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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%.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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