First munity Bancshares(FCBC) - 2025 Q2 - Quarterly Results

Financial Performance - Net income for Q2 2025 was $12.25 million, or $0.67 per diluted common share, a decrease of $440 thousand, or 3.47%, from Q2 2024[2] - Net income for the three months ended June 30, 2025, was $12,246,000, a decrease from $13,040,000 in the same period of 2024, representing a decline of 6.1%[13] - Earnings per common share (basic) for the three months ended June 30, 2025, was $0.67, compared to $0.71 in the same period of 2024, reflecting a decrease of 5.6%[13] - Adjusted net income for diluted earnings per share for Q2 2025 was $12,246,000, compared to $11,818,000 in Q2 2024, reflecting an increase of 3.6%[16] - Adjusted diluted earnings per share for Q2 2025 was $0.67, up from $0.64 in Q2 2024, representing a growth of 4.7%[16] Income and Expenses - Noninterest income increased by approximately $998 thousand, or 10.68%, compared to Q2 2024, primarily due to a $692 thousand increase in service charges on deposits[7] - Total interest income for the three months ended June 30, 2025, was $35,388,000, a slight decrease from $36,432,000 in the same period of 2024, representing a decline of 2.9%[13] - Net interest income after provision for credit losses was $30,942,000 for the three months ended June 30, 2025, compared to $30,251,000 in the same period of 2024, reflecting an increase of 2.3%[13] - Noninterest income totaled $10,340,000 for the three months ended June 30, 2025, up from $10,337,000 in the same period of 2024, indicating a marginal increase of 0.03%[14] - Noninterest expense increased to $25,455,000 for the three months ended June 30, 2025, compared to $24,107,000 in the same period of 2024, marking a rise of 5.6%[15] Assets and Liabilities - Total consolidated assets were $3.18 billion as of June 30, 2025[10] - Total assets as of June 30, 2025, were $3,204,570,000, compared to $3,227,428,000 as of June 30, 2024, reflecting a decrease of 0.7%[19] - Total liabilities as of June 30, 2025, were $2,705,346,000, compared to $2,718,224,000 in the previous year, showing a decrease of 0.5%[19] - Total deposits decreased to $2,635,364 as of June 30, 2025, down 1.83% from $2,684,477 on March 31, 2025[25] Loans and Credit Quality - Loans decreased by $62.81 million, or 2.60%, from December 31, 2024[8] - The allowance for credit losses to total loans was 1.40% at June 30, 2025, compared to 1.44% at December 31, 2024[12] - Non-performing assets totaled $19.17 million as of June 30, 2025, down from $20.67 million as of December 31, 2024[8] - Nonperforming loans totaled $18,652 as of June 30, 2025, a decrease of 2.79% from $20,216 on March 31, 2025[28] - The ratio of nonperforming loans to total loans was 0.79% as of June 30, 2025, compared to 0.85% on March 31, 2025[28] - The annualized net charge-offs to average loans was 0.08% for the quarter ending June 30, 2025, down from 0.24% for the previous quarter[28] Shareholder Information - The Company declared a quarterly cash dividend of $0.31 per common share, marking the 40th consecutive year of regular dividends[3] - The company declared a regular cash dividend of $0.31 per share for the three months ended June 30, 2025, consistent with the previous quarter[13] - Book value per share at June 30, 2025, was $27.46, a decrease of $1.27 from year-end 2024[12] - The book value per common share rose to $27.46 as of June 30, 2025, compared to $27.09 on March 31, 2025[25] Performance Ratios - Annualized return on average common equity (ROE) was 9.84% for Q2 2025, compared to 10.02% for the same period in 2024[7] - Return on average assets for the three months ended June 30, 2025, was 1.53%, an increase from 1.49% in the previous quarter[13] - Return on average common equity for the three months ended June 30, 2025, was 9.84%, up from 9.49% in the previous quarter[13] - The adjusted return on average assets for Q2 2025 was 1.53%, an increase from 1.49% in Q2 2024[16] - The adjusted return on average common equity for Q2 2025 was 9.84%, up from 9.49% in Q2 2024, indicating an improvement of 3.7%[16]