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Overview of First Community Bankshares Inc (FCBC)
First Community Bankshares Inc, trading under the symbol FCBC, is a financial holding company headquartered in Virginia. The company operates primarily through its wholly-owned subsidiary, First Community Bank, offering a comprehensive suite of commercial banking products and services designed to meet the needs of individuals, businesses, and institutions. With a focus on personalized customer service and community engagement, FCBC has established itself as a significant player within the regional banking sector.
Core Banking Operations
At the heart of FCBC's business model is its robust portfolio of traditional banking services. These include demand deposit accounts, savings and money market accounts, and certificates of deposit, providing flexible options for customers to manage their finances. The company also offers a diverse range of lending solutions, such as commercial loans, consumer loans, real estate mortgage loans, and lines of credit. These products cater to a wide spectrum of financial needs, from personal borrowing to business expansion and real estate investments.
Revenue Streams and Financial Services
FCBC generates the majority of its revenue through interest income, supplemented by fees and commissions from its banking operations. This revenue model is typical for financial institutions but is further diversified through the company's ancillary services. FCBC provides additional financial solutions such as credit card, debit card, and automated teller machine (ATM) card services, which enhance convenience for its customers while contributing to non-interest income streams.
Diversified Offerings Beyond Core Banking
In addition to its core banking operations, FCBC offers a range of value-added services that differentiate it from competitors. These include corporate and personal trust services, investment management services, and a portfolio of insurance products, including life, health, and property and casualty insurance. These offerings not only expand the company's revenue base but also position it as a one-stop financial services provider for its customers.
Market Position and Competitive Context
Operating within the financial services industry, FCBC primarily serves regional markets, leveraging its community-focused approach to build long-term customer relationships. Its competitive landscape includes regional banks, credit unions, and larger national banks. FCBC differentiates itself through its emphasis on personalized service, local market expertise, and a comprehensive product suite that addresses both individual and business needs. However, like many financial institutions, it faces challenges such as regulatory compliance, credit risk management, and adapting to evolving customer expectations in a digital-first world.
Commitment to Community Banking
FCBC's identity as a community-focused bank is central to its operations. By prioritizing customer relationships and local economic development, the company aligns its business objectives with the needs of the communities it serves. This approach not only fosters customer loyalty but also reinforces its reputation as a trusted financial partner.
Conclusion
First Community Bankshares Inc (FCBC) exemplifies the principles of community banking while maintaining a diversified business model that includes traditional banking services, investment management, and insurance products. Its strategic focus on personalized service and regional markets positions it as a reliable and versatile financial institution within the competitive financial services industry.
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.
First Community Bankshares reported net income of $13.35 million for Q3 2022, translating to $0.81 per diluted share, marking a 7.41% increase in quarterly dividends to $0.29 per share. The company experienced a 12.17% growth in loans and a 4.01% net interest margin, up from 3.56% in Q3 2021. However, the provision for credit losses rose by $2.08 million, indicating potential challenges in asset quality. The return on average assets stood at 1.63%, with consistent share repurchases totaling $19.42 million in 2022.
First Community Bankshares reported a net income of $11.21 million or $0.67 per diluted share for Q2 2022, a decline from the previous year. The six-month net income totaled $20.73 million or $1.24 per diluted share. The bank declared a quarterly dividend of $0.29, a 7.41% increase from Q2 2021, marking 37 consecutive years of dividends. Notably, loan portfolio increased by $134.23 million, and non-performing loans remain low at 0.80%. Annualized return on average assets was 1.38% for Q2.
First Community Bankshares reported a net income of $9.52 million for Q1 2022, a decline of $5.09 million from Q1 2021. The diluted earnings per share stood at $0.56. The company declared a quarterly cash dividend of $0.27, marking an 8% increase over the previous year, payable on May 20, 2022. The loan portfolio grew by $78.73 million, with a 14.74% annualized growth rate. Despite increased expenses, the return on average assets was 1.20%. The non-performing loans ratio remained low at 0.96%.
First Community Bankshares reported a record annual net income of $51.17 million for 2021, equivalent to $2.94 per diluted share, marking a 45.54% increase from 2020. The company declared a quarterly dividend of $0.27, an 8% rise, payable on February 25, 2022. Despite this, fourth-quarter net income decreased by $995,000 to $10.56 million, largely due to a 8.97% dip in net interest income. Strong credit quality metrics contributed to positive results, with non-interest income rising by 14.98% year-to-date.
First Community Bankshares, Inc. (NASDAQ: FCBC) appointed Dr. Beth A. Taylor to its board of directors, effective January 1, 2022. Dr. Taylor, a former mayor and longtime resident of Wytheville, Virginia, brings significant community service experience. She holds multiple medical certifications and has previously practiced in healthcare. This appointment underscores First Community's commitment to community-oriented leadership as stated by CEO William P. Stafford, II. The company, with consolidated assets of $3.14 billion as of September 30, 2021, operates 49 branches across four states.
First Community Bankshares reported a net income of $12.61 million for Q3 2021, marking a 55.32% increase in diluted earnings per share to $0.73 compared to Q3 2020. For the nine months ended September 30, 2021, net income rose 69.34% to $40.61 million. A quarterly cash dividend of $0.27 per share was declared, up 8.00% year-over-year. Improved economic forecasts allowed for a reversal of $1.39 million in credit loss provisions. The bank also repurchased 277,386 shares for $8.46 million.
First Community Bankshares, Inc. (NASDAQ: FCBC) reported Q2 2021 net income of $13.40 million ($0.76/share), a 65.22% increase YoY. The six-month net income reached $28.01 million ($1.59/share), up 76.67%. The company declared a quarterly cash dividend of $0.27, an 8% increase, payable on August 23, 2021. A significant part of the income growth is attributed to a $2.23 million reversal in credit loss allowances. The annualized return on average equity rose to 12.55% from 7.97% YoY, while non-interest income increased 27.25% to $8.80 million, reflecting improved economic activity.
First Community Bankshares reported record net income of $14.60 million for Q1 2021, marking an 86.36% increase from Q1 2020. This resulted in earnings of $0.82 per diluted share, up $0.38 year-over-year. A quarterly cash dividend of $0.25 per share was declared, payable on or about May 21, 2021. The bank reversed $4.00 million in credit loss allowances thanks to improving economic conditions. Total COVID-19 loan deferrals decreased significantly to $17.48 million, indicating strong asset quality.
First Community Bankshares reported a net income of $11.55 million or $0.65 per diluted share for Q4 2020, marking a 6.56% increase from Q4 2019. However, its net income for the entire year decreased by 17.89% per share compared to 2019. The company declared a quarterly dividend of $0.25 per share, continuing its streak of 11 consecutive years of dividend increases. The Board authorized a share buyback of up to 2.4 million shares until January 2024. Additionally, $63.56 million in new residential mortgage loans booked in Q4 2020.
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