Parent Company Financial Information

12 Months Ended

Dec. 31, 2016

Parent Company Financial Information

Note 22. Parent Company Financial Information

The following tables present condensed financial information for the parent company, First Community Bancshares, Inc., as of and for the dates indicated:

	CONDENSED BALANCE SHEETS
	December 31,
(Amounts in thousands)	2016			2015
Assets
Cash and due from banks	$	23,561		$	8,367
Securities available for sale		17			8,459
Loans to affiliates		228			—
Investment in subsidiaries		321,389			336,311
Other assets		9,560			5,489
Total assets	$	354,755		$	358,626
Liabilities
Subordinated debt	$	15,464		$	15,464
Other liabilities		234			145
Total liabilities		15,698			15,609
Stockholders’ equity
Preferred stock		—			—
Common stock		21,382			21,382
Additional paid-in capital		228,142			227,692
Retained earnings		170,377			154,550
Treasury stock		(78,833	)		(56,457	)
Accumulated other comprehensive loss		(2,011	)		(4,150	)
Total stockholders’ equity		339,057			343,017
Total liabilities and stockholders’ equity	$	354,755		$	358,626

	CONDENSED STATEMENTS OF INCOME
	Year Ended December 31,
(Amounts in thousands)	2016			2015			2014
Cash dividends received from subsidiary bank	$	32,000		$	22,970		$	14,148
Other income		(1,121	)		1,039			515
Other operating expense		2,097			2,080			1,793
Income before income taxes and equity in undistributed net (loss) income of subsidiaries		28,782			21,929			12,870
Income tax benefit		(1,287	)		(616	)		(511	)
Income before equity in undistributed net income of subsidiaries		30,069			22,545			13,381
(Dividends in excess of) equity in undistributed net income of subsidiaries		(4,943	)		1,995			12,109
Net income		25,126			24,540			25,490
Dividends on preferred stock		—			105			910
Net income available to common shareholders	$	25,126		$	24,435		$	24,580

	CONDENSED STATEMENTS OF CASH FLOWS
	Year Ended December 31,
(Amounts in thousands)	2016			2015			2014
Operating activities
Net income	$	25,126		$	24,540		$	25,490
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiaries		—			(1,995	)		(12,109	)
(Gain) loss on sale of securities		(65	)		(38	)		2
Net change in other operating activities		397			(626	)		4,212
Net cash provided by operating activities		25,458			21,881			17,595
Investing activities
Proceeds from sale of securities available for sale		8,660			199			5,030
Proceeds from divestitures		4,900			—			—
Return of capital from (investment in) subsidiaries		3,654			—			(2,000	)
Dividends in excess of undistributed net income of subsidiaries		4,943			—			—
Net change in other investing activities		(98	)		—			—
Net cash provided by investing activities		22,059			199			3,030
Financing activities
(Repayments of) proceeds from other debt		—			(2,000	)		2,000
Redemption of preferred stock		—			(2,367	)		—
Proceeds from issuance of common stock		1,243			264			89
Payments for repurchase of treasury stock		(23,762	)		(21,525	)		(2,168	)
Payments of common dividends		(10,396	)		(9,994	)		(9,200	)
Payments of preferred dividends		—			(219	)		(910	)
Net change in other financing activities		592			482			338
Net cash used in financing activities		(32,323	)		(35,359	)		(9,851	)
Net increase (decrease) in cash and cash equivalents		15,194			(13,279	)		10,774
Cash and cash equivalents at beginning of period		8,367			21,646			10,872
Cash and cash equivalents at end of period	$	23,561		$	8,367		$	21,646