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Community Bankers Trust Corp (ESXB) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

SEC Filings

Community Bankers Trust Corp

CIK: 1323648 Ticker: ESXB

Exhibit 99.1

 

Community Bankers Trust Corporation Reports Results for the Fourth Quarter and Year 2019

 

Net income was $4.0 million for the fourth quarter and $15.7 million for the year 2019.

 

Conference Call on Friday, January 24, 2020, at 10:00 a.m. Eastern Time

 

Richmond, VA, January 24, 2020

- 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, 2019.

 

Income Statement- Three Months ended December 31, 2019 compared with Three Months ended September 30, 2019

·Net income of $4.0 million for the fourth quarter of 2019 compares with third quarter 2019 net income of $4.6 million.
·Third quarter net income exceeded fourth quarter net income by $568,000 as the third quarter was boosted by a $1.1 million payoff of a purchased credit impaired (“PCI”) loan with no carrying value.
·Loans grew $23.8 million, or 2.3%, during the fourth quarter of 2019, fueling interest income.
·Low cost NOW accounts grew $22.9 million, or 15.5%, during the fourth quarter of 2019.
·There was a provision for loan losses of $200,000 recognized in the fourth quarter of 2019 as a result of robust loan growth.
·Interest on deposits declined $183,000, or 4.9%, on a linked quarter basis.
·Noninterest expenses declined $562,000, or 6.1%, on a linked quarter basis.
·Net interest margin was 3.74% in the fourth quarter of 2019 and reflected a reduction in the cost of interest bearing liabilities from 1.49% in the third quarter to 1.43% in the fourth quarter of 2019.
·Return on average assets, annualized, was 1.14% and return on average equity, annualized, was 10.42% in the fourth quarter.

 

Income Statement- Year ended December 31, 2019 compared with Year ended December 31, 2018

·Net income of $15.7 million for the year 2019 is an increase of $2.0 million, or 14.7%.
·Interest and dividend income of $65.4 million is an increase of $6.2 million, or 10.5%.
·Interest and fees on loans increased $5.3 million, or 11.4%.
·Net interest income of $50.0 million for 2019 is an increase of $2.8 million, or 5.9%, over 2018.
·Noninterest income of $5.4 million for 2019 is an increase of $891,000, or 20.0%.
·Noninterest expenses increased by $852,000, or 2.4%.
·Return on average assets was 1.11% and return on average equity was 10.63% for 2019.

 

Income Statement- Three Months ended December 31, 2019 compared with Three Months ended December 31, 2018

·Net income of $4.0 million for the fourth quarter of 2019 is an increase year-over-year of $688,000, or 20.5%.
·Interest and dividend income increased $769,000, or 5.0%, in the fourth quarter of 2019 over the same period in 2018, led by interest and fees on loans, which increased $1.1 million, or 9.3%.
·Noninterest income increased by $294,000, or 27.1%.
·Noninterest expenses decreased by $365,000, or 4.0%.
·Net interest margin has remained stable and was 3.74% in the fourth quarter of 2019 compared with 3.78% for the same period in 2018.

 

Balance Sheet- December 31, 2019 compared with December 31, 2018

·Loans grew $64.6 million, or 6.5%, from $993.7 million at December 31, 2018 to $1.058 billion at December 31, 2019.
·Noninterest bearing deposits grew $13.5 million, or 8.2%, year-over-year and totaled $178.6 million, representing 15.3% of total deposits, an increase from 14.2% one year ago.
·Growth in noninterest bearing deposits enabled the Bank to lower time deposits by $17.2 million, or 2.8%.
·The ratio of loans-to-deposits increased from 88.6% at December 31, 2018 to 93.8% at December 31, 2019.
·Shareholders’ equity increased by $18.0 million, or 13.1%, year-over-year.
·The ratio of nonperforming assets to loans and other real estate at December 31, 2019 was 0.92% versus 1.07% one year prior.
·The ratio of the allowance for loan losses to nonaccrual loans at December 31, 2019 was 159.28% versus 94.57% one year ago.

 


The following information was filed by Community Bankers Trust Corp (ESXB) on Friday, January 24, 2020 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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Inside Community Bankers Trust Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual 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 (Effects Of Reclassifications Out Of Aoci) (Details)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Summary Of Accumulated Other Comprehensive (Loss) Income) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Bank Premises And Equipment Held For Sale
Bank Premises And Equipment Held For Sale (Details)
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)
Earnings Per Share
Earnings Per Share (Computation Of Earnings Per Share) (Details)
Earnings Per Share (Narrative) (Details)
Earnings Per 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)
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) (Details)
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)
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)
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 (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)
Minimum Regulatory Capital Requirements (Tables)
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 Operating Expenses
Other Operating Expenses (Narrative) (Details)
Other Operating Expenses (Summary Of Other Noninterest Expense) (Details)
Other Operating Expenses (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 And Comprehensive 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) (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)
Premises And Equipment
Premises And Equipment (Narrative) (Details)
Premises And Equipment (Summary Of The Bank Premises And Equipment) (Details)
Premises And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
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)
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: 0001558370-20-002663
Submitted to the SEC: Fri Mar 13 2020 4:19:31 PM EST
Accepted by the SEC: Fri Mar 13 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks

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