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First Community Bankshares, Inc. Announces Record Fourth Quarter and Record Full Year Results and Quarterly Dividend

GlobeNewswire Wednesday, 23 January 2019
BLUEFIELD, Va., Jan. 23, 2019 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter and year ended December 31, 2018. The Company reported net income of $9.31 million, or $0.57 per diluted common share, for the quarter ended December 31, 2018, which was an increase of $8.09 million from the same quarter of 2017. The Company also reported $36.34 million, or $2.18 per diluted common share, for the year ended December 31, 2018, which was an increase of $14.86 million from 2017. The fourth quarter and full year both constitute net income records for the respective periods.

The Company also announced today that the Board of Directors declared a quarterly cash dividend to common shareholders of twenty-one cents ($0.21) per common share. The quarterly dividend is payable to common shareholders of record on February 1, 2019, and is expected to be paid on or about February 15, 2019. The current year marks the 34^th consecutive year of regular cash dividends paid to shareholders.

The Company’s capital management plan and philosophy require maintenance of a strong capital base from which to grow and serve customers. As reported in early 2018, absent other needs, the Company’s capital management plan aspires to return current earnings not needed to fund growth in core operations back to shareholders through regular cash dividends and stock repurchases. The Company earned approximately $36.34 million in 2018, from which it paid regular cash dividends of approximately $12.96 million.  The Company also repurchased 1,060,312 common shares for approximately $34.41 million.  Since regular dividends and stock repurchases returned all current earnings to shareholders, the Board of Directors determined not to declare a special dividend related to 2018 earnings. As of December 31, 2018, the Company continues to significantly exceed regulatory “well capitalized” targets, as well as all capital targets of its capital management plan.

*Fourth Quarter 2018 Highlights*

· *General*

· On October 1, 2018, the Company completed the sale of its remaining insurance agency assets to Bankers Insurance, LLC of Glen Allen, Virginia (“BI”) in exchange for an equity interest in BI.
· On October 2, 2018, the Company completed its Plan of Reincorporation and Merger, the sole purpose of which was to change the Company’s state of incorporation from Nevada to Virginia.

· *Income Statement*

· Net income increased $8.09 million to $9.31 million compared to the same quarter of 2017. The large increase reflects the deferred tax asset revaluation charge taken in the fourth quarter of 2017. Non-GAAP adjusted earnings increased $1.82 million to $9.50 million compared to the same quarter of 2017.
· Diluted earnings per share increased $0.50 to $0.57 compared to the same quarter of 2017. Again, the large increase reflects the deferred tax asset revaluation charge taken in the fourth quarter of 2017. Non-GAAP adjusted diluted earnings per share increased $0.13 to $0.58 compared to the same quarter of 2017.
· Return on average assets (“ROAA”) for the quarter increased to 1.63%, the highest reported quarterly ROAA for the Company in 15 years. Return on average equity for the quarter increased to 11.01%.
· Net interest margin increased 63 basis points to 4.80% compared to the same quarter of 2017. 
· *Balance Sheet*

· Book value per common share increased $0.16 to $20.79, and tangible book value per common share increased $0.05 to $14.69, compared to December 31, 2017.
· The Company repurchased 390,296 common shares for $13.12 million during the quarter and 1,060,312 common shares for $34.41 million during the year ended December 31, 2018.
· The Company and its subsidiary bank both significantly exceed regulatory “well capitalized” targets as of December 31, 2018.*Non-GAAP Financial Measures*

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21% for periods after January 1, 2018, and 35% for periods prior to January 1, 2018.  While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

*About First Community Bankshares, Inc.*

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 44 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2018. First Community Bank offers wealth management and investment advice through its Trust Division and First Community Wealth Management, which collectively managed and administered $975 million in combined assets as of December 31, 2018. The Company reported consolidated assets of $2.24 billion as of December 31, 2018. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

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 fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

*CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)*                               *Three Months Ended*   *Year Ended*
(Amounts in thousands, except share and per share data)
*December 31,*   *September 30,*   *June 30,*   *March 31,*   *December 31,*   *December 31,* *2018*       *2018*       *2018*       *2018*       *2017*       *2018*       *2017*  
*Interest income*                           Interest and fees on loans $   23,938     $   22,556     $   22,422     $   22,755     $   22,314     $   91,671     $   89,749   Interest on securities     1,249         1,372         1,361         1,104         1,095         5,086         4,551   Interest on deposits in banks     194         358         514         471         353         1,537         1,008  
Total interest income     25,381         24,286         24,297         24,330         23,762         98,294         95,308  
*Interest expense*                           Interest on deposits     1,297         1,269         1,327         1,251         1,313         5,144         4,987   Interest on borrowings     205         692         708         700         716         2,305         3,103  
Total interest expense     1,502         1,961         2,035         1,951         2,029         7,449         8,090  
*Net interest income*     23,879         22,325         22,262         22,379         21,733         90,845         87,218  
Provision for loan losses     908         495         495         495         615         2,393         2,771  
*Net interest income after provision*     22,971         21,830         21,767         21,884         21,118         88,452         84,447  
Noninterest income      6,297         6,519         6,959         6,668         7,498         26,443         24,568  
Noninterest expense     17,366         18,131         17,160         17,116         16,683         69,773         66,902  
Income before income taxes     11,902         10,218         11,566         11,436         11,933         45,122         42,113  
Income tax expense     2,596         1,118         2,500         2,568         10,720         8,782         20,628  
*Net income* $   9,306     $   9,100     $   9,066     $   8,868     $   1,213     $   36,340     $   21,485                              
Earnings per common share                           Basic $   0.57     $   0.55     $   0.54     $   0.52     $   0.07     $   2.19     $   1.26   Diluted     0.57         0.55         0.54         0.52         0.07         2.18         1.26  
Cash dividends per common share                           Regular     0.21         0.21         0.18         0.18         0.18         0.78         0.68   Special     -          -          -          0.48         -          0.48         -   
Weighted average shares outstanding                           Basic     16,201,148         16,512,823         16,689,398         16,955,758         16,992,519         16,587,504         17,002,116   Diluted     16,280,404         16,612,416         16,788,615         17,047,638         17,083,949         16,666,385         17,077,842  
Performance ratios                           Return on average assets   1.63 %     1.55 %     1.53 %     1.52 %     0.20 %     1.56 %     0.91 % Return on average common equity   11.01 %     10.59 %     10.68 %     10.30 %     1.35 %     10.64 %     6.14 % Return on average tangible common equity^(1)   15.58 %     15.06 %     15.21 %     14.53 %     1.89 %     15.09 %     8.69 %                              
(1)  A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets                            

*RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)*                               *Three Months Ended*   *Year Ended*   *December 31,*   *September 30,*   *June 30,*   *March 31,*   *December 31,*   *December 31,*     *2018*       *2018*       *2018*       *2018*       *2017*       *2018*       *2017*  
(Amounts in thousands, except per share data)                          
*Net income* $   9,306     $   9,100     $   9,066     $   8,868     $   1,213     $   36,340     $   21,485  
Non-GAAP adjustments:                           Net loss on sale of securities     -         618         -         -         4         618         661   Loss on extinguishment of debt     -         1,096         -         -         -         1,096         -   Goodwill impairment     -         1,492         -         -         -         1,492         -   Deferred tax asset revaluation     -         (1,669 )       -         -         6,552         (1,669 )       6,552   Other items^(1)     254         -         297         (130 )       (140 )       421         (298 )
Total adjustments     254         1,537         297         (130 )       6,416         1,958         6,915  
Tax effect      61         411         96         (24 )       (50 )       544         301  
*Adjusted earnings, non-GAAP* $   9,499     $   10,226     $   9,267     $   8,762     $   7,679     $   37,754     $   28,099                              
Adjusted diluted earnings per common share, non-GAAP $   0.58     $   0.62     $   0.55     $   0.51     $   0.45     $   2.27     $   1.65  
Performance ratios, non-GAAP                           Adjusted return on average assets   1.67 %     1.74 %     1.57 %     1.50 %     1.28 %     1.62 %     1.19 % Adjusted return on average common equity   11.23 %     11.90 %     10.91 %     10.17 %     8.56 %     11.05 %     8.04 % Adjusted return on average tangible common equity^(2)   15.90 %     16.93 %     15.55 %     14.36 %     11.99 %     15.68 %     11.36 %                              
(1)  Includes other non-recurring income and expense items
(2)  A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets                            


*AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)*                           *Three Months Ended December 31,*     *2018*     *2017*   *Average** *       *Average Yield/*   *Average** *       *Average Yield/*
(Amounts in thousands) *Balance*   *Interest*^*(1)*   *Rate*^*(1)*   *Balance*   *Interest*^*(1)*   *Rate*^*(1)*
*Assets*                      
Earning assets                       Loans^(2)(3) $   1,788,570   $   24,017   5.33%   $   1,822,583   $   22,387   4.87% Securities available for sale     162,330       1,518   3.71%       171,288       1,383   3.20% Securities held to maturity     25,030       104   1.65%       25,165       105   1.66% Interest-bearing deposits     33,736       194   2.28%       95,174       353   1.47%
Total earning assets     2,009,666       25,833   5.10%       2,114,210       24,228   4.55%
Other assets      249,056               256,591        
Total assets $   2,258,722           $   2,370,801                                
*Liabilities and stockholders' equity*                      
Interest-bearing deposits                       Demand deposits  $   458,458   $   40   0.03%   $   451,024   $   62   0.05% Savings deposits      494,868       132   0.11%       512,156       83   0.06% Time deposits     450,770       1,125   0.99%       502,515       1,168   0.92%
Total interest-bearing deposits     1,404,096       1,297   0.37%       1,465,695       1,313   0.36%
Borrowings                       Retail repurchase agreements     4,526       2   0.18%       5,470       1   0.07% Wholesale repurchase agreements     25,000       203   3.22%       25,000       204   3.24% FHLB advances and other borrowings     -       -   -       50,000       511   4.05%
Total borrowings     29,526       205   2.75%       80,470       716   3.53%
Total interest-bearing liabilities     1,433,622       1,502   0.42%       1,546,165       2,029   0.52%
Noninterest-bearing demand deposits     461,457               446,487        
Other liabilities     28,188               22,103        
Total liabilities     1,923,267               2,014,755        
Stockholders' equity     335,455               356,046        
Total liabilities and stockholders' equity $   2,258,722           $   2,370,801        
Net interest income, FTE^(1)     $   24,331           $   22,199    
Net interest rate spread         4.68%           4.03%
Net interest margin, FTE^(1)         4.80%           4.17%                          
(1)  Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21% for periods after January 1, 2018, and 35% for periods prior to January 1, 2018.
(2)  Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3)  Interest on loans include non-cash purchase accounting accretion of $2.13 million and $1.16 million for the three months ended December 31, 2018 and 2017, respectively.                        

*AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)*                           *Year Ended December 31,*     *2018*     *2017*   *Average** *       *Average Yield/*   *Average** *       *Average Yield/*
(Amounts in thousands) *Balance*   *Interest*^*(1)*   *Rate*^*(1)*   *Balance*   *Interest*^*(1)*   *Rate*^*(1)*
*Assets*                      
Earning assets                       Loans^(2)(3) $   1,795,391   $   91,971   5.12%   $   1,837,092   $   90,032   4.90% Securities available for sale     176,766       6,190   3.50%       164,489       5,695   3.46% Securities held to maturity     25,081       418   1.67%       32,954       487   1.48% Interest-bearing deposits     81,520       1,537   1.89%       73,405       1,008   1.37%
Total earning assets     2,078,758       100,116   4.82%       2,107,940       97,222   4.61%
Other assets      251,853               262,381        
Total assets $   2,330,611           $   2,370,321                                
*Liabilities and stockholders' equity*                      
Interest-bearing deposits                       Demand deposits  $   466,403   $   246   0.05%   $   401,092   $   224   0.06% Savings deposits      508,353       382   0.08%       520,430       336   0.06% Time deposits     471,335       4,516   0.96%       510,411       4,427   0.87%
Total interest-bearing deposits     1,446,091       5,144   0.36%       1,431,933       4,987   0.35%
Borrowings                       Federal funds purchased     -       -   -       1       -   - Retail repurchase agreements     4,010       5   0.12%       47,716       32   0.07% Wholesale repurchase agreements     25,000       806   3.22%       25,000       806   3.22% FHLB advances and other borrowings     36,849       1,494   4.05%       55,502       2,265   4.08%
Total borrowings     65,859       2,305   3.50%       128,219       3,103   2.42%
Total interest-bearing liabilities     1,511,950       7,449   0.49%       1,560,152       8,090   0.52%
Noninterest-bearing demand deposits     448,903               438,513        
Other liabilities     28,239               21,955        
Total liabilities     1,989,092               2,020,620        
Stockholders' equity     341,519               349,701        
Total liabilities and stockholders' equity $   2,330,611           $   2,370,321        
Net interest income, FTE^(1)     $   92,667           $   89,132    
Net interest rate spread         4.33%           4.09%
Net interest margin, FTE^(1)         4.46%           4.23%                          
(1)  Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21% for periods after January 1, 2018, and 35% for periods prior to January 1, 2018.
(2)  Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3)  Interest on loans include non-cash purchase accounting accretion of $6.39 million and $5.42 million for the year ended December 31, 2018 and 2017, respectively.                        

*CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE**  **(Unaudited)*                               *Three Months Ended*   *Year Ended*   *December 31,*   *September 30,*   *June 30,*   *March 31,*   *December 31,*   *December 31,*
(Amounts in thousands)   *2018*       *2018*       *2018*       *2018*       *2017*       *2018*       *2017*  
*Noninterest income*                           Wealth management $   854     $   791     $   823     $   794     $   811     $   3,262     $   3,150   Service charges on deposits     3,850         3,803         3,612         3,468         3,725         14,733         13,803   Other service charges and fees     2,017         1,925         1,934         1,857         1,788         7,733         6,944   Insurance commissions     -         299         338         329         343         966         1,347   Net loss on sale of securities     -         (618 )       -         -         (4 )       (618 )       (661 ) Net FDIC indemnification asset amortization     (579 )       (645 )       (575 )       (382 )       (331 )       (2,181 )       (3,517 ) Other operating income     155         964         827         602         1,166         2,548         3,502  
Total noninterest income  $   6,297     $   6,519     $   6,959     $   6,668     $   7,498     $   26,443     $   24,568  
*Noninterest expense*                           Salaries and employee benefits $   9,273     $   8,983     $   8,993     $   9,441     $   9,003     $   36,690     $   35,774   Occupancy expense     1,134         1,075         1,083         1,250         1,104         4,542         4,775   Furniture and equipment expense     1,004         985         945         1,046         1,114         3,980         4,425   Service fees     1,047         1,134         851         828         703         3,860         3,348   Advertising and public relations     550         478         461         522         506         2,011         2,206   Professional fees     356         337         430         307         589         1,430         2,567   Amortization of intangibles     254         261         263         261         266         1,039         1,056   FDIC premiums and assessments     209         234         252         211         212         906         910   Loss on extinguishment of debt     -         1,096         -         -         -         1,096         -   Goodwill impairment     -         1,492         -         -         -         1,492         -   Other operating expense     3,539         2,056         3,882         3,250         3,186         12,727         11,841  
Total noninterest expense $   17,366     $   18,131     $   17,160     $   17,116     $   16,683     $   69,773     $   66,902                              


*CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)*                       *December 31,*   *September 30,*   *June 30,*   *March 31,*   *December 31,*
(Amounts in thousands, except per share data)   *2018*       *2018*       *2018*       *2018*       *2017*  
*Assets*                  
Cash and cash equivalents $   76,873     $   73,679     $   107,957     $   205,140     $   157,951  
Debt securities available for sale      153,116         163,593         196,425         164,192         165,580  
Debt securities held to maturity      25,013         25,047         25,082         25,115         25,149  
Loans held for investment, net of unearned income                   Noncovered     1,756,269         1,770,426         1,776,112         1,767,703         1,789,236   Covered     18,815         20,483         22,919         25,406         27,948   Allowance for loan losses     (18,267 )       (18,256 )       (19,583 )       (19,500 )       (19,276 )
Loans held for investment, net     1,756,817         1,772,653         1,779,448         1,773,609         1,797,908  
FDIC indemnification asset     5,108         5,653         6,390         6,884         7,161  
Premises and equipment, net     45,785         45,537         45,547         46,415         48,126  
Other real estate owned, noncovered     3,806         4,754         4,805         4,620         2,409  
Other real estate owned, covered     32         44         44         70         105  
Interest receivable     5,481         5,374         5,580         5,155         5,778  
Goodwill     92,744         94,287         95,779         95,779         95,779  
Other intangible assets     5,026         5,366         5,628         5,891         6,151  
Other assets     74,573         73,701         75,435         95,437         76,363  
Total assets $   2,244,374     $   2,269,688     $   2,348,120     $   2,428,307     $   2,388,460                      
*Liabilities*                  
Deposits                   Noninterest-bearing $   459,550     $   463,945     $   462,851     $   460,478     $   454,143   Interest-bearing     1,396,200         1,411,906         1,441,887         1,520,141         1,475,748  
Total deposits     1,855,750         1,875,851         1,904,738         1,980,619         1,929,891  
Securities sold under agreements to repurchase     29,370         30,151         27,869         29,115         30,086  
FHLB borrowings     -         -         50,000         50,000         50,000  
Interest, taxes, and other liabilities     26,397         25,284         26,392         26,536         27,769  
Total liabilities     1,911,517         1,931,286         2,008,999         2,086,270         2,037,746                      
*Stockholders' equity*                  
Common stock^(2)     16,007         21,382         21,382         21,382         21,382  
Additional paid-in capital^(2)     122,486         229,182         228,949         228,774         228,750  
Retained earnings     195,793         189,902         184,279         178,227         180,543  
Treasury stock, at cost^(2)     -         (99,247 )       (92,904 )       (83,865 )       (79,121 )
Accumulated other comprehensive loss     (1,429 )       (2,817 )       (2,585 )       (2,481 )       (840 )
Total stockholders' equity     332,857         338,402         339,121         342,037         350,714  
Total liabilities and stockholders' equity $   2,244,374     $   2,269,688     $   2,348,120     $   2,428,307     $   2,388,460                      
Shares outstanding at period-end     16,007,263         16,390,502         16,574,347         16,847,452         16,998,226  
Book value per common share $   20.79     $   20.65     $   20.46     $   20.30     $   20.63  
Tangible book value per common share^(1)     14.69         14.57         14.34         14.27         14.64  
* *                      
(1)  A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding
(2)  In accordance with the Company's reincorporation from Nevada to Virginia on October 2, 2018, treasury stock is not recognized.                    


*SELECTED CREDIT QUALITY INFORMATION (Unaudited)*                   *December 31,*   *September 30,*   *June 30,*   *March 31,*   *December 31,*
(Amounts in thousands)   *2018*       *2018*       *2018*       *2018*       *2017*  
*Allowance for Loan Losses** *                  
Beginning balance $   18,256     $   19,583     $   19,500     $   19,276     $   19,206  
Provision for loan losses charged to operations     908         495         495         495         615  
Charge-offs     (1,282 )       (2,177 )       (750 )       (698 )       (967 )
Recoveries     385         355         338         427         422  
Net charge-offs     (897 )       (1,822 )       (412 )       (271 )       (545 )
Ending balance $   18,267     $   18,256     $   19,583     $   19,500     $   19,276                    
*Nonperforming Assets*                  
Non-covered nonperforming assets                  
Nonaccrual loans  $   19,583     $   20,542     $   21,467     $   21,650     $   18,997  
Accruing loans past due 90 days or more     58         46         -         27         1  
Troubled debt restructurings ("TDRs")^(1)     161         189         133         77         120  
Total non-covered nonperforming loans     19,802         20,777         21,600         21,754         19,118  
OREO     3,806         4,754         4,805         4,620         2,409  
Total non-covered nonperforming assets $   23,608     $   25,531     $   26,405     $   26,374     $   21,527                    
Covered nonperforming assets                  
Nonaccrual loans  $   322     $   330     $   509     $   596     $   342  
Total covered nonperforming loans     322         330         509         596         342  
OREO     32         44         44         70         105  
Total covered nonperforming assets $   354     $   374     $   553     $   666     $   447                    
*Additional Information*                  
Performing TDRs^(2) $   6,266     $   6,953     $   6,847     $   7,220     $   7,614  
Total TDRs^(3)     6,427         7,142         6,980         7,297         7,734                    
*Non-covered ratios*                  
Nonperforming loans to total loans   1.13 %     1.17 %     1.22 %     1.23 %     1.07 %
Nonperforming assets to total assets   1.06 %     1.14 %     1.14 %     1.10 %     0.91 %
Non-PCI allowance to nonperforming loans   92.25 %     87.87 %     90.66 %     89.64 %     100.83 %
Non-PCI allowance to total loans   1.04 %     1.03 %     1.10 %     1.10 %     1.08 %
Annualized net charge-offs to average loans   0.20 %     0.41 %     0.09 %     0.06 %     0.12 %                  
*Total ratios*                  
Nonperforming loans to total loans   1.13 %     1.18 %     1.23 %     1.25 %     1.07 %
Nonperforming assets to total assets   1.07 %     1.14 %     1.15 %     1.11 %     0.92 %
Allowance for loan losses to nonperforming loans   90.77 %     86.49 %     88.57 %     87.25 %     99.05 %
Allowance for loan losses to total loans   1.03 %     1.02 %     1.09 %     1.09 %     1.06 %
Annualized net charge-offs to average loans   0.20 %     0.40 %     0.09 %     0.06 %     0.12 %                  
(1) Accruing TDRs restructured within the past six months or nonperforming
(2) Accruing TDRs with six months or more of satisfactory payment performance
(3) Accruing total TDRs                   

* *
*FOR MORE INFORMATION, CONTACT:*
David D. Brown
(276) 326-9000
 
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