1
Exhibit 99.1
CONSOLIDATED STATEMENTS OF INCOME
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(Amounts in thousands, Except Share and Per Share Data)(Unaudited) Three Months
Ended
December 31
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2000 1999
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INTEREST Interest and fees on loans $18,370 $15,361
INCOME Interest on securities available for sale 3,099 3,292
Interest on investment securities 1,153 1,061
Interest on federal funds sold and deposits 260 58
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TOTAL INTEREST INCOME 22,882 19,772
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Interest Interest on deposits 8,518 7,045
EXPENSE Interest on borrowings 2,562 1,104
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TOTAL INTEREST EXPENSE 11,080 8,149
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NET INTEREST INCOME 11,802 11,623
Provision for loan losses 1,264 1,553
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NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES 10,538 10,070
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Non-Interest Fiduciary income 490 428
INCOME Service charges on deposit accounts 1,259 913
Other service charges, commissions and fees 711 240
Other operating income 937 2,870
Gain on sale of securities 1 --
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TOTAL NON-INTEREST INCOME 3,398 4,451
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Non-Interest Salaries and employee benefits 4,095 3,971
EXPENSE Occupancy expense of bank premises 597 576
Furniture and equipment expense 322 397
Goodwill amortization and core deposit amortization 568 524
Other operating expense 2,040 1,905
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TOTAL NON-INTEREST EXPENSE 7,622 7,373
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Income before income taxes 6,314 7,148
Income tax expense 1,543 2,302
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NET INCOME 4,771 4,846
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BASIC EARNINGS PER COMMON SHARE $ 0.53 $ 0.55
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For the period:
Return on average equity 16.31% 18.42%
Return on average assets 1.59% 1.82%
Cash dividends per share $ 0.27 $ 0.25
At period end:
Book value per share $ 13.35 $ 11.86
Market value (average bid and ask) $ 17.38 $ 18.50
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2
CONSOLIDATED BALANCE SHEETS
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(Amounts in thousands, Except Share Data)(Unaudited)
DECEMBER 31, DECEMBER 31,
2000 1999
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Assets Cash and due from banks $ 50,243 $ 37,797
Securities available for sale (amortized cost of $210,126
December 31, 2000; $221,226, December 31, 1999) 207,562 212,105
Investment securities held to maturity (market value of $78,029,
December 31, 2000; $78,917, December 31, 1999) 75,736 78,768
Loans held for investment, net of unearned income 822,826 704,096
Less reserve for loan losses 12,303 11,900
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Net loans 810,523 692,196
Premises and equipment 18,786 18,630
Other real estate owned 2,406 1,950
Interest receivable 9,261 8,090
Other assets 19,299 15,178
Intangible assets 24,201 23,448
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TOTAL ASSETS $1,218,017 $1,088,162
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Liabilities Deposits:
Demand $ 128,584 $ 115,288
Interest-bearing demand 137,763 133,073
Savings 131,039 138,107
Time 502,517 446,790
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Total Deposits 899,903 833,258
Interest, taxes and other liabilities 13,238 13,436
Federal funds purchased -- 86,700
Securities sold under agreements to repurchase 46,179 41,062
FHLB and other indebtedness 138,015 10,218
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TOTAL LIABILITIES 1,097,335 984,674
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Stockholders' Common stock, $1 par value; 15,000,000 and 10,000,000 shares
EQUITY authorized in 2000 and 1999, respectively; 9,052,113 issued in
2000, and 8,991,586 in 1999; 9,040,370 and 8,726,836 shares
outstanding in 2000 and 1999, respectively 9,052 8,992
Additional paid-in capital 35,273 34,264
Retained earnings 78,097 69,372
Unallocated common stock held by ESOP, at cost -- (722)
Treasury stock, at cost (202) (2,945)
Accumulated other comprehensive loss (1,538) (5,473)
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TOTAL STOCKHOLDERS' EQUITY 120,682 103,488
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,218,017 $1,088,162
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3
CONSOLIDATED AVERAGE BALANCE SHEETS
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(Amounts in thousands, Except Share Data)(Unaudited) AS OF/ FOR QUARTER ENDED AS OF/FOR THE YEAR ENDED
DECEMBER 31, DECEMBER 31,
2000 2000
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Assets Cash and due from banks $ 45,943 $ 35,839
Securities available for sale 217,197 208,250
Investment securities held to maturity 65,477 74,680
Loans held for investment, net of unearned income 799,298 748,073
Less reserve for loan losses 12,800 12,195
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Net loans 786,498 735,878
Premises and equipment 18,628 18,399
Other real estate owned 2,570 2,443
Interest receivable 8,507 8,070
Other assets 23,436 21,190
Intangible assets 23,757 22,930
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TOTAL ASSETS $1,192,013 $1,127,679
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Liabilities Deposits:
Demand $ 121,326 $ 117,165
Interest-bearing demand 134,873 131,432
Savings 131,412 135,417
Time 488,731 461,813
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Total Deposits 876,342 845,827
Interest, taxes and other liabilities 15,305 13,788
Federal funds purchased 448 15,648
Securities sold under agreements to repurchase 46,368 42,190
FHLB and other indebtedness 137,209 101,559
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TOTAL LIABILITIES 1,075,672 1,019,012
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Stockholders' Common stock 9,032 9,002
EQUITY Additional paid-in capital 34,900 34,367
Retained earnings 77,771 74,442
Unallocated common stock held by ESOP, at cost -- (116)
Treasury stock, at cost (1,876) (3,703)
Accumulated other comprehensive loss (3,486) (5,325)
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TOTAL STOCKHOLDERS' EQUITY 116,341 108,667
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,192,013 $1,127,679
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4
QUARTERLY PERFORMANCE SUMMARY
FIRST COMMUNITY BANCSHARES, INC.
AS OF/ FOR THE QUARTER ENDED
12/31/00 9/30/00 6/30/00 3/31/00 12/31/99
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INTEREST Interest and fees on loans $ 18,370 $ 17,369 $ 16,679 $ 15,995 $ 15,361
INCOME Interest on securities available for sale 3,099 3,229 3,243 3,260 3,292
Interest on investment securities 1,153 1,024 1,049 1,061 1,061
Interest on federal funds sold and deposits 260 10 98 59 58
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TOTAL INTEREST INCOME 22,882 21,632 21,069 20,375 19,772
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Interest Interest on deposits 8,518 7,697 7,342 7,161 7,045
EXPENSE Interest on borrowings 2,562 2,335 2,020 1,744 1,104
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TOTAL INTEREST EXPENSE 11,080 10,032 9,362 8,905 8,149
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NET INTEREST INCOME 11,802 11,600 11,707 11,470 11,623
Provision for loan losses 1,264 842 1,218 662 1,553
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NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 10,538 10,758 10,489 10,808 10,070
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Non-Int Fiduciary income 490 382 432 500 428
INCOME Service charges on deposit accounts 1,259 952 984 812 913
Other service charges, commissions and fees 711 680 681 647 240
Other operating income 937 1,040 1,179 805 2,870
Gain on Sale of Securities 1
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TOTAL NON-INTEREST INCOME 3,398 3,054 3,276 2,764 4,451
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Non-Int Salaries and employee benefits 4,095 3,901 4,003 4,047 3,971
EXPENSE Occupancy expense of bank premises 597 635 610 640 576
Furniture and equipment expense 322 398 500 478 397
Goodwill amortization 568 534 526 526 524
Other operating expense 2,040 2,223 1,840 2,485 1,905
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TOTAL NON-INTEREST EXPENSE 7,622 7,691 7,479 8,176 7,373
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Income before income taxes 6,314 6,121 6,286 5,396 7,148
Income tax expense 1,543 1,836 1,957 1,718 2,302
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NET INCOME 4,771 4,285 4,329 3,678 4,846
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PER SHARE DATA EXCLUDING NONRECURRING ITEMS:
Basic earnings per common share $ 0.53 $ 0.50 $ 0.50 $ 0.42 $ 0.55
Diluted earnings per common share $ 0.53 $ 0.50 $ 0.50 $ 0.42 $ 0.55
Cash dividends per share $ 0.27 $ 0.23 $ 0.23 $ 0.22 $ 0.25
Book Value per share $ 13.35 $ 12.69 $ 12.25 $ 12.02 $ 11.86
Market Value per share (Average Bid and Ask) $ 17.38 $ 16.00 $ 15.44 $ 18.63 $ 18.50
RATIOS EXCLUDING NONRECURRING ITEMS:
Return on average assets 1.59% 1.52% 1.57% 1.36% 1.82%
Return on average equity 16.31% 15.71% 16.52% 14.18% 18.42%
Net yield on earning assets 4.63% 4.84% 4.99% 4.99% 5.16%
Equity as a percent of total assets at end of period 9.91% 9.67% 9.52% 9.37% 9.51%
Average earning assets as a percentage of
average total assets 91.03% 90.97% 90.84% 90.91% 90.75%
Average loans as a percentage of average deposits 91.21% 90.26% 87.72% 85.44% 80.17%
End of Period:
Total Assets 1,218,017 1,132,627 1,114,953 1,115,550 1,088,162
Total Equity 120,682 109,572 106,152 104,578 103,488
QTD:
Average Loans 799,298 752,866 735,071 712,599 673,277
Average Earning Assets 1,085,136 1,021,780 1,010,043 991,432 957,955
Average Total Assets 1,192,013 1,123,176 1,111,865 1,090,528 1,055,608
Average Deposits 876,342 834,109 837,950 834,059 839,773
5
QUARTERLY PERFORMANCE SUMMARY
FIRST COMMUNITY BANCSHARES, INC.
12/31/00 9/30/00 6/30/00 3/31/00 12/31/99
Cash and due from banks $ 50,243 $ 30,510 $ 32,679 $ 46,720 $ 37,797
Interest bearing balances
Federal funds sold
Securities available for sale 207,562 204,208 202,754 205,155 212,105
Investment securities held to maturity 75,736 76,312 77,208 78,616 78,768
Loans held for investment, net of unearned income 822,826 762,983 741,581 724,347 704,096
Less reserve for loan losses 12,303 11,872 11,828 11,851 11,900
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Net loans 810,523 751,111 729,753 712,496 692,196
Premises and equipment 18,786 18,033 18,215 18,494 18,630
Other real estate owned 2,406 2,780 2,463 2,422 1,950
Interest receivable 9,261 7,848 8,249 7,450 8,090
Other assets 19,299 19,926 21,236 21,275 15,178
Intangible assets 24,201 21,899 22,396 22,922 23,448
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TOTAL ASSETS $1,218,017 $1,132,627 $1,114,953 $1,115,550 $1,088,162
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Deposits:
Demand $ 128,584 $ 115,308 $ 119,221 $ 115,598 $ 115,288
Interest-bearing demand 137,763 127,421 126,380 134,050 133,073
Savings 131,039 132,011 137,054 139,478 138,107
Time 502,517 463,559 449,971 455,292 446,790
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Total Deposits 899,903 838,299 832,626 844,418 833,258
Interest, taxes and other liabilities 13,238 13,308 11,698 13,102 13,436
Federal funds purchased -- 16,000 10,050 86,700
Securities sold under agreements to repurchase 46,179 43,338 41,492 39,610 41,062
FHLB and other indebtedness 138,015 112,110 112,935 113,842 10,218
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TOTAL LIABILITIES 1,097,335 1,023,055 1,008,801 1,010,972 984,674
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Common stock, $1 par value 9,052 8,992 8,992 8,992 8,992
Additional paid-in capital 35,273 34,168 34,168 34,168 34,264
Retained earnings 78,097 75,768 73,468 71,130 69,372
Unallocated common stock held by ESOP, at cost (722)
Treasury stock, at cost (202) (5,229) (4,714) (3,996) (2,945)
Accumulated other comprehensive loss (1,538) (4,127) (5,762) (5,716) (5,473)
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TOTAL STOCKHOLDERS' EQUITY 120,682 109,572 106,152 104,578 103,488
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,218,017 $1,132,627 $1,114,953 $1,115,550 $1,088,162
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6
FIRST COMMUNITY BANCSHARES, INC. 2000 SELECTED FINANCIAL INFORMATION
AS OF/ FOR THE QUARTER ENDED
DECEMBER 31 SEPTEMBER 30 JUNE 30 MARCH 31 DECEMBER 31
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(Dollars in thousands)
ASSET QUALITY ANALYSIS:
Allowance for Loan and Lease Losses:
Beginning balance $11,872 $11,828 $11,851 $ 11,900 $11,091
Provision 1,264 842 1,218 662 1,553
Acquisiton balance 1,051
Charge-offs (2,102) (1,033) (1,491) (910) (860)
Recoveries 218 235 250 199 116
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Net charge-offs (1,884) (798) (1,241) (711) (744)
Ending balance $12,303 $11,872 $11,828 $ 11,851 $11,900
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NONPERFORMING ASSETS:
Nonaccrual loans & leases $ 5,397 $ 5,939 $ 5,359 $ 7,455 $ 7,889
Foreclosed real estate 2,406 2,780 2,463 2,422 1,950
Loans 90 days or more past due & still accruing 1,208 1,182 1,323 1,090 1,259
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Nonperforming assets $ 9,011 $ 9,901 $ 9,145 $ 10,967 $11,098
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Loans 90 days or more past due & still accruing
as a percentage of total loans and leases 0.15% 0.15% 0.18% 0.15% 0.18%
Restructured loans $437.00 $448.00 $448.00 $449.00 $505.00
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ASSET QUALITY RATIOS:
Nonaccrual loans and leases as a
percentage of total loans and leases 0.66% 0.78% 0.72% 1.03% 1.12%
Nonperforming assets as a percentage of:
Total assets 0.74% 0.87% 0.82% 0.98% 1.02%
Loans & leases plus foreclosed property 1.09% 1.29% 1.23% 1.51% 1.57%
Net charge-offs as a percentage of average loans & leases 0.24% 0.11% 0.17% 0.10% 0.11%
Allowance for loan & lease losses as a percentage of loans
and leases 1.50% 1.56% 1.59% 1.64% 1.69%
Ratio of allowance for loans and lease losses to:
Nonaccrual loans & leases 2.28 2.00 2.21 1.59 1.51