Core Viewpoint - First Community Bankshares, Inc. reported strong financial results for the second quarter of 2024, with significant increases in net income and a consistent dividend payout to shareholders, reflecting the company's solid performance and commitment to returning value to investors [17][18]. Financial Performance - The company reported net income of $12.69 million for the second quarter of 2024, an increase of $2.87 million, or 29.26%, compared to the same quarter in 2023 [18]. - For the first six months of 2024, net income was $25.53 million, up $3.94 million, or 18.22%, from the same period in 2023 [18]. - Earnings per diluted common share for the second quarter were $0.71, compared to $0.66 for the same period in 2023 [17][18]. Dividend Declaration - The company declared a quarterly cash dividend of $0.31 per common share, marking the 39th consecutive year of regular dividends to common shareholders [1]. Balance Sheet Highlights - As of June 30, 2024, total assets were reported at $3.23 billion, with a decrease in securities available for sale by $151.28 million, or 53.84%, primarily due to the maturity of U.S. Treasury Notes [19]. - Loans decreased by $99.03 million, or 3.85%, while deposits decreased by $45.05 million, or 1.65% [19]. - The allowance for credit losses to total loans was 1.41% as of June 30, 2024, consistent with the previous year [19]. Noninterest Income and Expense - Noninterest income increased by approximately $557 thousand, or 6.34%, compared to the same quarter in 2023 [18]. - Noninterest expense rose by $226 thousand, or 0.92%, which included a non-recurring charge of $1.80 million related to a lawsuit settlement [18]. Key Ratios - The annualized return on average assets (ROA) was 1.58% for the second quarter of 2024, compared to 1.18% for the same period in 2023 [18]. - The annualized return on average common equity (ROE) was 10.02% for the second quarter of 2024, up from 8.04% in the same quarter of 2023 [18].
First Community Bankshares, Inc. Announces Second Quarter 2024 Results and Quarterly Cash Dividend