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First Community Bankshares, Inc. (FCBC)

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Previous Close19.45
Open19.28
Bid0.00 x 800
Ask0.00 x 1800
Day's Range18.99 - 20.35
52 Week Range18.06 - 34.15
Volume46,735
Avg. Volume45,567
Market Cap343.92M
Beta (5Y Monthly)0.62
PE Ratio (TTM)9.38
EPS (TTM)2.07
Earnings DateJul 28, 2020
Forward Dividend & Yield1.00 (5.14%)
Ex-Dividend DateAug 06, 2020
1y Target Est28.00
  • Is It Smart To Buy First Community Bankshares, Inc. (NASDAQ:FCBC) Before It Goes Ex-Dividend?
    Simply Wall St.

    Is It Smart To Buy First Community Bankshares, Inc. (NASDAQ:FCBC) Before It Goes Ex-Dividend?

    It looks like First Community Bankshares, Inc. (NASDAQ:FCBC) is about to go ex-dividend in the next 3 days...

  • GlobeNewswire

    First Community Bankshares, Inc. Announces Second Quarter Results and Quarterly Dividend

    BLUEFIELD, Va., July 28, 2020 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended June 30, 2020. The Company reported net income of $8.24 million, or $0.46 per diluted common share, for the quarter ended June 30, 2020, which was a decrease of $0.20, or 30.30%, over the same quarter of 2019.  Net income was $16.11 million, or $0.90 per diluted common share, for the six months ended June 30, 2020, which represents a 29.13% decrease in per share diluted earnings compared to the same period of 2019.Additionally, today the Company declared a quarterly cash dividend to common shareholders of twenty-five cents ($0.25) per common share. The quarterly dividend is payable to common shareholders of record on August 7, 2020, and is expected to be paid on or about August 21, 2020. The current year is the 35th consecutive year of regular dividends to common shareholders.Second Quarter 2020 and Current Highlights * Pandemic and General * The Company’s social distancing practices at its branches and corporate offices continue today.  Remote working environments remain in place for approximately 60% of the Company’s back office workforce. * The Company implemented a pay differential for employees working at branch and back-office locations which ended May 31, 2020.  As a result of the pay differential and other COVID-19 related expenses, the Company incurred approximately $612 thousand in additional expenses for the quarter. * In order to aid its affected customers, the Company modified or deferred payments on 1,277 commercial loans totaling $340.00 million in principal balances and 1,820 retail loans totaling $96.11 million in principal balances. * Through June 30, 2020, the Company processed 758 loans with original principal balances totaling $60.23 million through the SBA’s Paycheck Protection Program. * As a result of the low interest rate environment, the Company’s pipeline for mortgage loans grew to approximately $99.75 million at June 30, 2020, and stood at $101.39 million at July 24, 2020.   * Income Statement * Second quarter earnings reflect a loan loss provision of $3.83 million, an increase of $2.25 million over second quarter of 2019, to recognize the impact of the coronavirus slowdown.  Coupled with the provision in the first quarter of 2020, the second quarter provision had the cumulative effect of increasing loan loss reserve $5.33 million. * Despite the significant increase in loan loss provision, return on average assets remained strong at 1.15% for both the second quarter and the six month period. The significant increase in loan loss provision over previous quarterly provisions reduced return on average assets for the quarter by 0.24%. * Net interest margin decreased 50 basis points to 4.22% compared to the same quarter of 2019.  Net interest margin decreased 20 basis points to 4.46% for the six months compared to the same period of 2019.  Both period decreases are reflective of the current historic low interest rate environment. * Pandemic shutdowns and stay-at-home orders had a significant negative impact on deposit service charges.   * Balance Sheet * As of June 30, 2020, the Company continues to significantly exceed regulatory “well capitalized” targets, as well as all capital targets of its capital management plan. The Company completed its previous share repurchase authorization in the first quarter of 2020, prior to the onset of the current coronavirus pandemic, which completed a strategic objective of acquiring 6.6 million shares, returning over $149 million in surplus capital to shareholders. In light of the uncertain economic forecast, the Company has temporarily delayed consideration of a new share repurchase authorization to preserve and further accumulate surplus capital. * Total deposits have grown $167.93 million, or 7.21%, during 2020 with $125.03 million of the increase coming in interest free categories.Non-GAAP Financial MeasuresIn addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.About First Community Bankshares, Inc.First Community Bankshares, 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 58 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of June 30, 2020. First Community Bank offers wealth management and investment advice through its Trust Division and First Community Wealth Management, which collectively managed and administered $1.10 billion in combined assets as of June 30, 2020. The Company reported consolidated assets of $2.95 billion as of June 30, 2020. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)                          Three Months Ended Six Months Ended   June 30, March 31, December 31, September 30, June 30, June 30, (Amounts in thousands, except share and per share data)2020 2020 2019 2019 2019 2020 2019 Interest income                     Interest and fees on loans$  26,991  $  28,058  $  21,837  $  22,068  $  22,721  $  55,049  $  44,900  Interest on securities713  918  870  857  895  1,631  1,989  Interest on deposits in banks82  533  663  680  766  615  1,104  Total interest income27,786  29,509  23,370  23,605  24,382  57,295  47,993  Interest expense                     Interest on deposits1,445  1,825  1,312  1,383  1,392  3,270  2,697  Interest on borrowings2  2  1  1  1  4  121  Total interest expense1,447  1,827  1,313  1,384  1,393  3,274  2,818  Net interest income26,339  27,682  22,057  22,221  22,989  54,021  45,175  Provision for loan losses3,831  3,500  91  675  1,585  7,331  2,805  Net interest income after provision22,508  24,182  21,966  21,546  21,404  46,690  42,370  Noninterest income6,913  7,549  9,314  7,634  8,649  14,462  16,729  Noninterest expense18,913  21,664  18,883  17,444  16,651  40,577  33,436  Income before income taxes10,508  10,067  12,397  11,736  13,402  20,575  25,663  Income tax expense2,270  2,195  2,833  2,580  2,951  4,465  5,581  Net income$  8,238  $  7,872  $  9,564  $  9,156  $  10,451  $  16,110  $  20,082                        Earnings per common share                     Basic$  0.47  $  0.44  $  0.61  $  0.59  $  0.67  $  0.90  $  1.27  Diluted0.46  0.44  0.61  0.58  0.66  0.90  1.27  Cash dividends per common share                     Regular0.25  0.25  0.25  0.25  0.25  0.50  0.46  Weighted average shares outstanding                     Basic17,701,853  17,998,994  15,611,093  15,603,992  15,712,204  17,850,423  15,775,462  Diluted17,728,300  18,050,071  15,670,047  15,664,587  15,775,320  17,888,325  15,847,498  Performance ratios                     Return on average assets1.15% 1.16% 1.71% 1.65% 1.89% 1.15% 1.82% Return on average common equity7.97% 7.49% 11.08% 10.80% 12.57% 7.73% 12.17% Return on average tangible common equity(1)11.91% 11.12% 15.33% 15.19% 17.57% 11.51% 17.04%                                             (1) A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets  RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)                                   Three Months Ended Six Months Ended   June 30, March 31, December 31, September 30, June 30, June 30,     2020 2020 2019 2019 2019 2020 2019 (Amounts in thousands, except per share data)                     Net income$  8,238  $  7,872  $  9,564  $  9,156  $  10,451  $  16,110  $  20,082  Adjustments:                     Net (gain) loss on sale of securities-  (385) -  -  43  (385) 43  Merger, acquisition, and divestiture expense-  1,893  1,532  592  -  1,893  -  Other items(1)-  -  (2,395) (900) (2,025) -  (3,700) Total adjustments-  1,508  (863) (308) (1,982) 1,508  (3,657) Tax effect-  354  (331) (134) (550) 354  (878) Adjusted earnings, non-GAAP$  8,238  $  9,026  $  9,032  $  8,982  $  9,019  $  17,264  $  17,303                        Adjusted diluted earnings per common share,                     non-GAAP$  0.46  $  0.50  $  0.58  $  0.57  $  0.57  $  0.97  $  1.09  Performance ratios, non-GAAP                     Adjusted return on average assets1.15% 1.33% 1.61% 1.62% 1.63% 1.24% 1.57% Adjusted return on average common equity7.97% 8.59% 10.46% 10.59% 10.84% 8.28% 10.48% Adjusted return on average tangible                     common equity(2)11.91% 12.75% 14.48% 14.90% 15.16% 12.33% 14.68%                                             (1) Includes other non-recurring income and expense items (2) A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets                       AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)                     Three Months Ended June 30,    2020 2019    Average    Average Yield/ Average    Average Yield/ (Amounts in thousands)Balance Interest(1) Rate(1) Balance Interest(1) Rate(1) Assets              Earning assets              Loans(2)(3)$  2,129,513 $  27,040 5.11% $  1,721,392 $  22,772 5.31% Securities available for sale103,378 839 3.26% 126,153 1,068 3.41% Interest-bearing deposits293,791 81 0.11% 125,759 766 2.44% Total earning assets2,526,682 27,960 4.45% 1,973,304 24,606 5.00% Other assets356,913      248,270      Total assets$  2,883,595      $  2,221,574                       Liabilities and stockholders' equity              Interest-bearing deposits              Demand deposits$  547,445 $  98 0.07% $  454,246 $  77 0.07% Savings deposits707,298 240 0.14% 504,854 192 0.15% Time deposits465,212 1,107 0.96% 429,469 1,123 1.05% Total interest-bearing deposits1,719,955 1,445 0.34% 1,388,569 1,392 0.40% Borrowings              Retail repurchase agreements1,244 1 0.14% 3,024 1 0.13% FHLB advances and other borrowings- - -  - - -  Total borrowings1,244 1 0.32% 3,024 1 0.13% Total interest-bearing liabilities1,721,199 1,446 0.34% 1,391,593 1,393 0.40% Noninterest-bearing demand deposits711,174      468,782      Other liabilities35,467      27,604      Total liabilities2,467,840      1,887,979      Stockholders' equity415,755      333,595      Total liabilities and stockholders' equity$  2,883,595      $  2,221,574      Net interest income, FTE(1)  $  26,514      $  23,213    Net interest rate spread    4.11%     4.60% Net interest margin, FTE(1)    4.22%     4.72%                                   (1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%. (2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual. (3) Interest on loans includes non-cash and accelerated purchase accounting accretion of $1.50 million and $1.39 million for the three months ended June 30, 2020 and 2019, respectively. AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)                     Six Months Ended June 30,    2020 2019    Average    Average Yield/ Average    Average Yield/ (Amounts in thousands)Balance Interest(1) Rate(1) Balance Interest(1) Rate(1) Assets              Earning assets              Loans(2)(3)$  2,105,323 $  55,145 5.27% $  1,743,141 $  45,008 5.21% Securities available for sale119,744 1,899 3.19% 135,914 2,299 3.41% Securities held to maturity- - -  6,140 45 1.48% Interest-bearing deposits228,636 616 0.53% 90,423 1,104 2.46% Total earning assets2,453,703 57,660 4.73% 1,975,618 48,456 4.95% Other assets355,280      248,118      Total assets$  2,808,983      $  2,223,736                       Liabilities and stockholders' equity              Interest-bearing deposits              Demand deposits$  525,024 $  188 0.07% $  450,655 $  114 0.05% Savings deposits693,477 654 0.19% 503,075 367 0.15% Time deposits475,149 2,429 1.03% 433,936 2,216 1.03% Total interest-bearing deposits1,693,650 3,271 0.39% 1,387,666 2,697 0.39% Borrowings              Retail repurchase agreements1,346 3 0.39% 3,141 2 0.13% Wholesale repurchase agreements- - -  7,597 119 3.16% FHLB advances and other borrowings72 1 2.23% - - -  Total borrowings1,418 4 0.57% 10,738 121 2.27% Total interest-bearing liabilities1,695,068 3,275 0.39% 1,398,404 2,818 0.41% Noninterest-bearing demand deposits655,906      464,299      Other liabilities38,820      28,245      Total liabilities2,389,794      1,890,948      Stockholders' equity419,189      332,788      Total liabilities and stockholders' equity$  2,808,983      $  2,223,736      Net interest income, FTE(1)  $  54,385      $  45,638    Net interest rate spread    4.34%     4.54% Net interest margin, FTE(1)    4.46%     4.66%                                   (1)Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%. (2)Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual. (3)Interest on loans includes non-cash and accelerated purchase accounting accretion of $3.46 million and $2.15 million for the six months ended June 30, 2020 and 2019, respectively. CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE  (Unaudited)                          Three Months Ended Six Months Ended   June 30, March 31, December 31, September 30, June 30, June 30, (Amounts in thousands)2020 2020 2019 2019 2019 2020 2019 Noninterest income                     Wealth management$  854  $  844  $  842  $  952  $  884  $  1,698  $  1,629  Service charges on deposits2,560  3,731  3,702  3,785  3,699  6,291  7,107  Other service charges and fees2,617  2,231  2,096  2,007  2,129  4,848  4,178  Net gain (loss) on sale of securities-  385  -  -  (43) 385  (43) Net FDIC indemnification asset amortization(483) (486) (590) (719) (516) (969) (1,068) Other income-  -  2,395  900  2,025  -  3,700  Other operating income1,365  844  869  709  471  2,209  1,226  Total noninterest income$  6,913  $  7,549  $  9,314  $  7,634  $  8,649  $  14,462  $  16,729  Noninterest expense                     Salaries and employee benefits$  11,015  $  11,386  $  9,495  $  9,334  $  9,153  $  22,401  $  18,319  Occupancy expense1,275  1,315  1,057  1,042  1,082  2,590  2,235  Furniture and equipment expense1,316  1,384  1,179  1,183  1,062  2,700  2,095  Service fees1,329  1,523  721  1,053  1,231  2,852  2,261  Advertising and public relations475  512  478  795  513  987  1,037  Professional fees307  233  408  375  328  540  742  Amortization of intangibles360  361  251  251  249  721  495  FDIC premiums and assessments33  -  -  -  150  33  318  Merger, acquisition, and divestiture expense-  1,893  1,532  592  -  1,893  -  Other operating expense2,803  3,057  3,762  2,819  2,883  5,860  5,934  Total noninterest expense$  18,913  $  21,664  $  18,883  $  17,444  $  16,651  $  40,577  $  33,436  CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)                      June 30, March 31, December 31, September 30, June 30, (Amounts in thousands, except per share data)2020 2020 2019 2019 2019 Assets               Cash and cash equivalents$  421,492  $  241,613  $  217,009  $  182,458  $  156,478  Debt securities available for sale98,367  107,753  169,574  115,537  119,076  Loans held for sale-  -  263  -  -  Loans held for investment, net of unearned income               Noncovered2,125,560  2,084,610  2,101,599  1,679,958  1,705,408  Covered11,257  12,115  12,861  14,158  15,520  Allowance for loan losses(23,758) (21,137) (18,425) (18,493) (18,540) Loans held for investment, net2,113,059  2,075,588  2,096,035  1,675,623  1,702,388  FDIC indemnification asset1,943  2,433  2,883  3,458  4,020  Premises and equipment, net62,658  63,319  62,824  48,521  48,262  Other real estate owned, noncovered2,181  2,502  3,969  2,528  3,810  Other real estate owned, covered-  -  -  -  152  Interest receivable8,380  6,117  6,677  4,842  5,317  Goodwill129,565  129,565  129,565  92,744  92,744  Other intangible assets7,798  8,159  8,519  4,280  4,532  Other assets103,623  101,912  101,529  75,056  75,248  Total assets$  2,949,066  $  2,738,961  $  2,798,847  $  2,205,047  $  2,212,027                    Liabilities               Deposits               Noninterest-bearing$  752,899  $  620,292  $  627,868  $  472,478  $  480,573  Interest-bearing1,744,947  1,668,122  1,702,044  1,364,374  1,367,465  Total deposits2,497,846  2,288,414  2,329,912  1,836,852  1,848,038  Securities sold under agreements to repurchase1,100  1,348  1,601  1,863  3,083  FHLB and other borrowings-  1,000  -  -  -  Interest, taxes, and other liabilities34,290  36,593  38,515  28,969  27,220  Total liabilities2,533,236  2,327,355  2,370,028  1,867,684  1,878,341                    Stockholders' equity               Common stock17,710  17,700  18,377  15,580  15,633  Additional paid-in capital172,601  172,231  192,413  108,222  109,816  Retained earnings226,627  222,814  219,535  213,866  208,618  Accumulated other comprehensive loss(1,108) (1,139) (1,506) (305) (381) Total stockholders' equity415,830  411,606  428,819  337,363  333,686  Total liabilities and stockholders' equity$  2,949,066  $  2,738,961  $  2,798,847  $  2,205,047  $  2,212,027                    Shares outstanding at period-end17,709,569  17,700,140  18,376,991  15,579,740  15,633,388  Book value per common share$  23.48  $  23.25  $  23.33  $  21.65  $  21.34  Tangible book value per common share(1)15.72  15.47  15.82  15.43  15.12                                      (1) A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding                   SELECTED CREDIT QUALITY INFORMATION (Unaudited)                      June 30, March 31, December 31, September 30, June 30, (Amounts in thousands)2020 2020 2019 2019 2019 Allowance for Loan Losses                Beginning balance$  21,137  $  18,425  $  18,493  $  18,540  $  18,243  Provision for loan losses charged to operations3,831  3,500  91  675  1,585  Charge-offs(1,672) (1,194) (1,353) (964) (2,114) Recoveries462  406  1,194  242  826  Net charge-offs(1,210) (788) (159) (722) (1,288) Ending balance$  23,758  $  21,137  $  18,425  $  18,493  $  18,540                    Nonperforming Assets               Non-covered nonperforming assets               Nonaccrual loans$  24,471  $  20,263  $  16,113  $  16,701  $  16,368  Accruing loans past due 90 days or more284  329  144  107  37  Troubled debt restructurings ("TDRs")(1)598  623  720  668  821  Total non-covered nonperforming loans23,353  21,215  16,977  17,476  17,226  OREO2,181  2,502  3,969  2,528  3,810  Total non-covered nonperforming assets$  27,534  $  23,717  $  20,946  $  20,004  $  21,036                    Covered nonperforming assets               Nonaccrual loans$  299  $  145  $  244  $  243  $  203  Total covered nonperforming loans299  145  244  243  203  OREO-  -  -  -  152  Total covered nonperforming assets$  299  $  145  $  244  $  243  $  355                    Additional Information               Performing TDRs(2)$  10,822  $  8,429  $  5,855  $  5,635  $  5,676  Total Accruing TDRs(3)11,420  9,052  6,575  6,303  6,497                    Non-covered ratios               Nonperforming loans to total loans1.19% 1.02% 0.81% 1.04% 1.01% Nonperforming assets to total assets0.94% 0.87% 0.75% 0.91% 0.96% Non-PCI allowance to nonperforming loans93.71% 99.63% 108.53% 105.82% 107.63% Non-PCI allowance to total loans1.12% 1.01% 0.88% 1.10% 1.09% Annualized net charge-offs to average loans0.23% 0.15% 0.04% 0.17% 0.30%                   Total ratios               Nonperforming loans to total loans1.20% 1.02% 0.81% 1.05% 1.01% Nonperforming assets to total assets0.94% 0.87% 0.76% 0.92% 0.97% Allowance for loan losses to nonperforming loans92.62% 98.96% 106.99% 104.37% 106.37% Allowance for loan losses to total loans1.11% 1.01% 0.87% 1.09% 1.08% Annualized net charge-offs to average loans0.23% 0.15% 0.04% 0.17% 0.30%                                 (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

  • What Type Of Returns Would First Community Bankshares'(NASDAQ:FCBC) Shareholders Have Earned If They Purchased Their SharesYear Ago?
    Simply Wall St.

    What Type Of Returns Would First Community Bankshares'(NASDAQ:FCBC) Shareholders Have Earned If They Purchased Their SharesYear Ago?

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