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

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.

First Community Bankshares, Inc. (NASDAQ: FCBC) appointed Harriet B. Price to its board of directors, effective January 1, 2020. A certified public accountant and active executive at Price-Williams Realty, Ms. Price has extensive experience in commercial real estate. Her appointment aims to strengthen the board's oversight and enhance community relations.

First Community operates 52 branches across four states, managing $1.13 billion in wealth and investment assets. The company reported consolidated assets of $2.95 billion as of September 30, 2020.