First Community Bankshares Q3 2024 10-Q Filed

TL;DR

FCBC Q3 2024 10-Q shows $(15.8M) fair value adjustment on loans. Watch credit quality.

AI Summary

First Community Bankshares Inc. /VA/ filed its 10-Q for the period ending September 30, 2024. The filing details financial performance, including assets and liabilities. Notably, the company recorded a fair value adjustment of $(15.80) million on its acquired loan portfolio, excluding allowances for credit losses and deferred loan fees.

Why It Matters

This filing provides insight into the financial health and asset valuation of First Community Bankshares, impacting investor confidence and potential lending decisions.

Risk Assessment

Risk Level: medium — The significant fair value adjustment on the loan portfolio indicates potential credit quality concerns or market volatility affecting asset values.

Key Numbers

• 27,568,383 — Total Assets (As of September 30, 2024)
• 18,290,938 — Total Liabilities (As of September 30, 2024)
• 0.29 — Earnings Per Share (Diluted) (For the nine months ended September 30, 2024)

Key Players & Entities

• FIRST COMMUNITY BANKSHARES INC /VA/ (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241107 (date) — Filing Date
• $(15.80) million (dollar_amount) — Fair value adjustment on acquired loan portfolio
• $2.94 million (dollar_amount) — Allowance for credit losses and deferred loans fees

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock ($1.00 par value) FCBC NASDAQ Global Selec

Filing Documents

• fcbc20240930_10q.htm (10-Q) — 5218KB
• ex_718739.htm (EX-31.1) — 13KB
• ex_718740.htm (EX-31.2) — 13KB
• ex_718741.htm (EX-32) — 7KB
• 0001437749-24-033895.txt ( ) — 21251KB
• fcbc-20240930.xsd (EX-101.SCH) — 72KB
• fcbc-20240930_cal.xml (EX-101.CAL) — 65KB
• fcbc-20240930_def.xml (EX-101.DEF) — 497KB
• fcbc-20240930_lab.xml (EX-101.LAB) — 432KB
• fcbc-20240930_pre.xml (EX-101.PRE) — 540KB
• fcbc20240930_10q_htm.xml (XML) — 6656KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Comprehensive Income for the Three Months and Nine Ended September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 52 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

Signatures

Signatures 56 2 Table of Contents 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; t

Financial Statemen ts

Item 1. Financial Statemen ts CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023(1) (Amounts in thousands, except share and per share data) (Unaudited) Assets Cash and due from banks $ 89,068 $ 77,563 Federal funds sold 224,378 37,312 Interest-bearing deposits in banks 1,892 1,545 Total cash and cash equivalents 315,338 116,420 Debt securities available-for-sale, at fair value 166,669 280,961 Loans held for investment, net of unearned income 2,444,113 2,572,298 Allowance for credit losses ( 35,118 ) ( 36,189 ) Loans held for investment, net 2,408,995 2,536,109 Premises and equipment, net 49,654 50,680 Other real estate owned 346 192 Interest receivable 9,883 10,881 Goodwill 143,946 143,946 Other intangible assets 13,550 15,145 Other assets 115,980 114,211 Total assets $ 3,224,361 $ 3,268,545 Liabilities Deposits Noninterest-bearing $ 869,723 $ 931,920 Interest-bearing 1,789,530 1,790,405 Total deposits 2,659,253 2,722,325 Securities sold under agreements to repurchase 954 1,119 Interest, taxes, and other liabilities 43,460 41,807 Total liabilities 2,703,667 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; 27,568,383 shares issued and 18,290,938 outstanding at September 30, 2024; 27,522,547 shares issued and 18,502,396 outstanding at December 31, 2023 18,291 18,502 Additional paid-in capital 168,691 175,841 Retained earnings 342,121 319,902 Accumulated other comprehensive loss ( 8,409 ) ( 10,951 ) Total stockholders' equity 520,694 503,294 Total liabilities and stockholders' equity $ 3,224,361 $ 3,268,545 (1) Derived from audited financial statements See Notes to Condensed Consolidated Financial Statements. 4 Ta

View Full Filing

View this 10-Q filing on SEC EDGAR