First Community Bankshares Inc
NASDAQ:FCBC
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First Community Bankshares Inc
NASDAQ:FCBC
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First Community Bankshares Inc
First Community Bankshares Inc. is a bank holding company whose main business is community banking through its subsidiary First Community Bank. It takes deposits from individuals, businesses, and local organizations, then uses those funds to make loans such as commercial real estate, small business, mortgage, and consumer loans. It also earns money from bank fees and other basic banking services like checking accounts, cash management, and online banking. Its main customers are people and businesses in the local markets it serves, especially small and mid-sized commercial clients and households that want traditional banking relationships. The company makes money in the classic banking way: it pays depositors less than it charges borrowers, and it collects fees for account services, loan servicing, and other customer transactions. What makes its business model different is its focus on relationship banking rather than a national, product-heavy model. It is built to know local borrowers and depositors well, make credit decisions close to the customer, and serve as a steady financial partner in the communities where it does business.
First Community Bankshares Inc. is a bank holding company whose main business is community banking through its subsidiary First Community Bank. It takes deposits from individuals, businesses, and local organizations, then uses those funds to make loans such as commercial real estate, small business, mortgage, and consumer loans. It also earns money from bank fees and other basic banking services like checking accounts, cash management, and online banking.
Its main customers are people and businesses in the local markets it serves, especially small and mid-sized commercial clients and households that want traditional banking relationships. The company makes money in the classic banking way: it pays depositors less than it charges borrowers, and it collects fees for account services, loan servicing, and other customer transactions.
What makes its business model different is its focus on relationship banking rather than a national, product-heavy model. It is built to know local borrowers and depositors well, make credit decisions close to the customer, and serve as a steady financial partner in the communities where it does business.
Core business held up: Management said the quarter was hurt by investment write-downs, but core earnings were still $3.8 million for the quarter and $20.7 million for the year.
Credit stayed solid: Non-performing assets were 66 basis points and the allowance for loan losses was 1.23% of loans, though delinquencies rose during the quarter.
Investment losses hit results: The company took $18.25 million in after-tax impairment charges on two securities, including a collateralized mortgage obligation and a pooled trust preferred CDO.
Balance sheet grew: Loans rose $129 million and deposits rose $154 million, helped by the Coddle Creek acquisition and the TARP investment.
Capital remains strong: Management said capital ratios stayed comfortably above “well-capitalized” levels, with Tier I risk-based capital at 11.5% and total risk-based capital at 11.7%.
Outlook: Management expects deposit funding costs to keep falling, sees potential margin support, and said it will rely on internal capital generation and possible acquisitions to rebuild tangible common equity.
Acquisition focus: The company continued to lean on insurance and banking acquisitions, including Carr & Hyde Insurance, and said it expects more opportunistic and government-assisted deals in 2009.
