Community Bankers Trust Corporation Reports Year End Results, Including Continued Strong Capital And Liquidity Positions And Additional Allowance For Loan Losses
Community Bankers Trust Corporation (the “Company”) (NYSE Amex: BTC), the holding company for Essex Bank (the “Bank”), reported a net loss available to common stockholders for the quarter ended December 31, 2009 of $14.4 million, or $0.67 per diluted common share, compared with a loss of $128,000, or $0.01 per diluted common share, for the same period in 2008.
The loss incurred during the fourth quarter of 2009 was primarily the result of two factors:
For the year ended December 31, 2009, net loss available to common stockholders was $30.3 million, or $1.41 per common share on a fully diluted basis compared to net income of $1.2 million, or $0.07 per common share on a fully diluted basis in 2008. Net loss for the year of 2009 was primarily driven by goodwill impairment charges of $31.5 million and year-to-date loan loss provisions of $19.1 million, offset in part by the after-tax gain in connection with the SFSB transaction of $13.4 million (for an explanation on adjustments related to the SFSB transaction, see “Update on the SFSB transaction” below).
Excluding the non-cash impairment charges to goodwill of $31.5 million, the dividends and accretion of discount on preferred stock of $1.0 million, and the core deposit intangible amortization net of tax of $1.5 million, net income available to common stockholders for 2009 would have been $3.6 million, or $0.17 per common share on a fully diluted basis. Excluding the core deposit intangible amortization net of tax of $0.7 million, net income available to common stockholders for 2008 would have been $1.9 million or $0.11 per common share on a fully diluted basis. There were no charges to goodwill or any dividends and accretion of discount on preferred stock in 2008.
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