×

First Community Bancshares, Inc. Announces Third Quarter 2017 Results and Quarterly Dividend

BLUEFIELD, Va., Oct. 24, 2017 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (NASDAQ:FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter and nine months ended September 30, 2017. The Company reported net income available to common shareholders of $7.65 million, or $0.45 per diluted common share for the quarter ended September 30, 2017, which represents a 21.62% increase in per share diluted earnings compared to the same quarter of 2016. Net income available to common shareholders was $20.27 million, or $1.19 per diluted common share for the nine months ended September 30, 2017, which represents an 11.21% increase in per share diluted earnings compared to the same period of 2016.

The Company also announced today that the Board of Directors declared a quarterly cash dividend to common shareholders of eighteen cents ($0.18) per common share. The quarterly dividend is payable to common shareholders of record on November 3, 2017, and is expected to be paid on or about November 17, 2017. The current year marks the 32nd consecutive year of cash dividends paid to stockholders.

Third Quarter 2017 Highlights

  • Income Statement
    • Net income available to common shareholders increased $1.27 million, or 19.88%, to $7.65 million compared to the same quarter of 2016.
    • Return on average assets increased 26 basis points to 1.29% and return on average common equity increased 103 basis points to 8.61% compared to the same quarter of 2016.
    • The non-GAAP efficiency ratio improved to 54.68% compared to 62.45% in the same quarter of 2016.
    • Diluted earnings per share increased $0.08, or 21.62%, to $0.45 compared to the same quarter of 2016.
    • Net interest margin increased 30 basis points to 4.25%, and normalized net interest margin increased 23 basis points to 4.00% compared to the same quarter of 2016.
  • Balance Sheet
    • Net charge-offs decreased $456 thousand, or 33.68%, to $898 thousand for the nine months ended September 30, 2017, compared to the same period of 2016.
    • Book value per common share increased $0.81 to $20.76 compared to December 31, 2016.
    • Tangible book value per common share increased $0.85 to $14.74 compared to December 31, 2016.
    • The Company and its subsidiary bank both significantly exceed regulatory “well capitalized” targets as of September 30, 2017.

Non-GAAP Financial Measures

The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). This press release also refers to certain non-GAAP financial measures that the Company believes provide investors with important information, when used in conjunction with results presented in accordance with GAAP, regarding its operational performance. The Company’s non-GAAP financial measures presented in this release include core earnings, the efficiency ratio, tangible book value per common share, average tangible common equity, and normalized net interest margin. Management believes that core earnings provide the Company and investors a valuable tool to evaluate the Company’s financial results. Management believes that the efficiency ratio provides important information about the Company’s operating expense control and efficiency of operations. Management also believes this ratio focuses attention on the core operating performance of the Company over time and is highly useful in comparing period-to-period operating performance of core business operations. The efficiency ratio used by the Company may not be comparable to efficiency ratios reported by other financial institutions. The reconciliations of these measures to GAAP measures are provided within this news release.

About First Community Bancshares, Inc.

First Community Bancshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 44 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of September 30, 2017. First Community Bank provides insurance services through First Community Insurance Services, which operates 6 in-branch locations in Virginia and West Virginia and offers wealth management and investment advice through its Trust Division and First Community Wealth Management, which collectively managed $936 million in combined assets as of September 30, 2017. The Company reported consolidated assets of $2.37 billion as of September 30, 2017. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website 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 fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.


Financial Performance

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30,
(Amounts in thousands, except share and per share data)2017 2017 2017 2016 2016 2017 2016
Interest income
Interest and fees on loans$22,694 $22,914 $21,827 $21,956 $21,952 $67,435 $65,762
Interest on securities 1,080 1,170 1,206 1,362 1,643 3,456 5,491
Interest on deposits in banks 275 221 159 98 26 655 55
Total interest income 24,049 24,305 23,192 23,416 23,621 71,546 71,308
Interest expense
Interest on deposits 1,275 1,233 1,166 1,145 1,133 3,674 3,334
Interest on borrowings 724 778 885 1,314 1,367 2,387 4,051
Total interest expense 1,999 2,011 2,051 2,459 2,500 6,061 7,385
Net interest income 22,050 22,294 21,141 20,957 21,121 65,485 63,923
Provision for (recovery of) loan losses 730 934 492 500 (1,154) 2,156 755
Net interest income after
provision (recovery) 21,320 21,360 20,649 20,457 22,275 63,329 63,168
Total noninterest income 7,135 5,475 5,691 6,238 5,895 18,301 20,828
Total noninterest expense 16,909 17,458 17,083 16,653 18,557 51,450 56,093
Income before income taxes 11,546 9,377 9,257 10,042 9,613 30,180 27,903
Income tax expense 3,894 2,959 3,055 3,638 3,230 9,908 9,181
Net income available to common shareholders$7,652 $6,418 $6,202 $6,404 $6,383 $20,272 $18,722
Earnings per common share
Basic$0.45 $0.38 $0.36 $0.38 $0.37 $1.19 $1.07
Diluted 0.45 0.38 0.36 0.38 0.37 1.19 1.07
Cash dividends per common share 0.18 0.16 0.16 0.16 0.16 0.50 0.44
Weighted average shares outstanding
Basic 17,005,654 16,998,125 16,998,125 16,891,010 17,031,074 17,005,350 17,433,406
Diluted 17,082,729 17,072,174 17,072,174 17,043,869 17,083,526 17,076,958 17,475,211
Performance ratios
Return on average assets 1.29% 1.08% 1.06% 1.05% 1.03% 1.14% 1.01%
Return on average common equity 8.61% 7.41% 7.35% 7.49% 7.58% 7.80% 7.40%
Return on average tangible common equity(1) 12.13% 10.51% 10.50% 10.75% 11.07% 11.06% 10.76%
(1) A non-GAAP financial measure defined as average stockholders’ equity less average goodwill, other intangibles, and preferred stock liquidation preference

RECONCILIATION OF GAAP NET INCOME TO CORE EARNINGS (Unaudited)
Three Months Ended Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30,
2017 2017 2017 2016 2016 2017 2016
(Amounts in thousands, except per share data)
Net income, GAAP$7,652 $6,418 $6,202 $6,404 $6,383 $20,272 $18,722
Non-GAAP adjustments:
Net gain on divestitures - - - (619) (3,065) - (3,065)
Allowance reversal for sold loans - - - - (1,354) - (1,354)
Merger, acquisition, and divestiture expense - - - 55 226 - 675
Net loss (gain) on sale of securities - 657 - (388) (25) 657 53
Net impairment losses - - - - 4,635 - 4,646
Other non-core items 34 (174) (18) (48) (264) (158) (504)
Total adjustments to core earnings 34 483 (18) (1,000) 153 499 451
Tax effect 12 345 (7) (708) 56 350 166
Core earnings, non-GAAP(1)$7,674 $6,556 $6,191 $6,112 $6,480 $20,421 $19,007
Core diluted earnings per common share$0.45 $0.38 $0.36 $0.36 $0.38 $1.19 $1.09
Performance ratios
Core return on average assets 1.29% 1.11% 1.06% 1.01% 1.05% 1.15% 1.03%
Core return on average common equity 8.63% 7.57% 7.33% 7.15% 7.70% 7.86% 7.51%
Core return on average tangible common equity(2) 12.16% 10.74% 10.48% 10.26% 11.24% 11.14% 10.92%
(1) Excludes gains, losses, and impairment losses on securities; goodwill and intangible impairment; taxes; and other non-recurring income and expense items from net income
(2) A non-GAAP financial measure defined as average stockholders’ equity less average goodwill, other intangibles, and preferred stock liquidation preference


Net Interest Income and Margin

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
Three Months Ended September 30,
2017 2016
Average Average Yield/ Average Average Yield/
(Amounts in thousands)Balance Interest(1) Rate(1) Balance Interest(1) Rate(1)
Assets
Earning assets
Loans(2)$1,843,612 $22,765 4.90% $1,820,899 $21,974 4.80%
Securities available for sale 157,038 1,373 3.47% 266,162 1,941 2.90%
Securities held to maturity 25,199 106 1.67% 72,210 189 1.04%
Interest-bearing deposits 73,802 275 1.48% 19,025 26 0.54%
Total earning assets 2,099,651 24,519 4.63% 2,178,296 24,130 4.41%
Other assets 258,763 282,310
Total assets$2,358,414 $2,460,606
Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits$384,594 $89 0.09% $337,893 $60 0.07%
Savings deposits 518,355 43 0.03% 523,503 62 0.05%
Time deposits 509,251 1,143 0.89% 529,344 1,011 0.76%
Total interest-bearing deposits 1,412,200 1,275 0.36% 1,390,740 1,133 0.32%
Borrowings
Federal funds purchased - - - 3,696 6 0.65%
Retail repurchase agreements 58,194 10 0.07% 64,385 12 0.07%
Wholesale repurchase agreements 25,000 203 3.22% 50,000 473 3.76%
FHLB advances and other borrowings 50,000 511 4.05% 133,838 876 2.60%
Total borrowings 133,194 724 2.16% 251,919 1,367 2.16%
Total interest-bearing liabilities 1,545,394 1,999 0.51% 1,642,659 2,500 0.61%
Noninterest-bearing demand deposits 440,227 462,588
Other liabilities 20,101 20,462
Total liabilities 2,005,722 2,125,709
Stockholders' equity 352,692 334,897
Total liabilities and stockholders' equity$2,358,414 $2,460,606
Net interest income, FTE $22,520 $21,630
Net interest rate spread 4.12% 3.80%
Net interest margin 4.25% 3.95%
(1) Fully taxable equivalent ("FTE") basis based on the federal statutory rate of 35%
(2) Nonaccrual loans are included in average balances; however, no related interest income is recorded during the period of nonaccrual.

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
Nine Months Ended September 30,
2017 2016
Average Average Yield/ Average Average Yield/
(Amounts in thousands)Balance Interest(1) Rate(1) Balance Interest(1) Rate(1)
Assets
Earning assets
Loans(2)$1,841,981 $67,645 4.91% $1,775,744 $65,836 4.95%
Securities available for sale 162,198 4,312 3.55% 318,891 6,403 2.68%
Securities held to maturity 35,578 382 1.44% 72,350 575 1.06%
Interest-bearing deposits 66,069 655 1.33% 13,288 55 0.55%
Total earning assets 2,105,826 72,994 4.63% 2,180,273 72,869 4.47%
Other assets 264,333 287,784
Total assets$2,370,159 $2,468,057
Liabilities and stockholders' equity
Interest-bearing deposits
Demand deposits$384,265 $301 0.10% $339,920 $177 0.07%
Savings deposits 523,219 114 0.03% 533,799 191 0.05%
Time deposits 513,072 3,259 0.85% 527,056 2,966 0.75%
Total interest-bearing deposits 1,420,556 3,674 0.35% 1,400,775 3,334 0.32%
Borrowings
Federal funds purchased 2 - 0.00% 5,393 26 0.64%
Retail repurchase agreements 61,951 31 0.07% 69,347 37 0.07%
Wholesale repurchase agreements 25,000 602 3.22% 50,000 1,410 3.77%
FHLB advances and other borrowings 57,357 1,754 4.09% 124,803 2,578 2.76%
Total borrowings 144,310 2,387 2.21% 249,543 4,051 2.17%
Total interest-bearing liabilities 1,564,866 6,061 0.52% 1,650,318 7,385 0.60%
Noninterest-bearing demand deposits 435,825 457,250
Other liabilities 21,905 22,581
Total liabilities 2,022,596 2,130,149
Stockholders' equity 347,563 337,908
Total liabilities and stockholders' equity$2,370,159 $2,468,057
Net interest income, FTE $66,933 $65,484
Net interest rate spread 4.12% 3.87%
Net interest margin 4.25% 4.01%
(1) Fully taxable equivalent ("FTE") basis based on the federal statutory rate of 35%
(2) Nonaccrual loans are included in average balances; however, no related interest income is recorded during the period of nonaccrual.

RECONCILIATION OF GAAP NET INTEREST MARGIN TO NON-GAAP NORMALIZED NET INTEREST MARGIN (Unaudited)
Three Months Ended September 30,
2017 2016
(Amounts in thousands)Interest(1) Average Yield/
Rate(1)
Interest(1) Average Yield/
Rate(1)
Earning assets
Loans(2)$22,765 4.90% $21,974 4.80%
Accretion income 1,925 1,683
Less: cash accretion income 548 699
Non-cash accretion income 1,377 984
Loans, normalized(3) 21,388 4.60% 20,990 4.59%
Other earning assets 1,754 2.72% 2,156 2.40%
Total earning assets 23,142 4.37% 23,146 4.23%
Total interest-bearing liabilities 1,999 0.51% 2,500 0.61%
Net interest income, FTE(3)$21,143 $20,646
Net interest rate spread, normalized(3) 3.86% 3.62%
Net interest margin, normalized(3) 4.00% 3.77%
(1)FTE basis based on the federal statutory rate of 35%
(2)Nonaccrual loans are included in average balances; however, no related interest income is recorded during the period of nonaccrual.
(3)Normalized totals are non-GAAP financial measures that exclude non-cash loan interest accretion related to PCI loans.
Nine Months Ended September 30,
2017 2016
(Amounts in thousands)Interest(1) Average Yield/
Rate(1)
Interest(1) Average Yield/
Rate(1)
Earning assets
Loans(2)$67,645 4.91% $65,836 4.95%
Accretion income 6,243 6,183
Less: cash accretion income 1,986 2,290
Non-cash accretion income 4,257 3,893
Loans, normalized(3) 63,388 4.60% 61,943 4.66%
Other earning assets 5,349 2.71% 7,033 2.32%
Total earning assets 68,737 4.36% 68,976 4.23%
Total interest-bearing liabilities 6,061 0.52% 7,385 0.60%
Net interest income, FTE(3)$62,676 $61,591
Net interest rate spread, normalized(3) 3.84% 3.63%
Net interest margin, normalized(3) 3.98% 3.77%
(1)FTE basis based on the federal statutory rate of 35%
(2)Nonaccrual loans are included in average balances; however, no related interest income is recorded during the period of nonaccrual.
(3)Normalized totals are non-GAAP financial measures that exclude non-cash loan interest accretion related to PCI loans.


Noninterest Income and Expense

CONDENSED QUARTERLY STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30,
(Amounts in thousands)2017 2017 2017 2016 2016 2017 2016
Noninterest income
Wealth management$758 $791 $790 $681 $653 $2,339 $2,147
Service charges on deposits 3,605 3,360 3,113 3,442 3,494 10,078 10,146
Other service charges and fees 2,141 2,168 2,078 2,014 2,024 6,387 6,088
Insurance commissions 306 325 373 59 1,592 1,004 5,383
Net impairment losses recognized in earnings - - - - (4,635) - (4,646)
Net gain (loss) on sale of securities - (657) - 388 25 (657) (53)
Net FDIC indemnification asset amortization (268) (1,586) (1,332) (1,618) (1,369) (3,186) (3,856)
Net gain on divestitures - - - 619 3,065 - 3,065
Other operating income 593 1,074 669 653 1,046 2,336 2,554
Total noninterest income 7,135 5,475 5,691 6,238 5,895 18,301 20,828
Noninterest expense
Salaries and employee benefits 9,137 9,157 8,884 9,411 9,828 27,178 30,501
Occupancy expense 1,082 1,341 1,248 1,158 1,249 3,671 4,139
Furniture and equipment expense 1,133 1,087 1,091 1,070 1,066 3,311 3,271
Amortization of intangibles 266 263 261 265 316 790 871
FDIC premiums and assessments 227 227 244 274 363 698 1,109
Merger, acquisition, and divestiture expense - - - 55 226 - 675
Other operating expense 5,064 5,383 5,355 4,420 5,509 15,802 15,527
Total noninterest expense 16,909 17,458 17,083 16,653 18,557 51,450 56,093


Efficiency Ratio

EFFICIENCY RATIO CALCULATION (Unaudited)
Three Months Ended Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30,
2017 2017 2017 2016 2016 2017 2016
(Amounts in thousands)
Noninterest expense, GAAP$16,909 $17,458 $17,083 $16,653 $18,557 $51,450 $56,093
Non-GAAP adjustments
Merger, acquisition, and divestiture expense - - - (55) (226) - (675)
OREO expense and net loss (647) (213) (328) (184) (278) (1,188) (1,236)
Other non-core items (64) (327) - 8 (168) (391) (372)
Adjusted noninterest expense 16,198 16,918 16,755 16,422 17,885 49,871 53,810
Net interest income, GAAP 22,050 22,294 21,141 20,957 21,121 65,485 63,923
Noninterest income, GAAP 7,135 5,475 5,691 6,238 5,895 18,301 20,828
Non-GAAP adjustments
Tax equivalency adjustment 470 481 497 520 509 1,448 1,561
Net impairment losses - - - - 4,635 - 4,646
Net loss (gain) on sale of securities - 657 - (388) (25) 657 53
Net gain on divestitures - - - (619) (3,065) - (3,065)
Other non-core items (30) (501) (18) (40) (432) (549) (876)
Adjusted net interest and noninterest income 29,625 28,406 27,311 26,668 28,638 85,342 87,070
Non-GAAP efficiency ratio(1) 54.68% 59.56% 61.35% 61.58% 62.45% 58.44% 61.80%
GAAP efficiency ratio 57.94% 62.87% 63.67% 61.24% 68.69% 61.41% 66.19%
(1) A non-GAAP financial measure computed by dividing adjusted noninterest expense by the sum of tax equivalent net interest income and adjusted noninterest income


Balance Sheet and Capital

CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
September 30, June 30, March 31, December 31, September 30,
(Amounts in thousands, except per share data) 2017 2017 2017 2016 2016
Assets
Total cash and cash equivalents$105,119 $106,799 $152,851 $76,307 $65,929
Securities available for sale 174,424 157,854 158,685 165,579 220,856
Securities held to maturity 25,182 25,216 47,092 47,133 72,182
Loans held for investment, net of unearned income
Non-covered 1,805,429 1,796,263 1,784,371 1,795,954 1,774,547
Covered 32,292 45,845 51,412 56,994 61,837
Less allowance for loan losses (19,206) (18,886) (18,458) (17,948) (19,633)
Loans held for investment, net 1,818,515 1,823,222 1,817,325 1,835,000 1,816,751
FDIC indemnification asset 7,465 8,159 9,931 12,173 14,332
Premises and equipment, net 48,949 49,598 50,057 50,085 50,564
Other real estate owned, non-covered 3,543 3,914 4,477 5,109 4,052
Other real estate owned, covered 54 124 241 276 2,437
Interest receivable 5,156 5,072 5,059 5,553 5,498
Goodwill 95,779 95,779 95,779 95,779 101,776
Other intangible assets 6,417 6,683 6,947 7,207 7,964
Other assets 84,177 84,183 82,069 86,197 87,932
Total assets$2,374,780 $2,366,603 $2,430,513 $2,386,398 $2,450,273
Liabilities
Deposits
Noninterest-bearing$452,940 $443,800 $467,677 $427,705 $473,509
Interest-bearing 1,410,880 1,413,574 1,438,917 1,413,633 1,388,390
Total deposits 1,863,820 1,857,374 1,906,594 1,841,338 1,861,899
Securities sold under agreements to repurchase 83,783 86,011 90,653 98,005 118,532
FHLB borrowings 50,000 50,000 65,000 65,000 90,000
Other borrowings - - 244 15,708 15,707
Interest, taxes, and other liabilities 24,540 24,443 24,618 27,290 26,599
Total liabilities 2,022,143 2,017,828 2,087,109 2,047,341 2,112,737
Stockholders' equity
Common stock 21,382 21,382 21,382 21,382 21,382
Additional paid-in capital 228,510 228,326 228,176 228,142 227,884
Retained earnings 182,145 177,556 173,860 170,377 166,689
Treasury stock, at cost (79,333) (78,488) (78,533) (78,833) (78,789)
Accumulated other comprehensive (loss) income (67) (1) (1,481) (2,011) 370
Total stockholders' equity 352,637 348,775 343,404 339,057 337,536
Total liabilities and stockholders' equity$2,374,780 $2,366,603 $2,430,513 $2,386,398 $2,450,273
Shares outstanding at period-end 16,986,502 17,017,071 17,013,185 16,994,208 16,988,972
Book value per common share(1)$20.76 $20.50 $20.18 $19.95 $19.87
Tangible book value per common share(2) 14.74 14.47 14.15 13.89 13.41
(1) Stockholders' equity divided by as-converted common shares outstanding
(2) A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangibles, divided by as-converted common shares outstanding


Asset Quality

SELECTED CREDIT QUALITY INFORMATION (Unaudited)
September 30, June 30, March 31, December 31, September 30,
(Amounts in thousands)2017 2017 2017 2016 2016
Allowance for Loan Losses
Beginning balance$18,886 $18,458 $17,948 $19,633 $21,099
Provision for (recovery of) loan losses charged
to operations 730 934 492 500 (1,154)
Charge-offs (717) (902) (357) (2,485) (772)
Recoveries 307 396 375 300 460
Net (charge-offs) recoveries (410) (506) 18 (2,185) (312)
Ending balance$19,206 $18,886 $18,458 $17,948 $19,633
Nonperforming Assets
Non-covered nonperforming assets
Nonaccrual loans$18,942 $20,146 $18,537 $15,854 $17,487
Accruing loans past due 90 days or more - - 20 - 62
Troubled debt restructurings ("TDRs")(1) 141 100 - 114 115
Total non-covered nonperforming loans 19,083 20,246 18,557 15,968 17,664
OREO 3,543 3,914 4,477 5,109 4,052
Total non-covered nonperforming assets$22,626 $24,160 $23,034 $21,077 $21,716
Covered nonperforming assets
Nonaccrual loans$420 $446 $918 $608 $688
Total covered nonperforming loans 420 446 918 608 688
OREO 54 124 241 276 2,437
Total covered nonperforming assets$474 $570 $1,159 $884 $3,125
Additional Information
Performing TDRs(2)$8,101 $8,485 $8,593 $12,838 $13,336
Total TDRs(3) 8,242 8,585 8,593 12,952 13,451
Non-covered ratios
Nonperforming loans to total loans 1.06% 1.13% 1.04% 0.89% 1.00%
Nonperforming assets to total assets 0.97% 1.04% 0.97% 0.90% 0.91%
Non-PCI allowance to nonperforming loans 100.64% 93.24% 99.40% 112.32% 111.08%
Non-PCI allowance to total loans 1.06% 1.05% 1.03% 1.00% 1.11%
Annualized net charge-offs to average loans 0.09% 0.11% 0.00% 0.49% 0.07%
Total ratios
Nonperforming loans to total loans 1.06% 1.12% 1.06% 0.89% 1.00%
Nonperforming assets to total assets 0.97% 1.04% 1.00% 0.92% 1.01%
Allowance for loan losses to nonperforming loans 98.48% 91.27% 94.78% 108.28% 106.98%
Allowance for loan losses to total loans 1.05% 1.03% 1.01% 0.97% 1.07%
Annualized net charge-offs to average loans 0.09% 0.11% 0.00% 0.47% 0.07%
(1) Accruing TDRs restructured within the past six months or nonperforming
(2) Accruing TDRs with six months or more of satisfactory payment performance
(3) Accruing total TDRs


FOR MORE INFORMATION, CONTACT:
David D. Brown
(276) 326-9000

Source:First Community Bancshares, Inc.