Company Quick10K Filing
Community Bankers Trust
Price8.57 EPS1
Shares23 P/E17
MCap193 P/FCF13
Net Debt0 EBIT26
TEV193 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2018-08-17
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-13
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-26
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-30
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-04-23
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-05-15
8-K 2020-05-01
8-K 2020-04-24
8-K 2020-01-22
8-K 2019-10-25
8-K 2019-07-26
8-K 2019-06-21
8-K 2019-05-17
8-K 2019-04-26
8-K 2019-02-28
8-K 2019-01-25
8-K 2018-10-26
8-K 2018-07-26
8-K 2018-06-22
8-K 2018-05-18
8-K 2018-04-26
8-K 2018-03-13
8-K 2018-01-30

ESXB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Nature of Banking Activities and Significant Accounting Policies
Note 2. Securities
Note 3. Loans and Related Allowance for Loan Losses
Note 4. Pci Loans and Related Allowance for Loan Losses
Note 5. Other Real Estate Owned
Note 6. Deposits
Note 7. Accumulated Other Comprehensive Income
Note 8. Fair Values of Assets and Liabilities
Note 9. Earnings per Share
Note 10. Employee Benefit Plan
Note 11. Cash Flow Hedge
Note 12. Revenue Recognition
Note 13. Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 esxb-20200630ex3118c09a5.htm
EX-31.2 esxb-20200630ex312ae2946.htm
EX-32.1 esxb-20200630ex321dd2a60.htm

Community Bankers Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02012201420172020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                

Commission File Number: 001-32590

COMMUNITY BANKERS TRUST CORPORATION

(Exact name of registrant as specified in its charter)

Virginia

20-2652949

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

9954 Mayland Drive, Suite 2100

Richmond, Virginia

23233

(Address of principal executive offices)

(Zip Code)

(804934-9999

(Registrant’s telephone number, including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol

    

Name of each exchange on which registered:

Common Stock, $0.01 par value

ESXB

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit. such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 

At June 30, 2020, there were 22,311,357 shares of the Company’s common stock outstanding.

Table of Contents

COMMUNITY BANKERS TRUST CORPORATION

TABLE OF CONTENTS

FORM 10-Q

June 30, 2020

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

3

Unaudited Consolidated Balance Sheets

3

Unaudited Consolidated Statements of Income

4

Unaudited Consolidated Statements of Comprehensive Income

5

Unaudited Consolidated Statements of Changes in Shareholders’ Equity

6

Unaudited Consolidated Statements of Cash Flows

7

Notes to Unaudited Consolidated Financial Statements

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3. Quantitative and Qualitative Disclosures About Market Risk

45

Item 4. Controls and Procedures

46

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

46

Item 1A. Risk Factors

46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

48

Item 3. Defaults upon Senior Securities

48

Item 4. Mine Safety Disclosures

48

Item 5. Other Information

48

Item 6. Exhibits

48

SIGNATURES

49

2

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2020 AND DECEMBER 31, 2019

(dollars in thousands, except share data)

    

June 30, 2020

    

December 31, 2019 *

ASSETS

Cash and due from banks

$

20,530

$

16,976

Interest bearing bank deposits

 

64,796

 

11,708

Total cash and cash equivalents

 

85,326

 

28,684

Securities available for sale, at fair value

 

226,867

 

186,969

Securities held to maturity, at cost (fair value of $25,282 and $36,633, respectively)

 

24,169

 

35,733

Equity securities, restricted, at cost

 

8,875

 

8,855

Total securities

 

259,911

 

231,557

Loans held for sale

 

396

 

501

Loans

 

1,165,310

 

1,058,323

Purchased credit impaired (PCI) loans

 

29,507

 

32,528

Total loans

 

1,194,817

 

1,090,851

Allowance for loan losses (loans of $12,238 and $8,429, respectively; PCI loans of $156 and $156, respectively)

 

(12,394)

 

(8,585)

Net loans

 

1,182,423

 

1,082,266

Bank premises and equipment, net

 

28,713

 

29,472

Bank premises and equipment held for sale

 

1,589

 

1,589

Right-of-use lease assets

5,999

6,472

Other real estate owned

 

4,486

 

4,527

Bank owned life insurance

 

29,687

 

29,340

Other assets

 

16,474

 

16,432

Total assets

$

1,615,004

$

1,430,840

LIABILITIES

 

  

 

  

Deposits:

 

  

 

  

Noninterest bearing

$

278,780

$

178,584

Interest bearing

 

1,084,869

 

984,864

Total deposits

 

1,363,649

 

1,163,448

Federal funds purchased

 

3,268

 

24,437

Federal Home Loan Bank borrowings

 

68,167

 

68,500

Trust preferred capital notes

 

4,124

 

4,124

Lease liabilities

6,264

6,737

Other liabilities

 

8,751

 

8,115

Total liabilities

 

1,454,223

 

1,275,361

SHAREHOLDERS’ EQUITY

 

  

 

  

Common stock (200,000,000 shares authorized, $0.01 par value; 22,311,357 and 22,422,621 shares issued and outstanding, respectively)

 

223

 

224

Additional paid in capital

 

150,428

 

150,728

Retained earnings

 

5,900

 

2,562

Accumulated other comprehensive income

 

4,230

 

1,965

Total shareholders’ equity

 

160,781

 

155,479

Total liabilities and shareholders’ equity

$

1,615,004

$

1,430,840

*

Derived from audited consolidated financial statements

See accompanying notes to unaudited consolidated financial statements

3

Table of Contents

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

(dollars and shares in thousands, except per share data)

    

Three months ended

Six months ended

June 30, 2020

    

June 30, 2019

June 30, 2020

    

June 30, 2019

Interest and dividend income

 

  

 

  

  

 

  

Interest and fees on loans

$

13,012

$

12,640

$

26,098

$

25,059

Interest and fees on PCI loans

 

1,062

 

1,251

 

2,159

 

2,544

Interest on federal funds sold

 

 

5

 

 

5

Interest on deposits in other banks

 

41

 

117

 

110

 

213

Interest and dividends on securities

 

 

 

 

Taxable

 

1,287

 

1,472

 

2,638

 

2,994

Nontaxable

 

349

 

421

 

692

 

897

Total interest and dividend income

 

15,751

 

15,906

 

31,697

 

31,712

Interest expense

 

  

 

  

 

  

 

  

Interest on deposits

 

3,182

 

3,589

 

6,601

 

6,823

Interest on borrowed funds

 

209

 

317

 

498

 

764

Total interest expense

 

3,391

 

3,906

 

7,099

 

7,587

Net interest income

 

12,360

 

12,000

 

24,598

 

24,125

Provision for loan losses

 

900

 

125

 

4,200

 

125

Net interest income after provision for loan losses

 

11,460

 

11,875

 

20,398

 

24,000

Noninterest income

 

  

 

  

 

  

 

  

Service charges and fees

 

532

 

707

 

1,204

 

1,316

Gain on securities transactions, net

 

242

 

238

 

203

 

224

Gain on sale of other loans

 

 

 

11

 

Income on bank owned life insurance

 

173

 

184

 

347

 

365

Mortgage loan income

 

373

 

100

 

594

 

162

Other

 

296

 

222

 

592

 

398

Total noninterest income

 

1,616

 

1,451

 

2,951

 

2,465

Noninterest expense

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

4,613

 

5,273

 

9,765

 

10,654

Occupancy expenses

 

778

 

919

 

1,605

 

1,849

Equipment expenses

 

345

 

394

 

717

 

775

FDIC assessment

 

156

 

162

 

281

 

312

Data processing fees

 

573

 

579

 

1,165

 

1,147

Other real estate (income) expense, net

 

(4)

 

105

 

2

 

97

Other operating expenses

 

1,412

 

1,559

 

2,932

 

2,997

Total noninterest expense

 

7,873

 

8,991

 

16,467

 

17,831

Income before income taxes

 

5,203

 

4,335

 

6,882

 

8,634

Income tax expense

 

1,043

 

791

 

1,307

 

1,587

Net income

$

4,160

$

3,544

$

5,575

$

7,047

Net income per share — basic

$

0.19

$

0.16

$

0.25

$

0.32

Net income per share — diluted

$

0.18

$

0.16

$

0.25

$

0.31

Weighted average number of shares outstanding

 

  

 

  

 

  

 

  

Basic

 

22,304

 

22,228

 

22,352

 

22,185

Diluted

 

22,508

 

22,433

 

22,550

 

22,432

See accompanying notes to unaudited consolidated financial statements

4

Table of Contents

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

(dollars in thousands)

Three months ended

Six months ended

    

June 30, 2020

    

June 30, 2019

    

June 30, 2020

    

June 30, 2019

Net income

$

4,160

$

3,544

$

5,575

$

7,047

Other comprehensive income:

Unrealized gain on investment securities:

Change in unrealized gain on investment securities

 

3,010

 

2,399

 

3,792

 

4,603

Tax related to unrealized gain on investment securities

 

(661)

 

(527)

 

(833)

 

(1,012)

Reclassification adjustment for gain on securities sold

 

(242)

 

(238)

 

(203)

 

(224)

Tax related to realized gain on securities sold

 

54

 

52

 

45

 

49

Cash flow hedge:

Change in unrealized loss on cash flow hedge

 

(129)

 

(145)

 

(686)

 

(239)

Tax related to cash flow hedge

 

28

 

32

 

150

 

52

Total other comprehensive income

 

2,060

 

1,573

 

2,265

 

3,229

Total comprehensive income

$

6,220

$

5,117

$

7,840

$

10,276

See accompanying notes to unaudited consolidated financial statements

5

Table of Contents

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

(dollars and shares in thousands, except per share amounts)

Accumulated

Additional

Retained

Other

Common Stock

Paid in

Earnings

Comprehensive

    

Shares

    

Amount

    

Capital

    

(Deficit)

    

Income (Loss)

    

Total

Balance March 31, 2019

 

22,169

$

222

$

149,115

$

(7,406)

$

377

$

142,308

Issuance of common stock

 

8

 

 

53

 

 

 

53

Exercise and issuance of employee stock options

 

81

 

1

 

584

 

 

 

585

Net income

 

 

 

 

3,544

 

 

3,544

Dividends of $0.03 per share paid on common stock

 

 

 

 

(667)

 

 

(667)

Other comprehensive income

 

1,573

1,573

Balance June 30, 2019

 

22,258

$

223

$

149,752

$

(4,529)

$

1,950

$

147,396

Balance December 31, 2018

22,132

$

221

$

148,763

$

(10,244)

$

(1,279)

$

137,461

Issuance of common stock

 

14

 

 

107

 

 

 

107

Exercise and issuance of employee stock options

 

112

 

2

 

882

 

 

 

884

Net income

 

 

 

 

7,047

 

 

7,047

Dividends of $0.06 per share paid on common stock

 

 

 

(1,332)

 

 

(1,332)

Other comprehensive income

 

 

 

 

 

3,229

 

3,229

Balance June 30, 2019

 

22,258

$

223

$

149,752

$

(4,529)

$

1,950

$

147,396

Balance March 31, 2020

 

22,317

$

223

$

150,219

$

2,856

$

2,170

$

155,468

Issuance of common stock

 

9

 

 

49

 

 

 

49

Exercise and issuance of employee stock options

 

 

 

232

 

 

 

232

Stock purchased under stock repurchase program

(15)

(72)

(72)

Net income

 

 

 

 

4,160

 

 

4,160

Dividends of $0.05 share paid on common stock