) (the "Company") today reported net income for the quarter and twelve months ended December 31, 2011. Net income to common shareholders was $2.95 million, or $0.17 per diluted common share, for the quarter ended December 31, 2011. Net income to common shareholders amounted to $19.33 million, or $1.07 per diluted common share, for the year ended December 31, 2011.

The Company also announced today that the board of directors declared a quarterly cash dividend to common stockholders of $1.78 million or ten cents($0.10) per common share. The quarterly dividend is payable to common stockholders of record February 10, 2012, and is expected to be paid on or about February 24, 2012. The current year marks the 26th consecutive year of cash dividends to stockholders.

Fourth Quarter 2011 Highlights -

  • The loan loss provision was lower by $1.25 million, or 33.91%, as compared to the fourth quarter of 2010.
  • Tax-equivalent net interest margin improved to 3.93%, an increase of 15 basis points when compared to the fourth quarter of 2010.
  • Deposit service charges increased 3.54% over the fourth quarter of 2010.
  • Operating costs decreased 14.06%, as compared to the fourth quarter of 2010.
  • The Company's efficiency ratio of 54.93% for the fourth quarter of 2011 showed improvement over the ratios reported in the third quarter of 2011 of 56.84% and the fourth quarter of 2010 of 64.82%.
  • The Company's loan portfolio grew $21.41 million, or 1.56%, during the fourth quarter of 2011.
  • The Company significantly exceeds regulatory "well-capitalized" targets with a total risk-based capital ratio of 18.15%, Tier 1 risk-based capital ratio of 16.89%, and a Tier 1 leverage ratio of 11.50% at December 31, 2011.
  • Tangible book value per common share increased to $11.40, an increase of $1.37, or 13.66%, since December 31, 2010.

Net Interest Income

Tax-equivalent net interest margin for the fourth quarter of 2011 was 3.93%, compared to 3.78% in the comparable quarter of 2010. Net interest income was $18.27 million for the fourth quarter of 2011, an increase of $167 thousand, or 0.01%, from the fourth quarter of 2010. Total interest income was $23.20 million for the fourth quarter of 2011, a decrease of $1.77 million, or 7.10%, from the fourth quarter of 2010. The decrease in interest income reflects a degree of continued loan and investment repricing, effectively reducing the average yields. The yield on loans was 5.69% for the fourth quarter of 2011, a decrease from 5.94% in the same period of the prior year, while average loans decreased slightly between the comparable periods to $1.39 billion as loan demand remains low.

Total interest expense for the fourth quarter of 2011 was $4.94 million, a decrease of $1.94 million, or 28.23%, from the fourth quarter of 2010. Fourth quarter 2011 deposit costs decreased $1.77 million compared to the fourth quarter of 2010, which was primarily due to a decrease in the average rate paid on interest-bearing deposits of 43 basis points to 0.79%. Fourth quarter 2011 borrowing costs decreased $171 thousand compared to the fourth quarter of 2010, while the average borrowings balance decreased $49.40 million between the comparable periods due to the redemption of various wholesale borrowings and declining commercial cash management balances. The cost of interest-bearing liabilities decreased 33 basis points to 1.21% during the fourth quarter of 2011 as compared to the same quarter of the prior year. Average interest-bearing liabilities decreased $156.96 million, or 8.86%, for the fourth quarter of 2011 compared with the fourth quarter of 2010, which included a decrease of $25.24 million in Federal Home Loan Bank ("FHLB") borrowings and other long-term debt.

Provision

The provision for loan losses for the fourth quarter and twelve months ended December 31, 2011, totaled $2.44 million and $9.05 million, respectively, which compares very favorably to the provision for loan losses for the fourth quarter and twelve months ended December 31, 2010, of $3.69 million and $14.76 million, respectively. The fourth quarter of 2011 marks the sixth consecutive quarter of provision decreases when compared to the prior year's comparable quarter.

Noninterest Income

Noninterest income for the fourth quarter of 2011 decreased $5.48 million, or 45.35%, compared to the fourth quarter of 2010, largely due to a reduction in realized gains on the investment securities portfolio. During the fourth quarter of 2011, wealth management income totaled $818 thousand, a decrease of $204 thousand, or 19.96%, from the fourth quarter of 2010. The Trust and Wealth Management Divisions reported $873 million in assets under management at December 31, 2011. Service charges on deposit accounts totaled $3.45 million for the fourth quarter of 2011, an increase of $118 thousand, or 3.54%, from the fourth quarter of 2010. Insurance commissions were $1.17 million for the fourth quarter of 2011, a decrease of $304 thousand, or 20.62%, from the comparable quarter of 2010. Net gains on the sales of securities decreased $4.22 million, or 99.39%, in the fourth quarter of 2011 as compared to the same period of the prior year.

Noninterest Expenses

Noninterest expenses for the fourth quarter of 2011 decreased $2.79 million, or 14.06%, compared to the fourth quarter of 2010. Salaries and employee benefits decreased $1.42 million, or 15.19%, in the fourth quarter of 2011 compared to the same period in the prior year. Occupancy, furniture, and equipment expense for the fourth quarter of 2011 decreased $158 thousand, or 6.19%, compared to the fourth quarter of 2010. Federal Deposit Insurance Corporation ("FDIC") deposit insurance premiums decreased $383 thousand, or 52.68%, in the fourth quarter of 2011, compared to the fourth quarter of 2010, primarily due to the FDIC's change in assessment methodology for deposit insurance to one based on tangible assets. As of December 31, 2011, the Company recognized a technical goodwill impairment of $1.24 million at the insurance agency despite strong operating earnings and good realization on recent sales of non-strategic segments of that business. Other operating expenses were $4.93 million for the fourth quarter of 2011, a decrease of $1.02 million, or 17.16%, from the fourth quarter of 2010. Included in other operating expenses are expenses and losses associated with other real estate that amounted to $694 thousand in the fourth quarter of 2011, compared to $675 thousand in the third quarter of 2011, and $1.12 million in the fourth quarter of 2010. The efficiency ratio for the fourth quarter of 2011 declined to 54.93%, a significant improvement over both the third quarter of 2011 and the fourth quarter of 2010.

Credit Quality

The Company's loan quality measures at December 31, 2011, continue to compare favorably to the industry. Total loan delinquencies of 30 days or more, including non-accrual loans, as a percent of total loans were 2.62% at both December 31, 2011 and December 31, 2010. This compares favorably to the most recent Federal Reserve report of the Company's peer group of bank holding companies with total assets between $1 and $3 billion, which reports peer total loan delinquencies of 3.86%. The ratio of the allowance for loan losses as a percent of loans held for investment was 1.88% at December 31, 2011, compared to 1.91% at December 31, 2010.

Total non-performing assets, which include unseasoned loan restructurings and other real estate owned, were 1.57% of total assets at December 31, 2011, and non-performing loans as a percentage of loans held for investment were 2.00%. These levels are much better by comparison with those in the Federal Reserve peer group which were last reported at 3.08% for total non-performing assets to total assets and 3.26% for non-performing loans to total loans. Included in non-performing assets are $3.50 million of unseasoned loan restructurings at December 31, 2011.

Annualized net charge-offs were 0.75% of average loans held for investment for the fourth quarter of 2011. This represents a decrease of 28 basis points from 1.03% for the fourth quarter of 2010 and continues a general downward trend in net charge-offs.

Balance Sheet and Capital

Consolidated assets were $2.16 billion at December 31, 2011. Total stockholders' equity was $305.73 million at December 31, 2011, resulting in a book value per common share, on an as-converted basis, of $15.96, compared to total stockholders' equity of $269.88 million and a book value per common share of $15.11 at December 31, 2010. During the fourth quarter of 2011, the Company repurchased 33,200 treasury shares. The Company also paid a $0.10 per share cash dividend on common shares during the fourth quarter of 2011.

The Company will host an investor and media teleconference and webcast on Thursday, January 26, 2012, at 11:00 a.m. To access the teleconference, the toll-free number is (877) 407-8033. Alternatively, individuals may listen to the live or archived webcast of the conference call. To listen to the webcast, visit and follow the link under the Investor Relations section. The Company's press release and financial summary will be available in this section, as well. Copies of the Company's fourth quarter 2011 earnings press release and financial summary will also be made available upon request via fax, email or postal service mail. To request a copy, contact David D. Brown, Chief Financial Officer, at (276) 326-9000.

Non-GAAP Presentations

The Company prepares its financial statements under accounting principles generally accepted in the United States, or "GAAP." However, this press release also refers to certain non-GAAP financial measures that we believe, when considered together with GAAP financial measures, provide investors with important information regarding our operational performance. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

Core earnings are a non-GAAP financial measure that reflect net income excluding non-recurring income and expense items, taxes, loan loss provisions, losses on other real estate owned, as well as gains, losses, impairment losses on securities, and goodwill impairments from net income. These excluded items are difficult to predict and we believe that core earnings provide the Company and investors with a valuable tool to evaluate the Company's financial results.

The adjusted efficiency ratio is a non-GAAP financial measure that is computed by dividing core noninterest expense by the sum of net interest income on a tax equivalent basis and core noninterest income. We believe that this measure provides investors with important information about our operating efficiency. Comparison of our adjusted efficiency ratio with those of other companies may not be possible because other companies may calculate the adjusted efficiency ratio differently.

Tangible book value per share is a non-GAAP financial measure that is defined as stockholders' equity less goodwill and other intangible assets, divided by as-converted common shares outstanding.

About First Community Bancshares, Inc.

First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $2.16 billion financial holding company and is the parent company of First Community Bank. First Community Bank operates through fifty-one locations in the four states of Virginia, West Virginia, North Carolina, and Tennessee. First Community Bank offers wealth management and investment services through its Trust & Financial Services Division and First Community Wealth Management, a registered investment advisory firm. The Company's Trust and Wealth Management Divisions managed assets with a market value of $873 million at December 31, 2011. The Company is also the parent company of Greenpoint Insurance Group, Inc., a full-service insurance agency headquartered in High Point, North Carolina, that operates six offices. The Company's common stock is traded on the NASDAQ Global Select Market under the symbol, "FCBC". Additional investor information can be found on the Internet at .

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company's Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements contained within this news release.

First Community Bancshares, Inc.
Condensed Consolidated Statements of Income
Three Months Ended Year Ended
(Unaudited) December 30, December 30,
(In Thousands, Except Share and Per Share Data) 2011 2010 2011 2010
Interest Income
Interest and fees on loans held for investment  $ 19,947  $ 20,950  $ 80,580  $ 84,741
Interest on securities --- taxable  2,023  2,293  8,117  12,704
Interest on securities --- nontaxable  1,190  1,672  5,194  5,943
Interest on deposits in banks  41  60  285  194
Total interest income  23,201  24,975  94,176  103,582
Interest Expense
Interest on deposits  2,637  4,407  12,788  19,887
Interest on borrowings  2,298  2,469  9,359  9,838
Total interest expense  4,935  6,876  22,147  29,725
Net interest income  18,266  18,099  72,029  73,857
Provision for loan losses  2,436  3,686  9,047  14,757
Net interest income after provision for loan losses  15,830  14,413  62,982  59,100
Noninterest Income
Wealth management income  818  1,022  3,510  3,828
Service charges on deposit accounts  3,450  3,332  13,238  13,128
Other service charges and fees  1,429  1,299  5,722  5,074
Insurance commissions  1,170  1,474  6,197  6,727
Net impairment losses recognized in earnings  (1,548)  --  (2,285)  (185)
Net gains on sale of securities  26  4,248  5,264  8,273
Other operating income  1,261  713  3,888  3,663
Total noninterest income   6,606  12,088  35,534  40,508
Noninterest Expense
Salaries and employee benefits  7,903  9,319  34,126  34,528
Occupancy expense of bank premises  1,589  1,586  6,280  6,438
Furniture and equipment expense  804  965  3,490  3,713
Amortization of intangible assets  250  263  1,020  1,032
FDIC premiums and assessments  344  727  1,984  2,856
Prepayment penalties on FHLB advances  --  --  471  --
Goodwill impairment  1,239  1,039  1,239  1,039
Other operating expense   4,925  5,945  20,305  20,337
Total noninterest expense  17,054  19,844  68,915  69,943
Income before income taxes  5,382  6,657  29,601  29,665
Income tax expense   2,151  1,772  9,573  7,818
Net income   3,231  4,885  20,028  21,847
Dividends on preferred stock  286  --  703  --
Net income available to common shareholders  $ 2,945  $ 4,885  $ 19,325  $ 21,847
Per Share
Basic earnings per common share   $ 0.16  $ 0.27  $ 1.08  $ 1.23
Diluted earnings per common share   $ 0.17  $ 0.27  $ 1.07  $ 1.23
Weighted average shares outstanding:
Basic  17,849,286  17,845,857  17,877,421  17,802,009
Diluted  19,159,090  17,891,807  18,691,081  17,822,944
For the period:
Return on average assets 0.54% 0.85% 0.88% 0.97%
Return on average common equity 4.06% 7.00% 6.81% 8.11%
Cash dividends per common share  $ 0.10  $ 0.10  $ 0.40  $ 0.40
First Community Bancshares, Inc. 
Condensed Quarterly Statements of Income 
 As of and for the Quarter Ended
(Unaudited) December 31, September 30, June 30, March 31, December 31,
(In Thousands, Except Share and Per Share Data) 2011 2011 2011 2011 2010
Interest Income
Interest and fees on loans held for investment  $ 19,947  $ 20,084  $ 20,094  $ 20,455  $ 20,950
Interest on securities --- taxable  2,023  1,711  1,850  2,533  2,293
Interest on securities --- nontaxable  1,190  1,180  1,291  1,533  1,672
Interest on deposits in banks  41  75  100  69  60
Total interest income  23,201  23,050  23,335  24,590  24,975
Interest Expense
Interest on deposits  2,637  2,998  3,273  3,880  4,407
Interest on borrowings  2,298  2,318  2,308  2,435  2,469
Total interest expense  4,935  5,316  5,581  6,315  6,876
Net interest income  18,266  17,734  17,754  18,275  18,099
Provision for loan losses  2,436  1,920  3,079  1,612  3,686
Net interest income after provision for loan losses  15,830  15,814  14,675  16,663  14,413
Noninterest Income
Wealth management income  818  868  930  894  1,022
Service charges on deposit accounts  3,450  3,404  3,353  3,031  3,332
Other service charges and fees  1,429  1,426  1,461  1,406  1,299
Insurance commissions  1,170  1,523  1,561  1,943  1,474
Net impairment losses recognized in earnings  (1,548)  (210)  --   (527)  -- 
Net gains on sale of securities  26  178  3,224  1,836  4,248
Other operating income  1,261  877  834  916  713
Total noninterest income   6,606  8,066  11,363  9,499  12,088
Noninterest Expense
Salaries and employee benefits  7,903  8,409  8,685  9,129  9,319
Occupancy expense of bank premises  1,589  1,476  1,568  1,647  1,586
Furniture and equipment expense  804  862  909  915  965
Amortization of intangible assets  250  250  261  259  263
FDIC premiums and assessments   344  348  414  878  727
Prepayment penalties on FHLB advances  --   --   --   471  -- 
Goodwill impairment  1,239  --   --   --   1,039
Other operating expense  4,925  4,715  5,901  4,764  5,945
Total noninterest expense  17,054  16,060  17,738  18,063  19,844
Income before income taxes  5,382  7,820  8,300  8,099  6,657
Income tax expense  2,151  2,502  2,572  2,348  1,772
Net income   3,231  5,318  5,728  5,751  4,885
Dividends on preferred stock  286  286  131  --   -- 
Net income available to common shareholders  $ 2,945  $ 5,032  $ 5,597  $ 5,751  $ 4,885
Per Share
Basic earnings per common share  $ 0.16  $ 0.28  $ 0.31  $ 0.32  $ 0.27
Diluted earnings per common share  $ 0.17  $ 0.28  $ 0.31  $ 0.32  $ 0.27
Cash dividends per common share  $ 0.10  $ 0.10  $ 0.10  $ 0.10  $ 0.10
Weighted average shares outstanding:
Basic  17,849,286  17,896,534  17,895,904  17,867,953  17,845,857
Diluted  19,159,090  19,205,634  18,534,489  17,887,118  17,891,807
First Community Bancshares, Inc. 
Reconciliation of GAAP Net Income to Core Earnings
Three Months Ended Year Ended
(Unaudited) December 31, December 31,
(In Thousands, Except Per Share Data) 2011 2010 2011 2010
Net income, GAAP  $ 3,231  $ 4,885  $ 20,028  $ 21,847
Non-GAAP adjustments:
Security gains  (26)  (4,248)  (5,264)  (8,273)
FHLB debt prepayment fees  --  --  471  --
Other-than-temporary security impairments  1,548  --  2,285  185
Goodwill impairment  1,239  1,039  1,239  1,039
Intangibles amortization  250  263  1,020  1,032
Other non-core items  --  --  59  4
Total adjustments to core earnings  3,011  (2,946)  (190)  (6,013)
Tax effect   1,129  (1,105) (71)  (2,255)
Core earnings, non-GAAP  $ 5,113  $ 3,044  $ 19,909  $ 18,089
Core return on average assets 0.94% 0.53% 0.91% 0.80%
Core return on average common equity 7.05% 4.36% 7.02% 6.71%
Core diluted earnings per common share $0.27 $0.17 $1.07 $1.01
Efficiency Ratio Calculation
Three Months Ended Year Ended
(Unaudited) December 31, December 31,
(In Thousands) 2011 2010 2011 2010
Noninterest expense, GAAP  $ 17,054  $ 19,844  $ 68,915  $ 69,943
Non-GAAP adjustments:
FHLB debt prepayment fees  --  --  (471)  --
OREO expenses  (694)  (1,118)  (3,441)  (3,079)
Goodwill impairment  (1,239)  (1,039)  (1,239)  (1,039)
Intangibles amortization  (250)  (263)  (1,020)  (1,032)
Other non-core items  --  --  (77)  (4)
Adjusted noninterest expense  14,871  17,424  62,667  64,789
Net interest income, GAAP  18,266  18,099  72,029  73,857
Noninterest income, GAAP  6,606  12,088  35,534  40,508
Non-GAAP adjustments:
Tax-equivalency adjustment  681  941  2,959  3,364
Security gains  (26)  (4,248)  (5,264)  (8,273)
Other-than-temporary security impairments  1,548  --  2,285  185
Other non-core items  -- --  (18)  --
Adjusted net interest and noninterest income  27,075  26,880  107,525  109,641
Efficiency Ratio 54.93% 64.82% 58.28% 59.09%
First Community Bancshares, Inc. 
Quarterly Balance Sheets
 For the Quarter Ended
(Unaudited) December 31, September 30, June 30, March 31, December 31,
(Dollars In Thousands) 2011 2011 2011 2011 2010
Cash and due from banks  $ 34,578  $ 38,776  $ 31,451  $ 52,684  $ 28,816
Federal funds sold  1,909  103,179  162,629  121,974  81,526
Interest-bearing balances with banks  10,807  6,365  36,539  809  1,847
Total cash and cash equivalents  47,294  148,320  230,619  175,467  112,189
Securities available-for-sale   482,430  449,387  349,976  430,965  480,064
Securities held-to-maturity   3,490  3,342  4,106  4,524  4,637
Loans held for sale  5,820  3,575  920  2,614  4,694
Loans held for investment, net of unearned income  1,396,067  1,374,656  1,373,944  1,375,685  1,386,206
Less allowance for loan losses  26,205  26,407  26,482  26,482  26,482
Net loans  1,375,682  1,351,824  1,348,382  1,351,817  1,364,418
Premises and equipment, net  54,721  54,860  55,808  56,189  56,244
Other real estate owned  5,914  5,942  5,585  5,644  4,910
Interest receivable  6,193  6,264  6,202  7,288  7,675
Goodwill  83,056  83,832  85,132  84,930  84,914
Other intangible assets  4,326  4,576  5,205  5,466  5,725
Other assets  101,683  111,745  115,385  118,690  123,462
Total assets  $ 2,164,789  $ 2,220,092  $ 2,206,400  $ 2,240,980  $ 2,244,238
Deposits:
Noninterest-bearing demand  $ 240,268  $ 233,683  $ 219,488  $ 222,072  $ 205,151
Interest-bearing demand  275,156  295,804  271,622  287,006  262,420
Savings  394,707  396,767  405,409  420,481  426,547
Time  633,336  664,237  683,157  707,458  726,837
Total deposits  1,543,467  1,590,491  1,579,676  1,637,017  1,620,955
Interest, taxes and other liabilities  20,452  20,030  20,563  20,459  21,318
Securities sold under agreements to repurchase  129,208  139,510  137,778  139,472  140,894
FHLB borrowings  150,000  150,000  150,000  150,000  175,000
Other indebtedness  15,933  15,941  16,179  16,186  16,193
Total liabilities  1,859,060  1,915,972  1,904,196  1,963,134  1,974,360
Preferred stock, net of discount  18,921  18,921  18,921  --   -- 
Common stock  18,083  18,083  18,083  18,083  18,083
Additional paid-in capital  188,118  188,243  188,278  188,742  189,239
Retained earnings  93,656  92,498  89,257  85,450  81,486
Treasury stock, at cost  (5,721)  (5,651)  (5,137)  (5,851)  (6,740)
Accumulated other comprehensive loss  (7,328)  (7,974)  (7,198)  (8,578)  (12,190)
Total stockholders' equity  305,729  304,120  302,204  277,846  269,878
Total liabilities and stockholders' equity  $ 2,164,789  $ 2,220,092  $ 2,206,400  $ 2,240,980  $ 2,244,238
Actual shares outstanding at period end  17,849,376  17,869,514  17,917,824  17,894,899  17,866,335
Book value per common share at period end (1)  $ 15.96  $ 15.86  $ 15.72  $ 15.53  $ 15.11
Tangible book value per common share at period end (2)  $ 11.40  $ 11.25  $ 11.02  $ 10.48  $ 10.03
(1) Book value per common share is defined as stockholders' equity divided by as-converted common shares outstanding.
(2) Tangible book value per common share is defined as stockholders' equity less goodwill and other intangibles divided by as-converted common shares outstanding.
First Community Bancshares, Inc. 
Selected Credit Quality Information
As of and for the Quarter Ended
(Unaudited) December 31, September 30, June 30, March 31, December 31,
(Dollars in Thousands) 2011 2011 2011 2011 2010
Summary of Loan Loss Experience
Allowance for loan losses:
Beginning balance  $ 26,407  $ 26,482  $ 26,482  $ 26,482  $ 26,420
Provision for loan losses  2,436  1,920  3,079  1,612  3,686
Charge-offs  (2,915)  (3,062)  (3,456)  (2,027)  (3,846)
Recoveries  277  1,067  377  415  222
Net charge-offs  (2,638)  (1,995)  (3,079)  (1,612)  (3,624)
Ending balance  $ 26,205  $ 26,407  $ 26,482  $ 26,482  $ 26,482
Summary of Asset Quality
Non-accrual loans   $ 24,487  $ 22,877  $ 22,037  $ 17,703  $ 19,414
Restructured loans  3,496  964  878  1,509  5,325
Loans 90 days or more past due and still accruing  --  --  --  --  --
Total non-performing loans  27,983  23,841  22,915  19,212  24,739
Other real estate owned  5,914  5,942  5,585  5,644  4,910
Total non-performing assets  $ 33,897  $ 29,783  $ 28,500  $ 24,856  $ 29,649
Restructured loans performing in accordance with terms  $ 827  $ 1,156  $ 7,044  $ 7,519  $ 3,911
Asset Quality Ratios
Non-performing loans as a percentage of loans held for investment 2.00% 1.73% 1.67% 1.40% 1.78%
Non-performing assets as a percentage of total assets 1.57% 1.34% 1.29% 1.11% 1.32%
Annualized net charge-offs as a percentage of average loans held for investment 0.75% 0.57% 0.90% 0.47% 1.03%
Allowance for loan losses as a percentage of loans held for investment 1.88% 1.92% 1.93% 1.93% 1.91%
Ratio of allowance for loan losses to non-performing loans  0.94  1.11  1.16  1.38  1.07
First Community Bancshares, Inc. 
Non-accrual Loan Detail
As of December 31, 2011
Non-accrual 
(Unaudited) Loans Non-accrual  Loans to Loans
(Dollars in Thousands) Outstanding Loans Outstanding
Commercial
Construction -- commercial  $ 35,482  $ 461 1.30%
Land development  2,902  297 10.23%
Other land loans  23,384  279 1.19%
Commercial and industrial  91,939  4,312 4.69%
Multi-family residential  77,050  341 0.44%
Single family non-owner occupied  106,743  1,639 1.54%
Non-farm, non-residential  336,005  8,063 2.40%
Agricultural  1,374  -- 0.00%
Farmland  37,161  271 0.73%
Total commercial  712,040  15,663 2.20%
Consumer real estate
Home equity lines  111,387  516 0.46%
Single family owner occupied  473,067  8,255 1.74%
Owner occupied construction  19,577  1 0.01%
Total consumer real estate  604,031  8,772 1.45%
Consumer and other
Consumer loans  67,129  52 0.08%
Other loans  12,867  -- 0.00%
Total consumer and other  79,996  52 0.07%
 Total loans   $ 1,396,067  $ 24,487 1.75%
First Community Bancshares, Inc. 
Selected Financial Information
As of and for the Quarter Ended
(Unaudited) December 31, September 30, June 30, March 31, December 31,
(Dollars in Thousands) 2011 2011 2011 2011 2010
Ratios
Return on average assets 0.54% 0.91% 1.02% 1.05% 0.85%
Return on average common equity 4.06% 6.94% 7.91% 8.47% 7.00%
Net interest margin 3.93% 3.77% 3.83% 3.96% 3.78%
Efficiency ratio for the quarter  54.93% 56.84% 59.03% 62.27% 64.82%
Efficiency ratio year-to-date  58.28% 59.41% 60.67% 62.27% 59.09%
Equity as a percent of total assets at end of period 14.12% 13.70% 13.70% 12.40% 12.03%
Average earning assets as a percentage of average total assets 88.27% 88.39% 88.11% 88.07% 87.69%
Average loans as a percentage of average deposits 89.45% 87.15% 85.57% 84.78% 85.54%
Average Balances
Investments  $ 479,638  $ 417,291  $ 386,706  $ 470,833  $ 498,090
Loans   1,392,650  1,379,144  1,373,988  1,382,526  1,402,178
Earning assets  1,913,768  1,936,720  1,935,470  1,961,538  1,996,106
Total assets  2,168,166  2,191,145  2,196,691  2,227,255  2,276,257
Deposits  1,556,990  1,582,481  1,605,694  1,630,701  1,639,154
Interest-bearing deposits  1,320,186  1,357,938  1,386,292  1,418,807  1,427,746
Borrowings  295,303  300,751  297,857  316,864  344,704
Interest-bearing liabilities  1,615,489  1,658,689  1,684,149  1,735,671  1,772,450
Equity  306,779  306,524  291,474  275,350  276,723
Tax-equivalent net interest income  18,947  18,410  18,490  19,141  19,040
First Community Bancshares, Inc.
Consolidated Average Balance Sheets, Yields, and Rates
Three Months Ended December 31,
2011 2010
(Unaudited) Average  Interest Average Average  Interest Average
(Dollars in Thousands) Balance  (1)   Rate (1)  Balance  (1)   Rate (1) 
Earning assets
Loans held for investment (2)  $ 1,392,650  $ 19,987 5.69%  $ 1,402,178  $ 20,992 5.94%
Securities available-for-sale  476,244  3,784 3.15%  493,018  4,751 3.82%
Securities held-to-maturity   3,394  70 8.18%  5,072  113 8.84%
Interest-bearing deposits with banks  41,480  41 0.39%  95,838  60 0.25%
Total earning assets  1,913,768  23,882 4.95%  1,996,106  25,916 5.15%
Other assets  254,398  280,151
Total  $ 2,168,166  $ 2,276,257
Interest-bearing liabilities
Interest-bearing demand deposits  $ 277,722  $ 27 0.04%  $ 266,938  $ 256 0.38%
Savings deposits  395,530  117 0.12%  426,030  468 0.44%
Time deposits  646,934  2,493 1.53%  734,778  3,683 1.99%
Fed funds purchased  308  -- 0.00%  --  -- --
Retail repurchase agreements  79,114  103 0.52%  103,580  219 0.84%
Wholesale repurchase agreements  50,000  479 3.80%  50,000  469 3.72%
FHLB borrowings & other long-term debt  165,881  1,716 4.10%  191,124  1,781 3.70%
Total interest-bearing liabilities  1,615,489  4,935 1.21%  1,772,450  6,876 1.54%
Noninterest-bearing demand deposits  236,804  211,408
Other liabilities  9,094  15,676
Stockholders' equity  306,779  276,723
Total  $ 2,168,166  $ 2,276,257
Net interest income, tax-equivalent  $ 18,947  $ 19,040
Net interest rate spread (3) 3.74% 3.61%
Net interest margin (4) 3.93% 3.78%
(1) Fully taxable equivalent at the rate of 35%.
(2) Non-accrual loans are included in average balances outstanding but with no related interest income during the period of non-accrual.
(3) Represents the difference between the yield on earning assets and cost of funds.
(4) Represents tax-equivalent net interest income divided by average earning assets.
First Community Bancshares, Inc.
Consolidated Average Balance Sheets, Yields, and Rates
Year Ended December 31,
2011 2010
(Unaudited) Average  Interest Average Average  Interest Average
(Dollars in Thousands) Balance  (1)   Rate (1)  Balance  (1)   Rate (1) 
Earning assets
Loans held for investment (2)  $ 1,382,097  $ 80,742 5.84%  $ 1,400,061  $ 84,906 6.06%
Securities available-for-sale  434,583  15,775 3.63%  492,703  21,313 4.33%
Securities held-to-maturity   3,999  333 8.32%  6,299  533 8.46%
Interest-bearing deposits with banks  116,063  285 0.25%  81,987  194 0.24%
Total earning assets  1,936,742  97,135 5.01%  1,981,050  106,946 5.40%
Other assets  258,897  282,005
Total  $ 2,195,639  $ 2,263,055
Interest-bearing liabilities
Interest-bearing demand deposits  $ 277,263  $ 431 0.16%  $ 252,471  $ 980 0.39%
Savings deposits  410,240  886 0.22%  421,184  2,751 0.65%
Time deposits  682,997  11,471 1.68%  760,286  16,156 2.12%
Fed funds purchased  77  -- 0.00%  --  -- --
Retail repurchase agreements  83,564  544 0.65%  97,531  992 1.02%
Wholesale repurchase agreements  50,000  1,887 3.77%  50,000  1,872 3.74%
FHLB borrowings & other long-term debt  168,988  6,928 4.10%  194,461  6,974 3.59%
Total interest-bearing liabilities  1,673,129  22,147 1.32%  1,775,933  29,725 1.67%
Noninterest-bearing demand deposits  223,233  206,396
Other liabilities  4,127  11,280
Stockholders' equity  295,150  269,446
Total  $ 2,195,639  $ 2,263,055
Net interest income, tax-equivalent  $ 74,988  $ 77,221
Net interest rate spread (3) 3.69% 3.73%
Net interest margin (4) 3.87% 3.90%
(1) Fully taxable equivalent at the rate of 35%.
(2) Non-accrual loans are included in average balances outstanding but with no related interest income during the period of non-accrual.
(3) Represents the difference between the yield on earning assets and cost of funds.
(4) Represents tax-equivalent net interest income divided by average earning assets. 

CONTACT: David D. Brown
         (276) 326-9000

Source: First Community Bancshares, Inc.


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