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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:

  • First, the Company incurred an impairment of goodwill charge of $7.4 million. This charge is a non-cash adjustment that has no effect on the Company's tangible equity ratio, regulatory capital ratios, cash flows or liquidity position.
  • Second, the Company recorded a provision for loan losses of $7.8 million. This increase reflects management’s prudent recognition of additions to the allowance for loan losses on specific credits coupled with overall weak economic conditions. The allowance for loan losses with respect to loans not covered by the shared-loss agreements with the FDIC was 3.14% at December 31, 2009 versus 2.85% at September 30, 2009 and 1.33% at December 31, 2008.

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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