Mission Statement, Vision, & Core Values (2024) of First Community Bankshares, Inc. (FCBC)

An Overview of First Community Bankshares, Inc. (FCBC)

General Summary of First Community Bankshares, Inc. (FCBC)

First Community Bankshares, Inc. (FCBC) has a rich history, having been established in 1874. The bank operates as a financial holding company and provides a wide range of financial services through its subsidiary, First Community Bank. Its primary offerings include commercial and personal banking, wealth management, and insurance products.

As of 2024, FCBC has consolidated assets totaling $3.22 billion. The bank serves customers through various branches and offers a comprehensive suite of products designed to meet the needs of both individual and business clients.

Current sales figures indicate a diversified revenue stream, with significant contributions from net interest income and noninterest income. The wealth management division, which includes trust management and investment advisory services, managed approximately $1.64 billion in combined assets as of September 30, 2024.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, FCBC reported a net income of $13.03 million, reflecting a decrease of 10.98% compared to the same quarter in 2023. However, for the first nine months of 2024, net income increased to $38.56 million, a rise of 6.42% from the previous year.

Net interest income decreased by $1.75 million in the third quarter compared to the same period in 2023, mainly due to increased rates on interest-bearing deposits. The net interest margin stood at 4.41%, which is a decrease of 10 basis points from the prior year.

For the nine months ending September 30, 2024, total noninterest income reached $29.05 million, which is an increase of 7.64% year-over-year, driven largely by gains from asset sales and increases in service charges.

Introduction to Company as a Leader in the Industry

FCBC is recognized as a leader in the banking industry, particularly within the regions it serves. With a focus on community banking, the company emphasizes personalized service and local decision-making. Its strategic initiatives in wealth management and investment services have positioned it favorably against competitors.

The bank's commitment to quality customer service and innovative financial solutions contributes to its reputation as a trusted financial partner. As of 2024, FCBC continues to adapt to market conditions, ensuring growth and stability in its operations.

Mission Statement of First Community Bankshares, Inc. (FCBC)

Mission Statement Overview

The mission statement of First Community Bankshares, Inc. (FCBC) is pivotal in shaping the strategic direction and operational focus of the organization. It articulates the company's purpose and serves as a guiding principle for decision-making processes across all levels of the organization. The mission emphasizes the commitment to high-quality banking services while fostering community development and enhancing customer satisfaction.

Core Component 1: Customer Commitment

First Community Bankshares is dedicated to delivering exceptional service to its customers. This commitment is reflected in the company's focus on understanding customer needs and providing tailored banking solutions. In 2024, FCBC reported a net income of $38.56 million for the first nine months, representing a 6.42% increase compared to the prior year. This growth underscores the effectiveness of their customer-centric approach.

Furthermore, FCBC's noninterest income, which increased by 7.64% year-over-year, demonstrates the success of their service offerings in areas such as wealth management and service charges.

Core Component 2: Community Engagement

Community engagement is a cornerstone of FCBC's mission. The bank actively participates in local initiatives and supports various community programs. As of September 30, 2024, FCBC's total assets stood at $3.22 billion, with significant portions allocated to local loans and community projects. The bank aims to strengthen community ties while promoting economic development through responsible lending practices, which include a loan portfolio that emphasizes local businesses and individual homeowners.

In 2024, the bank’s total loans decreased by $128.19 million or 4.98%, primarily reflecting a strategic decision to focus on quality over quantity in lending, thereby minimizing risk and supporting sustainable growth in the community.

Core Component 3: Integrity and Transparency

Integrity and transparency are fundamental to FCBC's operations, fostering trust and accountability among stakeholders. The bank maintains rigorous standards for ethical conduct in all its dealings. As of September 30, 2024, the return on average assets (ROA) was reported at 1.60%, while the return on average equity (ROE) was 10.04%, illustrating a commitment to maintaining strong financial health while upholding its values.

Moreover, the allowance for credit losses to total loans was 1.44% as of September 30, 2024, indicating prudent risk management practices. This ratio reflects the bank's proactive approach to safeguarding its financial integrity while ensuring that it remains accountable to its customers and shareholders.

Vision Statement of First Community Bankshares, Inc. (FCBC)

Vision Statement Overview

The vision statement of First Community Bankshares, Inc. (FCBC) as of 2024 reflects its commitment to enhancing community engagement and providing exceptional financial services. The company aims to be recognized as a leading community bank that prioritizes customer satisfaction, innovation, and sustainable growth.

Commitment to Community Engagement

FCBC's vision emphasizes strong ties to the communities it serves. As of September 30, 2024, total deposits amounted to $2.66 billion, showcasing the bank's significant role in local economies. The bank's strategy includes initiatives aimed at enhancing financial literacy and supporting local businesses.

Exceptional Customer Service

FCBC aims to deliver an unparalleled customer experience. In the third quarter of 2024, the bank reported net income of $13.03 million, reflecting its ongoing efforts to enhance customer satisfaction through tailored financial products. The return on average assets (ROA) stood at 1.60%, indicating effective management of customer funds.

Innovation in Financial Services

First Community Bankshares is dedicated to adopting technological advancements to improve service delivery. The net interest margin for the third quarter of 2024 was 4.41%, driven by innovations in digital banking services. The bank's investment in technology is aimed at providing customers with efficient and accessible banking solutions.

Sustainable Growth Strategies

FCBC's vision includes a strong focus on sustainable growth. As of September 30, 2024, the bank's total assets reached $3.22 billion. The bank has implemented various strategies to ensure long-term profitability while maintaining a commitment to environmental and social governance (ESG) principles. The company's allowance for credit losses was 1.44% of total loans, reflecting prudent risk management practices.

Core Values of First Community Bankshares, Inc. (FCBC)

Integrity

The core value of integrity at First Community Bankshares, Inc. (FCBC) emphasizes honesty and transparency in all dealings. This value is crucial for building trust with customers, employees, and stakeholders.

FCBC demonstrates its commitment to integrity through its robust compliance and ethical standards. The bank regularly conducts training sessions for employees on ethical behavior and compliance with federal regulations. As of September 30, 2024, the bank maintained a satisfactory rating in its compliance audits, ensuring adherence to legal and ethical standards.

Community Focus

FCBC is dedicated to supporting the communities it serves, reflecting its core value of community focus. This commitment is evident in the bank's various community engagement initiatives.

• The bank has invested over $1.5 million in local community programs and initiatives in 2024.
• FCBC employees volunteered over 2,000 hours in community service activities, including financial literacy programs and local charity events.
• The bank's "Community Impact Fund" has provided over $500,000 in grants to local nonprofits since its inception.

Customer Commitment

Customer commitment is a fundamental value at FCBC, focusing on delivering exceptional service and support to clients. This value is central to the bank's operational strategy.

In 2024, FCBC launched a new customer feedback initiative, resulting in a 95% satisfaction rate among surveyed customers. The bank also introduced a 24/7 customer service hotline, which has significantly reduced response times to customer inquiries.

Innovation

Innovation is a core value that drives FCBC's growth and adaptability in the financial services industry. The bank invests in technology to enhance customer experience and operational efficiency.

• In 2024, FCBC allocated $3 million towards upgrading its digital banking platform, leading to a 40% increase in online banking usage.
• The introduction of a mobile app has allowed customers to conduct transactions and access services seamlessly, contributing to a 25% rise in mobile banking adoption.

Teamwork

FCBC promotes teamwork as a core value, fostering a collaborative environment among employees to achieve common goals. This value enhances productivity and employee morale.

The bank's employee engagement survey in 2024 indicated that 88% of employees feel valued and supported in their teamwork efforts. Additionally, FCBC has implemented various team-building activities and training programs to strengthen collaboration across departments.

Updated on 16 Nov 2024

Resources:

1. First Community Bankshares, Inc. (FCBC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of First Community Bankshares, Inc. (FCBC)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View First Community Bankshares, Inc. (FCBC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.