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Community Bankers Trust Corp (ESXB) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

SEC Filings

Community Bankers Trust Corp

CIK: 1323648 Ticker: ESXB

Exhibit 99.1 

 

Community Bankers Trust Corporation Reports Results for Fourth Quarter and Year 2014

 

Non-covered loans increased $20.5 million for the quarter and $63.8 million for the year.

 

Net income available to common shareholders increased 24.6% for the fourth quarter and 51.8% during the year.

 

Earnings per share increased 25.0% for the fourth quarter and 50.0% for the year.

 

Conference Call on Friday, January 30, 2015, at 10:00 a.m. Eastern Time

 

Richmond, VA, January 30, 2015

- Community Bankers Trust Corporation (the “Company”) (NASDAQ: ESXB), the holding company for Essex Bank (the “Bank”), today reported results for the fourth quarter and year ended December 31, 2014.

 

operating Highlights

 

·Non-covered loans grew $20.5 million, or 3.2%, during the fourth quarter and $63.8 million, or 10.7%, during the 2014 year.
·Retail deposits grew $58.0 million, or 7.4%, during 2014, of which $14.4 million, or 20.6%, were in non-interest bearing demand deposit accounts.
·The Company reduced its level of brokered time deposits $31.6 million, or 30.1%, during fiscal 2014; these deposits had been used in part to fund the disposition of the Georgia franchise in November 2013.
·During the fourth quarter, the Bank entered into a $30.0 million notional value interest rate swap and increased its level of Federal Home Loan Bank (FHLB) borrowings. The swap fixes five-year funding at 1.69%.
·Despite an increase in nonaccrual loans, overall asset quality remained sound with no provision for loan losses. The ratio of the allowance for loan losses to total non-covered loans was 1.40% at December 31, 2014.

 

Financial HIGHLIGHTS

 

·Net income available to common shareholders increased 51.8% to $7.3 million for the fiscal year ended December 31, 2014, as compared with $4.8 million for fiscal 2013.
·Net income available to common shareholders was $2.3 million for the fourth quarter of 2014, increasing $446,000, or 24.6%, from the third quarter of 2014 and $1.3 million, or 147.2%, from the fourth quarter of 2013.
·Fully diluted earnings per common share were $0.33 for the year ended December 31, 2014, compared with $0.22 for the year ended December 31, 2013.
·Fully diluted earnings per common share were $0.10 for the fourth quarter of 2014, compared with $0.08 in the third quarter of 2014 and $0.04 for the fourth quarter of 2013.

 

MANAGEMENT COMMENTS

 

Rex L. Smith, III, President and Chief Executive Officer, stated, “The Company finished 2014 with a substantial increase in loan growth and a corresponding increase in net income. Core loan growth during the year was $84 million before accounting for the sale of over $20 million of previously purchased USDA loans, resulting in net loan growth of $64 million. This was the largest loan growth we have seen in over four years and is indicative of the strength of the markets in which we operate. We also had solid growth of over $58 million in our core deposits, of which approximately 21% were in demand deposits.

 

Smith added, “While non-accrual loans increased in the fourth quarter, the increase is isolated to a single relationship and management thought it prudent to classify these assets in non-accrual status. While the level of non-accrual loans increased, the level of both substandard and special mention non-covered loans has improved each of the last five quarters, pointing to an overall improvement in asset quality.”

 


The following information was filed by Community Bankers Trust Corp (ESXB) on Friday, January 30, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Consolidated Balance Sheets
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Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Income
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Accumulated Other Comprehensive Income (loss)
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Accumulated Other Comprehensive Income (loss) (summary Of Accumulated Other Comprehensive (loss) Income) (details)
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Borrowings
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Loans Not Covered By Fdic Shared-loss Agreement (non-covered Loans) And Related Allowance For Loan Losses (narrative) (details)
Loans Not Covered By Fdic Shared-loss Agreement (non-covered Loans) And Related Allowance For Loan Losses (non-covered Loans Evaluated For Impairment Footnote) (details)
Loans Not Covered By Fdic Shared-loss Agreement (non-covered Loans) And Related Allowance For Loan Losses (non-covered Loans Evaluated For Impairment) (details)
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Loans Not Covered By Fdic Shared-loss Agreement (non-covered Loans) And Related Allowance For Loan Losses (reconciliation Of Impaired Loans To Nonaccrual Loans) (details)
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Nature Of Banking Activities And Significant Accounting Policies
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Ticker: ESXB
CIK: 1323648
Form Type: 10-K Annual Report
Accession Number: 0001144204-15-015846
Submitted to the SEC: Fri Mar 13 2015 12:17:32 PM EST
Accepted by the SEC: Fri Mar 13 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

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