Community Bankers Trust Corp (ESXB) 10-K Annual Report Thu Mar 15 2018

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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Material Contracts, Statements, Certifications & more

Community Bankers Trust Corp provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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

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