First Community Bancshares 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
January 14, 2009
Date of Report (Date of earliest event reported)
FIRST COMMUNITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 2.06 Material Impairments
On January 14, 2009, the registrant determined that it expects to record a non-cash charge for the fourth quarter of 2008 related to other-than-temporary impairment of one collateralized mortgage obligation. The after-tax other-than-temporary impairment charge is expected to approximate $8.9 million. The security deemed to be other-than-temporarily impaired had a cost basis of $25.2 million and an estimated fair value of approximately $10.7 million at December 31, 2008.
An other-than-temporary impairment charge would result in a decrease in the registrants net income for the period in which it is taken, and a decrease in the registrants regulatory capital.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.