BLUEFIELD, Va., April 26, 2010 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (Nasdaq:FCBC) (www.fcbinc.com) today reported net income for the quarter ended March 31, 2010, of $5.28 million, or $0.30 per diluted common share.
Commenting on first quarter results, Chief Executive John M. Mendez stated, "We are happy to return to what we consider more normalized earnings. We are also very pleased to report favorable trends in our net interest income and margin, strong earnings per share, and that asset quality measures remain very good compared to the industry."
First Quarter 2010 Highlights –
- Asset quality metrics continue to compare favorably to peers with a ratio of non-performing assets to total assets at March 31, 2010, of 97 basis points
- Net interest margin increased to 4.02%, up 10 basis points from the quarter ended December 31, 2009
- Net interest income increased $2.19 million, or 13.30%, from the first quarter of 2009
- Tangible book value per common share increased to $9.67, up $0.51 from the quarter ended December 31, 2009
- First Community Bancshares, Inc. remains "well-capitalized" with a total risk-based capital ratio of 14.1%, Tier 1 risk-based capital ratio of 12.9%, and a Tier 1 leverage ratio of 9.0% at March 31, 2010
Net Interest Income
Tax-equivalent net interest margin for the first quarter of 2010 was 4.02%. Net interest income was $18.62 million, an increase of $2.19 million, or 13.30%, from the first quarter of 2009. Interest income was $26.61 million, a slight decrease of $251 thousand, or 0.93%, from the first quarter of 2009. The yield on loans dropped to 6.22% from 6.28%, while average loans increased $103.49 million to $1.40 billion from first quarter 2009, which reflects the acquisition of TriStone Community Bank in July 2009. The Company continues to maintain a high level of liquidity with average invested cash balances of $76.59 million in the first quarter.
First quarter 2010 interest expense was $7.99 million, a decrease of $2.44 million, or 23.37%, from the first quarter of 2009. First quarter deposit costs decreased $2.07 million compared to the first quarter of 2009, while the average rate paid on interest bearing deposits decreased 71 basis points to 1.55%. Compared to the first quarter of 2009, interest costs on borrowings decreased $372 thousand to $2.49 million, while the average balance decreased $31.56 million due to the redemption and restructuring of various wholesale borrowings. The cost of interest bearing liabilities decreased 62 basis points during the first quarter of 2010 compared to the first quarter of 2009. Average interest bearing liabilities increased $49.00 million, or 2.83%, compared with the first quarter of 2009, and included a decrease of $17.07 million in Federal Home Loan Bank ("FHLB") borrowings.
Noninterest Income
During the first quarter of 2010, wealth management revenues decreased $99 thousand, or 10.06%, to $885 thousand. Trust Division revenue was very strong in the prior year due to several estate settlements. The Wealth Management Division reported $831 million in assets under management at March 31, 2010. Service charges on deposit accounts were $2.99 million for the first quarter of 2010, a decrease of $165 thousand, or 5.23%, from the first quarter of 2009. Insurance commissions were $2.20 million for the first quarter of 2010, a decrease of $116 thousand, or 5.01%, from the same period in 2009.
Noninterest Expenses
Noninterest expenses for the first quarter of 2010 increased $885 thousand, or 5.83%, from the first quarter of 2009. The increase was primarily due to increased Federal Deposit Insurance Corporation ("FDIC") deposit insurance premiums. Salaries and employee benefits increased $103 thousand, or 1.31%, from the first quarter of 2009. TriStone Community Bank branches accounted for an increase in salaries and employee benefits of $326 thousand. The remainder of the Company showed an overall decrease in salaries and benefits of $223 thousand. Other operating expenses increased $187 thousand, or 4.30%, compared to the first quarter of 2009. The efficiency ratio in the first quarter of 2010 was 54.53% compared to 58.25% in the first quarter of 2009.
Credit Quality
The Company's loan quality measures at March 31, 2010, continue to compare favorably to the Company's Federal Reserve peer group of bank holding companies with total assets between $1 and $3 billion. Total loan delinquencies of 30 days or more, including non-accrual loans, as a percent of total loans were 2.35% at March 31, 2010, compared to 4.57% for the Federal Reserve peer group at December 31, 2009. During the first quarter, non-accrual loans decreased $50 thousand from December 31, 2009. The ratio of allowance for loan losses as a percent of loans held for investment was 1.58% at March 31, 2010.
Non-performing assets remained stable at 0.97% of total assets at March 31, 2010, and non-performing loans as a percentage of loans held for investment was 1.26%, even with December 31, 2009. The Federal Reserve peer group reported non-performing assets to total assets of 3.23% and non-performing loans to total loans held for investment of 3.49% at December 31, 2009.
Balance Sheet
Consolidated assets were $2.28 billion at March 31, 2010. Total stockholders' equity for the Company was $262.76 million, resulting in a book value per common share outstanding of $14.78 at March 31, 2010, compared to $253.86 million and $14.29 per common share at December 31, 2009. During the first quarter, the Company paid a $0.10 per share dividend on common shares. 2010 marks the Company's 25th consecutive year of dividends to shareholders.
The Company will host an investor and media teleconference and webcast on Monday, April 26, 2010, 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 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 (276) 326-9000.
First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $2.28 billion financial holding company and is the parent company of First Community Bank, N. A. First Community Bank, N. A. operates through fifty-seven 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 $831 million at March 31, 2010. First Community is also the parent company of GreenPoint Insurance Group, Inc., a full-service insurance agency headquartered in High Point, North Carolina, that operates eleven offices. 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.
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 | ||
|
(Unaudited) (In Thousands, Except Share and Per Share Data) |
For the Quarter Ended March 31, |
|
| 2010 | 2009 | |
| Interest Income | ||
| Interest and fees on loans held for investment | $ 21,354 | $ 19,984 |
| Interest on securities-taxable | 3,786 | 5,164 |
| Interest on securities-nontaxable | 1,426 | 1,676 |
| Interest on federal funds sold and deposits | 46 | 39 |
| Total interest income | 26,612 | 26,863 |
| Interest Expense | ||
| Interest on deposits | 5,502 | 7,567 |
| Interest on borrowings | 2,491 | 2,863 |
| Total interest expense | 7,993 | 10,430 |
| Net interest income | 18,619 | 16,433 |
| Provision for loan losses | 3,665 | 2,087 |
| Net interest income after provision for loan losses | 14,954 | 14,346 |
| Noninterest Income | ||
| Wealth management income | 885 | 984 |
| Service charges on deposit accounts | 2,992 | 3,157 |
| Other service charges and fees | 1,281 | 1,178 |
| Insurance commissions | 2,201 | 2,317 |
| Net impairment losses recognized in earnings | -- | (209) |
| Security gains | 250 | 411 |
| Other operating income | 969 | 579 |
| Total noninterest income | 8,578 | 8,417 |
| Noninterest Expense | ||
| Salaries and employee benefits | 7,969 | 7,866 |
| Occupancy expense of bank premises | 1,709 | 1,603 |
| Furniture and equipment expense | 904 | 938 |
| Amortization of intangible assets | 256 | 245 |
| FDIC premiums and assessments | 701 | 188 |
| Merger-related expenses | -- | 1 |
| Other operating expense | 4,533 | 4,346 |
| Total noninterest expense | 16,072 | 15,187 |
| Income before income taxes | 7,460 | 7,576 |
| Income tax expense | 2,182 | 2,346 |
| Net income | 5,278 | 5,230 |
| Dividends on preferred stock | -- | 571 |
| Net income available to common shareholders | $ 5,278 | $ 4,659 |
| Per Share | ||
| Basic earnings per common share | $ 0.30 | $ 0.40 |
| Diluted earnings per common share | $ 0.30 | $ 0.40 |
| Weighted average shares outstanding: | ||
| Basic | 17,765,556 | 11,567,769 |
| Diluted | 17,784,449 | 11,616,568 |
| For the period: | ||
| Return on average assets | 0.95% | 0.87% |
| Return on average common equity | 8.26% | 10.61% |
| Cash dividends per common share | $ 0.10 | $ -- |
| First Community Bancshares, Inc. | |||||
| Condensed Quarterly Income/(Loss) Statements | |||||
| As of and for the Quarter Ended | |||||
|
(Unaudited) (In Thousands, Except Share and Per Share Data) |
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
March 31, 2009 |
| Interest Income | |||||
| Interest and fees on loans held for investment | $ 21,354 | $ 22,085 | $ 21,064 | $ 19,571 | $ 19,984 |
| Interest on securities-taxable | 3,786 | 4,190 | 4,562 | 5,177 | 5,164 |
| Interest on securities-nontaxable | 1,426 | 1,445 | 1,449 | 1,402 | 1,676 |
| Interest on federal funds sold and deposits | 46 | 32 | 55 | 39 | 39 |
| Total interest income | 26,612 | 27,752 | 27,130 | 26,189 | 26,863 |
| Interest Expense | |||||
| Interest on deposits | 5,502 | 6,155 | 6,998 | 7,076 | 7,567 |
| Interest on borrowings | 2,491 | 2,635 | 2,596 | 2,792 | 2,863 |
| Total interest expense | 7,993 | 8,790 | 9,594 | 9,868 | 10,430 |
| Net interest income | 18,619 | 18,962 | 17,536 | 16,321 | 16,433 |
| Provision for loan losses | 3,665 | 6,996 | 3,418 | 2,552 | 2,087 |
| Net interest income after provision for loan losses | 14,954 | 11,966 | 14,118 | 13,769 | 14,346 |
| Noninterest Income | |||||
| Wealth management income | 885 | 1,059 | 971 | 1,133 | 984 |
| Service charges on deposit accounts | 2,992 | 3,585 | 3,659 | 3,491 | 3,157 |
| Other service charges and fees | 1,281 | 1,248 | 1,156 | 1,133 | 1,178 |
| Insurance commissions | 2,201 | 1,465 | 1,567 | 1,639 | 2,317 |
| Net impairment losses recognized in earnings | -- | (44,067) | (30,811) | (3,776) | (209) |
| Securities gains (losses) | 250 | (14,603) | 866 | 1,653 | 411 |
| Acquisition gain | -- | -- | 4,493 | -- | -- |
| Other operating income | 969 | 983 | 815 | 247 | 579 |
| Total noninterest income | 8,578 | (50,330) | (17,284) | 5,520 | 8,417 |
| Noninterest Expense | |||||
| Salaries and employee benefits | 7,969 | 8,254 | 7,860 | 7,405 | 7,866 |
| Occupancy expense of bank premises | 1,709 | 1,687 | 1,266 | 1,333 | 1,603 |
| Furniture and equipment expense | 904 | 988 | 928 | 892 | 938 |
| Amortization of intangible assets | 256 | 277 | 262 | 244 | 245 |
| FHLB debt prepayment fees | -- | -- | -- | 88 | -- |
| FDIC premiums and assessments | 701 | 1,474 | 1,313 | 1,287 | 188 |
| Merger-related expenses | -- | 146 | 1,505 | 74 | 1 |
| Other operating expense | 4,533 | 4,802 | 4,634 | 4,718 | 4,346 |
| Total noninterest expense | 16,072 | 17,628 | 17,768 | 16,041 | 15,187 |
| Income (loss) before income taxes | 7,460 | (55,992) | (20,934) | 3,248 | 7,576 |
| Income tax expense (benefit) | 2,182 | (21,430) | (9,633) | 843 | 2,346 |
| Net income (loss) | 5,278 | (34,562) | (11,301) | 2,405 | 5,230 |
| Preferred dividends | -- | -- | 1,011 | 578 | 571 |
| Net income (loss) available to common shareholders | $ 5,278 | $ (34,562) | $ (12,312) | $ 1,827 | $ 4,659 |
| Per Share | |||||
| Basic EPS | $ 0.30 | $ (1.95) | $ (0.71) | $ 0.14 | $ 0.40 |
| Diluted EPS | $ 0.30 | $ (1.95) | $ (0.71) | $ 0.14 | $ 0.40 |
| Cash dividends per common share | $ 0.10 | $ -- | $ 0.10 | $ 0.20 | $ -- |
| Weighted average shares outstanding: | |||||
| Basic | 17,765,556 | 17,687,413 | 17,427,434 | 12,696,202 | 11,567,769 |
| Diluted | 17,784,449 | 17,687,413 | 17,427,434 | 12,741,080 | 11,616,568 |
| First Community Bancshares, Inc. | ||
| Reconciliation of GAAP Net Income to Core Earnings | ||
|
(Unaudited) (In Thousands, Except Per Share Data) |
Three Months Ended March 31, |
|
| 2010 | 2009 | |
| Net income, GAAP | $ 5,278 | $ 5,230 |
| Non-GAAP adjustments: | ||
| Security gains | (250) | (411) |
| Merger expenses | -- | 1 |
| Other-than-temporary security impairments | -- | 209 |
| Other non-core, non-recurring items | 935 | 300 |
| Total adjustments to core earnings | 685 | 99 |
| Tax effect | 257 | 39 |
| Core earnings, non-GAAP | $ 5,706 | $ 5,290 |
| Core return on average assets | 1.03% | 0.99% |
| Core return on average equity | 8.93% | 9.77% |
| Core diluted earnings per share | $ 0.32 | $ 0.46 |
| Efficiency Ratio Calculation | ||
|
(Unaudited) (In Thousands) |
Three Months Ended March 31, |
|
| 2010 | 2009 | |
| Noninterest expenses, GAAP | $ 16,072 | $ 15,187 |
| Non-GAAP adjustments: | ||
| Merger expenses | -- | (1) |
| Other non-core, non-recurring items | (935) | (300) |
| Adjusted noninterest expenses | 15,137 | 14,886 |
| Net interest income, GAAP | 18,619 | 16,433 |
| Noninterest income, GAAP | 8,578 | 8,417 |
| Non-GAAP adjustments: | ||
| Tax-equivalency adjustment | 813 | 916 |
| Security gains | (250) | (411) |
| Other-than-temporary security impairments | -- | 209 |
| Adjusted net interest and noninterest income | 27,760 | 25,564 |
| Efficiency Ratio | 54.53% | 58.23% |
| First Community Bancshares, Inc. | |||||
| Quarterly Balance Sheets | |||||
| For the Quarter Ended | |||||
|
(Unaudited) (Dollars In Thousands) |
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
March 31, 2009 |
| Cash and due from banks | $ 74,962 | $ 97,641 | $ 51,905 | $ 116,095 | $ 100,881 |
| Interest-bearing deposits with banks | 12,744 | 3,700 | 3,352 | 28,354 | 79 |
| Securities available for sale | 524,297 | 486,057 | 575,800 | 521,879 | 549,664 |
| Securities held to maturity | 7,155 | 7,454 | 7,452 | 7,725 | 8,471 |
| Loans held for sale | 1,494 | 11,576 | 4,376 | 802 | 1,445 |
| Loans held for investment, net of unearned income | 1,390,874 | 1,393,931 | 1,396,617 | 1,269,443 | 1,276,790 |
| Less allowance for loan losses | 21,956 | 21,725 | 17,444 | 16,678 | 16,555 |
| Net loans | 1,370,412 | 1,383,782 | 1,383,549 | 1,253,568 | 1,261,680 |
| Premises and equipment | 56,772 | 56,946 | 57,695 | 55,193 | 54,893 |
| Other real estate owned | 4,740 | 4,578 | 3,955 | 3,615 | 3,114 |
| Interest receivable | 8,630 | 8,610 | 9,046 | 8,934 | 8,848 |
| Intangible assets | 90,805 | 91,061 | 90,134 | 89,534 | 89,338 |
| Other assets | 130,017 | 135,049 | 115,453 | 118,313 | 122,173 |
| Total Assets | $ 2,280,534 | $ 2,274,878 | $ 2,298,341 | $ 2,203,210 | $ 2,199,141 |
| Deposits: | |||||
| Demand | $ 205,810 | $ 208,244 | $ 198,107 | $ 202,543 | $ 207,947 |
| Interest bearing demand | 246,513 | 231,907 | 216,184 | 195,905 | 194,934 |
| Savings | 427,883 | 381,381 | 351,450 | 311,435 | 319,007 |
| Time | 775,405 | 824,428 | 896,716 | 837,475 | 861,556 |
| Total Deposits | 1,655,611 | 1,645,960 | 1,662,457 | 1,547,358 | 1,583,444 |
| Interest, taxes and other liabilities | 21,912 | 22,498 | 24,374 | 27,630 | 28,293 |
| Securities sold under agreements to repurchase | 144,381 | 153,634 | 147,042 | 153,804 | 153,824 |
| FHLB and other indebtedness | 195,873 | 198,924 | 198,932 | 190,863 | 215,870 |
| Total Liabilities | 2,017,777 | 2,021,016 | 2,032,805 | 1,919,655 | 1,981,431 |
| Preferred stock, net of discount | -- | -- | -- | 40,525 | 40,471 |
| Common stock | 18,083 | 18,083 | 18,083 | 17,341 | 12,051 |
| Additional paid-in capital | 190,650 | 190,967 | 192,799 | 183,955 | 127,992 |
| Retained earnings | 71,857 | 68,355 | 102,920 | 116,997 | 118,021 |
| Treasury stock, at cost | (9,342) | (9,891) | (12,768) | (13,712) | (14,453) |
| Accumulated other comprehensive loss | (8,491) | (13,652) | (35,498) | (61,551) | (66,372) |
| Total Stockholders' Equity | 262,757 | 253,862 | 265,536 | 283,555 | 217,710 |
|
Total Liabilities and Stockholders' Equity |
$ 2,280,534 | $ 2,274,878 | $ 2,298,341 | $ 2,203,210 | $ 2,199,141 |
| Actual shares outstanding at period end | 17,782,791 | 17,765,164 | 17,680,328 | 16,909,592 | 11,596,249 |
| Book value per common share at period end | $ 14.78 | $ 14.29 | $ 15.02 | $ 14.31 | $ 15.20 |
|
Tangible book value per common share at period end (1) |
$ 9.67 | $ 9.16 | $ 9.92 | $ 9.02 | $ 7.49 |
| (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 Financial Information | |||||
| As of and for the Quarter Ended | |||||
|
(Unaudited) (Dollars in Thousands) |
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
March 31, 2009 |
| Summary of Loan Loss Experience | |||||
| Allowance for loan losses: | |||||
| Beginning balance | $ 21,725 | $ 17,444 | $ 16,678 | $ 16,555 | $ 15,978 |
| Balance acquired | -- | -- | -- | -- | -- |
| Provision for loan losses | 3,665 | 6,996 | 3,418 | 2,552 | 2,087 |
| Charge-offs | (3,732) | (2,954) | (2,990) | (2,681) | (1,730) |
| Recoveries | 298 | 239 | 338 | 252 | 220 |
| Net charge-offs | (3,434) | (2,715) | (2,652) | (2,429) | (1,510) |
| Ending balance | $ 21,956 | $ 21,725 | $ 17,444 | $ 16,678 | $ 16,555 |
| Summary of Asset Quality | |||||
| Nonaccrual loans | $ 17,477 | $ 17,527 | $ 12,278 | $ 11,645 | $ 10,628 |
| Loans 90 days or more past due and still accruing | -- | -- | -- | -- | -- |
| Total non-performing loans | 17,477 | 17,527 | 12,278 | 11,645 | 10,628 |
| Other real estate owned | 4,740 | 4,578 | 3,955 | 3,615 | 3,114 |
| Total non-performing assets | $ 22,217 | $ 22,105 | $ 16,233 | $ 15,260 | $ 13,742 |
| Asset Quality Ratios | |||||
|
Non-performing loans as a percentage of loans held for investment |
1.26% | 1.26% | 0.88% | 0.92% | 0.83% |
| Non-performing assets as a percentage of total assets | 0.97% | 0.97% | 0.71% | 0.69% | 0.62% |
|
Annualized net charge-offs as a percentage of average loans held for investment |
1.00% | 0.77% | 0.77% | 0.77% | 0.47% |
|
Allowance for loan losses as a percentage of loans held for investment |
1.58% | 1.56% | 1.25% | 1.31% | 1.30% |
|
Ratio of allowance for loan losses to non-performing loans |
1.26 | 1.24 | 1.42 | 1.43 | 1.56 |
| First Community Bancshares, Inc. | |||
| Nonaccrual Loan Detail | |||
| (Unaudited) | As of March 31, 2010 | ||
| (Dollars in Thousands) |
Loans Outstanding |
Nonaccrual Loans |
Nonaccrual Loans to Loans Outstanding |
| Commercial | |||
| Commercial & industrial | $ 106,377 | $ 734 | 0.69% |
| Agriculture | 1,279 | -- | 0.00% |
| Total commercial | 107,656 | 734 | 0.68% |
| Commercial real estate | |||
| Construction, land development & vacant land | 113,139 | 3,961 | 3.50% |
| Non-owner occupied | 163,909 | 1,597 | 0.97% |
| Owner occupied | 187,466 | 3,571 | 1.90% |
| Farmland | 39,659 | 10 | 0.03% |
| Total commercial real estate | 504,173 | 9,139 | 1.81% |
| Consumer | 60,643 | 108 | 0.18% |
| Residential real estate | |||
| Residential | 537,436 | 5,627 | 1.05% |
| Multi-family | 70,508 | 1,604 | 2.27% |
| Home equity lines | 110,458 | 265 | 0.24% |
| Total residential | 718,402 | 7,496 | 1.04% |
| Total loans | $ 1,390,874 | $ 17,477 | 1.26% |
| First Community Bancshares, Inc. | |||||
| Selected Financial Information | |||||
| As of and for the Quarter Ended | |||||
|
(Unaudited) (Dollars in Thousands) |
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
March 31, 2009 |
| Ratios | |||||
| Return on average assets | 0.95% | -5.99% | -2.15% | 0.34% | 0.87% |
| Return on average common equity | 8.26% | -51.15% | -18.78% | 3.82% | 10.61% |
| Net interest margin | 4.02% | 3.92% | 3.68% | 3.62% | 3.73% |
| Efficiency ratio for the quarter | 54.53% | 61.29% | 59.40% | 58.62% | 58.23% |
| Efficiency ratio year-to-date | 54.53% | 59.10% | 58.37% | 58.43% | 58.23% |
| Equity as a percent of total assets at end of period | 11.52% | 11.16% | 11.55% | 12.87% | 9.90% |
|
Average earning assets as a percentage of average total assets |
87.31% | 87.41% | 87.14% | 86.78% | 86.68% |
| Average loans as a percentage of average deposits | 85.08% | 85.13% | 83.25% | 81.19% | 82.83% |
| Average Balances | |||||
| Investments | $ 481,116 | $ 549,386 | $ 536,485 | $ 564,934 | $ 521,776 |
| Loans | 1,395,669 | 1,406,497 | 1,362,603 | 1,269,584 | 1,292,179 |
| Earning assets | 1,960,511 | 2,001,576 | 1,978,626 | 1,892,403 | 1,887,583 |
| Total assets | 2,245,381 | 2,289,946 | 2,270,592 | 2,180,779 | 2,177,762 |
| Deposits | 1,640,424 | 1,652,082 | 1,636,744 | 1,563,640 | 1,560,109 |
| Interest bearing deposits | 1,441,359 | 1,452,369 | 1,437,763 | 1,361,970 | 1,360,798 |
| Borrowings | 340,720 | 346,990 | 347,292 | 359,628 | 372,282 |
| Interest bearing liabilities | 1,782,079 | 1,799,359 | 1,785,055 | 1,721,597 | 1,733,080 |
| Equity | 259,014 | 268,074 | 260,126 | 233,093 | 219,653 |
| Tax equivalent net interest income | 19,432 | 19,778 | 18,329 | 17,093 | 17,349 |
| First Community Bancshares, Inc. | ||||||
| Consolidated Average Balance Sheets, Yields, and Rates | ||||||
| Three Months Ended March 31, | ||||||
| 2010 | 2009 | |||||
| (Unaudited) |
Average Balance |
Interest (1) |
Yield/ Rate (1) |
Average Balance |
Interest (1) |
Yield/ Rate (1) |
| (Dollars in Thousands) | ||||||
| Earning assets | ||||||
| Loans held for investment (2) | $ 1,395,669 | $ 21,398 | 6.22% | $ 1,292,179 | $ 19,997 | 6.28% |
| Securities available for sale | 481,116 | 5,833 | 4.92% | 513,300 | 7,571 | 5.98% |
| Held to maturity securities | 7,139 | 148 | 8.41% | 8,473 | 172 | 8.23% |
| Interest bearing deposits with banks | 76,587 | 46 | 0.24% | 73,628 | 39 | 0.21% |
| Total earning assets | 1,960,511 | $ 27,425 | 5.67% | 1,887,580 | $ 27,779 | 5.97% |
| Other assets | 284,870 | 290,182 | ||||
| Total | $ 2,245,381 | $ 2,177,762 | ||||
| Interest bearing liabilities | ||||||
| Interest bearing demand deposits | $ 236,484 | $ 200 | 0.34% | $ 190,215 | $ 79 | 0.17% |
| Savings deposits | 413,037 | 831 | 0.82% | 312,563 | 656 | 0.85% |
| Time deposits | 791,838 | 4,471 | 2.29% | 858,020 | 6,832 | 3.23% |
| Retail repurchase agreements | 91,976 | 276 | 1.22% | 106,469 | 390 | 1.49% |
| Wholesale repurchase agreements | 50,000 | 463 | 3.76% | 50,000 | 510 | 4.14% |
| FHLB borrowings & other long-term debt | 198,744 | 1,752 | 3.58% | 215,813 | 1,963 | 3.69% |
| Total interest-bearing liabilities | 1,782,079 | 7,993 | 1.82% | 1,733,080 | 10,430 | 2.44% |
| Noninterest bearing demand deposits | 199,065 | 199,311 | ||||
| Other liabilities | 5,223 | 25,718 | ||||
| Stockholders' equity | 259,014 | 219,653 | ||||
| Total | $ 2,245,381 | $ 2,177,762 | ||||
| Net interest income | $ 19,432 | $ 17,349 | ||||
| Net interest rate spread (3) | 3.85% | 3.53% | ||||
| Net interest margin (4) | 4.02% | 3.73% | ||||
| (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. | ||||||