# First Community Bankshares Inc: Form 10-Q for the period ended Jun 30, 2010

- Company: [First Community Bankshares Inc](/companies/fcbc.md) (CIK 859070)
- Form: 10-Q
- Filed: 2010-08-16
- Accepted by EDGAR: Aug 16, 2010, 14:02 ET
- Period: 2010-06-30
- Accession: 0001144204-10-044366
- Inline XBRL: no
- Main document: https://www.sec.gov/Archives/edgar/data/859070/000114420410044366/v192910_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/859070/000114420410044366/

## Management's discussion and analysis

As filed, 1,144 characters.

(a) Not Applicable

(b) Not Applicable

(c) Issuer Purchases of Equity Securities

The following table provides information with respect to purchases made by or on behalf of the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of the Company’s Common Stock during the second quarter of 2010.

|  | 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 (1) |
| --- | ---: | ---: | ---: | ---: |
| April 1-30, 2010 | - | $- | - | 803,400 |
| May 1-31, 2010 | - | - | - | 803,400 |
| June 1-30, 2010 | - | - | - | 824,333 |
| Total | - | $- | - |  |

(1) The Company’s stock repurchase plan, as amended, allows the purchase and retention of up to 1,100,000 shares. The plan has no expiration date, remains open and no plans have expired during the reporting period covered by this table. No determination has been made to terminate the plan or to cease making purchases. The Company held 275,667 shares in treasury at June 30, 2010.

## Risk factors

As filed, 3,330 characters.

The following risk factor is in addition to those risk factors previously disclosed under Item 1A. of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, as amended, previously filed with the SEC.

***Recent enactment of broad financial reform legislation provides for new regulations affecting many aspects of our operations and, depending on the final regulations promulgated under this new law, may adversely impact our profitability and operations.***

The U.S. Congress recently approved the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), which was signed into law by President Obama on July 21, 2010. The Dodd-Frank Act provides for expansive reforms of the financial services industry and affects, among other things, the lending, deposit, investment, trading and operating activities of financial institutions and their holding companies, such as First Community. The Dodd-Frank Act requires various federal agencies to adopt a broad range of new implementing rules and regulations, and to prepare numerous studies and reports for the U.S. Congress, which may result in additional legislative or regulatory action. The federal agencies are given significant discretion in drafting the implementing rules and regulations, and consequently, many of the details and much of the impact of the Dodd-Frank Act may not be known for many months or years.

-41-

Certain provisions of the Dodd-Frank Act are expected to have a near term impact on the Company. For example, the Dodd-Frank Act repealed the federal prohibitions on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transaction and other accounts beginning July 21, 2011. Although the ultimate impact of this legislation on the Company has not yet been determined, the interest costs associated with demand deposits may increase. In addition, the Dodd-Frank Act requires the Federal Reserve to issue regulations to ensure that fees charged to merchants for debit card transactions are reasonable and proportional to the cost of processing those transactions. Although institutions with less than $10 billion in assets are exempt from these regulations, the effect of this rule could have an adverse impact on fee income for other financial institutions as well.

Among the Dodd-Frank Act’s significant regulatory reforms is the creation of a new financial consumer protection agency, known as the Bureau of Consumer Financial Protection (the “Bureau”), which will have broad rulemaking, supervisory and enforcement authority over consumer financial products and services. Although the ultimate impact of the Bureau has not yet been determined, the costs associated with regulatory compliance may increase. The Dodd-Frank Act also limits the federal preemption rules that have been applicable for national banks, such as the Bank, and gives state attorneys general the ability to enforce federal consumer protection laws, which may subject the Bank to additional state regulation.

The changes resulting from the Dodd-Frank Act, as well as the regulations promulgated by federal agencies, may impact the profitability of our business activities, require changes to certain of its business practices or otherwise adversely affect our business.

Filed Aug 16, 2010.
Source: SEC EDGAR, the filing index for accession 0001144204-10-044366. Last ingested by Listed: Nov 6, 2026, 14:30 ET. No prices; not investment advice.