This interactive report is designed to highlight the performance of First Bancorp, Inc.
2 0 2 4 ANNUAL REPORT TO SHAREHOLDERS
Putting customers first since 1979. Our commitment to innovation, customer care, and community, supported by our people and products, propels our ongoing success and momentum.
Table of Contents
Letter from the President & CEO
02 03 04 05 06 09 13 17 21 25
Board of Directors Five Year Summary
Tradition of Performance Expanding Our Reach
Exceptional Services
Digital Bank
Convenient Lending The Future of Banking
Audited Financials
Teaching Children to Save
In celebration of Financial Literacy Month, our team visited local schools to share vital money-saving skills with the next generation. By teaching kids to save early, we hope to set them up for a lifetime of financial success.
Food Donations for Southwest Virginia
During the 2024 Legal Food Frenzy Campaign for Feeding Southwest Virginia, First Bank and Trust Company collected $1,960.20 and donated more than 924 pounds of food to address food insecurities.
Scholarships for Bright Students
In 2024, the First Bancorp Inc. Board of Directors voted to establish scholarships in honor of each current board member. These are awarded to students who demonstrate exceptional leadership and achievement.
2024 Annual Report | 01
Letter from the President
Dear Shareholders, Momentum. Every company wants it, but very few have the people and products necessary to realize it or are unwilling to expend the effort and dedication required to make it a reality. As the following financial statements will attest, First Bancorp, Inc. continued to build on a history of success by producing outstanding results in 2024, and is poised to carry that momentum into 2025 and beyond. In 2024, your company produced record income of $55.4 million, equating to $3.34 per share and representing a return on equity of 16.5%. Dividends of $1.19 per share represented a 9.2% increase over the previous year and stands as the 34th consecutive year in which the dividend has increased. Fueling this performance was robust loan growth of over $365 million in the communities we serve while continuing to maintain outstanding asset quality and yield. Deposit growth of $469 million directly from depositors in our market areas not only provided the funding for that loan growth, but also significantly strengthened on-balance sheet liquidity. I am frequently asked what is the “secret” of the success of First Bank and Trust Company, but in all honesty, there is no secret - the success of the bank is predicated on offering cutting-edge, convenient products, expertly delivered and serviced by our 455 outstanding bankers, providing an unmatched experience for our customers. In short, what differentiates First Bank and Trust Company is our people and our products. This report highlights a few of those people, as well as the depth and breadth of our product offerings. We firmly believe that we must continue to invest in and leverage technology to create added convenience and functionality for customers while at the same time increasing the safety and security of our banking channels. We are also committed to investing in our employees, because every single employee plays a key role in maintaining the success and momentum of the Company with each customer interaction. The attached financial reports bear witness to the dedication and effort from all of our employees. In 2000, a mere twenty-five years ago, there were 162 banks that were headquartered in Virginia. Today, industry consolidation has left only 58 banks based in the state, a trend that will undoubt- edly continue. Remaining an independent community bank is not a right – it is a privilege that must be earned by performance, while never overlooking the needs of the individuals,
businesses, and communities we serve. We believe at the end of the day, First Bank and Trust Company has the potential to be the last bank standing, continuing our legacy of providing the best possible banking experience for our customers, investing in the communities that make us what we are today, maintaining employee security and longevity, and providing an exceptional return for our shareholders. Sincerely,
02 | 2024 Annual Report
N. Trent Yates Vice Chairman First Bancorp, Inc. Board First Bank and Trust Company Board
Ronald L. Barrett, II Chairman First Bancorp, Inc. Board First Bank and Trust Company Board
Sophie Chafin-Vance Secretary & SVP Chief Branch Operations Officer First Bancorp, Inc. Board First Bank and Trust Company Board
W. Mark Nelson President & CEO First Bancorp, Inc. Board First Bank and Trust Company Board
David A. Leonard Director First Bancorp, Inc. Board First Bank and Trust Company Board
William H. Hayter Director First Bancorp, Inc. Board First Bank and Trust Company Board
David A. Leonard, II Director First Bancorp, Inc. Board First Bank and Trust Company Board
Ronald L. Barrett Director First Bancorp, Inc. Board First Bank and Trust Company Board
Raleigh E. Hayter Senior VP & Chief Credit Officer First Bancorp, Inc. Board First Bank and Trust Company Board
BOARD DIRECTORS of
A. Eric Moore Chief Financial Officer First Bank and Trust Company Board
2024 Annual Report | 03
Five Year Summary
2023
2022
2021
2020
2024
Summary of Operations
(in thousands)
103,456 8,927 94,529 4,212 21,783 58,507
125,368 18,077 107,291 7,980 22,334 61,112 12,614 47,919
92,145 11,408 80,737 7,313 19,379 52,687 7,959 32,157
Interest Income Interest Expense Net Interest Income
219,038 93,478 125,560 4,462 20,411 72,547 13,511 55,451
177,906 64,857 113,049 5,220 19,441 65,967
Provision for Loan Losses
Other Income Other Expense
11,458 42,135
11,185 50,118
Applicable Income Taxes
Net Income
Per Share Data
2.54 0.92 15.77
2.89 1.00 17.16
1.94 0.75 14.18
Net Income Cash Dividends Declared Book Value
3.34 1.19 21.40
3.02 1.09 19.18
End of Period Balance Sheet Summary Loans, Net Securities Available for Sale (in thousands)
2,078,153 93,263 3,147 2,846,353 2,483,865 261,612
2,400,249 101,640 1,784 3,141,627 2,771,287 284,777
1,939,680 13,843 3,634 2,344,110 1,988,616 235,029
3,196,466 61,039 - 3,823,160 3,401,614 355,395
2,831,424 84,397 - 3,322,721 2,932,087 318,076
Total Assets Securities Held for Sale Deposits Capital
Selected Ratios
Average Equity to Average Assets Return on Average Assets Return on Average Equity Cash Dividends Declared as Percent of Net Income
9.55% 1.62% 16.95% 36.21%
9.18% 1.62% 17.62% 34.64%
10.38% 1.48% 14.25% 38.68%
9.43% 1.56% 16.51% 35.63%
9.5% 1.58%
16.64% 36.05%
04 | 2024 Annual Report
Tradition of Performance
72%
NET INCOME | 5 YEAR GROWTH
96%
ASSETS | 5 YEAR GROWTH
107%
DIVIDENDS | 5 YEAR GROWTH
65%
STOCK VALUE | 5 YEAR GROWTH
Certificate of Ownership
Two for One Stock Split Declared May 31, 2024
1979
2024 Annual Report | 05
Expanding Our Reach
As part of our commitment to growth and innovation, Open Anywhere was launched in March 2024. This key product extends our services beyond our physical footprint, allowing individuals in South Carolina, Georgia, Kentucky, West Virginia, and Maryland to open personal accounts online and access our industry-leading digital banking services. This expansion opens the door to greater deposit opportunities, increased market share, long-term customer connections, and sustained growth.
Open an Account Online in Minutes Scan the QR code with your phone to open an account in 5 minutes or less!
06 | 2024 Annual Report
2024 Annual Report | 07
Building Strong Customer Relationships
Employees visited long-time customer Jimmy Huffard, co-owner of Duchess Dairy Farms, to learn more about his ongoing success in partnership with First Bank and Trust Company.
E
Sweet Treats for Front-line Staff
During Customer Service Appreciation Week, we honored our dedicated front-line staff who consistently go the extra mile. Their hard work and commitment embody the spirit of First Bank and Trust Company.
Celebrating Our Valued Customers
We expressed our gratitude during the Christiansburg, VA Customer Appreciation Day. It was a wonderful opportunity to connect and celebrate one of the communities that makes First Bank and Trust Company special.
08 | 2024 Annual Report
SERVICES EXCEPTIONAL
2024 Annual Report | 09
Services
Our comprehensive suite of services is designed to offer personalized, seamless solutions that deliver convenience and control. These offerings empower customers to manage their finances on their own terms, with the highest standards of service and security.
E-BANKING DEPOSITS
WEALTH Trust & Wealth Management services offer clients access to a range of specialized products and expert guidance, allowing us to develop personalized strategies that align with both short-term and long-term financial goals.
With secure, advanced technology and dedicated customer support, we enable clients to easily manage their finances and work toward their goals with confidence.
Since 1979, we’ve focused on providing deposit products that support our customers’ diverse financial needs. From our long- standing free checking to our specialty and perks accounts, our offerings are designed to add value for customers and drive deposit growth.
10 | 2024 Annual Report
The most rewarding aspect of working in Trust and Wealth Management is delivering exceptional, customer-focused service. As a community bank, we spend more time with clients, building close, personal relationships, and gain a deeper understanding of their unique financial situations. Caleb Snider Wealth Management Officer | Staunton, VA
Digital banking has completely transformed the way we serve customers. Since joining eBanking in 2006, we’ve seen a tremendous increase in enrollments. With the live chat tool, we’re able to assist customers in real time, providing fast, efficient, and personalized support. Heidi Taylor E-Commerce Specialist | Abingdon, VA
I diligently listen to customer needs and strive to understand their unique goals. My customer service goes beyond just deposits and managing their accounts - I believe in building a trusting and long-term relationship with the customer. Yalitza Ramirez Vault Teller | Red Oak, NC
“
Great bank. Great staff. I looked at a lot of banks in the area and am very pleased I found this one. Great online setup and features, too.
Joe C. Pinnacle Branch | Bristol, TN
Empowering Future Financial Leaders The Bank hosted 19 high school seniors across Virginia for VBA Bank Day. Students explored careers in the industry and the vital role banks play in local communities. Three of the seniors were also awarded scholarships provided by the VBA.
D
Family Fun Day Celebration
Employees from across our footprint gathered to spend a day of fellowship with co-workers and their families at the Family Fun Day event. The event was a great opportunity to reinforce our commitment to creating a tight-knit community in the workplace.
Giving Back to Our Communities
Our Young Bankers joined forces with Feeding Southwest Virginia to pack over 600 bags for local Backpack Programs in Southwest Virginia. We are grateful for every opportunity we have to end the fight against hunger.
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BANK DIGITAL
2024 Annual Report | 13
Digital Bank Digital Banking lets customers manage finances anytime, anywhere. With secure online and mobile services, they can access accounts, make transactions, and use financial tools to meet their goals. For the bank, this transition supports growth by expanding the customer base, reducing operational costs, and providing a seamless, modern banking experience.
Direct Deposit With Direct Deposit, customers enjoy a streamlined banking experience by connecting their paycheck directly to their checking account. This makes consolidating finances easier, and their earnings can be received up to two days sooner. Mobile Deposit Customers can easily deposit checks directly into their account using their mobile device. With just a few taps, they can skip the branch visit and save time, making banking more convenient and accessible. Bill Pay An essential tool for streamlining monthly bills and person-to-person payments, Bill Pay lets customers easily initiate external transfers and set up one-time, future, or recurring transactions.
14 | 2024 Annual Report
Financial Confidence + Security Fostering a digital experience that drives customer financial growth and security.
zogo
credit score
Credit Score provides free access to monitor and manage credit health. Track credit history, set alerts, receive improvement tips, and access the credit simulator all in the app.
Zogo offers interactive financial education by breaking down concepts into bite-size lessons. Customers of all ages can improve their financial literacy and earn real rewards along the way.
Card Management is an essential tool that enhances the customer experience and protects their financial well-being. Customers can easily turn their cards on and off, receive real-time alerts, set spending limits, block unauthorized transactions, manage parental controls, and add travel notices. card management
Digital Solutions. Local Support. Chat directly with our customer service team in Mobile and Online Banking.
My wife’s card is no longer working. Is it possible to order a new card for her?
Our chat feature is another way to address customer questions quickly and easily. Customers love the service, as reflected by the rapidly growing usage numbers! Beth Farmer Online Customer Support Specialist
I can reorder this card for her! Can you please confirm the mailing address associated with the card? She can also choose to have one printed at a local branch if she’s needing one sooner.
Mailing it will do just fine. Thank you.
I will reorder a new one to come through the mail now! Can I do anything else for you all today?
2024 Annual Report | 15
Connecting with Local Farmers
Our dedicated Ag Lenders set up a booth at the Rockingham County Fair to engage with industry pros and showcase how we support local agriculture.
C
Teaching Kids About Business
At the Lebanon Elementary Career Fair, employees shared aspects of managing a business with students using the Clover Point of Sale systems.
Employees Graduate from Bankers School
First Bank and Trust Company was pleased to have three graduates from the Virginia Bankers School of Bank Management, a program designed to provide multidimensional education experience in banking.
16 | 2024 Annual Report
LENDING CONVENIENT
2024 Annual Report | 17
Lending The majority of First Bank and Trust Company’s lending activity falls into three primary categories: Commercial, Agriculture, and Mortgage. In 2024, all three segments produced very favorable results, with growth in total loans outstanding exceeding $365 million, or 12.7%. This increase was achieved while continuing to maintain the highest degree of asset quality and meeting targeted loan yields.
MORTGAGE Despite a challenging interest rate environment, the Mortgage Division produced outstanding results in 2024. Along with continuing to originate new mortgages, the Division significantly expanded home equity lines of credit to homeowners with existing low-rate mortgages to access their built-up equity. The use of homebuyer assistance programs was also leveraged to foster a smoother path to homeownership for many. First Bank and Trust Company remains committed to providing mortgage financing with local service and support.
COMMERCIAL First Bank and Trust Company is proud to be a true “Community Bank”, providing the investment and financing to strengthen the businesses and organizations within our markets, thereby enhancing economic opportunity. Our customer deposits are reinvested locally, which leads to more employment sources and contributes to the vitality of our local economies. The communities we serve are not just markets, they are our homes, and we have a vested interest in their success.
AGRICULTURE
Farmers helping farmers is more than a slogan at First Bank and Trust Company. All of our agriculture lenders have farming experience, and many still run their own operations. This allows them to uniquely understand the needs and challenges of our customers, and to provide customized solutions to finance and expand their enterprise. With agriculture loans nearing $1 billion, we remain committed to the industry. No one is more dedicated than farmers, and we have consistently proven our commitment to be there for them through every challenge.
18 | 2024 Annual Report
AGRICULTURE LOANS
31 AG Lenders across VA, TN, NC, and GA GROWTH OF LENDERS
$916,270,354 outstanding as of 12/31/2024, providing a 13.5% growth in loans.
Like many of our Ag Lenders, I own and operate my own farm. Being a farmer myself gives me unique insight into the needs and challenges of our customers.
Sheldon Waldron , AVP Lender
94 at $18.5 M in total loan volume FIRST-TIME HOMEBUYERS
MORTGAGE LOANS
$682,818,886 outstanding as of 12/31/2024, providing a 21.3% growth in loans.
With a diversified range of product offerings, we are a true Community Bank, able to cater to any customer scenario, whether that is a first-time homebuyer, someone seeking a construction loan, providing an equity line, or someone buying their forever home. Chad Pennington , VP - Mortgage Loan Originator
COMMERCIAL LOANS
12.2 % growth in loans in 2024 LOAN GROWTH
$1,116,228,901 outstanding as of 12/31/2024
First Bank and Trust Company is large enough to take care of almost any customer, but still operates like a small bank, treating customers as individuals rather than numbers. At the end of the day, that matters.
Jonathan Comer , SVP - Commercial Lender
2024 Annual Report | 19
Investing in Communities TREASURY MANAGEMENT
As a regional bank rooted in the communities we serve, we deliver tailored solutions and automated processes that drive efficiency and growth for our clients, counties, cities, towns, and other governmental entities.
T
We take pride in reinvesting municipal deposit dollars into local projects, boosting the economy through tax impact and fostering employment opportunities. Misty Pack VP - Treasury Management Officer
Products + Solutions Powering Business COMMERCIAL DEPOSIT MANAGEMENT With both local and remote capabilities, our CDM team offers solutions that work for businesses of all sizes.
Merchant Services Inventory management, sales reporting, & payment processing
Positive Pay Fraud protection for your business
Business Online Banking Simplify your payroll process
Remote Deposit Capture Conveniently scan checks remotely
“
Our experiences with First Bank and Trust Company have been great inside and outside the branch. The online banking services are very user-friendly, especially when it comes to business transactions, scanning checks, etc. We love the convenience of our Clover systems as well. Thanks to Nikki, we can track our inventory, sales, and taxes all on one system.
Kayla M. Crossroads Farm Supply & Deli | Damascus, VA
Future of Banking Mini Cover BANKING THE FUTURE of
2024 Annual Report | 21
Future of Banking The future of banking is shaped by our talented team, commitment to recruitment, and investment in training. By empowering our people and investing in our communities, we drive innovation and growth, staying ahead in an evolving industry.
Training + Talent Development INVESTING IN OUR PEOPLE These three pillars work together to ensure that our employees are knowledgeable, compliant, and capable of delivering exceptional customer service.
Technical Skills
Customer Service
Compliance + Regulation
Employee development and training are essential to the success of First Bank and Trust Company. By continuously investing in our employees’ growth, we foster a workforce that is skilled, adaptable, and committed to delivering exceptional customer service.
Elizabeth Dean VP/Training Manager
22 | 2024 Annual Report
Strategic Hiring + Market Growth BUILDING HIGH-PERFORMING TEAMS Strategic hiring is key to our market growth, enabling us to bring in top talent that drives innovation, strengthens our operations, and ensures we remain ahead in a competitive industry. Identifying and attracting individuals who not only align with our values but are also equipped to shape the future of our bank is essential for leading us toward continued success and long-term growth.
Our employees are our most important asset. When it comes to recruitment, we focus on ensuring the right fit for both the individual and the bank. Our goal is to be the organization where employees can build a long-term career—we strive to hire to retire. Monica Anderson SVP - Human Resources Manager - Recruiter
Growing + Strengthening Communities CULTIVATING CONNECTIONS ACROSS MARKETS At First Bank and Trust, our approach to entering new markets is built on finding the right fit for both the community and our team. We don’t enter a market without ensuring the right people are in place to lead and cultivate customer relationships. For us, success is about more than business growth, it’s about building strong, lasting connections in every market we serve.
Joining First Bank and Trust Company has allowed me to make a personal commitment to each one of my clients, ensuring they truly feel ‘FIRST,’ while still offering the full range of products found at larger financial institutions. Heather Mercer VP - Business Development Officer
2024 Annual Report | 23
Your Local Bank in the Community Our bank’s future is deeply connected to the strength of our communities. By supporting community initiatives and offering financial education, we’re helping individuals, families, and businesses thrive. These initiatives foster meaningful, long-term relationships that fuel our continued growth and success.
Responding to Hurricane Helene
A
After the devastating impact of Hurricane Helene, the Bank pledged $100,000 to support relief efforts. Thanks to the incredible generosity of our employees, customers, and communities, an additional $35,231 was raised. We are deeply grateful for the outpouring of support and compassion from our area.
Pack the Bus Expands to 26 Locations
First Bank and Trust Company donated $2,500 to 26 school districts, totaling $65,000, throughout the Bank’s footprint in Virginia, Tennessee, and North Carolina.
24 | 2024 Annual Report
Future of Banking Mini Cover FINANCIALS AUDITED
2024 Annual Report | 25
H ESS, S TEWART & C AMPBELL, PLLC
C ERTIFIED P UBLIC A CCOUNTANTS 122 East Main Street Beckley, West Virginia 25801
940 Fourth Ave. Huntington, WV 25701 P: (304) 523-6464 F: (304) 523-4395
915 Jefferson Street N. Lewisburg, WV 24901
P: (304) 255-1978 F: (304) 255-1971
P: (304) 255-1978 F: (304) 255-1971
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors and Stockholders FLierbsat nBoann,cVoirrpg,inIniac. and Subsidiaries Report on the Financial Statements and Internal Control
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS year period after the date of the issuance of these financial statements. 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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements and Internal Control over Financial Reporting Mp rai nn caigpel me se gnet ni es rrael lsyp oa nc csei bpltee df o irn t ht hee pUr enpi taerda tSi ot ant easn od f f Aa imr eprriec sae, natnadt i of onr otfh et hde efsi ingann, ciima lpsl et amt eemn teant itos ni,na ancdc omr adianntceen awnicteh oafc ceof fuenc tt ii nv ge imn at et er nr iaal l cmo ni stsrtoalt oe mv eernfti ,nwa nhceitahl erre pd ou ret itno gf rraeul edv oa rn te rt or otrh. eMparneapgaerma tei onnt iasnadl sfoa irreps pr eosnesni bt al et i of onr oi tf sf iansasnecs isaml setnatt eamb oeuntt st ht eh aetf faercet ifvreene efsrso mo f iRnet sepr no an ls icboinl ittri eo sl , o Cv eormf pi nl iaanncci ea l wr ei pt ho rDt i ensgi,ginnac tl eu dd eLdaiwn st haenadc cRoemg pu al ant yi oi nngs , Maannda gMe ma neangte Rmeepnotr’ st RAesgsaersds mi n eg nStt aot fe mI netne tr no af lMCaonna tgreoml eonvte’ sr Financial Reporting. Iang gprreegpaatrei , ntgh at ht er af ii ns ea ns cuibasl tsatna tt ieaml de on ut sb, tma abnoaugt eFmi res nt tBias nrceoqrupi ,r Iendc t. oa ne dv aSl uu ab tsei dwi ahrei et hs earbti hl i et yr et oa rceo nc ot inndui et i oa sn sa og ro ei nvge nc ot sn, cceornns iodveerre dt hien ot hn ee
In performing an audit of financial statements and an audit of internal control over financial reporting in accordance with GAAS, we: Exercise professional judgment and maintain professional skepticism throughout the audits. Iadnedn tpi ef yr faonr dma sa suedsist tphreorciesdk us roef smraetseproi anl smi vies sttoa ttehmo seen tr oi sf kt sh. eSfui nc ahnpc iraolcsetda ut erme se ni nt cs l, uwdhee et hxearmdi un ei ntgo, for na uad toerset rbr ao sr i, sa, nedv di deesni gcne regarding the amounts and disclosures in the financial statements. Othbattaainreaanpupnrdoperrsiatatendinintgheofciirnctuemrnsatlancocnestr. ol relevant to the financial statement audit in order to design audit procedures Or ebpt oa ri nt i na gn , ua ns sdeesrss tt ahne driins gk so tf hi na tt ear nmaal tceor ni at lr owl eoavkenr efsi ns aenx ci si at sl , raenpdo rt tei sntga rnedl eevvaanl ut at ot et ht he ea du edsi ti gonf ai nntde ronpael rcaot ni nt gr oel f of evcet ri vf ei nnaens sc i oa fl internal control over financial reporting based on the assessed risk. Eb yv aml uaantaegtehme eanptp, raospwr iealtleanseesvs aol fuaact ec ot uh ne toi nvge rpaol ll ipcri eess eunsteadt iaonndotfhteh er efai ns aonncaiballesntea st es mo fesnitgsn. i f i c a n t a c c o u n t i n g e s t i m a t e s m a d e Ca bo onuc ltuFdi er swt Bh ea tnhceorr, pi n, Ionuc r. aj unddgSmu eb ns itd, ti ahreirees ’aar be icl iot ny dt iot icoonnst oi nrueev ae ns tas ,gcooi nn gs i dc oenr ec de rinn ftohre aa gr eg ar es og antaeb, lteh apte rr ai oi sde osfutbi ms t ea .n t i a l d o u b t Wo f et haer ea ur edqi tu, isr iegdn it foi ccaonmt ma uudni ti cfai nt ed wi n igt sh, tahnods ec ec rhtaa ri ng ei dn twe ri tnha gl oc ov ne rt rnoaln- rceel ar et egda rmd iant gt e, ra smt oh na gt wo teh ei dr emn tai tf ti ee rds d, tuhrei npgl atnh ne ef di nsacnocpi ae l asnt da t tei mm ei nngt audit. Definition and Inherent Limitations of Internal Control over Financial Reporting Ao tnh ei nr spt iet rustoi onnn’ es l i, ndteesring anle cdotnot rporloov vi de er rf ienaasnocni aa bl lree pa sosrut irnagn ci se ar epgraorcdeisnsg etfhf eecpt er de pbayr at thi oo sne ocf hraerl igaebdl ewf ii tnha ng coivael rsnt aa tnecme , emn tasniangaecmc oe rndt ,a annc de wc oint hd ua cc ct eodu nt toi nmg eper ti ntchi pe l er es pg oe rntei nr agl l ryeaqcucierpe tme de ni nt st hoef US ne ci ttei odnS t1a1t e2s oo ff At hmee Fr iecda e. Br aelc aDuespeoms i at nI angs eumr aenncte’ s Caos sr epsosrma tei onnt aInmdporuorv ae umdei tn wt Ae rcet (pFr De pI Ca IrAa )t i, oonuor f af iundaint coi af l Fs itrastte mB aennct so ri np , a Icncco. r da na nd c Se uwbistihd iaacrci oe us ni tni tnegr npar il nccoi pnlterso lg eonveerra lf liyn aanc cc ei apl t er edpi on rtthi ne gU inni ct el uddSetda t ceos notfr Ao lms eorvi cear atnhde wc oint ht rtohle oi nv es trr uf icntai onnc si atlo rtehpeoCr ot innsgo li indcal ut edde Fs i tnhaonscei apl oS tl iactieems eanntds fporroBc ea dn ku rHe os l dt hi na gt C( 1o)mppearnt iaei sn ( tFoo rtmh eF mR aYi-n9tCe)n. aAnnc ei nos ft i true tcioornd’ ss i tnht ae tr,nianl ra es as us or anna cbel et hd ae tt at irl a, ancscauc rt iaot ne lsy aarnedr feacior lryd reedf laesc tntehcee st rsaanr ys atcot ipoenrsma int dp dr ei sppaor saittiioonn so of ff itnhaenacsi sa el tsst aotf etmh ee ni nt ss t ii nt uat icocno ;r (d2a)npc reowv iidt he ar ec ac os ounnat ibnl ge po nr ilny ciinp laecsc goer nd ea rnaclel ywaict cheaput et hdoirni ztahtei oUnns i ot ef dmSatna at egse mo feAnmt aenr di c at h, aons ed ct hh aa tr greedc ewi pi tt hs agnodv eerxnpaenncdei;t aunr eds (o3f) tphreo ivni sdtei truetai os no naarbe l eb eaisnsgu rma andc ee rtheagtarcdoiunlgd phraevveeantmioante, roiraltiemffeelcyt donettehcetiofinnaanncdiaclosrtraetectmioenntosf. unauthorized acquisition, use, or disposition of the institution’s assets BA el scoa, upsreo oj ef ci tt iso innshoe fr eannty l iams si teastsimo nesn, ti notfeer fnf ea cl tci ov ne tnreosl sotvoe frufti un raen cpiea rl i roedpsoar rt ien sgumb jaeyc tntoot tphree vr ei snkt , t oh ra td ceot enct tr oa lns dmcaoyr rbeec ct ,ommies si tnaat de emqeunattse. because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Beckley, West Virginia February 25, 2025
2024 Annual Report | 27
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28 | 2024 Annual Report
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2024 Annual Report | 29
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30 | 2024 Annual Report
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2024 Annual Report | 31
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32 | 2024 Annual Report
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