Operating cash flow volatility is evident, as seen in the negative $11.4 million reported for 2026Q1, largely driven by active securities portfolio turnover and liquidity management.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 38.17M | 62.74M | 57.74M | 61.83M | 59.02M | 48.22M | 45.84M | 56.66M | 49.5M | 36.37M | 43.09M | 58.52M | 41.69M | 44.52M | 56.64M | 54.01M | 58.08M | 15.13M | 33.59M | 32.45M | 35.04M | 24.65M | 34.4M | 80.83M | 32.17M | -22.09M | 23.66M | 17.43M | 24.11M | 19.24M | 13.76M |
| Operating CF Growth % | -113.09% | 8.67% | -6.61% | 4.75% | 22.42% | 5.17% | -19.08% | 14.46% | 36.1% | -15.59% | -26.37% | 40.37% | -6.35% | -21.4% | 4.87% | -7.01% | 283.83% | -54.95% | 3.52% | -7.39% | 42.13% | -28.34% | -57.44% | 151.27% | 245.61% | -193.38% | 35.77% | -27.71% | 25.29% | 39.88% | - |
| Net Income | 49M | 48.79M | 51.6M | 48.02M | 46.66M | 51.17M | 35.93M | 38.8M | 36.34M | 21.48M | 25.13M | 24.54M | 25.49M | 23.31M | 28.58M | 20.03M | 21.85M | -38.7M | 3.08M | 29.63M | 28.95M | 26.45M | 26.02M | 25.24M | 24.72M | 19.13M | 17.06M | 16.85M | 13.1M | 15.09M | 13.92M |
| Depreciation & Amortization | 5.83M | 5.66M | 6.48M | 5.68M | 5.6M | 5.92M | 5.91M | 4.45M | 3.95M | 4.62M | 4.7M | 5.25M | 5.19M | 5.39M | 4.84M | 5M | 5.12M | 5.06M | 4.57M | 4.28M | 4.47M | 4.82M | 5.54M | 5.06M | 3.13M | 4.09M | 3.79M | 3.92M | 3.43M | 1.84M | 1.48M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -896K | 2.36M | 13.01M | -18.87M | -12.65M | 216K | 465K | 1.86M | -301K | 578K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.17M | 16.23M | -1.08M | 2.69M | 1.72M | -11.94M | 8.52M | 4.51M | 3.72M | 3.17M | 5.39M | 9.21M | 4.02M | 23.03M | 9.11M | 10.47M | 17.69M | 85M | 37.9M | 304K | 1.6M | -1.36M | 115K | 50.31M | 4.64M | -48.75M | -4.85M | 2.97M | 6.92M | 2.67M | -1.93M |
| Working Capital Changes | -15.05M | -9.43M | -299K | 4.23M | 3.67M | 1.3M | -6.66M | 7M | 3.97M | 5.89M | 6.96M | 18.84M | 6.62M | -7.94M | 14.88M | 16.05M | 354K | -18.27M | 420K | -1.98M | -451K | -7.12M | 3.03M | -351K | -318K | 3.43M | 7.66M | -6.31M | 658K | -358K | 285K |
| Cash from Investing | 169.29M | 139.85M | 263.91M | 288.66M | -536.78M | 35.35M | 17.8M | 171.38M | 49.4M | 67.8M | 110.21M | -70.78M | 280.95M | -1.17M | 252.47M | -14.19M | 5.81M | 63.48M | 99.81M | -126.14M | -109.45M | -162.99M | -35.53M | -129.62M | 58.05M | -102.52M | -50.07M | -116.79M | 46.54M | 394K | -35.78M |
| Purchase of Investments | -386.72M | -93.76M | -109.98M | -74.1M | -269.34M | -22.39M | -10.27M | -8.26M | -67.36M | -49.41M | -1.17M | -96.54M | -63.72M | -201.14M | -245.34M | -234.82M | -248.1M | -218.96M | -171.45M | -211.32M | -139.62M | -111.22M | -118.42M | -307.96M | -41.53M | -232.06M | -4.59M | -69.61M | -132.68M | -88.55M | -112.6M |
| Sale/Maturity of Investments | 379.23M | 136.71M | 221.34M | 122.56M | 25.75M | 27.63M | 95.7M | 71.76M | 77.7M | 72.66M | 230.02M | 41.12M | 211.55M | 193.24M | 264.12M | 243.34M | 265.67M | 245.49M | 219.45M | 48.55M | 41.92M | 87.37M | 200.81M | 164.13M | 112.44M | 122.97M | 23.03M | 44.36M | 179.66M | 51.29M | 58.36M |
| Net Investment Activity | -7.48M | 42.94M | 111.36M | 48.46M | -243.59M | 5.23M | 85.44M | 63.51M | 10.35M | 23.25M | 228.85M | -55.42M | 147.83M | -7.9M | 18.78M | 8.52M | 17.57M | 26.53M | 48M | -162.77M | -97.7M | -23.85M | 82.39M | -143.83M | 70.91M | -109.09M | 18.44M | -25.25M | 46.98M | -37.26M | -54.24M |
| Acquisitions | 0 | 0 | 0 | 176.68M | -59.04M | 0 | 0 | 25.86M | 10K | 0 | 29.72M | -88K | 178.6M | -697K | 152.28M | 835K | -882K | 21.75M | -4.66M | -5.36M | -22.05M | -32.63M | -26.34M | 0 | 1.98M | 77.02M | 3.06M | -1.42M | 0 | 0 | 0 |
| Other Investing | 181.09M | 99.65M | 155.36M | 66.29M | -232.99M | 33.16M | -64.44M | 90.42M | 41.59M | 46.9M | -146.47M | -14.04M | -44.38M | 9.72M | 89.42M | -20.48M | -5.46M | 19.23M | 62.51M | 56.62M | 15.61M | -103.29M | -84.25M | 21.02M | -9.3M | -66.99M | -66.45M | -87.9M | 287K | 39.66M | 18.73M |
| Cash from Financing | -21.85M | -67.81M | -60.62M | -404.92M | -28.84M | 137.31M | 175.91M | -87.9M | -179.97M | -22.52M | -128.78M | -173.61M | -141.55M | -131.63M | -211.56M | -104.71M | -53.04M | -23.7M | -139.71M | 88.68M | 74.63M | 141.13M | -3.43M | -14.24M | -13.45M | 122.18M | 38.85M | 20.07M | -677K | 186K | 23.13M |
| Dividends Paid | -22.98M | -60.6M | -22.02M | -21.09M | -18.52M | -18.06M | -17.88M | -15.06M | -21.09M | -11.56M | -10.4M | -10.21M | -10.11M | -10.47M | -9.28M | -7.71M | -7.12M | -5.74M | -12.45M | -12.08M | -11.66M | -11.49M | -11.24M | -10.85M | -9.93M | -8.88M | -8.34M | -7.73M | -7.44M | -7.37M | -6.42M |
| Share Repurchases | -22.18M | -1.85M | -8.72M | -23.04M | -21.31M | -28.88M | -21.87M | -16.36M | -34.41M | -1.26M | -23.76M | -23.89M | -2.17M | -28.42M | -1.01M | -904K | 0 | -41.67M | -4.22M | 0 | 0 | -1.3M | -1.2M | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 | -170K |
| Stock Issued | 165K | 248K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17K | 1.5M |
| Net Stock Activity | -22.02M | -1.6M | -8.72M | -23.04M | -21.31M | -28.88M | -21.87M | -16.36M | -34.41M | -1.26M | -23.76M | -23.89M | -2.17M | -28.42M | -1.01M | -904K | 0 | 20M | -4.22M | 0 | 0 | -1.3M | -1.2M | 0 | 0 | 0 | 0 | 0 | -1.8M | 17K | 1.33M |
| Debt Issuance (Net) | 959K | 308K | -213K | -755K | 338K | 572K | -40K | 0 | -1000K | -1000K | -48K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 22.19M | -5.92M | -29.67M | -360.03M | 10.65M | 183.68M | 215.7M | -56.47M | -74.47M | 21.01M | -94.57M | -110.56M | -66.18M | -81.15M | -175.5M | -89.64M | -37.71M | -12.84M | -88.4M | -1.16M | 18.54M | 89.77M | -15.13M | -19.04M | 33.81M | 64.77M | 14.98M | -42.75M | 0 | 0 | 0 |
| Net Change in Cash | 185.62M | 134.79M | 261.03M | -54.43M | -506.59M | 220.88M | 239.55M | 140.14M | -81.08M | 81.64M | 24.52M | -185.87M | 181.09M | -88.28M | 97.55M | -64.89M | 10.85M | 54.9M | -6.31M | -5.01M | 220K | 2.79M | -4.56M | -63.03M | 76.77M | -2.43M | 12.45M | -79.3M | 69.97M | 19.82M | 1.1M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 512.24M | 377.45M | 116.42M | 170.85M | 677.44M | 456.56M | 217.01M | 76.87M | 157.95M | 76.31M | 51.79M | 237.66M | 56.57M | 144.85M | 47.29M | 112.19M | 101.34M | 46.44M | 52.75M | 57.76M | 57.54M | 54.75M | 59.31M | 124.58M | 47.81M | 50.24M | 37.8M | 117.1M | 47.14M | 27.35M | 26.27M |
| Cash at End | 600.3M | 512.24M | 377.45M | 116.42M | 170.85M | 677.44M | 456.56M | 217.01M | 76.87M | 157.95M | 76.31M | 51.79M | 237.66M | 56.57M | 144.85M | 47.29M | 112.19M | 101.34M | 46.44M | 52.75M | 57.76M | 57.54M | 54.75M | 61.55M | 124.58M | 47.81M | 50.24M | 37.8M | 117.11M | 47.17M | 27.37M |
| Interest Paid | 17.78M | 16.47M | 19.35M | 9.08M | 2.11M | 3.14M | 5.5M | 5.66M | 7.93M | 8.27M | 9.85M | 11.76M | 15.79M | 18.15M | 19.66M | 22.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 15.54M | 9.85M | 13.38M | 11.78M | 7.59M | 14.4M | 9.07M | 8.06M | 7.61M | 15.85M | 6.59M | 6.9M | 12.55M | 3M | 10.39M | 8.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 33.86M | 60M | 54.93M | 59.06M | 57.86M | 45.18M | 42.65M | 48.24M | 46.95M | 34.02M | 41.2M | 57.28M | 40.59M | 42.23M | 48.63M | 50.94M | 54.33M | 10.75M | 27.55M | 17.82M | 29.73M | 21.44M | 27.07M | 74.03M | 26.63M | -25.55M | 18.54M | 15.21M | 23.38M | 17.22M | 13.32M |
| FCF Growth % | -34.72% | 9.23% | -6.99% | 2.06% | 28.08% | 5.93% | -11.6% | 2.76% | 38.02% | -17.44% | -28.07% | 41.12% | -3.87% | -13.17% | -4.54% | -6.24% | 405.39% | -60.98% | 54.64% | -40.08% | 38.69% | -20.79% | -63.44% | 178.04% | 204.19% | -237.83% | 21.94% | -34.97% | 35.76% | 29.34% | - |
Regional economic concentration risk
Based on reported financial statements, FCBC consistently generates positive net income, averaging approximately $12.2 million per quarter over the last ten periods, which provides a reliable foundation for capital retention despite the bank's limited organic growth opportunities within its core Appalachian footprint and stagnant regional population base.
The bank's ability to maintain consistent earnings suggests a stable internal capital generation capacity that supports its fortress balance sheet. However, the lack of significant reinvestment into the loan book implies that this capital is largely being held in liquid assets rather than deployed for expansion.
As indicated by the quarterly cash flow data, FCBC engaged in significant securities turnover, notably in 2026Q1 where the bank purchased $277 million in securities while selling $323.9 million, suggesting an active management strategy to optimize the portfolio's yield and duration in response to shifting interest rate environments.
This high level of activity in the investment portfolio indicates that management is utilizing securities as a primary tool for liquidity management rather than relying solely on loan growth. Investors should monitor whether this frequent rebalancing is effectively capturing yield or merely reacting to the volatility of the bank's deposit base.
According to historical cash flow filings, FCBC maintains a disciplined dividend payout, typically hovering around $5.7 million per quarter, which appears well-covered by earnings, though the anomalous $43.6 million dividend payment in 2025Q1 warrants further investigation into potential one-time capital return events or specific shareholder distribution strategies.
The bank's consistent dividend policy suggests a commitment to returning capital to shareholders, which is appropriate given the limited growth prospects in its rural markets. The occasional use of share buybacks, while modest, indicates that management views its own equity as a viable use of excess liquidity.
Analysis of the cash flow statement reveals that the bank's operating cash flow is frequently distorted by non-operating items, as evidenced by the negative $11.4 million OCF in 2026Q1, which masks the underlying profitability of the core banking franchise and highlights the volatility of trading asset adjustments.
The cash flow statement obscures the true operational health of the bank by conflating loan originations and securities activity with core earnings. Analysts should look past these fluctuations to the balance sheet, where the $512 million cash position serves as a clear indicator of the bank's current defensive posture.
Quick answers to the most common questions about buying FCBC stock.
First Community Bankshares, Inc. (FCBC) generated $62.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Community Bankshares, Inc. (FCBC) generated $60.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Community Bankshares, Inc. (FCBC) spent $2.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Community Bankshares, Inc. (FCBC) returned $60.6M to shareholders via cash dividends and spent $1.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.