MergerMay 8, 2026, 01:46 PM
FIRST COMMUNITY BANKSHARES Completes Hometown Merger; Q1 Net Income $12.03M
AI Summary
FIRST COMMUNITY BANKSHARES INC /VA/ completed its merger with Hometown Bancshares, Inc. on January 23, 2026, issuing 1,029,314 common shares. The transaction was accounted for using the acquisition method, resulting in $1.73 million in goodwill and $8.59 million in core deposit intangibles. For the first quarter ended March 31, 2026, the company reported net income of $12.027 million, a slight increase from $11.818 million in the prior year, with diluted EPS of $0.63. Total assets grew to $3.64 billion, and total deposits reached $3.06 billion.
Key Highlights
- Hometown Bancshares, Inc. merger completed on January 23, 2026.
- Issued 1,029,314 common shares for the Hometown acquisition.
- Q1 2026 Net Income was $12.027 million, up from $11.818 million in Q1 2025.
- Diluted Earnings Per Share (EPS) was $0.63 in Q1 2026, compared to $0.64 in Q1 2025.
- Total assets increased to $3.64 billion as of March 31, 2026, from $3.26 billion at December 31, 2025.
- Total deposits grew to $3.06 billion as of March 31, 2026, from $2.69 billion at December 31, 2025.
- Net interest income for Q1 2026 was $33.29 million, up from $30.30 million in Q1 2025.
- Early adopted ASU 2025-08, avoiding a $2.98 million provision expense.