2016 Q2 Form 10-Q Financial Statement

#000119312516670198 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $24.14M $23.98M
YoY Change 0.66% -8.1%
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 $1.180M $1.330M
YoY Change -11.28% 6.4%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.446M $2.909M
YoY Change -15.92% -27.73%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $9.277M $8.642M
YoY Change 7.35% -15.52%
Income Tax $3.022M $2.467M
% Of Pretax Income 32.58% 28.55%
Net Earnings $6.255M $6.175M
YoY Change 1.3% -11.87%
Net Earnings / Revenue 25.91% 25.75%
Basic Earnings Per Share $0.36 $0.33
Diluted Earnings Per Share $0.36 $0.33
COMMON SHARES
Basic Shares Outstanding 17.41M 18.83M shares
Diluted Shares Outstanding 17.46M 18.86M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $44.30M $92.60M
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 $50.20M $54.11M
YoY Change -7.23% -8.51%
Goodwill $100.5M $100.8M
YoY Change -0.32% -4.59%
Intangibles $4.688M $5.865M
YoY Change -20.07% 133.48%
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 $2.495B $2.492B
YoY Change 0.14% -3.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.60M $23.90M
YoY Change 7.11% 1.27%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $155.4M $122.2M
YoY Change 27.17% 1.66%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.60M $23.90M
YoY Change 7.11% 1.27%
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 $25.60M $23.90M
Total Long-Term Liabilities $15.80M $16.00M
Total Liabilities $2.161B $2.147B
YoY Change 0.65% -3.84%
SHAREHOLDERS EQUITY
Retained Earnings $163.0M $148.4M
YoY Change 9.87% 10.99%
Common Stock $21.38M $21.38M
YoY Change 0.0% 4.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $74.97M $46.61M
YoY Change 60.85% 30.21%
Treasury Stock Shares 4.226M shares 2.740M shares
Shareholders Equity $334.2M $344.6M
YoY Change
Total Liabilities & Shareholders Equity $2.495B $2.492B
YoY Change 0.14% -3.25%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $6.255M $6.175M
YoY Change 1.3% -11.87%
Depreciation, Depletion And Amortization $1.180M $1.330M
YoY Change -11.28% 6.4%
Cash From Operating Activities $14.20M $11.29M
YoY Change 25.78% -13.82%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K
YoY Change -58.21%
Acquisitions
YoY Change
Other Investing Activities -$24.38M -$26.98M
YoY Change -9.64% -152.36%
Cash From Investing Activities -$24.38M -$27.26M
YoY Change -10.56% -153.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.89M -98.46M
YoY Change -115.12% 113.12%
NET CHANGE
Cash From Operating Activities 14.20M 11.29M
Cash From Investing Activities -24.38M -27.26M
Cash From Financing Activities 14.89M -98.46M
Net Change In Cash 4.710M -114.4M
YoY Change -104.12% -743.59%
FREE CASH FLOW
Cash From Operating Activities $14.20M $11.29M
Capital Expenditures -$280.0K
Free Cash Flow $11.57M
YoY Change -15.98%

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CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-5247000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
343017000
CY2015Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
138614000
CY2015Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20233000
CY2015Q4 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
1421748000
CY2015Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
78000
CY2015Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
251000
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
21382000
CY2015Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
227692000
CY2015Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
451511000
CY2015Q4 us-gaap Longterm Federal Home Loan Bank Advances Noncurrent
LongtermFederalHomeLoanBankAdvancesNoncurrent
65000000
CY2015Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
235302000
CY2015Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
2371000
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
17808000
CY2015Q4 us-gaap Deposits
Deposits
1873259000
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4355000
CY2015Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
15756000
CY2015Q4 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
219370000
CY2015Q4 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
408519000
CY2015Q4 us-gaap Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
213982000
CY2015Q4 us-gaap Interest Bearing Domestic Deposit Other Time Deposit
InterestBearingDomesticDepositOtherTimeDeposit
134939000
CY2015Q4 us-gaap Interest Bearing Domestic Deposit Savings
InterestBearingDomesticDepositSavings
316603000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
10027000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
10571000
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
10571000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
109950000
CY2015Q4 us-gaap Cash And Due From Banks
CashAndDueFromBanks
37383000
CY2015Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
20844000
CY2015Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
18494000
CY2015Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
72541000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
50574000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
129000
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
11534000
CY2015Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
22835000
CY2015Q4 us-gaap Other Assets
OtherAssets
91224000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52756000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
229388000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
51787000
CY2015Q4 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield
29698000
CY2015Q4 us-gaap Federal Funds Sold
FederalFundsSold
13498000
CY2015Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
22718000
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
11184000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2015Q4 us-gaap Held To Maturity Securities Amortized Cost Before Other Than Temporary Impairment
HeldToMaturitySecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment
72541000
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
5243000
CY2015Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1623506000
CY2015Q4 us-gaap Other Real Estate
OtherRealEstate
8907000
CY2015Q4 us-gaap Other Real Estate Covered
OtherRealEstateCovered
4034000
CY2015Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
372389000
CY2015Q4 us-gaap Available For Sale Securities Pledged As Collateral
AvailableForSaleSecuritiesPledgedAsCollateral
236730000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
544000
CY2015Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
25079000
CY2015Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
129000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
50574000
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
11558000
CY2015Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
906000
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 Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
83035000
CY2015Q4 us-gaap Assets
Assets
2462276000
CY2015Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
366173000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
119438000
CY2015Q4 us-gaap Derivative Assets
DerivativeAssets
0
CY2015Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1681462000
CY2015Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
15301000
CY2015Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
22718000
CY2015Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1641181000
CY2015Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
0
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
11277000
CY2015Q4 us-gaap Other Real Estate Non Covered
OtherRealEstateNonCovered
4873000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
56457000
CY2015Q4 fcbc Weighted Average Rate Of Retail Repurchase Agreements
WeightedAverageRateOfRetailRepurchaseAgreements
0.0013 pure
CY2015Q4 fcbc Reserve For Unfunded Credit Commitments
ReserveForUnfundedCreditCommitments
326000
CY2015Q4 fcbc Impaired Loans With Related Investment Related Allowance
ImpairedLoansWithRelatedInvestmentRelatedAllowance
2371000
CY2015Q4 fcbc Loans And Leases Receivable Net Reported Amount Covered And Not Covered Percentage
LoansAndLeasesReceivableNetReportedAmountCoveredAndNotCoveredPercentage
1.0000 pure
CY2015Q4 fcbc Acquired Impaired Loans Evaluated For Impairment
AcquiredImpairedLoansEvaluatedForImpairment
42642000
CY2015Q4 fcbc Loans And Leases Receivable Gross Carrying Amount Covered Percentage
LoansAndLeasesReceivableGrossCarryingAmountCoveredPercentage
0.0487 pure
CY2015Q4 fcbc Debt Instrument Carrying Amount Of Other
DebtInstrumentCarryingAmountOfOther
292000
CY2015Q4 fcbc Allowance For Loan Losses
AllowanceForLoanLosses
590000
CY2015Q4 fcbc Impaired Loans With No Related Investment Related Allowance
ImpairedLoansWithNoRelatedInvestmentRelatedAllowance
0
CY2015Q4 fcbc Loans And Leases Receivable Net Of Deferred Income Covered And Not Covered
LoansAndLeasesReceivableNetOfDeferredIncomeCoveredAndNotCovered
1706541000
CY2015Q4 fcbc Other Real Estate Owned Secured By Residential Real Estate Non Covered
OtherRealEstateOwnedSecuredByResidentialRealEstateNonCovered
2677000
CY2015Q4 fcbc Weighted Average Rate Of Federal Funds Purchased
WeightedAverageRateOfFederalFundsPurchased
0.0034 pure
CY2015Q4 fcbc Percentage Of Combined Depreciation Of Combined Reported Value Of Aggregate Securities Portfolio
PercentageOfCombinedDepreciationOfCombinedReportedValueOfAggregateSecuritiesPortfolio
0.0244 pure
CY2015Q4 fcbc Interest Taxes And Other Liabilities
InterestTaxesAndOtherLiabilities
26630000
CY2015Q4 fcbc Allowance For Acquired Impaired Loans Evaluated
AllowanceForAcquiredImpairedLoansEvaluated
54000
CY2015Q4 fcbc Residential Real Estate Loans In Foreclosure Process
ResidentialRealEstateLoansInForeclosureProcess
2727000
CY2015Q4 fcbc Number Of Securities In Unrealized Loss Position
NumberOfSecuritiesInUnrealizedLossPosition
107 Securities
CY2015Q4 fcbc Deferred Loan Fees
DeferredLoanFees
3780000
CY2015Q4 fcbc Loans Held For Investment Net Of Unearned Incomes
LoansHeldForInvestmentNetOfUnearnedIncomes
0.9513 pure
CY2016Q2 fcbc Weighted Average Contractual Maturity Period
WeightedAverageContractualMaturityPeriod
P1Y8M12D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
136382 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.64
us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
2 Contract
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
29422000
us-gaap Real Estate Owned Valuation Allowance Period Increase Decrease
RealEstateOwnedValuationAllowancePeriodIncreaseDecrease
558000
us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
2367 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19095408 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18733288 shares
us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
46000
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
882096 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
21590 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
684407 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
362120 shares
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
1 Contract
us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
15
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3000 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
16.78
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
336651 shares
us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
12968 shares
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
69712000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4856000
us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
9611000
us-gaap Other Operating Income
OtherOperatingIncome
2644000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-823000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
-97000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
41909000
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
40533000
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
48077000
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
3686000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6900000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
175000
us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
PaymentsForProceedsFromFederalHomeLoanBankStock
-1279000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11497000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
219000
us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
PaymentsForProceedsFromBusinessesAndInterestInAffiliates
88000
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-576000
us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
213000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-196000
us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
230000
us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
201000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-18000
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
190000
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
4013000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
58000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-5477000
us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
-17355000
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-947000
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-1013000
us-gaap Net Income Loss
NetIncomeLoss
12133000
us-gaap Interest Paid
InterestPaid
6404000
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-659000
us-gaap Fdic Indemnification Asset Cash Payments Received
FDICIndemnificationAssetCashPaymentsReceived
1805000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11540000
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion
4029000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
43000
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
431000
us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
263000
us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
1441000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
41000
us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
220000
us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
15003000
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
2367000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
163000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-593000
us-gaap Noninterest Income
NoninterestIncome
14973000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12028000
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
2105000
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
2019000
us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
43740000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
17437000
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
6410000
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
266000
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
76000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4856000
us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
516000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5304000
us-gaap Interest Expense
InterestExpense
6168000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-48465000
us-gaap Net Change Interest Bearing Deposits Domestic
NetChangeInterestBearingDepositsDomestic
-87247000
us-gaap Net Change Noninterest Bearing Deposits Domestic
NetChangeNoninterestBearingDepositsDomestic
6709000
us-gaap Noninterest Expense
NoninterestExpense
38069000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-66000
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-354000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
105000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
266000
us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
-27000000
us-gaap Share Based Compensation
ShareBasedCompensation
43000
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
2367000
us-gaap Allowance For Loan And Lease Losses Writeoffs Net
AllowanceForLoanAndLeaseLossesWriteoffsNet
1391000
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Additions
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions
2000
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
105000
us-gaap Equipment Expense
EquipmentExpense
2595000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
5000
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
804000
us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
35000
us-gaap Interest Expense Deposits
InterestExpenseDeposits
3292000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
19386000
us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
10753000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
17000
us-gaap Restricted Stock Expense
RestrictedStockExpense
175000
us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
2251000
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
20127000
us-gaap Increase Decrease In Federal Funds Purchased And Securities Sold Under Agreements To Repurchase Net
IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet
416000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-126015000
us-gaap Occupancy Net
OccupancyNet
2961000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
9979000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
17000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11497000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1702000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
556000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-145058000
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Reclassifications To From Nonaccretable Difference
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference
3551000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
2109000
us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
35000
us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
12639000
us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
7488000
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
989000
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
1887000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
190000
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
658000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
41000
us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
2868000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
13105000
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
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Q2
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2016
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10-Q
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="9%" 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; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>General</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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 48 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&#xA0;&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 $770 million in combined assets as of June&#xA0;30, 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 $2.50 billion as of June&#xA0;30, 2016. 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. Unless the context suggests otherwise, the term &#x201C;Company&#x201D; refers to First Community Bancshares, Inc. and its subsidiaries as a consolidated entity.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The Company prepared the accompanying unaudited condensed consolidated financial statements 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. The Company eliminated all significant intercompany balances and transactions in consolidation and, in management&#x2019;s option, made all adjustments, including normal recurring accruals, necessary for a fair presentation. 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; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The condensed consolidated balance sheet as of December&#xA0;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&#xA0;4, 2016. Certain information and footnote disclosures normally included in annual consolidated financial statements were 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; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Significant Accounting Policies</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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&#xA0;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&#xA0;2 of this report.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Recent Accounting Pronouncements</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In June 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) 2016-13, &#x201C;Financial Instruments &#x2014; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&#x201D; The new guidance is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The new guidance requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization&#x2019;s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective on January&#xA0;1, 2020. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The Company does not expect other recent accounting standards issued by the FASB or other standards-setting bodies to have a material impact on the consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 1px &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Reclassifications and Corrections</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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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2016-06-30
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FIRST COMMUNITY BANCSHARES INC /NV/
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712000

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