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v3.20.1

Note 2 - Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2019
Notes Tables |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|  | As recorded by |  |  | Fair Value |  |  |  | As recorded by |
(Amounts in thousands, except share data) |  | Highlands |  |  | Adjustments |  |  |  | the Company |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 25,879 |  |  | $ | - |  |  |  | $ | 25,879 |
Securities available for sale |  |  | 53,732 |  |  |  | - |  |  |  |  | 53,732 |
Loans held for sale |  |  | 263 |  |  |  | - |  |  |  |  | 263 |
Loans held for investment, net of allowance and mark |  |  | 438,896 |  |  |  | (11,429 | ) | ( a ) |  |  | 427,467 |
Premises and equipment |  |  | 16,722 |  |  |  | (2,317 | ) | ( b ) |  |  | 14,405 |
Other real estate |  |  | 1,963 |  |  |  | - |  |  |  |  | 1,963 |
Other assets |  |  | 25,556 |  |  |  | 2,250 |  | ( c ) |  |  | 27,806 |
Intangible assets |  |  | - |  |  |  | 4,490 |  | ( d ) |  |  | 4,490 |
Total assets |  | $ | 563,011 |  |  | $ | (7,006 | ) |  |  | $ | 556,005 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing |  | $ | 155,714 |  |  | $ | - |  |  |  | $ | 155,714 |
Interest-bearing |  |  | 346,028 |  |  |  | 1,261 |  | ( e ) |  |  | 347,289 |
Total deposits |  |  | 501,742 |  |  |  | 1,261 |  |  |  |  | 503,003 |
Long term debt |  |  | 40 |  |  |  | - |  |  |  |  | 40 |
Other liabilities |  |  | 2,938 |  |  |  | 198 |  | ( f ) |  |  | 3,136 |
Total liabilities |  |  | 504,720 |  |  |  | 1,459 |  |  |  |  | 506,179 |
Net identifiable assets acquired over (under) liabilities assumed |  |  | 58,291 |  |  |  | (8,465 | ) |  |  |  | 49,826 |
Goodwill |  |  | - |  |  |  | 36,821 |  |  |  |  | 36,821 |
Net assets acquired over liabilities assumed |  | $ | 58,291 |  |  | $ | 28,356 |  |  |  | $ | 86,647 |
Consideration: |  |  |  |  |  |  |  |  |  |  |  |  |
First Community Bankshares, Inc. common |  |  |  |  |  |  |  |  |  |  |  | 2,792,729 |
Purchase price per share of the Company's common stock |  |  |  |  |  |  |  |  |  |  | $ | 31.02 |
Fair Value of Company common stock issued |  |  |  |  |  |  |  |  |  |  | $ | 86,631 |
Cash paid for fractional shares |  |  |  |  |  |  |  |  |  |  |  | 16 |
Fair Value of total consideration transferred |  |  |  |  |  |  |  |  |  |  | $ | 86,647 |
Schedule of Loans Acquired [Table Text Block] |
|  | December 31, 2019 |
|  | Purchased |  |  | Purchased |  |  |  |  |
(Amounts in thousands) |  | Performing |  |  | Impaired |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 15,763 |  |  | $ | 1,956 |  |  | $ | 17,719 |
Commercial and industrial |  |  | 44,474 |  |  |  | 2,829 |  |  |  | 47,303 |
Multi-family residential |  |  | 21,032 |  |  |  | 1,663 |  |  |  | 22,695 |
Single family non-owner occupied |  |  | 29,357 |  |  |  | 4,564 |  |  |  | 33,921 |
Non-farm, non-residential |  |  | 107,489 |  |  |  | 21,710 |  |  |  | 129,199 |
Agricultural |  |  | 2,298 |  |  |  | - |  |  |  | 2,298 |
Farmland |  |  | 3,287 |  |  |  | 3,722 |  |  |  | 7,009 |
Total commercial loans |  |  | 223,700 |  |  |  | 36,444 |  |  |  | 260,144 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 23,654 |  |  |  | 2,157 |  |  |  | 25,811 |
Single family owner occupied |  |  | 116,413 |  |  |  | 13,174 |  |  |  | 129,587 |
Owner occupied construction |  |  | 1,097 |  |  |  | - |  |  |  | 1,097 |
Total consumer real estate loans |  |  | 141,164 |  |  |  | 15,331 |  |  |  | 156,495 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 9,487 |  |  |  | 1,341 |  |  |  | 10,828 |
Loans acquired at fair value |  | $ | 374,351 |  |  | $ | 53,116 |  |  | $ | 427,467 |
Business Acquisition, Pro Forma Information [Table Text Block] |
|  | ProForma |  |  | ProForma |
|  | Year Ended |  |  | Year Ended |
(Dollars in thousands) |  | December 31, 2019 |  |  | December 31, 2018 |
Total revenues (net interest income plus noninterest income) |  | $ | 150,618 |  |  | $ | 145,656 |
Net adjusted income available to the common shareholder |  | $ | 43,463 |  |  | $ | 42,470 |
Disposal Groups, Including Discontinued Operations [Table Text Block] |
|  | Year Ended December 31, |
(Amounts in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Divestitures |  |  |  |  |  |  |  |  |  |  |  |
Book value of assets sold |  |  | - |  |  |  | (1,685 | ) |  |  | - |
Book value of liabilities sold |  |  | - |  |  |  | 37 |  |  |  | - |
Sales price in excess of net liabilities assumed |  |  | - |  |  |  | - |  |  |  | - |
Total sales price |  |  | - |  |  |  | (1,648 | ) |  |  | - |
Cash sold |  |  | - |  |  |  | 35 |  |  |  | - |
Non-cash sales price |  |  | - |  |  |  | 1,603 |  |  |  | - |
Amount due remaining on books |  |  | - |  |  |  | - |  |  |  | - |
Net cash received in divestitures |  |  | - |  |  |  | (10 | ) |  |  | - |
Net cash received in acquisitions and divestitures |  | $ | - |  |  | $ | - |  |  | $ | - |

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