FIRST COMMUNITY BANKSHARES INC /VA/ Files 2023 Annual Report

TL;DR

<b>First Community Bankshares Inc. /VA/ filed its 2023 10-K report, detailing $24.48 billion in assets and $16.23 million in net income.</b>

AI Summary

FIRST COMMUNITY BANKSHARES INC /VA/ (FCBC) filed a Annual Report (10-K) with the SEC on March 8, 2024. Total assets reached $24,477,471,000 as of December 31, 2023. Net income for the period was $16,225,399. Earnings per share (EPS) stood at $1.04. The company reported total debt of $18,502,396. Operating margin was 30.18%.

Why It Matters

For investors and stakeholders tracking FIRST COMMUNITY BANKSHARES INC /VA/, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and position for the fiscal year ended December 31, 2023. Key financial metrics such as total assets, net income, and EPS are disclosed, offering insights into the bank's operational results.

Risk Assessment

Risk Level: — FIRST COMMUNITY BANKSHARES INC /VA/ shows moderate risk based on this filing. The company's financial performance is subject to the inherent risks of the banking industry, including credit risk and interest rate fluctuations, as detailed in their risk factors.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess the bank's stability and future prospects.

Financial Highlights

debt To Equity

1.12

revenue

27,522,547

operating Margin

30.18

total Assets

24,477,471

total Debt

18,502,396

net Income

16,225,399

eps

1.04

gross Margin

29.99

revenue Growth

30.42

Key Numbers

• 24,477,471,000 — Total Assets (As of December 31, 2023)
• 16,225,399 — Net Income (For the fiscal year ended December 31, 2023)
• 1.04 — EPS (For the fiscal year ended December 31, 2023)
• 18,502,396 — Total Debt (As of December 31, 2023)
• 30.18 — Operating Margin (For the fiscal year ended December 31, 2023)
• 27,522,547 — Revenue (As of December 31, 2023)
• 1.12 — Gross Margin (As of December 31, 2023)

Key Players & Entities

• FIRST COMMUNITY BANKSHARES INC /VA/ (company) — Filer
• 2023 (date) — Fiscal Year End
• 2024-03-08 (date) — Filing Date
• VA (location) — State of Incorporation
• BLUEFIELD (location) — Business Address City
• 24605 (postal_code) — Business Address Zip
• 3043236300 (phone_number) — Business Phone

FAQ

Industry Context

First Community Bankshares Inc. operates within the commercial banking sector, a highly regulated industry sensitive to economic conditions and interest rate changes.

Regulatory Implications

As a bank holding company, First Community Bankshares Inc. is subject to oversight from federal and state regulatory bodies, including the Federal Reserve and state banking authorities, ensuring compliance with banking laws and regulations.

What Investors Should Do

1. Review the detailed financial statements for revenue, net income, and EPS trends.
2. Analyze the risk factors section for potential impacts on future performance.
3. Compare key financial ratios to industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial data compared to previous filings.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value FCBC NASDAQ Global Select

Filing Documents

• fcbc20231231_10k.htm (10-K) — 6181KB
• ex_584560.htm (EX-21) — 2KB
• ex_584561.htm (EX-23.1) — 3KB
• ex_584562.htm (EX-23.2) — 3KB
• ex_635712.htm (EX-23.3) — 2KB
• ex_584563.htm (EX-31.1) — 14KB
• ex_584564.htm (EX-31.2) — 14KB
• ex_584565.htm (EX-32) — 9KB
• ex_635279.htm (EX-97.1) — 34KB
• crowelogo.jpg (GRAPHIC) — 3KB
• fcbgraph01.jpg (GRAPHIC) — 73KB
• forvis.jpg (GRAPHIC) — 5KB
• 0001437749-24-007150.txt (&nbsp;) — 28194KB
• fcbc-20231231.xsd (EX-101.SCH) — 133KB
• fcbc-20231231_cal.xml (EX-101.CAL) — 112KB
• fcbc-20231231_def.xml (EX-101.DEF) — 937KB
• fcbc-20231231_lab.xml (EX-101.LAB) — 783KB
• fcbc-20231231_pre.xml (EX-101.PRE) — 1010KB
• fcbc20231231_10k_htm.xml (XML) — 7895KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 20 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 38 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 94 Item 9A.

Controls and Procedures

Controls and Procedures. 94 Item 9B. Other Information. 94 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 94 PART III Item 10. Directors, Executive Officers and Corporate Governance. 95 Item 11.

Executive Compensation

Executive Compensation. 95 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 95 Item 13. Certain Relationships and Related Transactions, and Director Independence. 95 Item 14. Principal Accounting Fees and Services. 95 PART IV Item 15. Exhibits and Financial Statement Schedules. 96

Signatures

Signatures 98 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Forward-looking statements in filings with the Securities and Exchange Commission, including this Annual Report on Form 10-K 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

View Full Filing

View this 10-K filing on SEC EDGAR