updated 4/25/2011 8:16:49 AM ET 2011-04-25T12:16:49

BLUEFIELD, Va., April 25, 2011 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (Nasdaq:FCBC) ( www.fcbinc.com ) (the "Company") today reported net income for the quarter ended March 31, 2011, of $5.75 million, or $0.32 per diluted common share.

Commenting on first quarter results, Chief Executive Officer John M. Mendez stated, "We are very proud to report another quarter of solid profitability. Our asset quality metrics continue to improve and still compare very favorably to peer results."

First Quarter 2011 Highlights –

  • Return on average assets for the first quarter of 2011 improved to 1.05%, as compared to 0.85% for the fourth quarter of 2010.
  • Loan loss provisions were reduced by $2.07 million, or 56.27% from the fourth quarter of 2010.
  • Net charge-offs for the first quarter of 2011 were $1.61 million, a decrease of $2.01 million from the fourth quarter of 2010.
  • Net interest margin for the first quarter of 2011 improved to 3.96%, an increase of 18 basis points from the fourth quarter of 2010.
  • Net interest income for the first quarter of 2011 increased $176 thousand, or 0.97%, over the fourth quarter of 2010.
  • Tangible book value per common share increased to $10.48, up $0.45, or 4.49%, from December 31, 2010.
  • The ratio of non-performing assets to total assets was 111 basis points, an improvement of 21 basis points from year-end 2010.
  • The Company significantly exceeds regulatory "well-capitalized" targets with a total risk-based capital ratio of 15.81%, Tier 1 risk-based capital ratio of 14.55%, and a Tier 1 leverage ratio of 9.66% at March 31, 2011.

Net Interest Income

Tax-equivalent net interest margin for the first quarter of 2011 was 3.96% compared to 4.02% from the comparable quarter of 2010. Net interest income was $18.28 million for the first quarter of 2011. Total interest income was $24.59 million for the first quarter of 2011, a decrease of $2.02 million, or 7.60% from the first quarter of 2010. The yield on loans decreased to 6.01% for the first quarter of 2011 from 6.22% in the same period of the prior year, while average loans decreased $13.14 million between the comparable periods to $1.38 billion. The Company continued to maintain a high level of liquidity with average overnight liquidity of $108.18 million during the first quarter of 2011.

First quarter 2011 interest expense was $6.32 million, a decrease of $1.68 million, or 20.99%, from the first quarter of 2010. First quarter 2011 deposit costs decreased $1.62 million compared to the first quarter of 2010, which was primarily due to a decrease in the average rate paid on interest-bearing deposits of 44 basis points to 1.11%. Compared to the first quarter of 2010, interest costs on borrowings decreased $56 thousand to $2.44 million for the first quarter of 2011, while the average balance decreased $23.86 million from the comparable period due to the redemption of various wholesale borrowings. The cost of interest-bearing liabilities decreased 34 basis points during the first quarter of 2011 compared to the first quarter of 2010. Average interest-bearing liabilities decreased $46.41 million, or 2.60% for the first quarter of 2011 compared with the first quarter of 2010, which included a decrease of $20.56 million in Federal Home Loan Bank ("FHLB") borrowings and other long-term debt.

Noninterest Income

During the first quarter of 2011, wealth management revenues increased $9 thousand, or 1.02%, to $894 thousand from the first quarter of 2010. The Wealth Management Division reported $893 million in assets under management at March 31, 2011. Service charges on deposit accounts were $3.03 million for the first quarter of 2011, an increase of $39 thousand, or 1.30%, from the first quarter of 2010. Insurance commissions were $1.94 million for the first quarter of 2011, a decrease of $258 thousand, or 11.72%, from the previous year. The decrease in insurance commissions reflects the effects of the recent recession, as well as the soft insurance market.

Noninterest Expenses

Noninterest expenses for the first quarter of 2011 increased $1.99 million, or 12.39%, compared to the first quarter of 2010. The increase was primarily due to salaries and employee benefits which increased $1.16 million, or 14.56%, in the first quarter of 2011 compared to the same period in the prior year. The Company has increased staffing levels in credit administration, marketing, and compliance due to increasing regulatory burdens. The Company has also experienced a significant increase in health insurance costs in recent quarters. Federal Deposit Insurance Corporation ("FDIC") deposit insurance premiums increased $177 thousand, or 25.25% in the first quarter of 2011, compared to the first quarter of 2010. During the first quarter of 2011, the Company prepaid a $25.00 million FHLB advance, and the expense associated with that prepayment was $471 thousand. Other operating expenses were $4.76 million, an increase of $231 thousand, or 5.10%, from the first quarter of 2010. Increases in consulting and service fees and debit card costs of $401 thousand and $181 thousand, respectively, were offset by a decrease in other real estate expenses of $355 thousand.

Credit Quality

The Company's loan quality measures at March 31, 2011, 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 2.23% at March 31, 2011. 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 4.55%. The ratio of allowance for loan losses as a percent of loans held for investment was 1.93% at March 31, 2011, compared to 1.91% at December 31, 2010, and 1.89% at September 30, 2010.

Total non-performing assets, which include unseasoned loan restructurings and other real estate owned, were 1.11% of total assets at March 31, 2011, and non-performing loans as a percentage of loans held for investment were 1.40%. These levels are much better by comparison with those in the Federal Reserve peer group, which were last reported as total non-performing assets to total assets of 3.30% and non-performing loans to total loans of 3.57%. Included in non-performing assets are $1.51 million of unseasoned loan restructurings at March 31, 2011.

Balance Sheet

Consolidated assets were $2.24 billion at March 31, 2011. Total stockholders' equity was $277.85 million at March 31, 2011, resulting in a book value per common share outstanding of $15.53, compared to total stockholders' equity of $261.16 million and a book value per common share of $14.69 at March 31, 2010.  During the first quarter of 2011, the Company paid a $0.10 per share dividend on common shares. 2011 marks the Company's 26th consecutive year of paying cash dividends to shareholders.

The Company will host an investor and media teleconference and webcast on Monday, April 25, 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 first quarter 2011 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 are 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.

Tangible book value is a non-GAAP financial measure that is defined as stockholders' equity less goodwill and other intangible assets.

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 four states of Virginia, West Virginia, North 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 $893 million at March 31, 2011. 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
(Unaudited) March 31,
(In Thousands, Except Share and Per Share Data) 2011 2010
Interest Income    
Interest and fees on loans held for investment  $ 20,455  $ 21,354
Interest on securities -- taxable  2,533  3,786
Interest on securities -- nontaxable  1,533  1,426
Interest on federal funds sold and deposits  69  46
Total interest income  24,590  26,612
Interest Expense    
Interest on deposits  3,880  5,502
Interest on borrowings  2,435  2,491
Total interest expense  6,315  7,993
Net interest income  18,275  18,619
Provision for loan losses  1,612  3,665
Net interest income after provision for loan losses  16,663  14,954
Noninterest Income    
Wealth management income  894  885
Service charges on deposit accounts  3,031  2,992
Other service charges and fees  1,406  1,281
Insurance commissions  1,943  2,201
Net impairment losses recognized in earnings  (527)  -- 
Security gains  1,836  250
Other operating income  916  969
Total noninterest income   9,499  8,578
Noninterest Expense    
Salaries and employee benefits  9,129  7,969
Occupancy expense of bank premises  1,647  1,709
Furniture and equipment expense  915  904
Amortization of intangible assets  259  256
FDIC premiums and assessments  878  701
FHLB debt prepayment fees  471  -- 
Other operating expense   4,764  4,533
Total noninterest expense  18,063  16,072
Income before income taxes  8,099  7,460
Income tax expense   2,348  2,182
Net income available to common shareholders  $ 5,751  $ 5,278
Per Share    
Basic earnings per common share   $ 0.32  $ 0.30
Diluted earnings per common share   $ 0.32  $ 0.30
Weighted average shares outstanding:    
Basic  17,867,953  17,765,556
Diluted  17,887,118  17,784,449
For the period:    
Return on average assets 1.05% 0.95%
Return on average common equity 8.47% 8.32%
Cash dividends per common share  $ 0.10  $ 0.10
     
 
First Community Bancshares, Inc. 
Condensed Quarterly Statements of Income 
           
   As of and for the Quarter Ended
(Unaudited) March 31, December 31, September 30, June 30,  March 31,
(In Thousands, Except Share and Per Share Data) 2011 2010 2010 2010 2010
Interest Income          
Interest and fees on loans held for investment  $ 20,455  $ 20,950  $ 21,440  $ 20,997  $ 21,354
Interest on securities -- taxable  2,533  2,293  2,895  3,730  3,786
Interest on securities -- nontaxable  1,533  1,672  1,451  1,394  1,426
Interest on federal funds sold and deposits  69  60  54  34  46
Total interest income  24,590  24,975  25,840  26,155  26,612
Interest Expense          
Interest on deposits  3,880  4,407  4,872  5,106  5,502
Interest on borrowings  2,435  2,469  2,371  2,507  2,491
Total interest expense  6,315  6,876  7,243  7,613  7,993
Net interest income  18,275  18,099  18,597  18,542  18,619
Provision for loan losses  1,612  3,686  3,810  3,596  3,665
Net interest income after provision           
for loan losses  16,663  14,413  14,787  14,946  14,954
Noninterest Income          
Wealth management income  894  1,022  909  1,012  885
Service charges on deposit accounts  3,031  3,332  3,457  3,347  2,992
Other service charges and fees  1,406  1,299  1,244  1,250  1,281
Insurance commissions  1,943  1,474  1,663  1,389  2,201
Net impairment losses recognized in earnings  (527)  --   --   (185)  -- 
Securities gains   1,836  4,248  2,574  1,201  250
Other operating income  916  713  1,091  890  969
Total noninterest income   9,499  12,088  10,938  8,904  8,578
Noninterest Expense          
Salaries and employee benefits  9,129  9,319  8,753  8,487  7,969
Occupancy expense of bank premises  1,647  1,586  1,573  1,570  1,709
Furniture and equipment expense  915  965  926  918  904
Amortization of intangible assets  259  263  260  253  256
FDIC premiums and assessments   878  727  718  710  701
FHLB debt prepayment fees  471  --   --   --   -- 
Goodwill impairment  --   1,039  --   --   -- 
Other operating expense  4,764  5,945  5,199  4,660  4,533
Total noninterest expense  18,063  19,844  17,429  16,598  16,072
Income before income taxes  8,099  6,657  8,296  7,252  7,460
Income tax expense  2,348  1,772  1,743  2,121  2,182
Net income available to           
common shareholders  $ 5,751  $ 4,885  $ 6,553  $ 5,131  $ 5,278
Per Share          
Basic earnings per common share  $ 0.32  $ 0.27  $ 0.37  $ 0.29  $ 0.30
Diluted earnings per common share  $ 0.32  $ 0.27  $ 0.37  $ 0.29  $ 0.30
Cash dividends per common share  $ 0.10  $ 0.10  $ 0.10  $ 0.10  $ 0.10
Weighted average shares outstanding:          
Basic  17,867,953  17,845,857  17,808,348  17,787,325  17,765,556
Diluted  17,887,118  17,891,807  17,832,882  17,805,393  17,784,449
 
First Community Bancshares, Inc. 
Reconciliation of GAAP Net Income to Core Earnings
     
  Three Months Ended
(Unaudited) March 31,
(In Thousands, Except Per Share Data) 2011 2010
     
Net income, GAAP  $ 5,751  $ 5,278
Non-GAAP adjustments:    
Security gains  (1,836)  (250)
FHLB debt prepayment fees  471  -- 
Other-than-temporary security impairments  527  -- 
Intangibles amortization  259  256
Other non-core items  --   4
Total adjustments to core earnings  (579)  10
Tax effect   (217)  4
Core earnings, non-GAAP  $ 5,389  $ 5,284
     
Core return on average assets 0.98% 0.96%
Core return on average equity 7.94% 8.33%
Core diluted earnings per share $0.30 $0.30
 
Efficiency Ratio Calculation
     
  Three Months Ended
(Unaudited) March 31,
(In Thousands) 2011 2010
     
Noninterest expense, GAAP  $ 18,063  $ 16,072
Non-GAAP adjustments:    
FHLB debt prepayment fees  (471)  --
OREO expenses  (313)  (675)
Intangibles amortization  (259)  (256)
Other non-core items  --  (4)
Adjusted noninterest expense  17,020  15,137
     
Net interest income, GAAP  18,275  18,619
Noninterest income, GAAP  9,499  8,578
Non-GAAP adjustments:    
Tax-equivalency adjustment  866  813
Security gains  (1,836)  (250)
Other-than-temporary security impairments  527  --
Adjusted net interest and noninterest income  27,331  27,760
     
Efficiency Ratio 62.27% 54.53%
 
First Community Bancshares, Inc. 
Quarterly Balance Sheets
           
   For the Quarter Ended
(Unaudited) March 31, December 31, September 30, June 30, March 31,
(Dollars In Thousands) 2011 2010 2010 2010 2010
           
Cash and due from banks  $ 52,684  $ 28,816  $ 37,120  $ 35,174  $ 33,071
Federal funds sold  121,974  81,526  93,281  15,748  41,891
Interest-bearing balances with banks  809  1,847  1,363  25,609  12,744
Total cash and cash equivalents  175,467  112,189  131,764  76,531  87,706
Securities available-for-sale   430,965  480,064  480,587  502,866  524,297
Securities held-to-maturity   4,524  4,637  5,931  6,468  7,155
Loans held for sale  2,614  4,694  3,386  2,141  1,494
Loans held for investment, net of unearned income  1,375,685  1,386,206  1,398,251  1,399,885  1,390,874
Less allowance for loan losses  26,482  26,482  26,420  25,011  24,508
Net loans  1,351,817  1,364,418  1,375,217  1,377,015  1,367,860
Premises and equipment  56,189  56,244  56,042  56,407  56,772
Other real estate owned  5,644  4,910  5,501  7,108  4,740
Interest receivable  7,288  7,675  7,899  7,859  8,630
Goodwill and intangible assets  90,396  90,639  91,165  90,757  90,805
Other assets  118,690  123,462  143,319  121,835  130,974
Total assets  $ 2,240,980  $ 2,244,238  $ 2,297,425  $ 2,246,846  $ 2,278,939
Deposits:          
Demand  $ 222,072  $ 205,151  $ 216,167  $ 205,731  $ 205,810
Interest-bearing demand  287,006  262,420  270,927  244,889  246,513
Savings  420,481  426,547  425,661  404,820  427,883
Time  707,458  726,837  744,468  757,979  775,405
Total deposits  1,637,017  1,620,955  1,657,223  1,613,419  1,655,611
Interest, taxes and other liabilities  20,459  21,318  21,377  21,865  21,912
Securities sold under agreements to repurchase  139,472  140,894  153,413  147,772  144,381
FHLB and other indebtedness  166,186  191,193  191,209  195,865  195,873
Total liabilities  1,963,134  1,974,360  2,023,222  1,978,921  2,017,777
           
Common stock  18,083  18,083  18,083  18,083  18,083
Additional paid-in capital  188,742  189,239  189,811  190,259  190,650
Retained earnings  85,450  81,486  78,385  73,613  70,262
Treasury stock, at cost  (5,851)  (6,740)  (7,729)  (8,583)  (9,342)
Accumulated other comprehensive loss  (8,578)  (12,190)  (4,347)  (5,447)  (8,491)
Total stockholders' equity  277,846  269,878  274,203  267,925  261,162
Total liabilities and stockholders'          
equity  $ 2,240,980  $ 2,244,238  $ 2,297,425  $ 2,246,846  $ 2,278,939
           
Actual shares outstanding at period end  17,894,899  17,866,335  17,834,601  17,807,155  17,782,791
Book value per common share at period end  $ 15.53  $ 15.11  $ 15.37  $ 15.05  $ 14.69
Tangible book value per common share           
at period end (1)  $ 10.48  $ 10.03  $ 10.26  $ 9.95  $ 9.58
           
(1) Tangible book value per common share is defined as stockholders' equity less goodwill and other intangibles divided by common shares outstanding.
 
First Community Bancshares, Inc. 
Selected Credit Quality Information
           
  As of and for the Quarter Ended
(Unaudited) March 31, December 31, September 30, June 30,  March 31,
(Dollars in Thousands) 2011 2010 2010 2010 2010
Summary of Loan Loss Experience          
Allowance for loan losses:          
Beginning balance  $ 26,482  $ 26,420  $ 25,011  $ 24,508  $ 24,277
Provision for loan losses  1,612  3,686  3,810  3,596  3,665
Charge-offs  (2,124)  (3,846)  (2,651)  (3,373)  (3,732)
Recoveries  512  222  250  280  298
Net charge-offs  (1,612)  (3,624)  (2,401)  (3,093)  (3,434)
Ending balance  $ 26,482  $ 26,482  $ 26,420  $ 25,011  $ 24,508
           
Summary of Asset Quality          
Non-accrual loans   $ 17,703  $ 19,414  $ 16,645  $ 17,668  $ 17,477
Restructured loans  1,509  5,325  7,904  1,206  1,041
Loans 90 days or more past due and still accruing  --  --  --  --  --
Total non-performing loans  19,212  24,739  24,549  18,874  18,518
           
Other real estate owned  5,644  4,910  5,501  7,108  4,740
Total non-performing assets  $ 24,856  $ 29,649  $ 30,050  $ 25,982  $ 23,258
           
Restructured loans performing in accordance          
 with terms  $ 7,519  $ 3,911  $ 849  $ 1,557  $ 2,050
           
Asset Quality Ratios          
Non-performing loans as a percentage          
of loans held for investment 1.40% 1.78% 1.76% 1.35% 1.33%
Non-performing assets as a percentage          
of total assets 1.11% 1.32% 1.31% 1.16% 1.02%
Annualized net charge-offs as a percentage of           
average loans held for investment 0.47% 1.03% 1.02% 0.69% 0.90%
Allowance for loan losses as a percentage of loans          
held for investment 1.93% 1.91% 1.89% 1.89% 1.80%
Ratio of allowance for loan losses to          
non-performing loans  1.38  1.07  1.08  1.40  1.35
 
First Community Bancshares, Inc. 
Non-accrual Loan Detail
       
  As of March 31, 2011
      Non-accrual 
(Unaudited) Loans Non-accrual  Loans to Loans
(Dollars in Thousands) Outstanding Loans Outstanding
Commercial      
Construction -- commercial  $ 30,758  $ 469 1.52%
Land development  5,781  -- 0.00%
Other land loans  23,959  499 2.08%
Commercial and industrial  91,964  4,379 4.76%
Multi-family residential  75,269  1,624 2.16%
Non-farm, non-residential  345,265  4,706 1.36%
Agricultural  1,392  -- 0.00%
Farmland  47,228  -- 0.00%
Total commercial  621,616  11,677 1.88%
       
Consumer real estate      
Home equity lines  111,802  889 0.80%
Single family residential mortgage  545,316  4,941 0.91%
Owner-occupied construction  22,506  126 0.56%
Total consumer real estate  679,624  5,956 0.88%
       
Consumer and other      
Consumer loans  62,029  70 0.11%
Other loans  12,416  -- 0.00%
Total consumer and other  74,445  70 0.09%
       
 Total loans   $ 1,375,685  $ 17,703 1.29%
 
First Community Bancshares, Inc. 
Selected Financial Information
           
  As of and for the Quarter Ended
(Unaudited) March 31, December 31, September 30, June 30, March 31,
(Dollars in Thousands) 2011 2010 2010 2010 2010
Ratios          
Return on average assets 1.05% 0.85% 1.14% 0.91% 0.95%
Return on average common equity 8.47% 7.00% 9.49% 7.73% 8.32%
Net interest margin 3.96% 3.78% 3.87% 3.92% 4.02%
Efficiency ratio for the quarter  62.27% 64.82% 58.92% 58.26% 54.53%
Efficiency ratio year-to-date  62.27% 59.09% 57.23% 56.38% 54.53%
Equity as a percent of total assets at end of period 12.40% 12.03% 11.94% 11.92% 11.46%
Average earning assets as a percentage of           
average total assets 88.07% 87.69% 87.67% 87.53% 87.38%
Average loans as a percentage of average deposits 84.78% 85.54% 85.59% 85.19% 85.08%
           
Average Balances          
Investments  $ 470,833  $ 498,090  $ 503,686  $ 505,808  $ 488,255
Loans   1,382,526  1,402,178  1,404,746  1,397,528  1,395,669
Earning assets  1,961,538  1,996,106  1,990,953  1,976,118  1,960,511
Total assets  2,227,255  2,276,257  2,270,984  2,257,591  2,243,786
Deposits  1,630,701  1,639,154  1,641,339  1,640,432  1,640,424
Interest bearing deposits  1,418,807  1,427,746  1,433,770  1,433,039  1,441,359
Borrowings  316,864  344,704  342,497  340,001  340,720
Interest bearing liabilities  1,735,671  1,772,450  1,776,267  1,773,041  1,782,079
Equity  275,350  276,723  274,001  266,218  257,419
Tax-equivalent net interest income  19,141  19,040  19,416  19,333  19,432
 
First Community Bancshares, Inc.
Consolidated Average Balance Sheets, Yields, and Rates
             
  Three Months Ended March 31,
  2011 2010
(Unaudited) Average  Interest Average Average  Interest Average
(Dollars in Thousands) Balance  (1)   Rate (1)  Balance  (1)   Rate (1) 
Earning assets            
Loans held for investment (2)  $ 1,382,526  $ 20,496 6.01%  $ 1,395,669  $ 21,398 6.22%
Securities available-for-sale  466,288  4,796 4.17%  481,116  5,833 4.92%
Securities held-to-maturity   4,545  95 8.48%  7,139  148 8.41%
Interest-bearing deposits with banks  108,179  69 0.26%  76,587  46 0.24%
Total earning assets  1,961,538  25,456 5.26%  1,960,511  27,425 5.67%
Other assets  265,717      283,275    
Total  $ 2,227,255      $ 2,243,786    
Interest-bearing liabilities            
Interest-bearing demand deposits  $ 271,604  $ 211 0.32%  $ 236,484  $ 200 0.34%
Savings deposits  427,727  356 0.34%  413,037  831 0.82%
Time deposits  719,476  3,313 1.87%  791,838  4,471 2.29%
Retail repurchase agreements  88,684  173 0.79%  91,976  276 1.22%
Wholesale repurchase agreements  50,000  467 3.79%  50,000  463 3.76%
FHLB borrowings & other long-term debt  178,180  1,795 4.09%  198,744  1,752 3.58%
Total interest-bearing liabilities  1,735,671  6,315 1.48%  1,782,079  7,993 1.82%
Noninterest-bearing demand deposits  211,894      199,065    
Other liabilities  4,340      5,223    
Stockholders' equity  275,350      257,419    
Total  $ 2,227,255      $ 2,243,786    
Net interest income, tax-equivalent    $ 19,141      $ 19,432  
Net interest rate spread (3)     3.78%     3.85%
Net interest margin (4)     3.96%     4.02%
             
(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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