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--Allowance for Loan Losses Increased to 2.21% of Total Loans, Excluding Covered Assets Community Bankers Trust Corporation (the "Company") (NYSE Amex: BTC), the holding company for Essex Bank (the "Bank"), reported preliminary results for the second quarter of 2009. The Company reported a net loss available to common stockholders for the second quarter of 2009 of $16.6 million, or $0.77 per basic and diluted share. This loss was primarily the result of a non-cash goodwill impairment charge of $24.0 million and a special assessment by the FDIC applicable to all banks of $583,000. The net tax effects of the goodwill impairment charge and the FDIC special assessment were $15.9 million and $384,000, respectively. The second quarter results also reflected $265,000 of dividends and accretion costs associated with the Company's TARP investment. Excluding the goodwill impairment charge, the FDIC special assessment, and the costs associated with TARP, the Company would have had net operating income of $56,000, or $0.00 per basic and diluted share, for the second quarter. The Company is required to assess the value of its goodwill for impairment periodically, which was performed during the second quarter of 2009, one year following the consummation of the Company's mergers on May 31, 2008 with TransCommunity Financial Corporation and BOE Financial Services of Virginia, Inc. The assessment resulted in a goodwill impairment that reflected the decline in overall general economic conditions, rapid change in the market valuations of financial institutions and the discount that shares of the Company's common stock have traded to their tangible book value for an extended period of time. The impairment charge did not have a negative impact on the Company's liquidity, tangible equity ratio, strong reserves or regulatory capital ratios. Based on these results, the Company reported a net loss available to common stockholders of $5.9 million for the six months ended June 30, 2009, or $0.28 per basic and diluted share. Excluding the goodwill impairment charge, the FDIC special assessment, the costs associated with TARP, and the $21.3 million gain that the Company recorded in the first quarter with respect to its acquisition of the operations of Suburban Federal Savings Bank ("SFSB") from the FDIC, the Company's net operating loss would have equaled $3.3 million, or $0.15 per basic and diluted share, for the six-month period. This loss was attributable to the Company's increasing its provision for loan losses by $6.0 million for the period. The allowance for loan losses to total loans, excluding FDIC-covered assets (which are described below), is 2.21% and reflects prudent recognition of the general economic conditions. George M. Longest, Jr., President and Chief Executive Officer, stated, "This year has been a tough year in the banking industry, and the recognition of impairment to goodwill, while significant, given the number of banks that have recognized such goodwill impairments, was not unexpected. The amount of this charge was also influenced by the value of our stock price, as it relates to our tangible and stated book value, on the assessment date." Mr. Longest continued, "Despite our extraordinary loss in the second quarter, the Company's capital and reserve positions remain strong. The goodwill impairment and subsequent decrease in our total stockholders' equity did not result in a negative impact on our common tangible equity capital. At June 30, 2009, we reported a total stockholders' equity to total assets ratio of 12.1%. Based on our June 30th closing price of $3.70, our price to common book value is 57.2%, and our price to common tangible book value is 73.9%." Mr. Longest added, "Our industry has seen many challenges in the past 12 months. The remainder of 2009 appears to be equally challenging. We are proud of our many accomplishments including the strength of our balance sheet, our combined management team, and the integration of our acquisitions. We are optimistic and believe we are well positioned for the future." The following table depicts a reconcilement of the Company's operating results to present the items and assessments described above: Dollars in 000's, except per share data Three months ended Six months ended
June 30, 2009 June 30, 2009
Operating loss prior to income taxes, as reported $ (24,529 ) $ (8,313 )
add:
Goodwill impairment charge 24,032 24,032
FDIC special assessment 583 583
subtract:
(Gain) on SFSB transaction - (21,260 )
Operating income (loss), as adjusted 86 (4,958 )
Income tax expense (benefit) 30 (1,686 )
Operating income (loss), as adjusted, net of taxes $ 56 $ (3,272 )
Operating income (loss), as adjusted, per basic and diluted share $ 0.00 $ (0.15 )
Covered Assets On January 30, 2009, the Bank entered into a purchase and assumption agreement with the FDIC, as receiver, for SFSB. The Bank assumed all deposit liabilities and purchased certain assets of SFSB. In connection with the SFSB transaction, the Bank entered into two shared-loss agreements with the FDIC with respect to the loan and foreclosed real estate assets purchased. One agreement relates to losses arising from single family one-to-four residential mortgage loans, and one agreement relates to losses arising from other loans and foreclosed real estate. Under the shared-loss agreements, the FDIC will reimburse the Bank for 80% of all losses, including expenses associated with liquidating and maintaining properties arising from covered loan assets, on the first $118 million of all losses on such covered loans, and for 95% of losses on covered loans thereafter. Under the shared-loss agreements, a "loss" on a covered loan is defined generally as a realized loss incurred through a permitted disposition, foreclosure, short-sale or restructuring of the covered asset. The reimbursable losses from the FDIC are based on the book value of the relevant loan as determined by the FDIC at the date of the SFSB transaction, January 30, 2009. New loans made after that date are not covered by the shared-loss agreements. Balance Sheet Total assets aggregated $1.29 billion at June 30, 2009. Total assets declined $55.4 million or 4.11% from March 31, 2009. This decline was directly attributable to management's planned reduction in interest bearing bank balances of $15.4 million, a reduction in securities of $23.1 million and the non-cash goodwill impairment charge, on an after-tax basis, of $15.9 million. Loans not covered by the FDIC shared-loss agreements increased $9.6 million or 1.77% from $542.2 million at March 31, 2009 to $551.8 million at June 30, 2009. Despite the reduction in time deposits noted below, the Company remains highly liquid with a structured securities portfolio, as well as a net seller of overnight funds. The Company had federal funds sold of $25.8 million at June 30, 2009. Management anticipates funding future loan growth by divesting FDIC-covered assets and by reducing its position in overnight funds sales. The Company's loan and FDIC-covered loan to deposit ratio equaled 75.70% at June 30, 2009. Excluding FDIC-covered loans, the loan-to-deposit ratio equaled 51.69% at quarter-end. Total deposits equaled $1.07 billion at June 30, 2009 versus $1.11 billion at March 31, 2009. Higher cost time deposits decreased during the quarter while lower cost savings and transactional deposit accounts increased $4.7 million during the second quarter. Savings deposits equaled $58.4 million at June 30, 2009 compared to $55.8 million at March 31, 2009, an increase of 4.66%. NOW and Money Market Deposit accounts totaled $205.4 million at June 30, 2009 compared to $203.3 million at March 31, 2009. Results of Operations For the three months ended June 30, 2009, the Company recognized a provision for loan losses of $540,000 versus $5.5 million for the first quarter of 2009. The year-to-date provision for loan losses was $6.0 million, which increased the loan loss reserve to $12.2 million or 2.21% of non-FDIC covered loans. Net charge-offs of loans equaled $362,000 for the three months ended June 30, 2009 and $778,000 for the first six months of 2009. The following table depicts asset quality ratios, excluding FDIC-covered assets, at June 30, 2009 and March 31, 2009: Dollars in 000's June 30, 2009 March 31, 2009 Nonaccrual loans $ 24,482 $ 8,009 Loans past due over 90 days 514 1,195 Other real estate owned 864 412 Total nonperforming assets $ 25,860 $ 9,616 Balances Allowance for loan losses $ 12,185 $ 11,543 Average loans during quarter, net of unearned income $ 548,577 $ 534,566 Loans, net of unearned income $ 551,799 $ 542,191 Ratios Allowance for loan losses to total loans 2.21 % 2.13 % Allowance for loan losses to nonperforming assets 47.12 % 120.04 % Nonperforming assets to loans and other real estate 4.68 % 1.77 % Net charge-offs to average loans, annualized 0.26 % 0.31 % The increase in non-accrual loans from the first quarter consisted primarily of two credits secured by real estate. While the level of non-accrual loans increased during the second quarter of 2009, the loan loss reserve was considered adequate to meet potential future losses. As previously disclosed management proactively identified impaired loans during the first quarter of the year and had significantly increased the Company's loan loss provision commensurate with the risks inherent in the portfolio. Although these loans migrated to non-accrual status during the second quarter, the Company had sufficiently reserved for them with its prior provisions. At June 30, 2009, FDIC-covered assets totaled $278.4 million. Of this amount, $192.0 million are performing loans, $64.2 million are non-accrual loans, $21.5 million are other real estate owned, and $714,000 are 90 days past due and still accruing. All of these loan relationships are under the shared-loss agreements, which limit the potential loss to the Company in the event that these loans should default. The Company's special assets department is aggressively working towards the appropriate resolution of these credits. Following an independent loan review encompassing 100% of the acquired loan portfolio, management recognized, in the first quarter, all anticipated losses and the FDIC-guaranteed portion on such losses as reflected in the mark to market value recorded on the Company's financial statements for that period. Furthermore, the Company offset against the $45 million discount it received from the FDIC in the transaction, a net discount of $23.8 million, reflecting its portion of the anticipated losses, leaving a net fair market value of the FDIC-covered assets of $296.3 million, and amounts recoverable from the FDIC on covered assets. Net interest earnings totaled $9.5 million and $18.5 million for the three and six month periods ended June 30, 2009, respectively. The increase in the amount of non-accrual loans noted during the second quarter of the year slightly hampered the net interest margin. The net interest margin for the three months ended June 30, 2009 equaled 3.20%, a decrease from 3.26% for the three months ended March 31, 2009. Despite the increase in non-accrual loans, margin compression was mitigated somewhat as management lowered rates on virtually all deposit accounts. The Company, by virtue of aggressively lowering the rates paid on certificates of deposits and not renewing certain brokered funds, lowered balances in this high cost category by $41.9 million during the second quarter of 2009. Average cost of deposits was 2.51% during the quarter. Non-interest income was $1.3 million and $23.4 million for the three and six month periods ended June 30, 2009, respectively. Excluding the gain recorded on the SFSB transaction in the first quarter, non-interest income would have equaled $2.2 million for the six-month period. The single largest component of non-interest income was service charges on deposit accounts, which totaled $618,000 and $1.2 million for the three and six month periods ended June 30, 2009. During the second quarter of 2009, non-interest income was favorably affected by securities gains of $341,000. For the three months ended June 30, 2009, non-interest expense was $34.8 million. Excluding the goodwill impairment charge and the FDIC assessment, non-interest expense would have totaled $10.2 million for the three months ended June 30, 2009. Salaries and wages equaled $5.0 million for the quarter, which would have been 49.37% of non-interest expenses, as so adjusted. On a linked quarter basis, salaries and wages increased $602,000, which was the result of increased management staffing in the latter part of the first quarter. Non-interest expense was $44.2 million for the six months ended June 30, 2009. Excluding the non-cash goodwill impairment charge and the special FDIC assessment, non-interest expenses would have totaled $19.6 million. Salaries and wages equaled $9.5 million, or 48.30% of non-interest expenses, as so adjusted, for the first six months of 2009. Management anticipates ongoing operating efficiencies throughout the remainder of 2009 as SFSB's operating systems will be converted in early August. The following table depicts a reconcilement of non-interest expenses, as discussed above: Dollars in 000's Three months ended Six months ended
June 30, 2009 June 30, 2009
Non-interest expense $ 34,800 $ 44,188
less:
Goodwill impairment charge 24,032 24,032
FDIC special assessment 583 583
Adjusted non-interest expense $ 10,185 $ 19,573
About Community Bankers Trust Corporation The Company is the holding company for Essex Bank, a Virginia state bank with 25 full-service offices, 14 of which are in Virginia, seven of which are in Maryland and four of which are in Georgia. Additional information is available on the Company's website at www.cbtrustcorp.com. Forward-Looking Statements This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements with respect to the Company's operations, growth strategy and goals. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in the following: general economic and market conditions, either nationally or locally; the interest rate environment; competitive pressures among banks and financial institutions or from companies outside the banking industry; real estate values; the quality or composition of the Company's loan or investment portfolios; the demand for deposit, loan, and investment products and other financial services; the demand, development and acceptance of new products and services; consumer profiles and spending and savings habits; the securities and credit markets; costs associated with the integration of banking and other internal operations; the soundness of other financial institutions with which the Company does business; inflation; technology; and legislative and regulatory requirements. These factors and additional risks and uncertainties are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and other reports filed from time to time by the Company with the Securities and Exchange Commission. This press release speaks only as of its date, and the Company disclaims any duty to update the information in it. COMMUNITY BANKERS TRUST CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
at JUNE 30, 2009, MARCH 31, 2009 and DECEMBER 31, 2008
(dollars in thousands)
June 30, 2009 March 31, 2009 December 31, 2008
Unaudited Unaudited Audited
Assets
Cash and due from banks $ 20,110 $ 20,863 $ 10,864
Interest bearing bank deposits 14,158 29,571 107,376
Federal funds sold 25,830 34,467 10,193
Total cash and cash equivalents 60,098 84,901 128,433
Securities available for sale, at fair value 178,923 190,513 193,992
Securities held to maturity 130,113 143,464 94,865
Equity securities, restricted, at cost 6,838 5,016 3,612
Total securities 315,874 338,993 292,469
Loans held for resale 668 386 200
Loans 551,799 542,190 523,298
Allowance for loan losses (12,185 ) (11,543 ) (6,939 )
Net loans 539,614 530,647 516,359
FDIC - covered assets 278,436 290,099 -
Bank premises and equipment 37,484 31,854 24,111
Other real estate owned 864 412 223
Bank owned life insurance 6,415 6,349 6,300
Core deposit intangibles, net 18,211 18,865 17,163
Goodwill 13,152 34,285 34,285
Other assets 20,819 10,251 9,507
Total assets $ 1,291,635 $ 1,347,042 $ 1,029,050
Liabilities
Deposits:
Demand:
Noninterest bearing $ 59,949 $ 60,706 $ 59,699
Interest bearing 1,007,498 1,044,651 746,649
Total deposits 1,067,447 1,105,357 806,348
Federal Home Loan Bank advances 37,000 37,900 37,900
Trust preferred capital notes 4,124 4,124 4,124
Other liabilities 26,379 24,861 16,992
Total liabilities $ 1,134,950 $ 1,172,242 $ 865,364
Stockholders' Equity
Preferred stock (5,000,000 shares authorized, $0.01 par value) 17,680 17,680 17,680
17,680 shares issued and outstanding
Discount on preferred stock (943 ) (988 ) (1,031 )
Warrants on preferred stock 1,037 1,037 1,037
Common stock (50,000,000 shares authorized, $0.01 par value) 215 215 215
21,468,455 shares issued and outstanding
Retired warrants on common stock (1,604 ) - -
Additional paid in capital 146,110 144,572 145,359
Retained earnings (5,880 ) 11,622 1,691
Accumulated other comprehensive income (loss) 70 662 (1,265 )
Total stockholders' equity $ 156,685 $ 174,800 $ 163,686
Total liabilities and stockholders' equity $ 1,291,635 $ 1,347,042 $ 1,029,050
COMMUNITY BANKERS TRUST CORPORATION
UNAUDITED CONSOLIDATED INCOME STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 and 2008
(dollars and shares in thousands, except per share data)
June 30, 2009 June 30, 2008
Interest and dividend income Unaudited Unaudited
Interest and fees on loans $ 18,047 $ 2,704
Interest and fees on FDIC covered loans 6,286 -
Interest on federal funds sold 26 46
Interest on deposits in other banks 202 -
Interest and dividends on securities:
Taxable 5,499 687
Nontaxable 1,577 110
Total interest income 31,637 3,547
Interest expense
Interest on deposits 12,417 1,027
Interest on federal funds purchased - 13
Interest on other borrowed funds 737 80
Total interest expense 13,154 1,120
Net interest income 18,483 2,427
Provision for loan losses 6,040 234
Net interest income after provision for loan losses 12,443 2,193
Noninterest income
Service charges on deposit accounts 1,189 180
Gain on Suburban transaction 21,260 -
Gain on securities transactions, net 293 -
Gain on sale of other real estate 21 -
Other 669 119
Total noninterest income 23,432 299
Noninterest expense
Salaries and employee benefits 9,454 574
Occupancy expenses 1,134 112
Equipment expenses 762 108
Legal fees 555 99
Professional fees 1,156 100
FDIC assessment 874 16
Data processing fees 1,474 104
Amortization of intangibles 1,110 149
Impairment of goodwill 24,032 -
Other operating expenses 3,637 673
Total noninterest expense 44,188 1,935
(Loss) income before income taxes (8,313 ) 557
Income tax (benefit) expense (2,925 ) 158
Net (loss) income $ (5,388 ) $ 399
Dividends accrued on preferred stock 438 -
Accretion of discount on preferred stock 88 -
Net (loss) income available to common stockholders $ (5,914 ) $ 399
Net (loss) income per share - basic $ (0.28 ) $ 0.04
Net (loss) income per share - diluted $ (0.28 ) $ 0.03
Weighted average number of shares outstanding
basic 21,468 11,391
diluted 21,478 13,553
COMMUNITY BANKERS TRUST CORPORATION
UNAUDITED CONSOLIDATED INCOME STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2009 and 2008
(dollars and shares in thousands, except per share data)
June 30, 2009 June 30, 2008
Interest and dividend income Unaudited Unaudited
Interest and fees on loans $ 9,631 $ 2,704
Interest and fees on FDIC covered loans 3,016 -
Interest on federal funds sold 12 46
Interest on deposits in other banks 81 -
Interest and dividends on securities
Taxable 2,607 282
Nontaxable 820 110
Total interest income 16,167 3,142
Interest expense
Interest on deposits 6,299 1,027
Interest on federal funds purchased - 13
Interest on other borrowed funds 390 80
Total interest expense 6,689 1,120
Net interest income 9,478 2,022
Provision for loan losses 540 234
Net interest income after provision for loan losses 8,938 1,788
Noninterest income
Service charges on deposit accounts 618 180
Gain on Suburban transaction - -
Gain on securities transactions, net 341 -
Gain on sale of other real estate - -
Other 374 119
Total noninterest income 1,333 299
Noninterest expense
Salaries and employee benefits 5,028 574
Occupancy expenses 554 112
Equipment expenses 419 108
Legal fees 305 46
Professional fees 456 24
FDIC assessment 744 16
Data processing fees 732 104
Amortization of intangibles 654 149
Impairment of goodwill 24,032 -
Other operating expenses 1,876 582
Total noninterest expense 34,800 1,715
Income before income taxes (24,529 ) 372
Income tax expense (8,207 ) 84
Net income $ (16,322 ) $ 288
Dividends accrued on preferred stock 220 -
Accretion of discount on preferred stock 45 -
Net income available to common stockholders $ (16,587 ) $ 288
Net (loss) income per share - basic $ (0.77 ) $ 0.02
Net (loss) income per share - diluted $ (0.77 ) $ 0.02
Weighted average number of shares outstanding
basic 21,468 13,407
diluted 21,478 15,283
COMMUNITY BANKERS TRUST CORPORATION
NET INTEREST MARGIN ANALYSIS
AVERAGE BALANCE SHEETS
FOR THE SIX MONTHS ENDED JUNE 30, 2009
Average Interest Average
Balance Income/ Rates
Sheet Expense Earned/Paid
ASSETS:
Loans, including fees $ 541,184 $ 18,047 6.67 %
Loans covered by FDIC loss share 232,513 6,286 5.41 %
Interest Bearing Bank Balances 34,122 202 1.18 %
Federal funds sold 20,041 26 0.26 %
Investments (taxable) 264,566 5,499 4.16 %
Investments (tax exempt) 80,232 1,577 5.96 %
Total Earning Assets 1,172,658 31,637 5.43 %
Allowance for loan losses (9,280 )
Non-earning assets 133,413
Total Assets $ 1,296,792
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand -
Interest bearing $ 191,231 $ 1,175 1.23 %
Savings 53,252 274 1.03 %
Time deposits 744,007 10,968 2.95 %
Total deposits 988,490 12,417 2.51 %
Other borrowed
Federal Funds Purchased 0 - 0.00 %
FHLB and Other 43,313 737 3.40 %
Total interest-bearing
liabilities 1,031,803 13,154 2.55 %
Non-interest bearing
deposits 61,301
Other liabilities 35,377
Total liabilities 1,128,481
Stockholders' equity 168,311
Total liabilities and
stockholders' equity $ 1,296,792
Net interest earnings $ 18,483
Interest spread 2.88 %
Net interest margin 3.19 %
COMMUNITY BANKERS TRUST CORPORATION
NET INTEREST MARGIN ANALYSIS
AVERAGE BALANCE SHEETS
FOR THE THREE MONTHS ENDED JUNE 30, 2009
Average Interest Average
Balance Income/ Rates
Sheet Expense Earned/Paid
ASSETS:
Loans, including fees $ 548,577 $ 9,631 7.02 %
Loans covered by FDIC loss share 261,205 3,016 4.62 %
Interest Bearing Bank Balances 19,741 81 1.64 %
Federal funds sold 24,142 12 0.20 %
Investments (taxable) 262,007 2,607 3.98 %
Investments (tax exempt) 83,505 820 5.95 %
Total Earning Assets 1,199,177 16,167 5.43 %
Allowance for loan losses (11,009 )
Non-earning assets 137,175
Total Assets $ 1,325,343
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand -
Interest bearing $ 203,965 $ 485 0.95 %
Savings 57,364 114 0.79 %
Time deposits 763,276 5,700 2.99 %
Total deposits 1,024,605 6,299 2.46 %
Other borrowed
Federal Funds Purchased - - 0.00 %
FHLB and Other 37,789 390 4.13 %
Total interest-bearing
liabilities 1,062,394 6,689 2.52 %
Non-interest bearing
deposits 61,421
Other liabilities 31,056
Total liabilities 1,154,871
Stockholders' equity 170,472
Total liabilities and
stockholders' equity $ 1,325,343
Net interest earnings $ 9,478
Interest spread 2.91 %
Net interest margin 3.20 %
SOURCE: Community Bankers Trust Corporation Community Bankers Trust Corporation Bruce E. Thomas, 804-443-4343 Senior Vice President/Chief Financial Officer For full details for BTC click here.
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