Pending the completion and filing of the 2009 Form 10-K, as described above, the Company reported the following key financial results at or for the year ended December 31, 2009:
Nonaccrual loans, excluding FDIC covered assets, declined during the fourth quarter of 2009 by 2.7%, or $561,000, to $20.0 million, half of which were non-family construction and land development loans. Loans past due over 90 days, excluding FDIC covered assets, declined 83.1% over the same period, or $1.2 million, to $247,000. Non-covered other real estate owned increased 35.0%, or $411,000, to $1.6 million.The Company reported that it made increases to the loan loss reserve for each quarter of 2009, including $7.8 million in the fourth quarter, as economic conditions continued to show signs of deterioration for classified assets. The most notable impetus for the provision was one borrowing relationship that was previously impaired and on the Bank’s watch list. Current information related to unwinding the credit necessitated further impairment, which amounted to over 50% of the provision during the third quarter and a subsequent charge-off in the fourth quarter. The remaining balance of the provision during the third and fourth quarters of the year was attributable to downgraded credits and further insulation from the economic downturn. The composition of the Company's non-covered loan portfolio did not materially change during the fourth quarter of 2009. Management continues to monitor the loan portfolio closely and make appropriate adjustments using the Company’s internal risk rating system. The Company believes that its strong capital and liquidity positions will support the need to address in the immediate future concerns in asset quality and the uncertainty of the real estate markets and general economy in the central Virginia region. The Company intends to file the 2009 Form 10-K with the Securities and Exchange Commission as soon as possible. About Community Bankers Trust Corporation The Company is the holding company for Essex Bank, a Virginia state bank with 25 full-service offices, 14 of which are in Virginia, seven of which are in Maryland and four of which are in Georgia. The Company also operates two loan production offices. Additional information is available on the Company’s website at www.cbtrustcorp.com. Forward-Looking Statements
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements with respect to the Company’s operations, growth strategy and goals. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in the following: the ultimate resolution of regulatory, legal and related issues relating to the 2010 transaction-based bonus awards to the Company’s chief strategic officer; general economic and market conditions, either nationally or locally; the interest rate environment; competitive pressures among banks and financial institutions or from companies outside the banking industry; real estate values; the quality or composition of the Company’s loan or investment portfolios; the demand for deposit, loan, and investment products and other financial services; the demand, development and acceptance of new products and services; the timing of future reimbursements from the FDIC to the Company under the shared-loss agreements; consumer profiles and spending and savings habits; the securities and credit markets; costs associated with the integration of banking and other internal operations; management’s evaluation of goodwill and other assets on a periodic basis, and any resulting impairment charges, under applicable accounting standards; the soundness of other financial institutions with which the Company does business; inflation; technology; and legislative and regulatory requirements. Many of these factors and additional risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and other reports filed from time to time by the Company with the Securities and Exchange Commission. This press release speaks only as of its date, and the Company disclaims any duty to update the information in it.