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Parent Company Financial Information

12 Months Ended

Dec. 31, 2011

Parent Company Financial Information [Abstract]

Note 18.

Parent Company Financial Information

Condensed financial information related to First Community Bancshares, Inc. as of December 31, 2011 and 2010, and for each of the years ended December 31, 2011, 2010, and 2009, is as follows:


Condensed Balance Sheets	2011			2010
(Amounts in thousands)
Assets
Cash	$	17,694		$	11,706
Securities available for sale		7,657			9,663
Investment in subsidiary		291,547			266,673
Other assets		5,014			4,325

Total assets	$	321,912		$	292,367

Liabilities
Other liabilities	$	719		$	7,025
Long-term debt		15,464			15,464

Total liabilities		16,183			22,489
Stockholders’ Equity
Preferred stock		18,921			—
Common stock		18,083			18,083
Additional paid-in capital		188,118			189,239
Retained earnings		92,173			79,844
Treasury stock		(5,721	)		(6,740	)
Accumulated other comprehensive loss		(5,845	)		(10,548	)

Total stockholders’ equity		305,729			269,878

Total liabilities and stockholders’ equity	$	321,912		$	292,367


Condensed Statements of Income	2011			2010			2009
(Amounts in thousands)
Cash dividends received from subsidiary bank	$	—		$	—		$	4,027
Other income		2,227			2,134			3,774
Operating expense		(1,796	)		(1,556	)		(3,030	)
Income tax expense		(150	)		(223	)		(2,691	)
Equity in undistributed earnings (loss) of subsidiary		19,747			21,492			(40,776	)

Net income (loss)		20,028			21,847			(38,696	)
Dividends on preferred stock		703			—			2,160

Net income (loss) available to common shareholders	$	19,325		$	21,847		$	(40,856	)


Condensed Statements of Cash Flows	2011			2010			2009
(Amounts in thousands)
Cash flows from operating activities
Net income (loss)	$	20,028		$	21,847		$	(38,696	)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) loss of subsidiary		(19,747	)		(21,492	)		40,776
(Gain) loss on sale of securities		(139	)		1			60
(Increase) decrease in other assets		(1,529	)		238			661
(Decrease) increase in other liabilities		(5,748	)		6,715			881
Other, net		776			(82	)		1,081

Net cash (used in) provided by operating activities		(6,359	)		7,227			4,763


Cash flows from investing activities
Purchase of securities available for sale		(6	)		—			(931	)
Proceeds from sale of securities available for sale		2,636			535			4,402
Investment in subsidiary		(570	)		(7,500	)		(10,000	)
Other, net		—			—			1,000

Net cash provided by (used in) investing activities		2,060			(6,965	)		(5,529	)


Cash flows from financing activities
Redemption of preferred stock		—			—			(41,500	)
Proceeds from the exercise of stock options		32			29			21
Net proceeds from the issuance of common stock		—			—			61,668
Net proceeds from the issuance of preferred stock		18,802			—			—
Repurchase of treasury stock		(904	)		—			(167	)
Repurchase of common stock warrants		(30	)		—			—
Preferred dividends paid		(558	)		—			(1,116	)
Common dividends paid		(7,155	)		(7,121	)		(4,619	)
Other, net		100			1,110			1,867

Net cash provided by (used in) financing activities		10,287			(5,982	)		16,154


Net increase (decrease) in cash and cash equivalents		5,988			(5,720	)		15,388
Cash and cash equivalents at beginning of year		11,706			17,426			2,038

Cash and cash equivalents at end of year	$	17,694		$	11,706		$	17,426

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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