Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): January 28, 2025


	FIRST COMMUNITY BANKSHARES, INC.

(Exact name of registrant as specified in its charter)


Virginia	000-19297	55-0694814
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)


P.O. Box 989 Bluefield, Virginia		24605-0989
(Address of principal executive offices)		(Zip Code)


Registrant’s telephone number, including area code: (276) 326-9000


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐

Item 2.02

Results of Operations and Financial Condition.

On January 28, 2025, First Community Bankshares, Inc. (the “Company”) announced by press release its earnings for the fourth quarter of 2024. A copy of the press release is attached hereto as Exhibit 99.1.

Item 8.01

Other Events.

On January 28, 2025, the Company announced by press release its quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share, payable on or about February 28, 2025, to shareholders of record on February 14, 2025.

Additionally, the Board of Directors declared a special cash dividend to common shareholders of $2.07 per common share.

This special cash dividend is also payable on February 28, 2025, to shareholders of record February 14, 2025, and may not be indicative of special cash dividend activity in the future.

A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits.

(d)		The following exhibit is included with this report:

Exhibit No.		Exhibit Description

99.1 104		Earnings release dated January 28, 2025. Cover Page Interactive Data File (formatted as Inline XBRL).

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		FIRST COMMUNITY BANKSHARES, INC.

Date:	January 28, 2025	By:	/s/ David D. Brown

			David D. Brown
			Chief Financial Officer

Exhibit 99.1


NEWS RELEASE
FOR IMMEDIATE RELEASE:		FOR MORE INFORMATION, CONTACT:
January 28, 2025		David D. Brown
		(276) 326-9000

First Community Bankshares, Inc. Announces Fourth Quarter and Full Year 2024 Results, Quarterly Cash Dividend, and Special Dividend

Bluefield, Virginia – First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended December 31, 2024. The Company reported net income of $13.04 million, or $0.71 per diluted common share, for the quarter ended December 31, 2024. Net income for the twelve months ended December 31, 2024, was $51.60 million or $2.80 per diluted common share.

The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on February 14, 2025, and is expected to be paid on February 28, 2025. This marks the 40th consecutive year of regular dividends to common shareholders.

Additionally, the Board of Directors declared a special cash dividend to common shareholders of $2.07 per common share.

The Company’s capital management plan and philosophy require the maintenance of a strong capital base from which to grow and serve its customers. As part of the capital plan, the Company intends to return current earnings not needed to fund growth in core operations or other uses back to shareholders through regular cash dividends and stock repurchases. To the extent current earnings exceed those capital uses, the Company may declare special dividends from time to time. The Company earned approximately $197.45 million in the last four years, from which it paid regular dividends of $79.68 million, and repurchased shares for $81.95 million. Since July 1, 2013, the Company earned approximately $415.90 million, from which it paid regular dividends of $174.84 million, special dividends of $8.12 million, and repurchased 9.33 million shares for $232.08 million

The Board of Directors determined that the Company will have sufficient surplus capital to support anticipated growth opportunities and other needs after payment of the special dividend totaling approximately $37.92 million. This special cash dividend is also payable on February 28, 2025, to shareholders of record February 14, 2025, and may not be indicative of special cash dividend activity in the future.

Fourth Quarter 2024 Highlights

Income Statement

	o	Net income of $13.04 million for the fourth quarter of 2024, was a increase of $1.26 million, or 10.65%, from the same quarter of 2023. Net income of $51.60 million for the year, was an increase of $3.58 million, or 7.46%, from the same period of 2023.
	o	Net interest income decreased $730 thousand compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits.
	o	Net interest margin of 4.36% was a decrease of 6 basis points over the same quarter of 2023. The yield on earning assets increased 11 basis points from the same period of 2023 and is primarily attributable to an increase in interest income of $422 thousand. Interest income on interest-bearing deposits with banks increased $2.91 million and was primarily due to the increase in the average balance of $246.39 million offset by a decrease in yield of 75 basis points. This increase in interest income was offset by decreases in interest income for loans and securities available-for-sale of $2.04 million and $450 thousand, respectively. The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $159.86 million and $107.16 million offset by increases in yield of 2 basis points and 72 basis points, respectively. Interest expense on interest-bearing liabilities increased $1.16 million and is primarily attributable to yield. The yield on interest-bearing liabilities increased 26 basis points when compared with the same period of 2023 and is primarily attributable to increased rates on interest-bearing deposit liabilities.
	o	Noninterest income decreased approximately $125 thousand, or 1.19%, when compared to the same quarter of 2023. Noninterest expense decreased $2.67 million, or 9.98% when compared to the same period of 2023. The decrease is primarily attributable to litigation expense of $3.00 million recorded in the fourth quarter of 2023.
	o	Annualized return on average assets ("ROA") was 1.60% for both the fourth quarter and for the twelve months of 2024 compared to 1.43% and 1.48% for the same periods, respectively, of 2023. Annualized return on average common equity ("ROE") was 9.89% for the fourth quarter of 2024 and 10.03% for the year compared to 9.39% and 10.02% for the same periods, respectively, of 2023. Annualized return on average tangible common equity ("ROTCE") was 14.12% for the fourth quarter of 2024 and 14.48% for the year compared to 13.82% and 14.65% for the same periods, respectively, of 2023.

Balance Sheet and Asset Quality

	o	Consolidated assets totaled $3.26 billion at December 31, 2024.
	o	Loans decreased $156.21 million, or 6.07%, from December 31, 2023. Securities available for sale decreased $111.12 million, or 39.55%, from December 31, 2023. Deposits decreased $31.08 million, or 1.14%. The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $261.03 million, or 224.22%.
	o	The Company did not repurchase any common shares during the fourth quarter of 2024. The Company repurchased 257,294 common shares during 2024 at a total cost of $8.72 million.
	o	Non-performing loans to total loans increased to 0.83% when compared with the same quarter of 2023. The Company experienced net charge-offs for the fourth quarter of 2024 of $1.48 million, or 0.24% of annualized average loans, compared to net charge-offs of $883 thousand, or 0.14%, of annualized average loans for the same period in 2023.

The allowance for credit losses to total loans was 1.44% at December 31, 2024, compared to 1.41% at December 31, 2023.

Book value per share at December 31, 2024, was $ 28.73, an increase of $1.53 from year-end 2023.

Non-GAAP Financial Measures

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

About First Community Bankshares, Inc.

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2024. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.62 billion in combined assets as of December 31, 2024. The Company reported consolidated assets of $3.26 billion as of December 31, 2024. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended															Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
(Amounts in thousands, except share and per share data)	2024			2024			2024			2024			2023			2024			2023
Interest income
Interest and fees on loans	$	31,637		$	32,120		$	32,696		$	33,418		$	33,676		$	129,871		$	126,727
Interest on securities		1,447			1,070			1,211			1,698			1,888			5,426			7,956
Interest on deposits in banks		3,348			3,702			2,882			913			438			10,845			2,482
Total interest income		36,432			36,892			36,789			36,029			36,002			146,142			137,165
Interest expense
Interest on deposits		5,099			5,298			4,877			4,365			3,935			19,639			9,341
Interest on borrowings		-			-			-			35			4			35			140
Total interest expense		5,099			5,298			4,877			4,400			3,939			19,674			9,481
Net interest income		31,333			31,594			31,912			31,629			32,063			126,468			127,684
Provision for credit losses		1,082			1,360			144			1,011			1,029			3,597			7,985
Net interest income after provision		30,251			30,234			31,768			30,618			31,034			122,871			119,699
Noninterest income		10,337			10,452			9,342			9,259			10,462			39,390			37,452
Noninterest expense		24,107			24,177			24,897			23,386			26,780			96,567			95,177
Income before income taxes		16,481			16,509			16,213			16,491			14,716			65,694			61,974
Income tax expense		3,441			3,476			3,527			3,646			2,932			14,090			13,954
Net income	$	13,040		$	13,033		$	12,686		$	12,845		$	11,784		$	51,604		$	48,020


Earnings per common share
Basic	$	0.71		$	0.71		$	0.69		$	0.70		$	0.64		$	2.81		$	2.67
Diluted	$	0.71		$	0.71		$	0.71		$	0.71		$	0.66		$	2.80		$	2.72
Cash dividends per common share
Regular		0.31			0.31			0.29			0.29			0.29			1.20			1.16
Weighted average shares outstanding
Basic		18,299,612			18,279,612			18,343,958			18,476,128			18,530,114			18,349,498			17,996,373
Diluted		18,418,441			18,371,907			18,409,876			18,545,910			18,575,226			18,430,206			18,027,151
Performance ratios
Return on average assets		1.60	%		1.60	%		1.58	%		1.60	%		1.43	%		1.60	%		1.48	%
Return on average common equity		9.89	%		10.04	%		10.02	%		10.18	%		9.39	%		10.03	%		10.02	%
Return on average tangible common equity(1)		14.12	%		14.46	%		14.54	%		14.82	%		13.82	%		14.48	%		14.65	%

(1)

A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets.

CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)

	Three Months Ended										Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
(Amounts in thousands)	2024		2024		2024		2024		2023		2024		2023
Noninterest income
Wealth management	$	1,251	$	1,071	$	1,064	$	1,099	$	1,052	$	4,485	$	4,179
Service charges on deposits		3,613		3,661		3,428		3,310		3,637		14,012		13,996
Other service charges and fees		3,575		3,697		3,670		3,450		3,541		14,392		13,647
(Loss) gain on sale of securities		-		-		-		-		-		-		(21	)
Other operating income		1,898		2,023		1,180		1,400		2,232		6,501		5,651
Total noninterest income	$	10,337	$	10,452	$	9,342	$	9,259	$	10,462	$	39,390	$	37,452
Noninterest expense
Salaries and employee benefits	$	13,501	$	13,129	$	12,491	$	12,581	$	12,933	$	51,702	$	49,887
Occupancy expense		1,329		1,270		1,309		1,378		1,252		5,286		4,967
Furniture and equipment expense		1,562		1,574		1,687		1,545		1,489		6,368		5,878
Service fees		2,305		2,461		2,427		2,449		2,255		9,642		8,908
Advertising and public relations		1,165		967		933		796		843		3,861		3,300
Professional fees		295		221		330		372		787		1,218		1,567
Amortization of intangibles		535		536		530		530		536		2,131		1,731
FDIC premiums and assessments		365		365		364		369		376		1,463		1,511
Merger expense		-		-		-		-		-		-		2,393
Litigation expense		-		-		1,800		-		3,000		1,800		3,000
Other operating expense		3,050		3,654		3,026		3,366		3,309		13,096		12,035
Total noninterest expense	$	24,107	$	24,177	$	24,897	$	23,386	$	26,780	$	96,567	$	95,177

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)

	Three Months Ended															Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
(Amounts in thousands, except per share data)	2024			2024			2024			2024			2023			2024			2023
Adjusted Net Income for diluted earnings per share	$	13,040		$	13,033		$	12,686		$	12,845		$	12,314		$	51,604		$	49,120
Non-GAAP adjustments:
Loss (gain) on sale of securities		-			-			-			-			-			-			21
Merger expense		-			-			-			-			-			-			2,393
Day 2 provision for allowance for credit losses - Surrey		-			-			-			-			-			-			1,614
Litigation expense		-			-			1,800			-			3,000			1,800			3,000
Other items(1)		-			(825	)		-			-			-			(825	)		(204	)
Total adjustments		-			(825	)		1,800			-			3,000			975			6,824
Tax effect		-			(198	)		432			-			720			234			1,203
Adjusted earnings, non-GAAP	$	13,040		$	12,406		$	14,054		$	12,845		$	14,594		$	52,345		$	54,741

Adjusted diluted earnings per common share, non-GAAP	$	0.71		$	0.68		$	0.76		$	0.69		$	0.79		$	2.84		$	3.04
Performance ratios, non-GAAP
Adjusted return on average assets		1.60	%		1.53	%		1.75	%		1.60	%		1.77	%		1.62	%		1.68	%
Adjusted return on average common equity		9.89	%		9.56	%		11.10	%		10.18	%		11.63	%		10.18	%		11.43	%
Adjusted return on average tangible common equity (2)		14.12	%		13.77	%		16.11	%		14.82	%		17.11	%		14.69	%		16.70	%

(1)		Includes other non-recurring income and expense items.
(2)		A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets.

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

	Three Months Ended December 31,
	2024							2023
	Average				Average Yield/			Average				Average Yield/
(Amounts in thousands)	Balance		Interest(1)		Rate(1)			Balance		Interest(1)		Rate(1)
Assets
Earning assets
Loans(2)(3)	$	2,421,668	$	31,717		5.21	%	$	2,581,528	$	33,758		5.19	%
Securities available for sale		167,357		1,474		3.50	%		274,513		1,924		2.78	%
Interest-bearing deposits		277,678		3,351		4.80	%		31,293		438		5.55	%
Total earning assets		2,866,703		36,542		5.07	%		2,887,334		36,120		4.96	%
Other assets		379,566							379,960
Total assets	$	3,246,269						$	3,267,294

Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits	$	663,033	$	226		0.14	%	$	697,555	$	180		0.10	%
Savings deposits		886,886		3,476		1.56	%		838,455		3,050		1.44	%
Time deposits		242,899		1,396		2.29	%		254,668		705		1.10	%
Total interest-bearing deposits		1,792,818		5,098		1.13	%		1,790,678		3,935		0.87	%
Borrowings
Federal funds purchased		-		-		-			293		4		5.35	%
Retail repurchase agreements		995		1		0.05	%		1,090		-		0.05	%
Total borrowings		995		1		0.05	%		1,383		4		0.87	%
Total interest-bearing liabilities		1,793,813		5,099		1.13	%		1,792,061		3,939		0.87	%
Noninterest-bearing demand deposits		881,767							931,681
Other liabilities		46,142							45,819
Total liabilities		2,721,722							2,769,561
Stockholders' equity		524,547							497,733
Total liabilities and stockholders' equity	$	3,246,269						$	3,267,294
Net interest income, FTE(1)			$	31,443						$	32,181
Net interest rate spread						3.94	%						4.09	%
Net interest margin, FTE(1)						4.36	%						4.42	%

(1)

Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.

(2)

Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.

(3)

Interest on loans includes non-cash and accelerated purchase accounting accretion of $863 thousand and $792 thousand for the three months ended December 31, 2024 and 2023, respectively.

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

	Year Ended December 31,
	2024							2023
	Average				Average Yield/			Average				Average Yield/
(Amounts in thousands)	Balance		Interest(1)		Rate(1)			Balance		Interest(1)		Rate(1)
Assets
Earning assets
Loans(2)(3)	$	2,481,215	$	130,196		5.25	%	$	2,538,361	$	127,019		5.00	%
Securities available for sale		171,081		5,547		3.24	%		298,389		8,115		2.72	%
Interest-bearing deposits		206,629		10,850		5.25	%		46,601		2,485		5.33	%
Total earning assets		2,858,925		146,593		5.13	%		2,883,351		137,619		4.77	%
Other assets		374,398							369,700
Total assets	$	3,233,323						$	3,253,051

Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits	$	662,584	$	796		0.12	%	$	686,534	$	405		0.06	%
Savings deposits		878,584		14,206		1.62	%		847,397		6,781		0.80	%
Time deposits		246,035		4,636		1.88	%		267,957		2,155		0.80	%
Total interest-bearing deposits		1,787,203		19,638		1.10	%		1,801,888		9,341		0.52	%
Borrowings
Federal funds purchased		628		35		5.53	%		2,715		139		5.12	%
Retail repurchase agreements		1,045		1		0.05	%		1,528		1		0.06	%
Total borrowings		1,673		36		2.15	%		4,243		140		3.30	%
Total interest-bearing liabilities		1,788,876		19,674		1.10	%		1,806,131		9,481		0.52	%
Noninterest-bearing demand deposits		882,700							926,378
Other liabilities		47,362							41,477
Total liabilities		2,718,938							2,773,986
Stockholders' equity		514,385							479,065
Total liabilities and stockholders' equity	$	3,233,323						$	3,253,051
Net interest income, FTE(1)			$	126,919						$	128,138
Net interest rate spread						4.03	%						4.25	%
Net interest margin, FTE(1)						4.44	%						4.44	%

(1)

Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.

(2)

Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.

(3)

Interest on loans includes non-cash and accelerated purchase accounting accretion of $2.90 million and $2.74 million for the twelve months ended December 31, 2024 and 2023, respectively.

CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)

	December 31,			September 30,			June 30,			March 31,			December 31,
(Amounts in thousands, except per share data)	2024			2024			2024			2024			2023
Assets
Cash and cash equivalents	$	377,454		$	315,338		$	329,877		$	248,905		$	116,420
Debt securities available for sale, at fair value		169,849			166,669			129,686			166,247			280,961
Loans held for investment, net of unearned income		2,416,089			2,444,113			2,473,268			2,519,833			2,572,298
Allowance for credit losses		(34,825	)		(35,118	)		(34,885	)		(35,461	)		(36,189	)
Loans held for investment, net		2,381,264			2,408,995			2,438,383			2,484,372			2,536,109
Premises and equipment, net		48,735			49,654			50,528			51,333			50,680
Other real estate owned		521			346			100			374			192
Interest receivable		9,207			9,883			9,984			10,719			10,881
Goodwill		143,946			143,946			143,946			143,946			143,946
Other intangible assets		13,014			13,550			14,085			14,615			15,145
Other assets		117,226			115,980			116,230			115,470			114,211
Total assets	$	3,261,216		$	3,224,361		$	3,232,819		$	3,235,981		$	3,268,545

Liabilities
Deposits
Noninterest-bearing	$	883,499		$	869,723		$	889,462		$	902,396		$	931,920
Interest-bearing		1,807,748			1,789,530			1,787,810			1,779,819			1,790,405
Total deposits		2,691,247			2,659,253			2,677,272			2,682,215			2,722,325
Securities sold under agreements to repurchase		906			954			894			1,006			1,119
Interest, taxes, and other liabilities		42,671			43,460			45,769			45,816			41,807
Total liabilities		2,734,824			2,703,667			2,723,935			2,729,037			2,765,251

Stockholders' equity
Common stock		18,322			18,291			18,270			18,413			18,502
Additional paid-in capital		169,752			168,691			168,272			173,041			175,841
Retained earnings		349,489			342,121			334,756			327,389			319,902
Accumulated other comprehensive loss		(11,171	)		(8,409	)		(12,414	)		(11,899	)		(10,951	)
Total stockholders' equity		526,392			520,694			508,884			506,944			503,294
Total liabilities and stockholders' equity	$	3,261,216		$	3,224,361		$	3,232,819		$	3,235,981		$	3,268,545

Shares outstanding at period-end		18,321,795			18,290,938			18,270,273			18,413,088			18,502,396
Book value per common share	$	28.73		$	28.47		$	27.85		$	27.53		$	27.20
Tangible book value per common share(1)		20.16			19.86			19.20			18.92			18.60

(1)

A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding.

SELECTED CREDIT QUALITY INFORMATION (Unaudited)

	December 31,			September 30,			June 30,			March 31,			December 31,
(Amounts in thousands)	2024			2024			2024			2024			2023
Allowance for Credit Losses
Balance at beginning of period:
Allowance for credit losses - loans	$	35,118		$	34,885		$	35,461		$	36,189		$	36,031
Allowance for credit losses - loan commitments		441			441			746			746			758
Total allowance for credit losses beginning of period		35,559			35,326			36,207			36,935			36,789
Provision for credit losses:
Provision for credit losses - loans		1,182			1,360			449			1,011			1,041
(Recovery of) provision for credit losses - loan commitments		(100	)		-			(305	)		-			(12	)
Total provision for credit losses - loans and loan commitments		1,082			1,360			144			1,011			1,029
Charge-offs		(2,005	)		(1,799	)		(1,599	)		(2,448	)		(2,105	)
Recoveries		530			672			574			709			1,222
Net (charge-offs) recoveries		(1,475	)		(1,127	)		(1,025	)		(1,739	)		(883	)
Balance at end of period:
Allowance for credit losses - loans		34,825			35,118			34,885			35,461			36,189
Allowance for credit losses - loan commitments		341			441			441			746			746
Ending balance	$	35,166		$	35,559		$	35,326		$	36,207		$	36,935

Nonperforming Assets
Nonaccrual loans	$	19,869		$	19,754		$	19,815		$	19,617		$	19,356
Accruing loans past due 90 days or more		149			176			19			30			104
Modified loans past due 90 days or more		135			-			-			-			-
Total nonperforming loans		20,153			19,930			19,834			19,647			19,460
OREO		521			346			100			374			192
Total nonperforming assets	$	20,674		$	20,276		$	19,934		$	20,021		$	19,652


Additional Information
Total modified loans	$	2,260		$	2,320		$	2,290		$	2,177		$	1,873

Asset Quality Ratios
Nonperforming loans to total loans		0.83	%		0.82	%		0.80	%		0.78	%		0.76	%
Nonperforming assets to total assets		0.63	%		0.63	%		0.62	%		0.62	%		0.60	%
Allowance for credit losses to nonperforming loans		172.80	%		176.21	%		175.88	%		180.49	%		185.97	%
Allowance for credit losses to total loans		1.44	%		1.44	%		1.41	%		1.41	%		1.41	%
Annualized net charge-offs (recoveries) to average loans		0.24	%		0.18	%		0.16	%		0.27	%		0.14	%

Document And Entity Information	Jan. 28, 2025
Document Information [Line Items]
Entity, Registrant Name	FIRST COMMUNITY BANKSHARES, INC.
Document, Type	8-K
Document, Period End Date	Jan. 28, 2025
Entity, Incorporation, State or Country Code	VA
Entity, File Number	000-19297
Entity, Tax Identification Number	55-0694814
Entity, Address, Address Line One	P.O. Box 989
Entity, Address, City or Town	Bluefield
Entity, Address, State or Province	VA
Entity, Address, Postal Zip Code	24605-0989
City Area Code	276
Local Phone Number	326-9000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	FCBC
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000859070

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