• First Community Bankshares, Inc. Announces Second Quarter 2023 Results and Quarterly Cash Dividend

    المصدر: Nasdaq GlobeNewswire / 25 يوليو 2023 16:30:19   America/New_York

    BLUEFIELD, Va., July 25, 2023 (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 June 30, 2023. The Company reported net income of $ 9.81 million, or $ 0.55 per diluted common share, for the quarter ended June 30, 2023. When adjusted to exclude the impact of merger-related expenses associated with the acquisition of Surrey Bancorp, net income was $12.95 million for the second quarter. Net income for the six months ended June 30, 2023, was $ 21.60 million or $ 1.26 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 August 11, 2023, and is expected to be paid on or about August 25, 2023. This marks the 38th consecutive year of regular dividends to common shareholders.

    Second Quarter 2023 and Current Highlights

    Income Statement

    • Net income of $9.81 million for the quarter was approximately 12.48%, or $1.40 million, lower compared to net income of $11.21 million in the same quarter of 2022. The decrease is primarily attributable to $2.01 million in one-time merger-related costs and $1.61 million in additional credit loss provision both associated with the acquisition of Surrey Bancorp on April 21, 2023.
    • When adjusted for merger-related costs and provisions and other non-recurring items, second quarter net income of $12.95 million, or $0.70 per diluted common share was an increase of $1.81 million, or 16.20%, from the same quarter last year.
    • Net interest income increased $5.32 million compared to the same quarter in 2022, as increases in interest rates improved net interest margin.
    • Net interest margin of 4.48% is an increase of 70 basis points over the same quarter of 2022.  The yield on earning assets increased 91 basis points primarily driven by increased earnings on loans and securities.
    • Interest and fees on loans increased $6.28 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. Interest income from securities of $2.06 million was an increase of $506 thousand over the same quarter of 2022 and is attributable to an increase in the portfolio and in yield from the same period of the prior year. Interest income on deposits in banks also increased $117 thousand to $885 thousand for the second quarter, primarily due to a significant increase in overnight rates compared to the second quarter of 2022.
    • Annualized return on average assets was 1.18% for the second quarter and 1.36% for the first six months of 2023 compared to 1.38% and 1.29% for the same periods, respectively of 2022. Annualized return on average common equity was 8.04% for the second quarter and 9.48% for the first six months of 2023 compared to 10.61% and 9.80% for the same periods, respectively of 2022.

    Balance Sheet and Asset Quality

    • The Company completed the strategic acquisition of Surrey Bancorp, on April 21, 2023. Total assets of $466.25 million were acquired in the transaction increasing the Company's consolidated assets to $3.39 billion. In addition, the Company issued 2.99 million common shares in the purchase resulting in an increase in capital of $71.37 million. The purchase transaction created $14.38 million in goodwill and $12.70 million in other intangible assets. Other major balance sheet components increased in the transaction with $239.08 million acquired in loans and $403.64 million in deposits.
    • The Company’s loan portfolio increased by $220.88 million, or 9.20% from December 31, 2022.  Excluding the Surrey transaction, the loan portfolio decreased approximately $18.20 million, or 0.76%.
    • Deposits increased $173.86 million, or 6.49% from year-end 2022.  Excluding the Surrey transaction, deposits decreased approximately $229.77 million, or 8.58% from December 31, 2022.
    • The Company repurchased 279,567 common shares during the second quarter of 2023 for a total cost of $7.69 million. Share repurchases had been suspended in the fourth quarter of 2022 in anticipation of the now completed acquisition of Surrey Bancorp and not restarted until the second quarter of 2023.
    • Non-performing loans to total loans increased slightly to 0.71% from 0.65% that was reported at March 31, 2023.  The Company experienced net charge-offs for the second quarter of 2023 of $728 thousand, or 0.11% of annualized average loans, compared to net recoveries of $258 thousand, or 0.05% of annualized average loans for the same period in 2022.
    • The allowance for credit losses to total loans was 1.38% at June 30, 2023 compared to 1.29% for the first quarter of 2023.
    • Accumulated other comprehensive loss of $14.46 million at June 30, 2023, is primarily attributable to a relatively small decline in the market value of investment securities compared to book value after the significant increases in benchmark interest rates of the last six quarters.
    • Book value per share at June 30, 2023, was $26.29, an increase of $0.28 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%.  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 June 30, 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 $ 1.42 billion in combined assets as of June 30, 2023. The Company reported consolidated assets of $ 3.39 billion as of June 30, 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; 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  Six Months Ended 
    (Amounts in thousands,   June 30,  March 31,  December 31,  September 30,  June 30,  June 30, 
    except share and per share data) 2023  2023  2022  2022  2022  2023  2022 
    Interest income                            
    Interest and fees on loans $31,927  $27,628  $27,873  $26,405  $25,651  $59,555  $50,292 
    Interest on securities  2,057   2,099   1,900   1,785   1,551   4,156   2,301 
    Interest on deposits in banks  885   462   1,215   1,532   768   1,347   1,016 
    Total interest income  34,869   30,189   30,988   29,722   27,970   65,058   53,609 
    Interest expense  -                         
    Interest on deposits  1,930   718   366   380   422   2,648   908 
    Interest on borrowings  77   59   1   -   1   136   1 
    Total interest expense  2,007   777   367   380   423   2,784   909 
    Net interest income  32,862   29,412   30,621   29,342   27,547   62,274   52,700 
    Provision for credit losses  4,105   1,742   3,416   685   510   5,847   2,471 
    Net interest income after provision  28,757   27,670   27,205   28,657   27,037   56,427   50,229 
    Noninterest income  8,785   8,583   9,184   9,950   8,854   17,368   18,048 
    Noninterest expense  24,671   20,813   20,730   21,145   21,255   45,484   41,241 
    Income before income taxes  12,871   15,440   15,659   17,462   14,636   28,311   27,036 
    Income tax expense  3,057   3,658   3,076   4,111   3,423   6,715   6,308 
    Net income $9,814  $11,782  $12,583  $13,351  $11,213  $21,596  $20,728 
                                 
    Earnings per common share                            
    Basic $0.53  $0.73  $0.78  $0.82  $0.67  $1.25  $1.24 
    Diluted $0.55  $0.72  $0.77  $0.81  $0.67  $1.26  $1.24 
    Cash dividends per common share                            
    Regular  0.29   0.29   0.29   0.27   0.27   0.58   0.54 
    Weighted average shares outstanding                            
    Basic  18,407,078   16,228,297   16,229,289   16,378,022   16,662,817   17,323,706   16,739,624 
    Diluted  18,431,598   16,289,489   16,281,922   16,413,202   16,682,615   17,363,478   16,772,847 
    Performance ratios                            
    Return on average assets  1.18%  1.55%  1.59%  1.63%  1.38%  1.36%  1.29%
    Return on average common equity  8.04%  11.15%  11.99%  12.60%  10.61%  9.48%  9.80%
    Return on average tangible common equity(1)  11.65%  16.19%  17.75%  18.51%  15.56%  13.76%  14.32%

    ____________

    (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  Six Months Ended 
      June 30,  March 31,  December 31,  September 30,  June 30,  June 30, 
    (Amounts in thousands) 2023  2023  2022  2022  2022  2023  2022 
    Noninterest income                            
    Wealth management $965  $1,017  $958  $932  $993  $1,982  $1,965 
    Service charges on deposits  3,471   3,159   3,354   3,689   3,672   6,630   7,170 
    Other service charges and fees  3,460   3,082   3,006   2,988   3,297   6,542   6,314 
    (Loss) gain on sale of securities  (28)  7   -   -   -   (21)  - 
    Gain on divestiture  -   -   -   1,658   -   -   - 
    Other operating income  917   1,318   1,866   683   892   2,235   2,599 
    Total noninterest income $8,785  $8,583  $9,184  $9,950  $8,854  $17,368  $18,048 
    Noninterest expense                            
    Salaries and employee benefits $12,686  $11,595  $11,913  $12,081  $11,518  $24,281  $23,189 
    Occupancy expense  1,276   1,168   1,196   1,188   1,165   2,444   2,434 
    Furniture and equipment expense  1,508   1,401   1,413   1,478   1,496   2,909   3,110 
    Service fees  2,284   2,019   1,905   1,635   2,563   4,303   4,066 
    Advertising and public relations  846   643   574   718   577   1,489   1,117 
    Professional fees  281   327   98   208   544   608   997 
    Amortization of intangibles  425   234   364   365   360   659   717 
    FDIC premiums and assessments  423   320   330   321   257   743   475 
    Merger expense  2,014   379   596   -   -   2,393   - 
    Divestiture expense  -   -   -   153   -   -   - 
    Other operating expense  2,928   2,727   2,341   2,998   2,775   5,655   5,136 
    Total noninterest expense $24,671  $20,813  $20,730  $21,145  $21,255  $45,484  $41,241 


    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited) 
      
      Three Months Ended  Six Months Ended 
    (Amounts in thousands,   June 30,  March 31,  December 31,  September 30,  June 30,  June 30, 
    except per share data) 2023  2023  2022  2022  2022  2023  2022 
    Net income $9,814  $11,782  $12,583  $13,351  $11,213  $21,596  $20,728 
    Non-GAAP adjustments:                            
    Loss (gain) on sale of securities  28   (7)  -   -   -   21   - 
    Merger expense  2,014   379   596   -   -   2,393   - 
    Day 2 provision for allowance for credit losses - Surrey  1,614   -   -   -   -   -   - 
    Divestiture expense  0   -   -   153   -   -   - 
    Gain on divestiture  0   -   -   (1,658)  -   -   - 
    Other items (1)  0   -   (450)  -   (92)  1,614   (92)
    Total adjustments  3,656   372   146   (1,505)  (92)  4,028   (92)
    Tax effect  522   10   (29)  (361)  (22)  532   (22)
    Adjusted earnings, non-GAAP $12,948  $12,144  $12,758  $12,207  $11,143  $25,092  $20,658 
                                 
    Adjusted diluted earnings per common share, non-GAAP $0.70  $0.75  $0.78  $0.74  $0.67  $1.45  $1.23 
    Performance ratios, non-GAAP                            
    Adjusted return on average assets  1.56%  1.60%  1.61%  1.49%  1.37%  1.58%  1.29%
    Adjusted return on average common equity  10.61%  11.49%  12.16%  11.52%  10.55%  11.02%  9.76%
    Adjusted return on average tangible common equity (2)  15.37%  16.69%  17.93%  16.92%  15.46%  15.98%  14.27%

    __________

    (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 June 30, 
      2023  2022 
      Average      Average Yield/  Average      Average Yield/ 
    (Amounts in thousands) Balance  Interest(1)  Rate(1)  Balance  Interest(1)  Rate(1) 
    Assets                        
    Earning assets                        
    Loans(2)(3) $2,570,477  $31,997   4.99% $2,273,844  $25,714   4.54%
    Securities available for sale  318,263   2,099   2.65%  280,823   1,597   2.28%
    Interest-bearing deposits  63,322   885   5.61%  377,931   769   0.82%
    Total earning assets  2,952,062   34,981   4.75%  2,932,598   28,080   3.84%
    Other assets  382,162           331,774         
    Total assets $3,334,224          $3,264,372         
                             
    Liabilities and stockholders' equity                        
    Interest-bearing deposits                        
    Demand deposits $712,943  $34   0.02% $698,978  $29   0.02%
    Savings deposits  861,315   1,306   0.61%  895,370   67   0.03%
    Time deposits  282,229   590   0.84%  331,555   326   0.39%
    Total interest-bearing deposits  1,856,487   1,930   0.42%  1,925,903   422   0.09%
    Borrowings                        
    Federal funds purchased  5,927   76   5.14%  -   -   0.00%
    Retail repurchase agreements  1,693   1   0.06%  2,105   1  0.08%
    Total borrowings  7,620   77   4.05%  2,105   1  0.08%
    Total interest-bearing liabilities  1,864,107   2,007   0.43%  1,928,008   423   0.09%
    Noninterest-bearing demand deposits  939,902           874,507         
    Other liabilities  40,705           38,106         
    Total liabilities  2,844,714           2,840,621         
    Stockholders' equity  489,510           423,751         
    Total liabilities and stockholders' equity $3,334,224          $3,264,372         
    Net interest income, FTE(1)     $32,974          $27,657     
    Net interest rate spread          4.32%          3.75%
    Net interest margin, FTE(1)          4.48%          3.78%

    __________

    (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 $884 thousand and $870 thousand for the three months ended June 30, 2023 and 2022, respectively.


    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited) 
      
      Six Months Ended June 30, 
      2023  2022 
      Average      Average Yield/  Average      Average Yield/ 
    (Amounts in thousands) Balance  Interest(1)  Rate(1)  Balance  Interest(1)  Rate(1) 
    Assets                        
    Earning assets                        
    Loans(2)(3) $2,482,606  $59,695   4.85% $2,237,128  $50,412   4.54%
    Securities available for sale  317,503   4,239   2.69%  211,285   2,397   2.29%
    Interest-bearing deposits  52,219   1,350   5.21%  460,864   1,018   0.45%
    Total earning assets  2,852,328   65,284   4.62%  2,909,277   53,827   3.73%
    Other assets  352,643           330,003         
    Total assets $3,204,971          $3,239,280         
                             
    Liabilities and stockholders' equity                        
    Interest-bearing deposits                        
    Demand deposits $689,823   60   0.02% $689,149  $57   0.02%
    Savings deposits  844,459   1,790   0.43%  888,371   133   0.03%
    Time deposits  276,752   798   0.58%  339,186   718   0.43%
    Total interest-bearing deposits  1,811,034   2,648   0.29%  1,916,706   908   0.10%
    Borrowings                        
    Federal funds purchased  5,326   135   5.11%  -   -   0.00%
    Retail repurchase agreements  1,889   1   0.06%  2,050   1   0.08%
    Total borrowings  7,215   136   3.80%  2,050   1   0.08%
    Total interest-bearing liabilities  1,818,249   2,784   0.31%  1,918,756   909   0.10%
    Noninterest-bearing demand deposits  889,253           855,321         
    Other liabilities  38,204           38,529         
    Total liabilities  2,745,706           2,812,606         
    Stockholders' equity  459,265           426,674         
    Total liabilities and stockholders' equity $3,204,971          $3,239,280         
    Net interest income, FTE(1)     $62,500          $52,918     
    Net interest rate spread          4.31%          3.64%
    Net interest margin, FTE(1)          4.42%          3.67%

    ___________

    (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 $1.08 million and $1.74 million for the six months ended June 30, 2023 and 2022, respectively.


    CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited) 
      
      June 30,  March 31,  December 31,  September 30,  June 30, 
    (Amounts in thousands, except per share data) 2023  2023  2022  2022  2022 
    Assets                    
    Cash and cash equivalents $152,660  $92,385  $170,846  $229,095  $398,242 
    Debt securities available for sale  314,373   308,269   300,349   299,620   287,767 
    Loans held for investment, net of unearned income  2,621,073   2,388,897   2,400,197   2,362,733   2,299,798 
    Allowance for credit losses  (36,177)  (30,789)  (30,556)  (29,388)  (29,749)
    Loans held for investment, net  2,584,896   2,358,108   2,369,641   2,333,345   2,270,049 
    Premises and equipment, net  53,546   47,407   47,340   47,891   49,752 
    Other real estate owned  339   481   703   559   579 
    Interest receivable  10,185   8,646   9,279   8,345   8,433 
    Goodwill  143,946   129,565   129,565   129,565   129,565 
    Other intangible assets  16,217   3,942   4,176   4,541   4,905 
    Other assets  115,275   102,869   103,673   107,838   109,085 
    Total assets $3,391,437  $3,051,672  $3,135,572  $3,160,799  $3,258,377 
                         
    Liabilities                    
    Deposits                    
    Noninterest-bearing $974,995  $823,297  $872,168  $878,423  $877,962 
    Interest-bearing  1,877,683   1,761,327   1,806,647   1,831,798   1,920,577 
    Total deposits  2,852,678   2,584,624   2,678,815   2,710,221   2,798,539 
    Securities sold under agreements to repurchase  1,348   1,866   1,874   1,958   2,635 
    Interest, taxes, and other liabilities  38,691   33,451   32,898   36,362   39,157 
    Total liabilities  2,892,717   2,619,941   2,713,587   2,748,541   2,840,331 
                         
    Stockholders' equity                    
    Common stock  18,969   16,243   16,225   16,273   16,502 
    Additional paid-in capital  189,917   128,666   128,508   129,914   136,705 
    Retained earnings  304,295   300,047   292,971   285,096   276,499 
    Accumulated other comprehensive loss  (14,461)  (13,225)  (15,719)  (19,025)  (11,660)
    Total stockholders' equity  498,720   431,731   421,985   412,258   418,046 
    Total liabilities and stockholders' equity $3,391,437  $3,051,672  $3,135,572  $3,160,799  $3,258,377 
                         
    Shares outstanding at period-end  18,969,281   16,243,551   16,225,399   16,273,177   16,502,144 
    Book value per common share $26.29  $26.58  $26.01  $25.33  $25.33 
    Tangible book value per common share(1)  17.85   18.36   17.76   17.09   17.18 

    ___________

    (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) 
      
      June 30,  March 31,  December 31,  September 30,  June 30, 
    (Amounts in thousands) 2023  2023  2022  2022  2022 
    Allowance for Credit Losses                    
    Balance at beginning of year:                    
    Allowance for credit losses - loans $30,789  $30,556  $29,388  $29,749  $28,981 
    Allowance for credit losses - loan commitments (1)  964   1,196   1,416   956   775 
    Total allowance for credit losses beginning of year  31,753   31,752   30,804   30,705   29,756 
    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  4,105   1,974   3,416   685   510 
    (Recovery of) provision for credit losses - loan commitments (1)  -   (232)  (220)  460   181 
    Total provision for credit losses - loans and loan commitments  4,105   1,742   3,196   1,145   691 
    Charge-offs  (1,993)  (2,570)  (2,873)  (2,158)  (1,469)
    Recoveries  1,265   829   625   1,112   1,727 
    Net (charge-offs) recoveries  (728)  (1,741)  (2,248)  (1,046)  258 
    Balance at end of period:                    
    Allowance for credit losses - loans  36,177   30,789   30,556   29,388   29,749 
    Allowance for credit losses - loan commitments (1)  964   964   1,196   1,416   956 
    Ending balance $37,141  $31,753  $31,752  $30,804  $30,705 
                         
    Nonperforming Assets                    
    Nonaccrual loans $18,628  $15,557  $15,208  $15,303  $17,826 
    Accruing loans past due 90 days or more  -   23   142   131   131 
    Modified loans past due 90 days or more (2)  -   -   -   -   - 
    Troubled debt restructurings ("TDRs") (3)  -   -   1,346   1,331   515 
    Total nonperforming loans  18,628   15,580   16,696   16,765   18,472 
    OREO  339   481   703   559   579 
    Total nonperforming assets $18,967  $16,061  $17,399  $17,324  $19,051 
                         
                         
    Additional Information                    
    Total modified loans (2) $642  $429  $-  $-  $- 
    Total accruing TDRs (4) $-  $-  $7,112  $7,028  $8,313 
                         
    Asset Quality Ratios                    
    Nonperforming loans to total loans  0.71%  0.65%  0.70%  0.71%  0.80%
    Nonperforming assets to total assets  0.56%  0.53%  0.55%  0.55%  0.58%
    Allowance for credit losses to nonperforming loans  194.21%  197.62%  183.01%  175.29%  161.05%
    Allowance for credit losses to total loans  1.38%  1.29%  1.27%  1.24%  1.29%
    Annualized net charge-offs (recoveries) to average loans  0.11%  0.29%  0.37%  0.18%  -0.05%

    _________

    (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

     


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