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Section 1: 10-Q (FORM 10-Q)

fcbc20200630_10q.htm
0000859070 FIRST COMMUNITY BANKSHARES INC /VA/ false --12-31 Q2 2020 11,257 12,861 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 24,306,138 17,709,569 24,238,907 18,376,991 0.25 2,927 2,555 194,000 33.90 0.25 5,294 0.46 4,345 6,653 426,900 33.63 0.50 11,911 734,653 29.77 1 6 0 0 0 0 0 Represents changes attributable to expected loss assumptions 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 Amortization is included in net periodic pension cost. See Note 11, "Employee Benefit Plans." Fair value is generally based on appraisals of the underlying collateral. Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. Represents the loan balance immediately following modification Derived from audited financial statements Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio. Adjustment reflects the fair value adjustments of $(14.70) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for loan losses ("ALLL") and deferred loan fees of $3.27 million recorded by Highlands. Adjustment to record the deferred tax asset related to the fair value adjustments. Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. Adjustment reflects the fair value adjustment for death benefits payable of $320 thousand, the fair value adjustment for lease liability of $(37) thousand and the fair value adjustment to the reserve for unfunded commitments of $(85) thousand. Total impaired loans include loans totaling $33.59 million as of June 30, 2020, and $24.64 million as of December 31, 2019, that do not meet the Company's evaluation threshold for individual impairment and are therefore collectively evaluated for impairment. 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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 June 30, 2020

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)

 

 

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 July 31, 2020, there were 17,710,285 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 June 30, 2020 (Unaudited) and December 31, 2019

4

   

Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited) 

5

   

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

6

   

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

7

   

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (Unaudited)

9

   

Notes to Condensed Consolidated Financial Statements (Unaudited)

10

Item 2.

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

40

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

57

Item 4.

Controls and Procedures

57

     

PART II.

OTHER INFORMATION

 
     

Item 1.

Legal Proceedings

58

Item 1A.

Risk Factors

58

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 3.

Defaults Upon Senior Securities

60

Item 4.

Mine Safety Disclosures

60

Item 5.

Other Information

60

Item 6.

Exhibits

60

     

Signatures

62

 

 

2

 

 

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, and the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act;

 

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;

 

further, future, and proposed rules, including those that are part of the process outlined in the Basel Committee on Banking Supervision’s “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems,” which require banking institutions to increase levels of capital;

 

technological changes;

 

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. Further, statements about the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations may contain forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control. 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 report and Part I, Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

3

 

PART I.

FINANCIAL INFORMATION

 

Item 1.     Financial Statements

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

  

June 30,

  

December 31,

 
  

2020

  2019(1) 

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

 

(Unaudited)

     

Assets

        

Cash and due from banks

 $57,507  $66,818 

Federal funds sold

  361,680   148,000 

Interest-bearing deposits in banks

  2,305   2,191 

Total cash and cash equivalents

  421,492   217,009 

Debt securities available for sale

  98,367   169,574 

Loans held for sale

  -   263 

Loans held for investment, net of unearned income (includes covered loans of $11,257 and $12,861, respectively)

  2,136,817   2,114,460 

Allowance for loan losses

  (23,758)  (18,425)

Loans held for investment, net

  2,113,059   2,096,035 

FDIC indemnification asset

  1,943   2,883 

Premises and equipment, net

  62,658   62,824 

Other real estate owned

  2,181   3,969 

Interest receivable

  8,380   6,677 

Goodwill

  129,565   129,565 

Other intangible assets

  7,798   8,519 

Other assets

  103,623   101,529 

Total assets

 $2,949,066  $2,798,847 
         

Liabilities

        

Deposits

        

Noninterest-bearing

 $752,899  $627,868 

Interest-bearing

  1,744,947   1,702,044 

Total deposits

  2,497,846   2,329,912 

Securities sold under agreements to repurchase

  1,100   1,601 

Interest, taxes, and other liabilities

  34,290   38,515 

Total liabilities

  2,533,236   2,370,028 
         

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; 24,306,138 shares issued and 17,709,569 outstanding at June 30, 2020; 24,238,907 shares issued and 18,376,991 outstanding at December 31, 2019

  17,710   18,377 

Additional paid-in capital

  172,601   192,413 

Retained earnings

  226,627   219,535 

Accumulated other comprehensive loss

  (1,108)  (1,506)

Total stockholders' equity

  415,830   428,819 

Total liabilities and stockholders' equity

 $2,949,066  $2,798,847 

 


(1) Derived from audited financial statements

       
           

See Notes to Condensed Consolidated Financial Statements.

       

 

4

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 

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

 

2020

   

2019

   

2020

   

2019

 

Interest income

                               

Interest and fees on loans

  $ 26,991     $ 22,721     $ 55,049     $ 44,900  

Interest on securities -- taxable

    238       246       618       655  

Interest on securities -- tax-exempt

    475       649       1,013       1,334  

Interest on deposits in banks

    82       766       615       1,104  

Total interest income

    27,786       24,382       57,295       47,993  

Interest expense

                               

Interest on deposits

    1,445       1,392       3,270       2,697  

Interest on short-term borrowings

    2       1       4       121  

Total interest expense

    1,447       1,393       3,274       2,818  

Net interest income

    26,339       22,989       54,021       45,175  

Provision for credit losses

    3,831       1,585       7,331       2,805  

Net interest income after provision for loan losses

    22,508       21,404       46,690       42,370  

Noninterest income

                               

Wealth management

    854       884       1,698       1,629  

Service charges on deposits

    2,560       3,699       6,291       7,107  

Other service charges and fees

    2,617       2,129       4,848       4,178  

Net (loss) gain on sale of securities

    -       (43 )     385       (43 )

Net FDIC indemnification asset amortization

    (483 )     (516 )     (969 )     (1,068 )

Litigation settlements

    -       2,025       -       3,700  

Other operating income

    1,365       471       2,209       1,226  

Total noninterest income

    6,913       8,649       14,462       16,729  

Noninterest expense

                               

Salaries and employee benefits

    11,015       9,153       22,401       18,319  

Occupancy expense

    1,275       1,082       2,590       2,235  

Furniture and equipment expense

    1,316       1,062       2,700       2,095  

Service fees

    1,329       1,231       2,852       2,261  

Advertising and public relations

    475       513       987       1,037  

Professional fees

    307       328       540       742  

Amortization of intangibles

    360       249       721       495  

FDIC premiums and assessments

    33       150       33       318  

Merger expenses

    -       -       1,893       -  

Other operating expense

    2,803       2,883       5,860       5,934  

Total noninterest expense

    18,913       16,651       40,577       33,436  

Income before income taxes

    10,508       13,402       20,575       25,663  

Income tax expense

    2,270       2,951       4,465       5,581  

Net income

  $ 8,238     $ 10,451     $ 16,110     $ 20,082  
                                 

Earnings per common share

                               

Basic

  $ 0.47     $ 0.67     $ 0.90     $ 1.27  

Diluted

    0.46       0.66       0.90       1.27  

Weighted average shares outstanding

                               

Basic

    17,701,853       15,712,204       17,850,423       15,775,462  

Diluted

    17,728,300       15,775,320       17,888,325       15,847,498  

 

See Notes to Condensed Consolidated Financial Statements.

 

5

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2020

   

2019

   

2020

   

2019

 

(Amounts in thousands)

                               

Net income

  $ 8,238     $ 10,451     $ 16,110     $ 20,082  

Other comprehensive income, before tax

                               

Available-for-sale debt securities:

                               

Change in net unrealized (losses) gains on debt securities without other-than-temporary impairment

    (58 )     332       1,141       1,550  

Reclassification adjustment for net (gains) losses recognized in net income

    -       43       (385 )     43  

Net unrealized (losses) gains on available-for-sale debt securities

    (58 )     375       756       1,593  

Employee benefit plans:

                               

Net actuarial (loss) gain

    -       1       (445 )     (406 )

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

    97       70       193       139  

Net unrealized gains (losses) on employee benefit plans

    97       71       (252 )     (267 )

Other comprehensive income, before tax

    39       446       504       1,326  

Income tax expense

    8       94       106       278  

Other comprehensive income, net of tax

    31       352       398       1,048  

Total comprehensive income

  $ 8,269     $ 10,803     $ 16,508     $ 21,130  

 

See Notes to Condensed Consolidated Financial Statements.

 

6

 

 

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

THREE MONTHS ENDED

June 30, 2020 and 2019

 

                  

Accumulated

     
          

Additional

      

Other

     
(Amounts in thousands, 

Preferred

  

Common

  

Paid-in

  

Retained

  

Comprehensive

     
except share and per share data) 

Stock

  

Stock

  

Capital

  

Earnings

  

Income (Loss)

  

Total

 
                         

Balance April 1, 2019

 $-  $15,818  $115,914  $202,103  $(733) $333,102 

Net income

  -   -   -   10,451   -   10,451 

Other comprehensive income

  -   -   -   -   352   352 

Common dividends declared -- $0.25 per share

  -   -   -   (3,936)  -   (3,936)

Equity-based compensation expense

  -   4   145   -   -   149 

Common stock options exercised -- 2,927 shares

  -   2   56   -   -   58 

Issuance of common stock to 401(k) plan -- 2,555 shares

  -   3   84   -   -   87 

Repurchase of common shares -- 194,000 shares at $33.90 per share

  -   (194)  (6,383)  -   -   (6,577)

Balance June 30, 2019

 $-  $15,633  $109,816  $208,618  $(381) $333,686 
                         

Balance April 1, 2020

 $-  $17,700  $172,231  $222,814  $(1,139) $411,606 

Net income

  -   -   -   8,238   -   8,238 

Other comprehensive income

  -   -   -   -   31   31 

Common dividends declared -- $0.25 per share

  -   -   -   (4,425)  -   (4,425)

Equity-based compensation expense

  -   5   261   -   -   266 

Issuance of common stock to 401(k) plan -- 5,294 shares

  -   5   109   -   -   114 

Balance June 30, 2020

 $-  $17,710  $172,601  $226,627  $(1,108) $415,830 

 

See Notes to Condensed Consolidated Financial Statements.

 

7

 

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

SIX MONTHS ENDED

June 30, 2020 and 2019

 

                  

Accumulated

     
          

Additional

      

Other

     
(Amounts in thousands, 

Preferred

  

Common

  

Paid-in

  

Retained

  

Comprehensive

     
except share and per share data) 

Stock

  

Stock

  

Capital

  

Earnings

  

Income (Loss)

  

Total

 
                         

Balance January 1, 2019

 $-  $16,007  $122,486  $195,793  $(1,429) $332,857 

Net income

  -   -   -   20,082   -   20,082 

Other comprehensive income

  -   -   -   -   1,048   1,048 

Common dividends declared -- $0.46 per share

  -   -   -   (7,257)  -   (7,257)

Equity-based compensation expense

  -   42   964   -   -