RICHMOND, Va., Jan. 30, 2015 /PRNewswire/ -- 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, 2014.
OPERATING HIGHLIGHTS
- Non-covered loans grew $20.5
million, or 3.2%, during the fourth quarter and $63.8 million, or 10.7%, during the 2014
year.
- Retail deposits grew $58.0
million, or 7.4%, during 2014, of which $14.4 million, or 20.6%, were in non-interest
bearing demand deposit accounts.
- The Company reduced its level of brokered time deposits
$31.6 million, or 30.1%, during
fiscal 2014; these deposits had been used in part to fund the
disposition of the Georgia
franchise in November 2013.
- During the fourth quarter, the Bank entered into a $30.0 million notional value interest rate swap
and increased its level of Federal Home Loan Bank (FHLB)
borrowings. The swap fixes five-year funding at 1.69%.
- Despite an increase in nonaccrual loans, overall asset quality
remained sound with no provision for loan losses. The ratio of the
allowance for loan losses to total non-covered loans was 1.40% at
December 31, 2014.
FINANCIAL HIGHLIGHTS
- Net income available to common shareholders increased 51.8% to
$7.3 million for the fiscal year
ended December 31, 2014, as compared
with $4.8 million for fiscal
2013.
- Net income available to common shareholders was $2.3 million for the fourth quarter of 2014,
increasing $446,000, or 24.6%, from
the third quarter of 2014 and $1.3
million, or 147.2%, from the fourth quarter of 2013.
- Fully diluted earnings per common share were $0.33 for the year ended December 31, 2014, compared with $0.22 for the year ended December 31, 2013.
- Fully diluted earnings per common share were $0.10 for the fourth quarter of 2014, compared
with $0.08 in the third quarter of
2014 and $0.04 for the fourth quarter
of 2013.
MANAGEMENT COMMENTS
Rex L. Smith, III, President and
Chief Executive Officer, stated, "The Company finished 2014 with a
substantial increase in loan growth and a corresponding increase in
net income. Core loan growth during the year was $84 million before accounting for the sale
of over $20 million of
previously purchased USDA loans, resulting in net loan growth of
$64 million. This was the
largest loan growth we have seen in over four years and is
indicative of the strength of the markets in which we
operate. We also had solid growth of over $58 million in our core deposits, of which
approximately 21% were in demand deposits."
Smith added, "While non-accrual loans increased in the fourth
quarter, the increase is isolated to a single relationship and
management thought it prudent to classify these assets in
non-accrual status. While the level of non-accrual
loans increased, the level of both substandard and special mention
non-covered loans has improved each of the last five quarters,
pointing to an overall improvement in asset quality."
"Net income for the fourth quarter was just under $2.3 million, an increase of over $1 million year over year. Net income for
the full year was over $7.5 million,
an increase of 27%, or $1.6 million
over the prior year. While this is great progress, it is not
the level of core earnings we desire and management is committed to
gaining more in 2015."
"During the year, we opened a new branch office in Annapolis in March followed by a branch at our
new corporate headquarters in April. Both offices are in our
new open architecture format, are less costly to operate than the
traditional branch and have done very well in low cost deposit
growth. We also purchased two existing branch sites.
The first, in Bowie, Maryland,
opened in late January 2015 and the
second branch was purchased in the Bon
Air neighborhood of Richmond. We expect to open that
office in May."
"Also during the year, we repaid all of our outstanding TARP
preferred stock investment from the United States Department of the
Treasury, including the repurchase of the associated TARP warrant,
completely eliminating all obligations to Treasury without diluting
our shareholders."
Smith concluded, "Management is actively working to balance
franchise growth to create long term value, with growth in current
net income. 2014 was proof that we can achieve that balance
and add current and future value to our shareholders. The
growth momentum we had from the fourth quarter will carry into 2015
and we are optimistic about our future results."
RESULTS OF OPERATIONS
Net income was $2.3 million for
the fourth quarter of 2014, compared with $1.8 million in the third quarter of 2014 and
$1.2 million in the fourth quarter of
2013. Net income available to common shareholders was
$2.3 million in the fourth quarter of
2014, compared with $1.8 million in
the third quarter of 2014 and $914,000 in the fourth quarter of 2013. The
improvement in net income during the fourth quarter of 2014
compared with the third quarter of 2014 was due to increases in
securities gains and reductions in expenses related to other real
estate owned. The $1.1 million,
or 89.4%, improvement in net income for the fourth quarter of 2014
versus the fourth quarter of 2013 was influenced by a significant
overall reduction in non-interest expenses, most notably, OREO
expenses. Earnings per common share, basic and fully diluted, were
$0.10 per share for the fourth
quarter of 2014, compared with $0.08
per share for the third quarter of 2014 and $0.04 per share for the fourth quarter of
2013.
Net income was $7.5 million for
the year ended December 31, 2014,
compared with $5.9 million for the
2013 fiscal year. The $1.6
million, or 27.3%, improvement year over year was
primarily driven by a $2.5 million
reduction in noninterest expenses. Net income available to
common shareholders was $7.3 million
for the year ended December 31, 2014,
compared with $4.8 million for fiscal
year 2013, an increase of 51.8%. Earnings per common share,
basic and fully diluted, were $0.33
per share and $0.22 per share for the
respective time frames.
The income statement impact of the Company's repayment of its
outstanding TARP preferred stock investment in April 2014, in the amount of $10.7 million, through a term loan with a third
party bank, benefits net income available to common
shareholders. The interest on the term loan, priced at 3.73%
at December 31, 2014, is
recorded as interest expense and is reflected in both net income
and net income available to common shareholders.
The following table presents summary income statements for the
three months and the years ended December
31, 2014 and December 31, 2013
and the three months ended September 30,
2014.
SUMMARY INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
For the three
months ended
|
|
For the year
ended
|
|
December
31,
2014
|
|
September
30,
2014
|
|
December
31,
2013
|
|
December
31,
2014
|
|
December
31,
2013
|
Interest
income
|
$ 11,726
|
|
$ 12,665
|
|
$ 12,217
|
|
$ 48,725
|
|
$ 50,045
|
Interest
expense
|
1,883
|
|
1,783
|
|
1,644
|
|
6,933
|
|
7,078
|
Net interest
income
|
9,843
|
|
10,882
|
|
10,573
|
|
41,792
|
|
42,967
|
Provision for loan
losses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net interest income
after provision
|
|
|
|
|
|
|
|
|
|
for loan
losses
|
9,843
|
|
10,882
|
|
10,573
|
|
41,792
|
|
42,967
|
Noninterest
income
|
1,832
|
|
1,166
|
|
1467
|
|
5,269
|
|
4,724
|
Noninterest
expense
|
8,743
|
|
9,538
|
|
10,386
|
|
36,817
|
|
39,288
|
Net income before
income taxes
|
2,932
|
|
2,510
|
|
1,654
|
|
10,244
|
|
8,403
|
Income tax
expense
|
673
|
|
697
|
|
461
|
|
2,728
|
|
2,497
|
Net income
|
2,259
|
|
1,813
|
|
1,193
|
|
7,516
|
|
5,906
|
Dividends on
preferred stock
|
-
|
|
-
|
|
235
|
|
247
|
|
885
|
Accretion of
preferred stock discount
|
-
|
|
-
|
|
44
|
|
-
|
|
234
|
Net income
available
|
|
|
|
|
|
|
|
|
|
to common
shareholders
|
$ 2,259
|
|
$ 1,813
|
|
$ 914
|
|
$ 7,269
|
|
$ 4,787
|
|
|
|
|
|
|
|
|
|
|
EPS Basic
|
$
0.10
|
|
$ 0.08
|
|
$ 0.04
|
|
$ 0.33
|
|
$ 0.22
|
EPS
Diluted
|
$
0.10
|
|
$ 0.08
|
|
$ 0.04
|
|
$ 0.33
|
|
$ 0.22
|
Net Interest Income
Linked Quarter Basis
Net interest income was
$9.8 million for the quarter ended
December 31, 2014, compared with
$10.9 million for third quarter of
2014, representing a decline of $1.0
million, or 9.6%. Interest income on a linked
quarter basis declined $939,000, or
7.4%, to equal $11.7 million for the
fourth quarter. Non-covered loan interest income declined
$401,000, or 4.9%, during the fourth
quarter when compared with the third quarter of 2014. This
decline, quarter over quarter, was influenced in part by
$286,000 in cash basis interest
received on a non-accrual loan during the third quarter.
Covered loan interest income declined during the fourth quarter, by
$443,000, or 18.1%. This
decline was driven partially by no significant cash payments
related to payoffs on acquisition development and construction
(ADC) loans during the fourth quarter versus $221,000 of such payments in the prior
quarter. Cash payments on loans related to pools that had
previously been written down to a zero carrying value go directly
to interest income. With no significant ADC cash payments in
the fourth quarter, overall covered yields declined in the
portfolio from 15.00% in the third quarter of 2014 to 12.52% in the
fourth quarter.
Interest expense increased a modest $100,000, or 5.6%, on a linked quarter basis and
was primarily driven by overall higher average balances on interest
bearing liabilities. The Company's cost of interest bearing
liabilities increased 4 basis points to 0.79% versus 0.75% in the
prior quarter. This slight increase was influenced by a
$30.0 million notional value swap
entered into during the fourth quarter to fix five-year funding at
1.69%. The additional debt was entered into to leverage the
securities portfolio, purchasing higher yielding bank qualified
municipal securities. This interest rate hedge will aid the bank in
a rising rate environment and lock in a spread over the next five
years on the securities purchased.
With the changes in interest income, the tax equivalent net
interest margin declined 45 basis points from 4.28% in the third
quarter of 2014 to 3.83% in the fourth quarter of 2014. Likewise,
the interest spread decreased from 4.22% to 3.76% on a linked
quarter basis. Despite the decline in the margin, management
anticipates the loan growth in 2014 to translate to stronger
earnings in 2015.
Year-Over-Year
Net interest income declined
$730,000, or 6.9%, from the fourth
quarter of 2013 to the fourth quarter of 2014. Interest
income declined $491,000, or 4.0%,
over this time period. The most significant decline was
evidenced in the FDIC covered portfolio. Significant cash
payments on loans related to pools that had previously been written
down to a zero carrying value equaled $331,000 in the fourth quarter of 2013, and there
were no significant cash payments received on these loans during
the fourth quarter of 2014. As a result, the yield on the
covered loan portfolio fell from 15.79% for the fourth quarter of
2013 to 12.52% in the fourth quarter of 2014. While this loss
in cash income was noteworthy and resulted in a decline in loan
yields and the net interest margin, it was partially offset by the
increase in non-covered loan interest income. Non-covered
loan interest income increased $674,000, or 9.6%, when comparing the fourth
quarter of 2013 with the fourth quarter of 2014. This
increase was the direct result of robust loan growth noted during
the last three quarters of 2014, which resulted in a $65.6 million increase in average non-covered
loan balances from the fourth quarter of 2013 to the fourth quarter
of 2014.
Interest expense increased $239,000, or 14.5%, when comparing the fourth
quarter of 2013 and the fourth quarter of 2014. Interest expense on
deposits declined $8,000, while
interest expense on borrowings increased $247,000. Lower deposit interest expense
was driven by $26.1 million in lower
average interest bearing deposit balances partially due to the sale
of the Georgia franchise in
November 2013. Meanwhile, the Company increased its level of
FHLB borrowings to fund the sale. Average FHLB advances
increased $32.7 million, and the
expense associated with the borrowings increased $140,000 from the fourth quarter of 2013 to the
fourth quarter of 2014. This increase in interest expense was
also influenced by the $30.0 million
notional value swap entered into during the fourth quarter of
2014. Other interest expense was attributed to the loan that
the Company closed in the second quarter of 2014 for which the
proceeds were used to pay off TARP. The pre-tax interest
on the loan equaled $100,000 for the
fourth quarter of 2014, which is approximately $118,000 less than what the cost of a TARP
dividend would have been.
The tax equivalent net interest margin declined 39 basis points
from 4.22% in the fourth quarter of 2013 to 3.83% in the fourth
quarter of 2014. Likewise, the interest spread decreased from 4.17%
to 3.76% over the same time period. The decline in the margin
was precipitated by the reduction in cash basis covered loan
income, which helped drive overall loan yields down 63 basis
points.
Twelve Month Period
Net interest income declined
$1.2 million to $41.8 million for fiscal 2014 versus fiscal
2013. The 2.7% decline in net interest income was primarily
driven by a decline in covered loan interest income of $1.3 million, or 10.6%. Overall, interest income
declined $1.3 million, or 2.6%, while
interest expense declined $145,000,
or 2.0%. Significant cash payments on loans related to
pools that were previously written down to a zero carrying value
equaled $1.3 million in each of
2013 and 2014. Interest and fees on non-covered loans
were $30.2 million compared with
$29.7 million for the years ended
December 31, 2014 and 2013,
respectively. While average non-covered loan balances
increased $39.4 million over this
time frame, the yield earned on these balances declined 24 basis
points to 4.83%. Competitive pricing to garner quality loans
drove lower non-covered loan yields. Securities interest
income declined $551,000, or 6.6%,
over the same time frame and was partially offset by the
$495,000, or 1.7%, increase in
non-covered loan interest income mentioned above. Average
balances on securities increased $12.4
million during fiscal 2014 versus fiscal 2013, and the tax
equivalent yield on the portfolio declined only two basis points to
2.76%.
The net interest margin declined 14 basis points to 4.18% for
the fiscal year ended December 31,
2014 versus the same period in 2013. While the
margin declined, $32.5 million in
lower average interest bearing deposits, coupled with a two basis
point improvement in the Company's overall cost of funds,
positively impacted the margin.
The following tables compare the Company's net interest margin,
on a tax-equivalent basis, for the three months ended December 31, 2014, September 30, 2014, and December 31, 2013 and the year ended December 31, 2014 and December 31, 2013.
NET INTEREST
MARGIN
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
For the three
months ended
|
|
|
31-Dec-14
|
|
|
30-Sep-14
|
|
|
31-Dec-13
|
Average interest
earning assets
|
$
|
1,039,810
|
|
$
|
1,022,220
|
|
$
|
1,001,665
|
Interest
income
|
$
|
11,726
|
|
$
|
12,665
|
|
$
|
12,217
|
Interest income -
tax-equivalent
|
$
|
11,917
|
|
$
|
12,804
|
|
$
|
12,305
|
Yield on interest
earning assets
|
|
4.55%
|
|
|
4.97%
|
|
|
4.87%
|
Average interest
bearing liabilities
|
$
|
947,061
|
|
$
|
938,127
|
|
$
|
926,476
|
Interest
expense
|
$
|
1,883
|
|
$
|
1,783
|
|
$
|
1,644
|
Cost of interest
bearing liabilities
|
|
0.79%
|
|
|
0.75%
|
|
|
0.70%
|
Net interest
income
|
$
|
9,843
|
|
$
|
10,882
|
|
$
|
10,573
|
Net interest income -
tax-equivalent
|
$
|
10,034
|
|
$
|
11,021
|
|
$
|
10,661
|
Interest
spread
|
|
3.76%
|
|
|
4.22%
|
|
|
4.17%
|
Net interest
margin
|
|
3.83%
|
|
|
4.28%
|
|
|
4.22%
|
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
31-Dec-14
|
|
|
31-Dec-13
|
|
|
|
Average interest
earning assets
|
$
|
1,011,687
|
|
$
|
1,003,271
|
|
|
|
Interest
income
|
$
|
48,725
|
|
$
|
50,045
|
|
|
|
Interest income -
tax-equivalent
|
$
|
49,222
|
|
$
|
50,384
|
|
|
|
Yield on interest
earning assets
|
|
4.87%
|
|
|
5.02%
|
|
|
|
Average interest
bearing liabilities
|
$
|
928,826
|
|
$
|
923,528
|
|
|
|
Interest
expense
|
$
|
6,933
|
|
$
|
7,078
|
|
|
|
Cost of interest
bearing liabilities
|
|
0.75%
|
|
|
0.77%
|
|
|
|
Net interest
income
|
$
|
41,792
|
|
$
|
42,967
|
|
|
|
Net interest income -
tax-equivalent
|
$
|
42,289
|
|
$
|
43,306
|
|
|
|
Interest
spread
|
|
4.12%
|
|
|
4.25%
|
|
|
|
Net interest
margin
|
|
4.18%
|
|
|
4.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan Losses
The Company records a separate provision for loan losses for its
non-covered loan portfolio and its FDIC covered loan
portfolio. There was no provision for loan losses on the FDIC
covered loan portfolio during 2013 or 2014, respectively.
Likewise, there was no provision for loan losses on the non-covered
loan portfolio during 2013 or 2014, respectively. With
respect to the non-covered loan portfolio, this was the direct
result of continued improvement in loan quality as evidenced by the
lower net charge-offs than in prior years coupled with lower levels
of classified assets. Loan quality will be presented in
greater detail in the Asset Quality section of this press
release.
Noninterest Income
Linked Quarter Basis
Noninterest income was
$1.8 million for the fourth quarter
of 2014, compared with $1.2 million
for the third quarter of 2014. The $666,000, or 57.1%, increase in noninterest
income on a linked quarter basis is primarily the result of higher
net securities gain coupled with insurance proceeds related to a
Bank Owned Life Insurance (BOLI) claim of $406,000. Net securities gain equaled
$595,000 for the fourth quarter of
2014, increasing $480,000 over the
third quarter of 2014. As the market rallied in the last
month of the year, management was able to sell amortizing mortgage
backed securities at a gain and replace them with higher yielding
assets. Net gain on the sale of USDA loans totaled
$48,000 during the fourth quarter,
declining $30,000 from the prior
quarter. Other noninterest income increased by $236,000, or 120.41%, on a linked quarter basis,
the result of insurance proceeds mentioned above. Service
charges on deposit accounts declined $18,000, or 3.1%, on a linked quarter
basis.
Year-Over-Year
Noninterest income increased
$365,000, or 24.9%, from the fourth
quarter of 2013 to the fourth quarter of 2014. The
primary impetus for the increase in noninterest income during this
time frame was a $523,000 increase in
net securities gain. Otherwise, net gain on the sale of loans
and service charge income declined $207,000 and $68,000, respectively, over the same time
frame. The decline in the net loan gain was the direct result
of higher dollar volume of USDA loan sales in the fourth quarter of
2013 versus the fourth quarter of 2014. The decline in
service charge income was driven by the reduction of service charge
income from the former Georgia branches which were sold in November
2013. Other operating income increased $126,000, or 41.2%, from the quarter ended
December 31, 2013 to December 31, 2014. This increase was
primarily due to the $406,000
insurance benefit mentioned above, which was offset by a
$368,000 decrease in reimbursement
income from the FDIC related to the shared-loss agreement.
Twelve Month Period
For the year ended December 31, 2014, noninterest income totaled
$5.3 million, a $545,000 or 11.5% increase from the fiscal year
ended December 31, 2013. Net
gain on the sale of securities and net gain on the sale of loans
more than offset a reduction in service charge income,
year-over-year. Net securities gain equaled $1.1 million in fiscal 2014 versus $518,000 in fiscal 2013. The $571,000 increase in net securities gain is
directly attributable to the divestiture of mortgage backed
investments mentioned earlier. Net gain on the sale of loans
increased $560,000 from 2013 to
2014. While net loan sale gain totaled $201,000 in fiscal 2014, the Company recorded a
net loss of $359,000 on the sale of
loans in fiscal 2013. Throughout 2013 and 2014, management
selectively sold USDA loans to mitigate accelerated premium
amortization, due to early payoff of loans held above par
value. The recorded net loss noted in fiscal 2013 was
precipitated by a $614,000 loss on
the sale of a non-USDA loan. These changes, year over year,
more than offset a $539,000 reduction
in service charge income. The loss of service fee income was
primarily due to the sale of the Georgia branches.
Noninterest Expenses
Linked Quarter Basis
Noninterest expenses totaled
$8.7 million for the fourth quarter
of 2014, as compared to $9.5 million
for the third quarter of 2014, a reduction of $795,000, or 8.3%. OREO expense was
$392,000 for the third quarter and
negative $235,000 for the fourth
quarter of 2014. The $627,000,
or 160.0%, swing from an expense to income is due to gains on the
sale of OREO properties during the fourth quarter as well as
increased rental income received for the same period. These
gains not only offset normal operating OREO expenses during the
quarter, but the change from the prior quarter was highlighted by a
$444,000 write-down on one OREO
property during the third quarter. Other operating expense
totaled $1.5 million for the fourth
quarter of 2014, declining $167,000,
or 9.8%. The largest components driving this improvement were
$111,000, in fewer miscellaneous
operational losses as well as $77,000
in less advertising expense on a linked quarter basis.
Salaries and wages increased $41,000,
or 1.01%, for the quarter and were primarily due to increased
incentive or performance payouts. These were more than
offset by a $59,000, or 4.1%,
reduction in the indemnification asset amortization, which was a
result of the new forecast done in the fourth quarter.
Year-Over-Year
Noninterest expenses declined
$1.6 million, or 15.8%, when
comparing the fourth quarter of 2014 to the same period in
2013. The three largest declines attributing to the overall
reduction in noninterest expenses were evidenced in OREO expenses,
indemnification asset amortization, and other operating
expenses. OREO expenses equaled $828,000 for the fourth quarter of 2013,
declining $1.1 million to income of
$235,000 in the fourth quarter of
2014. The large swing in OREO expenses or income in 2014 was
directly the result of large write-downs in the fourth quarter of
2013 versus net gains on the sale of properties in the fourth
quarter of 2014. Indemnification asset amortization declined
$260,000, or 15.9%, from the fourth
quarter of 2013 compared with the fourth quarter of 2014.
Other operating expenses declined $253,000, or 14.1%, over the same time
frame. State taxes were reduced $178,000 from the fourth quarter of 2013 to the
fourth quarter of 2014, as the Company moved its state of
incorporation in 2014 from Delaware to Virginia. Advertising expenses were also
$66,000 lower in the fourth quarter
of 2014 versus the fourth quarter of 2013. The overall
decline in other operating expenses more than offset the
$122,000 increase in salaries and
wages over the same time period. The 3.1% increase from the
fourth quarter of 2013 to the fourth quarter of 2014 was the result
of increased lending staff as well as the Bank's new wholesale
mortgage operation.
Twelve Month Period
Noninterest expenses declined
$2.5 million, or 6.3%, when comparing
fiscal 2013 and fiscal 2014. The vast share of the decline
was evidenced in four categories: OREO expenses, FDIC
indemnification asset amortization, data processing fees, and
amortization of intangibles. OREO expenses declined
$1.5 million, or 73.5%, during fiscal
2014 when compared to the same period in 2013. The Company
benefitted from a reduction of $654,000, or 10.1%, in indemnification asset
amortization during fiscal 2014 versus the same time frame in 2013.
Data processing fees were $346,000,
or 16.7%, lower for the year ended December
31, 2014 compared with year ended December 31, 2013, and intangible amortization
was $294,000, or 13.4%, lower over
the same time frame. These two expense reductions were due in
part to the sale of the Georgia
branches. Other operating expenses and salaries
and wages increased $401,000, or
6.7%, and $155,000, or 1.0%,
respectively, year over year.
Income Taxes
Income tax expense was $673,000
for the three months ended December 31,
2014, compared with income tax expense of $697,000 and $461,000 for the third quarter of 2014 and fourth
quarter of 2013, respectively. Income tax expense was
$2.7 million and $2.5 million for the years ended December 31, 2014 and 2013, respectively.
The effective tax rate for 2014 equaled 26.6% versus 29.7% in
2013. This decline was due to the increase in tax free
municipal bonds purchased during the year and the non-taxable BOLI
income.
FINANCIAL CONDITION
Total assets increased $26.9
million, or 2.4%, to $1.156
billion at December 31, 2014
from September 30, 2014. Total
assets increased $66.2 million, or
6.1%, over the past year from $1.090
billion at December 31,
2013. Total loans were $727.5 million at December 31, 2014, increasing $18.9 million from the prior quarter and
$58.0 million since December 31, 2013. Total non-covered
loans were $664.7 million at
December 31, 2014 versus $644.2 million at the prior quarter end and
$596.2 million at December 31, 2013. Total non-covered loans
increased $68.6 million, or 11.5%,
during 2014.
The December 31, 2014 total
includes $4.7 million of loans
formerly categorized under the FDIC shared-loss agreement , which
are now categorized as non-covered loans (the "PCI loans").
While these loans no longer have FDIC loss guaranties, they are
subject to SOP 03-3 accounting rules; thus, they will not receive
consideration under the allowance for loan losses under the normal
non-covered portfolio. Excluding the $4.7 million mentioned above, non-covered loans
would have increased $63.8 million,
or 10.7%, since December 31,
2013.
The majority of the loan growth as evidenced by the chart below
has been in the commercial real estate and residential real estate
categories. Commercial real estate loans grew $36.1 million, or 14.6%, while residential real
estate loans grew $24.0 million, or
16.6%, during 2014.
The following table shows the composition of the Company's
non-covered loan portfolio at December 31,
2014, September 30, 2014 and
December 31, 2013.
NON-COVERED
LOANS
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
31-Dec-14
|
30-Sep-14
|
31-Dec-13
|
|
|
Amount
|
% of Non-
Covered
Loans
|
Amount
|
% of Non-
Covered
Loans
|
Amount
|
% of Non-
Covered
Loans
|
Mortgage loans on
real estate:
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4
family
|
$
|
168,358
|
25.32%
|
$
|
162,572
|
25.23%
|
$
|
144,382
|
24.21%
|
|
Commercial
|
|
283,430
|
42.63%
|
|
282,281
|
43.80%
|
|
247,284
|
41.47%
|
|
Construction and land
development
|
|
59,515
|
8.95%
|
|
53,529
|
8.31%
|
|
55,278
|
9.27%
|
|
Second
mortgages
|
|
6,015
|
0.90%
|
|
6,576
|
1.02%
|
|
6,854
|
1.15%
|
|
Multifamily
|
|
33,830
|
5.09%
|
|
34,108
|
5.29%
|
|
35,774
|
6.00%
|
|
Agriculture
|
|
7,167
|
1.08%
|
|
7,500
|
1.16%
|
|
9,565
|
1.60%
|
|
Total real estate
loans
|
|
558,315
|
83.97%
|
|
546,566
|
84.81%
|
|
499,137
|
83.70%
|
Commercial
loans
|
|
99,634
|
14.99%
|
|
90,707
|
14.08%
|
|
90,142
|
15.12%
|
Consumer installment
loans
|
|
5,470
|
0.82%
|
|
5,667
|
0.88%
|
|
5,623
|
0.94%
|
All other
loans
|
|
1,445
|
0.22%
|
|
1,489
|
0.23%
|
|
1,435
|
0.24%
|
|
Gross
loans
|
|
664,864
|
100.00%
|
|
644,429
|
100.00%
|
|
596,337
|
100.00%
|
Allowance for loan
losses
|
|
(9,365)
|
|
|
(9,862)
|
|
|
(10,444)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unearned
income
|
|
(128)
|
|
|
(188)
|
|
|
(164)
|
|
Non-covered loans,
net of unearned income
|
$
|
655,371
|
|
$
|
634,379
|
|
$
|
585,729
|
|
The Company's securities portfolio, excluding equity securities,
increased $16.4 million, or 5.7%,
from $294.3 million at December 31, 2013 to $310.8 million at December
31, 2014. Realized gains of $1.1 million occurred during 2014 through sales
and call activity. During the fourth quarter of 2014,
management purchased longer term, high quality tax-exempt municipal
securities, which resulted in the increase.
The Company had cash and cash equivalents of $22.4 million and $23.8
million at December 31, 2014
and December 31, 2013,
respectively. Federal funds purchased at December 31, 2014 aggregated $14.5 million compared with no such funds at
December 31, 2013, and there were no
securities sold under agreements to repurchase (repos) at
December 31, 2014, versus
$6.0 million in repos at December 31, 2013.
The following table shows the composition of the Company's
securities portfolio, excluding equity securities, at December 31, 2014, September 30, 2014 and December 31, 2013.
SECURITIES
PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
31-Dec-14
|
|
30-Sep-14
|
|
31-Dec-13
|
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
Securities
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury issue
and other
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$
|
99,608
|
$
|
98,707
|
$
|
82,019
|
$
|
80,931
|
$
|
99,789
|
$
|
98,987
|
U.S. Government
sponsored agencies
|
|
-
|
|
-
|
|
-
|
|
-
|
|
487
|
|
486
|
State, county and
municipal
|
|
134,405
|
|
137,477
|
|
135,469
|
|
136,928
|
|
138,884
|
|
134,096
|
Corporate and other
bonds
|
|
11,921
|
|
11,883
|
|
12,011
|
|
11,942
|
|
6,369
|
|
6,349
|
Mortgage backed
securities - U.S. Government agencies
|
|
2,338
|
|
2,258
|
|
2,507
|
|
2,402
|
|
3,608
|
|
3,439
|
Mortgage backed
securities - U.S. Government sponsored agencies
|
|
24,096
|
|
24,243
|
|
26,113
|
|
26,008
|
|
22,631
|
|
22,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
securities available for sale
|
$
|
272,368
|
$
|
274,568
|
$
|
258,119
|
$
|
258,211
|
$
|
271,768
|
$
|
265,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-14
|
|
30-Sep-14
|
|
31-Dec-13
|
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
Securities Held to
Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
State, county and
municipal
|
$
|
31,677
|
$
|
32,780
|
$
|
32,040
|
$
|
32,855
|
$
|
9,385
|
$
|
10,103
|
Mortgage backed
securities - U.S. Government agencies
|
|
4,293
|
|
4,531
|
|
5,186
|
|
5,478
|
|
6,604
|
|
7,002
|
Mortgage backed
securities - U.S. Government sponsored agencies
|
|
227
|
|
228
|
|
9,250
|
|
9,729
|
|
12,574
|
|
13,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
securities held to maturity
|
$
|
36,197
|
$
|
37,539
|
$
|
46,476
|
$
|
48,062
|
$
|
28,563
|
$
|
30,305
|
Interest bearing deposits at December 31,
2014 were $834.4 million, an
increase of $12.2 million from
December 31, 2013. NOW, MMDA and savings account balances
increased $21.6 million, $7.6 million, and $3.3
million, respectively, since December
31, 2013. Retail time deposit account balances
increased $51.6 million, or 10.8%,
during 2014, while brokered time deposits declined $31.6 million, or 30.1%, since year end.
Management allowed brokered time deposits to mature as needed and
were replaced with FHLB borrowings related to the swap transaction
noted earlier in this release. Brokered funding was used, in
part, to fund the sale of the Georgia branches, and the
corresponding generation of retail deposits was precipitated by an
overall improvement in the sales culture of the Bank's branch
system. Management has strategically increased retail core
funding while not increasing interest expense
substantively.
FHLB advances were $96.4 million
at December 31, 2014, compared with
$77.1 million at December 31, 2013. The Company increased
the level of FHLB advances due to the low cost nature of this
funding source and to assist with funding the sale of the
Georgia franchise in the fourth
quarter of 2013. Furthermore, management increased its FHLB
funding during the fourth quarter of 2014 by $14.8 million, while entering into the
aforementioned balance sheet swap. Long term debt totaled
$9.7 million at December 31, 2014. This borrowing,
initially in the amount of $10.7
million, was obtained in April
2014, and the proceeds were used to redeem the Company's
remaining outstanding TARP preferred stock. The Company made
a $1.0 million principal payment
during the third quarter.
The following table compares the mix of interest bearing
deposits at December 31, 2014,
September 30, 2014, and December 31, 2013.
INTEREST BEARING
DEPOSITS
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
31-Dec-14
|
|
30-Sep-14
|
|
31-Dec-13
|
NOW
|
$
|
123,682
|
$
|
104,788
|
$
|
102,111
|
MMDA
|
|
101,784
|
|
97,718
|
|
94,170
|
Savings
|
|
78,478
|
|
77,664
|
|
75,159
|
Time deposits less
than $100,000
|
|
231,642
|
|
240,045
|
|
235,482
|
Time deposits
$100,000 and over
|
|
298,795
|
|
319,971
|
|
315,287
|
Total interest
bearing deposits
|
$
|
834,381
|
$
|
840,186
|
$
|
822,209
|
Shareholders' equity was $107.7
million at December 31, 2014
and $106.7 million at December 31, 2013. In April 2014, $11.5
million in equity was redeemed in connection with the
repurchase of the TARP preferred stock and the associated
warrant. Despite this reduction, shareholders' equity
increased $991,000, or 0.9%.
The offset was solid earnings retention as well as a $4.8 million improvement in other comprehensive
income related to the unrealized gains and losses in the investment
portfolio.
Asset Quality – non-covered assets
Nonaccrual loans were $16.6
million at December 31, 2014,
increasing $7.1 million from
September 30, 2014 and $4.5 million from December
31, 2013. The $7.1
million increase in nonaccrual loans from September 30, 2014 was attributed to one loan
relationship placed on nonaccrual during the fourth quarter.
Management is proactively working with the borrower and has taken
measures to remedy the credit. While the level of
nonaccrual loans increased, the level of both substandard and
special mention non-covered loans and assets have improved over the
last five quarters, demonstrating an overall improvement in asset
quality.
The following chart shows the level of nonaccrual loans,
classified loans and criticized loans over the last five
quarters:
ASSET QUALITY
(NON-COVERED)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
31-Dec-14
|
|
30-Sep-14
|
|
30-Jun-14
|
|
31-Mar-14
|
|
31-Dec-13
|
Non-accruing
loans
|
$ 16,571
|
|
$ 9,481
|
|
$ 11,183
|
|
$ 12,645
|
|
$ 12,105
|
|
|
|
|
|
|
|
|
|
|
Criticized (special
mention) loans
|
21,835
|
|
21,517
|
|
26,212
|
|
36,775
|
|
25,111
|
Classified
(substandard) loans
|
22,181
|
|
25,053
|
|
27,066
|
|
21,963
|
|
22,800
|
Other real estate
owned
|
5,724
|
|
6,261
|
|
6,390
|
|
5,439
|
|
6,244
|
Total classified and
criticized assets
|
$ 49,740
|
|
$ 52,831
|
|
$ 59,668
|
|
$ 64,177
|
|
$ 54,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets totaled $22.3
million at December 31, 2014,
increasing $6.4 million from the
prior quarter end and $3.9 million
since December 31, 2013. The
increase in non-performing assets was virtually all due to the
addition of one relationship during the fourth quarter of
2014. Otherwise, non-covered OREO balances declined
$537,000 and $520,000 from the prior quarter end and year end
2013, respectively. There were net charge-offs of
$497,000 in the fourth quarter of
2014 compared with $392,000 in the
third quarter of 2014 and $209,000 in
the fourth quarter of 2013.
The allowance for loan losses equaled 55.9% of non-covered
nonaccrual loans at December 31,
2014, compared with 103.0% at September 30, 2014 and 86.3% at December 31, 2013. The ratio of the allowance for
loan losses to total nonperforming assets was 41.6% at December 31, 2014 compared with 62.0% at
September 30, 2014 and 56.9% at
December 31, 2013. The ratio of
nonperforming assets to loans and other real estate was 3.35% at
December 31, 2014 compared with 2.46%
at September 30, 2014 and 3.05% at
December 31, 2013.
The following table reconciles the activity in the Company's
non-covered allowance for loan losses, by quarter, for the past
five quarters.
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
2014
|
|
2013
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Fourth
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Quarter
|
Allowance for loan
losses:
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of
period
|
$
|
9,764
|
$
|
10,156
|
$
|
10,410
|
$
|
10,444
|
|
$
|
10,653
|
Provision for loan
losses
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
Net
charge-offs
|
|
(497)
|
|
(392)
|
|
(254)
|
|
(34)
|
|
|
(209)
|
End of
period
|
$
|
9,267
|
$
|
9,764
|
$
|
10,156
|
$
|
10,410
|
|
$
|
10,444
|
The following table sets forth selected asset quality data,
excluding FDIC covered assets and PCI loans, and ratios for the
dates indicated:
ASSET QUALITY
(NON-COVERED)
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
31-Dec-14
|
|
30-Sep-14
|
|
30-Jun-14
|
|
31-Mar-14
|
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
$
|
16,571
|
$
|
9,481
|
$
|
11,183
|
$
|
12,645
|
|
$
|
12,105
|
Loans past due 90
days and accruing interest
|
|
-
|
|
178
|
|
-
|
|
-
|
|
|
-
|
Total nonperforming
non-covered loans
|
|
16,571
|
|
9,659
|
|
11,183
|
|
12,645
|
|
|
12,105
|
Other real estate
owned non-covered
|
|
5,724
|
|
6,261
|
|
6,390
|
|
5,439
|
|
|
6,244
|
Total nonperforming
non-covered assets
|
$
|
22,295
|
$
|
15,920
|
$
|
17,573
|
$
|
18,084
|
|
$
|
18,349
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to loans
|
|
1.40%
|
|
1.55%
|
|
1.62%
|
|
1.75%
|
|
|
1.75%
|
Allowance for loan
losses to nonperforming assets
|
|
41.57%
|
|
62.03%
|
|
57.79%
|
|
57.56%
|
|
|
56.92%
|
Allowance for loan
losses to nonaccrual loans
|
|
55.92%
|
|
102.98%
|
|
90.82%
|
|
82.33%
|
|
|
86.28%
|
Nonperforming assets
to loans and other real estate
|
|
3.35%
|
|
2.46%
|
|
2.77%
|
|
3.02%
|
|
|
3.05%
|
Net charge-offs for
quarter to average loans,
|
|
|
|
|
|
|
|
|
|
|
|
annualized
|
|
0.31%
|
|
0.25%
|
|
0.17%
|
|
0.02%
|
|
|
0.14%
|
A further breakout of nonaccrual loans, excluding PCI and
covered loans, at December 31, 2014,
September 30, 2014, and December 31, 2013 is below:
NON-COVERED
NONACCRUAL LOANS
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
31-Dec-14
|
|
30-Sep-14
|
|
31-Dec-13
|
|
|
|
|
|
% of Non-
Covered Loans
|
|
|
% of Non-
Covered Loans
|
|
|
% of Non-
Covered Loans
|
|
|
|
Amount
|
|
Amount
|
Amount
|
Mortgage loans on
real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4
family
|
$
|
3,342
|
0.51%
|
|
$
|
3,748
|
0.58%
|
|
$
|
4,229
|
0.71%
|
|
Commercial
|
|
|
607
|
0.09%
|
|
|
624
|
0.10%
|
|
|
1,382
|
0.23%
|
|
Construction and land
development
|
|
4,920
|
0.74%
|
|
|
4,950
|
0.77%
|
|
|
5,882
|
0.99%
|
|
Second
mortgages
|
|
61
|
0.01%
|
|
|
61
|
0.01%
|
|
|
225
|
0.04%
|
|
Agriculture
|
|
|
-
|
-
|
|
|
-
|
-
|
|
|
205
|
0.03%
|
|
Total real estate
loans
|
$
|
8,930
|
1.35%
|
|
$
|
9,383
|
1.46%
|
|
$
|
11,923
|
2.00%
|
Commercial
loans
|
|
|
7,521
|
1.14%
|
|
|
8
|
0.00%
|
|
|
127
|
0.02%
|
Consumer installment
loans
|
|
120
|
0.02%
|
|
|
90
|
0.01%
|
|
|
55
|
0.01%
|
All other
loans
|
|
|
-
|
-
|
|
|
-
|
-
|
|
|
-
|
-
|
|
Gross
loans
|
|
$
|
16,571
|
2.51%
|
|
$
|
9,481
|
1.47%
|
|
$
|
12,105
|
2.03%
|
Capital Requirements
The Company's ratio of total risk-based capital was 14.7%
at December 31, 2014 compared with
16.8% at December 31, 2013. The
tier 1 risk-based capital ratio was 13.5% at December 31, 2014 and 15.6% at December 31, 2013. The Company's tier 1 leverage
ratio was 9.4% at December 31, 2014
and 9.5% at December 31,
2013. All capital ratios exceed regulatory minimums to
be considered well capitalized. The decline in the ratios is
primarily from the repayment of the TARP.
Earnings Conference Call and Webcast
The Company will host a conference call for interested parties
on Friday, January 30, 2015, at
10:00 a.m. Eastern Time to discuss
the financial results for both the fourth quarter and the 2014
fiscal year. The public is invited to listen to this conference
call by dialing 866-374-8379 at least five minutes prior to
the call. Interested parties may also listen to this
conference call through the internet by accessing the "Corporate
Overview – Corporate Profile" page of the Company's internet site
at www.cbtrustcorp.com.
A replay of the conference call will be available from 12:00
noon Eastern Time on January 30, 2015, until 9:00 a.m. Eastern Time on February 9, 2015. The replay will be available by
dialing 877-344-7529 and entering access code 10059183 or
through the internet by accessing the "Corporate Overview –
Corporate Profile" page of the Company's internet site at
www.cbtrustcorp.com.
About Community Bankers Trust Corporation and Essex
Bank
Community Bankers Trust Corporation is the holding company for
Essex Bank, a Virginia state bank
with 21 full-service offices, 14 of which are in Virginia and seven of which are in
Maryland. The Bank also operates two loan production offices
in Virginia. The Bank opened a new branch office in
Bowie, Maryland on January 12, 2015.
Additional information on the Bank is available on the Bank's
website at www.essexbank.com. For information on Community
Bankers Trust Corporation, please visit its 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, performance, future 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:
the quality or composition of the Company's loan or investment
portfolios, including collateral values and the repayment abilities
of borrowers and issuers; assumptions that underlie the
Company's allowance for loan losses; general economic and market
conditions, either nationally or in the Company's market areas; the
interest rate environment; competitive pressures among banks and
financial institutions or from companies outside the banking
industry; real estate values; the demand for deposit, loan, and
investment products and other financial services; the demand,
development and acceptance of new products and services; the
performance of vendors or other parties with which the Company does
business; time and costs associated with de novo branching,
acquisitions, dispositions and similar transactions; the
realization of gains and expense savings from acquisitions,
dispositions and similar transactions; assumptions and estimates
that underlie the accounting for loan pools under the shared-loss
agreements; consumer profiles and spending and savings habits;
levels of fraud in the banking industry; the level of attempted
cyber-attacks in the banking industry; 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. Many of 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, 2013 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
Balance Sheets
|
|
|
|
|
|
|
|
|
Unaudited
Condensed
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
31-Dec-14
|
|
30-Sep-14
|
|
31-Dec-13
|
Assets
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
8,329
|
|
$
|
8,335
|
|
$
|
10,857
|
Interest bearing bank
deposits
|
|
14,024
|
|
|
10,160
|
|
|
12,978
|
Total cash and cash
equivalents
|
|
22,353
|
|
|
18,495
|
|
|
23,835
|
|
|
|
|
|
|
|
|
|
Securities available
for sale, at fair value
|
|
274,568
|
|
|
258,211
|
|
|
265,777
|
Securities held to
maturity
|
|
36,197
|
|
|
46,476
|
|
|
28,563
|
Equity securities,
restricted, at cost
|
|
8,816
|
|
|
8,149
|
|
|
8,358
|
Total
securities
|
|
319,581
|
|
|
312,836
|
|
|
302,698
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
200
|
|
|
239
|
|
|
100
|
|
|
|
|
|
|
|
|
|
Loans not covered by
FDIC shared-loss agreements
|
|
664,736
|
|
|
644,241
|
|
|
596,173
|
Loans covered by FDIC
shared-loss agreements
|
|
62,744
|
|
|
64,338
|
|
|
73,275
|
Allowance for loan
losses (non-covered)
|
|
(9,365)
|
|
|
(9,862)
|
|
|
(10,444)
|
Allowance for loan
losses (covered)
|
|
(386)
|
|
|
(386)
|
|
|
(484)
|
Net
loans
|
|
717,729
|
|
|
698,331
|
|
|
658,520
|
|
|
|
|
|
|
|
|
|
Bank premises and
equipment
|
|
29,702
|
|
|
26,255
|
|
|
27,872
|
Bank premises and
equipment held for sale
|
|
465
|
|
|
3,237
|
|
|
-
|
Other real estate
owned, non-covered
|
|
5,724
|
|
|
6,261
|
|
|
6,244
|
Other real estate
owned, covered by FDIC shared-loss agreements
|
|
2,019
|
|
|
1,752
|
|
|
2,692
|
FDIC receivable under
shared-loss agreements
|
|
669
|
|
|
978
|
|
|
368
|
Bank owned life
insurance
|
|
21,004
|
|
|
21,278
|
|
|
20,795
|
Core deposit
intangibles, net
|
|
4,713
|
|
|
5,190
|
|
|
6,621
|
FDIC indemnification
asset
|
|
18,609
|
|
|
20,315
|
|
|
25,409
|
Other
assets
|
|
12,966
|
|
|
13,631
|
|
|
14,378
|
Total
assets
|
$
|
1,155,734
|
|
$
|
1,128,798
|
|
$
|
1,089,532
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
|
84,564
|
|
|
81,526
|
|
|
70,132
|
Interest
bearing
|
|
834,381
|
|
|
840,186
|
|
|
822,209
|
Total
deposits
|
|
918,945
|
|
|
921,712
|
|
|
892,341
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
|
14,500
|
|
|
3,287
|
|
|
6,000
|
Federal Home Loan
Bank advances
|
|
96,401
|
|
|
81,584
|
|
|
77,125
|
Long term
debt
|
|
9,680
|
|
|
9,680
|
|
|
-
|
Trust preferred
capital notes
|
|
4,124
|
|
|
4,124
|
|
|
4,124
|
Other
liabilities
|
|
4,434
|
|
|
3,863
|
|
|
3,283
|
Total
liabilities
|
$
|
1,048,084
|
|
$
|
1,024,250
|
|
$
|
982,873
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock
(5,000,000 shares authorized $0.01 par value; 0, 0, and 10,680
shares issued and outstanding, respectively)
|
|
-
|
|
|
-
|
|
|
10,680
|
Warrants on preferred
stock
|
|
-
|
|
|
-
|
|
|
1,037
|
Common stock
(200,000,000 shares authorized $0.01 par value; 21,791,523,
21,782,826, and 21,709,096, shares issued and outstanding ,
respectively)
|
|
218
|
|
|
218
|
|
|
217
|
Additional paid in
capital
|
|
145,321
|
|
|
145,238
|
|
|
144,656
|
Accumulated
deficit
|
|
(38,553)
|
|
|
(40,812)
|
|
|
(45,822)
|
Accumulated other
comprehensive loss
|
|
664
|
|
|
(96)
|
|
|
(4,109)
|
Total
shareholders' equity
|
$
|
107,650
|
|
$
|
104,548
|
|
$
|
106,659
|
Total liabilities
and shareholders' equity
|
$
|
1,155,734
|
|
$
|
1,128,798
|
|
$
|
1,089,532
|
|
|
|
|
|
|
|
|
|
COMMUNITY BANKERS
TRUST
CORPORATION
|
|
|
|
|
|
|
|
Consolidated
Statements of Operations
|
|
|
|
|
|
|
Unaudited
Condensed
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
Year Ended
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
|
Interest and
dividend income
|
|
|
|
|
|
|
|
Interest and fees on
non-covered loans
|
$
|
30,191
|
$
|
29,696
|
$
|
30,658
|
|
Interest and fees on
FDIC covered loans
|
|
10,672
|
|
11,936
|
|
14,105
|
|
Interest on deposits
in other banks
|
|
61
|
|
61
|
|
59
|
|
Investments
(taxable)
|
|
6,835
|
|
7,693
|
|
8,408
|
|
Investments
(nontaxable)
|
|
966
|
|
659
|
|
489
|
|
Total interest
income
|
|
48,725
|
|
50,045
|
|
53,719
|
|
Interest
expense
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
5,858
|
|
6,370
|
|
8,508
|
|
Interest on borrowed
funds
|
|
1,075
|
|
708
|
|
1,184
|
|
Total interest
expense
|
|
6,933
|
|
7,078
|
|
9,692
|
|
Net interest
income
|
|
41,792
|
|
42,967
|
|
44,027
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
-
|
|
-
|
|
1,200
|
|
Net interest
income after provision for loan losses
|
|
41,792
|
|
42,967
|
|
42,827
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
2,200
|
|
2,739
|
|
2,736
|
|
Gain on securities
transactions, net
|
|
1,089
|
|
518
|
|
1,492
|
|
Gain/(loss) on sale
of other loans, net
|
|
201
|
|
(359)
|
|
-
|
|
Income on bank owned
life insurance
|
|
769
|
|
747
|
|
620
|
|
Other
|
|
1,010
|
|
1,079
|
|
1,358
|
|
Total noninterest
income
|
|
5,269
|
|
4,724
|
|
6,206
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
16,136
|
|
15,981
|
|
16,511
|
|
Occupancy
expenses
|
|
2,597
|
|
2,717
|
|
2,715
|
|
Equipment
expenses
|
|
957
|
|
1,038
|
|
1,087
|
|
FDIC
assessment
|
|
805
|
|
843
|
|
1,485
|
|
Data processing
fees
|
|
1,732
|
|
2,078
|
|
1,824
|
|
FDIC indemnification
asset amortization
|
|
5,795
|
|
6,449
|
|
6,936
|
|
Amortization of
intangibles
|
|
1,908
|
|
2,202
|
|
2,261
|
|
Other real estate
expenses
|
|
540
|
|
2,034
|
|
2,493
|
|
Other operating
expenses
|
|
6,347
|
|
5,946
|
|
5,991
|
|
Total noninterest
expense
|
|
36,817
|
|
39,288
|
|
41,303
|
|
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
10,244
|
|
8,403
|
|
7,730
|
|
Income tax
expense
|
|
2,728
|
|
2,497
|
|
2,148
|
|
Net
income
|
|
7,516
|
|
5,906
|
|
5,582
|
|
Dividends paid on
preferred stock
|
|
247
|
|
885
|
|
884
|
|
Accretion of discount
on preferred stock
|
|
-
|
|
234
|
|
220
|
|
Net income
available to common shareholders
|
$
|
7,269
|
$
|
4,787
|
$
|
4,478
|
|
COMMUNITY BANKERS
TRUST CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Trend Analysis
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
Three months
ended
|
|
|
31-Dec-14
|
30-Sep-14
|
30-Jun-14
|
31-Mar-14
|
31-Dec-13
|
Interest and
dividend income
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
non- covered loans
|
|
$
|
7,724
|
$
|
8,125
|
$
|
7,291
|
$
|
7,051
|
$
|
7,050
|
Interest and fees on
FDIC covered loans
|
|
|
2,002
|
|
2,445
|
|
3,264
|
|
2,961
|
|
2,994
|
Interest on deposits
in other banks
|
|
|
15
|
|
11
|
|
22
|
|
13
|
|
25
|
Investments
(taxable)
|
|
|
1,614
|
|
1,813
|
|
1,710
|
|
1,698
|
|
1,976
|
Investments
(nontaxable)
|
|
|
371
|
|
271
|
|
168
|
|
156
|
|
172
|
Total
interest income
|
|
|
11,726
|
|
12,665
|
|
12,455
|
|
11,879
|
|
12,217
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
1,493
|
|
1,504
|
|
1,453
|
|
1,408
|
|
1,501
|
Interest on borrowed
funds
|
|
|
390
|
|
279
|
|
244
|
|
162
|
|
143
|
Total
interest expense
|
|
|
1,883
|
|
1,783
|
|
1,697
|
|
1,570
|
|
1,644
|
Net
interest income
|
|
|
9,843
|
|
10,882
|
|
10,758
|
|
10,309
|
|
10,573
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net interest
income after provision for loan losses
|
|
|
9,843
|
|
10,882
|
|
10,758
|
|
10,309
|
|
10,573
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
566
|
|
584
|
|
561
|
|
489
|
|
634
|
Gain on securities
transactions, net
|
|
|
595
|
|
115
|
|
24
|
|
355
|
|
72
|
Gain/(loss) on sale
of other loans, net
|
|
|
48
|
|
78
|
|
27
|
|
48
|
|
255
|
Income on bank owned
life insurance
|
|
|
191
|
|
193
|
|
193
|
|
192
|
|
200
|
Other
|
|
|
432
|
|
196
|
|
165
|
|
217
|
|
306
|
Total
noninterest income
|
|
|
1,832
|
|
1,166
|
|
970
|
|
1,301
|
|
1,467
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
4,113
|
|
4,072
|
|
4,028
|
|
3,923
|
|
3,991
|
Occupancy
expenses
|
|
|
631
|
|
631
|
|
687
|
|
648
|
|
647
|
Equipment
expenses
|
|
|
223
|
|
255
|
|
260
|
|
219
|
|
248
|
FDIC
assessment
|
|
|
194
|
|
210
|
|
194
|
|
207
|
|
228
|
Data processing
fees
|
|
|
420
|
|
355
|
|
463
|
|
494
|
|
505
|
FDIC indemnification
asset amortization
|
|
|
1,380
|
|
1,439
|
|
1,478
|
|
1,498
|
|
1,640
|
Amortization of
intangibles
|
|
|
477
|
|
477
|
|
477
|
|
477
|
|
506
|
Other real estate
expenses
|
|
|
(235)
|
|
392
|
|
100
|
|
283
|
|
828
|
Other operating
expenses
|
|
|
1,540
|
|
1,707
|
|
1,672
|
|
1,428
|
|
1,793
|
Total
noninterest expense
|
|
|
8,743
|
|
9,538
|
|
9,359
|
|
9,177
|
|
10,386
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
|
2,932
|
|
2,510
|
|
2,369
|
|
2,433
|
|
1,654
|
Income tax
expense
|
|
|
673
|
|
697
|
|
649
|
|
709
|
|
461
|
Net
income
|
|
|
2,259
|
|
1,813
|
|
1,720
|
|
1,724
|
|
1,193
|
Dividends paid on
preferred stock
|
|
|
-
|
|
-
|
|
182
|
|
65
|
|
235
|
Accretion of discount
on preferred stock
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
44
|
Net income
available to common
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
$
|
2,259
|
$
|
1,813
|
$
|
1,538
|
$
|
1,659
|
$
|
914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNITY BANKERS
TRUST CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN ANALYSIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2014
|
|
Three months ended
December 31, 2013
|
|
|
|
|
Average
Balance
Sheet
|
|
Interest Income /
Expense
|
|
Average Rates
Earned / Paid
|
|
Average
Balance
Sheet
|
|
Interest
Income /
Expense
|
|
Average Rates
Earned / Paid
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans non-covered,
including fees
|
$
|
651,014
|
|
$
|
7,724
|
|
4.71
|
%
|
$
|
585,461
|
|
$
|
7,050
|
|
4.78
|
%
|
|
|
FDIC covered
loans, including fees
|
|
63,477
|
|
|
2,002
|
|
12.52
|
|
|
75,252
|
|
|
2,994
|
|
15.79
|
|
|
|
Total
loans
|
|
714,491
|
|
|
9,726
|
|
5.40
|
|
|
660,713
|
|
|
10,044
|
|
6.03
|
|
|
|
Interest bearing bank
balances
|
|
17,161
|
|
|
15
|
|
0.33
|
|
|
35,304
|
|
|
25
|
|
0.28
|
|
|
|
Federal funds
sold
|
|
-
|
|
|
-
|
|
-
|
|
|
783
|
|
|
-
|
|
0.10
|
|
|
|
Securities
(taxable)
|
|
258,366
|
|
|
1,614
|
|
2.50
|
|
|
283,516
|
|
|
1,976
|
|
2.79
|
|
|
|
Securities (tax
exempt) )1)
|
|
49,792
|
|
|
562
|
|
4.51
|
|
|
21,349
|
|
|
260
|
|
4.88
|
|
|
|
Total
earning assets
|
|
1,039,810
|
|
|
11,917
|
|
4.55
|
|
|
1,001,665
|
|
|
12,305
|
|
4.87
|
|
|
|
Allowance for loan
losses
|
|
(10,548)
|
|
|
|
|
|
|
|
(11,133)
|
|
|
|
|
|
|
|
|
Non-earning
assets
|
|
112,619
|
|
|
|
|
|
|
|
128,596
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
1,141,881
|
|
|
|
|
|
|
$
|
1,119,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand - interest
bearing
|
$
|
219,486
|
|
$
|
154
|
|
0.28
|
%
|
$
|
220,656
|
|
$
|
168
|
|
0.30
|
%
|
|
|
Savings
|
|
78,572
|
|
|
61
|
|
0.31
|
|
|
79,572
|
|
|
70
|
|
0.35
|
|
|
|
Time
deposits
|
|
540,230
|
|
|
1,278
|
|
0.94
|
|
|
564,191
|
|
|
1,263
|
|
0.89
|
|
|
|
Total
interest bearing deposits
|
|
838,288
|
|
|
1,493
|
|
0.71
|
|
|
864,419
|
|
|
1,501
|
|
0.69
|
|
|
|
Short-term
borrowings
|
|
4,433
|
|
|
7
|
|
0.58
|
|
|
107
|
|
|
-
|
|
0.00
|
|
|
|
FHLB and other
borrowings
|
|
94,660
|
|
|
283
|
|
1.19
|
|
|
61,950
|
|
|
143
|
|
0.92
|
|
|
|
Long- term
debt
|
|
9,680
|
|
|
100
|
|
4.04
|
|
|
-
|
|
|
-
|
|
|
|
|
|
Total
interest bearing liabilities
|
|
947,061
|
|
|
1,883
|
|
0.79
|
|
|
926,476
|
|
|
1,644
|
|
0.70
|
|
|
|
Noninterest bearing
deposits
|
|
84,091
|
|
|
|
|
|
|
|
80,172
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
4,178
|
|
|
|
|
|
|
|
3,874
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
1,035,330
|
|
|
|
|
|
|
|
1,010,522
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
106,551
|
|
|
|
|
|
|
|
108,606
|
|
|
|
|
|
|
|
|
Total
liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
$
|
1,141,881
|
|
|
|
|
|
|
$
|
1,119,128
|
|
|
|
|
|
|
|
|
Net interest
earnings
|
|
|
|
$
|
10,034
|
|
|
|
|
|
|
$
|
10,661
|
|
|
|
|
|
Interest
spread
|
|
|
|
|
|
|
3.76
|
%
|
|
|
|
|
|
|
4.17
|
%
|
|
Net interest
margin
|
|
|
|
|
|
|
3.83
|
%
|
|
|
|
|
|
|
4.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Income and yield are
recorded on a tax equivalent basis
|
COMMUNITY BANKERS
TRUST CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN ANALYSIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, 2014
|
|
Year ended
December 31, 2013
|
|
|
|
Average Balance
Sheet
|
Interest Income /
Expense
|
|
Average Rates
Earned / Paid
|
|
Average
Balance
Sheet
|
Interest Income /
Expense
|
|
Average Rates
Earned / Paid
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans non-covered,
including fees
|
$
|
624,766
|
$
|
30,191
|
|
4.83
|
%
|
$
|
585,343
|
$
|
29,696
|
|
5.07
|
%
|
|
FDIC covered
loans, including fees
|
|
66,868
|
|
10,672
|
|
15.96
|
|
|
79,140
|
|
11,936
|
|
15.08
|
|
|
Total
loans
|
|
691,634
|
|
40,863
|
|
5.91
|
|
|
664,483
|
|
41,632
|
|
6.27
|
|
|
Interest bearing bank
balances
|
|
19,103
|
|
61
|
|
0.32
|
|
|
22,423
|
|
58
|
|
0.26
|
|
|
Federal funds
sold
|
|
389
|
|
0
|
|
0.10
|
|
|
3,453
|
|
3
|
|
0.10
|
|
|
Securities
(taxable)
|
|
268,324
|
|
6,835
|
|
2.55
|
|
|
292,618
|
|
7,693
|
|
2.63
|
|
|
Securities (tax
exempt) (1)
|
|
32,237
|
|
1,463
|
|
4.54
|
|
|
20,294
|
|
998
|
|
4.92
|
|
|
Total
earning assets
|
|
1,011,687
|
|
49,222
|
|
4.87
|
|
|
1,003,271
|
|
50,384
|
|
5.02
|
|
|
Allowance for loan
losses
|
|
(10,742)
|
|
|
|
|
|
|
(12,352)
|
|
|
|
|
|
|
Non-earning
assets
|
|
114,545
|
|
|
|
|
|
|
130,033
|
|
|
|
|
|
|
Total
assets
|
$
|
1,115,490
|
|
|
|
|
|
$
|
1,120,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand - interest
bearing
|
$
|
204,386
|
$
|
595
|
|
0.29
|
%
|
$
|
238,545
|
$
|
742
|
|
0.31
|
%
|
|
Savings
|
|
77,138
|
|
253
|
|
0.33
|
|
|
81,368
|
|
277
|
|
0.34
|
|
|
Time
deposits
|
|
552,709
|
|
5,010
|
|
0.91
|
|
|
546,788
|
|
5,351
|
|
0.98
|
|
|
Total
interest bearing deposits
|
|
834,233
|
|
5,858
|
|
0.70
|
|
|
866,701
|
|
6,370
|
|
0.73
|
|
|
Short-term
borrowings
|
|
1,855
|
|
11
|
|
0.57
|
|
|
558
|
|
4
|
|
0.73
|
|
|
FHLB and other
borrowings
|
|
85,661
|
|
776
|
|
0.91
|
|
|
56,269
|
|
704
|
|
1.25
|
|
|
Long- term
debt
|
|
7,077
|
|
288
|
|
4.07
|
|
|
-
|
|
-
|
|
0.00
|
|
|
Total
interest bearing liabilities
|
|
928,826
|
|
6,933
|
|
0.75
|
|
|
923,528
|
|
7,078
|
|
0.77
|
|
|
Noninterest bearing
deposits
|
|
76,515
|
|
|
|
|
|
|
80,326
|
|
|
|
|
|
|
Other
liabilities
|
|
4,184
|
|
|
|
|
|
|
3,933
|
|
|
|
|
|
|
Total
liabilities
|
|
1,009,525
|
|
|
|
|
|
|
1,007,787
|
|
|
|
|
|
|
Shareholders'
equity
|
|
105,965
|
|
|
|
|
|
|
113,165
|
|
|
|
|
|
|
Total
liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
$
|
1,115,490
|
|
|
|
|
|
$
|
1,120,952
|
|
|
|
|
|
|
Net interest
earnings
|
|
|
$
|
42,289
|
|
|
|
|
|
$
|
43,306
|
|
|
|
|
Interest
spread
|
|
|
|
|
|
4.12
|
%
|
|
|
|
|
|
4.25
|
%
|
|
Net interest
margin
|
|
|
|
|
|
4.18
|
%
|
|
|
|
|
|
4.32
|
%
|
|
|
(1)
|
Income and yield are
recorded on a tax equivalent basis
|
Non-GAAP Financial Measures
The information below presents certain financial information
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America (GAAP). Common tangible book value
equals total shareholders' equity less preferred stock, goodwill
and identifiable intangible assets, and common tangible book value
per share is computed by dividing common tangible book value by the
number of common shares outstanding. Common tangible assets equal
total assets less preferred stock, goodwill and identifiable
intangible assets.
Management believes that common tangible book value and the
ratio of common tangible book value to common tangible assets are
meaningful because they are some of the measures that the Company
and investors use to assess capital adequacy. Management believes
that presenting the change in common tangible book value per share,
the change in stock price to common tangible book value per share,
and the change in the ratio of common tangible book value to common
tangible assets provide meaningful period-to-period comparisons of
these measures.
These measures are a supplement to GAAP used to prepare the
Company's financial statements and should not be viewed as a
substitute for GAAP measures. In addition, the Company's non-GAAP
measures may not be comparable to non-GAAP measures of other
companies. The following table reconciles these non-GAAP measures
from their respective GAAP basis measures.
Common Tangible
Book Value
|
|
31-Dec-14
|
|
30-Sep-14
|
|
31-Dec-13
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
107,650
|
$
|
104,548
|
$
|
106,659
|
Preferred stock
(net)
|
|
-
|
|
-
|
|
11,717
|
Core deposit
intangible (net)
|
|
4,713
|
|
5,190
|
|
6,621
|
Common tangible book
value
|
|
102,937
|
|
99,358
|
|
88,321
|
Shares
outstanding
|
|
21,792
|
|
21,783
|
|
21,709
|
Common tangible book
value per share
|
$
|
4.72
|
$
|
4.56
|
$
|
4.07
|
|
|
|
|
|
|
|
Stock
Price
|
$
|
4.42
|
$
|
4.37
|
$
|
3.76
|
|
|
|
|
|
|
|
Price/common tangible
book
|
|
93.6%
|
|
95.8%
|
|
92.4%
|
|
|
|
|
|
|
|
Common tangible
book/common tangible assets
|
|
|
|
|
|
|
Total assets
|
$
|
1,155,734
|
$
|
1,128,798
|
$
|
1,089,532
|
Preferred stock
(net)
|
|
-
|
|
-
|
|
11,717
|
Core deposit
intangible
|
|
4,713
|
|
5,190
|
|
6,621
|
Common tangible
assets
|
|
1,151,021
|
|
1,123,608
|
|
1,071,194
|
Common tangible
book
|
|
102,937
|
|
99,358
|
|
88,321
|
Common tangible
equity to common tangible assets
|
|
8.94%
|
|
8.84%
|
|
8.25%
|
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SOURCE Community Bankers Trust Corporation