# First Community Bankshares Inc: Form 10-Q/A for the period ended Sep 30, 2009

- Company: [First Community Bankshares Inc](/companies/fcbc.md) (CIK 859070)
- Form: 10-Q/A
- Filed: 2010-08-16
- Accepted by EDGAR: Aug 16, 2010, 13:00 ET
- Period: 2009-09-30
- Accession: 0000950123-10-077829
- Inline XBRL: no
- Main document: https://www.sec.gov/Archives/edgar/data/859070/000095012310077829/l40438e10vqza.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/859070/000095012310077829/

## Management's discussion and analysis

As filed, 879 characters.

(a) Not Applicable

(b) Not Applicable

(c) Issuer Purchases of Equity Securities

The following table sets forth open market purchases by the Company of its equity securities during the three months ended

September 30, 2009.

|  | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Plan | Maximum Number of Shares That May Yet be Purchased Under the Plan |
| --- | ---: | ---: | ---: | ---: |
| July 1-31, 2009 | — | $— | — | 668,358 |
| August 1-31, 2009 | 1,000 | $12.72 | 1,000 | 667,358 |
| September 1-30, 2009 | — | $— | — | 697,506 |
| Total | 1,000 | $12.72 | 1,000 |  |

The Company’s stock repurchase plan allows for the purchase and retention of up to 1,100,000 shares. The plan has no expiration date and remains open. The Company held 402,494 shares in treasury at September 30, 2009.

## Risk factors

As filed, 2,149 characters.

In addition to the risk factors previously disclosed in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2008, and in our Quarterly Report on Form 10-Q/A for the quarter ended June 30, 2009, you should carefully consider the following additional risk factor

***Higher FDIC deposit insurance premiums and assessments could adversely affect our financial condition.***

The Bank’s FDIC insurance premiums have increased substantially in 2009, and we expect to pay significantly higher premiums in the future. A large number of depository institution failures have significantly depleted the Deposit Insurance Fund (“DIF”) and reduced the ratio of reserves to insured deposits. In order to restore the DIF to its statutorily mandated minimum of 1.15 percent over a period of several years, the FDIC increased deposit insurance premium rates at the beginning of 2009 and imposed a special assessment on June 30, 2009, which amounted to $988 thousand for the Bank. The FDIC may impose additional special assessments in the future.

On September 29, 2009, in order to ensure sufficient liquidity to pay for projected depository institution failures, the FDIC issued a proposed rule pursuant to which all insured depository institutions would be required to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011, and 2012. The proposed prepayment would be due on December 31, 2009. For purposes of calculating the prepaid assessment amount, an institution’s assessment base for the quarter ended September 30, 2009, would be increased quarterly by an estimated five percent annual growth rate through the end of 2012. An institution’s assessment rate for the fourth quarter of 2009 and for all of 2010 would be equal to the rate in effect on September 30, 2009, under the proposed rule, but would be increased by three

\- 48 - basis points for all of 2011 and 2012. If the proposed rule is passed, we would be required to make a payment to the FDIC on December 31, 2009, and to record the payment as a prepaid expense, which would be amortized to expense over three years.

Filed Aug 16, 2010.
Source: SEC EDGAR, the filing index for accession 0000950123-10-077829. Last ingested by Listed: Nov 12, 2026, 23:04 ET. No prices; not investment advice.