Exhibit 99.1

NEWS RELEASE
FOR IMMEDIATE RELEASE:		FOR MORE INFORMATION, CONTACT:
May 2, 2013		David D. Brown
		(276) 326-9000

First Community Bancshares, Inc. Announces First Quarter 2013 Results

and Quarterly Dividend

Bluefield, Virginia – First Community Bancshares, Inc. (NASDAQ: FCBC) (www.fcbinc.com) (the “Company”) today reported net income for the quarter ended March 31, 2013, of $7.14 million. Net income available to common shareholders totaled $6.88 million, or $0.33 per diluted common share, for the quarter ended March 31, 2013. Excluding nonrecurring income and expense items, core earnings for the quarter ended March 31, 2013, totaled $6.98 million.

On April 30, 2013, the Company’s board of directors declared a quarterly cash dividend to common shareholders of twelve cents ($0.12) per common share. The quarterly dividend is payable to common shareholders of record on May 17, 2013, and is expected to be paid on or about May 31, 2013. The current dividend represents an increase of approximately 9% over the dividend paid during the same quarter of 2012. The current year marks the 28^th consecutive year of cash dividends to shareholders.

First Quarter 2013 Highlights –

Net Interest Income

Net interest income increased $5.39 million, or 29.95%, to $23.36 million for the first quarter of 2013 compared with the first quarter of 2012. The tax equivalent net interest margin increased 24 basis points to 4.15% for the first quarter of 2013 compared with 3.91% for the first quarter of 2012. Total interest income increased $5.32 million, or 23.46%, to $28.00 million for the first quarter of 2013 compared with the first quarter of 2012. The increase reflects the addition of loan portfolios from the Peoples Bank of Virginia (“Peoples”) and Waccamaw Bank (“Waccamaw”) acquisitions that occurred during the second quarter of 2012. The tax equivalent yield on loans increased 32 basis points to 5.92% while the average loan balance increased $312.05 million, or 22.38%, to $1.71 billion for the first quarter of 2013 compared with the first quarter of 2012. Interest on loans for the first quarter of 2013 also includes accretion related to the Peoples and Waccamaw acquisitions of $831 thousand and $3.01 million, respectively.

Total interest expense decreased $63 thousand, or 1.34%, to $4.64 million for the first quarter of 2013 compared with the first quarter of 2012. Deposit costs decreased $43 thousand, or 1.79%, to $2.36 million for the first quarter of 2013 compared with the first quarter of 2012, which was primarily due to a 17 basis point decrease in the average rate paid on interest-bearing deposits. Borrowing costs decreased $21 thousand, or 0.91%, to $2.28 million for the first quarter of 2013 compared with the first quarter of 2012. The average rate paid on interest-bearing liabilities decreased 23 basis points to 0.95% for the first quarter of 2013 compared with the first quarter of 2012. The average balance of interest-bearing liabilities increased $382.11 million, or 23.84%, to $1.98 billion for the first quarter of 2013 compared with the first quarter of 2012, which included a $362.79 million increase in average interest-bearing deposits and a $19.32 million increase in average total borrowings. The increases were primarily the result of the Peoples and Waccamaw acquisitions.

Noninterest Income

Noninterest income decreased $130 thousand, or 1.63%, to $7.86 million for the first quarter of 2013 compared with the first quarter of 2012. Wealth management revenues decreased $48 thousand, or 5.37%, for the first quarter of 2013 compared with the first quarter of 2012. The Trust and Wealth Management Divisions reported $906 million in assets under management as of March 31, 2013. Service charges on deposit accounts increased $155 thousand, or 5.14%, and other service charges and fees increased $201 thousand, or 12.68%, for the first quarter of 2013 compared with the first quarter of 2012. Insurance commissions increased $90 thousand, or 5.71%, to $1.67 million for the first quarter of 2013 compared with the same quarter of 2012. The Company realized a $117 thousand net gain on sale of securities for the first quarter of 2013, which was an increase of $66 thousand compared to the first quarter of 2012. The change in the FDIC indemnification asset during the first quarter of 2013 included negative accretion of $1.57 million resulting from improvements in actual and expected cash flows on covered assets. Other operating income included a net gain on debt prepayments of $296 thousand for the first quarter of 2013. The Company incurred no other-than-temporary impairment charges during the first quarters of 2013 or 2012.

Noninterest Expense

Noninterest expense increased $3.35 million, or 20.69%, to $19.54 million for the first quarter of 2013 compared with the first quarter of 2012, due largely to the Peoples and Waccamaw acquisitions. Salaries and employee benefits increased $1.89 million, or 22.96%, to $10.11 million for the first quarter of 2013 compared with the first quarter of 2012. The Peoples and Waccamaw acquisitions accounted for an increase in salaries and employee benefits of $1.25 million during the first quarter of 2013. Occupancy, furniture, and equipment expense increased $861 thousand, or 36.84%, to $3.20 million for the first quarter of 2013 compared with the first quarter of 2012. Other operating expense increased $620 thousand, or 12.61%, to $5.54 million for the first quarter of 2013 compared with the first quarter of 2012. Other operating expense included a net loss on sales and expenses associated with other real estate owned of $625 thousand for the first quarter of 2013 compared to $821 thousand for the first quarter of 2012. The efficiency ratio for the first quarter of 2013 was 59.55% compared to 57.18% for the first quarter of 2012.

Provision for Loan Losses and Asset Quality

The provision for loan losses for the first quarter of 2013 increased $220 thousand, or 23.86%, to $1.14 million, compared with the same period of the prior year.

Non-covered loans and other real estate owned are those assets not covered by the loss share agreement between the FDIC and the Bank in relation to the acquisition of Waccamaw. The allowance for loan losses decreased to $24.85 million at March 31, 2013, compared with $25.77 million at December 31, 2012, and $25.80 million at March 31, 2012. The allowance for loan losses as a percentage of non-covered loans was 1.66% at March 31, 2013, compared with 1.71% at December 31, 2012, and 1.86% at March 31, 2011. The decrease in the ratio of allowance for loan losses as a percentage of non-covered loans for the first quarter of 2013, compared to the first quarter of 2012, was impacted by loans marked to fair value as part of the Peoples’ acquisition. For the first quarter of 2013, net charge-offs increased $777 thousand, or 60.47%, compared with the fourth quarter of 2012, and $735 thousand, or 55.39%, compared with the first quarter of 2012. Annualized net charge-offs were 0.56% for the first quarter of 2013, which represents an increase compared with 0.38% for the first quarter of 2012.

Non-covered delinquent loans, comprised of loans 30 days or more past due and nonaccrual loans, as a percentage of total non-covered loans measured 2.83% at March 31, 2013, compared to 2.69% for the same period of the prior year. Non-covered nonaccrual loans increased to $30.08 million at March 31, 2013, compared with $23.93 million at December 31, 2012, and $24.62 million at March 31, 2012. The increase in non-covered nonaccrual loans during the first quarter of 2013 was primarily due to one commercial loan relationship totaling $6.40 million. At quarter end, the Company’s non-covered nonperforming loans as a percentage of total non-covered loans were 2.12% and non-covered nonperforming assets as a percentage of total non-covered assets were 1.43%.

Total nonperforming assets, including covered and non-covered loan portfolios, consisted of $34.64 million in nonaccrual loans, $1.60 million in unseasoned, accruing troubled debt restructurings, and $11.35 million in other real estate owned at March 31, 2013.

Balance Sheet and Capital

Consolidated assets totaled $2.72 billion as of March 31, 2013, a decrease of $8.58 million, or 0.31%, compared with $2.73 billion at December 31, 2012. Consolidated liabilities totaled $2.36 billion as of March 31, 2013, a decrease of $10.92 million, or 0.46%, compared with $2.37 billion at December 31, 2012. Total stockholders’ equity increased to $358.67 million as of March 31, 2013, compared with $356.32 million at December 31, 2012. Book value per as-converted common share increased to $16.93 for the quarter ended March 31, 2013, compared with $16.76 for the quarter ended December 31, 2012. Tangible book value per common share increased $0.17 to $11.83 compared with the first quarter of 2012. During the first quarter of 2013, the Company paid a cash dividend of $0.12 per common share.

The Company significantly exceeds regulatory “well capitalized” targets as of March 31, 2013, with a total risk-based capital ratio of 17.7%, Tier 1 risk-based capital ratio of 16.4%, and a Tier 1 leverage ratio of 10.4%.

Non-GAAP Financial Measures

The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). This press release also refers to certain non-GAAP financial measures that the Company believes provide investors with important information, when used in conjunction with results presented in accordance with GAAP, regarding our operational performance.

Core earnings are a non-GAAP financial measure that excludes certain items from net income. Excluded items include gains, losses, and impairment losses on securities; goodwill and intangible impairment; amortization of intangibles; taxes; and other nonrecurring income and expense items. Management believes that core earnings provide the Company and investors a valuable tool to evaluate the Company’s financial results.

The efficiency ratio is a non-GAAP financial measure that is computed by dividing adjusted noninterest expense by the sum of tax equivalent net interest income and adjusted noninterest income. Management believes this measure provides investors with important information about the Company’s operating expense control and efficiency of operations. Management also believes this ratio focuses attention on the core operating performance of the Company over time and is highly useful in comparing period-to-period operating performance of core business operations. The efficiency ratio used by the Company may not be comparable to efficiency ratios reported by other financial institutions.

Tangible book value per common share is a non-GAAP financial measure that is defined as stockholders’ equity less goodwill and other intangibles, divided by as-converted common shares outstanding. Average tangible common equity is a non-GAAP financial measure that is defined as average stockholders’ equity less average goodwill, other intangibles, and the preferred liquidation preference.

Investor Relations

The Company will host an investor and media teleconference and webcast on Friday, May 3, 2013, at 9:00 a.m. To access the teleconference, the toll-free number is (877) 407-8031. Individuals may listen to the live or archived webcast of the conference call. To listen to the webcast, visit www.fcbinc.com and follow the link under the Investor Relations section. The Company’s press release and financial summary will be available in this section, as well. Copies of the Company’s first quarter 2013 earnings press release and financial summary will be made available upon request via fax, email, or postal service mail. To request a copy, contact David D. Brown, Chief Financial Officer, at (276) 326-9000.

About First Community Bancshares, Inc.

First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $2.72 billion financial holding company and the parent company of First Community Bank. First Community Bank operates seventy-two banking locations throughout Virginia, West Virginia, North Carolina, South Carolina, and Tennessee. First Community Bank offers wealth management and investment services through its Trust Division and First Community Wealth Management, a registered investment advisory firm. The Trust Division and First Community Wealth Management managed assets with a market value of $906 million as of March 31, 2013. The Company is also the parent company of Greenpoint Insurance Group, Inc., a full-service insurance agency headquartered in High Point, North Carolina, that operates five insurance offices throughout Virginia, West Virginia, and North Carolina. The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol, “FCBC.” Additional investor information can be found on the Company’s website at www.fcbinc.com.

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.