First Community Bankshares Reports Strong 2024 Earnings

First Community Bancshares ( (FCBC) ) has released its Q4 earnings. Here is a breakdown of the information First Community Bancshares presented to its investors.

First Community Bankshares, Inc. is a financial holding company based in Bluefield, Virginia, offering a range of banking products and services through its subsidiary, First Community Bank, across several states. It operates in the financial services industry, with a focus on banking and wealth management.

The company’s latest earnings report for the fourth quarter and full year of 2024 highlights a strong financial performance with a net income of $13.04 million for the quarter and $51.60 million for the year. The company also announced a regular quarterly cash dividend and a special dividend, marking its continued commitment to returning value to shareholders.

Key financial metrics indicate a 10.65% increase in net income for the fourth quarter compared to the previous year, despite a decrease in net interest income due to higher rates on interest-bearing deposits. The net interest margin slightly declined to 4.36%, while the return on average assets and equity remained steady. The company’s asset base saw a shift with decreases in loans and securities, but a significant increase in cash and cash equivalents.

The board declared a special cash dividend, reflecting confidence in the company’s strong capital position and ability to support future growth. The company maintains a strategy of capital management that balances growth and shareholder returns, demonstrating a robust financial footing.

Looking ahead, First Community Bankshares plans to leverage its surplus capital to explore growth opportunities while continuing to prioritize shareholder value through dividends. The company’s management remains optimistic about the future, despite the challenges in the banking sector.