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Community Bankers Trust Corp (ESXB) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

Community Bankers Trust Corp

CIK: 1323648 Ticker: ESXB

 

Exhibit 99.1

 

Community Bankers Trust Corporation Reports Results for Second Quarter of 2019

 

Net income was $3.5 million for the second quarter and $7.0 million for the first six months of 2019.

 

Conference Call on Friday, July 26, 2019, at 10:00 a.m. Eastern Time

 

Richmond, VA, July 26, 2019 - Community Bankers Trust Corporation (the “Company”) (NASDAQ: ESXB), the holding company for Essex Bank (the “Bank”), today reported results for the second quarter and first six months of 2019.

 

Income Statement- Three Months ended June 30, 2019 compared with Three Months ended March 31, 2019

·Net income of $3.5 million for the second quarter of 2019 is an increase of $41,000, or 1.2%, on a linked quarter basis.
·Interest and fees on loans increased $221,000, or 1.8%.
·Interest expense increased $225,000, or 6.1%.
·Noninterest income increased $437,000, or 43.1%.
·There was a provision for loan losses of $125,000 in the second quarter of 2019.
·Basic and diluted earnings per common share were $0.16 in each of the first and second quarters of 2019.
·Return on average assets, annualized, was 1.01% and return on average equity, annualized, was 9.79% in the second quarter.

 

Income Statement- Six Months ended June 30, 2019 compared with Six Months ended June 30, 2018

·Net income of $7.0 million is an increase of $671,000, or 10.5%.
·Interest income of $31.7 million is an increase of $3.1 million, or 10.9%.
·Interest and fees on loans increased $2.8 million, or 12.7%.
·Net interest income increased $1.0 million, or 4.4%.
·Return on average assets, annualized, was 1.01% and return on average equity, annualized, was 9.90% for the first six months of 2019.

 

Income Statement- Three Months ended June 30, 2019 compared with Three Months ended June 30, 2018

·Net income of $3.5 million for the second quarter of 2019 is a decrease year-over-year of $238,000, or 6.3%.
·Interest and dividend income increased $1.4 million, or 9.6%, in the second quarter of 2019 over the same period in 2018, led by interest and fees on loans, which increased $1.3 million, or 11.3%.
·Net interest income increased $353,000, or 3.0%, year-over-year.
·Noninterest income increased by $316,000, or 27.8%.
·One-time costs were $254,000 in the second quarter of 2019 and included $210,000 associated with the closing of an underperforming branch and $44,000 in one-time pension costs from a senior officer retirement.
·Net interest margin has remained stable at 3.69% in the second quarter compared with 3.73% the same period one year ago.

 

Balance Sheet- Year-over-Year June 30, 2019 compared with June 30, 2018

·Loans grew $56.9 million, or 5.9%, from $967.4 million at June 30, 2018 to $1.024 billion at June 30, 2019.
·Noninterest bearing deposits grew $28.4 million, or 18.7%, year-over-year and totaled $180.4 million, representing 14.8% of total deposits, an increase from 13.5% one year ago.
·Deposits increased $92.3 million, or 8.2%.
·Federal Home Loan Bank borrowings declined $42.0 million, in part, due to growth in noninterest bearing accounts.
·Other real estate owned was $983,000 at June 30, 2019, down from $3.1 million at June 30, 2018.

 

MANAGEMENT COMMENTS

 

Rex L. Smith, III, President and Chief Executive Officer, stated, “The Company experienced better than expected balance sheet growth as total assets were $31.9 million higher than the prior quarter end and $77.3 million higher year over year. The second quarter was characterized by sound loan growth in terms of both size and quality, strong demand deposit growth, and increased noninterest income. Total loans grew $56.9 million since June 30, 2018, and the yield on loans increased by 26 basis points from the second quarter of 2018. Additionally, noninterest bearing deposit growth exceeded expectations, ending the quarter at $180.4 million, up over 18% year over year.”

 


The following information was filed by Community Bankers Trust Corp (ESXB) on Friday, July 26, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Community Bankers Trust Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders??? Equity
Consolidated Statements Of Changes In Shareholders??? Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Effects Of Reclassifications Out Of Aoci) (Details)
Accumulated Other Comprehensive (Loss) Income (Summary Of Accumulated Other Comprehensive Income) (Details)
Accumulated Other Comprehensive (Loss) Income (Tables)
Cash Flow Hedge
Cash Flow Hedge (Narrative) (Details)
Deposits
Deposits (Summary Of Interest Bearing Deposits) (Details)
Deposits (Tables)
Earnings Per Common Share
Earnings Per Common Share (Computation Of Earnings Per Share) (Details)
Earnings Per Common Share (Narrative) (Details)
Earnings Per Common Share (Tables)
Employee Benefit Plan
Employee Benefit Plan (Components Of Net Periodic Benefit Cost For Plan) (Details)
Employee Benefit Plan (Narrative) (Details)
Employee Benefit Plan (Tables)
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)
Leases
Leases (Details)
Leases (Maturities Of The Gross Operating Lease Liability) (Details)
Leases (Operating Lease Liabilities) (Details)
Leases (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 (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 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)
Nature Of Banking Activities And Significant Accounting Policies
Nature Of Banking Activities And Significant Accounting Policies (Narrative) (Details)
Other Real Estate Owned
Other Real Estate Owned (Schedule Of Other Real Estate Owned) (Details)
Other Real Estate Owned (Tables)
Pci Loans And Related Allowance For Loan Losses
Pci Loans And Related Allowance For Loan Losses (Narrative) (Details)
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) (Details)
Pci Loans And Related Allowance For Loan Losses (Summary Of Covered Loans) (Details)
Pci Loans And Related Allowance For Loan Losses (Tables)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (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) (Details)
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)

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

Ticker: ESXB
CIK: 1323648
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-007648
Submitted to the SEC: Thu Aug 08 2019 10:17:19 AM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: State Commercial Banks

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