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First Community Bankshares Inc. (FCBC-0.46%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing net income of $51.60 million, an increase of 7.46% compared to the previous year. This increase was attributed to a decrease in the provision for credit losses and a rise in noninterest income.
Net interest income decreased by $1.22 million, primarily due to increased rates paid on interest-bearing deposit liabilities. The net interest margin remained stable at 4.44%.
The provision for credit losses decreased by $4.39 million, reflecting a smaller required credit loss provision due to a decrease in the loan portfolio.
Noninterest income increased by $1.94 million, driven by gains from the sale of closed branch properties and an increase in interchange income.
Noninterest expense rose by $1.39 million, influenced by inflationary increases and the addition of Surrey staff and branches.
The company reported a return on average assets of 1.60% and a return on average common equity of 10.03%.
Nonperforming loans increased to 0.83% of total loans, while net charge-offs for the year were $5.37 million, or 0.22% of average loans.
The allowance for credit losses to total loans was 1.44% at year-end, compared to 1.41% in the previous year.
The report also notes that the company repurchased 257,294 common shares during 2024 at a total cost of $8.72 million.
Book value per share increased to $28.73, up from $27.20 at the end of 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Community Bankshares Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.