First Community Bankshares, Inc. Announces First Quarter 2025 Results and Quarterly Cash Dividend

Core Points - First Community Bankshares, Inc. reported a net income of $11.82 million, or $0.64 per diluted common share, for the quarter ended March 31, 2025 [1][10][12] - The company declared a quarterly cash dividend of $0.31 per common share, marking the 40th consecutive year of regular dividends [2][12] - Consolidated assets totaled $3.23 billion as of March 31, 2025 [1][8] Income Statement Highlights - Net interest income for the first quarter of 2025 was $30.30 million, a decrease from $31.33 million in the same period of 2024 [12] - Noninterest income increased by approximately $970 thousand, or 10.48%, compared to the same quarter of 2024, primarily due to an increase in service charges on deposits [6][15] - Noninterest expense rose by $1.56 million, or 6.66%, compared to the same period in 2024, mainly due to increased salaries and benefits [6][15] Balance Sheet and Asset Quality - Total loans decreased by $33.39 million, or 1.38%, from December 31, 2024, while securities available for sale decreased by $40.19 million, or 23.66% [6][19] - Deposits decreased by $6.77 million, or 0.25%, largely due to declining higher-rate time deposits [6][19] - Non-performing loans to total loans increased to 0.85% compared to the same quarter of 2024 [6][22] Non-GAAP Financial Measures - The company reported a tangible book value per common share of $27.09, a decrease of $1.64 from year-end 2024 [6][21] - Annualized return on average assets (ROA) was 1.49% for the first quarter of 2025, down from 1.60% for the same period of 2024 [6][12] - Annualized return on average common equity (ROE) was 9.49% for the first quarter of 2025, compared to 10.18% for the same period of 2024 [6][12]