First munity Bancshares(FCBC) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2025 was $12.27 million, a decrease of $768 thousand, or 5.89%, compared to Q3 2024[3] - Net income for Q3 2025 was $12,266,000, slightly higher than $12,246,000 in Q2 2025[9] - Adjusted net income for diluted earnings per share for Q3 2025 was $12,901,000, compared to $12,246,000 in Q3 2024, reflecting an increase of 5.4%[12] - The adjusted diluted earnings per share for the nine months ended September 30, 2025, was $2.01, down from $2.13 in the same period of 2024, a decrease of 5.6%[12] - Earnings per share (EPS) for Q3 2025 remained stable at $0.67, consistent with Q2 2025[9] Interest Income and Margin - Total interest income for Q3 2025 was $35,699,000, a slight increase from $35,388,000 in Q2 2025[9] - Net interest income after provision for credit losses was $31,297,000 for Q3 2025, compared to $30,942,000 in Q2 2025[9] - The net interest margin for Q3 2025 was 4.43%, an increase of 2 basis points from Q3 2024[3] - The average yield on loans for Q3 2025 was 5.24%, slightly up from 5.22% in Q3 2024[14] - The total interest-bearing liabilities for Q3 2025 were $1,779,829,000, with a net interest rate spread of 3.99%[17] Asset and Liability Management - Total consolidated assets were $3.19 billion as of September 30, 2025[4] - Total assets as of September 30, 2025, were $3,190,603,000, compared to $3,231,259,000 as of September 30, 2024[14] - Total assets as of September 30, 2025, increased to $3,189,613, up from $3,181,014 as of June 30, 2025, representing a growth of 0.5%[20] - Loans held for investment, net, decreased to $2,299,708 as of September 30, 2025, from $2,320,257 as of June 30, 2025, a decline of 0.9%[20] - Total deposits as of September 30, 2025, were $2,630,593, slightly down from $2,635,364 as of June 30, 2025, a decrease of 0.2%[20] Noninterest Income and Expenses - Noninterest income increased by approximately $437 thousand, or 4.18%, driven by a 23.46% increase in service charges on deposits[3] - Noninterest income reached $10,889,000 in Q3 2025, up from $10,340,000 in Q2 2025[10] - Total noninterest expense increased to $26,279,000 in Q3 2025 from $25,455,000 in Q2 2025[11] Credit Quality - Non-performing loans to total loans decreased to 0.71%, a reduction of 0.11% compared to Q3 2024[4] - The allowance for credit losses to total loans was 1.36% on September 30, 2025, down from 1.44% at year-end 2024[8] - The annualized net charge-offs to average loans ratio was 0.24% for the quarter ending September 30, 2025, consistent with the previous quarter[23] - The total allowance for credit losses to total loans ratio was 1.36% as of September 30, 2025, slightly down from 1.40% as of June 30, 2025[23] - The company experienced net charge-offs of $1.42 million, or 0.24% of annualized average loans, in Q3 2025[4] Shareholder Returns - The company declared a quarterly cash dividend of $0.31 per common share, marking the 40th consecutive year of regular dividends[2] - The company declared regular cash dividends of $0.31 per share for Q3 2025, consistent with previous quarters[9] - Book value per share on September 30, 2025, was $27.89, a decrease of $0.84 from year-end 2024[8] - The book value per common share increased to $27.89 as of September 30, 2025, from $27.46 as of June 30, 2025, an increase of 1.6%[20] - Total stockholders' equity rose to $510,725 as of September 30, 2025, compared to $502,829 as of June 30, 2025, reflecting a growth of 2.4%[20]