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:
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.”