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In preparing final financial statements for the second quarter, the Company re-evaluated the calculation of its tax provision. Based upon this evaluation, management determined that the tax impact of the goodwill impairment charge, as preliminarily reported, had been incorrectly stated. The Company had inadvertently treated the goodwill impairment charge as a tax deductible item and reduced income tax expense accordingly. However, since the transactions that generated the original goodwill in May 2008 were considered tax-free exchanges, the impairment charge is not deductible for tax purposes.
Following these adjustments, the Company reported a net loss available to common stockholders for the second quarter of 2009 of $24.4 million, or $1.14 per basic and diluted share. This loss was primarily the result of a non-cash goodwill impairment charge of $24.0 million and an FDIC special assessment of $583,000. 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 adjustments described above caused the income tax provisions to change from an $8.2 million benefit to a $410,000 benefit for the second quarter and from a $2.9 million benefit to a $4.9 million expense for the six months ended June 30, 2009. Thus, the net loss available to common stockholders for the three month period ended June 30, 2009 was adjusted from $16.6 million, as preliminarily reported, to $24.4 million. For the six month period ended June 30, 2009, the loss available to common stockholders was adjusted from $5.9 million to $13.7 million. Accordingly, loss per share, basic and diluted, were $1.14 and $0.64 for the three month and six month periods ended June 30, 2009, respectively. In addition, common tangible book value was $4.65 per share at June 30, 2009, and the Company's price to common book value and price to common tangible book value were 60.6% and 79.6%, respectively, based on the quarter end closing stock price of $3.70. The Company's equity to asset ratio was 11.6%.
Complete results for the Company for the second quarter of 2009 and the first six months of 2009 are set forth below.
As noted above, the largest component of the Company's net loss available to common stockholders was the non-cash goodwill impairment charge. The Company is required to assess the value of its goodwill for impairment periodically, which assessment 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 Company's average closing stock price during the second quarter of 2008 versus 2009 was $6.64 per share and $3.67 per share, respectively, which represented a 44.73% decline. On the last business day prior to May 31, 2009, the closing stock price was $3.10 per share. The impairment charge did not have a material impact on the Company's liquidity or strong reserves.
Based on these results, the Company reported a net loss available to common stockholders of $13.7 million for the six months ended June 30, 2009, or $0.64 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 to $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 general economic conditions.
The following table provides 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 )
Balance Sheet
Total assets aggregated $1.28 billion at June 30, 2009. Total assets declined $63.2 million or 4.69% 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 of $24.0 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 75.7% at June 30, 2009. Excluding FDIC-covered loans, the loan-to-deposit ratio equaled 51.7% at quarter-end.
Loans
The Company's loan portfolio, excluding FDIC covered assets, at June 30, 2009 and December 31, 2008, was comprised of the following:
June 30, 2009 December 31, 2008
(dollars in thousands)
Mortgage loans on real estate
Residential 1-4 family $ 135,701 24.56 % $ 129,607 24.73 %
Commercial 179,079 32.41 % 158,062 30.16 %
Construction 137,951 24.97 % 139,515 26.62 %
Second mortgages 14,356 2.60 % 15,599 2.98 %
Multifamily 9,152 1.66 % 9,370 1.79 %
Agriculture 4,859 0.88 % 5,143 0.98 %
Total real estate loans 481,098 87.08 % 457,296 87.26 %
Commercial loans 45,685 8.27 % 45,320 8.65 %
Consumer installment loans
Personal 13,490 2.44 % 14,457 2.76 %
All other loans 12,228 2.21 % 7,005 1.33 %
Gross loans 552,501 100.00 % 524,078 100.00 %
Less unearned income on loans (702 ) (780 )
Loans, net of unearned income $ 551,799 $ 523,298
On January 30, 2009, the Bank acquired certain assets and assumed all deposit liabilities relating to seven former branch offices of SFSB. The Bank purchased approximately $348 million in loans and other assets and is currently providing loan servicing to its existing loan customers. The Bank has entered into shared-loss agreements with the FDIC with respect to certain covered assets acquired.
The following is a summary of information for impaired and nonaccrual loans as of June 30, 2009, excluding FDIC covered assets (dollars in thousands):
Amount
Impaired loans without a valuation allowance $ 65,686
Impaired loans with a valuation allowance 24,681
Total impaired loans $ 90,367
Valuation allowance related to impaired loans $ 6,729
Total nonaccrual loans $ 24,482
Total loans 90 days or more past due and still accruing $ 514
Average investment in impaired loans during the six months ending $ 92,128
June 30, 2009
Interest income recognized on impaired loans $ 773
Interest income recognized on a cash basis on impaired loans $ 773
Securities
Amortized costs and fair values of securities available for sale at June 30, 2009 were as follows:
(dollars in thousands) Amortized Gross Unrealized
Cost Gains Losses Fair Value
U.S. Treasury issues and other
U.S. Government agencies $ 15,025 $ 372 $ (13 ) $ 15,384
State, county and municipal 78,162 886 (697 ) 78,351
Corporates and other bonds 6,663 86 (1 ) 6,748
Mortgage backed securities 75,711 1,502 (156 ) 77,057
Other securities 1,278 157 (52 ) 1,383
Total securities available for sale $ 176,839 $ 3,003 $ (919 ) $ 178,923
As of June 30, 2009, there were $2.3 million of securities available for sale that were in a continuous loss position for more than twelve months. These securities, primarily municipal obligations, had an unrealized loss position of $118,000 at June 30, 2009. Management has evaluated the investment portfolio by security and determined the declines in fair value were primarily attributable to changes in credit and market spreads, not in estimated cash flows or credit quality.
Amortized costs and fair values of securities held to maturity at June 30, 2009 were as follows:
(dollars in thousands) Amortized Gross Unrealized
Cost Gains Losses Fair Value
U.S. Treasury issues and other
U.S. Government agencies $ 748 $ - $ (15 ) $ 733
State, county and municipal 13,111 336 (32 ) 13,415
Corporates and other bonds 1,035 9 - 1,044
Mortgage backed securities 115,219 1,750 (409 ) 116,560
Total securities held to maturity $ 130,113 $ 2,095 $ (456 ) $ 131,752
No held to maturity securities had been in a loss position for twelve months or more at June 30, 2009.
Deposits
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.
The following table breaks down interest bearing deposit totals by category at June 30, 2009, March 31, 2009 and December 31, 2008:
(dollars in thousands)
June 30, 2009 March 31, 2009 December 31, 2008
NOW $ 90,380 $ 83,518 $ 76,575
MMDA 115,048 119,793 55,200
Savings 58,380 55,782 34,688
Time deposits less 453,953 463,459 303,424
than $100,000
Time deposits greater 289,737 322,099 276,762
than $100,000
Total interest-bearing $ 1,007,498 $ 1,044,651 $ 746,649
deposits
Capital
At June 30, 2009, the Company's ratio of total capital to risk-weighted assets was 17.61%. The ratio of Tier 1 Capital to risk-weighted assets was 16.48%, and the leverage ratio (Tier 1 capital to average adjusted total assets) was 9.08%. All three ratios exceed capital adequacy guidelines outlined by its regulator, and the Company is considered "well-capitalized". The Company has trust preferred subordinated debt that qualifies as regulatory capital. This trust preferred debt has a 30-year maturity with a 5-year call option, was issued at a rate of three month LIBOR plus 3.00%, and was priced at 4.22% in the second quarter of 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 $346,000 for the three months ended June 30, 2009 and $794,000 for the first six months of 2009.
The following table provides 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 $ 542,190 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 for the quarter to average loans, annualized 0.25% 0.34%
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, loans migrated to non-accrual status during the second quarter, the majority of which was comprised of two credits, the Company had sufficiently reserved for them with its prior provisions.
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 losses arising from covered loan assets, on the first $118 million of such covered loans, and for 95% of losses on covered loans thereafter. The shared-loss agreements provide for indemnification from the first dollar of losses without any threshold requirement. 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 transaction, January 30, 2009. New loans made after that date are not covered by the shared-loss agreements.
At June 30, 2009, FDIC-covered assets totaled $278.4 million. Of this amount, $191.8 million are performing loans, $64.4 million are non-accrual loans, $21.5 million are other real estate owned, and $714,000 are loans 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 of 2009, 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 negative bid it was awarded 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.
Allowance for Loan Losses
Activity in the allowance for loan losses, for the six months ended June 30, 2009 and 2008, was comprised of the following:
(dollars in thousands) June 30, 2009 June 30, 2008 Beginning balance $ 6,939 $ 4,993 Provision for loan losses 6,040 234 Recoveries of loans charged off 82 25 Loans charged off (876 ) (70 ) Balance at end of period $ 12,185 $ 5,182
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 3.30%, a decrease from 3.37% 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, respectively. 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 special 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 first quarter and one full quarter of operations in Maryland.
Non-interest expense was $44.2 million for the six months ended June 30, 2009. Excluding the non-cash goodwill impairment charge and the FDIC special 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 provides 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; the timing of future reimbursements from the FDIC to the Company under the shared-loss agreements; consumer profiles and spending and savings habits; the securities and credit markets; costs associated with the integration of banking and other internal operations, including the integration of SFSB's operations in the third quarter of 2009; management's evaluation of goodwill and other assets on a periodic basis, and any resulting impairment charges, under applicable accounting standards; 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 (Restated) (Restated)
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 37,184 37,184
Other assets 13,022 7,352 7,325
Total assets $ 1,283,838 $ 1,347,042 $ 1,029,767
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 shares issued and
outstanding 17,680 17,680 17,680
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) 21,468,455 shares issued and
outstanding 215 215 215
Retired warrants on common stock - -
Additional paid in capital 144,506 144,572 146,076
Retained earnings (13,677) 11,622 1,691
Accumulated other comprehensive income (loss) 70 662 (1,265)
Total stockholders' equity $ 148,888 $ 174,800 $ 164,403
Total liabilities and stockholders' equity $ 1,283,838 $ 1,347,042 $ 1,029,767
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 expense 4,872 158
Net (loss) income $ (13,185) $ 399
Dividends accrued on preferred stock 438 -
Accretion of discount on preferred stock 88 -
Net (loss) income available to common stockholders $ (13,711) $ 399
Net (loss) income per share - basic $ (0.64) $ 0.04
Net (loss) income per share - diluted $ (0.64) $ 0.03
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 (benefit) (410) 84
Net income $ (24,119) $ 288
Dividends accrued on preferred stock 220 -
Accretion of discount on preferred stock 45 -
Net income available to common stockholders $ (24,384) $ 288
Net (loss) income per share - basic $ (1.14) $ 0.02
Net (loss) income per share - diluted $ (1.14) $ 0.02
COMMUNITY BANKERS TRUST CORPORATION
NET INTEREST MARGIN ANALYSIS
AVERAGE BALANCE SHEETS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009
For the three months ended June 30, 2009 For the six months ended June 30, 2009
Average Interest Average Average Interest Average
Balance Income/ Rates Balance Income/ Rates
Sheet Expense Earned/Paid Sheet Expense Earned/Paid
ASSETS: (Dollars in thousands)
Loans, including fees $ 548,577 $ 9,631 7.02 % $ 541,184 $ 18,047 6.67 %
FDIC covered loans 261,205 3,016 4.62 % 232,513 6,286 5.41 %
Interest bearing bank balances 19,741 81 1.64 % 34,122 202 1.18 %
Federal funds sold 24,142 12 0.20 % 20,041 26 0.26 %
Investments (taxable) 262,007 2,607 3.98 % 264,566 5,499 4.16 %
Investments (tax exempt) 83,505 1,242 5.95 % 80,232 2,389 5.96 %
Total earning assets 1,199,177 16,589 5.53 % 1,172,658 32,449 5.53 %
Allowance for loan losses (11,009 ) (9,280 )
Non-earning assets 137,175 133,414
Total assets $ 1,325,343 $ 1,296,792
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand -
Interest bearing $ 203,965 $ 485 0.95 % $ 191,231 $ 1,175 1.23 %
Savings 57,364 114 0.79 % 53,252 274 1.03 %
Time deposits 763,276 5,700 2.99 % 744,007 10,968 2.95 %
Total deposits 1,024,605 6,299 2.46 % 988,490 12,417 2.51 %
FHLB and other borrowings 41,913 390 3.72 % 47,437 737 3.11 %
Total interest-bearing
liabilities 1,066,518 6,689 2.51 % 1,035,927 13,154 2.54 %
Non-interest bearing
deposits 61,421 61,301
Other liabilities 31,056 31,253
Total liabilities 1,158,995 1,128,481
Stockholders' equity 166,348 168,311
Total liabilities and
stockholders' equity $ 1,325,343 $ 1,296,792
Net interest earnings $ 9,900 $ 19,295
Interest rate spread 3.02 % 2.99 %
Net interest margin 3.30 % 3.29 %
(1) Income and yields are reported on a tax equivalent basis
assuming a federal tax rate of 34%.
SOURCE: Community Bankers Trust Corporation
Community Bankers Trust Corporation Bruce E. Thomas, 804-443-4343 Senior Vice President/Chief Financial Officer
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It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
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