First Community Bancshares Inc (FCBC) 10-K Annual Report March 2017

Bluefield, Virginia – First Community Bancshares, Inc. (NASDAQ: FCBC) (www.fcbinc.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter and year ended December 31, 2016. The Company reported net income available to common shareholders of $6.40 million, or $0.38 per diluted common share for the quarter ended December 31, 2016, which represents an 11.76% increase in per share diluted earnings compared to the same quarter of 2015. Net income available to common shareholders was $25.13 million, or $1.45 per diluted common share for the year ended December 31, 2016, which represents a 10.69% increase in per share diluted earnings over 2015.

The Company also announced today that the Board of Directors declared a quarterly cash dividend to common shareholders of sixteen cents ($0.16) per common share, which represents an increase of 14.29% over the first quarter of 2016. The quarterly dividend is payable to common shareholders of record on February 3, 2017, and is expected to be paid on or about February 17, 2017. The current year marks the 32^nd consecutive year of cash dividends paid to stockholders.

On October 1, 2016, the Company sold two North Carolina insurance offices operating under the trade name Greenpoint Insurance Group, Inc. and two Virginia offices operating under the trade name Carr & Hyde Insurance to Ascension Insurance Agency, Inc. The transaction does not impact the Company’s in-branch insurance offices operating as First Community Insurance Services, Inc. in West Virginia and Virginia.

On January 9, 2017, the Company redeemed all of its previously issued trust preferred securities totaling $15.46 million. The callable trust preferred securities bore an interest rate of three-month LIBOR plus 2.95% with a maturity date of October 8, 2033.

Fourth Quarter 2016 Highlights

Income Statement

Net income available to common shareholders increased $256 thousand, or 4.16%, to $6.40 million compared to the same quarter of 2015.

Diluted earnings per share increased $0.04, or 11.76%, to $0.38 compared to the same quarter of 2015.

Core, non-GAAP diluted earnings per common share increased $0.02, or 5.88%, to $0.36 compared to the same quarter of 2015.

Net interest margin increased 1 basis point to 3.99%, and normalized net interest margin increased 15 basis points to 3.83% compared to the same quarter of 2015.

Balance Sheet

The non-covered loan portfolio increased $172.45 million, or 10.62%, compared to December 31, 2015.

Book value per common share increased $1.00 to $19.95 compared to December 31, 2015.

The Company repurchased 29,518 common shares during the quarter resulting in 1,182,294 shares repurchased during the year. The Company has repurchased 2.55 million shares since January 1, 2014.

The Company and its subsidiary bank both significantly exceed regulatory “well capitalized” targets as of December 31, 2016.

Asset Quality

Total nonperforming assets decreased $5.51 million compared to December 31, 2015, largely due to a decrease in covered OREO.

Total non-covered nonperforming assets decreased $1.72 million compared to December 31, 2015.

Non-covered delinquent loans, which are comprised of loans 30 days or more past due and nonaccrual loans, as a percentage of total non-covered loans improved 33 basis points to 1.39% as of December 31, 2016, from 1.72% as of December 31, 2015.

The following information was filed by First Community Bancshares Inc (FCBC) on Tuesday, January 24, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

First Community Bancshares Inc provided additional information to their SEC Filing as exhibits

Exhibit 12: Statement Regarding Calculation Of Ratios

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: FCBC
CIK: 859070
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-069830
Submitted to the SEC: Fri Mar 03 2017 4:31:14 PM EST
Accepted by the SEC: Fri Mar 03 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

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First Community Bancshares Inc (FCBC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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