Item 2.02 Results of Operations and Financial Condition.

On January 26, 2021, First Community Bankshares, Inc. (the "Company") announced by press release its earnings for the fourth quarter of 2020. A copy of the press release is attached hereto as Exhibit 99.1.

Item 8.01 Other Events.

On January 26, 2021, the Company announced by press release its quarterly cash dividend to common shareholders of twenty-five cents ($0.25) per common share, payable on or about February 19, 2021, to shareholders of record on February 5, 2021. A copy of the press release is attached hereto as Exhibit 99.1.

Additionally, on January 26, 2021, the Board of Directors of First Community Bankshares, Inc. approved a new plan to repurchase, on the open market at prevailing prices, up to 2.4 million shares of the Company's common stock through January 26, 2024. The plan is subject to applicable laws of the states and applicable securities rules and regulations promulgated pursuant to the laws of the United States, including, but not limited to, Rule 10b-5 and Rule 10b-18 of the U.S. Securities and Exchange Commission.

The plan does not obligate the Company to purchase any particular number of shares of common stock during any period. The timing, price and quantity of purchases under the plan will be at the discretion of management and the plan may be discontinued, suspended or restarted at any time depending on the facts and circumstances. The Company's management believes the repurchase plan, depending upon market and business conditions, will provide capital management opportunities and build value for the Company's shareholders.




Item 9.01   Financial Statements and Exhibits.

(d)           The following exhibit is included with this report:

Exhibit No.        Exhibit Description

99.1                 Earnings release dated January 26, 2021.
104                Cover Page Interactive Data File (formatted as Inline XBRL).

Forward-Looking Statements

This Current Report on Form 8-K contains 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.

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