2016 Q1 Form 10-Q Financial Statement

#000119312516581949 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $23.55M $24.10M
YoY Change -2.27% -7.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.220M $1.340M
YoY Change -8.96% 3.88%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.439M $3.259M
YoY Change -25.16% -19.69%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $9.013M $8.795M
YoY Change 2.48% 6.14%
Income Tax $2.929M $2.837M
% Of Pretax Income 32.5% 32.26%
Net Earnings $6.084M $5.958M
YoY Change 2.11% 4.07%
Net Earnings / Revenue 25.83% 24.72%
Basic Earnings Per Share $0.34 $0.31
Diluted Earnings Per Share $0.34 $0.31
COMMON SHARES
Basic Shares Outstanding 17.86M 18.63M shares
Diluted Shares Outstanding 17.89M 19.34M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $39.59M $207.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $50.80M $54.96M
YoY Change -7.56% -8.47%
Goodwill $100.5M $100.8M
YoY Change -0.32% -4.4%
Intangibles $4.965M $6.144M
YoY Change -19.19% 128.32%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.470B $2.586B
YoY Change -4.47% -0.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.60M $24.20M
YoY Change 1.65% 3.86%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $152.7M $116.3M
YoY Change 31.3% 3.56%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.60M $24.20M
YoY Change 1.65% 3.86%
LONG-TERM LIABILITIES
Long-Term Debt $15.80M $16.00M
YoY Change -1.25% -0.62%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $15.80M $16.00M
YoY Change -1.25% -0.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.60M $24.20M
Total Long-Term Liabilities $15.80M $16.00M
Total Liabilities $2.133B $2.238B
YoY Change -4.69% -1.7%
SHAREHOLDERS EQUITY
Retained Earnings $159.2M $144.7M
YoY Change 10.07% 12.04%
Common Stock $21.38M $21.38M
YoY Change 0.0% 4.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $64.97M $41.08M
YoY Change 58.16% 14.12%
Treasury Stock Shares 3.751M shares 2.417M shares
Shareholders Equity $337.6M $348.2M
YoY Change
Total Liabilities & Shareholders Equity $2.470B $2.586B
YoY Change -4.47% -0.94%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $6.084M $5.958M
YoY Change 2.11% 4.07%
Depreciation, Depletion And Amortization $1.220M $1.340M
YoY Change -8.96% 3.88%
Cash From Operating Activities $11.18M $18.13M
YoY Change -38.33% 39.14%
INVESTING ACTIVITIES
Capital Expenditures $264.0K
YoY Change 29.41%
Acquisitions
YoY Change
Other Investing Activities -$27.46M -$20.95M
YoY Change 31.07% -271.58%
Cash From Investing Activities -$27.46M -$21.21M
YoY Change 29.47% -276.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.867M $5.602M
YoY Change 58.28% 160.8%
Debt Paid & Issued, Net $2.000M
YoY Change 199900.0%
Cash From Financing Activities 4.080M -27.56M
YoY Change -114.8% 960.41%
NET CHANGE
Cash From Operating Activities 11.18M 18.13M
Cash From Investing Activities -27.46M -21.21M
Cash From Financing Activities 4.080M -27.56M
Net Change In Cash -12.20M -30.64M
YoY Change -60.18% -236.57%
FREE CASH FLOW
Cash From Operating Activities $11.18M $18.13M
Capital Expenditures $264.0K
Free Cash Flow $17.87M
YoY Change 39.3%

Facts In Submission

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InterestBearingDomesticDepositSavings
316603000
CY2015Q4 us-gaap Liabilities
Liabilities
2119259000
CY2015Q4 us-gaap Federal Home Loan Bank Advances Long Term
FederalHomeLoanBankAdvancesLongTerm
65000000
CY2015Q4 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
1421748000
CY2015Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
251000
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
21382000
CY2015Q4 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
219370000
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4355000
CY2015Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20233000
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-5247000
CY2015Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
15756000
CY2015Q4 us-gaap Interest Bearing Domestic Deposit Other Time Deposit
InterestBearingDomesticDepositOtherTimeDeposit
134939000
CY2015Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
138614000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
155647000
CY2015Q4 us-gaap Subordinated Debt
SubordinatedDebt
15464000
CY2015Q4 us-gaap Federal Home Loan Bank Advances Current
FederalHomeLoanBankAdvancesCurrent
65000000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
343017000
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2462276000
CY2015Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
451511000
CY2015Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
7765000
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
2371000
CY2015Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
78000
CY2015Q4 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
243067000
CY2015Q4 us-gaap Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
213982000
CY2015Q4 us-gaap Other Real Estate
OtherRealEstate
8907000
CY2015Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
366173000
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
5243000
CY2015Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
25079000
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
11184000
CY2015Q4 us-gaap Available For Sale Securities Pledged As Collateral
AvailableForSaleSecuritiesPledgedAsCollateral
236730000
CY2015Q4 us-gaap Other Assets
OtherAssets
91224000
CY2015Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1641181000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52756000
CY2015Q4 us-gaap Other Real Estate Non Covered
OtherRealEstateNonCovered
4873000
CY2015Q4 us-gaap Cash And Due From Banks
CashAndDueFromBanks
37383000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2015Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
906000
CY2015Q4 us-gaap Federal Funds Sold
FederalFundsSold
13498000
CY2015Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
15301000
CY2015Q4 us-gaap Goodwill
Goodwill
100486000
CY2015Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1623506000
CY2015Q4 us-gaap Derivative Assets
DerivativeAssets
0
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
229388000
CY2015Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
22835000
CY2015Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
22718000
CY2015Q4 us-gaap Held To Maturity Securities Amortized Cost Before Other Than Temporary Impairment
HeldToMaturitySecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment
72541000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
50574000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
544000
CY2015Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
83035000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
51787000
CY2015Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1681462000
CY2015Q4 us-gaap Other Real Estate Covered
OtherRealEstateCovered
4034000
CY2015Q4 us-gaap Interest Receivable
InterestReceivable
6007000
CY2015Q4 us-gaap Loans And Leases Receivable Net Reported Amount Covered And Not Covered
LoansAndLeasesReceivableNetReportedAmountCoveredAndNotCovered
1686308000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
0
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
56457000
CY2015Q4 us-gaap Assets
Assets
2462276000
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
10571000
CY2015Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
72541000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
10027000
CY2015Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
22718000
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
11277000
CY2015Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
20844000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
119438000
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
11534000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
50574000
CY2015Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
129000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
10571000
CY2015Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
372389000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
109950000
CY2015Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
18494000
CY2015Q4 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield
29698000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
129000
CY2015Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
72490000
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
11558000
CY2015Q4 fcbc Loans And Leases Receivable Gross Carrying Amount Covered Percentage
LoansAndLeasesReceivableGrossCarryingAmountCoveredPercentage
0.0487 pure
CY2015Q4 fcbc Weighted Average Rate Of Federal Funds Purchased
WeightedAverageRateOfFederalFundsPurchased
0.0034 pure
CY2015Q4 fcbc Allowance For Acquired Impaired Loans Evaluated
AllowanceForAcquiredImpairedLoansEvaluated
54000
CY2015Q4 fcbc Reserve For Unfunded Credit Commitments
ReserveForUnfundedCreditCommitments
326000
CY2015Q4 fcbc Acquired Impaired Loans Evaluated For Impairment
AcquiredImpairedLoansEvaluatedForImpairment
42642000
CY2015Q4 fcbc Impaired Loans With Related Investment Related Allowance
ImpairedLoansWithRelatedInvestmentRelatedAllowance
2371000
CY2015Q4 fcbc Loans Held For Investment Net Of Unearned Incomes
LoansHeldForInvestmentNetOfUnearnedIncomes
0.9513 pure
CY2015Q4 fcbc Number Of Securities In Unrealized Loss Position
NumberOfSecuritiesInUnrealizedLossPosition
107 Securities
CY2015Q4 fcbc Allowance For Loan Losses
AllowanceForLoanLosses
590000
CY2015Q4 fcbc Deferred Loan Fees
DeferredLoanFees
3780000
CY2015Q4 fcbc Debt Instrument Carrying Amount Of Other
DebtInstrumentCarryingAmountOfOther
292000
CY2015Q4 fcbc Impaired Loans With No Related Investment Related Allowance
ImpairedLoansWithNoRelatedInvestmentRelatedAllowance
0
CY2015Q4 fcbc Loans And Leases Receivable Net Reported Amount Covered And Not Covered Percentage
LoansAndLeasesReceivableNetReportedAmountCoveredAndNotCoveredPercentage
1.0000 pure
CY2015Q4 fcbc Percentage Of Combined Depreciation Of Combined Reported Value Of Aggregate Securities Portfolio
PercentageOfCombinedDepreciationOfCombinedReportedValueOfAggregateSecuritiesPortfolio
0.0244 pure
CY2015Q4 fcbc Weighted Average Rate Of Retail Repurchase Agreements
WeightedAverageRateOfRetailRepurchaseAgreements
0.0013 pure
CY2015Q4 fcbc Interest Taxes And Other Liabilities
InterestTaxesAndOtherLiabilities
26630000
CY2015Q4 fcbc Loans And Leases Receivable Net Of Deferred Income Covered And Not Covered
LoansAndLeasesReceivableNetOfDeferredIncomeCoveredAndNotCovered
1706541000
CY2015Q4 fcbc Residential Real Estate Loans In Foreclosure Process
ResidentialRealEstateLoansInForeclosureProcess
2727000
CY2015Q4 fcbc Other Real Estate Owned Secured By Residential Real Estate Non Covered
OtherRealEstateOwnedSecuredByResidentialRealEstateNonCovered
2677000
CY2016Q1 fcbc Weighted Average Contractual Maturity Period
WeightedAverageContractualMaturityPeriod
P3Y4D
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
710869 shares
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2015Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
339234 shares
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
136382 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18633574 shares
CY2015Q1 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
2367 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
6599 shares
CY2015Q1 us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
15
CY2015Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
882096 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
6594 shares
CY2015Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
46000
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
18132000
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3000 shares
CY2015Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
677043 shares
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2015Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
11411 shares
CY2015Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
16.47
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19344443 shares
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2015Q1 us-gaap Real Estate Owned Valuation Allowance Period Increase Decrease
RealEstateOwnedValuationAllowancePeriodIncreaseDecrease
69000
CY2015Q1 us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
666000
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
-98000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5853000
CY2015Q1 us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
PaymentsForProceedsFromBusinessesAndInterestInAffiliates
88000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6972000
CY2015Q1 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
2008000
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2015Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-185000
CY2015Q1 us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
15003000
CY2015Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
213000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8795000
CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
20000
CY2015Q1 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
133000
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
949000
CY2015Q1 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
110000
CY2015Q1 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
106000
CY2015Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
219000
CY2015Q1 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
2903000
CY2015Q1 us-gaap Other Operating Income
OtherOperatingIncome
720000
CY2015Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2015Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
20839000
CY2015Q1 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
21914000
CY2015Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
26000
CY2015Q1 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
2367000
CY2015Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
24098000
CY2015Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1035000
CY2015Q1 us-gaap Noninterest Income
NoninterestIncome
6836000
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2000000
CY2015Q1 us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
PaymentsForProceedsFromFederalHomeLoanBankStock
-216000
CY2015Q1 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion
2232000
CY2015Q1 us-gaap Fdic Indemnification Asset Cash Payments Received
FDICIndemnificationAssetCashPaymentsReceived
688000
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
82000
CY2015Q1 us-gaap Interest Paid
InterestPaid
3301000
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
1624000
CY2015Q1 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
103000
CY2015Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
41000
CY2015Q1 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
-23000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
5958000
CY2015Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
111000
CY2015Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
19739000
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2403000
CY2015Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-127000
CY2015Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-232000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
1617000
CY2015Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
-16138000
CY2015Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
110000
CY2015Q1 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
2226000
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
31384000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1014000
CY2015Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
15000
CY2015Q1 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
2127000
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5602000
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
1640000
CY2015Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1016000
CY2015Q1 us-gaap Interest Expense
InterestExpense
3259000
CY2015Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1730000
CY2015Q1 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
2950000
CY2015Q1 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
6799000
CY2015Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
105000
CY2015Q1 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
12891000
CY2015Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
105000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-27555000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
277000
CY2015Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
1039000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2837000
CY2015Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
7481000
CY2015Q1 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Additions
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions
2000
CY2015Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
610000
CY2015Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
490000
CY2015Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
6750000
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-65000
CY2015Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
1578000
CY2015Q1 us-gaap Noninterest Expense
NoninterestExpense
17780000
CY2015Q1 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
415000
CY2015Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
4538000
CY2015Q1 us-gaap Net Change Noninterest Bearing Deposits Domestic
NetChangeNoninterestBearingDepositsDomestic
15693000
CY2015Q1 us-gaap Increase Decrease In Federal Funds Purchased And Securities Sold Under Agreements To Repurchase Net
IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet
-5440000
CY2015Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
1154000
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2015Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
110000
CY2015Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
19690000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-30636000
CY2015Q1 us-gaap Occupancy Net
OccupancyNet
1534000
CY2015Q1 us-gaap Net Change Interest Bearing Deposits Domestic
NetChangeInterestBearingDepositsDomestic
-25263000
CY2015Q1 us-gaap Allowance For Loan And Lease Losses Writeoffs Net
AllowanceForLoanAndLeaseLossesWriteoffsNet
1121000
CY2015Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
1056000
CY2015Q1 us-gaap Equipment Expense
EquipmentExpense
1237000
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
16000
CY2015Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
15000
CY2015Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
987000
CY2015Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
9693000
CY2015Q1 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
2367000
CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2016Q1 dei Document Type
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CY2016Q1 dei Trading Symbol
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CY2016Q1 dei Document Period End Date
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CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Reclassifications and Corrections</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain amounts reported in prior years have been reclassified to conform to the current year&#x2019;s presentation. These reclassifications had no effect on the Company&#x2019;s results of operations, financial position, or cash flow.</p> </div>
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="8%" align="left"><b>Note&#xA0;1.</b></td> <td valign="top" align="left"><b>Basis of Presentation</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>General</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> First Community Bancshares, Inc. (the &#x201C;Company&#x201D;) is a financial holding company headquartered in Bluefield, Virginia that provides banking products and services to individuals and commercial customers through its wholly-owned subsidiary, First Community Bank (the &#x201C;Bank&#x201D;), a Virginia-chartered banking institution. The Bank operates 49 branches in 4 states under the trade names First Community Bank in Virginia, West Virginia, and North Carolina and People&#x2019;s Community Bank, a Division of First Community Bank, in Tennessee. The Company offers personal and commercial insurance products and services from 9 locations through its wholly owned subsidiary Greenpoint Insurance Group, Inc. (&#x201C;Greenpoint&#x201D;), which is headquartered in High Point, North Carolina. Greenpoint operates under the Greenpoint name and under the trade name First Community Insurance Services (&#x201C;FCIS&#x201D;) in North Carolina, Carr &amp; Hyde Insurance and FCIS in Virginia, and FCIS in West Virginia. The Bank offers wealth management services and investment advice through its Trust Division and wholly-owned subsidiary First Community Wealth Management (&#x201C;FCWM&#x201D;). The Trust Division and FCWM managed $755 million in combined assets as of March 31, 2016. These assets are not assets of the Company, but are managed under various fee-based arrangements as fiduciary or agent. The Company reported consolidated assets of $2.47 billion as of March 31, 2016. Unless the context suggests otherwise, the term &#x201C;Company&#x201D; refers to First Community Bancshares, Inc. and its subsidiaries as a consolidated entity. The Company operates in one business segment, Community Banking, which consists of all operations, including commercial and consumer banking, lending activities, wealth management, and insurance services.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (&#x201C;GAAP&#x201D;) in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments, including normal recurring accruals, necessary for a fair presentation have been made. All significant intercompany balances and transactions have been eliminated in consolidation. Assets held in an agency or fiduciary capacity are not assets of the Company and are not included in the Company&#x2019;s consolidated balance sheets. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full calendar year.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The condensed consolidated balance sheet as of December 31, 2015, has been derived from the audited consolidated financial statements included in the Company&#x2019;s Annual Report on Form 10-K (the &#x201C;2015 Form 10-K&#x201D;), as filed with the Securities and Exchange Commission (the &#x201C;SEC&#x201D;) on March 4, 2016. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted in accordance with standards for the preparation of interim consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company&#x2019;s 2015 Form 10-K.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Significant Accounting Policies</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> A complete and detailed description of the Company&#x2019;s significant accounting policies is included in Note 1, &#x201C;Summary of Significant Accounting Policies,&#x201D; of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company&#x2019;s 2015 Form 10-K. A discussion of the Company&#x2019;s application of critical accounting estimates is included in &#x201C;Critical Accounting Estimates&#x201D; in Item 2 of this report.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Reclassifications and Corrections</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain amounts reported in prior years have been reclassified to conform to the current year&#x2019;s presentation. These reclassifications had no effect on the Company&#x2019;s results of operations, financial position, or cash flow.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Recent Accounting Pronouncements</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In March 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) 2016-09, &#x201C;Compensation &#x2013; Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.&#x201D; The new guidance is intended to simplify several aspects of the accounting for share-based payment award transactions including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the new standard will have on its financial position, results of operations, and cash flows and does not expect this guidance to have a material effect on its financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In February 2016, the FASB issued ASU 2016-02, &#x201C;Leases (Topic 842).&#x201D; The new guidance is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring more disclosures related to leasing transactions. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the new standard will have on its financial position, results of operations, and cash flows and does not expect this guidance to have a material effect on its financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the consolidated financial statements upon adoption.</p> </div>
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