FIRST COMMUNITY BANKSHARES INC /VA/ Business Summary

First Community Bankshares, Inc. (FCBC) operates as a financial holding company for First Community Bank, primarily generating revenue through net interest income derived from a diversified portfolio of commercial, real estate, and consumer loans funded by a stable core deposit base. Its business model is centered on a single "Community Banking" segment that provides traditional retail and commercial banking services alongside a Trust Division and wealth management subsidiary managing approximately $1.75 billion in assets. As of March 2026, the company has significantly expanded its regional presence following the January 2026 acquisition of Hometown Bancshares, Inc., which increased its consolidated assets to approximately $3.6 billion and its branch network to 60 locations across Virginia, West Virginia, North Carolina, and Tennessee. FCBC competes directly with regional peers such as City Holding Company (CHCO), Community Trust Bancorp (CTBI), and First Merchants (FRME), distinguishing itself through a high-touch relationship model and a conservative credit culture tailored to the Appalachian trade area. Established in 1874, the company is currently led by Chairman and CEO William P. Stafford II, who brings an extensive legal background in commercial transactions and banking to the role he has held since 2013. The executive leadership team includes President Gary R. Mills, a Certified Public Accountant with over 30 years of experience who also serves as CEO of the banking subsidiary, and Chief Financial Officer David D. Brown, who joined the firm in 2006 after serving as a corporate auditor for United Bankshares. The leadership core is further supported by Chief Operating Officer Jason R. Belcher, a long-tenured executive who has managed various risk and finance functions since 2005. FCBC maintains strong institutional backing from major asset managers including BlackRock, Vanguard, and Dimensional Fund Advisors, while its board of directors consists of seasoned regional professionals focused on maintaining the company’s long-standing history of dividend stability and disciplined capital allocation.