10-Q 1 fcbc20240331_10q.htm FORM 10-Q fcbc20240331_10q.htm
0000859070 FIRST COMMUNITY BANKSHARES INC /VA/ false --12-31 Q1 2024 0 0 1,000,000 1,000,000 0.01 0.01 25,000 25,000 0 0 1 1 50,000,000 50,000,000 27,522,635 18,413,088 27,522,547 18,502,396 33,418 27,628 12,845 11,782 0.70 0.73 0.29 0.29 33.26 0 0 0 662 548 60 84 0 38 50 42 60 false false false false The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction Adjustment reflects the fair value adjustments of $(15.80) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for credit losses and deferred loans fees of $2.94 million as recorded by Surrey. Fair value is generally based on appraisals of the underlying collateral. Adjustment to reclass deferred tax asset $(99) thousand, goodwill $(282) thousand, federal income tax payable $(389) thousand, and state income tax payable $8 thousand. Derived from audited financial statements Adjustment to record the core deposit intangible on the acquired deposit accounts. Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio. Adjustment reflects the fair value adjustment based on the Company's evaluation of stocks with other banks of $47 thousand. Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. Adjustment to record the deferred tax asset related to the fair value adjustments $(177) thousand. Amortization is included in net periodic pension cost. See Note 10, "Employee Benefit Plans." Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired investment portfolio. 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 000-19297

 
 

FIRST COMMUNITY BANKSHARES, INC.

 
 

(Exact name of registrant as specified in its charter)

 

 

Virginia

 

55-0694814

(State or other jurisdiction of incorporation or organization)

 

(IRS Employer Identification No.)

 

P.O. Box 989

Bluefield, Virginia

 

24605-0989

(Address of principal executive offices)

 

(Zip Code)

 

 

(276) 326-9000

 
 

(Registrant’s telephone number, including area code)

 
   

 

 Not Applicable 
(Former name, former address and former fiscal year, if changed since last report)
 

Securities registered pursuant to Section 12 (b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock ($1.00 par value)

FCBC

NASDAQ Global Select

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 
 

Large accelerated filer ☐

Accelerated filer

 

Non-accelerated filer ☐ 

Smaller reporting company

  

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☑ No

 

As of  April 29, 2024, there were 18,353,513 shares outstanding of the registrant’s Common Stock, $1.00 par value.

 

 

 

FIRST COMMUNITY BANKSHARES, INC.

FORM 10-Q

INDEX

 

PART I.

FINANCIAL INFORMATION

Page

     

Item 1.

Financial Statements

 
   

Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023

4

   

Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 

5

   

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited)

6

   

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited)

7

   

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited)

8

   

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

49

Item 4.

Controls and Procedures

49

     

PART II.

OTHER INFORMATION

 
     

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

Item 3.

Defaults Upon Senior Securities

50

Item 4.

Mine Safety Disclosures

50

Item 5.

Other Information

50

Item 6.

Exhibits

51

     

Signatures

53

 

 

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

Forward-looking statements in filings with the Securities and Exchange Commission, including this Quarterly Report on Form 10-Q and the accompanying Exhibits, filings incorporated by reference, reports to shareholders, and other communications that represent the Company’s beliefs, plans, objectives, goals, guidelines, expectations, anticipations, estimates, and intentions are made in good faith pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” and other similar expressions identify forward-looking statements. The following factors, among others, could cause financial performance to differ materially from that expressed in such forward-looking statements:

 

 

inflation, interest rate, market and monetary fluctuations;

  the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations;
 

the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve System;

 

timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;

 

the willingness of customers to substitute competitors’ products and services for the Company’s products and services and vice versa;

 

the impact of changes in financial services laws and regulations, including laws about taxes, banking, securities, and insurance;

 

the impact of the U.S. Department of the Treasury and federal banking regulators’ continued implementation of programs to address capital and liquidity in the banking system;

 

technological changes;

 

the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of third-party providers;

  the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; 
 

the effect of acquisitions, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions;

 

the sustainability of noninterest, or fee, income being less than expected;

 

unanticipated regulatory or judicial proceedings;

 

changes in consumer spending and saving habits; and

 

the Company’s success at managing the risks mentioned above.

 

This list of important factors is not exclusive. If one or more of the factors affecting these forward-looking statements proves incorrect, actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking statements contained in this Quarterly Report on Form 10-Q and other reports we file with the Securities and Exchange Commission. Therefore, the Company cautions you not to place undue reliance on forward-looking information and statements. The Company does not intend to update any forward-looking statements, whether written or oral, to reflect changes. These cautionary statements expressly qualify all forward-looking statements that apply to the Company including the risk factors presented in Part II, Item 1A, “Risk Factors,” of this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

 

PART I.

FINANCIAL INFORMATION

 

Item 1.     Financial Statements

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

  

March 31,

  

December 31,

 
  

2024

  2023(1) 

(Amounts in thousands, except share and per share data)

 

(Unaudited)

     

Assets

        

Cash and due from banks

 $67,128  $77,563 

Federal funds sold

  179,943   37,312 

Interest-bearing deposits in banks

  1,834   1,545 

Total cash and cash equivalents

  248,905   116,420 

Debt securities available-for-sale, at fair value

  166,247   280,961 

Loans held for investment, net of unearned income

  2,519,833   2,572,298 

Allowance for credit losses

  (35,461)  (36,189)

Loans held for investment, net

  2,484,372   2,536,109 

Premises and equipment, net

  51,333   50,680 

Other real estate owned

  374   192 

Interest receivable

  10,719   10,881 

Goodwill

  143,946   143,946 

Other intangible assets

  14,615   15,145 

Other assets

  115,470   114,211 

Total assets

 $3,235,981  $3,268,545 
         

Liabilities

        

Deposits

        

Noninterest-bearing

 $902,396  $931,920 

Interest-bearing

  1,779,819   1,790,405 

Total deposits

  2,682,215   2,722,325 

Securities sold under agreements to repurchase

  1,006   1,119 

Interest, taxes, and other liabilities

  45,816   41,807 

Total liabilities

  2,729,037   2,765,251 
         

Stockholders' equity

        

Preferred stock, undesignated par value; 1,000,000 shares authorized; Series A Noncumulative Convertible Preferred Stock, $0.01 par value; 25,000 shares authorized; none outstanding

  -   - 

Common stock, $1 par value; 50,000,000 shares authorized; 27,522,635 shares issued and 18,413,088 outstanding at March 31, 2024; 27,522,547 shares issued and 18,502,396 outstanding at December 31, 2023

  18,413   18,502 

Additional paid-in capital

  173,041   175,841 

Retained earnings

  327,389   319,902 

Accumulated other comprehensive loss

  (11,899)  (10,951)

Total stockholders' equity

  506,944   503,294 

Total liabilities and stockholders' equity

 $3,235,981  $3,268,545 

 


(1)   Derived from audited financial statements

  

See Notes to Condensed Consolidated Financial Statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

   

Three Months Ended

 
   

March 31,

 

(Amounts in thousands, except share and per share data)

 

2024

   

2023

 

Interest income

               

Interest and fees on loans

   

$ 33,418

     

$ 27,628

 

Interest on securities -- taxable

   

1,563

     

1,934

 

Interest on securities -- tax-exempt

   

135

     

165

 

Interest on deposits in banks

   

913

     

462

 

Total interest income

   

36,029

     

30,189

 

Interest expense

               

Interest on deposits

   

4,365

     

718

 

Interest on short-term borrowings

   

35

     

59

 

Total interest expense

   

4,400

     

777

 

Net interest income

   

31,629

     

29,412

 

Provision for credit losses

   

1,011

     

1,742

 

Net interest income after provision for credit losses

   

30,618

     

27,670

 

Noninterest income

               

Wealth management

   

1,099

     

1,017

 

Service charges on deposits

   

3,310

     

3,159

 

Other service charges and fees

   

3,450

     

3,082

 

Gain on sale of securities

   

-

     

7

 

Other operating income

   

1,400

     

1,318

 

Total noninterest income

   

9,259

     

8,583

 

Noninterest expense

               

Salaries and employee benefits

   

12,581

     

11,595

 

Occupancy expense

   

1,378

     

1,168

 

Furniture and equipment expense

   

1,545

     

1,401

 

Service fees

   

2,449

     

2,019

 

Advertising and public relations

   

796

     

643

 

Professional fees

   

372

     

327

 

Amortization of intangibles

   

530

     

234

 

FDIC premiums and assessments

   

369

     

320

 

Merger expenses

   

-

     

379

 

Other operating expense

   

3,366

     

2,727

 

Total noninterest expense

   

23,386

     

20,813

 

Income before income taxes

   

16,491

     

15,440

 

Income tax expense

   

3,646

     

3,658

 

Net income

   

$ 12,845

     

$ 11,782

 
                 

Earnings per common share

               

Basic

   

$ 0.70

     

$ 0.73

 

Diluted

   

0.71

     

0.72

 

Weighted average shares outstanding

               

Basic

   

18,476,128

     

16,228,297

 

Diluted

   

18,545,910

     

16,289,489

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

   

Three Months Ended

 
   

March 31,

 
   

2024

   

2023

 

(Amounts in thousands)

               

Net income

  $ 12,845     $ 11,782  

Other comprehensive income (loss), before tax

               

Available-for-sale debt securities:

               

Change in net unrealized (losses) gains on debt securities

    (1,198 )     3,163  

Reclassification adjustment for gain recognized in net income

    -       (7 )

Net unrealized losses on available-for-sale debt securities

    (1,198 )     3,156  

Employee benefit plans:

               

Net actuarial loss

    (9 )     (33 )

Reclassification adjustment for amortization of prior service cost and net actuarial loss recognized in net income

    9       33  

Net unrealized gains (losses) on employee benefit plans

    -       -  

Other comprehensive loss, before tax

    (1,198 )     3,156  

Income tax (benefit) expense

    (250 )     662  

Other comprehensive (loss) gain, net of tax

    (948 )     2,494  

Total comprehensive income

  $ 11,897     $ 14,276  

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

THREE MONTHS ENDED

March 31, 2024 and 2023

 

                                 
                          

Accumulated

     
  

Preferred

      

Common

      

Additional

      

Other

     

(Amounts in thousands, except share and per share data)

 

Stock Outstanding

  

Preferred Stock

  

Stock Outstanding

  

Common Stock

  

Paid-in Capital

  

Retained Earnings

  

Comprehensive Loss

  

Total

 
                                 

Balance January 1, 2023

  -  $-   16,225,399  $16,225  $128,508  $292,971  $(15,719) $421,985 

Net income

  -   -   -   -   -   11,782   -   11,782 

Other comprehensive income

  -   -   -   -   -   -   2,494   2,494 

Common dividends declared -- $0.29 per share

  -   -   -   -   -   (4,706)  -   (4,706)

Equity-based compensation expense

  -   -   15,732   16   104   -   -   120 

Common stock options exercised

  -   -   2,158   2   46   -   -   48 

Issuance of common stock to 401(k) plan

  -   -   262   -   8   -   -   8 

Balance March 31, 2023

  -  $-   16,243,551  $16,243  $128,666  $300,047  $(13,225) $431,731 
                                 

Balance January 1, 2024

  -  $-   18,502,396  $18,502  $175,841  $319,902  $(10,951) $503,294 

Net income

  -   -   -   -   -   12,845   -   12,845 

Other comprehensive loss

  -   -   -   -   -   -   (948)  (948)

Common dividends declared -- $0.29 per share

  -   -   -   -   -   (5,358)  -   (5,358)

Equity-based compensation expense

  -   -   -   -   81   -   -   81 

Issuance of common stock to 401(k) plan

  -   -   88   -   3   -   -   3 

Repurchase of common shares at $33.26 per share

  -   -   (89,396)  (89)  (2,884)  -   -   (2,973)

Balance March 31, 2024

  -  $-   18,413,088  $18,413  $173,041  $327,389  $(11,899) $506,944 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

   

Three Months Ended

 
   

March 31,

 

(Amounts in thousands)

 

2024

   

2023

 

Operating activities

               

Net income

  $ 12,845     $ 11,782  

Adjustments to reconcile net income to net cash provided by operating activities

               

Provision for credit losses for loans

    1,011       1,742  

Depreciation and amortization of premises and equipment

    1,096       921  

Accretion of discounts on investments

    (200 )     (523 )

Amortization of intangible assets

    530       234  

Accretion on acquired loans

    (781 )     (193 )

Equity-based compensation expense

    81       120  

Issuance of common stock to 401(k) plan

    3       8  

Gain on sale of premises and equipment, net

    (5 )     (2 )

Loss on sale of other real estate owned

    14       51  

Net gain on sale of securities

    -       (7 )

Decrease in accrued interest receivable

    162       633  

Increase in other operating activities

    2,176       1,061  

Net cash provided by operating activities

    16,932       15,827  

Investing activities

               

Proceeds from sale of securities available-for-sale

    -