total deposits | 2,691,247 | 2,659,253 | 2,677,272 | 2,682,215 | 2,722,325 | |||||||||||||||
| Securities sold under agreements to repurchase | 906 | 954 | 894 | 1,006 | 1,119 | |||||||||||||||
| Interest, taxes, and other liabilities | 42,671 | 43,460 | 45,769 | 45,816 | 41,807 | |||||||||||||||
| Total liabilities | 2,734,824 | 2,703,667 | 2,723,935 | 2,729,037 | 2,765,251 | |||||||||||||||
| Stockholders' equity | ||||||||||||||||||||
| Common stock | 18,322 | 18,291 | 18,270 | 18,413 | 18,502 | |||||||||||||||
| Additional paid-in capital | 169,752 | 168,691 | 168,272 | 173,041 | 175,841 | |||||||||||||||
| Retained earnings | 349,489 | 342,121 | 334,756 | 327,389 | 319,902 | |||||||||||||||
| Accumulated other comprehensive loss | (11,171 | ) | (8,409 | ) | (12,414 | ) | (11,899 | ) | (10,951 | ) | ||||||||||
| Total stockholders' equity | 526,392 | 520,694 | 508,884 | 506,944 | 503,294 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,261,216 | $ | 3,224,361 | $ | 3,232,819 | $ | 3,235,981 | $ | 3,268,545 | ||||||||||
| Shares outstanding at period-end | 18,321,795 | 18,290,938 | 18,270,273 | 18,413,088 | 18,502,396 | |||||||||||||||
| Book value per common share | $ | 28.73 | $ | 28.47 | $ | 27.85 | $ | 27.53 | $ | 27.20 | ||||||||||
| Tangible book value per common share(1) | 20.16 | 19.86 | 19.20 | 18.92 | 18.60 | |||||||||||||||
_____________
| (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) | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| (Amounts in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| Allowance for Credit Losses | ||||||||||||||||||||
| Balance at beginning of period: | ||||||||||||||||||||
| Allowance for credit losses - loans | $ | 35,118 | $ | 34,885 | $ | 35,461 | $ | 36,189 | $ | 36,031 | ||||||||||
| Allowance for credit losses - loan commitments | 441 | 441 | 746 | 746 | 758 | |||||||||||||||
| Total allowance for credit losses beginning of period | 35,559 | 35,326 | 36,207 | 36,935 | 36,789 | |||||||||||||||
| Provision for credit losses: | ||||||||||||||||||||
| Provision for credit losses - loans | 1,182 | 1,360 | 449 | 1,011 | 1,041 | |||||||||||||||
| (Recovery of) provision for credit losses - loan commitments | (100 | ) | - | (305 | ) | - | (12 | ) | ||||||||||||
| Total provision for credit losses - loans and loan commitments | 1,082 | 1,360 | 144 | 1,011 | 1,029 | |||||||||||||||
| Charge-offs | (2,005 | ) | (1,799 | ) | (1,599 | ) | (2,448 | ) | (2,105 | ) | ||||||||||
| Recoveries | 530 | 672 | 574 | 709 | 1,222 | |||||||||||||||
| Net (charge-offs) recoveries | (1,475 | ) | (1,127 | ) | (1,025 | ) | (1,739 | ) | (883 | ) | ||||||||||
| Balance at end 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 | |||||||||||||||
| Ending balance | $ | 35,166 | $ | 35,559 | $ | 35,326 | $ | 36,207 | $ | 36,935 | ||||||||||
| Nonperforming Assets | ||||||||||||||||||||
| Nonaccrual loans | $ | 19,869 | $ | 19,754 | $ | 19,815 | $ | 19,617 | $ | 19,356 | ||||||||||
| Accruing loans past due 90 days or more | 149 | 176 | 19 | 30 | 104 | |||||||||||||||
| Modified loans past due 90 days or more | 135 | - | - | - | - | |||||||||||||||
| Total nonperforming loans | 20,153 | 19,930 | 19,834 | 19,647 | 19,460 | |||||||||||||||
| OREO | 521 | 346 | 100 | 374 | 192 | |||||||||||||||
| Total nonperforming assets | $ | 20,674 | $ | 20,276 | $ | 19,934 | $ | 20,021 | $ | 19,652 | ||||||||||
| Additional Information | ||||||||||||||||||||
| Total modified loans | $ | 2,260 | $ | 2,320 | $ | 2,290 | $ | 2,177 | $ | 1,873 | ||||||||||
| Asset Quality Ratios | ||||||||||||||||||||
| Nonperforming loans to total loans | 0.83 | % | 0.82 | % | 0.80 | % | 0.78 | % | 0.76 | % | ||||||||||
| Nonperforming assets to total assets | 0.63 | % | 0.63 | % | 0.62 | % | 0.62 | % | 0.60 | % | ||||||||||
| Allowance for credit losses to nonperforming loans | 172.80 | % | 176.21 | % | 175.88 | % | 180.49 | % | 185.97 | % | ||||||||||
| Allowance for credit losses to total loans | 1.44 | % | 1.44 | % | 1.41 | % | 1.41 | % | 1.41 | % | ||||||||||
| Annualized net charge-offs (recoveries) to average loans | 0.24 | % | 0.18 | % | 0.16 | % | 0.27 | % | 0.14 | % | ||||||||||
FOR MORE INFORMATION, CONTACT:
David D. Brown
(276) 326-9000
FAQ
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