First Community Bankshares, Inc. Announces Fourth Quarter 2023 Results and Quarterly Cash Dividend
BLUEFIELD, Va., Jan. 23, 2024 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended December 31, 2023. The Company reported net income of $11.78 million, or $0.66 per diluted common share, for the quarter ended December 31, 2023. Net income for the twelve months ended December 31, 2023, was $48.02 million or $2.72 per diluted common share.The Company also declared a quarterly cash dividend to common shareholders of twenty-nine cents $0.29 per common share. The quarterly dividend is payable to common shareholders of record on February 9, 2024, and is expected to be paid on or about February 23, 2024. This marks the 39th consecutive year of regular dividends to common shareholders.
*Fourth Quarter 2023 and Full Year Highlights*
*Income Statement*
· Net income of $11.78 million for the fourth quarter and $48.02 million for the year were negatively impacted by a $3.00 million accrual for estimated litigation expenses.
· Adjusted for non-recurring items, fourth quarter net income increased $1.84 million to $14.59 million compared to fourth quarter 2022 on improved net interest margin and lower provision for credit losses. Also adjusted for non-recurring items, current year net income of $54.74 million was $9.12 million, or 19.99%, greater than last year.
· Net interest income increased $1.44 million compared to the same quarter in 2022, as increases in benchmark interest rates have improved net interest margin. Provision for credit losses was approximately $2.39 million lower than the same quarter last year.
· Interest and fees on loans increased $5.80 million from the same quarter of 2022 and is attributable to both an increase in yield and an increase in average balance compared to the yield and average balance of the prior year. The Company acquired Surrey Bancorp on April 21, 2023, adding approximately $239.08 million in loans. Interest income on deposits in banks decreased $777 thousand to $438 thousand for the fourth quarter, primarily due to a significant decrease in the average balance compared to the fourth quarter of 2022.
· Annualized return on average assets (“ROA”) was 1.43% for the fourth quarter and 1.48% for the twelve months of 2023 compared to 1.59% and 1.45% for the same periods, respectively of 2022. Annualized return on average common equity (“ROE”) was 9.39% for the fourth quarter and 10.02% for the twelve months of 2023 compared to 11.99% and 11.04%, for the same periods, respectively of 2022. Adjusted for non-recurring items, ROA was 1.77% and ROE was 11.63% for the fourth quarter of 2023.
*Balance Sheet and Asset Quality*
· The Company’s loan portfolio increased by $172.10 million, or 7.17%, from December 31, 2022. Excluding the Surrey transaction, the loan portfolio decreased approximately $66.98 million, or 2.79%.
· Deposits increased $43.51 million, or 1.62%, from year-end 2022. Excluding the Surrey transaction, deposits decreased approximately $360.13 million, or 13.44%, from December 31, 2022.
· The Company repurchased 189,500 common shares during the fourth quarter of 2023 for a total cost of $5.98 million. The Company repurchased 768,079 common shares during 2023 for a total cost of $23.04 million. The Company recently announced a new 2.7 million share repurchase program that replaced the remainder of the prior program.
· Non-performing loans to total loans increased to 0.76% when compared with the same quarter of 2022. The Company experienced net charge-offs for the fourth quarter of 2023 of $883 thousand, or 0.14%, of annualized average loans, compared to net charge-offs of $2.25 million, or 0.37%, of annualized average loans for the same period in 2022.
· The allowance for credit losses to total loans was 1.41% at December 31, 2023, compared to 1.27% for the same period of 2022.
· The accumulated other comprehensive loss of $10.95 million at December 31, 2023, decreased $4.77 million compared to the accumulated other comprehensive loss of $15.71 million at December 31, 2022.
· Book value per share at December 31, 2023, was $27.20, an increase of $1.19 from year-end 2022.
*Non-GAAP Financial Measures*In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.
*About First Community Bankshares, Inc.*
First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2023. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.49 billion in combined assets as of December 31, 2023. The Company reported consolidated assets of $3.27 billion as of December 31, 2023. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.
This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
*CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)* *Three Months Ended* *Year Ended* *December
31,* *September
30,* *June 30,* *March 31,* *December
31,* *December 31,*
(Amounts in thousands,
except share and per
share data) *2023* *2023* *2023* *2023* *2022* *2023* *2022*
*Interest income* * * * * * * * * * * * * * *
Interest and fees on
loans $ 33,676 $ 33,496 $ 31,927 $ 27,628 $ 27,873 $ 126,727 $ 104,570
Interest on securities 1,888 1,912 2,057 2,099 1,900 7,956 5,986
Interest on deposits in
banks 438 697 885 462 1,215 2,482 3,763
Total interest income 36,002 36,105 34,869 30,189 30,988 137,165 114,319
Interest expense
Interest on deposits 3,935 2,758 1,930 718 366 9,341 1,654
Interest on borrowings 4 77 59 1 140 2
Total interest expense 3,939 2,758 2007 777 367 9,481 1,656
*Net interest income* 32,063 33,347 32,862 29,412 30,621 127,684 112,663
Provision for credit
losses 1,029 1,109 4,105 1,742 3,416 7,985 6,572
*Net interest income
after provision* 31,034 32,238 28,757 27,670 27,205 119,699 106,091
Noninterest income 10,462 9,622 8,785 8,583 9,184 37,452 37,182
Noninterest expense 26,780 22,913 24,671 20,813 20,730 95,177 83,116
Income before income
taxes 14,716 18,947 12,871 15,440 15,659 61,974 60,157
Income tax expense 2,932 4,307 3,057 3,658 3,076 13,954 13,495
*Net income* $ 11,784 $ 14,640 $ 9,814 $ 11,782 $ 12,583 $ 48,020 $ 46,662
Adjustment to Net
Income for Fair Value
Changes to Restricted
Stock Units (tax-
effected) $ 530 $ 215 $ 335 $ 20 $ - $ 1,100 $ -
Adjusted Net Income
for diluted earnings per
share $ 12,314 $ 14,855 $ 10,149 $ 11,802 $ 12,583 $ 49,120 $ 46,662
Earnings per common
share
Basic $ 0.64 $ 0.78 $ 0.53 $ 0.73 $ 0.78 $ 2.67 $ 2.82
Diluted $ 0.66 $ 0.79 $ 0.55 $ 0.72 $ 0.77 $ 2.72 $ 2.82
Cash dividends per
common share
Regular 0.29 0.29 0.29 0.29 0.29 1.16 1.12
Weighted average
shares outstanding
Basic 18,530,114 18,786,032 18,407,078 16,228,297 16,229,289 17,996,373 16,519,848
Diluted 18,575,226 18,831,836 18,431,598 16,289,489 16,281,922 18,027,151 16,562,257
Performance ratios
Return on average assets 1.43 % 1.74 % 1.18 % 1.55 % 1.59 % 1.48 % 1.45 %
Return on average
common equity 9.39 % 11.63 % 8.04 % 11.15 % 11.99 % 10.02 % 11.04 %
Return on average
tangible common
equity (1) 13.82 % 17.11 % 11.65 % 16.19 % 17.75 % 14.65 % 16.17 %
(1) A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets.
*CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)* *Three Months Ended* *Year Ended* *December
31,* *September
30,* *June 30,* *March 31,* *December
31,* *December 31,*
(Amounts in thousands) *2023* *2023* *2023* *2023* *2022* *2023* *2022*
*Noninterest income* * * * * * * * * * * * * * *
Wealth management $ 1,052 $ 1,145 $ 965 $ 1,017 $ 958 $ 4,179 $ 3,855
Service charges on deposits 3,637 3,729 3,471 3,159 3,354 13,996 14,213
Other service charges and fees 3,541 3,564 3,460 3,082 3,006 13,647 12,308
(Loss) gain on sale of securities - - (28 ) 7 - (21 ) -
Gain on divestiture - - - - - - 1,658
Other operating income 2,232 1,184 917 1,318 1866 5,651 5,148
Total noninterest income $ 10,462 $ 9,622 $ 8,785 $ 8,583 $ 9,184 $ 37,452 $ 37,182
*Noninterest expense* * *
Salaries and employee benefits $ 12,933 $ 12,673 $ 12,686 $ 11,595 $ 11,913 $ 49,887 $ 47,183
Occupancy expense 1,252 1,271 1,276 1,168 1,196 4,967 4,818
Furniture and equipment expense 1,489 1,480 1,508 1,401 1,413 5,878 6,001
Service fees 2,255 2,350 2,284 2,019 1,905 8,908 7,606
Advertising and public relations 843 968 846 643 574 3,300 2,409
Professional fees 787 172 281 327 98 1,567 1,303
Amortization of intangibles 536 536 425 234 364 1,731 1,446
FDIC premiums and assessments 376 392 423 320 330 1,511 1,126
Merger expense - - 2,014 379 596 2,393 596
Divestiture expense - - - - - - 153
Litigation expense 3,000 - - - - 3,000 -
Other operating expense 3,309 3,071 2,928 2,727 2,341 12,035 10,475
Total noninterest expense $ 26,780 $ 22,913 $ 24,671 $ 20,813 $ 20,730 $ 95,177 $ 83,116
*RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)* *Three Months Ended* *Year Ended* *December
31,* *September
30,* *June 30,* *March 31,* *December
31,* *December 31,*
(Amounts in thousands, except per
share data) *
2023* *2023* *2023* *2023* *2022* *2023* *2022*
*Adjusted Net Income for diluted
earnings per share* $ 12,314 $ 14,855 $ 10,149 $ 11,802 $ 12,583 $ 49,120 $ 46,662
Non-GAAP adjustments:
Loss (gain) on sale of securities - - 28 (7 ) - 21 -
Merger expense - - 2,014 379 596 2,393 596
Day 2 provision for allowance for
credit losses - Surrey - - 1,614 - - 1,614 -
Divestiture expense - - - - - - 153
Gain on divestiture - - - - - - (1,658 )
Litigation expense 3,000 - - - 3,000
Other items (1) - (204 ) - - (450 ) (204 ) (542 )
Total adjustments 3,000 (204 ) 3,656 372 146 6,824 (1,451 )
Tax effect 720 (49 ) 522 10 (29 ) 1,203 (412 )
*Adjusted earnings, non-GAAP* $ 14,594 $ 14,700 $ 13,283 $ 12,163 $ 12,758 $ 54,741 $ 45,623
Adjusted diluted earnings per common
share, non-GAAP $ 0.79 $ 0.78 $ 0.72 $ 0.75 $ 0.78 $ 3.04 $ 2.75
Performance ratios, non-GAAP
Adjusted return on average assets 1.77 % 1.75 % 1.60 % 1.60 % 1.61 % 1.68 % 1.42 %
Adjusted return on average common
equity 11.63 % 11.68 % 10.88 % 11.51 % 12.16 % 11.43 % 10.80 %
Adjusted return on average tangible
common equity (2) 17.11 % 17.18 % 15.77 % 16.72 % 17.93 % 16.70 % 15.84 %
(1) Includes other non-recurring income and expense items.
(2) A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets.
*AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)* *Three Months Ended December 31,* *2023* *2022*
(Amounts in thousands) *Average*
*Balance* *Interest(1)* *Average
Yield/
Rate(1)* *Average
Balance* *Interest(1)* *Average
Yield/
Rate(1)*
*Assets* * * * * * * * * * * * *
Earning assets
Loans (2) (3) $ 2,581,528 $ 33,758 5.19 % $ 2,383,161 $ 27,944 4.65 %
Securities available for sale 274,513 1,924 2.78 % 299,488 1,942 2.57 %
Interest-bearing deposits 31,293 438 5.55 % 130,363 1,218 3.71 %
Total earning assets 2,887,334 36,120 4.96 % 2,813,012 31,104 4.39 %
Other assets 379,960 326,043
Total assets $ 3,267,294 $ 3,139,055
*Liabilities and stockholders' equity* * ** ** ** ** ** **
*
Interest-bearing deposits
Demand deposits $ 697,555 $ 180 0.10 % $ 666,517 $ 27 0.02 %
Savings deposits 838,455 3,050 1.44 % 856,755 106 0.05 %
Time deposits 254,668 705 1.10 % 293,520 232 0.31 %
Total interest-bearing deposits 1,790,678 3,935 0.87 % 1,816,792 365 0.08 %
Borrowings
Federal funds purchased 293 4 5.35 % - - 0.00 %
Retail repurchase agreements 1,090 - 0.05 % 2,473 1 0.07 %
Total borrowings 1,383 4 0.87 % 2,473 1 0.07 %
Total interest-bearing liabilities 1,792,061 3,939 0.87 % 1,819,265 366 0.08 %
Noninterest-bearing demand deposits 931,681 864,537
Other liabilities 45,819 38,993
Total liabilities 2,769,561 2,722,795
Stockholders' equity 497,733 416,260
Total liabilities and stockholders'
equity $ 3,267,294 $ 3,139,055
Net interest income, FTE (1) $ 32,181 $ 30,738
Net interest rate spread 4.09 % 4.31 %
Net interest margin, FTE (1) 4.42 % 4.34 %
(1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
(2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3) Interest on loans includes non-cash and accelerated purchase accounting accretion of $792 thousand and $395 thousand for the three months ended December 31, 2023 and 2022, respectively.
*AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)* *Year Ended December 31,* *2023* *2022*
(Amounts in thousands) *Average
Balance* *Interest(1)* *Average
Yield/
Rate(1)* *Average
Balance* *Interest(1)* *Average
Yield/
Rate(1)*
*Assets* * * * * * * * * * * * *
Earning assets
Loans (2) (3) $ 2,538,361 $ 127,019 5.00 % $ 2,298,503 $ 104,830 4.56 %
Securities available for sale 298,389 8,115 2.72 % 256,221 6,172 2.41 %
Interest-bearing deposits 46,601 2,485 5.33 % 330,785 3,767 1.14 %
Total earning assets 2,883,351 137,619 4.77 % 2,885,509 114,769 3.98 %
Other assets 369,700 328,635
Total assets $ 3,253,051 $ 3,214,144
*Liabilities and stockholders' equity* * * * * * * * * * * * *
Interest-bearing deposits
Demand deposits $ 686,534 $ 405 0.06 % $ 683,502 $ 112 0.02 %
Savings deposits 847,397 6,781 0.80 % 880,171 306 0.03 %
Time deposits 267,957 2,155 0.80 % 322,158 1,235 0.38 %
Total interest-bearing deposits 1,801,888 9,341 0.52 % 1,885,831 1,653 0.09 %
Borrowings
Federal funds purchased 2,715 139 5.12 % - - 0.00 %
Retail repurchase agreements 1,528 1 0.06 % 2,239 2 0.07 %
Total borrowings 4,243 140 3.30 % 2,239 2 0.07 %
Total interest-bearing liabilities 1,806,131 9,481 0.52 % 1,888,070 1,655 0.09 %
Noninterest-bearing demand deposits 926,378 864,224
Other liabilities 41,477 39,363
Total liabilities 2,773,986 2,791,657
Stockholders' equity 479,065 422,487
Total liabilities and stockholders'
equity $ 3,253,051 $ 3,214,144
Net interest income, FTE (1) $ 128,138 $ 113,114
Net interest rate spread 4.25 % 3.89 %
Net interest margin, FTE (1) 4.44 % 3.92 %
(1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
(2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3) Interest on loans includes non-cash and accelerated purchase accounting accretion of $2.74 million and $2.62 million for the twelve months ended December 31, 2023 and 2022, respectively.
*CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)*
(Amounts in thousands, except per share data) *December
31,
2023* *September
30,
2023* *June 30,
2023* *March 31,
2023* *December
31,
2022*
*Assets* * * * * * * * * * *
Cash and cash equivalents $ 116,420 $ 113,397 $ 152,660 $ 92,385 $ 170,846
Debt securities available for sale 280,961 275,332 314,373 308,269 300,349
Loans held for investment, net of unearned income 2,572,298 2,593,472 2,621,073 2,388,897 2,400,197
Allowance for credit losses (36,189 ) (36,031 ) (36,177 ) (30,789 ) (30,556 )
Loans held for investment, net 2,536,109 2,557,441 2,584,896 2,358,108 2,369,641
Premises and equipment, net 50,680 51,205 53,546 47,407 47,340
Other real estate owned 192 243 339 481 703
Interest receivable 10,881 10,428 10,185 8,646 9,279
Goodwill 143,946 143,946 143,946 129,565 129,565
Other intangible assets 15,145 15,681 16,217 3,942 4,176
Other assets 114,854 116,552 115,275 102,869 103,673
Total assets $ 3,269,188 $ 3,284,225 $ 3,391,437 $ 3,051,672 $ 3,135,572
*Liabilities* * * * * * * * * * *
Deposits
Noninterest-bearing $ 931,920 $ 944,301 $ 974,995 $ 823,297 $ 872,168
Interest-bearing 1,790,405 1,801,835 1,877,683 1,761,327 1,806,647
Total deposits 2,722,325 2,746,136 2,852,678 2,584,624 2,678,815
Securities sold under agreements to repurchase 1,119 1,029 1,348 1,866 1,874
Interest, taxes, and other liabilities 42,450 41,393 38,691 33,451 32,898
Total liabilities 2,765,894 2,788,558 2,892,717 2,619,941 2,713,587
*Stockholders' equity* * * * * * * * * * *
Common stock 18,502 18,671 18,969 16,243 16,225
Additional paid-in capital 175,841 180,951 189,917 128,666 128,508
Retained earnings 319,902 313,489 304,295 300,047 292,971
Accumulated other comprehensive loss (10,951 ) (17,444 ) (14,461 ) (13,225 ) (15,719 )
Total stockholders' equity 503,294 495,667 498,720 431,731 421,985
Total liabilities and stockholders' equity $ 3,269,188 $ 3,284,225 $ 3,391,437 $ 3,051,672 $ 3,135,572
Shares outstanding at period-end 18,502,396 18,671,470 18,969,281 16,243,551 16,225,399
Book value per common share $ 27.20 $ 26.55 $ 26.29 $ 26.58 $ 26.01
Tangible book value per common share (1) 18.60 18.00 17.85 18.36 17.76
(1) A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding.
*SELECTED CREDIT QUALITY INFORMATION (Unaudited)*
(Amounts in thousands) *December
31,
2023* *September
30,
2023* *June 30,
2023* *March 31,
2023* *December
31,
2022*
*Allowance for Credit Losses* * * * * * * * * * *
Balance at beginning of period:
Allowance for credit losses - loans $ 36,031 $ 36,177 $ 30,789 $ 30,556 $ 29,388
Allowance for credit losses - loan commitments (1) 758 964 964 1,196 1,416
Total allowance for credit losses beginning of period 36,789 37,141 31,753 31,752 30,804
Adjustments to beginning balance:
Allowance for credit losses - loans - Surrey
acquisition for purchased credit deteriorated loans - - 2,011 - -
Allowance for credit losses - loan commitments (1) - - - - -
Net Adjustments - - 2,011 - -
Provision for credit losses:
Provision for credit losses - loans 1,041 1,315 4,105 1,974 3,416
(Recovery of) provision for credit losses - loan
commitments (1) (12 ) (206 ) - (232 ) (220 )
Total provision for credit losses - loans and loan
commitments 1,029 1,109 4,105 1,742 3,196
Charge-offs (2,105 ) (2,157 ) (1,993 ) (2,570 ) (2,873 )
Recoveries 1,222 696 1,265 829 625
Net (charge-offs) recoveries (883 ) (1,461 ) (728 ) (1,741 ) (2,248 )
Balance at end of period:
Allowance for credit losses - loans 36,189 36,031 36,177 30,789 30,556
Allowance for credit losses - loan commitments (1) 746 758 964 964 1,196
Ending balance $ 36,935 $ 36,789 $ 37,141 $ 31,753 $ 31,752
*Nonperforming Assets* * * * * * * * * * *
Nonaccrual loans $ 19,356 $ 18,366 $ 18,628 $ 15,557 $ 15,208
Accruing loans past due 90 days or more 104 59 - 23 142
Modified loans past due 90 days or more (2) - - - - -
Troubled debt restructurings (“TDRs”) (3) - - - - 1,346
Total nonperforming loans 19,460 18,425 18,628 15,580 16,696
OREO 192 243 339 481 703
Total nonperforming assets $ 19,652 $ 18,668 $ 18,967 $ 16,061 $ 17,399
*Additional Information* * * * * * * * * * *
Total modified loans (2) $ 1,873 $ 1,674 $ 642 $ 429 $ -
Total accruing TDRs (4) $ - $ - $ - $ - $ 7,112
*Asset Quality Ratios* * * * * * * * * * *
Nonperforming loans to total loans 0.76 % 0.71 % 0.71 % 0.65 % 0.70 %
Nonperforming assets to total assets 0.60 % 0.57 % 0.56 % 0.53 % 0.55 %
Allowance for credit losses to nonperforming loans 185.97 % 195.55 % 194.21 % 197.62 % 183.01 %
Allowance for credit losses to total loans 1.41 % 1.39 % 1.38 % 1.29 % 1.27 %
Annualized net charge-offs (recoveries) to average
loans 0.14 % 0.22 % 0.11 % 0.29 % 0.37 %
(1) Prior quarter information for loan commitments has been reclassed for presentation purposes.
(2) ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. ASU adopted effective January 1, 2023.
(3) Accruing TDRs restructured within the past six months or nonperforming as reported prior to the adoption of ASU 2022-02 Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.
(4) Accruing total TDRs as reported prior to the adoption of ASU 2022-02 Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.
*FOR MORE INFORMATION, CONTACT:*
David D. Brown
(276) 326-9000