secwatch.observer — SEC 8-K summary
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Issuer:     FIRST COMMUNITY BANKSHARES INC /VA/ (FCBC)
CIK:        0000859070
Form:       8-K
Filed at:   2023-01-24T23:59:59+00:00
Accession:  0001437749-23-001682
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Community Bankshares Q4 net income $12.58M; dividend up 7.4%; to acquire Surrey Bancorp
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- Net income $12.58M ($0.77 diluted EPS) for Q4 2022, up from $10.56M in Q4 2021; full-year net income $46.66M ($2.82 diluted EPS).
- Quarterly dividend raised to $0.29/share (+7.4% YoY), payable Feb 24, 2023 to record Feb 10, 2023; 38th consecutive year of regular dividends.
- Entered agreement to acquire Surrey Bancorp (Mount Airy, NC); adds ~$500M in assets; expected close Q2 2023, subject to approvals.
- Net interest margin expanded 82 bps to 4.34%; loan portfolio grew 10.83% YTD ($234.63M); share repurchases curtailed due to deal.
- Nonperforming loans 0.70% of total loans; net charge-offs $2.25M in Q4 (0.37% annualized avg loans) vs $1.17M in Q4 2021.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/859070/000143774923001682/0001437749-23-001682-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/859070/000143774923001682/fcbc20230123_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-001682

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