July 25, 2006 at 17:25 PM EDT
First Community Bancshares, Inc. Announces Record Second Quarter and Year-to-Date Earnings

First Community Bancshares, Inc. (NASDAQ: FCBC) (www.fcbinc.com) today reported record earnings of $7.3 million for the second quarter of 2006, or $0.65 diluted earnings per share. This represents an 18% increase over second quarter 2005 earnings of $6.2 million, or $0.55 diluted earnings per share. Return on average assets for the second quarter of 2006 was 1.47%, compared to 1.31% for the second quarter of 2005. Return on average equity for the second quarter of 2006 was 14.74%, compared to 13.19% for the same period in 2005.

Year-to-date earnings were $14.1 million, or $1.25 diluted earnings per share, a 16% increase over the same period of 2005. Return on average assets for the period was 1.45% and return on average equity was 14.42% for the period.

During the second quarter, the Bank sold its Drakes Branch, Virginia branch location. The transaction resulted in a net deposit premium of approximately $702 thousand. The branch sale was the second of three divestitures determined by an evaluation of the branch network. The branch held approximately $16.4 million in deposits and customer repurchase agreements and approximately $1.9 million in loans.

Operations for the most recent quarter were improved through a 5.4% reduction in total operating costs compared to the corresponding quarter in 2005. The cost reductions are the result of the Company's initiatives for achieving greater efficiency which have led to an 11% reduction in full-time equivalent employees since year-end 2005. Total salaries and benefits decreased $670 thousand between second quarter 2005 and 2006, and decreased $1.1 million compared to first quarter 2006.

Provision for loan losses was down $262 thousand and $545 thousand for the three- and six-month periods in 2006 compared with the preceding year. These reductions reflect continued improvement in overall asset quality and improving metrics utilized within the allowance methodology. Other financial highlights are as follows:

Financial Highlights

Second Quarter 2006

-- Interest income was $30.0 million, an improvement of $3.2 million, or 12%, over second quarter 2005. The increase was due primarily to increases in benchmark interest rates.

-- Net interest income was down from the second quarter of 2005 due to increases in interest expense. Second quarter interest expense was $3.6 million, or 43%, greater than 2005. On a linked-quarter basis, interest expense increased almost $1 million. Despite the growing interest costs, tax-equivalent net interest margin was 4.28%, down slightly from 4.32% for the first quarter of 2006, and from 4.51% for the second quarter of 2005.

-- Non-interest income was $5.5 million. Excluding the gain from the branch sale, non-interest income was $4.8 million compared to $4.6 million a year ago, a 5.4% increase. Service charges on deposit accounts increased $32 thousand, and other service charges and fees increased $40 thousand. The sale of the Drakes Branch, Virginia, banking office resulted in gains of approximately $702 thousand.

-- Non-interest expense for the second quarter was $12.6 million, a decrease of $745 thousand from last quarter and $713 thousand from second quarter of 2005. The decreases can be attributed to the extensive cost-savings measures implemented by the Company during the past three quarters. Salaries and benefits decreased $1.1 million from last quarter and $670 thousand from second quarter of 2005. Excluding the effects of the branch sale gains and non-recurring charge-offs, the efficiency ratio was 50.5% compared to 54.6% in 2005.

-- Credit quality remains sound with total delinquencies as a percent of total loans at 0.45% at June 30, 2006, compared to 0.60% at June 30, 2005 and 0.79% at December 31, 2005. The ratio of allowance for loan losses as a percent of loans held for investment was 1.12% compared to 1.23% at June 30, 2005. The provision for loan losses was $811 thousand compared to $1.1 million. Net charge-offs were $898 thousand compared to $1.2 million for second quarter 2005.

-- During the second quarter, the board of directors declared a dividend to stockholders of twenty-six cents ($0.26). The dividend represents an increase of 2.0% over the $0.255 per share paid in the second quarter of 2005. 2006 is projected to be the 15th consecutive year of dividend increases to stockholders. Dividends have increased at an average annual rate of over 10% since 1991. The second quarter dividend yield was 3.2% based on the quarter-end market value.

Year-to-Date 2006

-- Interest income grew $7.0 million, or 13%, compared to the same period of 2005. Tax-equivalent net interest margin was 4.30% compared to 4.49%.

-- Non-interest income was $10.7 million, an increase over prior year of $2.4 million, or 29%. The bulk of the increase was due to gains realized from the branch sale and a first quarter recovery from a previous fraud loss. Service charges on deposit accounts increased 6.3%, and other service charges, commissions and fees increased 9.1%.

-- Compared to prior year, non-interest expense increased only slightly to $25.9 million. The Company's expense control measures are the major reason behind the flat non-interest expense compared to the prior year period. Excluding the effects of the non-recurring income and expense items, the efficiency ratio year-to-date was 53.4% compared to 54.8% in 2005.

-- The provision for loan losses was $1.2 million compared to $1.8 for the first six months of 2005. Net charge-offs were $1.2 million compared to $1.7 million. Non-performing loans decreased to $2.9 million, a $457 thousand improvement from year-end 2005 and $1.2 million from June 30, 2005. Non-performing loans as a percentage of loans held for investment were 0.22% compared to 0.25% at December 31, 2005, and 0.32% at June 30, 2005.

-- Since year-end 2005, consolidated assets have increased $27.1 million, a 2.8% annualized growth rate, to $1.98 billion compared to $1.95 billion.

-- Total stockholders' equity for the Company was $197.9 million, resulting in a book value per common share outstanding of $17.71 compared to $194.5 million and $17.29 per common share at December 31, 2005.

The Company will host an investor and media teleconference and webcast on Wednesday, July 26, 2006 at 11:00 a.m. To access the teleconference, the toll-free number to call is (877) 407-8031. Alternatively, 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 Current News Releases section. The Company's press release and financial summary will be available in this section, as well. Copies of the Company's second quarter 2006 earnings press release and financial summary will also be made available upon request via fax, email or postal service mail. To request a copy, contact Dave Brown at (800) 425-0839.

First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $1.98 billion bank holding company and is the parent company of First Community Bank, N. A. First Community Bank, N. A. operates through fifty-nine banking locations and six wealth management offices in the four states of Virginia, West Virginia, North Carolina and Tennessee. First Community Bank, N. A. is also the parent of Stone Capital Management, Inc., a SEC registered investment advisory firm, which offers wealth management and investment advice. The Company also offers wealth management services through its Trust & Financial Services Division, which as of June 30, 2006, managed assets with a market value of $478 million. First Community Bancshares, Inc.'s common stock is traded on the NASDAQ Global Select Market under the symbol "FCBC". Additional investor information can be found on the Internet 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 contained within this news release.


                   First Community Bancshares, Inc.
                   Consolidated Statements of Income
        (Dollars in Thousands, Except Share and Per Share Data)
                              (Unaudited)


                              Three Months Ended     Six Months Ended 
                                   June 30,               June 30,
                          --------------------------------------------
                                2006       2005       2006       2005
                          --------------------------------------------

Interest Income 

Interest and fees on loans
 held for investment         $24,506    $22,192    $48,431    $42,920
Interest on securities-
 taxable                       3,224      2,555      6,101      4,851
Interest on securities-
 nontaxable                    1,816      1,865      3,642      3,814
Interest on federal funds
 sold and deposits               479        178        774        393
----------------------------------------------------------------------
Total interest income         30,025     26,790     58,948     51,978
----------------------------------------------------------------------

Interest Expense 

Interest on deposits           8,326      5,547     15,973     10,509
Interest on borrowings         3,526      2,721      6,737      5,194
----------------------------------------------------------------------
Total interest expense        11,852      8,268     22,710     15,703
----------------------------------------------------------------------
Net interest income           18,173     18,522     36,238     36,275
Provision for loan losses        811      1,073      1,219      1,764
----------------------------------------------------------------------
Net interest income after
 provision for loan losses    17,362     17,449     35,019     34,511
----------------------------------------------------------------------

Non-Interest Income 

Wealth management income         732        793      1,415      1,482
Service charges on deposit
 accounts                      2,655      2,623      5,072      4,771
Other service charges,
 commissions and fees            711        671      1,451      1,330
(Loss) gain on sale of
 securities                      (94)       121         66        143
Other operating income         1,516        362      2,664        566
----------------------------------------------------------------------
Total non-interest income      5,520      4,570     10,668      8,292
----------------------------------------------------------------------

Non-Interest Expense 

Salaries and employee
 benefits                      6,782      7,452     14,683     14,770
Occupancy expense of bank
 premises                      1,011        968      2,051      1,911
Furniture and equipment
 expense                         858        813      1,708      1,597
Amortization of intangible
 assets                          144        111        234        221
Other operating expense        3,793      3,957      7,245      7,298
                          --------------------------------------------
Total non-interest expense    12,588     13,301     25,921     25,797
----------------------------------------------------------------------
Income from continuing
 operations before income
 taxes                        10,294      8,718     19,766     17,006
Income tax expense
 continuing operations         3,002      2,494      5,630      4,731
----------------------------------------------------------------------
Income from continuing
 operations                    7,292      6,224     14,136     12,275
----------------------------------------------------------------------
Loss from discontinued
 operations before tax             -        (39)         -       (170)
Income tax benefit from
 discontinued operations           -        (15)         -        (66)
----------------------------------------------------------------------
Loss from discontinued
 operations                        -        (24)         -       (104)
----------------------------------------------------------------------
Net income                    $7,292     $6,200    $14,136    $12,171
----------------------------------------------------------------------
Basic earnings per common
 share (EPS)                   $0.65      $0.55      $1.26      $1.08
Diluted earnings per
 common share (DEPS)           $0.65      $0.55      $1.25      $1.07
Weighted Average Shares
 Outstanding:
Basic                     11,201,052 11,273,724 11,216,940 11,266,648
Diluted                   11,258,581 11,344,480 11,277,032 11,341,847 

For the period:

Return on average assets        1.47%      1.31%      1.45%      1.31%
Return on average equity       14.74%     13.19%     14.42%     13.09%
Return on average tangible
 equity                        21.61%     19.87%     21.14%     19.77%
Cash dividends per share       $0.26     $0.255      $0.52      $0.51
At period end:
Book value per share          $17.71     $16.83     $17.71     $16.83
Market value                  $32.99     $32.50     $32.99     $32.50


                    First Community Bancshares Inc.
                     Quarterly Performance Summary
                           Income Statements
  (Dollars in Thousands Except Share and Per Share Data)(Unaudited)

                            As of and for the Quarter Ended
                          -------------------------------------
                             June 30,    March 31,   Dec. 31, 
                               2006        2006       2005
                          ------------ ----------- -----------

Interest Income 

Interest and fees on loans
 held for investment          $24,506     $23,925     $23,720
Interest on securities-
 taxable                        3,224       2,877       3,322
Interest on securities-
 nontaxable                     1,816       1,826       1,854
Interest on federal funds
 sold and deposits                479         295         341
                          ------------ ----------- -----------
   Total interest
    income                     30,025      28,923      29,237
                          ------------ ----------- -----------
Interest Expense 

Interest on deposits            8,326       7,647       7,225
Interest on borrowings          3,526       3,211       3,380
                          ------------ ----------- -----------
   Total interest
    expense                    11,852      10,858      10,605
                          ------------ ----------- -----------
Net interest income            18,173      18,065      18,632
Provision for loan losses         811         408         882
                          ------------ ----------- -----------
Net interest income after
 provision for loan
 losses                        17,362      17,657      17,750
                          ------------ ----------- -----------
Non-Int Income 

Wealth management income          732         683         716
Service charges on deposit
 accounts                       2,655       2,417       2,664
Other service charges,
 commissions and fees             711         740         723
(Loss) gain on sale of
 securities                       (94)        160          74
Other operating income          1,516       1,148       4,804
                          ------------ ----------- -----------
   Total non-interest
    income                      5,520       5,148       8,981
                          ------------ ----------- -----------
Non-Int Expense 

Salaries and employee
 benefits                       6,782       7,901       7,450
Occupancy expense of bank
 premises                       1,011       1,040         992
Furniture and equipment
 expense                          858         850       1,154
Amortization of intangible
 assets                           144          90         102
Prepayment penalties on
 FHLB advances                      -           -       3,794
Other operating expense         3,793       3,452       3,184
                          ------------ ----------- -----------
   Total non-
    interest
    expense                    12,588      13,333      16,676
                          ------------ ----------- -----------
Income before income
 taxes-continuing
 operations                    10,294       9,472      10,055
Income tax expense-
 continuing operations          3,002       2,628       2,819
                          ------------ ----------- -----------
 Income from
  continuing
  operations                    7,292       6,844       7,236
                          ------------ ----------- -----------
Loss before tax-
 discontinued operations            -           -         (27)
Income tax benefit
 -discontinued operations           -           -         (11)
                          ------------ ----------- -----------
   Loss from
    discontinued
    operations                      -           -         (16)
                          ------------ ----------- -----------
   Net income                  $7,292      $6,844      $7,220
                          ============ =========== ===========
Per Share Data 

Basic EPS                       $0.65       $0.61       $0.64
Diluted EPS                     $0.65       $0.61       $0.64
Basic EPS from continuing
 operations                     $0.65       $0.61       $0.64
Diluted EPS from
 continuing operations          $0.65       $0.61       $0.64
Cash dividends per share        $0.26       $0.26      $0.255
Weighted Average Shares
 Outstanding:
Basic                      11,201,052  11,233,005  11,268,496
Diluted                    11,258,581  11,311,743  11,340,526
Actual shares outstanding
 at period end             11,176,455  11,214,584  11,251,803
Book Value per share at
 period end                    $17.71      $17.49      $17.29
Market Value per share at
 period end                    $32.99      $31.98      $31.16


                    First Community Bancshares Inc.
                     Quarterly Performance Summary
                           Income Statements
  (Dollars in Thousands Except Share and Per Share Data)(Unaudited)


                                       As of and for the
                                         Quarter Ended
                                     -----------------------
                                      Sept. 30,    June 30,
                                        2005        2005
                                     ----------- -----------
Interest Income

Interest and fees on loans held for
 investment                           $23,263     $22,192
Interest on securities-taxable          2,904       2,555
Interest on securities-nontaxable       1,783       1,865
Interest on federal funds sold and
 deposits                                 343         178
                                   ----------- -----------
   Total interest income               28,293      26,790
                                   ----------- -----------
Interest Expense 

Interest on deposits                    6,296       5,547
Interest on borrowings                  3,276       2,721
                                   ----------- -----------
   Total interest expense               9,572       8,268
                                   ----------- -----------
Net interest income                    18,721      18,522
Provision for loan losses               1,060       1,073
                                   ----------- -----------
Net interest income after
 provision for loan losses             17,661      17,449
                                   ----------- -----------
Non-Int Income 

Wealth management income                  757         793
Service charges on deposit accounts     2,660       2,623
Other service charges, commissions
 and fees                                 733         671
(Loss) gain on sale of securities         536         121
Other operating income                    346         362
                                   ----------- -----------
   Total non-interest income            5,032       4,570
                                   ----------- -----------
Non-Int Expense 

Salaries and employee benefits          7,260       7,452
Occupancy expense of bank premises      1,000         968
Furniture and equipment expense           855         813
Amortization of intangible assets         112         111
Prepayment penalties on FHLB
 advances                                   -           -
Other operating expense                 3,891       3,957
                                   ----------- -----------
   Total non-interest expense          13,118      13,301
                                   ----------- -----------
Income before income taxes-
 continuing operations                  9,575       8,718
Income tax expense-continuing
 operations                             2,641       2,494
                                   ----------- -----------
 Income from continuing operations      6,934       6,224
                                   ----------- -----------
Loss before tax-discontinued
 operations                               (36)        (39)
Income tax benefit -discontinued
 operations                               (14)        (15)
                                   ----------- -----------
   Loss from discontinued
    operations                            (22)        (24)
                                   ----------- -----------
   Net income                          $6,912      $6,200
                                   =========== ===========
Per Share Data 

Basic EPS                               $0.61       $0.55
Diluted EPS                             $0.61       $0.55
Basic EPS from continuing
 operations                             $0.61       $0.55
Diluted EPS from continuing
 operations                             $0.61       $0.55
Cash dividends per share               $0.255      $0.255

Weighted Average Shares Outstanding:

Basic                              11,275,156  11,273,724
Diluted                            11,342,912  11,344,480
Actual shares outstanding at 
 period end                        11,273,248  11,274,391
Book Value per share at period end     $17.15      $16.83
Market Value per share at period end   $29.34      $32.50


                   First Community Bancshares, Inc.
                       Quarterly Balance Sheets
                              (Unaudited)

                                 June 30,      March 31,    Dec. 31, 
                                   2006          2006         2005
                                ----------    -----------  ----------
                                        (Dollars in thousands)

Cash and due from banks           $43,620      $46,953       $46,872
Interest-bearing deposits
 with banks                        29,714       59,005        10,667
Securities available for
 sale                             405,761      396,691       404,381
Securities held to
 maturity                          20,641       22,789        24,173
Loans held for sale                 1,293          848         1,274
Loans held for
 investment, net of
 unearned income                1,318,943    1,329,666     1,331,039
   Less allowance for
    loan losses                    14,710       14,797        14,736
                               -----------  -----------    ----------
Net loans                       1,304,233    1,314,869     1,316,303
Premises and equipment             35,888       35,636        34,993
Other real estate owned               910          867         1,400
Interest receivable                10,179       10,664        10,232
Intangible assets                  60,883       61,028        61,119
Other assets                       66,510       39,512        41,069
                               -----------  -----------    ----------
   Total Assets                 1,979,632    1,988,862     1,952,483
                               -----------  -----------    ----------
Deposits:
   Demand                        $253,664     $246,521      $230,542
   Interest-bearing
    demand                        139,861      149,039       144,314
   Savings                        344,436      362,677       355,184
   Time                           675,165      683,853       675,904
                               -----------  -----------    ----------
         Total Deposits         1,413,126    1,442,090     1,405,944
Interest, taxes and other
 liabilities                       14,938       15,471        16,153
Federal funds purchased                 -            -        82,500
Securities sold under
 agreements to repurchase         149,507      131,009       124,154
FHLB and other
 indebtedness                     204,158      204,192       129,231
                               -----------  -----------    ----------
   Total Liabilities            1,781,729    1,792,762     1,757,982
                               -----------  -----------    ----------

Common stock, $1 par
 value                             11,499       11,499        11,496
Additional paid-in
 capital                          108,602      108,629       108,573
Retained earnings                  91,136       86,755        82,828
Treasury stock, at cost           (10,097)      (8,934)       (7,625)
Accumulated other
 comprehensive income
 (loss)                            (3,237)      (1,849)         (771)
                               -----------  -----------    ----------
   Total Stockholders'
    Equity                        197,903      196,100       194,501
                               -----------  -----------    ----------
   Total Liabilities and
   Stockholders' Equity         1,979,632    1,988,862     1,952,483 
                         -----------------  -----------    ----------


                   First Community Bancshares, Inc.
                       Quarterly Balance Sheets
                              (Unaudited)


                                               Sept. 30,     June 30,
                                                 2005          2005
                                              ------------   ---------
                                               (Dollars in thousands)

Cash and due from banks                        $48,122        $43,415
Interest-bearing deposits with banks            47,822         64,488
Securities available for sale                  410,057        366,981
Securities held to maturity                     24,723         29,854
Loans held for sale                              1,377          1,075
Loans held for investment, net of
 unearned income                             1,321,221      1,296,728
   Less allowance for loan losses               14,486         15,984
                                            -----------     ----------
Net loans                                    1,306,735      1,280,744
Premises and equipment                          35,640         35,796
Other real estate owned                          1,690            975
Interest receivable                             10,175          9,476
Intangible assets                               61,287         61,399
Other assets                                    39,886         41,055
                                            -----------     ----------
   Total Assets                              1,987,514      1,935,258
                                            -----------     ----------
Deposits:
   Demand                                     $237,455       $235,217
   Interest-bearing demand                     152,331        150,112
   Savings                                     375,027        350,189
   Time                                        681,225        662,381
                                            -----------     ----------
         Total Deposits                      1,446,038      1,397,899
Interest, taxes and other liabilities           15,169         15,122
Federal funds purchased                              -              -
Securities sold under agreements to
 repurchase                                    125,739        125,285
FHLB and other indebtedness                    207,180        207,231
                                            -----------     ----------
   Total Liabilities                         1,794,126      1,745,537
                                            -----------     ----------

Common stock, $1 par value                      11,496         11,496
Additional paid-in capital                     108,606        108,639
Retained earnings                               78,484         74,444
Treasury stock, at cost                         (6,897)        (6,864)
Accumulated other comprehensive income
 (loss)                                          1,699          2,006
                                            -----------     ----------
   Total Stockholders' Equity                  193,388        189,721
                                            -----------     ----------
   Total Liabilities and
   Stockholders' Equity                      1,987,514      1,935,258
                                            -----------     ----------

                   First Community Bancshares, Inc.
                    Selected Financial Information
                              (Unaudited)
 
                                      As of and for the Quarter Ended
                                 -------------------------------------
                                       June 30,   March 31,   Dec. 31,
                                        2006        2006       2005
                                 -------------------------------------
                                          (Dollars  in thousands)
Ratios

Return on average assets                1.47%       1.42%       1.44%
Return on average equity               14.74%      14.09%      14.69%
Return on average tangible equity      21.61%      20.42%      21.58%
Net interest margin                     4.28%       4.32%       4.27%
Efficiency Ratio for the quarter (a)   50.49%      56.38%      52.65%
Efficiency Ratio year-to-date (a)      53.39%      56.38%      53.83%
Equity as a percent of total
 assets at end of period               10.00%       9.86%       9.96%
Average earning assets as a
 percentage of average total assets    90.55%      91.39%      92.12%
Average loans as a percentage of
 average deposits                      92.87%      94.23%      92.34%

Average Balances

Investments                         $427,085    $426,953    $464,713
Loans                              1,328,768   1,335,080   1,326,858
Earning Assets                     1,797,214   1,790,870   1,826,221
Total Assets                       1,984,741   1,959,600   1,982,411
Deposits                           1,430,785   1,416,895   1,436,927
Interest-bearing deposits          1,190,489   1,185,265   1,202,972
Borrowings                           340,694     330,621     334,917
Interest-bearing Liabilities       1,531,183   1,515,886   1,537,889
Equity                               198,440     196,998     195,051
Tax-equivalent Net Interest
 Income                               19,161      19,059      19,641


   (a) Excludes securities gains/losses, intangible amortization,
foreclosed property expenses, non-recurring income and expense items,
and includes tax equivalency adjustment.


                   First Community Bancshares, Inc.
                    Selected Financial Information
                              (Unaudited)

                                                   As of and for the 
                                                     Quarter Ended
                                              ------------------------
                                                  Sept. 30,   June 30,
                                                    2005        2005
                                              ------------ -----------
                                                (Dollars in thousands)
Ratios

Return on average assets                             1.40%       1.31%
Return on average equity                            14.23%      13.19%
Return on average tangible equity                   21.08%      19.87%
Net interest margin                                  4.33%       4.51%
Efficiency Ratio for the quarter (a)                53.23%      54.57%
Efficiency Ratio year-to-date (a)                   54.23%      54.75%
Equity as a percent of total
 assets at end of period                             9.73%       9.80%
Average earning assets as a
 percentage of average total assets                 92.09%      91.95%
Average loans as a percentage of
 average deposits                                   92.94%      92.48%

Average Balances

Investments                                      $444,720    $416,279
Loans                                           1,320,434   1,299,358
Earning Assets                                  1,804,504   1,739,147
Total Assets                                    1,959,583   1,891,333
Deposits                                        1,420,799   1,405,086
Interest-bearing deposits                       1,187,958   1,176,779
Borrowings                                        331,142     284,562
Interest-bearing Liabilities                    1,519,100   1,461,341
Equity                                            192,648     188,532
Tax-equivalent Net Interest
 Income                                            19,691      19,535

   (a) Excludes securities gains/losses, intangible amortization,
foreclosed property expenses, non- recurring income and expense items,
and includes tax equivalency adjustment.


                   First Community Bancshares, Inc.
                    Selected Financial Information
                              (Unaudited)

                              As of and for the Quarter Ended
                   ---------------------------------------------------
                       June 30,  March 31, Dec. 31, Sept. 30, June 30,
                         2006      2006     2005      2005     2005
                   -------------- -------- -------- --------- --------
                                 (Dollars in thousands)
Asset Quality Analysis:

A

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