First Community Bancshares Inc. (FCBC, Financial) filed Amended Quarterly Report for the period ended 2009-06-30.
First Community Bancshares Inc. has a market cap of $231.36 million; its shares were traded at around $13.01 with a P/E ratio of 13.99 and P/S ratio of 4.26. The dividend yield of First Community Bancshares Inc. stocks is 3.07%.
Net income available to common shareholders for the three months ended June 30, 2009, was $1.83 million, or $0.14 per basic and diluted share, compared with $6.24 million, or $0.57 per basic and $0.56 per diluted share, for the three months ended June 30, 2008, a decrease of $4.41 million, or 70.71%. Return on average assets was 0.34% for the three months ended June 30, 2009, compared with 1.23% for the same period in 2008. Return on average common equity for the three months ended June 30, 2009, was 3.85% compared with 12.08% for the three months ended June 30, 2008. The main reasons for the decrease in net income between the three months ended June 30, 2009 and 2008, were increased provisions for loan losses, net securities impairments, and a special assessment by the Federal Deposit Insurance Corporation (FDIC) of $988 thousand.
Net income available to common shareholders for the six months ended June 30, 2009, was $6.45 million, or $0.53 per basic and diluted share, compared with $12.55 million, or $1.14 per basic and $1.13 per diluted share, for the six months ended June 30, 2008, a decrease of $6.10 million, or 48.62%. Return on average assets was 0.60% for the six months ended June 30, 2009, compared with 1.22% for the same period in 2008. Return on average common equity for the six months ended June 30, 2009, was 7.08% compared with 11.87% for the six months ended June 30, 2008. The main reasons for the decrease in net income between the six months ended June 30, 2009 and 2008, were increased provisions for loan losses, net securities impairments, and a special assessment by the FDIC.
Net interest income, the largest contributor to earnings, was $16.32 million for the three months ended June 30, 2009, compared with $16.63 million for the corresponding period in 2008, a decrease of $304 thousand, or 1.83%. Tax-equivalent net interest income totaled $17.09 million for the three months ended June 30, 2009, a decrease of $633 thousand, or 3.57%, from $17.73 million for the second quarter of 2008. The decrease in tax-equivalent net interest income was due primarily to
Net interest income was $32.75 million for the six months ended June 30, 2009, compared with $32.99 million for the corresponding period in 2008, a decrease of $231 thousand, or 0.70%. Tax-equivalent net interest income totaled $34.44 million for the six months ended June 30, 2009, a decrease of $774 thousand, or 2.20%, from $35.22 million for the first half of 2008. The decrease in tax-equivalent net interest income was due primarily to decreases in loan and investment yields as a result of the precipitous declines in benchmark interest rates, including the Prime Rate, since late 2007.
Retail repurchase agreements, which consist of collateralized retail deposits and commercial treasury accounts, decreased $47.69 million, or 31.44%, to $103.98 million for the first half of 2009, while the rate decreased 100 basis points to 1.40% during the same period. The decrease in average balance can be largely attributed to the customers converting retail repurchase agreements to certificates of deposit and businesses using cash during difficult economic times. There were no fed funds purchased on average during the first half of 2009, compared with $5.88 million in the same period in 2008. Wholesale repurchase agreements remained unchanged at $50.00 million, while the rate increased 117 basis points between the two periods. The average balance of FHLB borrowings and other long-term debt decreased by $59.07 million, or 21.83%, in the first half of 2009 to $211.51 million, while the rate paid on those borrowings decreased 36 basis points.
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First Community Bancshares Inc. has a market cap of $231.36 million; its shares were traded at around $13.01 with a P/E ratio of 13.99 and P/S ratio of 4.26. The dividend yield of First Community Bancshares Inc. stocks is 3.07%.
Highlight of Business Operations:
On November 14, 2008, the Company completed the acquisition of Coddle Creek Financial Corp. (Coddle Creek), based in Mooresville, North Carolina. Coddle Creek had three full service locations in Mooresville, Cornelius, and Huntersville, North Carolina. At acquisition, Coddle Creek had total assets of approximately $158.66 million, loans of approximately $136.99 million, and deposits of approximately $137.06 million. Under the terms of the merger agreement, shares of Coddle Creek were exchanged for .9046 shares of the Companys common stock and $19.60 in cash, for a total purchase price of approximately $32.29 million. As a result of the acquisition and purchase price allocation, approximately $14.41 million in goodwill was recorded, which represents the excess purchase price over the fair market value of the net assets acquired and identified intangibles.Net income available to common shareholders for the three months ended June 30, 2009, was $1.83 million, or $0.14 per basic and diluted share, compared with $6.24 million, or $0.57 per basic and $0.56 per diluted share, for the three months ended June 30, 2008, a decrease of $4.41 million, or 70.71%. Return on average assets was 0.34% for the three months ended June 30, 2009, compared with 1.23% for the same period in 2008. Return on average common equity for the three months ended June 30, 2009, was 3.85% compared with 12.08% for the three months ended June 30, 2008. The main reasons for the decrease in net income between the three months ended June 30, 2009 and 2008, were increased provisions for loan losses, net securities impairments, and a special assessment by the Federal Deposit Insurance Corporation (FDIC) of $988 thousand.
Net income available to common shareholders for the six months ended June 30, 2009, was $6.45 million, or $0.53 per basic and diluted share, compared with $12.55 million, or $1.14 per basic and $1.13 per diluted share, for the six months ended June 30, 2008, a decrease of $6.10 million, or 48.62%. Return on average assets was 0.60% for the six months ended June 30, 2009, compared with 1.22% for the same period in 2008. Return on average common equity for the six months ended June 30, 2009, was 7.08% compared with 11.87% for the six months ended June 30, 2008. The main reasons for the decrease in net income between the six months ended June 30, 2009 and 2008, were increased provisions for loan losses, net securities impairments, and a special assessment by the FDIC.
Net interest income, the largest contributor to earnings, was $16.32 million for the three months ended June 30, 2009, compared with $16.63 million for the corresponding period in 2008, a decrease of $304 thousand, or 1.83%. Tax-equivalent net interest income totaled $17.09 million for the three months ended June 30, 2009, a decrease of $633 thousand, or 3.57%, from $17.73 million for the second quarter of 2008. The decrease in tax-equivalent net interest income was due primarily to
Net interest income was $32.75 million for the six months ended June 30, 2009, compared with $32.99 million for the corresponding period in 2008, a decrease of $231 thousand, or 0.70%. Tax-equivalent net interest income totaled $34.44 million for the six months ended June 30, 2009, a decrease of $774 thousand, or 2.20%, from $35.22 million for the first half of 2008. The decrease in tax-equivalent net interest income was due primarily to decreases in loan and investment yields as a result of the precipitous declines in benchmark interest rates, including the Prime Rate, since late 2007.
Retail repurchase agreements, which consist of collateralized retail deposits and commercial treasury accounts, decreased $47.69 million, or 31.44%, to $103.98 million for the first half of 2009, while the rate decreased 100 basis points to 1.40% during the same period. The decrease in average balance can be largely attributed to the customers converting retail repurchase agreements to certificates of deposit and businesses using cash during difficult economic times. There were no fed funds purchased on average during the first half of 2009, compared with $5.88 million in the same period in 2008. Wholesale repurchase agreements remained unchanged at $50.00 million, while the rate increased 117 basis points between the two periods. The average balance of FHLB borrowings and other long-term debt decreased by $59.07 million, or 21.83%, in the first half of 2009 to $211.51 million, while the rate paid on those borrowings decreased 36 basis points.
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