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Press Release

Community Bankers Trust Corporation Reports Results for Fourth Quarter and Year 2018

Conference Call on Friday, January 25, 2019, at 10:00 a.m. Eastern Time

Company Release - 1/25/2019 6:00 AM ET

RICHMOND, Va., Jan. 25, 2019 /PRNewswire/ -- Community Bankers Trust Corporation (the "Company") (NASDAQ: ESXB), the holding company for Essex Bank (the "Bank"), today reported unaudited results for the fourth quarter and year ended December 31, 2018.

Community Bankers Trust Corporation logo. (PRNewsFoto/Community Bankers Trust Corporation) (PRNewsfoto/COMMUNITY BANKERS TRUST CORP.)

FINANCIAL HIGHLIGHTS

  • Fourth quarter 2018 net income was $3.4 million, or $0.15 per common share, basic and fully diluted.
  • Pre-tax income was $4.1 million for the fourth quarter of 2018 compared with $3.6 million in the fourth quarter of 2017, an increase of $568,000, or 15.9%.
  • The fourth quarter of 2018 reflects an increase in net interest margin, which was 3.78%, compared with 3.77% in the third quarter of 2018 and 3.72% in the fourth quarter of 2017.
  • For the year ended December 31, 2018, net income was $13.7 million, or $0.62 per common share basic and $0.61 per common share fully diluted, compared with net income of $7.2 million, or $0.33 per common share basic and $0.32 per common share fully diluted for 2017.
  • For the year ended December 31, 2018, pre-tax income was $16.8 million, an increase of $2.7 million, or 18.9%, over pre-tax income of $14.1 million for the year ended December 31, 2017.
  • For the year ended December 31, 2018, return on average assets was 1.01% and return on average equity was 10.59%.
  • Common tangible book value per share of $6.21 at December 31, 2018 is an increase of $0.59, or 10.5%, from December 31, 2017. This non-GAAP measure is calculated by dividing total shareholders' equity by shares of common stock outstanding at each period end.

OPERATING HIGHLIGHTS

  • Gross loans, excluding purchased credit impaired ("PCI") loans, grew $31.3 million, or 3.3%, during the fourth quarter of 2018 and $51.7 million, or 5.5%, since year-end 2017.
  • Commercial real estate loans grew $21.4 million, or 6.0%, during the fourth quarter of 2018 and commercial loans increased by $18.4 million, or 10.8%.
  • Noninterest bearing deposits grew $12.1 million, or 7.9%, during 2018.
  • The Bank opened two full-service banking facilities in 2018 in strong market areas.

MANAGEMENT COMMENTS

Rex L. Smith, III, President and Chief Executive Officer, stated, "We finished the year with strong growth both in loans and in core deposits, while slightly increasing our net interest margin. We have emphasized credit quality and pricing discipline throughout the year, which allowed us to grow loan and deposit relationships in the types of products and rate structures that make sense for the uncertain interest rate environment.  Our goal was to meet or exceed a 1% return on assets, which we achieved.  Net income hit a new company best at $13.7 million for the year, which included opening two new branch offices."

Smith added, "Noninterest expense was slightly higher than anticipated due to group insurance costs and short term replication in salary expenses as we added some important positions as part of succession planning.  These will normalize in the first half of 2019.  Additionally, we incurred some one-time expenses in data processing and additional equipment and other costs associated with the opening of our new branch in Edgewater, Maryland."

Smith concluded, "We continue to emphasize credit quality and pricing structure as we are preparing for multiple economic and interest rate scenarios.  Our liquidity, capital structure and credit discipline are key as we move forward.  Our markets are large and diverse and will allow us to continue our controlled growth strategy and sustain strong earnings per share growth in 2019."

RESULTS OF OPERATIONS

The Company had net income of $3.4 million for the fourth quarter of 2018, compared with linked quarter net income of $4.0 million in the third quarter of 2018 and year-over-year net loss of $640,000 in the fourth quarter of 2017. Fully diluted earnings per common share were $0.15, $0.17 and $(0.03) for the three months ended December 31, 2018, September 30, 2018 and December 31, 2017, respectively. For the year ended December 31, 2018, net income was $13.7 million, or $0.61 per fully diluted common share, compared with net income of $7.2 million, or $0.32 per fully diluted common share, for the year ended December 31, 2017.

Net income in 2017 was affected by a fourth quarter charge of $3.5 million to income tax expense related to the re-measurement of net deferred tax assets resulting from the 21% corporate income tax rate established by the Tax Cuts and Jobs Act of 2017 (the "Act") enacted in December 2017.

The following table presents summary income statements for the three months ended December 31, 2018, September 30, 2018, and December 31, 2017 and the years ended December 31, 2018 and December 31, 2017.

SUMMARY INCOME STATEMENT











(Unaudited)











(Dollars in thousands)


For the three months ended

For the year ended



31-Dec-18


30-Sep-18


31-Dec-17


31-Dec-18


31-Dec-17

Interest income

$

15,508

$

15,144

$

13,758

$

59,241

$

53,315

Interest expense


3,415


3,164


2,509


12,054


9,199

Net interest income


12,093


11,980


11,249


47,187


44,116

Provision for loan losses


-


-


400


-


550

Net interest income after provision for loan losses


12,093


11,980


10,849


47,187


43,566

Noninterest income


1,084


1,211


1,045


4,463


4,072

Noninterest expense


9,033


8,291


8,318


34,877


33,533

Income before income taxes


4,144


4,900


3,576


16,773


14,106

Income tax expense


787


945


4,216


3,085


6,903

Net income

$

3,357

$

3,955

$

(640)

$

13,688

$

7,203












EPS Basic

$

0.15

$

0.18

$

(0.03)

$

0.62

$

0.33

EPS Diluted

$

0.15

$

0.17

$

(0.03)

$

0.61

$

0.32












Return on average assets, annualized


0.98%


1.16%


(0.19%)


1.01%


0.56%

Return on average equity, annualized


10.01%


12.08%


(2.02%)


10.59%


5.91%

Net Interest Income

Linked Quarter Basis
Net interest income was $12.1 million for the quarter ended December 31, 2018 compared with $12.0 million for the quarter ended September 30, 2018.  This is an increase of $113,000, or 0.9%.

Interest income with respect to loans, excluding PCI loans, increased $276,000, or 2.3%, during the fourth quarter when compared with the third quarter of 2018.  This increase was attributable to an increase in the average balance of loans, excluding PCI loans, of $9.7 million during the fourth quarter of 2018 over the previous quarter, coupled with higher rates.  The yield on loans increased from 4.89% in the third quarter of 2018 to 4.95% in the fourth quarter of 2018. Interest income with respect to PCI loans was $1.3 million in each of the third and fourth quarters of 2018.  Interest income on securities increased $58,000 on a linked quarter basis. Interest on deposits in other banks increased $6,000 on a linked quarter basis primarily due to an increase of $1.5 million in the average balances of those deposits.

Securities income was $2.1 million on a tax-equivalent basis for the fourth quarter of 2018, which was an increase of $52,000 from the third quarter of 2018.  The tax-equivalent yield on the securities portfolio was 3.31% in the fourth quarter of 2018 compared with a tax-equivalent yield of 3.21% in the third quarter of 2018.

Interest expense of $3.4 million in the fourth quarter of 2018 was an increase of $251,000, or 7.9%, on a linked quarter basis.  Interest on deposits increased $361,000, or 13.4%.  Interest on borrowed funds decreased by $110,000, or 23.7%.  Average balances for interest bearing deposits increased by $26.8 million, or 2.8%. However, the cost of these deposits increased from 1.10% in the third quarter of 2018 to 1.22% in the fourth quarter of 2018, resulting in the 7.9% increase in interest expense. The growth in interest bearing deposits in the fourth quarter of 2018 allowed the Company to reduce the level of more expensive FHLB and other borrowings by $25.9 million, on average, during the quarter. The increased rates paid on interest bearing deposits and wholesale funding resulted in an increase in the cost of interest bearing liabilities from 1.18% in the third quarter of 2018 to 1.27% in the fourth quarter of 2018.

With the changes in net interest income noted above, the tax-equivalent net interest margin increased from 3.77% in the third quarter of 2018 to 3.78% in the fourth quarter of 2018. The interest spread, however, decreased from 3.58% to 3.57% on a linked quarter basis.

Yearly Comparison 2018 versus 2017
Net interest income was $47.2 million for the year ended December 31, 2018, an increase of $3.1 million, or 7.0%, as compared with the year ended December 31, 2017. The yield on earning assets was 4.71% for 2018 compared with 4.54% for 2017. Interest and fees on loans of $46.3 million for 2018 was an increase of $6.0 million compared with $40.3 million for 2017.  Interest and fees on PCI loans declined $511,000 over this same time frame.  Securities income increased $336,000 for 2018 compared with 2017.  Interest on deposits in other banks increased $107,000 for 2018 over 2017 primarily due to an increase in the return on those balances from 1.26% to 2.16% in 2018. On a tax-equivalent basis, income on securities decreased $326,000, primarily the result of less benefit on bank qualified municipal securities under the Act. Despite the lower benefit from the decrease in the tax rate, the tax-equivalent yield on the portfolio actually increased and was 3.15% for 2018, based on a 21% tax rate, and 3.12% for 2017, based on a 34% tax rate.

Interest expense of $12.1 million represented an increase of $2.9 million, or 31.0%, for 2018 compared with 2017. Average interest bearing liabilities increased $45.5 million, or 4.5%, as loan growth has been funded by an increase of $38.4 million, or 4.1%, in the average balance of interest bearing deposits. Of this increase in average balances of interest bearing deposits, $16.9 million was in interest bearing demand deposit accounts and $14.5 million was in savings and money market accounts.  Higher cost time deposit average balances only increased by $7.0 million in 2018 compared with 2017.  

The tax equivalent net interest margin declined nominally in 2018 compared with 2017 and was 3.76% for 2018 and 3.78% for 2017.  While the yield on earning assets increased by 17 basis points over this time frame, the competition for funding has pushed the cost of interest bearing liabilities up, from 0.90% to 1.13%.  Likewise, the net interest spread declined and was 3.58% for 2018 versus 3.64% for 2017. The decrease in the interest spread impact on the net interest margin was mitigated to some degree by an increase, on average, in the level of noninterest bearing deposits of $18.3 million, or 13.4%, in 2018 compared with 2017.

Year-Over-Year Quarter
Net interest income increased $844,000, or 7.5%, from the fourth quarter of 2017 to the fourth quarter of 2018. Net interest income was $12.1 million in the fourth quarter of 2018 compared with $11.2 million for the same period of 2017.  Interest and dividend income increased $1.8 million, or 12.7%, over this time period.  The increase in interest and dividend income was generated by an increase of $49.7 million, or 4.0%, in the level of average earning assets.  The yield on earning assets increased from 4.52% in the fourth quarter of 2017 to 4.84% in the fourth quarter of 2018. The average balance of loans, excluding PCI loans, increased $64.2 million, or 7.1%, from $911.2 million in the fourth quarter of 2017 to $975.4 million in the fourth quarter of 2018.  Interest income on securities increased $248,000, as it was $2.0 million in the fourth quarter of 2018 and $1.7 million in the fourth quarter of 2017. On a tax-equivalent basis, the yield on investment securities was 3.31% in the fourth quarter of 2018, based on a 21% tax rate, and 3.07% in the fourth quarter of 2017, based on a 34% tax rate. The lower tax rate reduced the benefit derived, on a tax-equivalent basis, from bank qualified municipal securities and lowered the tax-equivalent yield.  Interest on deposits in other banks increased by $47,000 in the fourth quarter of 2018 over the same period in 2017. While there was an average balance increase of $1.1 million year-over-year in deposits in other banks, the primary driver in the increase in income was due to an increase in the return on those balances from 1.35% in the fourth quarter of 2017 to 2.36% in the fourth quarter of 2018.

Interest on PCI loans was $1.3 million in the fourth quarter of 2018 compared with $1.4 million in the fourth quarter of 2017.  The average balance of the PCI portfolio declined $6.1 million during the year-over-year comparison period.

Interest expense increased $906,000, or 36.1%, when comparing the fourth quarter of 2017 and the fourth quarter of 2018. Interest expense on deposits increased $939,000, or 44.3%, as the average balance of interest bearing deposits increased $54.1 million, or 5.7%.   The increase in deposit cost was driven by an increase of 11.0% in the average balance of time deposits of $61.4 million, year-over-year, coupled with an increase in the rate paid on those deposits of 48 basis points.  The cost of time deposits was 1.72% for the fourth quarter of 2018 compared with 1.24% for the same period in 2017.  The average balance of FHLB and other borrowings decreased $23.4 million year-over-year, and there was an increase in the rate paid, from 1.68% in the fourth quarter of 2017 to 2.08% in the fourth quarter of 2018. This resulted in a decrease of $32,000 in the expense of this wholesale funding source, to $340,000 in the fourth quarter of 2018.  The average balance of FHLB and other borrowings was $64.8 million in the fourth quarter of 2018. Overall, the Bank's cost of interest bearing liabilities increased 31 basis points, from 0.96% in the fourth quarter of 2017 to 1.27% in the fourth quarter of 2018.

The tax-equivalent net interest margin increased six basis points, from 3.72% in the fourth quarter of 2017 to 3.78% in the fourth quarter of 2018.  The interest spread was 3.57% in the fourth quarter of 2018 and was 3.56% for the same period in 2017. Net interest margin increased despite the stable interest spread because of growth of $13.8 million, or 9.3%, in the average balance of noninterest bearing deposits.

The following table compares the Company's net interest margin, on a tax-equivalent basis, for the three months ended December 31, 2018, September 30, 2018 and December 31, 2017 and the years ended December 31, 2018 and December 31, 2017.

NET INTEREST MARGIN










(Unaudited)










(Dollars in thousands)


For the three months ended




31-Dec-18



30-Sep-18



31-Dec-17


Average interest earning assets

$

1,283,502


$

1,274,435


$

1,233,754


Interest income

$

15,508


$

15,144


$

13,758


Interest income - tax-equivalent

$

15,643


$

15,285


$

14,065


Yield on interest earning assets


4.84

%


4.76

%


4.52

%

Average interest bearing liabilities

$

1,066,139


$

1,065,268


$

1,036,542


Interest expense

$

3,415


$

3,164


$

2,509


Cost of interest bearing liabilities


1.27

%


1.18

%


0.96

%

Net interest income

$

12,093


$

11,980


$

11,249


Net interest income - tax-equivalent

$

12,228


$

12,121


$

11,556


Interest spread


3.57

%


3.58

%


3.56

%

Net interest margin


3.78

%


3.77

%


3.72

%






















For the year ended






31-Dec-18



31-Dec-17





Average interest earning assets

$

1,269,683


$

1,200,734





Interest income

$

59,241


$

53,315





Interest income - tax-equivalent

$

59,816


$

54,552





Yield on interest earning assets


4.71

%


4.54

%




Average interest bearing liabilities

$

1,062,619


$

1,017,082





Interest expense

$

12,054


$

9,199





Cost of interest bearing liabilities


1.13

%


0.90

%




Net interest income

$

47,187


$

44,116





Net interest income - tax-equivalent

$

47,762


$

45,353





Interest spread


3.58

%


3.64

%




Net interest margin


3.76

%


3.78

%




Provision for Loan Losses

The Company records a separate provision for loan losses for its loan portfolio, excluding PCI loans, and the PCI loan portfolio.  There was no provision for loan losses on the loan portfolio, excluding PCI loans, during either the fourth quarter or the year ended December 31, 2018. This compares with a provision for loan losses of $400,000 for the fourth quarter of 2017 and $550,000 for the year ended December 31, 2017. The absence of a provision during the fourth quarter and year ended December 31, 2018 was the direct result of nominal charge-offs and stable asset quality, coupled with the level of loan growth during the period. There was no provision for loan losses on the PCI loan portfolio during any of 2018 or 2017.  Additional discussion of loan quality is presented below.

Noninterest Income

Linked Quarter Basis
Noninterest income was $1.1 million for the fourth quarter of 2018, a decrease of $127,000 compared with $1.2 million for the third quarter of 2018.  Gain (loss) on securities transactions, net exhibited a linked quarter decrease of $80,000.  There were losses of $12,000 realized in the fourth quarter of 2018 through sales and calls of securities. Gains of $68,000 were realized on the sale of securities in the third quarter of 2018. Mortgage loan income decreased $66,000 on a linked quarter basis and was $31,000 in the fourth quarter of 2018. There was $65,000 in gain on sale of loans in the third quarter of 2018 versus none in the fourth quarter of 2018. Offsetting these decreases to noninterest income was service charges and fees, which increased $66,000 on a linked quarter basis and were $692,000 for the fourth quarter of 2018. Other noninterest income of $189,000 was a linked quarter increase of $18,000.

Yearly Comparison 2018 versus 2017
Noninterest income was $4.5 million for 2018, an increase of $391,000, or 9.6%, compared with $4.1 million for 2017. Service charges on deposit accounts of $2.5 million was an increase of $274,000 for 2018 compared with $2.2 million in 2017. Mortgage loan income of $319,000 for 2018 was an increase of $77,000 from $242,000 for 2017. Gain on sale of loans was $118,000 for 2018 versus none for 2017. Other noninterest income, driven by higher brokerage commission and investment dividend income, was $711,000 and reflected an increase of $86,000 in 2018 over $625,000 in 2017. Partially offsetting these increases was a decline of $140,000 in gain (loss) on securities transactions, net, which were $70,000 for 2018 compared with $210,000 for 2017.

Year-Over-Year Quarter
Noninterest income increased $39,000, or 3.7%, and was $1.1 million in the fourth quarter of 2018 compared with $1.0 million in the fourth quarter of 2017. Service charges and fees exhibited the largest increase, $120,000, in the fourth quarter of 2018 compared with the same period in 2017 and were $692,000.  Other noninterest income, once again as a result of improved brokerage commission and investment dividend income, increased $12,000 year-over-year and was $189,000 in the fourth quarter of 2018.  Mortgage loan income decreased $48,000 year-over-year, from $79,000 in the fourth quarter of 2017 to $31,000 in the same period of 2018.  Gains (losses) on securities transactions, net decreased $42,000 year-over-year as a result of sales and call activity in the securities portfolio.

Noninterest Expenses

Linked Quarter Basis
Noninterest expenses totaled $9.0 million for the fourth quarter of 2018, as compared with $8.3 million for the third quarter of 2018, an increase of $742,000, or 8.9%.  Salaries and employee benefits were $5.6 million in the fourth quarter of 2018 and increased $551,000 on a linked quarter basis.  Group insurance costs increased $375,000 on a linked quarter basis, while salaries increased $165,000. The group insurance cost increase was related to higher expected claims costs when compared with the third quarter. Also increasing in the fourth quarter of 2018 compared with the third quarter of 2018 were data processing expenses, which were $655,000, an increase of $173,000. Other operating expenses increased $89,000 on a linked quarter basis and were $1.5 million in the fourth quarter of 2018. Occupancy expenses of $827,000 increased $47,000, or 6.0%, in the fourth quarter of 2018 as a result of the December opening of a new branch banking facility in Edgewater, Maryland. Offsetting these increases to noninterest expenses was a decrease of $108,000 on a linked quarter basis in other real estate expenses, net, which reflected a credit of $45,000 in the fourth quarter of 2018 compared with expense of $63,000 in the third quarter of 2018. In the fourth quarter of 2018, there were gains on sales of several properties classified in other real estate expense versus write-downs and losses on other real estate properties that occurred in the third quarter of 2018.

Yearly Comparison 2018 versus 2017
Noninterest expenses were $34.9 million for the year ended December 31, 2018 as compared with $33.5 million for the year ended December 31, 2017.  This is an increase of $1.3 million, or 4.0%. Salaries and employee benefits increased $2.1 million, or 10.6%, for 2018 compared with the same period in 2017. Within this increase, $1.0 million was related to group hospital and medical insurance increases and $850,000 was related to increases in total salaries.  Also impacting noninterest expenses for 2018 compared with 2017 were increases of $254,000 in equipment expenses and $58,000 in occupancy expenses reflecting the opening of three new branches during the second half of 2017 and two new branches in 2018.  Data processing fees of $2.1 million represented an increase of $199,000, or 10.3%, over 2017. FDIC assessment of $776,000 for 2018 was an increase of $50,000 over 2017. Offsetting these increases was a decrease of $898,000 in amortization of intangibles expense, which were fully amortized in 2017, and the Company's financial statements no longer reflect the expense associated with any core deposit intangibles.  Other operating expenses of $5.8 million for 2018 was a decrease of 5.3%, or $323,000, from 2017. Telephone and internet lines decreased $278,000 in 2018 as a result of reconfiguration, including changing service providers.

Year-Over-Year Quarter
Noninterest expenses increased $715,000, or 8.6%, when comparing the fourth quarter of 2018 to the same period in 2017.  Salaries and employee benefits increased $590,000, or 11.8%, as a result of the new branches and increased group health insurance costs noted above. Data processing expenses of $655,000 in the fourth quarter of 2018 was a year-over-year increase of $198,000.  Equipment expenses of $374,000 was a year-over-year increase of $79,000, while occupancy expenses increased by $26,000, the result of the two branches added since the beginning of 2018.  Offsetting these year-over-year increases to noninterest expenses were decreases of $109,000 in other real estate expenses, net and $50,000 in other operating expenses.

The following table compares the Company's other operating expenses included in noninterest expenses for the three months ended December 31, 2018, September 30, 2018 and December 31, 2017 and the years ended December 31, 2018 and December 31, 2017.

OTHER OPERATING EXPENSES







(Unaudited)







(Dollars in thousands)


For the three months ended



31-Dec-18


30-Sep-18


31-Dec-17

Bank franchise tax

$

179

$

37

$

158

Telephone and internet line


53


50


172

Stationery, printing and supplies


163


160


153

Marketing expense


146


156


155

Credit expense


128


180


75

Outside vendor fees


177


155


200

Other expenses


619


638


602

Total other operating expenses

$

1,465

$

1,376

$

1,515










For the year ended





31-Dec-18


31-Dec-17



Bank franchise tax

$

574

$

632



Telephone and internet line


398


676



Stationery, printing and supplies


586


674



Marketing expense


613


656



Credit expense


501


584



Outside vendor fees


631


562



Other expenses


2,500


2,342



Total other operating expenses

$

5,803

$

6,126



Income Taxes

Income tax expense was $787,000 for the fourth quarter of 2018, compared with income tax expense of $945,000 for the third quarter of 2018 and $4.2 million for the fourth quarter of 2017.  For the year ended December 31, 2018, income tax expense was $3.1 million compared with $6.9 million for the year ended December 31, 2017.  Fourth quarter 2017 income tax expense included a one-time charge of $3.5 million due to the new 21% tax rate established by the Act. This legislation caused a re-assessment of the Company's net deferred tax assets and, as a result of this re-assessment, that asset was lowered in value by $3.5 million. The effective tax rate was 19.0% for the fourth quarter of 2018 versus 19.3% for the third quarter of 2018. For the year ended December 31, 2018, the effective tax rate was 18.4% and, for the same period in 2017, it would have been 23.8% excluding the write-down entry of $3.5 million. The decrease in the Company's effective tax rate resulted principally from the decrease in its applicable federal corporate income tax rate from, 34% to 21%, as a result of the Act.    

FINANCIAL CONDITION

Total assets increased $57.7 million, or 4.3%, to $1.394 billion at December 31, 2018 when compared with December 31, 2017.  Total assets increased $43.5 million, or 3.2%, during the fourth quarter of 2018.  Total loans, excluding PCI loans, were $993.7 million at December 31, 2018, increasing $51.7 million, or 5.5%, from year end 2017.  Total loans, excluding PCI loans, grew $31.3 million in the fourth quarter of 2018.  Total PCI loans were $38.3 million at December 31, 2018 versus $44.3 million at year end 2017, a decrease of $6.0 million, or 13.6%.

During 2018, commercial loans reflected the largest loan category growth, increasing by $29.7 million, or 18.7%, and were $188.7 million at December 31, 2018. Commercial mortgage loans, the largest category, increased in 2018 by $13.6 million, or 3.7%, and ended the year at $380.0 million. Construction and land development loans of $120.4 million at December 31, 2018 reflected growth of $12.6 million during the year.  Consumer installment loans of $12.0 million grew by $6.9 million during 2018 and included the addition of a purchased in-market, high quality consumer auto loan pool of $9.0 million in March.  Offsetting these increases were declining balances in residential 1 – 4 family mortgages, which declined by $11.3 million, or 5.0%, and second mortgages, which declined by $1.6 million.

The following table shows the composition of the Company's loan portfolio, excluding PCI loans, at December 31, 2018, September 30, 2018 and December 31, 2017.

LOANS (excluding PCI loans)













(Unaudited)













(Dollars in thousands)

31-Dec-18


30-Sep-18


31-Dec-17





Amount

% of
Loans



Amount

% of
Loans



Amount

% of
Loans


Mortgage loans on real estate:














Residential 1-4 family

$

216,268

21.77

%

$

216,203

22.46

%

$

227,542

24.16

%


Commercial


379,904

38.23



358,490

37.25



366,331

38.89



Construction and land development


120,413

12.12



135,021

14.03



107,814

11.44



Second mortgages


6,778

0.68



7,179

0.75



8,410

0.89



Multifamily


59,557

5.99



52,255

5.43



59,024

6.27



Agriculture


8,370

0.84



8,066

0.84



7,483

0.79



Total real estate loans


791,290

79.63



777,214

80.76



776,604

82.44


Commercial loans


188,722

18.99



170,310

17.70



159,024

16.88


Consumer installment loans


12,048

1.21



13,135

1.36



5,169

0.55


All other loans


1,645

0.17



1,766

0.18



1,221

0.13



Gross loans


993,705

100.00

%


962,425

100.00

%


942,018

100.00

%

Allowance for loan losses


(8,983)




(8,993)




(8,969)



Loans, net of unearned income

$

984,722



$

953,432



$

933,049



The Company's securities portfolio, excluding restricted equity securities of $7.8 million, declined $2.1 million since year end 2017 to total $248.8 million at December 31, 2018. State, county and municipal securities balances declined by $16.8 million during 2018 while mortgage-backed securities of U.S. Government sponsored agencies increased by $15.4 million.  This shift in categories reflected the lower tax benefit from municipal securities and the reinvestment into monthly cash flowing mortgage backed securities. Net gains of $70,000 were realized during 2018 through sales and call activity.  For 2017, there were net gains of $210,000 realized through sales and call activity. The Company actively manages the portfolio to improve its liquidity and maximize the return within the desired risk profile.

The Company had cash and cash equivalents of $34.2 million at December 31, 2018 compared with $22.0 at December 31, 2017. Cash and due from banks were $18.3 million at December 31, 2018 and $14.6 million at December 31, 2017.  Interest bearing bank balances were $15.9 million at December 31, 2018 compared with $7.3 million at December 31, 2017.  There were no federal funds sold at December 31, 2018 or December 31, 2017.

The following table shows the composition of the Company's securities portfolio, excluding equity securities, at December 31, 2018, September 30, 2018 and December 31, 2017.

SECURITIES PORTFOLIO













(Unaudited)













(Dollars in thousands)


31-Dec-18


30-Sep-18


31-Dec-17



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

$

29,908

$

29,512

$

26,600

$

26,037

$

27,478

$

27,183

U.S Government sponsored agencies


8,241


8,221


8,378


8,424


9,247


9,278

State, county, and municipal


112,465


112,542


117,557


115,744


124,032


125,760

Corporate and other bonds


10,027


10,034


9,647


9,651


7,323


7,460

Mortgage backed securities - U.S.
Government agencies


14,468


14,398


14,420


14,254


18,546


18,515

Mortgage backed securities - U.S.
Government sponsored agencies


32,409


32,019


27,255


26,493


16,985


16,638

Total securities available for sale

$

207,518

$

206,726

$

203,857

$

200,603

$

203,611

$

204,834
















31-Dec-18


30-Sep-18


31-Dec-17



Amortized
Cost


Fair
Value


Amortized
Cost


Fair
Value


Amortized
Cost


Fair
Value

Securities Held to Maturity













U.S Government sponsored agencies

$

10,000

$

9,790

$

10,000

$

9,680

$

10,000

$

9,845

State, county, and municipal


32,108


32,463


33,559


33,515


35,678


36,567

Mortgage backed securities - U.S.
Government agencies


-


-


-


-


468


476

Total securities held to maturity

$

42,108


42,253

$

43,559

$

43,195

$

46,146

$

46,888

Interest bearing deposits at December 31, 2018 were $999.9 million, an increase of $57.2 million from December 31, 2017. Time deposits less than or equal to $250,000 showed the largest dollar volume growth during 2018 with $47.3 million in additional balances and totaling $485.2 million at year-end. Time deposits over $250,000 grew by $18.4 million during 2018 and were $128.9 million at year-end 2018. NOW accounts increased by $8.9 million during 2018 and were $165.9 million at December 31, 2018.  Offsetting these deposit balance increases were decreases to several deposit categories. Money market deposit accounts decreased $16.4 million, or 11.5%, from $143.4 million at December 31, 2017 to $126.9 million at December 31, 2018 as some depositors shifted into higher yielding time deposits. Savings accounts, with balances of $92.9 million at December 31, 2018, were $1.1 million lower than the prior year end. 

In other funding activity, noninterest bearing deposits were $165.1 million at December 31, 2018 and increased by $12.1 million, or 7.9%, during 2018.  Federal funds purchased balances were $19.4 million at December 31, 2018 and $4.8 million at December 31, 2017. FHLB advances were $59.4 million at December 31, 2018, compared with $101.4 million at December 31, 2017. This decrease of $42.0 million reflected the increased cost of FHLB advances in 2018, compared with retail certificates of deposits.

The following table compares the mix of interest bearing deposits at December 31, 2018, September 30, 2018, June 30, 2018 and December 31, 2017.

INTEREST BEARING DEPOSITS









(Unaudited)









(Dollars in thousands)











31-Dec-18


30-Sep-18


30-Jun-18


31-Dec-17

NOW

$

165,946

$

147,026

$

162,984

$

157,037

MMDA


126,933


128,277


145,071


143,363

Savings


92,910


94,972


94,498


93,980

Time deposits less than or equal to $250,000


485,155


491,044


452,734


437,810

Time deposits over $250,000


128,945


113,715


116,657


110,546

Total interest bearing deposits

$

999,889

$

975,034

$

971,944

$

942,736

Shareholders' equity was $137.5 million at December 31, 2018 compared with $124.0 million at December 31, 2017.  This is an increase of $13.5 million, or 10.9%.  Shareholder's equity to assets was 9.9% at December 31, 2018 compared with 9.3% at December 31, 2017.

Asset Quality – non-covered assets

Nonaccrual loans were $9.5 million at December 31, 2018, increasing a nominal $474,000 during 2018. Net increases occurred in commercial real estate loans (by $625,000), construction and land development loans (by $294,000) and commercial loans (by $335,000).  These were offset by net decreases in nonaccrual loans of $705,000 in residential 1 – 4 family, $68,000 in agriculture mortgages and $7,000 in consumer installments.

The following chart shows the level of nonaccrual loans, classified loans and criticized loans over the last five quarters.

ASSET QUALITY






(Unaudited)











(Dollars in thousands)


2018


2017



31-Dec-18


30-Sep-18


30-Jun-18


31-Mar-18


31-Dec-17

Nonaccrual loans

$

9,500

$

8,894

$

9,343

$

10,090

$

9,026

Criticized (special mention) loans


9,072


10,338


17,400


19,526


13,573

Classified (substandard) loans


14,915


13,083


15,181


14,243


13,264

Other real estate owned


1,099


1,732


3,147


3,166


2,791

Total classified and criticized assets

$

25,086

$

25,153

$

35,728

$

36,935

$

29,628

Nonperforming assets totaled $10.6 million at December 31, 2018 compared with $11.8 million at December 31, 2017. Nonperforming assets declined $1.2 million, or 10.3%, during 2018. At December 31, 2018, nonaccrual loans were $9.5 million and other real estate owned was $1.1 million.  There were no loans past due over 90 days and accruing interest at December 31, 2018 or December 31, 2017. There were net recoveries of $15,000 in 2018.

The allowance for loan losses equaled 94.6% of nonaccrual loans at December 31, 2018, compared with 99.4% at December 31, 2017. The ratio of nonperforming assets to loans and OREO was 1.07% at December 31, 2018 and 1.25% December 31, 2017.

The following table reconciles the activity in the Company's allowance for loan losses, excluding PCI loans, by quarter, for the past five quarters.

ALLOWANCE FOR LOAN LOSSES












(Unaudited)












(Dollars in thousands)


2018



2017



Fourth


Third


Second


First



Fourth



Quarter


Quarter


Quarter


Quarter



Quarter

Allowance for loan losses:












Beginning of period

$

8,993

$

9,089

$

8,968

$

8,969


$

8,667

Provision for loan losses


-


-


-


-



400

Net (charge-offs) recoveries


(10)


(96)


121


(1)



(98)

End of period

$

8,983

$

8,993

$

9,089

$

8,968


$

8,969

The following table sets forth selected asset quality data, excluding PCI loans, and ratios for the dates indicated.

ASSET QUALITY (excluding PCI loans)













(Unaudited)













(Dollars in thousands)


2018



2017




31-Dec-18


30-Sep-18


30-Jun-18


31-Mar-18



31-Dec-17


Nonaccrual loans

$

9,500

$

8,894

$

9,343

$

10,090


$

9,026


Total nonperforming loans


9,500


8,894


9,343


10,090



9,026


Other real estate owned


1,099


1,732


3,147


3,166



2,791


Total nonperforming assets

$

10,599

$

10,626

$

12,490

$

13,256


$

11,817















Allowance for loan losses to loans


0.90

%

0.93

%

0.94

%

0.93

%


0.95

%

Allowance for loan losses to nonaccrual loans


94.57


101.11


97.28


88.88



99.37


Nonperforming assets to loans and other real estate


1.07


1.10


1.29


1.37



1.25


Net charge-offs/(recoveries) for quarter to average loans,
annualized


0.00

%

0.04

%

(0.05)

%

-

%


0.04

%

A further breakout of nonaccrual loans, excluding PCI loans, at December 31, 2018, September 30, 2018 and December 31, 2017 is below.

NONACCRUAL LOANS (excluding PCI loans)






(Unaudited)










(Dollars in thousands)


31-Dec-18


30-Sep-18


31-Dec-17

Mortgage loans on real estate:











Residential 1-4 family


$

1,257


$

1,530


$

1,962


Commercial



2,123



2,243



1,498


Construction and land development



4,571



4,610



4,277


Agriculture



-



-



68


Total real estate loans


$

7,951


$

8,383


$

7,805

Commercial loans



1,549



506



1,214

Consumer installment loans



-



5



7


Gross loans


$

9,500


$

8,894


$

9,026

Capital Requirements

The Bank's ratio of total risk-based capital was 13.3% at December 31, 2018 compared with 12.5% at December 31, 2017.  The tier 1 risk-based capital ratio was 12.6% at December 31, 2018 and 11.7% at December 31, 2017. The Bank's tier 1 leverage ratio was 10.2% at December 31, 2018 and 9.6% at December 31, 2017.  All capital ratios exceed regulatory minimums to be considered well capitalized.  BASEL III introduced the common equity tier 1 capital ratio, which was 12.5% at December 31, 2018 and 11.7% at December 31, 2017.

Earnings Conference Call and Webcast

The Company will host a conference call for interested parties on Friday, January 25, 2019, at 10:00 a.m. Eastern Time to discuss the financial results for the fourth quarter and year 2018. 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 25, 2019, until 9:00 a.m. Eastern Time on February 15, 2019. The replay will be available by dialing 877-344-7529 and entering access code 10127506 or through the internet by accessing the "Corporate Overview – Corporate Profile" page of the Company's internet site 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 26 full-service offices, 20 of which are in Virginia and six of which are in Maryland.  The Bank also operates one loan production office in Virginia.  The Bank opened a new branch office in Edgewater, Maryland on December 3, 2018. 

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; 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, 2017 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







(Dollars in thousands, except per share data)









31-Dec-18


30-Sep-18


31-Dec-17

Assets







Cash and due from banks

$

18,292

$

12,918

$

14,642

Interest bearing bank deposits


15,927


11,177


7,316

Federal funds sold


-


240


-

Total cash and cash equivalents


34,219


24,335


21,958








Securities available for sale, at fair value


206,726


200,603


204,834

Securities held to maturity, at cost


42,108


43,559


46,146

Equity securities, restricted, at cost


7,800


7,886


9,295

Total securities


256,634


252,048


260,275








Loans held for resale


146


-


-








Loans


993,705


962,425


942,018

Purchased credit impaired (PCI) loans


38,285


39,144


44,333

Allowance for loan losses


(8,983)


(8,993)


(8,969)

Allowance for loan losses – PCI loans


(156)


(137)


(200)

Net loans


1,022,851


992,439


977,182








Bank premises and equipment, net


31,488


31,782


30,198

Bank premises and equipment held for sale


1,252


1,252


-

Other real estate owned


1,099


1,732


2,791

Bank owned life insurance


28,834


28,649


28,099

Other assets


17,351


18,183


15,687

Total assets

$

1,393,874

$

1,350,420

$

1,336,190








Liabilities







Deposits:







Noninterest bearing

$

165,086

$

158,854

$

153,028

Interest bearing


999,889


975,034


942,736

Total deposits


1,164,975


1,133,888


1,095,764








Federal funds purchased


19,440


10,000


4,849

Federal Home Loan Bank advances


59,447


63,820


101,429

Trust preferred capital notes


4,124


4,124


4,124

Other liabilities


8,427


6,785


6,021

Total liabilities


1,256,413


1,218,617


1,212,187








Shareholders' Equity







Common stock (200,000,000 shares authorized $0.01 par value;
22,132,304, 22,120,862, and 22,072,523 shares issued and
outstanding, respectively)


221


221


221

Additional paid in capital


148,763


148,494


147,671

Retained deficit


(10,244)


(13,601)


(23,932)

Accumulated other comprehensive (loss) income


(1,279)


(3,311)


43

Total shareholders' equity


137,461


131,803


124,003

Total liabilities and shareholders' equity

$

1,393,874

$

1,350,420

$

1,336,190

 

 

COMMUNITY BANKERS TRUST CORPORATION





CONSOLIDATED STATEMENTS OF INCOME





UNAUDITED








(Dollars in thousands)

For the year ended


2018


2017


2016

Interest and dividend income








Interest and fees on loans

$

46,291


$

40,301

$

35,998

Interest and fees on PCI loans


5,222



5,733


6,230

Interest on federal funds sold


5



1


-

Interest on deposits in other banks


303



196


122

Interest and dividends on securities








  Taxable


5,258



4,682


4,696

  Nontaxable


2,162



2,402


2,249

Total interest and dividend income


59,241



53,315


49,295

Interest expense








Interest on deposits


10,257



7,897


6,382

Interest on borrowed funds


1,797



1,302


1,438

Total interest expense


12,054



9,199


7,820









Net interest income


47,187



44,116


41,475









Provision for loan losses


-



550


166

Net interest income after provision for loan losses


47,187



43,566


41,309









Noninterest income








Service charges and fees


2,510



2,236


2,005

Gain on securities transactions, net


70



210


634

Gain on sale of loans


118



-


-

Income on bank owned life insurance


735



759


719

Mortgage loan income


319



242


606

Other


711



625


649

Total noninterest income


4,463



4,072


4,613









Noninterest expense








Salaries and employee benefits


21,477



19,423


18,261

Occupancy expenses


3,188



3,130


2,737

Equipment expenses


1,398



1,144


999

FDIC assessment


776



726


823

Data processing fees


2,122



1,923


1,674

Amortization of intangibles


-



898


1,907

Other real estate expenses, net


113



162


175

Other operating expenses


5,803



6,126


5,608

Total noninterest expense


34,877



33,532


32,184









Income before income taxes


16,773



14,106


13,738

Income tax expense


3,085



6,903


3,816

Net income

$

13,688


$

7,203

$

9,922

 

 

COMMUNITY BANKERS TRUST CORPORATION











CONSOLIDATED STATEMENTS OF INCOME











UNAUDITED











(Dollars in thousands)


Three months ended



31-Dec-18


30-Sep-18


30-Jun-18


31-Mar-18


31-Dec-17

Interest and dividend income











Interest and fees on loans

$

12,169

$

11,893

$

11,353

$

10,876

$

10,625

Interest and fees on PCI loans


1,285


1,265


1,274


1,398


1,378

Interest on federal funds sold


4


-


1


-


-

Interest on deposits in other banks


100


94


69


40


53

Interest and dividends on securities











  Taxable


1,442


1,364


1,266


1,186


1,105

  Nontaxable


508


528


547


579


597

Total interest and dividend income


15,508


15,144


14,510


14,079


13,758

Interest expense











Interest on deposits


3,060


2,699


2,355


2,143


2,121

Interest on borrowed funds


355


465


508


469


388

Total interest expense


3,415


3,164


2,863


2,612


2,509












Net interest income


12,093


11,980


11,647


11,467


11,249












Provision for loan losses


-


-


-


-


400

Net interest income after provision for loan losses


12,093


11,980


11,647


11,467


10,849












Noninterest income











Service charges and fees


692


626


611


581


572

Gain (loss) on securities transactions, net


(12)


68


(16)


30


30

Gain on sale of loans


-


65


53


-


-

Income on bank owned life insurance


184


184


184


183


187

Mortgage loan income


31


97


80


111


79

Other


189


171


223


128


177

Total noninterest income


1,084


1,211


1,135


1,033


1,045












Noninterest expense











Salaries and employee benefits


5,580


5,029


5,019


5,849


4,990

Occupancy expenses


827


780


769


812


801

Equipment expenses


374


366


344


314


295

FDIC assessment


177


195


198


206


176

Data processing fees


655


482


499


486


457

Amortization of intangibles


-


-


-


-


20

Other real estate expenses, net


(45)


63


45


50


64

Other operating expenses


1,465


1,376


1,313


1,649


1,515

Total noninterest expense


9,033


8,291


8,187


9,366


8,318












Income before income taxes


4,144


4,900


4,595


3,134


3,576

Income tax expense


787


945


813


540


4,216

Net income (loss)

$

3,357

$

3,955

$

3,782

$

2,594

$

(640)

 

 

COMMUNITY BANKERS TRUST CORPORATION















NET INTEREST MARGIN ANALYSIS

















AVERAGE BALANCE SHEETS


















(Unaudited)


















(Dollars in thousands)




















Three months ended December 31, 2018



Three months ended December 31, 2017




Average Balance 
Sheet


Interest
Income /
Expense


Average
Rates
Earned /
Paid



Average
Balance Sheet


Interest
Income /
Expense


Average
Rates
Earned /
Paid


ASSETS:



















Loans, including fees

$

975,428


$

12,169


4.95

%


$

911,188


$

10,625


4.63

%


PCI loans,  including fees


38,489



1,285


13.06




44,616



1,378


12.08



   Total loans


1,013,917



13,454


5.26




955,804



12,003


4.98



Interest bearing bank balances


16,761



100


2.36




15,681



53


1.35



Federal funds sold


725



4


2.11




85



-


1.24



Securities (taxable)


181,192



1,442


3.18




177,772



1,105


2.49



Securities (tax exempt)(1)


70,907



643


3.63




84,412



904


4.28



Total earning assets


1,283,502



15,643


4.84




1,233,754



14,065


4.52



Allowance for loan losses


(9,126)









(8,788)








Non-earning assets


94,478









91,810








   Total assets

$

1,368,854








$

1,316,776


























LIABILITIES AND



















SHAREHOLDERS' EQUITY



















Demand - interest bearing

$

159,645


$

88


0.22



$

150,289


$

72


0.19



Savings and money market


220,391



284


0.51




237,105



306


0.51



Time deposits


619,116



2,688


1.72




557,669



1,743


1.24



Total interest bearing deposits


999,152



3,060


1.22




945,063



2,121


0.89



Short-term borrowings


2,156



15


2.74




3,221



16


1.92



FHLB and other borrowings


64,831



340


2.08




88,258



372


1.68



Total interest bearing liabilities


1,066,139



3,415


1.27




1,036,542



2,509


0.96



Noninterest bearing deposits


161,720









147,968








Other liabilities


6,891









5,737








Total liabilities


1,234,750









1,190,247








Shareholders' equity


134,104









126,529








Total liabilities and



















   shareholders' equity

$

1,368,854








$

1,316,776








Net interest earnings




$

12,228








$

11,556





Interest spread







3.57

%








3.56

%


Net interest margin







3.78

%








3.72

%





















Tax-equivalent adjustment:



















Securities




$

135








$

307























(1)  Income and yields are reported on a tax-equivalent basis assuming a federal tax rate of 21% for 2018 and 34% for 2017.























 

 

COMMUNITY BANKERS TRUST CORPORATION













NET INTEREST MARGIN ANALYSIS

















AVERAGE BALANCE SHEETS


















(Unaudited)


















(Dollars in thousands)




















Year ended December 31, 2018



Year ended December 31, 2017




Average Balance
Sheet


Interest
Income /
Expense


Average
Rates
Earned /
Paid



Average
Balance Sheet


Interest
Income /
Expense


Average
Rates
Earned /
Paid


ASSETS:



















Loans, including fees

$

960,978


$

46,291


4.82

%


$

870,258


$

40,301


4.63

%


PCI loans, including fees


40,641



5,222


12.85




47,983



5,733


11.95



Total loans


1,001,619



51,513


5.14




918,241



46,034


5.01



Interest bearing bank balances


13,995



303


2.16




15,618



196


1.26



Federal funds sold


242



5


2.03




94



1


1.11



Securities (taxable)


178,086



5,258


2.95




181,476



4,682


2.58



Securities (tax exempt)(1)


75,741



2,737


3.61




85,305



3,639


4.27



Total earning assets


1,269,683



59,816


4.71




1,200,734



54,552


4.54



Allowance for loan losses


(9,198)









(9,431)








Non-earning assets


92,621









89,904








Total assets

$

1,353,106








$

1,281,207


























LIABILITIES AND



















SHAREHOLDERS' EQUITY



















Demand - interest bearing

$

156,541


$

325


0.21



$

139,620


$

260


0.19



Savings and money market


230,637



1,187


0.51




216,149



880


0.41



Time deposits


581,619



8,745


1.50




574,630



6,757


1.18



Total interest bearing deposits


968,797



10,257


1.06




930,399



7,897


0.85



Short-term borrowings


2,856



65


2.28




1,556



25


1.58



FHLB and other borrowings


90,966



1,732


1.90




85,127



1,277


1.50



Total interest bearing liabilities


1,062,619



12,054


1.13




1,017,082



9,199


0.90



Noninterest bearing deposits


155,003









136,674








Other liabilities


6,219









5,550








Total liabilities


1,223,841









1,159,306








Shareholders' equity


129,265









121,901








Total liabilities and shareholders'



















equity

$

1,353,106








$

1,281,207








Net interest earnings




$

47,762








$

45,353





Interest spread







3.58

%








3.64

%


Net interest margin







3.76

%








3.78

%





















Tax-equivalent adjustment:



















Securities




$

576








$

1,237























(1)  Income and yields are reported on a tax-equivalent basis assuming a federal tax rate of 34%.









 

 

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SOURCE Community Bankers Trust Corporation

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