Exhibit 99.1

First Community Bancshares, Inc. Announces Second Quarter 2015 Results

And Quarterly Dividend

Bluefield, Virginia – First Community Bancshares, Inc. (NASDAQ: FCBC) (www.fcbinc.com) (the “Company”) today announced financial results for the quarter and six months ended June 30, 2015. The Company reported net income of $6.18 million for the quarter and $12.13 million for the six months ended June 30, 2015. Net income available to common shareholders totaled $6.18 million, or $0.33 per diluted common share, for the quarter and $12.03 million, or $0.64 per diluted common share, for the six months ended June 30, 2015. Core earnings totaled $6.10 million for the quarter and $12.11 million for the six months ended June 30, 2015.

The Company also announced today that the Board of Directors declared a quarterly cash dividend to common shareholders of fourteen cents ($0.14) per common share, an increase of 8% over last quarter and last year. The quarterly dividend is payable to common shareholders of record on August 7, 2015, and is expected to be paid on or about August 21, 2015. The current year marks the 30^th consecutive year of cash dividends paid to stockholders and represents average annual increases in the quarterly dividend rate of 8% over the last 5 years.

Second Quarter 2015 Highlights –

Net Interest Income

Net interest income decreased $998 thousand, or 4.52%, to $21.07 million for the second quarter of 2015 compared with the same quarter of 2014. The tax equivalent net interest margin decreased to 3.90% for the second quarter of 2015 compared with 4.08% for the same quarter of 2014. Total interest income decreased $2.11 million, or 8.10%, to $23.98 million for the second quarter of 2015 compared with the same quarter of 2014. The tax equivalent yield on loans decreased 13 basis points to 5.25% and the average loan balance decreased $76.57 million, or 4.38%, to $1.67 billion for the second quarter of 2015 compared with the same quarter of 2014. The decrease in net interest income and the average loan balance is primarily due to loans sold in divestiture activities during the fourth quarter of 2014 and decreases in the covered loan portfolio compared to the second quarter of 2014.

Purchased credit impaired (“PCI”) loan interest accretion totaled $2.42 million for the second quarter of 2015, of which $1.13 million was received in cash, compared to accretion income of $2.79 million for the same quarter of 2014, of which $1.25 million was received in cash. The normalized net interest margin, which excludes non-cash loan interest accretion, was 3.67% for the second quarter of 2015 and 3.80% for same quarter of 2014. The normalized yield on loans was 4.94% for the second quarter of 2015 compared to 5.03% for the same quarter of 2014.

Total interest expense decreased $1.12 million, or 27.73%, to $2.91 million for the second quarter of 2015 compared with the same quarter of 2014. Deposit costs decreased $273 thousand, or 14.88%, to $1.56 million for the second quarter of 2015 compared with the same quarter of 2014, reflecting a 5 basis point decrease in the average rate paid on interest-bearing deposits. Borrowing costs decreased $843 thousand, or 38.49%, to $1.35 million for the second quarter of 2015 compared with the same quarter of 2014 primarily due to Federal Home Loan Bank (“FHLB”) debt prepayments. The average rate paid on interest-bearing liabilities decreased 19 basis points to 0.67% for the second quarter of 2015 compared with the same quarter of 2014. The average balance of interest-bearing liabilities decreased $130.55 million, or 6.97%, to $1.74 billion for the second quarter of 2015 compared with the same quarter of 2014, which included a $59.92 million decrease in average interest-bearing deposits and a $70.63 million decrease in average total borrowings.

Noninterest Income

Noninterest income increased $533 thousand, or 7.01%, to $8.14 million for the second quarter of 2015 compared with the same quarter of 2014, which was largely due to a $516 thousand, or 36.65%, increase in other operating income. Other operating income for the second quarter of 2015 included a net death benefit of approximately $1.14 million from the maturity of a life insurance policy. Wealth management revenues increased $57 thousand, or 7.94%, for the second quarter of 2015 compared with the same quarter of 2014. The Trust and Wealth Management Divisions reported $717 million in combined assets under management as of June 30, 2015. Service charges on deposits and other service charges and fees increased $239 thousand, or 4.53%, to $5.51 million for the second quarter of 2015 compared with the same quarter of 2014. Insurance commissions increased $105 thousand, or 7.22%, for the second quarter of 2015 compared with the same quarter of 2014. The Company incurred no other-than-temporary impairment charges during the second quarter of 2015 compared to $254 thousand during the same quarter of 2014 related to a non-Agency mortgage-backed security that was sold during the fourth quarter of 2014. The Company realized a $213 thousand net gain on the sale of securities in the second quarter of 2015 compared to a net loss of $59 thousand in the same quarter of 2014. Net amortization expense related to the FDIC indemnification asset increased $910 thousand, or 97.22%, due to continuing better than expected performance in the covered loan portfolio.

Noninterest Expense

Noninterest expense increased $2.13 million, or 11.71%, to $20.29 million for the second quarter of 2015 compared with the same quarter of 2014, which was largely due to FHLB debt prepayment fees. The Company incurred fees of $1.70 million related to the prepayment of $25 million in FHLB convertible advances. Salaries and employee benefits decreased $350 thousand, or 3.49%, to $9.69 million for the second quarter of 2015 compared with the same quarter of 2014. Full-time equivalent employees totaled 677 as of June 30, 2015, a decrease of 30 employees compared with the same period of the prior year. The decrease was primarily due to branch consolidation and divestiture activities offset by the Bank of America branch acquisition that occurred during the fourth quarter of 2014. Occupancy, furniture, and equipment expenses remained stable at $2.78 million for the second quarter of 2015 compared with the same quarter of 2014. Other operating expenses increased $740 thousand, or 15.74%, to $5.44 million for the second quarter of 2015 compared with the same quarter of 2014, which included $213 thousand in branch property write-downs and a $162 thousand increase in the net loss on sales and expenses associated with other real estate owned (“OREO”). The non-GAAP efficiency ratio for the second quarter of 2015 was 61.71% compared to 59.40% for the same quarter of 2014.

Allowance for Loan Losses and Asset Quality

The allowance for loan losses totaled $20.26 million as of June 30, 2015, a slight increase of $31 thousand compared to $20.23 million as of December 31, 2014, and a decrease of $3.65 million compared to $23.91 million as of June 30, 2014. As of June 30, 2015, $20.14 million of the allowance was attributed to the non-PCI loan portfolio and $114 thousand was attributed to the PCI loan portfolio. Non-covered loans and OREO are those assets not covered by FDIC loss share agreements. The allowance for loan losses, excluding PCI loans, as a percentage of non-covered loans was 1.29% as of June 30, 2015, compared with 1.29% as of December 31, 2014, and 1.44% as of June 30, 2014. Allowance activity in the second quarter of 2015 included a $276 thousand provision for loan losses, a decrease of $1.00 million compared to the same quarter of 2014. Activity in the allowance also included a recovery of loan losses recorded through the FDIC indemnification asset of $138 thousand in the second quarter of 2014. The Company realized net charge-offs of $270 thousand in the second quarter of 2015, a decrease of $758 thousand, or 73.74%, compared to $1.03 million in the same quarter of 2014. The ratio of annualized net charge-offs to average non-covered loans improved to 0.07% for the second quarter of 2015, which represents a decrease of 19 basis points compared with 0.26% for the second quarter of 2014.

Asset quality in the non-covered portfolio continues to improve as non-covered delinquent loans, which are comprised of loans 30 days or more past due and nonaccrual loans, as a percentage of total non-covered loans decreased to 1.39% as of June 30, 2015, compared to 1.67% for the same period of the prior year. Non-covered nonaccrual loans totaled $15.94 million as of June 30, 2015, compared to $10.56 million as of December 31, 2014, and $17.46 million as of June 30, 2014. At quarter-end, the Company’s non-covered nonaccrual loans as a percentage of total non-covered loans were 1.02%, compared to 0.67% at year-end 2014 and 1.07% for the same period of the prior year. As of June 30, 2015, the Company’s non-covered nonperforming loans as a percentage of total non-covered loans were 1.02% and non-covered nonperforming assets as a percentage of total non-covered assets were 0.98%.

As of June 30, 2015, total nonperforming assets, including the covered and non-covered loan portfolios, consisted of $17.00 million in nonaccrual loans and $12.82 million in OREO. The Company maintained no unseasoned, accruing troubled debt restructurings or accruing loans past due 90 days or more as of June 30, 2015. In comparison, total nonperforming assets consisted of $12.99 million in nonaccrual loans, $2.73 million in unseasoned, accruing troubled debt restructurings, and $12.96 million in OREO as of December 31, 2014. In addition, total non-covered nonperforming assets increased $3.45 million, or 17.32%, and total covered nonperforming assets decreased $2.32 million, or 26.46%, as of June 30, 2015, compared to December 31, 2014.

Balance Sheet and Capital

Consolidated assets totaled $2.49 billion as of June 30, 2015, a decrease of $116.14 million, or 4.45%, compared with $2.61 billion as of December 31, 2014. The change in consolidated assets was primarily driven by a $143.85 million, or 73.07%, decrease in federal funds sold as liquidity was deployed to reduce high cost borrowings and deposits, redeem the Company’s convertible preferred shares, repurchase common stock, and purchase investment securities to provide the funding necessary to extinguish certain borrowings as they come due. As of June 30, 2015, securities available for sale increased $50.07 million and securities held to maturity increased $14.70 million compared to December 31, 2014.

Consolidated liabilities totaled $2.15 billion as of June 30, 2015, a decrease of $109.33 million, or 4.85%, compared with $2.26 billion as of December 31, 2014. The change in consolidated liabilities was driven by a $70.97 million decrease in deposits, a $5.86 million decrease in repurchase agreements, and a $25.00 million decrease in FHLB borrowings. The Company prepaid an additional $25 million of a $50 million FHLB convertible advance with a May 2017 maturity and 4.15% interest rate during the second quarter of 2015. The prepayment resulted in a pre-tax penalty of $1.70 million.

Total stockholders’ equity decreased to $344.57 million as of June 30, 2015, compared with $351.37 million as of December 31, 2014. The Company redeemed all outstanding shares of its convertible preferred stock during the first quarter of 2015, resulting in the redemption of 2,367 preferred shares totaling $2.37 million. Additionally, the Company repurchased 683,907 common shares at a weighted average cost of $16.78 per share and paid a cash dividend of $0.26 per common share during the first six months of 2015. Book value per common share increased 2.33% to $18.48 as of June 30, 2015, compared with $18.06 as of December 31, 2014. Tangible book value per common share increased 1.59% to $12.76 as of June 30, 2015, compared with $12.56 as of December 31, 2014.

The Company significantly exceeds regulatory “well capitalized” targets as of June 30, 2015.

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 its 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 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 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 defined as average stockholders’ equity less average goodwill, other intangibles, and the preferred liquidation preference.

About First Community Bancshares, Inc.

First Community Bancshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly-owned subsidiary First Community Bank. First Community Bank operated 52 banking locations throughout Virginia, West Virginia, North Carolina, and Tennessee as of June 30, 2015. First Community Bank offers wealth management and investment services through its wholly-owned subsidiary First Community Wealth Management, a registered investment advisory firm, and the Bank’s Trust Division, which collectively managed $717 million in combined assets as of June 30, 2015. The Company provides insurance services through its wholly-owned subsidiary Greenpoint Insurance Group, Inc., a full-service insurance agency headquartered in High Point, North Carolina, that operated 11 insurance locations throughout Virginia, West Virginia, and North Carolina as of June 30, 2015. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. The Company reported consolidated assets of $2.49 billion as of June 30, 2015. Additional investor information is available 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 fiscal year end. 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.

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