This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Community Bankers Trust Corporation Reports First Quarter Results

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 March 31, 2010 of $3.0 million, or $0.14 per diluted common share, compared with net income available to common stockholders of $9.9 million, or $0.46 per diluted common share, for the first quarter of 2009. The magnitude of the change in quarterly earnings year-over-year was heavily influenced by the one time after tax gain of $13.4 million taken in the first quarter of 2009 related to the Suburban Federal Savings Bank (SFSB) acquisition.

The loss incurred during the first quarter of 2010 was primarily the result of the following:

  • The Company recorded a provision for loan losses of $5.0 million. This provision was the direct result of $3.4 million in net charge-offs incurred during the quarter and additional provisions to increase the allowance for loan losses to total non-covered loans.
  • The Company reported net write-downs and losses on the sale of other real estate owned covered by the FDIC shared-loss agreements of $447,000, comprised of $2.2 million of write-downs and losses offset by $1.7 million due from the FDIC.
  • Noninterest expenses were 5.03% higher in the first quarter of 2010 compared to the first quarter of 2009. The single largest increase in non-interest expenses was higher personnel costs.

George M. Longest, Jr., the Company’s President and Chief Executive Officer, stated, “Asset quality issues continue to hinder earnings, yet we feel confident that our balance sheet is well positioned for the future due to our solid liquidity, reserves and equity base. As indicated in our recent announcement of changes in management assignments, we are focused on the organic growth of the Company through deposit growth and prudent lending. We have recently expanded our Special Assets area to provide additional resources to address problem assets. We continue to look for opportunities to enhance efficiencies in our operations and return the Company to profitability. On a positive note, our investment portfolio, which represents 30% of our asset base, has performed well and provides ample liquidity for the Bank, which is a tangible benefit in these uncertain banking times.”

1 of 11

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs