Note 22 - Parent Company Financial Information

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 22. Parent Company Financial Information 

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

	CONDENSED BALANCE SHEETS
	December 31,
(Amounts in thousands)	2020			2019
Assets
Cash and due from banks	$	10,089		$	23,998
Loans to affiliates		—			184
Investment in subsidiaries		412,161			399,294
Other assets		5,089			5,888
Total assets	$	427,339		$	429,364
Liabilities
Other liabilities	$	609		$	545
Total liabilities		609			545
Stockholders' equity
Common stock		17,723			18,377
Additional paid-in capital		173,345			192,413
Retained earnings		237,585			219,535
Accumulated other comprehensive loss		(1,923	)		(1,506	)
Total stockholders' equity		426,730			428,819
Total liabilities and stockholders' equity	$	427,339		$	429,364

	CONDENSED STATEMENTS OF INCOME
	Year Ended December 31,
	2020			2019			2018
(Amounts in thousands)
Cash dividends received from subsidiary bank	$	23,710		$	38,500		$	48,000
Other income		3			444			306
Other operating expense		1,446			1,420			2,293
Income before income taxes and equity in undistributed net income of subsidiaries		22,267			37,524			46,013
Income tax benefit		(375	)		(276	)		(595	)
Income before equity in undistributed net income of subsidiaries		22,642			37,800			46,608
Equity in (dividends in excess) of undistributed net income of subsidiaries		13,284			1,002			(10,268	)
Net income	$	35,926		$	38,802		$	36,340

	CONDENSED STATEMENTS OF CASH FLOWS
	Year Ended December 31,
(Amounts in thousands)	2020			2019			2018
Operating activities
Net income	$	35,926		$	38,802		$	36,340
Adjustments to reconcile net income to net cash provided by operating activities
Net change in other operating activities		1,047			1,865			1,509
Net cash provided by operating activities		36,973			40,667			37,849
Investing activities
Dividends in excess of undistributed net income of subsidiaries		(13,284	)		(1,002	)		10,268
Net cash provided by investing activities		(13,284	)		(1,002	)		10,268
Financing activities
Proceeds from issuance of common stock		—			136			832
Payments for repurchase of common stock		(21,872	)		(16,362	)		(34,412	)
Payments of common dividends		(17,876	)		(15,060	)		(21,090	)
Net change in other financing activities		2,150			1,893			1,063
Net cash used in financing activities		(37,598	)		(29,393	)		(53,607	)
Net increase (decrease) in cash and cash equivalents		(13,909	)		10,272			(5,490	)
Cash and cash equivalents at beginning of period		23,998			13,726			19,216
Cash and cash equivalents at end of period	$	10,089		$	23,998		$	13,726