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First Community Bancshares, Inc. Announces Third Quarter 2010 Results

BLUEFIELD, Va., Oct. 21, 2010 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (Nasdaq:FCBC) ( www.fcbinc.com) (the "Company") today reported net income for the quarter ended September 30, 2010, of $6.55 million, or $0.37 per diluted common share.

Commenting on third quarter results, Chief Executive Officer John M. Mendez stated, "Our recent results further confirm our earnings capacity and strength. Third quarter GAAP earnings of $6.55 million reflect increases of $1.42 million and $19.12 million over the second quarter of this year and the comparable quarter in 2009, respectively. Annualized return on average assets for the recently completed quarter reached 1.14%, the highest level in over two years. These results were achieved despite the lingering effects of the recession and the continued pressures of the real estate and construction market sectors."

Mendez summarized, saying, "We continue to operate with very high levels of liquidity, which tend to constrain net interest margin; however, we are committed to preserving the strength of our balance sheet through the remainder of the business cycle. First Community's combination of strength in earnings and capital, coupled with its excellent asset quality measures, set the stage for what we believe to be excellent prospects for the future and continued ability to capitalize on a range of opportunities."

Third Quarter 2010 Highlights –

  • The ratio of non-performing assets to total assets was 131 basis points.
  • Tax-equivalent net interest margin for the third quarter was 3.87%, up 19 basis points from the comparable quarter of 2009.
  • Net interest income increased $1.06 million, or 6.05%, from the third quarter of 2009.
  • Tangible book value per common share increased to $10.26, up $1.19 from December 31, 2009.
  • The Company remains "well-capitalized" with a total risk-based capital ratio of 14.2%, Tier 1 risk-based capital ratio of 12.9%, and a Tier 1 leverage ratio of 8.8% at September 30, 2010.

Net Interest Income

Tax-equivalent net interest margin for the third quarter of 2010 was 3.87% compared to 3.68% from the comparable quarter of 2009. Net interest income was $18.60 million for the third quarter of 2010, an increase of $1.06 million, or 6.05%, from the third quarter of 2009. Interest income was $25.84 million for the third quarter of 2010, a decrease of $1.29 million, or 4.75%, from the third quarter of 2009. The yield on loans decreased to 6.07% for the third quarter of 2010 from 6.14% in the same period of the prior year, while average loans increased $42.14 million between the comparable periods to $1.40 billion. The Company continued to maintain a high level of liquidity with average cash and cash equivalent balances of $82.52 million in the third quarter of 2010.

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