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

First Community Bancshares Inc

CIK: 859070 Ticker: FCBC

 

Exhibit 99.1

 

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE: FOR MORE INFORMATION, CONTACT:
January 24, 2017
David D. Brown
  (276) 326-9000

 

First Community Bancshares, Inc. Announces Fourth Quarter and Full Year 2016 Results

and Quarterly Dividend

 

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 32nd 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
oNet income available to common shareholders increased $256 thousand, or 4.16%, to $6.40 million compared to the same quarter of 2015.
oDiluted earnings per share increased $0.04, or 11.76%, to $0.38 compared to the same quarter of 2015.
oCore, non-GAAP diluted earnings per common share increased $0.02, or 5.88%, to $0.36 compared to the same quarter of 2015.
oNet 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
oThe non-covered loan portfolio increased $172.45 million, or 10.62%, compared to December 31, 2015.
oBook value per common share increased $1.00 to $19.95 compared to December 31, 2015.
oThe 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.
oThe Company and its subsidiary bank both significantly exceed regulatory “well capitalized” targets as of December 31, 2016.

 

·Asset Quality
oTotal nonperforming assets decreased $5.51 million compared to December 31, 2015, largely due to a decrease in covered OREO.
oTotal non-covered nonperforming assets decreased $1.72 million compared to December 31, 2015.

oNon-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

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Income
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (tables)
Acquisitions And Divestitures - Additional Information (detail)
Aging Of Past Due Loans By Loan Class (detail)
Allowance For Loan Losses
Allowance For Loan Losses (tables)
Allowance For Loan Losses And Recorded Investment In Loans, Evaluated For Impairment Excluding Pci Loans, By Loan Class (detail)
Allowance For Loan Losses On Pci Loans And Recorded Investment In Loans (detail)
Allowance For Loan Losses, By Loan Segment (detail)
Amortized Cost And Fair Value Of Available-for-sale Securities, Including Gross Unrealized Gains And Losses (detail)
Amortized Cost And Fair Value Of Held-to-maturity Securities, Including Gross Unrealized Gains And Losses (detail)
Amortized Cost And Fair Value Of Municipal Securities By State, Including Gross Unrealized Gains And Losses (detail)
Amortized Cost And Fair Value, Of Securities By Contractual Maturity (detail)
Assets Measured At Fair Value On Nonrecurring Basis (detail)
Available-for-sale Securities In Continuous Unrealized Loss Position (detail)
Average Recorded Investment And Interest Income Recognized On Impaired Loans Excluding Purchased Credit Impaired Loans (detail)
Balance And Interest Income Related To Impaired Loan Pools (detail)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (policies)
Basis Of Presentation And Significant Accounting Policies - Additional Information (detail)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (detail)
Calculation For Basic And Diluted Earnings Per Common Share (detail)
Carrying Amount And Fair Value Of Financial Instruments (detail)
Changes In Accretable Yield On Pci Loans, By Acquisition (detail)
Changes In Goodwill, By Reporting Unit (detail)
Changes In Loans With Related Parties (detail)
Changes In Receivable From Fdic (detail)
Company's And Bank's Capital Ratios (detail)
Components Of Accumulated Other Comprehensive Income, Net Of Tax (detail)
Components Of Borrowings (detail)
Components Of Deposits (detail)
Components Of Income Tax Provision (detail)
Components Of Net Periodic Pension Cost And Assumed Discount Rate (detail)
Components Of Other Intangible Assets, By Reporting Unit (detail)
Components Of Other Operating Income And Expense (detail)
Components Of Other Operating Income And Expense (parenthetical) (detail)
Components Of Premises And Equipment (detail)
Condensed Balance Sheets Of Parent Company (detail)
Condensed Statements Of Cash Flows (detail)
Condensed Statements Of Income (detail)
Contractual And Weighted Average Maturities Of Long-term Borrowings, By Year (detail)
Covered Loan Portfolio, By Loan Class (detail)
Credit Losses Recognized In Earnings For Debt Securities Where Portion Of Impairment Recognized In Oci (detail)
Credit Quality
Credit Quality (tables)
Credit Quality - Additional Information (detail)
Deposits
Deposits (tables)
Deposits - Additional Information (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Effect Of Derivative And Hedging Activity, On Consolidated Statements Of Income (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (detail)
Estimated Amortization Expense For Intangible Assets, By Year (detail)
Fair Value
Fair Value (tables)
Fdic Indemnification Asset
Fdic Indemnification Asset (tables)
Fdic Indemnification Asset - Additional Information (detail)
Future Minimum Lease Payments To Be Received Under Noncancelable Subleases (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Held To Maturity Securities In Continuous Unrealized Loss Position (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Information On Impaired Pci Loan Pools (detail)
Investment Securities
Investment Securities (tables)
Investment Securities - Additional Information (detail)
Litigation, Commitments And Contingencies - Additional Information (detail)
Litigation, Commitments, And Contingencies
Litigation, Commitments, And Contingencies (tables)
Loans
Loans (tables)
Loans - Additional Information (detail)
Loans Held For Investment By Internal Credit Risk Grade (detail)
Loans Modified As Troubled Debt Restructurings By Loan Class And Accrual Status (detail)
Loans Modified As Troubled Debt Restructurings By Type Of Concession Made And Loan Class (detail)
Net Cash (received) Paid In Acquisitions And Divestitures (detail)
Net Loss Or Gain From Sale Of Securities (detail)
Nonaccrual Loans By Loan Class (detail)
Notional Or Contractual Amounts And Fair Value Of Derivative Instruments (detail)
Off-balance Sheet Financial Instruments (detail)
Other Operating Income And Expense
Other Operating Income And Expense (tables)
Parent Company Financial Information
Parent Company Financial Information (tables)
Performance Stock Activity (detail)
Pre-tax Compensation Expense And Excess Tax Benefit Recognized In Earnings (detail)
Premises, Equipment And Leases - Additional Information (detail)
Premises, Equipment, And Leases
Premises, Equipment, And Leases (tables)
Projected Benefit Payments (detail)
Quantitative Information For Assets Measured At Fair Value On Nonrecurring Basis (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Reclassifications Out Of Accumulated Other Comprehensive Income (detail)
Reconciliation Of Statutory Federal Tax Rate And Effective Tax Rate From Continuing Operations (detail)
Recorded Investment And Contractual Unpaid Principal Balance Of Pci Loans, By Acquisition (detail)
Recorded Investment Unpaid Principal Balance And Related Allowance For Loans Losses Excluding Purchased Credit Impaired Loans (detail)
Recorded Investment Unpaid Principal Balance And Related Allowance For Loans Losses Excluding Purchased Credit Impaired Loans (parenthetical) (detail)
Regulatory Requirements And Restrictions
Regulatory Requirements And Restrictions (tables)
Regulatory Requirements And Restrictions - Additional Information (detail)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Additional Information (detail)
Restricted Stock Activity (detail)
Schedule Of Changes In Aggregate Actuarial Benefit Obligation (detail)
Schedule Of Contractual Maturities Of Repurchase Agreements By Type Of Collateral Pledged (detail)
Scheduled Maturities Of Certificates Of Deposit Of $250 Thousand Or More (detail)
Scheduled Maturities Of Time Deposits (detail)
Significant Components Of Net Deferred Tax Asset (detail)
Stock Option Activity (detail)
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Summary Of Information For Oreo (detail)
Summary Of Loans, Net Of Unearned Income (detail)
Summary Of Quarterly Earnings (detail)
Total Options Granted And Weighted Average Assumptions Used To Estimate The Fair Value Of Options Granted (detail)
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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