First Community Bankshares Inc's Business Segments
First Community Bankshares Inc's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Revenue Share by Reportable Segment - FY
- Deposit Account15.2%
- Financial Service Other14.8%
- Fiduciary and Trust4.8%
Revenue by Reportable Segment - FY
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Deposit Account | $ 9 | 15.2% |
| Financial Service Other | $ 8 | 14.8% |
| Fiduciary and Trust | $ 3 | 4.8% |
Annual Results
Revenue Share by Reportable Segment - FY
- Deposit Account15.2%
- Financial Service Other14.8%
- Fiduciary and Trust4.8%
Revenue by Reportable Segment - FY
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Deposit Account | $ 9 | 15.2% |
| Financial Service Other | $ 8 | 14.8% |
| Fiduciary and Trust | $ 3 | 4.8% |
Description of First Community Bankshares Inc
First Community Bancshares, Inc., a financial holding company, was founded in 1989 and incorporated under the laws of Nevada in 1997. The Company provides commercial banking products and services through its wholly owned subsidiary First Community Bank (the “Bank”), a Virginia-chartered banking institution founded in 1874. The Bank operates under the trade names First Community Bank in Virginia, West Virginia, and North Carolina and People’s Community Bank, a Division of First Community Bank, in Tennessee.
The Company provides insurance services through its wholly owned, full-service
insurance agency subsidiary Greenpoint Insurance Group, Inc. (“Greenpoint”).
Greenpoint operates under the Greenpoint name and under the trade name First
Community Insurance Services (“FCIS”) in North Carolina, Carr &
Hyde Insurance and FCIS in Virginia, and FCIS in West Virginia.
The Bank offers wealth management and investment advice through its wholly owned
subsidiary First Community Wealth Management and the Bank’s Trust Division.
The Company is the common stockholder of FCBI Capital Trust (the “Trust”),
which was created in October 2003 to issue trust preferred securities to raise
capital for the Company.
The Company is a legal entity that is separate and distinct from its affiliates.
As a financial holding company, the Company is required to act as a source of
financial strength for its subsidiary bank. The Company’s principal source
of revenue is derived from dividends paid by the Bank, which are subject to
certain restrictions by regulatory agencies and determined in relation to earnings,
asset growth, and capital position.
Segments
1. Retail Banking: This segment primarily focuses on individual customers. The aim is to provide various banking services tailored to personal financial management.
2. Commercial Banking: This segment addresses the needs of small to medium-sized enterprises, offering products that facilitate operational growth and financial stability.
3. Mortgage Banking: This segment specializes in providing solutions for home financing, catering to both first-time homebuyers and seasoned investors.
4. Wealth Management: This segment offers financial planning and investment management services to clients looking to grow and preserve their wealth.
5. Treasury Management Services: Targeting businesses, this segment provides services designed to optimize cash flow and manage liquidity.
Retail Banking Products and Services
- Checking Accounts: A variety of checking accounts are available, including basic checking for everyday transactions, interest-bearing accounts, and accounts tailored for students or seniors.
- Savings Accounts: Options include traditional savings accounts, money market accounts, and high-yield savings accounts designed to help customers grow their savings while enjoying easy access to their funds.
- Certificates of Deposit (CDs): CDs of varying terms that offer competitive interest rates for customers willing to lock in their deposits for a specified period.
- Personal Loans: Unsecured and secured personal loans for various needs, such as debt consolidation, home improvements, or emergency expenses.
- Credit and Debit Cards: A range of credit cards with different rewards and benefits, and debit cards linked to customers’ checking accounts.
- Online and Mobile Banking: Comprehensive digital banking services allowing customers to manage accounts, pay bills, and transfer money conveniently from their devices.
Commercial Banking Products and Services
- Business Checking Accounts: Tailored checking accounts designed to meet the needs of businesses, with features like higher transaction limits and commercial card services.
- Business Loans: A variety of loan options including term loans, lines of credit, and equipment financing, catering to the financing needs of businesses.
- Commercial Real Estate Loans: Financing options for purchasing, refinancing, or developing commercial properties.
- Merchant Services: Solutions that help businesses accept payments via credit cards, mobile payments, and online transactions, along with related support services.
- Cash Management Solutions: Tools and services designed to help businesses manage cash flow effectively, including ACH services, remote deposit capture, and bulk payment processing.
Mortgage Banking Products and Services
- Home Purchase Loans: A variety of mortgage options for purchasing homes, including fixed-rate and adjustable-rate mortgages.
- Refinancing Options: Services allowing homeowners to refinance existing loans to take advantage of lower interest rates or better terms.
- Home Equity Lines of Credit (HELOCs): Credit lines that allow homeowners to borrow against their home equity for various expenses.
- FHA Loans and VA Loans: Specialty loan products designed to meet the needs of certain borrowers, such as veterans and those seeking government-insured loans.
Wealth Management Products and Services
- Investment Management: Personalized investment strategies designed to grow wealth based on individual risk profiles and financial goals.
- Financial Planning: Comprehensive financial planning services that include retirement planning, tax planning, estate planning, and more.
- Trust Services: Establishment and management of trusts, providing clients and their beneficiaries with effective wealth transfer strategies.
Treasury Management Services
- Cash Flow Analysis: Services providing insights into a company’s cash flow to improve financial efficiency.
- Fraud Prevention Services: Solutions aimed at protecting businesses from financial fraud, including positive pay and ACH monitoring.
- Account Reconciliation Services: Tools that help businesses maintain accurate and current financial records.
Community Involvement
First Community Bankshares Inc. has a strong commitment to community service and involvement. They often engage in local initiatives, sponsor events, and offer financial literacy programs to enhance the financial well-being of the communities they serve.
In summary, First Community Bankshares Inc. offers a comprehensive suite of banking and financial products designed for individuals and businesses. With a focus on customer service and community, they strive to provide effective financial solutions that cater to a wide array of needs.