First Community Bankshares Achieves Strong Growth and Financial Performance in 2024

First Community Bankshares Reports Strong Financial Performance for 2024

First Community Bankshares, through its holding company First Community Corporation, delivers impressive financial results for the fourth quarter and full year of 2024, showcasing the bank's solid growth trajectory. The company announces a net income of $4.232 million for Q4 2024, which translates to a diluted earnings per share (EPS) of $0.55. This represents a significant increase from the previous year's fourth quarter, where net income was $3.297 million, yielding an EPS of $0.43. For the full year, First Community Corporation reports a robust net income of $13.955 million, up from $11.843 million in 2023, with an EPS increase from $1.55 to $1.81. These results underscore the bank's effective strategies in navigating a competitive financial landscape.

In addition to its strong earnings, First Community Bankshares experiences notable growth in total deposits, which rise by $164.9 million, or 10.9%, over the course of 2024. The quarterly growth alone stands at $31.8 million, or 1.9%. Excluding brokered certificates of deposit (CDs), the total deposit growth for the year reaches an impressive $202.6 million, reflecting a 13.8% increase. This surge in deposits is significant as it indicates the bank's ability to attract and retain customers, further solidifying its position in the market. Concurrently, the company significantly reduces its reliance on wholesale funding, decreasing from $138.1 million at the end of 2023 to just $10.4 million by December 31, 2024.

Loan growth also plays a vital role in First Community Bankshares' robust performance, with an increase of $86.5 million, or 7.6%, reported throughout 2024. In the fourth quarter alone, loans expand by $23.9 million, or 2.0%. The bank maintains commendable credit quality metrics, with net charge-offs recorded at a mere $65 thousand and non-performing assets remaining low at just 0.04%. Additionally, the bank generates $1.720 million in investment advisory revenue for the fourth quarter, further diversifying its income streams. In light of these achievements, the Board of Directors approves a cash dividend of $0.15 per common share, marking the 92nd consecutive quarter of dividend payments, a testament to the bank's financial stability and commitment to returning value to shareholders.

In summary, First Community Bankshares stands out in the financial sector with its impressive earnings growth, strong deposit inflows, and prudent financial management. CEO Mike Crapps emphasizes the importance of the bank's uninterrupted dividend history, highlighting the institution's resilience and reliability in the banking industry. The commitment to maintaining high credit quality and expanding loan offerings positions First Community Bankshares well for future growth and customer satisfaction.