10-Q 1 fcbc20220331_10q.htm FORM 10-Q fcbc20220331_10q.htm
0000859070 FIRST COMMUNITY BANKSHARES INC /VA/ false --12-31 Q1 2022 0 0 1,000,000 1,000,000 0.01 0.01 25,000 25,000 0 0 1 1 50,000,000 50,000,000 23,910,857 16,781,975 23,971,347 16,878,220 0.25 5,652 187,700 26.56 0.27 4,536 6,082 132,000 30.96 1 0 6 3.22 0 0.11 0.06 0 0.87 0.32 0 0.11 0.06 0 0.87 0.32 Calculated adjustment to the ACL related to the adoption of ASU 2016-13. Includes additional reserve related to purchased deteriorated loans of $5.88 million. The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction Fair value is generally based on appraisals of the underlying collateral. Represents the loan balance immediately following modification Net adjustment to retained earnings related to the adoption of ASU 2016-13. Derived from audited financial statements Per our analysis no ACL was necessary for investment securities available for sale. Accrued interest receivable from acquired credit impaired loans of $57 thousand was reclassed to other assets and was offset by the reclass of the grossed up credit discount on acquired credit impaired loans of $57 thousand that was moved to the ACL for the purchased credit deteriorated loans. Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. Adjustment to the reserve for unfunded commitments related to the adoption of ASU 2016-13. Effect of deferred tax assets related to the adjustment to the ACL form the adoption of ASU 2016-13 using a 23.37% tax rate. Includes FHLB letters of credit Nonaccrual TDRs are included in total nonaccrual loans disclosed in the nonaccrual table above. 00008590702022-01-012022-03-31 xbrli:shares 00008590702022-04-29 thunderdome:item iso4217:USD 00008590702022-03-31 00008590702021-12-31 iso4217:USDxbrli:shares 0000859070fcbc:UndesignatedParValueMember2022-03-31 0000859070fcbc:UndesignatedParValueMember2021-12-31 0000859070fcbc:DesignatedParValueMember2022-03-31 0000859070fcbc:DesignatedParValueMember2021-12-31 00008590702021-01-012021-03-31 0000859070us-gaap:FiduciaryAndTrustMember2022-01-012022-03-31 0000859070us-gaap:FiduciaryAndTrustMember2021-01-012021-03-31 0000859070us-gaap:DepositAccountMember2022-01-012022-03-31 0000859070us-gaap:DepositAccountMember2021-01-012021-03-31 0000859070us-gaap:FinancialServiceOtherMember2022-01-012022-03-31 0000859070us-gaap:FinancialServiceOtherMember2021-01-012021-03-31 0000859070us-gaap:PreferredStockMember2020-12-31 0000859070fcbc:CommonStockOutstandingMember2020-12-31 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 000-19297

 
 

FIRST COMMUNITY BANKSHARES, INC.

 
 

(Exact name of registrant as specified in its charter)

 

 

Virginia

 

55-0694814

(State or other jurisdiction of incorporation or organization)

 

(IRS Employer Identification No.)

 

P.O. Box 989

Bluefield, Virginia

 

24605-0989

(Address of principal executive offices)

 

(Zip Code)

 

 

(276) 326-9000

 
 

(Registrant’s telephone number, including area code)

 
   

 

 Not Applicable 
(Former name, former address and former fiscal year, if changed since last report)
 

Securities registered pursuant to Section 12 (b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock ($1.00 par value)

FCBC

NASDAQ Global Select

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 
 

Large accelerated filer ☐

Accelerated filer

 

Non-accelerated filer ☐ 

Smaller reporting company

  

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☑ No

 

As of  April 29, 2022, there were 16,735,375 shares outstanding of the registrant’s Common Stock, $1.00 par value.

 

 

 

FIRST COMMUNITY BANKSHARES, INC.

FORM 10-Q

INDEX

 

PART I.

FINANCIAL INFORMATION

Page

     

Item 1.

Financial Statements

 
   

Condensed Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021

4

   

Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021 (Unaudited) 

5

   

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 (Unaudited)

6

   

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2022 and 2021 (Unaudited)

7

   

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (Unaudited)

8

   

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

47

     

PART II.

OTHER INFORMATION

 
     

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

Item 3.

Defaults Upon Senior Securities

48

Item 4.

Mine Safety Disclosures

48

Item 5.

Other Information

48

Item 6.

Exhibits

49

     

Signatures

51

 

 

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

Forward-looking statements in filings with the Securities and Exchange Commission, including this Quarterly Report on Form 10-Q and the accompanying Exhibits, filings incorporated by reference, reports to shareholders, and other communications that represent the Company’s beliefs, plans, objectives, goals, guidelines, expectations, anticipations, estimates, and intentions are made in good faith pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” and other similar expressions identify forward-looking statements. The following factors, among others, could cause financial performance to differ materially from that expressed in such forward-looking statements:

 

 

the effects of the COVID-19 pandemic, including the negative impacts and disruptions to the communities the Company serves, and the domestic and global economy, which may have an adverse effect on the Company’s business;

 

the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations;

 

the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve System;

 

inflation, interest rate, market and monetary fluctuations;

 

timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;

 

the willingness of customers to substitute competitors’ products and services for the Company’s products and services and vice versa;

 

the impact of changes in financial services laws and regulations, including laws about taxes, banking, securities, and insurance;

 

the impact of the U.S. Department of the Treasury and federal banking regulators’ continued implementation of programs to address capital and liquidity in the banking system;

 

technological changes;

 

the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of third-party providers;

  the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; 
 

the effect of acquisitions, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions;

 

the growth and profitability of noninterest, or fee, income being less than expected;

 

unanticipated regulatory or judicial proceedings;

 

changes in consumer spending and saving habits; and

 

the Company’s success at managing the risks mentioned above.

 

This list of important factors is not exclusive. If one or more of the factors affecting these forward-looking statements proves incorrect, actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking statements contained in this Quarterly Report on Form 10-Q and other reports we file with the Securities and Exchange Commission. Therefore, the Company cautions you not to place undue reliance on forward-looking information and statements. The Company does not intend to update any forward-looking statements, whether written or oral, to reflect changes. These cautionary statements expressly qualify all forward-looking statements that apply to the Company including the risk factors presented in Part II, Item 1A, “Risk Factors,” of this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

 

 

PART I.

FINANCIAL INFORMATION

 

Item 1.     Financial Statements

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

  

March 31,

  

December 31,

 
  

2022

  2021(1) 

(Amounts in thousands, except share and per share data)

 

(Unaudited)

     

Assets

        

Cash and due from banks

 $50,485  $47,067 

Federal funds sold

  403,742   627,036 

Interest-bearing deposits in banks

  3,079   3,336 

Total cash and cash equivalents

  457,306   677,439 

Debt securities available for sale

  268,703   76,292 

Loans held for investment, net of unearned income

  2,244,296   2,165,569 

Allowance for credit losses

  (28,981)  (27,858)

Loans held for investment, net

  2,215,315   2,137,711 

Premises and equipment, net

  50,912   52,284 

Other real estate owned

  848   1,015 

Interest receivable

  8,100   7,900 

Goodwill

  129,565   129,565 

Other intangible assets

  5,266   5,622 

Other assets

  108,112   106,691 

Total assets

 $3,244,127  $3,194,519 
         

Liabilities

        

Deposits

        

Noninterest-bearing

 $860,652  $842,783 

Interest-bearing

  1,922,292   1,886,608 

Total deposits

  2,782,944   2,729,391 

Securities sold under agreements to repurchase

  2,488   1,536 

Interest, taxes, and other liabilities

  34,539   35,817 

Total liabilities

  2,819,971   2,766,744 
         

Stockholders' equity

        

Preferred stock, undesignated par value; 1,000,000 shares authorized; Series A Noncumulative Convertible Preferred Stock, $0.01 par value; 25,000 shares authorized; none outstanding

  -   - 

Common stock, $1 par value; 50,000,000 shares authorized; 23,910,857 shares issued and 16,781,975 outstanding at March 31, 2022; 23,971,347 shares issued and 16,878,220 outstanding at December 31, 2021

  16,782   16,878 

Additional paid-in capital

  144,088   147,619 

Retained earnings

  269,798   264,824 

Accumulated other comprehensive loss

  (6,512)  (1,546)

Total stockholders' equity

  424,156   427,775 

Total liabilities and stockholders' equity

 $3,244,127  $3,194,519 

 


(1)   Derived from audited financial statements

       

See Notes to Condensed Consolidated Financial Statements.

       

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

   

Three Months Ended

 
   

March 31,

 

(Amounts in thousands, except share and per share data)

 

2022

   

2021

 

Interest income

               

Interest and fees on loans

  $ 24,641     $ 26,540  

Interest on securities -- taxable

    556       198  

Interest on securities -- tax-exempt

    194       297  

Interest on deposits in banks

    248       116  

Total interest income

    25,639       27,151  

Interest expense

               

Interest on deposits

    486       869  

Total interest expense

    486       869  

Net interest income

    25,153       26,282  

Provision for (recovery of) credit losses

    1,961       (4,001 )

Net interest income after provision for loan losses

    23,192       30,283  

Noninterest income

               

Wealth management

    972       881  

Service charges on deposits

    3,498       3,031  

Other service charges and fees

    3,017       3,022  

Other operating income

    1,707       635  

Total noninterest income

    9,194       7,569  

Noninterest expense

               

Salaries and employee benefits

    11,671       10,884  

Occupancy expense

    1,269       1,275  

Furniture and equipment expense

    1,614       1,367  

Service fees

    1,503       1,335  

Advertising and public relations

    540       335  

Professional fees

    453       466  

Amortization of intangibles

    357       357  

FDIC premiums and assessments

    218       199  

Other operating expense

    2,361       2,602  

Total noninterest expense

    19,986       18,820  

Income before income taxes

    12,400       19,032  

Income tax expense

    2,885       4,430  

Net income

  $ 9,515     $ 14,602  
                 

Earnings per common share

               

Basic

  $ 0.57     $ 0.83  

Diluted

    0.56       0.82  

Weighted average shares outstanding

               

Basic

    16,817,284       17,669,937  

Diluted

    16,864,515       17,729,185  

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

  

Three Months Ended

 
  

March 31,

 
  

2022

  

2021

 

(Amounts in thousands)

        

Net income

 $9,515  $14,602 

Other comprehensive income, before tax

        

Available-for-sale debt securities:

        

Change in net unrealized losses on debt securities

  (5,896)  (817)

Net unrealized losses on available-for-sale debt securities

  (5,896)  (817)

Employee benefit plans:

        

Net actuarial loss

  (423)  (206)

Reclassification adjustment for amortization of prior service cost and net actuarial loss recognized in net income

  34   97 

Net unrealized losses on employee benefit plans

  (389)  (109)

Other comprehensive loss, before tax

  (6,285)  (926)

Income tax benefit

  (1,319)  (194)

Other comprehensive loss, net of tax

  (4,966)  (732)

Total comprehensive income

 $4,549  $13,870 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

THREE MONTHS ENDED

March 31, 2022 and 2021

 

                          

Accumulated

     
                          

Other

     

(Amounts in thousands,

 

Preferred

      

Common

      

Additional

      

Comprehensive

     

except share and per share data)

 

Stock Outstanding

  

Preferred Stock

  

Stock Outstanding

  

Common Stock

  

Paid-in Capital

  

Retained Earnings

  

Loss

  

Total

 
                                 

Balance January 1, 2021

  -  $-   17,722,507  $17,723  $173,345  $237,585  $(1,923) $426,730 

Cumulative effect of adoption of ASU 2016-13

  -   -   -   -   -   (5,870)  -   (5,870)

Net income

  -   -   -   -   -   14,602   -   14,602 

Other comprehensive loss

  -   -   -   -   -   -   (732)  (732)

Common dividends declared -- $0.25 per share

  -   -   -   -   -   (4,428)  -   (4,428)

Equity-based compensation expense

  -   -   51,550   51   483   -   -   534 

Issuance of common stock to 401(k) plan -- 5,652 shares

  -   -   5,652   6   142   -   -   148 

Repurchase of common shares -- 187,700 shares at $26.56 per share

  -   -   (187,700)  (188)  (4,797)  -   -   (4,985)

Balance March 31, 2021

  -  $-   17,592,009  $17,592  $169,173  $241,889  $(2,655) $425,999 
                                 

Balance January 1, 2022

  -  $-   16,878,220  $16,878  $147,619  $264,824  $(1,546) $427,775 

Net income

  -   -   -   -   -   9,515   -   9,515 

Other comprehensive loss

  -   -   -   -   -   -   (4,966)  (4,966)

Common dividends declared -- $0.27 per share

  -   -   -   -   -   (4,541)  -   (4,541)

Equity-based compensation expense

  -   -   25,137   25   147   -   -   172 

Common stock options exercised -- 4,536 shares

  -   -   4,536   5   98   -   -   103 

Issuance of common stock to 401(k) plan -- 6,082 shares

  -   -   6,082   6   179   -   -   185 

Repurchase of common shares -- 132,000 shares at $30.96 per share

  -   -   (132,000)  (132)  (3,955)  -   -   (4,087)

Balance March 31, 2022

  -  $-   16,781,975  $16,782  $144,088  $269,798  $(6,512) $424,156 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

  

Three Months Ended

 
  

March 31,

 

(Amounts in thousands)

 

2022

  

2021

 

Operating activities

        

Net income

 $9,515  $14,602 

Adjustments to reconcile net income to net cash provided by operating activities

        

Provision for (recovery of) credit losses

  1,961   (4,001)

Depreciation and amortization of premises and equipment

  1,108   1,125 

Amortization of premiums on investments, net

  100   85 

Amortization of FDIC indemnification asset, net

  -   280 

Amortization of intangible assets

  357   357 

Accretion on acquired loans

  (866)  (1,187)

Equity-based compensation expense

  172   402 

Issuance of common stock to 401(k) plan

  185   148 

Gain on sale of premises and equipment, net

  (392)  (64)

(Gain) loss on sale of other real estate owned

  (5)  316 

(Decrease) increase in accrued interest receivable

  (200)  328 

(Decrease) increase in other operating activities

  (1,497)  224 

Net cash provided by operating activities

  10,438   12,615 

Investing activities

        

Proceeds from maturities, prepayments, and calls of securities available for sale

  4,763   6,489 

Payments to acquire securities available for sale

  (203,170)  (11,675)

Net (Increase) decrease in loans

  (78,716)  45,985 

(Purchase of) proceeds from FHLB stock, net

  (238)  1,012 

Payments to the FDIC

  -   (3)

Proceeds from sale of premises and equipment

  796   128 

Payments to acquire premises and equipment

  (175)  (922)

Proceeds from sale of other real estate owned

  189   428 

Net cash (used) provided by investing activities

  (276,551)  41,442 

Financing activities

        

Increase in noninterest-bearing deposits, net

  17,869   51,781 

Increase in interest-bearing deposits, net

  35,684   75,072 

Proceeds from securities sold under agreements to repurchase, net

  952   555 

Proceeds from stock options exercised

  103   132 

Payments for repurchase of common stock

  (4,087)  (4,985)

Payments of common dividends

  (4,541)  (4,428