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Community Bankers Trust Corp (ESXB) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

SEC Filings

Community Bankers Trust Corp

CIK: 1323648 Ticker: ESXB

 

Exhibit 99.1

 

Community Bankers Trust Corporation Reports Results for Fourth Quarter and Year 2020

 

Net income was $5.5 million in the fourth quarter of 2020. Net income was $15.5 million for the year 2020.

 

Conference Call on Friday, January 29, 2021, at 10:00 a.m. Eastern Time

 

Richmond, VA, January 29, 2021

- 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, 2020.

 

Financial HIGHLIGHTS

 

·Net income was $5.5 million for the quarter ended December 31, 2020, compared with net income of $4.5 million in the third quarter of 2020 and net income of $4.0 million in the fourth quarter of 2019.
·Net income for the year ended December 31, 2020 was $15.5 million, a decrease of $157,000 from $15.7 million for the year ended December 31, 2019, as the provision for loan losses of $4.2 million in 2020 was $3.9 million higher than in 2019 due to the economic uncertainties created by the coronavirus (COVID-19) pandemic.
·Net interest income was $14.0 million for the fourth quarter of 2020, a linked quarter increase of $1.3 million, or 10.1%.
·Interest on deposits declined $463,000 on a linked quarter basis and the associated cost declined from 0.96% to 0.77%.
·Diluted earnings per share were $0.24 for the fourth quarter of 2020 and $0.69 for the year ended December 31, 2020 compared with diluted earnings per share of $0.18 for the fourth quarter of 2019 and $0.70 for the year ended December 31, 2019.
·Return on average assets was 1.32% for the fourth quarter of 2020 and 0.99% for the year ended December 31, 2020 compared with return on average assets of 1.14% for the fourth quarter of 2019 and 1.11% for the year ended December 31, 2019.
·Return on average equity was 12.64% for the fourth quarter of 2020 and 9.58% for the year ended December 31, 2020 compared with 10.42% for the fourth quarter of 2019 and 10.63% for the year ended December 31, 2019.

 

operating Highlights

 

·Loans, excluding purchased credit impaired (PCI) loans, grew $4.7 million, or 0.4%, during the fourth quarter of 2020 and $124.0 million, or 11.7%, since year end 2019.
·Loan growth would have been $40.5 million, or 3.7%, during the fourth quarter of 2020 and $74.8 million, or 7.1%, for the year ended December 31, 2020 when excluding loans originated during 2020 under the Paycheck Protection Program (“PPP”) of the Small Business Administration (“SBA”).
·Nonperforming loans were $3.5 million at December 31, 2020, $2.7 million lower than one year earlier. The ratio of nonperforming assets to loans and other real estate was 0.67% at December 31, 2020 compared with 1.01% one year earlier.
·Deposits grew $29.4 million during the fourth quarter of 2020 as total checking balances and savings accounts grew by $62.1 million while more costly certificates of deposit accounts declined by $28.7 million.
·Total deposits grew $235.3 million, or 20.2%, during 2020. Total checking, money market and savings accounts grew $250.9 million during 2020 while certificates of deposit declined $15.6 million.
·Net interest margin was 3.61% in the fourth quarter of 2020 compared with 3.35% in the third quarter of 2020 and 3.74% in the fourth quarter of 2019. For the year ended December 31, 2020, the net interest margin was 3.52% compared with 3.82% one year earlier.
·PPP loan balances, net of fees, declined from $85.1 million at September 30, 2020 to $49.3 million at December 31, 2020.

 

 

MANAGEMENT COMMENTS

 

Rex L. Smith, III, President and Chief Executive Officer, stated, “Given the volatile economic environment resulting from the COVID-19 pandemic, we are pleased with the Company’s results for the fourth quarter and the year 2020. After taking a prudent and cautious approach to the loan loss provision during the first and second quarters of 2020 that reflected the heightened risks associated with the pandemic, our net income has rebounded meaningfully as we have seen improving economic conditions in our markets. Our team has delivered robust year-over-year growth and improvement in several key areas including loan production, deposit mix, asset quality, and noninterest income. With regards to asset quality, while we have seen marked improvements from our forecasts earlier in 2020, we continue to vigilantly monitor credit quality given the risk of continued stress in certain sectors. On the interest expense front, we are currently benefitting from the impact of lower rates driving a reduction in our deposit expenses.”

 


The following information was filed by Community Bankers Trust Corp (ESXB) on Friday, January 29, 2021 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 Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Effects Of Reclassifications Out Of Aoci) (Details)
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive (Loss) Income) (Details)
Accumulated Other Comprehensive Income (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 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)
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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
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Fair Values Of Assets And Liabilities (Assets And Liabilities Recorded At Fair Value On Recurring Basis) (Details)
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Income Taxes
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Loans And Related Allowance For Loan Losses
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Loans And Related Allowance For Loan Losses (Allowance For Loan Losses On Loans, Excluding Pci Loans, By Segment) (Details)
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Loans And Related Allowance For Loan Losses (Summary Of Information Related To Impaired Loans) (Details)
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Loans And Related Allowance For Loan Losses (Tables)
Minimum Regulatory Capital Requirements
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Nature Of Banking Activities And Significant Accounting Policies
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Nature Of Banking Activities And Significant Accounting Policies (Policies)
Other Operating Expenses
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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
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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)
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Premises And Equipment
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Premises And Equipment (Summary Of The Bank Premises And Equipment) (Details)
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Related Party Transactions
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Ticker: ESXB
CIK: 1323648
Form Type: 10-K Annual Report
Accession Number: 0001558370-21-003007
Submitted to the SEC: Mon Mar 15 2021 4:33:48 PM EST
Accepted by the SEC: Mon Mar 15 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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