Community Bankers Trust Corp

CIK:0001323648|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest and dividend income
Interest and fees on loans	$ 13,441,000	$ 12,760,000	$ 39,787,000	$ 38,858,000
Interest and fees on PCI loans	708,000	962,000	2,348,000	3,121,000
Interest on deposits in other banks	59,000	121,000	173,000	231,000
Interest and dividends on securities
Taxable	1,723,000	1,362,000	4,885,000	4,000,000
Nontaxable	350,000	344,000	1,012,000	1,036,000
Total interest and dividend income	16,281,000	15,549,000	48,205,000	47,246,000
Interest expense
Interest on deposits	1,262,000	2,614,000	4,174,000	9,215,000
Interest on borrowed funds	224,000	222,000	661,000	720,000
Total interest expense	1,486,000	2,836,000	4,835,000	9,935,000
Net interest income	14,795,000	12,713,000	43,370,000	37,311,000
Provision for (recovery of) loan losses	(1,250,000)		(2,650,000)	4,200,000
Net interest income after provision for (recovery of) loan losses	16,045,000	12,713,000	46,020,000	33,111,000
Noninterest income
Service charges and fees	671,000	613,000	2,001,000	1,817,000
Gain (loss) on securities transactions, net	(7,000)	78,000	(19,000)	281,000
Gain on sale of other loans				11,000
Income on bank owned life insurance	165,000	171,000	499,000	518,000
Mortgage loan income	255,000	228,000	810,000	822,000
Other	297,000	382,000	1,179,000	974,000
Total noninterest income	1,381,000	1,472,000	4,470,000	4,423,000
Noninterest expense
Salaries and employee benefits	5,408,000	5,041,000	15,968,000	14,806,000
Occupancy expenses	790,000	815,000	2,387,000	2,420,000
Equipment expenses	275,000	330,000	880,000	1,047,000
FDIC assessment	161,000	174,000	481,000	455,000
Data processing fees	673,000	656,000	2,022,000	1,821,000
Other real estate expense, net	5,000	87,000	(415,000)	89,000
Other operating expenses	1,798,000	1,423,000	5,734,000	4,355,000
Total noninterest expense	9,110,000	8,526,000	27,057,000	24,993,000
Income before income taxes	8,316,000	5,659,000	23,433,000	12,541,000
Income tax expense	1,768,000	1,143,000	4,816,000	2,450,000
Net income	$ 6,548,000	$ 4,516,000	$ 18,617,000	$ 10,091,000
Net income per share - basic	$ 0.29	$ 0.20	$ 0.83	$ 0.45
Net income per share - diluted	$ 0.28	$ 0.20	$ 0.82	$ 0.45
Weighted average number of shares outstanding
Basic	22,455	22,312	22,333	22,339
Diluted	23,002	22,503	22,717	22,534

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net income	$ 18,617	$ 10,091
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and intangibles amortization	1,231	1,379
Right-of-use lease asset amortization	719	706
Stock-based compensation expense	957	846
Tax benefit of exercised stock options	(235)	(6)
Amortization of purchased loan premium	84	229
(Recovery of) provision for loan losses	(2,650)	4,200
Amortization of security premiums and accretion of discounts, net	607	574
Net loss (gain) on sale of securities	19	(281)
Net gain on sale and valuation of OREO	(439)	(23)
Net (gain) loss on disposal of premises and equipment	(3)	82
Net gain on sale of loans		(11)
Originations of mortgages held for sale		(26,112)
Proceeds from sales of mortgages held for sale		25,462
Increase in bank owned life insurance investment	(499)	(518)
Changes in assets and liabilities:
Increase in other assets	(753)	(2,086)
Increase (decrease) in accrued expenses and other liabilities	52	(1,446)
Net cash provided by operating activities	17,707	13,086
Investing activities:
Proceeds from sales/calls/maturities/paydowns of available for sale securities	47,913	66,171
Proceeds from calls/maturities/paydowns of held to maturity securities	2,105	12,640
Proceeds from sales of restricted equity securities	805	1,700
Purchase of available for sale securities	(155,545)	(107,834)
Purchase of restricted equity securities	(418)	(1,720)
Proceeds from sale of other real estate owned	4,545	134
Net increase in loans	(40,694)	(115,608)
Principal recoveries of loans previously charged off	591	453
Purchase of premises and equipment, net	(361)	(186)
Purchase small business investment company fund investment		(345)
Proceeds from sale of premises and equipment	64
Proceeds from sale of loans		632
Net cash used in investing activities	(140,995)	(143,963)
Financing activities:
Net increase in deposits	100,101	205,894
Net decrease in federal funds purchased	2,698	(23,497)
Net increase in short-term Federal Home Loan Bank borrowings	10,000
Proceeds from long-term Federal Home Loan Bank borrowings		40,000
Payments on long-term Federal Home Loan Bank borrowings	(500)	(40,500)
Proceeds from issuance of common stock	1,275	11
Cash dividends paid	(4,249)	(3,353)
Repurchase of common stock	(146)	(878)
Net cash provided by financing activities	109,179	177,677
Net increase in cash and cash equivalents	(14,109)	46,800
Cash and cash equivalents:
Beginning of the period	63,185	28,684
End of the period	49,076	75,484
Supplemental disclosures of cash flow information:
Interest paid	5,211	10,312
Income taxes paid	$ 4,440	$ 3,306

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 25,485	$ 17,845
Interest bearing bank deposits	23,591	45,118
Federal funds sold		222
Total cash and cash equivalents	49,076	63,185
Securities available for sale, at fair value	375,845	271,347
Securities held to maturity, at cost (fair value of $20,698 and $22,257, respectively)	19,052	21,176
Equity securities, restricted, at cost	8,049	8,436
Total securities	402,946	300,959
Loans	1,230,981	1,182,362
Purchased credit impaired (PCI) loans	15,679	24,040
Total loans	1,246,660	1,206,402
Allowance for loan losses (loans of $11,006 and $12,340, respectively; PCI loans of $156 and $156, respectively)	(10,085)	(12,496)
Net loans	1,236,575	1,193,906
Bank premises and equipment, net	26,967	27,897
Bank premises and equipment held for sale	1,507	1,507
Right-of-use lease assets	4,811	5,530
Other real estate owned	255	4,361
Bank owned life insurance	30,528	30,029
Other assets	18,635	17,435
Total assets	1,771,300	1,644,809
Deposits:
Noninterest bearing	345,721	298,901
Interest bearing	1,153,081	1,099,800
Total deposits	1,498,802	1,398,701
Federal funds purchased	2,698
Federal Home Loan Bank borrowings	67,333	57,833
Trust preferred capital notes	4,124	4,124
Lease liabilities	5,045	5,787
Other liabilities	8,961	8,710
Total liabilities	1,586,963	1,475,155
SHAREHOLDERS' EQUITY
Common stock (200,000,000 shares authorized $0.01 par value; 22,451,463 and 22,220,929 shares issued and outstanding, respectively)	225	222
Additional paid in capital	151,905	149,822
Retained earnings	27,787	13,419
Accumulated other comprehensive income	4,420	6,191
Total shareholders' equity	184,337	169,654
Total liabilities and shareholders' equity	$ 1,771,300	$ 1,644,809