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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV