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Community Bankers Trust Corp (ESXB) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

SEC Filings

Community Bankers Trust Corp

CIK: 1323648 Ticker: ESXB

 

Exhibit 99.1

 

Community Bankers Trust Corporation Reports Results for Fourth Quarter and Year 2017

 

Conference Call on Tuesday, January 30, 2018, at 10:00 a.m. Eastern Time

 

Richmond, VA, January 30, 2018 – Community Bankers Trust Corporation (the “Company”) (NASDAQ: ESXB), the holding company for Essex Bank (the “Bank”), today reported unaudited results for the fourth quarter and year ended December 31, 2017.

 

OPERATING HIGHLIGHTS

 

·Gross loans, excluding purchase credit impaired (PCI) loans, grew $52.0 million, or 5.8%, during the fourth quarter of 2017 and $105.7 million, or 12.6%, since year-end 2016.
·Commercial loans grew $22.4 million, or 16.4%, during the fourth quarter of 2017.
·Noninterest bearing deposits grew $24.1 million, or 18.7%, during 2017.
·Noninterest bearing deposits were 14.0% of total deposits at December 31, 2017 compared with 12.4% at December 31, 2016.
·Essex Bank opened three full-service banking facilities during 2017 in strong metropolitan areas.

 

FINANCIAL HIGHLIGHTS

 

·Fourth quarter 2017 net loss was $640,000, or $0.03 per common share, after recording a one-time charge of $3.5 million to income tax expense due to the new 21% tax rate established by the Tax Cuts and Jobs Act of 2017 (the “Act”) enacted in December 2017.
·For the year ended December 31, 2017, net income was $7.2 million, or $0.33 per common share basic and $0.32 fully diluted, compared with net income of $9.9 million, or $0.45 per common share basic and fully diluted for 2016.
·Pre-tax income was $3.6 million for the fourth quarter of 2017 compared with $3.3 million in the third quarter of 2017, an increase of $241,000, or 7.2%.
·For the year ended December 31, 2017, pre-tax income was $14.1 million, an increase of $368,000, or 2.7%, over pre-tax net income of $13.7 million for the year ended December 31, 2016.
·There was a provision for loan losses of $400,000 in the fourth quarter of 2017 to support strong loan growth. This compares with a provision for loan losses of $150,000 in the third quarter of 2017 and a credit of $284,000 to the provision in the fourth quarter of 2016.
·A reconciliation of net income and earnings per share before and after the effect of the Act are presented in a non-GAAP presentation at the end of this release.

 

MANAGEMENT COMMENTS

 

Rex L. Smith, III, President and Chief Executive Officer, stated, “I am pleased with the overall results of both the fourth quarter and the full year 2017. Our patience and diligence allowed us to grow loan and deposit relationships in the types of products and rate structures that make sense for the anticipated rising rate environment. This allowed us to finish with a strong net income number, prior to the one-time write-down of our deferred tax asset (DTA). This is especially encouraging since it also includes opening three branches in 2017. Both loans and retail deposits finished the year with double digit growth and, without regard to the DTA adjustment, net income would have been $10.8 million, or $0.49 a share, while return on assets and return on equity would have been 0.84% and 8.82%, respectively. Additionally, we continue to see improvement in our credit quality as evidenced by our total non-performing assets as a percentage of total assets.”

 

“For 2017, we continued to create significant value through a combination of de novo branching strategy, diversified loan growth and a substantial change in the core deposit mix. The new offices we opened in the past several years continue to give us the opportunity to grow low cost deposits and thus lower our overall cost of funds and dependence on non-core funding. Combined with our discipline in loan pricing, this should allow us to continue our income growth for 2018.”

 


The following information was filed by Community Bankers Trust Corp (ESXB) on Tuesday, January 30, 2018 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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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (effects Of Reclassifications Out Of Aoci) (details)
Accumulated Other Comprehensive Income (loss) (summary Of Accumulated Other Comprehensive (loss) Income) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Borrowings
Borrowings (information For Borrowings Balances, Rates, And Maturities) (details)
Borrowings (maturities Of Fixed Rate Long-term Debt) (details)
Borrowings (narrative) (details)
Borrowings (tables)
Cash Flow Hedge
Cash Flow Hedge (narrative) (details)
Concentration Of Credit Risk
Concentration Of Credit Risk (narrative) (details)
Deposits
Deposits (scheduled Maturities Of Time Deposits) (details)
Deposits (summary Of Interest Bearing Deposits) (details)
Deposits (tables)
Dividend Limitations On Affiliate Bank
Dividend Limitations On Affiliate Bank (narrative) (details)
Earnings (loss) Per Common Share
Earnings (loss) Per Common Share (computation Of Earnings Per Share) (details)
Earnings (loss) Per Common Share (narrative) (details)
Earnings (loss) Per Common Share (tables)
Employee Benefit Plan
Employee Benefit Plan (components Of Net Periodic Benefit Cost For Plan) (details)
Employee Benefit Plan (narrative) (detail)
Employee Benefit Plan (tables)
Employee Benefit Plans (estimated Amounts That Will Amortize From Accumulated Other Comprehensive Income Into Net Periodic Benefit Cost) (details)
Employee Benefit Plans (estimated Future Contributions And Benefit Payments, Which Reflect Expected Future Service) (details)
Employee Benefit Plans (fair Value Of Plan Assets) (details)
Employee Benefit Plans (other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income) (detail)
Employee Benefit Plans (pension Plan's Weighted-average Asset Allocations By Asset Category) (details)
Employee Benefit Plans (schedule Of Defined Benefit Plans Amount Recognized In Financial Statement) (details)
Employee Benefit Plans (schedule Of Defined Benefit Plans Change In Benefit Obligation) (details)
Employee Benefit Plans (schedule Of Defined Benefit Plans Change In Plan Assets) (details)
Employee Benefit Plans (weighted-average Assumptions Used In The Measurement Of The Company's Benefit Obligation And Net Periodic Benefit Cost) (details)
Fair Values Of Assets And Liabilities
Fair Values Of Assets And Liabilities (assets And Liabilities Measured At Fair Value On Nonrecurring Basis) (details)
Fair Values Of Assets And Liabilities (assets And Liabilities Recorded At Fair Value On Recurring Basis) (details)
Fair Values Of Assets And Liabilities (narrative) (details)
Fair Values Of Assets And Liabilities (summary Of Fair Value Of Financial Instruments) (details)
Fair Values Of Assets And Liabilities (tables)
Fdic Agreements And Fdic Indemnification Asset
Fdic Agreements And Fdic Indemnification Asset (narrative) (details)
Fdic Agreements And Fdic Indemnification Asset (summary Balances Of Fdic Indemnification Asset) (details)
Fdic Agreements And Fdic Indemnification Asset (tables)
Financial Instruments With Off-balance Sheet Risk
Financial Instruments With Off-balance Sheet Risk (summary Of The Contract Amounts Of The Bank's Exposure To Off-balance Sheet Risk) (details)
Financial Instruments With Off-balance Sheet Risk (tables)
Income Taxes
Income Taxes (allocation Of The Income Tax Expense Between Current And Deferred Portions) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of The Expected Income Tax Expense With The Reported Expense) (details)
Income Taxes (tables)
Income Taxes (tax Effects Of Temporary Differences On The Deferred Tax Assets And Deferred Tax Liabilities) (details)
Lease Commitments
Lease Commitments (narrative) (details)
Lease Commitments (summary Of Non-cancelable Operating Leases For Bank Premises That Have Initial Or Remaining Terms) (details)
Lease Commitments (tables)
Loans And Related Allowance For Loan Losses
Loans And Related Allowance For Loan Losses (age Analysis Of Past Due Status Of Loans, Excluding Pci Loans) (details)
Loans And Related Allowance For Loan Losses (allowance For Loan Losses On Loans, Excluding Pci Loans, By Segment) (details)
Loans And Related Allowance For Loan Losses (information Relating To Loans Modified As Tdrs) (details)
Loans And Related Allowance For Loan Losses (loans Evaluated For Impairment) (details)
Loans And Related Allowance For Loan Losses (loans, Excluding Pci Loans, By Credit Quality Indicator) (details)
Loans And Related Allowance For Loan Losses (narrative) (details)
Loans And Related Allowance For Loan Losses (reconciliation Of Impaired Loans To Nonaccrual Loans) (details)
Loans And Related Allowance For Loan Losses (summary Of Financial Receivable Impaired Average Recorded Investment) (details)
Loans And Related Allowance For Loan Losses (summary Of Information Related To Impaired Loans) (details)
Loans And Related Allowance For Loan Losses (summary Of Loans) (details)
Loans And Related Allowance For Loan Losses (tables)
Minimum Regulatory Capital Requirements
Minimum Regulatory Capital Requirements (summary Of The Company's And The Banks Actual Capital Amounts And Ratios) (details)
Nature Of Banking Activities And Significant Accounting Policies
Nature Of Banking Activities And Significant Accounting Policies (narrative) (details)
Nature Of Banking Activities And Significant Accounting Policies (policies)
Other Intangibles
Other Intangibles (narrative) (details)
Other Intangibles (other Intangible Assets) (detail)
Other Intangibles (tables)
Other Operating Expense
Other Operating Expense (narrative) (details)
Other Operating Expense (summary Of Other Noninterest Expense) (details)
Other Operating Expense (tables)
Other Real Estate Owned
Other Real Estate Owned (schedule Of Other Real Estate Owned) (details)
Other Real Estate Owned (tables)
Parent Corporation Only Financial Statements
Parent Corporation Only Financial Statements (parent Company Only Balance Sheets Footnote) (details)
Parent Corporation Only Financial Statements (parent Company Only Balance Sheets) (details)
Parent Corporation Only Financial Statements (parent Company Only Statements Of Cash Flows) (details)
Parent Corporation Only Financial Statements (parent Company Only Statements Of Income) (details)
Parent Corporation Only Financial Statements (tables)
Pci Loans And Related Allowance For Loan Losses
Pci Loans And Related Allowance For Loan Losses (narrative) (detail)
Pci Loans And Related Allowance For Loan Losses (summary Of Changes In Accretable Yield) (details)
Pci Loans And Related Allowance For Loan Losses (summary Of Covered Loans Collectively Evaluated For Impairment In The Allowance For Loan Losses) (detail)
Pci Loans And Related Allowance For Loan Losses (summary Of Covered Loans) (detail)
Pci Loans And Related Allowance For Loan Losses (tables)
Premises And Equipment
Premises And Equipment (narrative) (details)
Premises And Equipment (summary Of The Bank Premises And Equipment) (details)
Premises And Equipment (tables)
Quarterly Data (unaudited)
Quarterly Data (unaudited) (summary Of Quarterly Data) (details)
Quarterly Data (unaudited) (tables)
Related Party Transactions
Related Party Transactions (narrative) (details)
Related Party Transactions (schedule Of Activity Of Direct And Indirect Loans) (details)
Related Party Transactions (tables)
Securities
Securities (amortized Cost And Fair Value Of Securities By Contractual Maturity) (details)
Securities (amortized Costs And Fair Values Of Securities Available For Sale And Held To Maturity) (details)
Securities (narrative) (detail)
Securities (summary Of Fair Value And Gross Unrealized Losses For Securities Available For Sale) (details)
Securities (summary Of Realized Gains And Losses On Sales Of Securities) (details)
Securities (tables)
Stock Option Plans
Stock Option Plans (fair Value Of Each Option Granted Is Estimated On The Date Of Grant) (details)
Stock Option Plans (narrative) (details)
Stock Option Plans (summary Of Grants Shares Issued And Fair Market Value) (details)
Stock Option Plans (summary Of Non-vested Options And Restricted Stock Outstanding) (details)
Stock Option Plans (summary Of Options Outstanding) (details)
Stock Option Plans (tables)
Subsequent Events
Trust Preferred Capital Notes
Trust Preferred Capital Notes (narrative) (details)
Ticker: ESXB
CIK: 1323648
Form Type: 10-K Annual Report
Accession Number: 0001144204-18-014874
Submitted to the SEC: Thu Mar 15 2018 2:28:19 PM EST
Accepted by the SEC: Thu Mar 15 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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