First Community Bankshares, Inc. Announces Third Quarter 2024 Results and Quarterly Cash Dividend

Core Insights - First Community Bankshares, Inc. reported a net income of $13.03 million for Q3 2024, a decrease of 10.98% compared to Q3 2023, while net income for the first nine months of 2024 increased by 6.42% to $38.56 million [1][3][10] - The company declared a quarterly cash dividend of $0.31 per common share, marking the 39th consecutive year of regular dividends [1][3] - The bank is actively providing support to borrowers affected by Hurricane Helene, including payment relief [2] Income Statement Summary - Net interest income decreased by $1.75 million compared to Q3 2023, primarily due to increased rates on interest-bearing deposits [3] - Noninterest income increased by approximately $830 thousand, or 8.63%, compared to the same quarter of 2023, driven by a gain from the sale of closed branch properties [3] - Noninterest expense rose by $1.26 million, or 5.52% [3] - Annualized return on average assets (ROA) was 1.60% for Q3 2024, down from 1.74% in Q3 2023, while return on average common equity (ROE) was 10.04%, down from 11.63% [3][10] Balance Sheet and Asset Quality - Consolidated assets totaled $3.22 billion as of September 30, 2024 [4] - Loans decreased by $128.19 million, or 4.98%, from December 31, 2023, while securities available for sale decreased by $114.29 million, or 40.68% [4] - Non-performing loans to total loans increased to 0.82% compared to the same quarter of 2023 [4] - The allowance for credit losses to total loans was 1.44% as of September 30, 2024, compared to 1.39% a year earlier [4] Shareholder Information - The company repurchased 12,854 common shares during Q3 2024 at a total cost of $469 thousand, and 257,294 shares for $8.72 million in the first nine months of 2024 [4] - Book value per share increased to $28.47, up $1.27 from year-end 2023 [4] Non-GAAP Financial Measures - The company utilizes non-GAAP financial measures to provide additional insights into its financial performance, including adjusted earnings and return metrics [5]