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

fcbc20200630_10q.htm
0000859070 FIRST COMMUNITY BANKSHARES INC /VA/ false --12-31 Q3 2020 10,744 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 24,313,091 17,716,522 24,238,907 18,376,991 0.25 3,407 3,010 60,500 33.11 0.25 6,237 0.71 7,752 9,663 487,400 33.57 0.75 18,148 734,653 29.77 1 0 0 285 285 46,500 46,785 - - - - 8,962 5,066 14,063 28,091 2,166,904 2,194,995 6 0 0 0 0 0 0 3 42 25 22 36 26 0 77 24 15 100 8 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." 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. 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 recorded investment of impaired loans include loans totaling $33.48 million as of September 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 September 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 October 27, 2020, there were 17,717,306 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 September 30, 2020 (Unaudited) and December 31, 2019

4

   

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

5

   

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

6

   

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

7

   

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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

 

  

September 30,

  

December 31,

 
  

2020

  2019(1) 

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

 

(Unaudited)

     

Assets

        

Cash and due from banks

 $49,895  $66,818 

Federal funds sold

  323,355   148,000 

Interest-bearing deposits in banks

  2,414   2,191 

Total cash and cash equivalents

  375,664   217,009 

Debt securities available for sale

  90,972   169,574 

Loans held for sale

  -   263 

Loans held for investment, net of unearned income (includes covered loans of $10,744 and $12,861, respectively)

  2,194,995   2,114,460 

Allowance for loan losses

  (27,277)  (18,425)

Loans held for investment, net

  2,167,718   2,096,035 

FDIC indemnification asset

  1,598   2,883 

Premises and equipment, net

  60,488   62,824 

Other real estate owned

  2,103   3,969 

Interest receivable

  9,151   6,677 

Goodwill

  129,565   129,565 

Other intangible assets

  7,433   8,519 

Other assets

  103,236   101,529 

Total assets

 $2,947,928  $2,798,847 
         

Liabilities

        

Deposits

        

Noninterest-bearing

 $750,277  $627,868 

Interest-bearing

  1,741,962   1,702,044 

Total deposits

  2,492,239   2,329,912 

Securities sold under agreements to repurchase

  956   1,601 

Interest, taxes, and other liabilities

  34,816   38,515 

Total liabilities

  2,528,011   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; 24,313,091 shares issued and 17,716,522 outstanding at September 30, 2020; 24,238,907 shares issued and 18,376,991 outstanding at December 31, 2019

  17,717   18,377 

Additional paid-in capital

  172,980   192,413 

Retained earnings

  230,464   219,535 

Accumulated other comprehensive loss

  (1,244)  (1,506)

Total stockholders' equity

  419,917   428,819 

Total liabilities and stockholders' equity

 $2,947,928  $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

  

Nine Months Ended

 
  

September 30,

  

September 30,

 

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

 

2020

  

2019

  

2020

  

2019

 

Interest income

                

Interest and fees on loans

 $27,297  $22,068  $82,346  $66,968 

Interest on securities -- taxable

  190   261   808   916 

Interest on securities -- tax-exempt

  419   596   1,432   1,930 

Interest on deposits in banks

  89   680   704   1,784 

Total interest income

  27,995   23,605   85,290   71,598 

Interest expense

                

Interest on deposits

  1,161   1,383   4,431   4,080 

Interest on short-term borrowings

  -   1   4   122 

Total interest expense

  1,161   1,384   4,435   4,202 

Net interest income

  26,834   22,221   80,855   67,396 

Provision for loan losses

  4,703   675   12,034   3,480 

Net interest income after provision for loan losses

  22,131   21,546   68,821   63,916 

Noninterest income

                

Wealth management

  909   952   2,607   2,581 

Service charges on deposits

  3,250   3,785   9,541   10,892 

Other service charges and fees

  2,748   2,007   7,596   6,185 

Net (loss) gain on sale of securities

  -   -   385   (43)

Net FDIC indemnification asset amortization

  (383)  (719)  (1,352)  (1,787)

Litigation settlements

  -   900   -   4,600 

Other operating income

  1,114   709   3,323   1,935 

Total noninterest income

  7,638   7,634   22,100   24,363 

Noninterest expense

                

Salaries and employee benefits

  10,485   9,334   32,886   27,653 

Occupancy expense

  1,228   1,042   3,818   3,277 

Furniture and equipment expense

  1,412   1,183   4,112   3,278 

Service fees

  1,581   1,466   4,433   3,727 

Advertising and public relations

  430   795   1,417   1,832 

Professional fees

  408   548   948   1,290 

Amortization of intangibles

  365   251   1,086   746 

FDIC premiums and assessments

  191   -   224   318 

Merger expenses

  -   592   1,893   592 

Other operating expense

  3,071   2,233   8,931   8,167 

Total noninterest expense

  19,171   17,444   59,748   50,880 

Income before income taxes

  10,598   11,736   31,173   37,399 

Income tax expense

  2,332   2,580   6,797   8,161 

Net income

 $8,266  $9,156  $24,376  $29,238 
                 

Earnings per common share

                

Basic

 $0.47  $0.59  $1.37  $1.86 

Diluted

  0.47   0.58   1.37   1.85 

Weighted average shares outstanding

                

Basic

  17,710,283   15,603,992   17,803,369   15,717,678 

Diluted

  17,732,428   15,664,587   17,836,963   15,785,484 

 

See Notes to Condensed Consolidated Financial Statements.

 

5

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2020

  

2019

  

2020

  

2019

 

(Amounts in thousands)

                

Net income

 $8,266  $9,156  $24,376  $29,238 

Other comprehensive income, before tax

                

Available-for-sale debt securities:

                

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

  (268)  28   873   1,578 

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

  -   -   (385)  43 

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

  (268)  28   488   1,621 

Employee benefit plans:

                

Net actuarial (loss) gain

  (1)  1   (446)  (405)

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

  97   67   290   207 

Net unrealized gains (losses) on employee benefit plans

  96   68   (156)  (198)

Other comprehensive (loss) income, before tax

  (172)  96   332   1,423 

Income tax expense

  (36)  20   70   299 

Other comprehensive (loss) income, net of tax

  (136)  76   262   1,124 

Total comprehensive income

 $8,130  $9,232  $24,638  $30,362 

 

See Notes to Condensed Consolidated Financial Statements.

 

6

 

 

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

THREE MONTHS ENDED

September 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 July 1, 2019

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

Net income

  -   -   -   9,156   -   9,156 

Other comprehensive income

  -   -   -   -   76   76 

Common dividends declared -- $0.25 per share

  -   -   -   (3,908)  -   (3,908)

Equity-based compensation expense

  -   -   216   -   -   216 

Common stock options exercised -- 3,407 shares

  -   4   37   -   -   41 

Issuance of common stock to 401(k) plan -- 3,010 shares

  -   4   95   -   -   99 

Repurchase of common shares -- 60,500 shares at $33.11 per share

  -   (61)  (1,942)  -   -   (2,003)

Balance September 30, 2019

 $-  $15,580  $108,222  $213,866  $(305) $337,363 
                         

Balance July 1, 2020

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

Net income

  -   -   -   8,266   -   8,266 

Other comprehensive income

  -   -   -   -   (136)  (136)

Common dividends declared -- $0.25 per share

  -   -   -   (4,429)  -   (4,429)

Equity-based compensation expense

  -   1   262   -   -   263 

Issuance of common stock to 401(k) plan -- 6,237 shares

  -   6   117   -   -   123 

Balance September 30, 2020

 $-  $17,717  $172,980  $230,464