XML 59 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2012

Business Combinations [Abstract]

Consideration paid and the net assets acquired in connection with the Peoples acquisition

The consideration transferred and the net assets acquired in connection with the Peoples acquisition are presented as of the acquisition date:

(Amounts in thousands, except share data)
Consideration
Cash consideration		$	12,259
Common stock — 2,157,005 shares			26,469
Cash in lieu of fractional shares			2
Stock option consideration			1,547
Fair value of consideration paid		$	40,277
Identifiable assets
Cash and cash equivalents		$	81,834
Securities			2,917
Loans			166,471
Property, plant, and equipment			3,432
Other assets			11,407
Identifiable assets			266,061
Identifiable liabilities
Total deposits			234,146
Other liabilities			741
Identifiable liabilities			234,887
Identifiable net assets acquired			31,174
Goodwill recorded for acquisition		$	9,103

Carrying amount of acquired loans

The following table presents the carrying amount of acquired loans at May 31, 2012, which consist of loans with no credit deterioration, or performing loans, and loans with credit deterioration, or impaired loans.

		May 31, 2012
(Amounts in thousands)		Purchased Performing				Purchased Impaired				Total
Commercial loans
Construction, development, and other land		$	9,641			$	9,426			$	19,067
Commercial and industrial			17,583				2,418				20,001
Multi-family residential			2,111				3,152				5,263
Non-farm, non-residential			75,399				12,193				87,592
Total commercial loans			104,734				27,189				131,923
Consumer real estate loans
Home equity lines			7,637				336				7,973
Single family owner occupied			18,767				5,078				23,845
Total consumer real estate loans			26,404				5,414				31,818
Consumer and other loans
Consumer loans			2,730				—				2,730
Loans held for investment, net of unearned income		$	133,868			$	32,603			$	166,471

The following table presents the carrying amount of acquired loans at June 8, 2012, which consist of loans with no credit deterioration, or performing loans, and loans with credit deterioration, or impaired loans.

		June 8, 2012
(Amounts in thousands)		Purchased Performing				Purchased Impaired				Total
Commercial loans
Construction, development, and other land		$	19,690			$	6,524			$	26,214
Commercial and industrial			9,027				1,817				10,844
Multi-family residential			2,462				926				3,388
Non-farm, non-residential			45,737				23,372				69,109
Agricultural			321				2				323
Farmland			1,522				1,045				2,567
Total commercial loans			78,759				33,686				112,445
Consumer real estate loans
Home equity lines			21,439				68,081				89,520
Single family owner occupied			25,509				12,696				38,205
Total consumer real estate loans			46,948				80,777				127,725
Consumer and other loans
Consumer loans			9,540				921				10,461
Loans held for investment, net of unearned income		$	135,247			$	115,384			$	250,631

Acquired performing loans receivable at the acquisition date

The following table presents the acquired performing loans receivable at the acquisition date. The amounts include principal only and do not reflect accrued interest as of the date of the acquisition or beyond:

(Amounts in thousands)		May 31, 2012
Contractually required principal payments receivable		$	139,275
Fair value of adjustment for credit, interest rate, and liquidity			(5,407	)
Fair value of performing loans receivable		$	133,868

The following table presents the acquired performing loans receivable at the acquisition date. The amounts include principal only and do not reflect accrued interest as of the date of the acquisition or beyond:

(Amounts in thousands)		June 8, 2012
Contractually required principal payments receivable		$	151,852
Fair value of adjustment for credit, interest rate, and liquidity			(16,605	)
Fair value of performing loans receivable		$	135,247

Impaired loans receivable at acquisition

The following table presents the acquired impaired loans receivable at acquisition. The Company has not noted any further deterioration in the acquired impaired loan portfolio.

(Amounts in thousands)		May 31, 2012
Contractually required payments receivable		$	48,826
Nonaccretable difference			(12,823	)
Cash flows expected to be collected			36,003
Accretable difference			(3,400	)
Fair value of acquired impaired loans		$	32,603

The following table presents the acquired impaired loans receivable at acquisition. The Company has not noted any further deterioration in the acquired impaired loan portfolio.

(Amounts in thousands)		June 8, 2012
Contractually required payments receivable		$	211,042
Nonaccretable difference			(69,177	)
Cash flows expected to be collected			141,865
Accretable difference			(26,481	)
Fair value of acquired impaired loans		$	115,384

Summary of acquisition related information

The following table presents unaudited proforma information as if the acquisition had occurred on January 1, 2011.

		For the Nine Months Ended September 30, 2012
(Amounts in thousands)		First Community				Peoples				Proforma Adjustments				Proforma Combined
Interest income		$	74,343			$	8,191			$	1,663			$	84,197
Interest expense			14,192				1,867				(371	)			15,688
Net interest income			60,151				6,324				2,034				68,509
Provision for loan losses			4,458				100				—				4,558
Net interest income after provision for loan losses			55,693				6,224				2,034				63,951
Noninterest income			27,459				383				—				27,842
Noninterest expense (1)			55,625				3,946				0				59,571
Income (loss) before taxes			27,527				2,661				2,034				32,222
Income tax expense (benefit)			9,868				—				303				10,171
Net income (loss)			17,659				2,661				1,731				22,051
Dividends on preferred stock			786				—				—				786
Net income (loss) available to common shareholders		$	16,873			$	2,661			$	1,731			$	21,265

		For the Nine Months Ended September 30, 2011
		First Community				Peoples				Proforma Adjustments				Proforma Combined
Interest income		$	70,975			$	9,506			$	1,663			$	82,144
Interest expense			17,212				2,700				(371	)			19,541
Net interest income			53,763				6,806				2,034				62,603
Provision for loan losses			6,611				1,125				—				7,736
Net interest income after provision for loan losses			47,152				5,681				2,034				54,867
Noninterest income			28,928				339				—				29,267
Noninterest expense (1)			51,861				3,733				0				55,594
Income (loss) before taxes			24,219				2,287				2,034				28,540
Income tax expense (benefit)			7,422				770				303				8,495
Net income (loss)			16,797				1,517				1,731				20,045
Dividends on preferred stock			417				—				—				417
Net income (loss) available to common shareholders		$	16,380			$	1,517			$	1,731			$	19,628

Assets acquired and liabilities assumed

The following table presents the assets acquired and liabilities assumed as of June 8, 2012, as recorded by Waccamaw on the acquisition date and as adjusted for purchase accounting adjustments:

(Amounts in thousands)		Balances Acquired from FDIC				Fair Value and Purchase Adjustments				Recorded Investment
Assets
Cash and due from banks (1)		$	44,809			$	—			$	44,809
Interest-bearing deposits in banks			40,140				—				40,140
Total cash and cash equivalents			84,949				—				84,949
Securities available-for-sale			59,816				—				59,816
Loans held for investment, net of unearned income			318,317				(67,686	)			250,631
FDIC receivable under loss share agreements			—				49,755				49,755
Property, plant, and equipment, net			4,102				—				4,102
Other real estate owned			9,347				(3,959	)			5,388
Interest receivable			1,363				—				1,363
Other assets			5,264				(194	)			5,070
Total assets		$	483,158			$	(22,084	)		$	461,074
Liabilities
Deposits:
Noninterest-bearing		$	47,892			$	—			$	47,892
Interest-bearing			366,233				912				367,145
Total deposits			414,125				912				415,037
Securities sold under agreements to repurchase			17,042				3,040				20,082
FHLB advances			35,000				2,271				37,271
Other borrowings			345				—				345
Total liabilities		$	466,512			$	6,223			$	472,735
Net assets acquired over (under) liabilities assumed		$	16,646			$	(28,307	)		$	(11,661	)
Excess of net assets acquired over liabilities assumed		$	16,646
Aggregate fair value and purchase adjustments						$	(28,307	)
Goodwill on acquisition										$	11,661

(1) Includes $17.27 million transferred to the FDIC in connection with the acquisition.

X

- Definition

Tabular disclosure for acquired performing loans receivable at the acquisition date.

+ References

No definition available.

+ Details

Name:	fcbc_AcquiredPerformingLoansReceivableAtAcquisitionDateTableTextBlock
Namespace Prefix:	fcbc_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Business acquisition consideration paid and assets and liabilities assumed.

+ References

No definition available.

+ Details

Name:	fcbc_BusinessAcquisitionConsiderationPaidAndAssetsAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	fcbc_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Impaired loans receivable acquired through business combination.

+ References

No definition available.

+ Details

Name:	fcbc_ImpairedLoansReceivableAcquiredThroughBusinessCombinationTableTextBlock
Namespace Prefix:	fcbc_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of business acquisition carrying amount of acquired loans.

+ References

No definition available.

+ Details

Name:	fcbc_ScheduleOfBusinessAcquisitionCarryingAmountOfAcquiredLoansTableTextBlock
Namespace Prefix:	fcbc_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_BusinessCombinationsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of a condensed income statement. Disclosure may include, but is not limited to, income statements of consolidated entities and consolidation eliminations.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

+ Details

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration