updated 1/26/2011 5:17:32 PM ET 2011-01-26T22:17:32

BLUEFIELD, Va., Jan. 26, 2011 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (Nasdaq:FCBC) ( www.fcbinc.com ) (the "Company") today reported net income for the quarter and year ended December 31, 2010. Net income available to common shareholders amounted to $4.89 million, or $0.27 per diluted common share for the quarter ended December 31, 2010. Net income available to common shareholders amounted to $21.85 million, or $1.23 per diluted common share for the twelve months ended December 31, 2010.

Commenting on fourth quarter and full year results for 2010, Chief Executive Officer John M. Mendez stated, "Given the difficult operating environment that persisted throughout 2010, we are pleased to report operating results, capital levels, and credit measures that continue to position our company among the leaders in the industry. Credit management has indeed been a challenge for banks over the past three years as the economy struggled to recover from a very deep recession and significant devaluations in many segments of the real estate market. We have weathered these conditions well and we look forward to a more hospitable environment in the coming quarters as we begin to see the modest economic expansion and recovery that is being forecast by many."

Mendez continued by saying, "Despite high credit costs we achieved a strong performance for the year with a 0.97% return on average assets and a solidly profitable year with earnings of $21.85 million during the most challenging economic environment in decades. With these results we finished the year with a solid and growing capital base, with non-performing assets at a very manageable 1.32% of total assets, and with a generous loan loss reserve of $26.48 million or 1.91% of loans. While these results do not represent the high standard of performance that we expect of ourselves, they do represent a solid rebound performance in light of the economy."

"Loan loss provisions appear to have leveled off and even retreated from 2009 levels. Net charge-offs declined in the second and third quarters, and we would have seen a continuation of that trend in the fourth quarter except for the substantial resolution of a single large commercial credit which required a $1.6 million charge-off during the quarter. With that charge-off we feel that we have quantified that loss and materially reduced the Bank's exposure."

Fourth Quarter 2010 Highlights –

  • The ratio of non-performing assets to total assets was 132 basis points and total loan delinquencies of 30 days or more, including non-accrual loans, as a percent of total loans were 2.62%.
  • Net interest margin for the fourth quarter remained strong at 3.78%.
  • Tangible book value per common share increased to $10.03, up $0.96, or 10.58%, from December 31, 2009.
  • The Company remains "well-capitalized" with a total risk-based capital ratio of 15.36%, Tier 1 risk-based capital ratio of 14.07%, and a Tier 1 leverage ratio of 9.44% at December 31, 2010.

Net Interest Income

Tax-equivalent net interest margin for the fourth quarter of 2010 was 3.78% compared to 3.92% from the comparable quarter of 2009. Net interest income was $18.10 million for the fourth quarter of 2010, a decrease of $863 thousand, or 4.55%, from the fourth quarter of 2009. Interest income was $24.98 million for the fourth quarter of 2010, a decrease of $2.78 million, or 10.01%. The yield on loans decreased to 5.94% for the fourth quarter of 2010 from 6.24% in the same period of the prior year, while average loans decreased $4.32 million between the comparable periods to $1.40 billion. The Company continued to maintain a high level of liquidity with cash and cash equivalent balances of $112.19 million in the fourth quarter of 2010. 

Fourth quarter 2010 interest expense was $6.88 million, a decrease of $1.91 million, or 21.77%, from the fourth quarter of 2009. Fourth quarter 2010 deposit costs decreased $1.75 million compared to the fourth quarter of 2009, which was primarily due to a decrease in the average rate paid on interest-bearing deposits of 46 basis points to 1.22%. Compared to the fourth quarter of 2009, interest costs on borrowings decreased $166 thousand to $2.47 million for the fourth quarter of 2010, while the average balance decreased $2.29 million from the comparable period due to the redemption of various wholesale borrowings and decreasing rates of interest. The cost of interest-bearing liabilities decreased 40 basis points during the fourth quarter of 2010 compared to the fourth quarter of 2009. Average interest-bearing liabilities decreased $26.91 million, or 1.50% for the fourth quarter of 2010 compared with the fourth quarter of 2009, which included a decrease of $7.73 million in Federal Home Loan Bank ("FHLB") borrowings and other long-term debt.

Noninterest Income

During the fourth quarter of 2010, wealth management revenues decreased $37 thousand, or 3.49%, to $1.02 million from the fourth quarter of 2009. The Wealth Management Division reported $859 million in assets under management at December 31, 2010. Service charges on deposit accounts were $3.33 million for the fourth quarter of 2010, a decrease of $253 thousand, or 7.06%, from the fourth quarter of 2009. Insurance commissions were $1.47 million for the fourth quarter of 2010, an increase of $9 thousand, or 0.61%, from the previous year.

Noninterest Expenses

Noninterest expenses for the fourth quarter of 2010 increased $2.22 million, or 12.57%, compared to the fourth quarter of 2009. The increase was primarily due to salaries and employee benefits which increased $1.07 million, or 12.90%, in the fourth quarter of 2010 compared to the same period in the prior year. The increase is attributed to increasing health care costs, new personnel in the insurance subsidiary, and the building of corporate resources in anticipation of future growth. Federal Deposit Insurance Corporation ("FDIC") deposit insurance premiums decreased $747 thousand, or 50.68% in the fourth quarter of 2010, compared to the fourth quarter of 2009. As of December 31, 2010, the Company recognized a goodwill impairment of $1.04 million at the insurance agency segment. Other operating expenses were $5.95 million, an increase of $1.14 million, or 23.80%, from the fourth quarter of 2009 due to a significant increase in expenses associated with repossessed real estate. The efficiency ratio for the fourth quarter of 2010 was 64.82% compared to 61.29% for the fourth quarter of 2009. 

Credit Quality

The Company's loan quality measures at December 31, 2010, continue to compare favorably to the industry. Total loan delinquencies of 30 days or more, including non-accrual loans, as a percent of total loans were 2.62% at December 31, 2010. This compares favorably to the most recent Federal Reserve report of the Company's peer group of bank holding companies with total assets between $1 and $3 billion, which indicates peer total loan delinquencies of 4.65%. The ratio of allowance for loan losses as a percent of loans held for investment was 1.91% at December 31, 2010, compared to 1.89% at September 30, 2010, and 1.79% at June 30, 2010.

Regarding asset quality, Mr. Mendez noted, "Despite the slight increase in non-performing loans and delinquencies, we remain very focused on the prudent management of our loan portfolio and are cautiously optimistic about the future."

Total non-performing assets, which include unseasoned loan restructurings and other real estate owned, were 1.32% of total assets at December 31, 2010, and non-performing loans as a percentage of loans held for investment were 1.78%. These levels are much better by comparison than those in the Federal Reserve peer group, which were last reported as total non-performing assets to total assets of 3.47% and non-performing loans to total loans of 3.71%. Included in non-performing assets are $5.33 million of unseasoned loan restructurings at December 31, 2010. 

Balance Sheet

Consolidated assets were $2.24 billion at December 31, 2010. At December 31, 2010, total stockholders' equity was $269.88 million, resulting in a book value per common share outstanding of $15.11, compared to total stockholders' equity of $252.27 million and a book value per common share of $14.20 at December 31, 2009. During the fourth quarter of 2010, the Company paid a $0.10 per share dividend on common shares. 2010 marked the Company's 25th consecutive year of paying cash dividends to shareholders.

The Company will host an investor and media teleconference and webcast on Thursday, January 27, 2011, at 11:00 a.m. To access the teleconference, the toll-free number is (877) 407-8033. Alternatively, individuals may listen to the live or archived webcast of the conference call. To listen to the webcast, visit www.fcbinc.com and follow the link under the Investor Relations section. The Company's press release and financial summary will be available in this section, as well. Copies of the Company's fourth quarter 2010 earnings press release and financial summary will also be made available upon request via fax, email or postal service mail. To request a copy, contact David D. Brown, Chief Financial Officer, at (276) 326-9000.

Non-GAAP Presentations

The Company prepares its financial statements under accounting principles generally accepted in the United States, or "GAAP". However, this press release also refers to certain non-GAAP financial measures that we believe, when considered together with GAAP financial measures, provide investors with important information regarding our operational performance. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

Core earnings is a non-GAAP financial measure that reflects net income excluding non-recurring income and expense items, taxes, loan loss provisions, losses on other real estate owned, as well as gains, losses, impairment losses on securities, and goodwill impairments from net income. These excluded items are difficult to predict and we believe that core earnings provide the Company and investors with a valuable tool to evaluate the Company's financial results.

The adjusted efficiency ratio is a non-GAAP financial measure that is computed by dividing core non-interest expense by the sum of net interest income on a tax equivalent basis and core non-interest income. We believe that this measure provides investors with important information about our operating efficiency. Comparison of our adjusted efficiency ratio with those of other companies may not be possible because other companies may calculate the adjusted efficiency ratio differently.

About First Community Bancshares, Inc.

First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $2.24 billion financial holding company and is the parent company of First Community Bank, N. A. First Community Bank, N. A. operates through fifty-six locations in the five states of Virginia, West Virginia, North Carolina, South Carolina, and Tennessee. First Community Bank, N. A. offers wealth management services through its Trust & Financial Services Division and Investment Planning Consultants, Inc., a registered investment advisory firm which offers wealth management and investment advice. The Company's Wealth Management Division managed assets with a market value of $859 million at December 31, 2010. The Company is also the parent company of GreenPoint Insurance Group, Inc., a full-service insurance agency headquartered in High Point, North Carolina, that operates ten offices. The Company's common stock is traded on the NASDAQ Global Select Market under the symbol, "FCBC". Additional investor information can be found on the Internet at www.fcbinc.com .

The First Community Bancshares, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6960

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 year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements contained within this news release.

First Community Bancshares, Inc.
Condensed Consolidated Statements of Income
         
  Three Months Ended Year Ended
(Unaudited) December 31, December 31,
(In Thousands, Except Share and Per Share Data) 2010 2009 2010 2009
Interest Income        
Interest and fees on loans held for investment  $ 20,950  $ 22,085  $ 84,741  $ 82,704
Interest on securities --- taxable  2,293  4,190  12,704  19,093
Interest on securities --- nontaxable  1,672  1,445  5,943  5,972
Interest on federal funds sold and deposits  60  32  194  165
Total interest income  24,975  27,752  103,582  107,934
Interest Expense        
Interest on deposits  4,407  6,155  19,887  27,796
Interest on borrowings  2,469  2,635  9,838  10,886
Total interest expense  6,876  8,790  29,725  38,682
Net interest income  18,099  18,962  73,857  69,252
Provision for loan losses  3,686  7,282  14,757  15,801
Net interest income after provision for loan losses  14,413  11,680  59,100  53,451
Noninterest Income        
Wealth management income  1,022  1,059  3,828  4,147
Service charges on deposit accounts  3,332  3,585  13,128  13,892
Other service charges and fees  1,299  1,248  5,074  4,715
Insurance commissions  1,474  1,465  6,727  6,988
Net impairment losses recognized in earnings  --   (44,067)  (185)  (78,863)
Security gains (losses)  4,248  (14,603)  8,273  (11,673)
Acquisition gain  --   --   --   4,493
Other operating income  713  983  3,663  2,624
Total noninterest income (loss)  12,088  (50,330)  40,508  (53,677)
Noninterest Expense        
Salaries and employee benefits  9,319  8,254  34,528  31,385
Occupancy expense of bank premises  1,586  1,687  6,438  5,889
Furniture and equipment expense  965  988  3,713  3,746
Amortization of intangible assets  263  277  1,032  1,028
FHLB debt prepayment fees  --   --   --   88
FDIC premiums and assessments  727  1,474  2,856  4,262
Merger-related expenses  --   146  --   1,726
Goodwill impairment  1,039  --   1,039  -- 
Other operating expense   5,945  4,802  20,337  18,500
Total noninterest expense  19,844  17,628  69,943  66,624
Income (loss) before income taxes  6,657  (56,278)  29,665  (66,850)
Income tax expense (benefit)  1,772  (21,537)  7,818  (28,154)
Net income (loss)  4,885  (34,741)  21,847  (38,696)
Dividends on preferred stock  --   --   --   2,160
Net income (loss) available to common shareholders  $ 4,885  $ (34,741)  $ 21,847  $ (40,856)
Per Share        
Basic earnings (loss) per common share   $ 0.27  $ (1.96)  $ 1.23  $ (2.75)
Diluted earnings (loss) per common share   $ 0.27  $ (1.96)  $ 1.23  $ (2.75)
Weighted average shares outstanding:        
Basic  17,845,857  17,687,413  17,802,009  14,868,547
Diluted  17,891,807  17,687,413  17,822,944  14,868,547
For the period:        
Return on average assets 0.85% -6.02% 0.97% -1.83%
Return on average common equity 7.00% -51.69% 8.11% -16.73%
Cash dividends per common share  $ 0.10  $ --   $ 0.40  $ 0.30
 
First Community Bancshares, Inc. 
Condensed Quarterly Statements of Income (Loss) 
           
   As of and for the Quarter Ended
(Unaudited) December 31, September 30, June 30,  March 31, December 31,
(In Thousands, Except Share and Per Share Data) 2010 2010 2010 2010 2009
Interest Income          
Interest and fees on loans held for investment  $ 20,950  $ 21,440  $ 20,997  $ 21,354  $ 22,085
Interest on securities --- taxable  2,293  2,895  3,730  3,786  4,190
Interest on securities --- nontaxable  1,672  1,451  1,394  1,426  1,445
Interest on federal funds sold and deposits  60  54  34  46  32
Total interest income  24,975  25,840  26,155  26,612  27,752
Interest Expense          
Interest on deposits  4,407  4,872  5,106  5,502  6,155
Interest on borrowings  2,469  2,371  2,507  2,491  2,635
Total interest expense  6,876  7,243  7,613  7,993  8,790
Net interest income  18,099  18,597  18,542  18,619  18,962
Provision for loan losses  3,686  3,810  3,596  3,665  7,282
Net interest income after provision for loan losses  14,413  14,787  14,946  14,954  11,680
Noninterest Income          
Wealth management income  1,022  909  1,012  885  1,059
Service charges on deposit accounts  3,332  3,457  3,347  2,992  3,585
Other service charges and fees  1,299  1,244  1,250  1,281  1,248
Insurance commissions  1,474  1,663  1,389  2,201  1,465
Net impairment losses recognized in earnings  --   --   (185)  --   (44,067)
Securities gains (losses)  4,248  2,574  1,201  250  (14,603)
Other operating income  713  1,091  890  969  983
Total noninterest income (loss)  12,088  10,938  8,904  8,578  (50,330)
Noninterest Expense          
Salaries and employee benefits  9,319  8,753  8,487  7,969  8,254
Occupancy expense of bank premises  1,586  1,573  1,570  1,709  1,687
Furniture and equipment expense  965  926  918  904  988
Amortization of intangible assets  263  260  253  256  277
FDIC premiums and assessments   727  718  710  701  1,474
Merger-related expenses  --   --   --   --   146
Goodwill impairment  1,039  --   --   --   -- 
Other operating expense  5,945  5,199  4,660  4,533  4,802
Total noninterest expense  19,844  17,429  16,598  16,072  17,628
Income (loss) before income taxes  6,657  8,296  7,252  7,460  (56,278)
Income tax expense (benefit)  1,772  1,743  2,121  2,182  (21,537)
Net income (loss) available to common shareholders  $ 4,885  $ 6,553  $ 5,131  $ 5,278  $ (34,741)
Per Share          
Basic earnings (loss) per common share  $ 0.27  $ 0.37  $ 0.29  $ 0.30  $ (1.96)
Diluted earnings (loss) per common share  $ 0.27  $ 0.37  $ 0.29  $ 0.30  $ (1.96)
Cash dividends per common share  $ 0.10  $ 0.10  $ 0.10  $ 0.10  $ -- 
Weighted average shares outstanding:          
Basic  17,845,857  17,808,348  17,787,325  17,765,556  17,687,413
Diluted  17,891,807  17,832,882  17,805,393  17,784,449  17,687,413
 
First Community Bancshares, Inc. 
Reconciliation of GAAP Net Income to Core Earnings
         
  Three Months Ended Year Ended
(Unaudited) December 31, December 31,
(In Thousands, Except Per Share Data) 2010 2009 2010 2009
         
Net income (loss), GAAP  $ 4,885  $ (34,741)  $ 21,847  $ (38,696)
Non-GAAP adjustments:        
Security (gains) losses  (4,248)  14,603  (8,273)  11,673
Acquisition gain  --   --   --   (4,493)
Merger-related expenses  --   146  --   1,726
FHLB debt prepayment fees  --   --   --   88
Other-than-temporary security impairments  --   44,067  185  78,863
FDIC special assessments  --   --   --   988
Goodwill impairment  1,039  --   1,039  -- 
Other non-core items  1,381  118  4,115  1,676
Total adjustments to core earnings  (1,828)  58,934  (2,934)  90,521
Tax effect   (1,075)  22,100  (1,100)  33,896
Core earnings, non-GAAP  $ 4,132  $ 2,093  $ 20,013  $ 17,929
         
Core return on average assets 0.72% 0.36% 0.88% 0.80%
Core return on average equity 5.92% 3.11% 7.43% 7.34%
Core diluted earnings per share $0.23 $0.12 $1.12 $1.21
         
         
Efficiency Ratio Calculation
         
  Three Months Ended Year Ended
(Unaudited) December 31, December 31,
(In Thousands) 2010 2009 2010 2009
         
Noninterest expense, GAAP  $ 19,844  $ 17,628  $ 69,943  $ 66,624
Non-GAAP adjustments:        
Merger-related expenses  --  (146)  --  (1,726)
FHLB debt prepayment fees  --  --   --  (88)
Goodwill impairment  (1,039)  --   (1,039)  --
Other non-core items  (1,381)  (458)  (4,115)  (3,004)
Adjusted noninterest expense  17,424  17,024  64,789  61,806
         
Net interest income, GAAP  18,099  18,962  73,857  69,252
Noninterest income (loss), GAAP  12,088  (50,330)  40,508  (53,677)
Non-GAAP adjustments:        
Tax-equivalency adjustment  941  816  3,364  3,297
Security (gains) losses  (4,248)  14,603  (8,273)  11,673
Other-than-temporary security impairments  --  44,067  185  78,863
Other non-core items  --  (340)  --  (340)
Acquisition gain  --  --  --  (4,493)
Adjusted net interest and noninterest income  26,880  27,778  109,641  104,575
         
Efficiency Ratio 64.82% 61.29% 59.09% 59.10%
 
First Community Bancshares, Inc. 
Quarterly Balance Sheets
           
   For the Quarter Ended
(Unaudited) December 31, September 30, June 30, March 31, December 31,
(Dollars In Thousands) 2010 2010 2010 2010 2009
           
Cash and due from banks  $ 110,342  $ 130,401  $ 50,922  $ 74,962  $ 97,641
Interest-bearing deposits with banks  1,847  1,363  25,609  12,744  3,700
Securities available-for-sale   480,064  480,587  502,866  524,297  486,057
Securities held-to-maturity   4,637  5,931  6,468  7,155  7,454
Loans held for sale  4,694  3,386  2,141  1,494  11,576
Loans held for investment, net of unearned income  1,386,206  1,398,251  1,399,885  1,390,874  1,393,931
Less allowance for loan losses  26,482  26,420  25,011  24,508  24,277
Net loans  1,364,418  1,375,217  1,377,015  1,367,860  1,381,230
Premises and equipment  56,244  56,042  56,407  56,772  56,946
Other real estate owned  4,910  5,501  7,108  4,740  4,578
Interest receivable  7,675  7,899  7,859  8,630  8,610
Intangible assets  90,639  91,165  90,757  90,805  91,061
Other assets  123,462  143,319  121,835  130,974  136,006
Total Assets  $ 2,244,238  $ 2,297,425  $ 2,246,846  $ 2,278,939  $ 2,273,283
Deposits:          
Demand  $ 205,151  $ 216,167  $ 205,731  $ 205,810  $ 208,244
Interest-bearing demand  262,420  270,927  244,889  246,513  231,907
Savings  426,547  425,661  404,820  427,883  381,381
Time  726,837  744,468  757,979  775,405  824,428
Total Deposits  1,620,955  1,657,223  1,613,419  1,655,611  1,645,960
Interest, taxes and other liabilities  21,318  21,377  21,865  21,912  22,498
Securities sold under agreements to repurchase  140,894  153,413  147,772  144,381  153,634
FHLB and other indebtedness  191,193  191,209  195,865  195,873  198,924
Total Liabilities  1,974,360  2,023,222  1,978,921  2,017,777  2,021,016
           
Common stock  18,083  18,083  18,083  18,083  18,083
Additional paid-in capital  189,239  189,811  190,259  190,650  190,967
Retained earnings  81,486  78,385  73,613  70,262  66,760
Treasury stock, at cost  (6,740)  (7,729)  (8,583)  (9,342)  (9,891)
Accumulated other comprehensive loss  (12,190)  (4,347)  (5,447)  (8,491)  (13,652)
Total Stockholders' Equity  269,878  274,203  267,925  261,162  252,267
Total Liabilities and          
Stockholders' Equity  $ 2,244,238  $ 2,297,425  $ 2,246,846  $ 2,278,939  $ 2,273,283
           
Actual shares outstanding at period end  17,866,335  17,834,601  17,807,155  17,782,791  17,765,164
Book value per common share at period end  $ 15.11  $ 15.37  $ 15.05  $ 14.69  $ 14.20
Tangible book value per common share at period end (1)  $ 10.03  $ 10.26  $ 9.95  $ 9.58  $ 9.07
           
(1) Tangible book value per common share is defined as stockholders' equity less goodwill and other intangibles divided by common shares          
 
First Community Bancshares, Inc. 
Selected Credit Quality Information
           
  As of and for the Quarter Ended
(Unaudited) December 31, September 30, June 30,  March 31, December 31,
(Dollars in Thousands) 2010 2010 2010 2010 2009
Summary of Loan Loss Experience          
Allowance for loan losses:          
Beginning balance  $ 26,420  $ 25,011  $ 24,508  $ 24,277  $ 19,710
Provision for loan losses  3,686  3,810  3,596  3,665  7,282
Charge-offs  (3,846)  (2,651)  (3,373)  (3,732)  (2,954)
Recoveries  222  250  280  298  239
Net charge-offs  (3,624)  (2,401)  (3,093)  (3,434)  (2,715)
Ending balance  $ 26,482  $ 26,420  $ 25,011  $ 24,508  $ 24,277
           
Summary of Asset Quality          
Non-accrual loans   $ 19,414  $ 16,645  $ 17,668  $ 17,477  $ 17,527
Restructured loans  5,325  7,904  1,206  1,041  1,390
Loans 90 days or more past due and still accruing  --  --  --  --  --
Total non-performing loans  24,739  24,549  18,874  18,518  18,917
           
Other real estate owned  4,910  5,501  7,108  4,740  4,578
Total non-performing assets  $ 29,649  $ 30,050  $ 25,982  $ 23,258  $ 23,495
           
Restructured loans performing in accordance with terms  $ 3,911  $ 849  $ 1,557  $ 2,050  $ 2,062
           
Asset Quality Ratios          
           
Non-performing loans as a percentage of loans held for investment 1.78% 1.76% 1.35% 1.33% 1.36%
Non-performing assets as a percentage of total assets 1.32% 1.31% 1.16% 1.02% 1.03%
Annualized net charge-offs as a percentage of average loans held for investment 1.03% 0.68% 0.89% 1.00% 0.77%
Allowance for loan losses as a percentage of loans held for investment 1.91% 1.89% 1.79% 1.76% 1.74%
Ratio of allowance for loan losses to non-performing loans  1.07  1.08  1.33  1.32  1.28
 
First Community Bancshares, Inc. 
Non-accrual Loan Detail
       
  As of December 31, 2010
      Non-accrual 
(Unaudited) Loans Non-accrual  Loans to Loans
(Dollars in Thousands) Outstanding Loans Outstanding
Commercial      
Commercial & industrial  $ 101,769  $ 3,925 3.86%
Agriculture  1,342  -- 0.00%
Total commercial  103,111  3,925 3.81%
       
Commercial real estate      
Construction, land development & vacant land  113,632  1,025 0.90%
Non-owner occupied  193,869  1,677 0.87%
Owner occupied  152,607  2,993 1.96%
Farmland  36,954  -- 0.00%
Total commercial real estate  497,062  5,695 1.15%
       
Consumer  63,475  99 0.16%
       
Residential real estate      
Residential  543,114  6,364 1.17%
Multi-family  67,824  2,463 3.63%
Home equity lines  111,620  868 0.78%
Total residential  722,558  9,695 1.34%
       
 Total loans   $ 1,386,206  $ 19,414 1.40%
 
First Community Bancshares, Inc. 
Selected Financial Information
           
  As of and for the Quarter Ended
(Unaudited) December 31, September 30, June 30, March 31, December 31,
(Dollars in Thousands) 2010 2010 2010 2010 2009
Ratios          
Return on average assets 0.85% 1.14% 0.91% 0.95% -6.02%
Return on average common equity 7.00% 9.49% 7.73% 8.32% -51.69%
Net interest margin 3.78% 3.87% 3.92% 4.02% 3.92%
Efficiency ratio for the quarter  64.82% 58.92% 58.26% 54.53% 61.29%
Efficiency ratio year-to-date  59.09% 57.23% 56.38% 54.53% 59.10%
Equity as a percent of total assets at end of period 12.03% 11.94% 11.92% 11.46% 11.10%
           
Average earning assets as a percentage of average total assets 87.69% 87.67% 87.53% 87.38% 87.46%
Average loans as a percentage of average deposits 85.54% 85.59% 85.19% 85.08% 85.13%
           
Average Balances          
Investments  $ 498,090  $ 503,686  $ 505,808  $ 488,255  $ 549,385
Loans   1,402,178  1,404,746  1,397,528  1,395,669  1,406,497
Earning assets  1,996,106  1,990,953  1,976,118  1,960,511  2,001,576
Total assets  2,276,257  2,270,984  2,257,591  2,243,786  2,288,530
Deposits  1,639,154  1,641,339  1,640,432  1,640,424  1,652,082
Interest bearing deposits  1,427,746  1,433,770  1,433,039  1,441,359  1,452,369
Borrowings  344,704  342,497  340,001  340,720  346,990
Interest bearing liabilities  1,772,450  1,776,267  1,773,041  1,782,079  1,799,359
Equity  276,723  274,001  266,218  257,419  266,658
Tax-equivalent net interest income  19,040  19,416  19,333  19,432  19,778
 
First Community Bancshares, Inc.
Consolidated Average Balance Sheets, Yields, and Rates
             
  Three Months Ended December 31,
  2010 2009
      Yield/     Yield/
(Unaudited) Average  Interest Rate Average  Interest Rate
(Dollars in Thousands) Balance  (1)   (1)  Balance  (1)   (1) 
Earning assets            
Loans held for investment (2)  $ 1,402,178  $ 20,992 5.94%  $ 1,406,497  $ 22,123 6.24%
Securities available-for-sale  493,018  4,751 3.82%  541,932  6,261 4.58%
Securities held-to-maturity   5,072  113 8.84%  7,453  152 8.09%
Interest-bearing deposits with banks  95,838  60 0.25%  45,694  32 0.28%
Total earning assets  1,996,106  25,916 5.15%  2,001,576  28,568 5.66%
Other assets  280,151      286,954    
Total  $ 2,276,257      $ 2,288,530    
Interest-bearing liabilities            
Interest-bearing demand deposits  $ 266,938  $ 256 0.38%  $ 226,061  $ 173 0.30%
Savings deposits  426,030  468 0.44%  366,352  752 0.81%
Time deposits  734,778  3,683 1.99%  859,956  5,230 2.41%
Retail repurchase agreements  103,580  219 0.84%  98,141  319 1.29%
Wholesale repurchase agreements  50,000  469 3.72%  50,000  473 3.75%
FHLB borrowings & other long-term debt  191,124  1,781 3.70%  198,849  1,843 3.68%
Total interest-bearing liabilities  1,772,450  6,876 1.54%  1,799,359  8,790 1.94%
Noninterest-bearing demand deposits  211,408      199,713    
Other liabilities  15,676      22,800    
Stockholders' equity  276,723      266,658    
Total  $ 2,276,257      $ 2,288,530    
Net interest income, tax-equivalent    $ 19,040      $ 19,778  
Net interest rate spread (3)     3.61%     3.72%
Net interest margin (4)     3.78%     3.92%
             
(1) Fully taxable equivalent at the rate of 35%.
(2) Non-accrual loans are included in average balances outstanding but with no related interest income during the period of non-accrual.
(3) Represents the difference between the yield on earning assets and cost of funds.
(4) Represents tax-equivalent net interest income divided by average earning assets.
 
First Community Bancshares, Inc.
Consolidated Average Balance Sheets, Yields, and Rates
             
  Year Ended December 31,
  2010 2009
      Yield/     Yield/
(Unaudited) Average  Interest Rate Average  Interest Rate
(Dollars in Thousands) Balance  (1)   (1)  Balance  (1)   (1) 
Earning assets            
Loans held for investment (2)  $ 1,400,061  $ 84,906 6.06%  $ 1,333,112  $ 82,785 6.21%
Securities available-for-sale  492,703  21,313 4.33%  537,278  27,638 5.14%
Securities held-to-maturity   6,299  533 8.46%  7,828  643 8.21%
Interest-bearing deposits with banks  81,987  194 0.24%  62,242  165 0.27%
Total earning assets  1,981,050  106,946 5.40%  1,940,460  111,231 5.73%
Other assets  282,005      288,450    
Total  $ 2,263,055      $ 2,228,910    
Interest-bearing liabilities            
Interest-bearing demand deposits  $ 252,471  $ 980 0.39%  $ 205,997  $ 443 0.22%
Savings deposits  421,184  2,751 0.65%  334,217  2,588 0.77%
Time deposits  760,286  16,156 2.12%  863,357  24,765 2.87%
Retail repurchase agreements  97,532  992 1.02%  101,775  1,375 1.35%
Wholesale repurchase agreements  50,000  1,872 3.74%  50,000  1,922 3.84%
FHLB borrowings & other long-term debt  194,461  6,974 3.59%  204,678  7,589 3.71%
Total interest-bearing liabilities  1,775,934  29,725 1.67%  1,760,024  38,682 2.20%
Noninterest-bearing demand deposits  206,396      199,917    
Other liabilities  11,280      24,832    
Stockholders' equity  269,446      244,137    
Total  $ 2,263,056      $ 2,228,910    
Net interest income, tax-equivalent    $ 77,221      $ 72,549  
Net interest rate spread (3)     3.73%     3.53%
Net interest margin (4)     3.90%     3.74%
             
(1) Fully taxable equivalent at the rate of 35%.
(2) Non-accrual loans are included in average balances outstanding but with no related interest income during the period of non-accrual.
(3) Represents the difference between the yield on earning assets and cost of funds.
(4) Represents tax-equivalent net interest income divided by average earning assets.
CONTACT: David D. Brown
         (276) 326-9000

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