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First Community Bancshares 8-K 2009

Documents found in this filing:

  1. 8-K
  2. Ex-99.1
  3. Graphic
  4. Graphic
EX-99.1
         
(FIRST COMMUNITY BANCSHARES, INC. LOGO)
NEWS RELEASE
FOR IMMEDIATE RELEASE:   FOR MORE INFORMATION,  
April 22, 2009   CONTACT:  David D. Brown
(276) 326-9000
First Community Bancshares, Inc. Announces First Quarter 2009 Results
Bluefield, Virginia — First Community Bancshares, Inc. (NASDAQ: FCBC) (www.fcbinc.com) today reported net income available to common shareholders for the quarter ended March 31, 2009, of $4.66 million, or $0.40 per diluted common share. Return on average assets for the first quarter was 0.87% and return on average common equity was 10.61%. Net income for the first quarter was $5.23 million.
Commenting on first quarter results, Chief Executive Officer John M. Mendez said, “We are pleased to see good trends this quarter in both earnings and asset quality measures. Earnings per share of 40 cents for the first quarter are a reflection of our stable net interest margin and our strong efficiency. We were also able to build additional reserves, even though our non-performing loans fell by 17% and total loan delinquencies were reduced to 1.59% from 1.97%. To control non-performing loans at this level in this challenging economy is gratifying and fortunate, and it speaks to the strength of our underwriting and basic credit culture and the relative strength of our core markets.”
Net Interest Income
Tax-equivalent net interest margin for the first quarter of 2009 was 3.73%. Net interest income was $16.43 million, an increase of $73 thousand, or 0.45%, from first quarter 2008. Interest income was $26.86 million, a decrease of $2.68 million, or 9.08%, from first quarter 2008. The decrease was due primarily to decreases in loan and securities yields. The yield on loans dropped to 6.28% from 7.09% and average loans increased $86.70 million to $1.29 billion from first quarter 2008. Yields on loans have dropped as a direct result of the precipitous declines in market rates of interest.
First quarter interest expense decreased $2.76 million, or 20.91%, from 2008. First quarter deposit costs decreased $1.17 million compared to the first quarter of 2008, while the average rate paid on interest-bearing deposits decreased 77 basis points to 2.26%. Compared to the first quarter of 2008, interest costs on borrowings decreased $1.58 million to $2.86 million, while the average balance decreased $103.80 million due to the redemption of various wholesale debt issues and the Company’s relatively liquid balance sheet. The first quarter cost of interest-bearing liabilities decreased 79 basis points compared to last year. Average interest bearing liabilities increased $93.30 million, or 5.69%, compared with first quarter 2008, including a decrease of $60.69 million in FHLB borrowings.
Non-interest Income
Despite significant declines in managed portfolio market values, wealth management revenues increased $85 thousand, or 9.45%, as investment advisory revenue increased $59 thousand. At March 31, 2009, the Wealth Management Division reported $791 million in assets under management.
Service charges on deposit accounts were $3.16 million for the first quarter of 2009, an increase of $58 thousand, or 1.87%, from the first quarter of 2008. Insurance commissions were $2.32 million for the first quarter of 2009, an increase of $973 thousand, or 72.40%, from the same period in 2008. These revenues reflect GreenPoint’s acquisition of Carr & Hyde Insurance in December 2008 and REL Insurance in July 2008.
Non-interest Expenses
Excluding 2008 prepayment penalties, non-interest expenses for the first quarter of 2009 increased $558 thousand, or 3.81%, from the first quarter of 2008. Salaries and employee benefits increased only $76 thousand, or 0.98%, from the first quarter of 2008. Within that increase, branches from the acquisition of Coddle Creek Financial, which closed on November 14,

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2008, accounted for approximately $341 thousand and GreenPoint acquisitions accounted for approximately $438 thousand. The remainder of the Company showed an overall decrease of $703 thousand. Occupancy and furniture and equipment expenses increased due to the Coddle Creek acquisition, the new branches, and the addition of operating expenses at GreenPoint, as it acquired new agencies throughout 2008. Other non-interest expenses decreased $79 thousand, or 1.71%, compared to the first quarter of 2008. The first quarter efficiency ratio was 58.25% compared to 58.00% in 2008.
The acquisition of Coddle Creek was completed in November, and integration is largely complete. The Company is on track to realize its projected pre-tax cost savings of approximately $1.65 million, or 42%, in 2009.
Credit Quality
The Company’s loan quality measures at March 31, 2009, continue to compare favorably to the Company’s peers. Total loan delinquencies, including non-accrual loans, as a percent of total loans were 1.59% at March 31, 2009, compared with 1.97% at December 31, 2008. The ratio of allowance for loan losses as a percent of loans held for investment was 1.30% at March 31, 2009, compared with 1.23% at December 31, 2008. Non-performing assets decreased to $13.74 million at March 31, 2009, from $14.09 million at December 31, 2008. Non-performing loans as a percentage of loans held for investment were 0.83% compared with 0.98% at December 31, 2008. The largest items affecting non-performing loans through the quarter were the sale of the previously discussed $2.9 million hospitality property for full loan payoff and the transfer of a land development loan relationship to other real estate.
Mr. Mendez added, “While loan quality measures remain a concern for the entire industry, we are pleased that we were able to report a reversal of trends over the last four quarters. We were particularly pleased with the drop in net loan charge-offs from 0.77% in the fourth quarter of 2008 to 0.47% in the most recent quarter.” Net charge-offs for the first quarter of 2009 were $1.51 million, and the Company made a provision for loan losses of $2.09 million in the first quarter of 2009 compared with $323 thousand in the first quarter of 2008.
Balance Sheet
Since year-end 2008, consolidated assets have increased $65.83 million to $2.20 billion at March 31, 2009. Included in that increase is a net increase of $28.74 million in the Company’s investment portfolio and an increase in deposits of $79.69 million. The Company maintained current cash liquidity of $100.96 million at March 31, 2009. Total stockholders’ equity for the Company was $217.71 million, resulting in a book value per common share outstanding of $15.20 at March 31, 2009, compared to $220.34 million and $15.46 per common share at December 31, 2008.
TriStone Merger
On April 2, 2009, First Community and TriStone Community Bank announced the signing of a definitive merger agreement. Under the terms of the agreement, First Community will acquire TriStone in an all-stock transaction. The transaction will add approximately $152 million in assets and an excellent team of bankers in the Winston-Salem, North Carolina, market. The transaction is expected to be completed during the third quarter of 2009, pending regulatory and TriStone shareholder approvals.
The Company will host an investor and media teleconference and webcast on Thursday, April 23, 2009, at 11:00 a.m. To access the teleconference, the toll-free number to call 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 Current News Releases section. The Company’s press release and financial summary will be available in this section, as well. Copies of the Company’s first quarter 2009 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 (800) 425-0839.
First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $2.20 billion financial holding company and is the parent company of First Community Bank, N. A. First Community Bank, N. A. operates through fifty-nine 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 group managed assets with a market value of $791 million at March 31, 2009. First Community is also the

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parent company of GreenPoint Insurance Group, Inc., a full-service insurance agency located in High Point, North Carolina. First Community Bancshares, Inc.’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.
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.

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First Community Bancshares, Inc.
Consolidated Statements of Income
                         
            Three Months Ended  
            March 31,  
(In Thousands, Except Share and Per Share Data)(Unaudited)   2009     2008  
       
 
               
Interest  
Interest and fees on loans held for investment
  $ 19,984     $ 21,237  
Income  
Interest on securities-taxable
    5,164       6,067  
       
Interest on securities-nontaxable
    1,676       2,063  
       
Interest on federal funds sold and deposits
    39       180  
       
       
Total interest income
    26,863       29,547  
       
Interest  
Interest on deposits
    7,567       8,741  
Expense  
Interest on borrowings
    2,863       4,446  
       
       
Total interest expense
    10,430       13,187  
       
       
Net interest income
    16,433       16,360  
       
Provision for loan losses
    2,087       323  
       
       
Net interest income after provision for loan losses
    14,346       16,037  
       
Non-Interest  
Wealth management income
    984       899  
Income  
Service charges on deposit accounts
    3,157       3,099  
       
Other service charges and fees
    1,178       1,121  
       
Insurance commissions
    2,317       1,344  
       
Impairment on investment securities
    (209 )      
       
Security gains
    411       1,820  
       
Other operating income
    586       858  
       
       
Total non-interest income
    8,424       9,141  
       
Non-Interest  
Salaries and employee benefits
    7,866       7,790  
Expense  
Occupancy expense of bank premises
    1,603       1,164  
       
Furniture and equipment expense
    938       901  
       
Amortization of intangible assets
    245       160  
       
Prepayment penalty
          1,647  
       
Other operating expense
    4,542       4,621  
       
       
Total non-interest expense
    15,194       16,283  
       
       
Income before income taxes
    7,576       8,895  
       
Income tax expense
    2,346       2,583  
       
       
Net income
    5,230       6,312  
       
Dividends on preferred stock
    571        
       
       
Net income available to common shareholders
  $ 4,659     $ 6,312  
       
       
Basic earnings per common share (EPS)
  $ 0.40     $ 0.57  
       
Diluted earnings per common share (DEPS)
  $ 0.40     $ 0.57  
       
Weighted Average Shares Outstanding:
               
       
Basic
    11,567,769       11,029,931  
       
Diluted
    11,616,568       11,107,610  
       
For the period:
               
       
Return on average assets
    0.87 %     1.21 %
       
Return on average common equity
    10.61 %     11.66 %
       
Cash dividends per share
  $     $ 0.28  

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First Community Bancshares, Inc.
Quarterly Performance Summary
Income Statements
                                                 
            As of and for the Quarter Ended  
            March 31,     December 31,     September 30,     June 30,     March 31,  
(In Thousands, Except Share and Per Share Data)(Unaudited)   2009     2008     2008     2008     2008  
       
 
                                       
Interest  
Interest and fees on loans held for investment
  $ 19,984     $ 19,830     $ 19,266     $ 19,891     $ 21,237  
Income  
Interest on securities-taxable
    5,164       5,613       5,567       5,467       6,067  
       
Interest on securities-nontaxable
    1,676       1,746       1,708       2,004       2,063  
       
Interest on federal funds sold and deposits
    39       46       9       71       180  
       
 
                             
       
Total interest income
    26,863       27,235       26,550       27,433       29,547  
       
 
                             
Interest  
Interest on deposits
    7,567       7,249       6,684       7,118       8,741  
Expense  
Interest on borrowings
    2,863       3,459       3,543       3,690       4,446  
       
 
                             
       
Total interest expense
    10,430       10,708       10,227       10,808       13,187  
       
 
                             
       
Net interest income
    16,433       16,527       16,323       16,625       16,360  
       
Provision for loan losses
    2,087       2,701       3,461       937       323  
       
 
                             
       
Net interest income after provision for loan losses
    14,346       13,826       12,862       15,688       16,037  
       
 
                             
Non-Int  
Wealth management income
    984       1,146       957       1,098       899  
Income  
Service charges on deposit accounts
    3,157       3,697       3,808       3,463       3,099  
       
Other service charges and fees
    1,178       1,023       1,040       1,064       1,121  
       
Insurance commissions
    2,317       1,258       1,240       1,146       1,344  
       
Impairment on investment securities
    (209 )     (29,923 )                  
       
Securities gains (losses)
    411       (234 )     163       150       1,820  
       
Other operating income
    586       659       675       803       858  
       
 
                             
       
Total non-interest income
    8,424       (22,374 )     7,883       7,724       9,141  
       
 
                             
Non-Int  
Salaries and employee benefits
    7,866       7,135       7,371       7,580       7,790  
Expense  
Occupancy expense of bank premises
    1,603       1,385       1,297       1,256       1,164  
       
Furniture and equipment expense
    938       942       924       973       901  
       
Amortization of intangible assets
    245       205       166       158       160  
       
Prepayment penalty
                            1,647  
       
Other operating expense
    4,542       5,366       4,683       4,792       4,621  
       
 
                             
       
Total non-interest expense
    15,194       15,033       14,441       14,759       16,283  
       
 
                             
       
Income (loss) before income taxes
    7,576       (23,581 )     6,304       8,653       8,895  
       
Income tax expense (benefit)
    2,346       (9,561 )     1,753       2,415       2,583  
       
 
                             
       
Net income (loss)
    5,230       (14,020 )     4,551       6,238       6,312  
       
Preferred dividends
    571       255                    
       
 
                             
       
Net income (loss) available to common shareholders
  $ 4,659     $ (14,275 )   $ 4,551     $ 6,238     $ 6,312  
       
 
                             
Per  
Basic EPS
  $ 0.40     $ (1.27 )   $ 0.42     $ 0.57     $ 0.57  
Share  
Diluted EPS
  $ 0.40     $ (1.27 )   $ 0.41     $ 0.56     $ 0.57  
       
Cash dividends per share
  $     $ 0.28     $ 0.28     $ 0.28     $ 0.28  
       
Weighted Average Shares Outstanding:
                                       
       
Basic
    11,567,769       11,252,183       10,956,867       10,992,301       11,029,931  
       
Diluted
    11,616,568       11,320,138       11,034,059       11,073,440       11,107,610  
       
Actual shares outstanding at period end
    11,596,249       11,567,449       10,967,597       10,954,078       11,012,574  
       
Book value per common share at period end
  $ 15.20     $ 15.46     $ 15.57     $ 17.95     $ 18.98  
       
Market value per share at period end
  $ 11.67     $ 34.87     $ 37.52     $ 28.20     $ 36.42  

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First Community Bancshares, Inc.
Quarterly Balance Sheets

(Unaudited)
                                         
    March 31,     December 31,     September 30,     June 30,     March 31,  
(In Thousands)   2009     2008     2008     2008     2008  
 
                                       
Cash and due from banks
  $ 100,881     $ 39,310     $ 53,238     $ 44,672     $ 44,004  
Interest-bearing deposits with banks
    79       7,129       664       10,745       33,111  
Securities available for sale
    549,664       520,723       513,001       598,438       598,853  
Securities held to maturity
    8,471       8,670       9,043       10,511       12,075  
Loans held for sale
    1,445       1,024       140       1,522       2,116  
Loans held for investment, net of unearned income
    1,276,790       1,298,159       1,168,286       1,181,107       1,179,504  
Less allowance for loan losses
    16,555       15,978       14,510       13,433       12,862  
 
                             
Net loans
    1,260,235       1,282,181       1,153,776       1,167,674       1,166,642  
Premises and equipment
    54,893       55,024       50,504       50,075       49,444  
Other real estate owned
    3,114       1,326       896       500       400  
Interest receivable
    8,848       10,084       9,156       9,992       9,742  
Intangible assets
    89,338       89,612       72,222       71,181       71,239  
Other assets
    122,173       118,231       104,817       88,377       77,487  
 
                             
Total Assets
  $ 2,199,141     $ 2,133,314     $ 1,967,457     $ 2,053,687     $ 2,065,113  
 
                             
Deposits:
                                       
Demand
  $ 207,947     $ 199,712     $ 214,582     $ 224,716     $ 224,097  
Interest-bearing demand
    194,934       185,117       186,403       172,623       172,864  
Savings
    319,007       309,577       312,451       312,148       305,725  
Time
    861,556       809,352       636,108       629,920       656,267  
 
                             
Total Deposits
    1,583,444       1,503,758       1,349,544       1,339,407       1,358,953  
Interest, taxes and other liabilities
    28,293       27,423       20,494       18,695       22,293  
Federal funds purchased
                29,500       66,500        
Securities sold under agreements to repurchase
    153,824       165,914       180,388       215,610       208,000  
FHLB and other indebtedness
    215,870       215,877       216,720       216,862       266,889  
 
                             
Total Liabilities
    1,981,431       1,912,972       1,796,646       1,857,074       1,856,135  
 
                             
 
                                       
Preferred stock
    40,471       40,419                    
Common stock
    12,051       12,051       11,499       11,499       11,499  
Additional paid-in capital
    127,992       128,526       108,862       108,926       108,896  
Retained earnings
    118,021       107,231       124,731       123,253       120,087  
Treasury stock, at cost
    (14,453 )     (15,368 )     (16,882 )     (17,328 )     (15,457 )
Accumulated other comprehensive loss
    (66,372 )     (52,517 )     (57,399 )     (29,737 )     (16,047 )
 
                             
Total Stockholders’ Equity
    217,710       220,342       170,811       196,613       208,978  
 
                             
Total Liabilities and Stockholders’ Equity
  $ 2,199,141     $ 2,133,314     $ 1,967,457     $ 2,053,687     $ 2,065,113  
 
                             

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First Community Bancshares, Inc.
Selected Financial Information

(Unaudited)
                                         
    As of and for the Quarter Ended  
    March 31,     December 31,     September 30,     June 30,     March 31,  
    2009     2008     2008     2008     2008  
    (Dollars in Thousands)  
Summary of Loan Loss Experience
                                       
Allowance for loan losses:
                                       
Beginning balance
  $ 15,978     $ 14,510     $ 13,433     $ 12,862     $ 12,833  
Balance acquired
          1,169                    
Provision for loan losses
    2,087       2,701       3,461       937       323  
Charge-offs
    (1,730 )     (2,606 )     (2,601 )     (1,198 )     (966 )
Recoveries
    220       204       217       832       672  
 
                             
Net charge-offs
    (1,510 )     (2,402 )     (2,384 )     (366 )     (294 )
 
                             
Ending balance
  $ 16,555     $ 15,978     $ 14,510     $ 13,433     $ 12,862  
 
                             
 
                                       
Summary of Asset Quality
                                       
Nonaccrual loans
  $ 10,628     $ 12,763     $ 6,997     $ 4,126     $ 3,137  
Loans 90 days or more past due and still accruing
                             
 
                             
Total non-performing loans
    10,628       12,763       6,997       4,126       3,137  
 
                                       
Other real estate owned
    3,114       1,326       896       500       400  
 
                             
Total non-performing assets
  $ 13,742     $ 14,089     $ 7,893     $ 4,626     $ 3,537  
 
                             
 
                                       
Asset Quality Ratios
                                       
Non-performing loans as a percentage of loans held for investment
    0.83 %     0.98 %     0.60 %     0.35 %     0.27 %
Non-performing assets as a percentage of total assets
    0.62 %     0.66 %     0.40 %     0.23 %     0.17 %
Annualized net charge-offs as a percentage of average loans held for investment
    0.47 %     0.77 %     0.81 %     0.12 %     0.10 %
Allowance for loan losses as a percentage of loans held for investment
    1.30 %     1.23 %     1.24 %     1.14 %     1.09 %
Ratio of allowance for loan losses to non-performing loans
    1.56       1.25       2.07       3.26       4.10  

-7-


 

First Community Bancshares, Inc.
Selected Financial Information

(Unaudited)
                                         
    As of and for the Quarter Ended
    March 31,   December 31,   September 30,   June 30,   March 31,
    2009   2008   2008   2008   2008
    (Dollars in Thousands)
Ratios
                                       
Return on average assets
    0.87 %     -2.77 %     0.90 %     1.23 %     1.21 %
Return on average common equity
    10.61 %     -33.28 %     9.39 %     12.08 %     11.66 %
Net interest margin
    3.73 %     3.93 %     3.90 %     3.92 %     3.78 %
Efficiency ratio for the quarter (a)
    58.25 %     57.97 %     56.62 %     57.55 %     58.00 %
Efficiency ratio year-to-date (a)
    58.25 %     57.54 %     57.39 %     57.78 %     58.00 %
Equity as a percent of total assets at end of period
    9.90 %     10.33 %     8.68 %     9.57 %     10.12 %
Average earning assets as a percentage of average total assets
    86.68 %     86.38 %     87.89 %     88.83 %     89.10 %
Average loans as a percentage of average deposits
    82.83 %     86.01 %     88.25 %     88.10 %     87.68 %
 
                                       
Average Balances
                                       
Investments
  $ 521,776     $ 508,289     $ 582,605     $ 623,338     $ 635,350  
Loans
    1,292,179       1,235,023       1,174,855       1,180,813       1,205,481  
Earning assets
    1,887,583       1,768,113       1,758,895       1,817,322       1,863,433  
Total assets
    2,177,762       2,046,879       2,001,191       2,045,773       2,091,397  
Deposits
    1,560,109       1,435,956       1,331,293       1,340,384       1,374,853  
Interest-bearing deposits
    1,360,798       1,230,547       1,120,138       1,122,680       1,161,881  
Borrowings
    372,282       400,393       459,475       478,361       477,903  
Interest-bearing liabilities
    1,733,080       1,630,940       1,579,613       1,601,041       1,639,784  
Equity
    219,653       189,122       192,743       207,660       217,679  
Tax equivalent net interest income
    17,349       17,483       17,264       17,726       17,491  
 
(a)   Excludes securities gains/losses, intangible amortization, foreclosed property expenses, non-recurring income and expense items, and includes tax equivalency adjustment.

-8-


 

First Community Bancshares, Inc.
Investment Securities Portfolio
March 31, 2009

(Unaudited)
                                         
                            Unrealized        
                            Gains/(Losses)        
    Par     Fair     Amortized     Recognized     Cumulative  
    Value     Value     Cost     in OCI     OTTI  
    (Dollars in Thousands)  
Available for sale
                                       
Agency
  $ 53,435     $ 54,127     $ 53,425     $ 702     $  
Agency mortgage-backed
    273,870       282,075       275,257       6,818        
Non-Agency MBS
                                       
AAA
    7,250       5,786       7,206       (1,420 )      
CCC
    25,000       10,730       20,968       (10,238 )     4,252  
 
                             
Total
    32,250       16,516       28,174       (11,658 )     4,252  
Municipals
                                       
AAA
    5,955       6,043       5,956       87        
AA
    54,230       54,739       54,261       478        
A
    46,282       46,394       46,284       110        
BBB
    30,005       28,788       29,106       (318 )      
NR
    5,920       5,659       5,929       (270 )      
 
                             
Total
    142,392       141,623       141,536       87        
Single issuer bank trust preferred
                                       
AA
    10,300       4,171       10,064       (5,893 )      
A
    17,130       8,852       16,750       (7,898 )      
BB
    29,125       13,745       28,703       (14,958 )      
 
                             
Total
    56,555       26,768       55,517       (28,749 )      
Pooled TruPS
                                       
A
    20,000       935       20,000       (19,065 )      
CCC and below
    88,659       21,770       73,367       (51,597 )     15,456  
 
                             
Total
    108,659       22,705       93,367       (70,662 )     15,456  
Equity securities
            5,850       7,006       (1,156 )     209  
 
                             
Total
  $ 667,161     $ 549,664     $ 654,282     $ (104,618 )   $ 19,917  
 
                             
 
                                       
Held to maturity
                                       
Municipals
                                       
AA
    3,680       3,727       3,665       62        
A
    3,670       3,566       3,491       75        
BBB
    1,395       1,327       1,315       12        
 
                             
Total
    8,745       8,620       8,471       149        
 
                             
In cases where investment securities were not identically rated by two or more securities rating agencies, the lowest rating was used. Amortized cost and cumulative OTTI include a pre-tax cumulative effect adjustment of approximately $10.44 million in connection with adoption of FSP FAS 115-2 and FAS 124-2.

-9-


 

First Community Bancshares, Inc.
Consolidated Average Balance Sheets, Yields, and Rates

(Unaudited)
                                                 
    Three Months Ended March 31,  
    2009     2008  
                    Yield/                     Yield/  
    Average     Interest     Rate     Average     Interest     Rate  
    Balance     (1)     (1)     Balance     (1)     (1)  
    (Dollars in Thousands)  
Earning assets
                                               
Loans held for investment (2)
  $ 1,292,179     $ 19,997       6.28 %   $ 1,205,481     $ 21,258       7.09 %
Securities available for sale
    513,300       7,571       5.98 %     623,275       8,998       5.81 %
Held to maturity securities
    8,473       172       8.23 %     12,075       242       8.06 %
Interest-bearing deposits with banks
    73,628       39       0.21 %     22,602       180       3.20 %
 
                                   
Total earning assets
    1,887,580     $ 27,779       5.97 %     1,863,433     $ 30,678       6.62 %
Other assets
    290,182                       227,964                  
 
                                           
Total
  $ 2,177,762                     $ 2,091,397                  
 
                                           
Interest-bearing liabilities
                                               
Interest-bearing demand deposits
  $ 190,215     $ 79       0.17 %   $ 162,175     $ 76       0.19 %
Savings deposits
    312,563       656       0.85 %     327,061       1,487       1.83 %
Time deposits
    858,020       6,832       3.23 %     672,645       7,178       4.29 %
Fed funds purchased
                        1,819       18       3.98 %
Retail repurchase agreements
    106,469       390       1.49 %     149,581       1,022       2.75 %
Wholesale repurchase agreements
    50,000       510       4.14 %     50,000       473       3.80 %
FHLB borrowings & other long-term debt
    215,813       1,963       3.69 %     276,503       2,933       4.27 %
 
                                   
Total interest-bearing liabilities
    1,733,080       10,430       2.44 %     1,639,784       13,187       3.23 %
Noninterest-bearing demand deposits
    199,311                       212,972                  
Other liabilities
    25,718                       20,962                  
Stockholders’ equity
    219,653                       217,679                  
 
                                           
Total
  $ 2,177,762                     $ 2,091,397                  
 
                                       
Net interest income
          $ 17,349                     $ 17,491          
 
                                           
Net interest rate spread (3)
                    3.53 %                     3.39 %
 
                                           
Net interest margin (4)
                    3.73 %                     3.78 %
 
                                           
 
(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.

-10-

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