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Dec 31, 2022
First Community Bankshares Q4 2022 Earnings Report
First Community Bankshares reported an increase in net income and declared a quarterly cash dividend.
Key Takeaways
First Community Bankshares, Inc. reported a net income of $12.58 million, or $0.77 per diluted common share, for the quarter ended December 31, 2022. The company also declared a quarterly cash dividend of $0.29 per common share, representing a 7.41% increase over the same quarter in 2021. The company's loan portfolio increased by $234.63 million during 2022.
Net income for the quarter was $12.58 million, an increase of $2.03 million compared to the same quarter of 2021.
Net interest margin for the fourth quarter was 4.34%, an 82 basis point increase from 3.52% reported for the fourth quarter of 2021.
The company's loan portfolio increased by $234.63 million, a growth rate of 10.83%, during 2022.
Non-performing loans to total loans remained low at 0.70%.
First Community Bankshares
First Community Bankshares
Forward Guidance
The Company entered into an agreement to acquire Surrey Bancorp, which is expected to close in the second quarter of 2023.
Positive Outlook
- The acquisition will strengthen the Company’s presence in western North Carolina.
- The acquisition will result in top market share in Mount Airy.
- The acquisition will add approximately $500 million in assets.
- Surrey has a record of excellent financial performance.
- Surrey has a very strong core deposit franchise across its seven branch network.