Community Bankers Trust Corporation Reports Results for Third Quarter 2021
10/29/2021 - 06:00 AM
RICHMOND, Va. , Oct. 29, 2021 /PRNewswire/ -- Community Bankers Trust Corporation (the "Company") (NASDAQ: ESXB), the holding company for Essex Bank (the "Bank"), today reported results for the quarter ended September 30, 2021 .
FINANCIAL HIGHLIGHTS
Net income was $6.5 million September 30, 2021 compared with net income of $5.4 million $4.5 million As a result of continued improvement in asset quality the allowance for loan losses reflected a reserve recovery of $1.25 0 million Net interest income was $14.8 million $298,000 2.1% . Interest on deposits declined $85,000 0.48% to 0.43% . Merger related expenses of $147,000 Diluted earnings per share were $0.28 $0.24 $0.20 Return on average assets (ROA) was 1.48% for the third quarter of 2021 compared with 1.26% for the second quarter of 2021 and 1.12% for the third quarter of 2020. For the first nine months, ROA was 1.44% in 2021 and 0.87% in 2020. Return on average equity (ROE) was 14.28% for the third quarter of 2021 compared with 12.30% for the second quarter of 2021 and 11.04% for the third quarter of 2020. For the first nine months, ROE was 14.00% in 2021 and 8.39% in 2020. OPERATING HIGHLIGHTS
Loans, excluding purchased credit impaired (PCI) loans, grew $39.1 million 3.3% , during the third quarter of 2021. Loans grew $53.3 million 4.5% , year over year. Nonperforming assets were $4.0 million September 30, 2021 , $4.6 million 0.33% at September 30, 2021 compared with 0.75% at December 31, 2020 and 0.73% one year earlier. Deposits grew $10.0 million 0.7% , during the third quarter of 2021, and grew $129.5 million 9.5% , year over year. Noninterest bearing deposits grew $64.0 million 22.7% , year over year. Net interest margin was 3.52% in the third quarter of 2021 compared with 3.58% in the second quarter of 2021 and 3.35% in the third quarter of 2020. The net interest margin was 3.58% for the first nine months of 2021 compared with 3.48% for the same period in 2020. PPP loan balances, net of fees, decreased $19.2 million $32.8 million September 30, 2021 compared with $49.3 million December 31, 2020 and $85.1 million September 30, 2020 . Total securities, $402.9 million September 30, 2021 , increased $53.3 million $74.6 million On June 2, 2021 , the Company entered into a merger agreement with United Bankshares, Inc. ("United"), the parent company of United Bank. Under the merger agreement, United will acquire 100% of the outstanding shares of the Company's common stock in exchange for shares of United's common stock. The exchange ratio will be fixed at 0.3173 of United's shares for each share of the Company. The merger is expected to close in the fourth quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the Company's shareholders. Upon closing, the Company will merge into United, and Essex Bank will merge into United Bank, with United and United Bank being the surviving entities.
MANAGEMENT COMMENTS
Rex L. Smith, III , President and Chief Executive Officer, stated, "The results of the quarter and the fundamentals behind the results are impressive. Loan growth was better than expected for this time of year at $39.1 million 22.7% . Additionally, overall asset quality is exceptional as nonperforming assets are at the lowest level in 10 years. "
Smith added, "We are excited about our pending merger with United Bank, which is on track to close in the fourth quarter this year. Becoming a part of the largest regional bank headquartered in Virginia will add enhanced products and delivery services to help us grow stronger in our markets and more value than previously possible to our customers and shareholders."
RESULTS OF OPERATIONS
Overview
Linked Quarter Basis Net income was $6.5 million $5.4 million $0.29 $0.28 $0.24 $1.25 0 million$298,000 2.1% , in the third quarter compared with the second quarter of 2021. Net interest income was positively affected by a continuation of decreasing costs in interest expense, which declined $81,000 $80,000 $82,000 $428,000
Year-over-Year Third Quarter Net income in the third quarter of 2021 increased $2.0 million $6.5 million $0.29 $0.28 $4.5 million $0.20 $2.1 million $1.4 million $732,000 $1.25 0 million$584,000 $91,000 $625,000
Year-over-Year Nine Months Net income of $18.6 million $8.5 million 84.5% , over net income of $10.1 million $2.65 0 million$4.2 million $5.1 million $4.8 million $9.9 million $959,000 $47,000 $2.1 million $27.1 million $2.4 million $4.8 million
The following table presents summary income statements for the three months ended September 30, 2021 , June 30, 2021 and September 30, 2020 and the nine months ended September 30, 2021 and September 30, 2020 .
SUMMARY INCOME STATEMENT
(Unaudited)
(Dollars in thousands)
For the three months ended
For the nine months ended
30-Sep-21
30-Jun-21
30-Sep-20
30-Sep-21
30-Sep-20
Interest income
$
16,281
$
16,064
$
15,549
$
48,205
$
47,246
Interest expense
1,486
1,567
2,836
4,835
9,935
Net interest income
14,795
14,497
12,713
43,370
37,311
(Recovery of) provision for loan losses
(1,250)
-
-
(2,650)
4,200
Net interest income after (recovery of ) provision for
16,045
14,497
12,713
46,020
33,111
Noninterest income
1,381
1,461
1,472
4,470
4,423
Noninterest expense
9,110
9,192
8,526
27,057
24,993
Income before income taxes
8,316
6,766
5,659
23,433
12,541
Income tax expense
1,768
1,340
1,143
4,816
2,450
Net income
$
6,548
$
5,426
$
4,516
$
18,617
$
10,091
EPS Basic
$
0.29
$
0.24
$
0.20
$
0.83
$
0.45
EPS Diluted
$
0.28
$
0.24
$
0.20
$
0.82
$
0.45
Fully Diluted share count
23,002
22,733
22,503
22,717
22,534
Return on average assets, annualized
1.48%
1.26%
1.12%
1.44%
0.87%
Return on average equity, annualized
14.28%
12.30%
11.04%
14.00%
8.39%
Net Interest Income
Linked Quarter Basis Net interest income was $14.8 million September 30, 2021 . This was a linked quarter increase of $298,000 2.1% . Interest and dividend income on a linked quarter basis increased $217,000 1.4% , to $16.3 million $245,000 1.9% , during the third quarter of 2021 when compared with the second quarter of 2021. Interest income on PCI loans decreased $76,000 $3.0 million $63.0 million 19.5% , over the prior quarter. This resulted in a linked quarter increase of $43,000
The yield on loans for the third quarter of 2021 was 4.43% compared with 4.39% in the second quarter of 2021. The yield on all loans for the third quarter of 2021 was 4.60% and 4.58% for the second quarter of 2021. Interest income on securities was $2.1 million $2.0 million $59,000 $54,000
Interest income on securities on a tax-equivalent basis equaled $2.2 million $2.1 million 2.25% in the third quarter of 2021 compared with 2.63% in the second quarter of 2021. As a result of these changes in rate and volume, the yield on earning assets decreased from 3.97% in the second quarter of 2021 to 3.87% in the third quarter of 2021.
Interest expense of $1.5 million $81,000 5.2% , on a linked quarter basis. Interest on deposits decreased $85,000 6.3% . The cost of interest bearing deposits decreased from 0.48% in the second quarter of 2021 to 0.43% in the third quarter of 2021. The Company's cost of interest bearing liabilities of 0.48% in the third quarter of 2021 was a decrease of four basis points from the prior quarter when the cost of interest bearing liabilities was 0.52% .
With the changes in net interest income noted above, the tax-equivalent net interest margin decreased on a linked quarter basis and was 3.52% in the third quarter of 2021 compared with 3.58% in the second quarter of 2021. The interest spread was 3.39% for the current quarter compared with 3.45% in the prior quarter. The Company also examined the net interest margin without the effects of PPP net fees, interest income and average balances. Excluding these PPP related items from the net interest margin calculation would have resulted in a margin of 3.39% in the third quarter of 2021 compared with the actual margin of 3.52% . The same exclusion of PPP related items would have resulted in a margin of 3.54% in the second quarter of 2021 compared with the actual margin of 3.58% . The yield on the loan portfolio would have been 4.28% in the third quarter of 2021 when excluding the PPP related items versus the actual yield of 4.43% . The yield on the loan portfolio would have been 4.38% in the second quarter of 2021 when excluding the PPP related items versus the actual yield of 4.39% . The yield on earning assets would have been 3.75% for the third quarter of 2021 without the PPP related items as opposed to the actual yield of 3.87% . For the second quarter of 2021, the yield on earning assets would have been 3.94% without the PPP related items compared to the actual yield of 3.97% .
Year-over-Year Third Quarter Net interest income increased $2.1 million 16.4% , from the third quarter of 2020 to the third quarter of 2021. Net interest income was $14.8 million $12.7 million $732,000 4.7% , over this time period. In the third quarter of 2021, $785,000 $331,000 $13.4 million $681,000 5.3% , over the same period in 2020. Interest and fees on PCI loans decreased by $254,000 $708,000 $2.1 million $367,000 $62,000
The average balance of the loan portfolio, excluding PCI loans, increased by $34.3 million $1.20 4 billion$11.7 million $136.9 million $162.2 million 10.7% , from the third quarter of 2020 to the third quarter of 2021. The yield on earning assets decreased from 4.09% in the third quarter of 2020 to 3.87% in the third quarter of 2021. The change in yield on earning assets was the culmination of the decrease in the yield on securities, from 2.89% in the third quarter of 2020 to 2.25% in the third quarter of 2021 and in the yield on interest bearing bank balances, from 0.68% to 0.32% year over year. The yield on total loans increased year over year, from 4.55% in the third quarter of 2020, to 4.60% for the same period in 2021.
Interest expense decreased $1.4 million 47.6% , when comparing the third quarter of 2021 and the third quarter of 2020. Interest expense on deposits decreased $1.4 million 51.7% , as the cost declined from 0.96% in the third quarter of 2020 to 0.43% for the same period in 2021. The average balance of interest bearing deposits increased $74.5 million 6.9% . This growth was from non-maturity deposit sources. First, there was an increase of $82.8 million 41.2% , in the average balance of interest bearing checking accounts, which averaged $283.8 million $63.6 million $71.9 million $540.9 million 1.22% in the third quarter of 2021 compared with 1.19% for the same period in 2020. All of the above contributed to the reduction of interest expense for interest bearing liabilities by $1.4 million $72.4 million $63.3 million 0.97% in the third quarter of 2020 to 0.48% in the third quarter of 2021.
The tax-equivalent net interest margin increased 17 basis points, from 3.35% in the third quarter of 2020 to 3.52% in the third quarter of 2021. Likewise, the interest spread increased from 3.12% to 3.39% over the same time period. The increase in the margin was precipitated by a decrease of 22 basis points in the yield on earning assets compared with a greater decline of 49 basis points in the cost of interest bearing liabilities applied against growth of $162.2 million 10.7% , in earning assets. As noted in the linked quarter discussion above, without the effects of PPP related items, the net interest margin would have been 3.39% in the third quarter of 2021. Without the effects of PPP related items, the net interest margin would have been 3.39% in the third quarter of 2020.
Year-over-Year Nine Months Net interest income was $43.4 million $6.1 million 16.2% , from net interest income of $37.3 million $959,000 $929,000 2.4% , in interest and fees on loans, which increased as a result of growth of $73.0 million 6.5% , in the average balance of loans in 2021 over 2020. The yield on loans declined from 4.59% for the first nine months of 2020 to 4.43% for the same period in 2021. Interest and fees on PCI loans declined by $773,000 24.8% . The yield on the PCI portfolio was 15.54% for the first nine months of 2021 compared with 13.71% for the first nine months of 2020. Interest and dividends on securities increased by $861,000 $91.0 million 37.9% , and the yield declined from 2.95% for the first nine months of 2020 to 2.48% for the same period in 2021. The yield on earning assets was 3.98% for the first nine months of 2021, a decline of 40 basis points from 4.38% in the first nine months of 2020. The yield on total loans, which includes PCI loans and PPP loans, declined from 4.83% for the first nine months of 2020 compared with 4.62% for the same period in 2021.
Interest expense of $4.8 million $5.1 million 51.3% , from interest expense of $9.9 million 1.17% for the first nine months of 2020 to 0.54% for the same period in 2021. Interest on deposits decreased $5.0 million 1.16% for the first nine months of 2020 to 0.50% for the first nine months of 2021. The average balance of interest bearing liabilities increased over this time frame by $67.3 million 6.0% . Short term borrowing expense decreased by $24,000 $35,000 5.0% , as the rate paid decreased from 1.30% for the first nine months of 2020 to 1.23% for the first nine months of 2021.
The changes noted to interest income and interest expense led to an increase in the net interest margin from 3.48% for the first nine months of 2020 to 3.58% for the same period in 2021. The interest spread also increased over this time frame from 3.21% in 2020 to 3.44% in 2021. Excluding PPP related items from the net interest margin calculation would have resulted in a margin of 3.50% for the first nine months of 2021 compared with the actual margin of 3.58% . Excluding PPP related items from the net interest margin calculation for the first nine months of 2020 would have resulted in a margin of 3.49% for the first nine months of 2020 compared with the actual margin of 3.48% . The yield on the loan portfolio for the first nine months of 2021 would have been 4.36% excluding PPP related items versus the actual yield of 4.43% . The yield on the loan portfolio for the first nine months of 2020 would have been 4.68% excluding PPP related items versus the actual yield of 4.59% . The yield on earning assets for the first nine months of 2021 would have been 3.91% without PPP related items as opposed to the actual yield of 3.98% . The yield on earning assets for the first nine months of 2020 would have been 4.44% without PPP related items as opposed to the actual yield of 4.38% .
The following table compares the Company's net interest margin, on a tax-equivalent basis, for the three months ended September 30, 2021 , June 30, 2021 and September 30, 2020 and the nine months ended September 30 2021 and September 30, 2020 .
NET INTEREST MARGIN
(Unaudited)
(Dollars in thousands)
For the three months ended
30-Sep-21
30-Jun-21
30-Sep-20
Average interest earning assets
$
1,679,564
$
1,633,672
$
1,517,374
Interest income
$
16,281
$
16,064
$
15,549
Interest income - tax-equivalent
$
16,374
$
16,153
$
15,640
Yield on interest earning assets
3.87
%
3.97
%
4.09
%
Average interest bearing liabilities
$
1,228,482
$
1,199,036
$
1,156,089
Interest expense
$
1,486
$
1,567
$
2,836
Cost of interest bearing liabilities
0.48
%
0.52
%
0.97
%
Net interest income
$
14,795
$
14,497
$
12,713
Net interest income - tax-equivalent
$
14,888
$
14,586
$
12,804
Interest spread
3.39
%
3.45
%
3.12
%
Net interest margin
3.52
%
3.58
%
3.35
%
For the nine months ended
30-Sep-21
30-Sep-20
Average interest earning assets
$
1,627,852
$
1,443,925
Interest income
$
48,205
$
47,246
Interest income - tax-equivalent
$
48,474
$
47,521
Yield on interest earning assets
3.98
%
4.38
%
Average interest bearing liabilities
$
1,196,940
$
1,129,625
Interest expense
$
4,835
$
9,935
Cost of interest bearing liabilities
0.54
%
1.17
%
Net interest income
$
43,370
$
37,311
Net interest income - tax-equivalent
$
43,639
$
37,586
Interest spread
3.44
%
3.21
%
Net interest margin
3.58
%
3.48
%
Provision for Loan Losses
The Company records a separate provision for loan losses for its loan portfolio, excluding PCI loans, and the PCI loan portfolio. There was a recovery of $1.25 0 million$2.65 0 million$4.2 million
The recovery of provision recorded in the first and third quarters of 2021 was due to continued improvement in the quality of the loan portfolio and an overall improvement in the risks associated with the potential economic impact of the COVID-19 pandemic, which continued through the third quarter of 2021. Beginning in the first quarter of 2020, management performs a review of each loan within the portfolio to identify, and monitor on a going forward basis, those borrowers that management believed to be possibly impacted by the COVID affected economy. Loans identified with increased risk are aggregated by loan type. During the first and second quarter of 2020, this analysis indicated a risk grade migration in a number of loan categories that led to a heightened risk level in the loan portfolio. The impact of the loans' risk grade migration was applied to the allowance for loan loss calculation, which led to a provision for loan losses of $4.2 million
With respect to the PCI portfolio, no provision was recorded during the first nine months of 2021 or 2020 due to the stable nature of the portfolio's performance. Additional discussion of loan quality is presented below.
Noninterest Income
Linked Quarter Basis Noninterest income was $1.4 million $80,000 $138,000 $297,000 $21,000 $7,000 $28,000 $671,000 $20,000 $20,000 $255,000 $235,000 $165,000 $168,000
Year-over-Year Third Quarter Noninterest income of $1.4 million $91,000 6.2% , compared with the third quarter of 2020. Other noninterest income declined by $85,000 $297,000 $85,000 $7,000 $78,000 $58,000 $671,000 $255,000 $27,000
Year-over-Year Nine Months Noninterest income was $4.5 million $47,000 1.1% , over noninterest income of $4.4 million $1.2 million $205,000 $2.0 million $184,000 $300,000 $19,000 $281,000 $499,000 $19,000 $810,000 $12,000
Noninterest Expenses
Linked Quarter Basis Noninterest expenses totaled $9.1 million $9.2 million $82,000 0.9% . Other operating expenses decreased $546,000 $2.3 million $1.8 million $570,000 $154,000 $673,000 $68,000 $275,000 $42,000 $436,000 $5,000 $431,000 $5.4 million $56,000 1.0% , on a linked quarter basis. FDIC assessment of $161,000 $53,000 $29,000 $761,000 $790,000
Year-over-Year Third Quarter Noninterest expenses of $9.1 million $584,000 6.8% , from noninterest expenses of $8.5 million $375,000 $1.4 million $1.8 million $5.4 million $367,000 7.3% , over the third quarter of 2020. This increase is comprised mainly of $146,000 $71,000 $459,000 $50,000 $673,000 $17,000 $82,000 $5,000 $275,000 $330,000 $55,000 16.7% . Occupancy expenses, $790,000 $25,000 $161,000 $13,000
Year-over-Year Nine Months Noninterest expenses were $27.1 million September 30, 2021 , an increase of $2.1 million 8.3% , compared with the same period in 2020. Other operating expenses were $5.7 million $1.4 million 31.7% , in the first nine months of 2021 compared with the same period in 2020. Part of the increase is attributed to $717,000 $154,000 $201,000 $114,000 $16.0 million $1.2 million 7.8% , for the first nine months of 2021 over the same period in 2020. Data processing fees, which were $2.0 million $201,000 11.0% , for the first nine months of 2021 over the same period in 2020. Other real estate expenses, net, decreased $504,000 $167,000 $880,000 $33,000 $2.4 million
The following table compares the Company's other operating expenses included in noninterest expenses for the three months ended September 30, 2021 , June 30, 2021 , December 31, 2020 and September 30, 2020 .
OTHER OPERATING EXPENSES
(Unaudited)
(Dollars in thousands)
For the three months ended
30-Sep-21
30-Jun-21
31-Dec-20
30-Sep-20
Bank franchise tax
$
257
$
257
$
237
$
237
Stationery, printing and supplies
170
152
138
167
Marketing expense
138
140
89
79
Credit expense
73
92
114
71
Outside vendor fees
220
110
146
177
Other expenses
940
1,593
726
692
Total other operating expenses
$
1,798
$
2,344
$
1,450
$
1,423
Income Taxes
Income tax expense was $1.8 million $1.3 million $1.1 million 21.3% for the third quarter of 2021, 19.8% for the second quarter of 2021 and 20.2% for the third quarter of 2020.
Income tax expense was $4.8 million $2.5 million 20.6% for the first nine months of 2021 compared with an effective tax rate of 19.5% for the first nine months of 2020.
FINANCIAL CONDITION
Total assets were $1.77 1 billionSeptember 30, 2021 and increased $126.5 million 7.7% , when compared with December 31 , 2020. Total loans, excluding PCI loans, were $1.23 1 billionSeptember 30, 2021 , increasing $48.6 million 4.1% , from year end 2020. Total PCI loans were $15.7 million September 30, 2021 versus $24.0 million December 31, 2020 .
At September 30, 2021 , there were 13 loans with an aggregate outstanding balance of $15.8 million $1.3 million
Loans, net of fees that the Bank originated under the PPP were $32.8 million September 30, 2021 , $52.0 million June 30, 2021 , $67.7 million March 31, 2021 , $49.3 million December 31, 2020 and $85.1 million September 30, 2020 . All of these balances have been included in commercial loans. As a result of the economic conditions that existed during 2020 and the first nine months of 2021, commercial loans balances, excluding PPP loans, have been stagnant and declined by $2.1 million December 31, 2020 and $1.7 million September 30, 2020 . Commercial real estate loans, the largest category of loans at $542.4 million 44.1% of gross loans outstanding at September 30, 2021 , increased $67.6 million 14.2% , since December 31, 2020 . Construction and land development loans were $200.9 million September 30, 2021 and represent 16.3% of the loan portfolio. This category has grown $18.6 million $19.1 million 9.7% , and ended the period at $178.1 million 14.5% of the portfolio.
The following table shows the composition of the Company's loan portfolio, excluding PCI loans, at September 30, 2021 , June 30, 2021 , December 31, 2020 and September 30, 2020 .
LOANS (excluding PCI loans)
(Unaudited)
(Dollars in thousands)
30-Sep-21
30-Jun-21
31-Dec-20
30-Sep-20
Amount
% of Loans
Amount
% of Loans
Amount
% of Loans
Amount
% of Loans
Mortgage loans on real estate:
Residential 1-4 family
$
178,099
14.47
%
$
182,929
15.35
%
$
197,228
16.68
%
$
204,366
17.35
%
Commercial
542,418
44.06
506,951
42.53
474,856
40.16
452,677
38.44
Construction and land development
200,878
16.32
180,215
15.12
182,277
15.42
159,766
13.57
Second mortgages
7,078
0.57
6,893
0.58
6,360
0.54
6,488
0.55
Multifamily
80,245
6.52
72,918
6.12
78,158
6.61
77,787
6.60
Agriculture
7,748
0.63
7,841
0.66
6,662
0.56
7,138
0.61
Total real estate loans
1,016,466
82.57
957,747
80.36
945,541
79.97
908,222
77.12
Commercial loans
206,801
16.80
224,437
18.83
225,386
19.06
257,362
21.85
Consumer installment loans
6,841
0.56
8,452
0.71
9,996
0.85
10,606
0.90
All other loans
873
0.07
1,205
0.10
1,439
0.12
1,519
0.13
Gross loans
1,230,981
100.00
%
1,191,841
100.00
%
1,182,362
100.00
%
1,177,709
100.00
%
Allowance for loan losses
(9,929)
(11,006)
(12,340)
(12,328)
Loans, net of unearned income
$
1,221,052
$
1,180,835
$
1,170,022
$
1,165,381
The Company's securities portfolio, excluding restricted equity securities, was $394.9 million September 30, 2021 and increased $102.4 million 35.0% , during the first nine months of 2021 and $138.3 million 53.8% , since September 30, 2020 . U.S. Treasury issues decreased by $3.6 million $27.0 million $52.8 million September 30, 2021 . State, county and municipal securities, the largest investment category totaling $212.3 million September 30, 2021 , increased by $65.4 million 97% guaranteed by the U.S. Government, increased $9.3 million $46.7 million September 30, 2021 . Mortgage backed securities were $38.9 million September 30, 2021 and grew by $6.7 million $24.2 million September 30, 2021 .
The Company had cash and cash equivalents of $49.1 million September 30, 2021 compared with $63.2 million $123.6 million June 30, 2021 but decreased during the third quarter of 2021 as funds were invested into higher earning loans and securities. Interest bearing bank balances were $23.6 million September 30, 2021 compared with $45.1 million December 31, 2021 and peaked at $102.0 million June 30, 2021 .
The following table shows the composition of the Company's securities portfolio, excluding equity securities, restricted, at September 30, 2021 , December 31, 2020 and September 30, 2020 .
SECURITIES PORTFOLIO
(Unaudited)
(Dollars in thousands)
30-Sep-21
31-Dec-20
30-Sep-20
Amortized
Fair
Amortized
Fair
Amortized
Fair
Securities Available for Sale
U.S. Treasury issue
$
19,896
19,880
$
23,500
$
23,499
$
12,500
$
12,500
U.S. Government agencies
52,948
52,808
25,880
25,853
19,942
19,745
State, county, and municipal
187,999
193,291
118,612
125,720
109,976
116,534
Mortgage backed securities
37,885
38,908
30,434
32,189
28,086
29,951
Asset backed securities
45,951
46,729
36,841
37,488
28,748
28,986
Corporate
23,749
24,229
26,136
26,598
25,454
25,937
Total securities available for sale
$
368,428
375,845
$
261,403
$
271,347
$
224,706
$
233,653
30-Sep-21
31-Dec-20
30-Sep-20
Amortized
Fair
Amortized
Fair
Amortized
Fair
Securities Held to Maturity
State, county, and municipal
$
19,052
$
19,844
$
21,176
$
22,257
$
23,026
$
24,118
Total securities held to maturity
$
19,052
19,844
$
21,176
22,257
$
23,026
24,118
Interest bearing deposits at September 30, 2021 were $1.15 3 billion$53.3 million 4.8% , from December 31, 2020 . Interest bearing checking accounts of $276.2 million $36.6 million 15.3% , during the first nine months of 2021 and $75.1 million 37.3% , year over year. The balance of interest bearing checking accounts decreased by $8.8 million $184.8 million September 30, 2021 and grew $30.2 million 19.6% , during the first nine months of 2021 and $26.2 million 16.5% , year over year. Savings accounts totaled $151.1 million September 30, 2021 and grew $9.0 million 6.3% , during the third quarter of 2021 and $26.7 million 21.5% , during the first nine months of 2021. Strong growth in these non-maturity categories for the year has allowed the Bank to react to lower interest rates through proactive repricing in certificates of deposit, the highest costing deposit category. As a result, time deposits less than or equal to $250,000 $27.8 million 6.1% , in the first nine months of 2021 and were $425.1 million September 30 , 2021.Year over year, time deposits less than or equal to $250,000 $43.5 million 9.3% . Time deposits over $250,000 $12.5 million $115.9 million September 30, 2021 . Year over year, time deposits over $250,000 $25.5 million 18.0% . Time deposit balances combined were 46.9% of interest bearing deposits at September 30, 2021 and 36.1% of all deposit balances. This is a decline from 52.9% of interest bearing balances and 41.6% of all deposit balances at December 31, 2020 . The growth in interest bearing checking accounts, money market accounts and savings accounts, as well as in noninterest bearing checking accounts, was $140.4 million
The following table compares the mix of interest bearing deposits at September 30, 2021 , June 30, 2021 , December 31, 2020 and September 30, 2020 .
INTEREST BEARING DEPOSITS
(Unaudited)
(Dollars in thousands)
30-Sep-21
30-Jun-21
31-Dec-20
30-Sep-20
Interest Bearing Checking Accounts
$
276,222
$
285,044
$
239,628
$
201,121
MMDA
184,750
182,702
154,503
158,569
Savings
151,090
142,110
124,384
118,007
Time deposits less than or equal to $250,000
425,072
425,837
452,885
468,549
Time deposits over $250,000
115,947
113,423
128,400
141,417
Total interest bearing deposits
$
1,153,081
$
1,149,116
$
1,099,800
$
1,087,663
FHLB borrowings were $67.3 million September 30, 2021 compared with $57.8 million December 31, 2020 and $68.0 million September 30, 2020 . The stable level of FHLB borrowings during 2020 and into 2021 has been due to the FHLB swiftly responding to the March 16, 2020 rate cut of 1.50% to the discount rate by repricing advances downward to ensure low cost liquidity for the banking system. As a result, the Bank has found this level of borrowing to be a stable source of low cost funding. The average rate paid on FHLB borrowings was 1.23% during the first nine months of 2021. There were Federal funds purchased of $2.7 million September 30, 2021 compared with no Federal funds purchased at December 31 , 2020.
Shareholders' equity was $184.3 million September 30, 2021 , or 10.4% of total assets, compared with $169.7 million 10.3% of total assets, at December 31, 2020 .
Asset Quality – excluding PCI loans
Nonperforming loans were $3.8 million September 30, 2021 , a decrease of $735,000 $444,000 $4.0 million September 30, 2021 compared with $8.9 million December 31, 2020 . Non-performing assets declined $4.6 million 53.4% , year over year. On April 7, 2021 , the Company sold an item included in other real estate owned at March 31, 2021 in the amount of $3.8 million $239,000
The allowance for loan losses equaled 263.4% of nonaccrual loans at September 30, 2021 compared with 276.7% at December 31, 2020 . The ratio of nonperforming assets to loans and other real estate owned (OREO) was 0.33% at September 30, 2021 compared with 0.75% at December 31, 2020 .
The allowance for loan losses to total loans was 0.81% at September 30, 2021 compared with 1.04% at December 31, 2020 and 1.05% at September 30, 2020 . The volume of PPP loans originated since the second quarter of 2020 impacted the ratio. PPP loans, net of fees, were $32.8 million September 30, 2021 and $49.3 million December 31, 2020 . When excluding PPP loans, the allowance for loan losses to total loans would have been 0.83% and 1.09% at September 30, 2021 and December 31, 2020 , respectively. These loans are fully guaranteed by the SBA in accordance with the CARES Act; therefore, no allowance is required. The Company monitors and adjusts the allowance for loan losses based on loans requiring a reserve.
The following table reconciles the activity in the Company's allowance for loan losses, by quarter, for the past five quarters.
ALLOWANCE FOR LOAN LOSSES
(Unaudited)
(Dollars in thousands)
2021
2020
Third
Second
First
Fourth
Third
Quarter
Quarter
Quarter
Quarter
Quarter
Allowance for loan losses:
Beginning of period
$
11,006
$
10,828
$
12,340
$
12,328
$
12,238
Provision for loan losses
(1,250)
-
(1,400)
-
-
Net (charge-offs) recoveries
173
178
(112)
12
90
End of period
$
9,929
$
11,006
$
10,828
$
12,340
$
12,328
The following table sets forth selected asset quality data, excluding PCI loans, and ratios for the dates indicated.
ASSET QUALITY (excluding PCI loans)
(Unaudited)
(Dollars in thousands)
2021
2020
30-Sep-21
30-Jun-21
31-Mar-21
31-Dec-20
30-Sep-20
Nonaccrual loans
$
3,770
$
3,555
$
3,496
$
4,460
$
4,214
Loans past due 90 days and accruing interest
-
-
33
45
-
Total nonperforming loans
3,770
3,555
3,529
4,505
4,214
Other real estate owned
255
364
4,313
4,361
4,416
Total nonperforming assets
$
4,025
$
3,919
$
7,842
$
8,866
$
8,630
Allowance for loan losses to loans
0.81
%
0.92
%
0.90
%
1.04
%
1.05
%
Allowance for loan losses to nonaccrual loans
263.37
309.59
309.73
276.68
292.55
Nonperforming assets to loans and other real estate
0.33
0.33
0.65
0.75
0.73
Net charge-offs/(recoveries) to average loans
(0.06)
%
(0.06)
%
0.04
%
0.03
%
0.04
%
A further breakout of nonaccrual loans, excluding PCI loans, at September 30, 2021 , June 30, 2021 , December 31, 2020 , and September 30, 2020 is below.
NONACCRUAL LOANS (excluding PCI loans)
(Unaudited)
(Dollars in thousands)
30-Sep-21
30-Jun-21
31-Dec-20
30-Sep-20
Mortgage loans on real estate:
Residential 1-4 family
$
1,168
$
1,316
$
1,357
$
1,338
Commercial
602
953
730
764
Construction and land development
2
2
44
572
Agriculture
-
-
45
51
Total real estate loans
$
1,772
$
2,271
$
2,176
$
2,725
Commercial loans
1,998
1,284
2,264
1,470
Consumer installment loans
-
-
20
19
Gross loans
$
3,770
$
3,555
$
4,460
$
4,214
Capital Requirements
The Bank's ratio of total risk-based capital was 13.7% at September 30, 2021 compared with 13.6% at December 31 , 2020. The tier 1 risk-based capital ratio was 13.0% at September 30, 2021 and 12.7% at December 31, 2020 . The Bank's tier 1 leverage ratio was 10.3% at September 30, 2021 and 10.1% at December 31 , 2020. All capital ratios exceed regulatory minimums to be considered well capitalized. BASEL III introduced the common equity tier 1 capital ratio, which was 13.3% at September 30, 2021 and 12.7% at December 31, 2020 .
Earnings Conference Call and Webcast
The Company will host a conference call for interested parties on Friday, October 29, 2021, at 10:00 a.m. Eastern Time to discuss the financial results for the third quarter of 2021. The public is invited to listen to this conference call by dialing 866-374-8379 at least five minutes prior to the call. Interested parties may also listen to this conference call through the internet by accessing the "Corporate Overview – Corporate Profile" page of the Company's internet site at www.cbtrustcorp.com
A replay of the conference call will be available from 12:00 noon Eastern Time on October 29, 2021 , until 9:00 a.m. Eastern Time on November 19, 2021 . The replay will be available by dialing 877-344-7529 and entering access code 10161610 or through the internet by accessing the "Corporate Overview – Corporate Profile" page of the Company's internet site at www.cbtrustcorp.com
About Community Bankers Trust Corporation and Essex Bank
Community Bankers Trust Corporation is the holding company for Essex Bank, a Virginia state bank with 24 full-service offices, 18 of which are in Virginia and six of which are in Maryland. The Bank also operates two loan production offices.
Additional information on the Bank is available on the Bank's website at www.essexbank.com 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, performance, future 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 quality or composition of the Company's loan or investment portfolios, including collateral values and the repayment abilities of borrowers and issuers; assumptions that underlie the Company's allowance for loan losses; general economic and market conditions, either nationally or in the Company's market areas; unusual and infrequently occurring events, such as weather-related disasters, terrorist acts or public health events (such as the current COVID-19 pandemic), and of governmental and societal responses to them; the pending merger with United Bankshares, including its closing on the expected terms and schedule, the costs associated with completing it and integrating the businesses, and business operations until and through its closing; the interest rate environment; competitive pressures among banks and financial institutions or from companies outside the banking industry; real estate values; the demand for deposit, loan and investment products and other financial services; the demand, development and acceptance of new products and services; the performance of vendors or other parties with which the Company does business; time and costs associated with de novo branching, acquisitions, dispositions and similar transactions; the realization of gains and expense savings from acquisitions, dispositions and similar transactions; consumer profiles and spending and savings habits; levels of fraud in the banking industry; the level of attempted cyber-attacks in the banking industry; the securities and credit markets; costs associated with the integration of banking and other internal operations; 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, 2020 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.
COMMUNITY BANKERS TRUST CORPORATION
CONSOLIDATED BALANCE SHEETS
UNAUDITED
(Dollars in thousands, except per share data)
30-Sep-21
30-Jun-21
31-Dec-20
30-Sep-20
Assets
Cash and due from banks
$
25,485
$
21,414
$
17,845
$
18,689
Interest bearing bank deposits
23,591
101,996
45,118
56,795
Federal funds sold
-
234
222
-
Total cash and cash equivalents
49,076
123,644
63,185
75,484
Securities available for sale, at fair value
375,845
321,759
271,347
233,653
Securities held to maturity, at cost
19,052
19,824
21,176
23,026
Equity securities, restricted, at cost
8,049
8,049
8,436
8,875
Total securities
402,946
349,632
300,959
265,554
Loans held for sale
-
-
-
1,151
Loans
1,230,981
1,191,841
1,182,362
1,177,709
Purchased credit impaired (PCI) loans
15,679
17,943
24,040
27,146
Allowance for loan losses
(9,929)
(11,006)
(12,340)
(12,328)
Allowance for loan losses – PCI loans
(156)
(156)
(156)
(156)
Net loans
1,236,575
1,198,622
1,193,906
1,192,371
Bank premises and equipment, net
26,967
27,297
27,897
28,197
Bank premises and equipment held for sale
1,507
1,507
1,507
1,589
Right-of-use lease assets
4,811
5,053
5,530
5,766
Other real estate owned
255
364
4,361
4,416
Bank owned life insurance
30,528
30,363
30,029
29,858
Other assets
18,635
17,731
17,435
17,851
Total assets
$
1,771,300
$
1,754,213
$
1,644,809
$
1,622,237
Liabilities
Deposits:
Noninterest bearing
$
345,721
$
339,712
$
298,901
$
281,679
Interest bearing
1,153,081
1,149,116
1,099,800
1,087,663
Total deposits
1,498,802
1,488,828
1,398,701
1,369,342
Federal funds purchased
2,698
-
-
940
Federal Home Loan Bank borrowings
67,333
67,500
57,833
68,000
Trust preferred capital notes
4,124
4,124
4,124
4,124
Lease liabilities
5,045
5,297
5,787
6,027
Other liabilities
8,961
8,733
8,710
8,014
Total liabilities
1,586,963
1,574,482
1,475,155
1,456,447
Shareholders' Equity
Common stock (200,000,000 shares authorized $0.01 par value;
225
225
222
223
Additional paid in capital
151,905
151,522
149,822
150,708
Retained earnings
27,787
22,811
13,419
9,300
Accumulated other comprehensive income
4,420
5,173
6,191
5,559
Total shareholders' equity
184,337
179,731
169,654
165,790
Total liabilities and shareholders' equity
$
1,771,300
$
1,754,213
$
1,644,809
$
1,622,237
COMMUNITY BANKERS TRUST CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
( Dollars in thousands)
YTD
Three months ended
YTD
Three months ended
2021
30-Sep-21
30-Jun-21
2020
30-Sep-20
30-Jun-20
Interest and dividend income
Interest and fees on loans
$
39,787
$
13,441
$
13,196
$
38,858
$
12,760
$
13,012
Interest and fees on PCI loans
2,348
708
784
3,121
962
1,062
Interest on deposits in other banks
173
59
54
231
121
41
Interest and dividends on securities
Taxable
4,885
1,723
1,695
4,000
1,362
1,287
Nontaxable
1,012
350
335
1,036
344
349
Total interest and dividend income
48,205
16,281
16,064
47,246
15,549
15,751
Interest expense
Interest on deposits
4,174
1,262
1,347
9,215
2,614
3,182
Interest on borrowed funds
661
224
220
720
222
209
Total interest expense
4,835
1,486
1,567
9,935
2,836
3,391
Net interest income
43,370
14,795
14,497
37,311
12,713
12,360
(Recovery of) provision for loan losses
(2,650)
(1,250)
-
4,200
-
900
Net interest income after (recovery of)
46,020
16,045
14,497
33,111
12,713
11,460
Noninterest income
Service charges and fees
2,001
671
651
1,817
613
532
Gain (loss) on securities transactions, net
(19)
(7)
(28)
281
78
242
Gain on sale of loans
-
-
-
11
-
-
Income on bank owned life insurance
499
165
168
518
171
173
Mortgage loan income
810
255
235
822
228
373
Other
1,179
297
435
974
382
296
Total noninterest income
4,470
1,381
1,461
4,423
1,472
1,616
Noninterest expense
Salaries and employee benefits
15,968
5,408
5,352
14,806
5,041
4,613
Occupancy expenses
2,387
790
761
2,420
815
778
Equipment expenses
880
275
317
1,047
330
345
FDIC assessment
481
161
108
455
174
156
Data processing fees
2,022
673
741
1,821
656
573
Other real estate expenses, net
(415)
5
(431)
89
87
(4)
Other operating expenses
5,734
1,798
2,344
4,355
1,423
1,412
Total noninterest expense
27,057
9,110
9,192
24,993
8,526
7,873
Income before income taxes
23,433
8,316
6,766
12,541
5,659
5,203
Income tax expense
4,816
1,768
1,340
2,450
1,143
1,043
Net income
$
18,617
$
6,548
$
5,426
$
10,091
$
4,516
$
4,160
COMMUNITY BANKERS TRUST CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
( Dollars in thousands)
Three months ended
30-Sep-21
30-Jun-21
31-Mar-21
31-Dec-20
30-Sep-20
Interest and dividend income
Interest and fees on loans
$
13,441
$
13,196
$
13,150
$
13,622
$
12,760
Interest and fees on PCI loans
708
784
856
932
962
Interest on deposits in other banks
59
54
60
107
121
Interest and dividends on securities
Taxable
1,722
1,695
1,467
1,373
1,362
Nontaxable
350
335
327
337
344
Total interest and dividend income
16,281
16,064
15,860
16,371
15,549
Interest expense
Interest on deposits
1,262
1,347
1,565
2,151
2,614
Interest on borrowed funds
224
220
217
221
222
Total interest expense
1,486
1,567
1,782
2,372
2,836
Net interest income
14,795
14,497
14,078
13,999
12,713
(Recovery of) provision for loan losses
(1,250)
-
(1,400)
-
-
Net interest income after (recovery of)
16,045
14,497
15,478
13,999
12,713
Noninterest income
Service charges and fees
671
651
679
777
613
Gain (loss) on securities transactions, net
(7)
(28)
16
3
78
Gain on sale of loans
-
-
-
-
-
Income on bank owned life insurance
165
168
166
171
171
Mortgage loan income
255
235
320
294
228
Other
297
435
447
280
382
Total noninterest income
1,381
1,461
1,628
1,525
1,472
Noninterest expense
Salaries and employee benefits
5,408
5,352
5,208
5,332
5,041
Occupancy expenses
790
761
836
758
815
Equipment expenses
275
317
288
320
330
FDIC assessment
161
108
212
184
174
Data processing fees
673
741
608
632
656
Other real estate expenses, net
5
(431)
11
63
87
Other operating expenses
1,798
2,344
1,592
1,450
1,423
Total noninterest expense
9,110
9,192
8,755
8,739
8,526
Income before income taxes
8,316
6,766
8,351
6,785
5,659
Income tax expense
1,768
1,340
1,708
1,328
1,143
Net income
$
6,548
$
5,426
$
6,643
$
5,457
$
4,516
COMMUNITY BANKERS TRUST CORPORATION
NET INTEREST MARGIN ANALYSIS
AVERAGE BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
Three months ended September 30, 2021
Three months ended June 30, 2021
Average Balance
Interest
Average
Average Balance
Interest
Average
ASSETS:
Loans, including fees
$
1,203,674
$
13,441
4.43
%
$
1,204,691
$
13,196
4.39
%
PCI loans, including fees
16,789
708
16.51
19,827
784
15.63
Total loans
1,220,463
14,149
4.60
1,224,518
13,980
4.58
Interest bearing bank balances
73,098
59
0.32
86,130
54
0.25
Federal funds sold
225
-
0.12
208
-
0.08
Securities (taxable)
332,322
1,723
2.07
272,556
1,695
2.49
Securities (tax exempt)(1)
53,456
443
3.32
50,260
424
3.37
Total earning assets
1,679,564
16,374
3.87
1,633,672
16,153
3.97
Allowance for loan losses
(11,312)
(11,037)
Non-earning assets
101,745
104,716
Total assets
$
1,769,997
$
1,727,351
LIABILITIES AND
SHAREHOLDERS' EQUITY
Demand - interest bearing
$
283,809
$
125
0.18
$
268,525
$
119
0.18
Savings and money market
331,981
201
0.24
323,137
205
0.25
Time deposits
540,934
936
0.69
535,455
1,023
0.77
Total interest bearing deposits
1,156,724
1,262
0.43
1,127,117
1,347
0.48
Short-term borrowings
139
-
0.19
134
-
0.20
FHLB and other borrowings
71,619
224
1.22
71,785
220
1.22
Total interest bearing liabilities
1,228,482
1,486
0.48
1,199,036
1,567
0.52
Noninterest bearing deposits
344,320
337,907
Other liabilities
13,776
13,921
Total liabilities
1,586,578
1,550,864
Shareholders' equity
183,419
176,487
Total liabilities and
Shareholders' equity
$
1,769,997
$
1,727,351
Net interest earnings
$
14,888
$
14,586
Interest spread
3.39
%
3.45
%
Net interest margin
3.52
%
3.58
%
Tax-equivalent adjustment:
Securities
93
89
(1) Income and yields are reported on a tax-equivalent basis assuming a federal tax rate of 21%
COMMUNITY BANKERS TRUST CORPORATION
NET INTEREST MARGIN ANALYSIS
AVERAGE BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
Three months ended September 30, 2021
Three months ended September 30, 2020
Average Balance
Interest
Average
Average Balance
Interest
Average
ASSETS:
Loans, including fees
$
1,203,674
$
13,441
4.43
%
$
1,169,330
$
12,760
4.33
%
PCI loans, including fees
16,789
708
16.51
28,480
962
13.21
Total loans
1,220,463
14,149
4.60
1,197,810
13,722
4.55
Interest bearing bank balances
73,098
59
0.32
70,590
121
0.68
Federal funds sold
225
-
0.12
127
-
0.07
Securities (taxable)
332,322
1,723
2.07
198,296
1,362
2.75
Securities (tax exempt)(1)
53,456
443
3.32
50,551
435
3.44
Total earning assets
1,679,564
16,374
3.87
1,517,374
15,640
4.09
Allowance for loan losses
(11,312)
(12,424)
Non-earning assets
101,745
108,772
Total assets
$
1,769,997
$
1,613,722
LIABILITIES AND
SHAREHOLDERS' EQUITY
Demand - interest bearing
$
283,809
$
125
0.18
$
200,995
$
112
0.22
Savings and money market
331,981
201
0.24
268,350
241
0.36
Time deposits
540,934
936
0.69
612,848
2,261
1.46
Total interest bearing deposits
1,156,724
1,262
0.43
1,082,193
2,614
0.96
Short-term borrowings
139
-
0.19
1,611
1
0.21
FHLB and other borrowings
71,619
224
1.22
72,285
221
1.19
Total interest bearing liabilities
1,228,482
1,486
0.48
1,156,089
2,836
0.97
Noninterest bearing deposits
344,320
281,026
Other liabilities
13,776
12,980
Total liabilities
1,586,578
1,450,095
Shareholders' equity
183,419
163,627
Total liabilities and
Shareholders' equity
$
1,769,997
$
1,613,722
Net interest earnings
$
14,888
$
12,804
Interest spread
3.39
%
3.12
%
Net interest margin
3.52
%
3.35
%
Tax-equivalent adjustment:
Securities
93
91
(1) Income and yields are reported on a tax-equivalent basis assuming a federal tax rate of 21% .
COMMUNITY BANKERS TRUST CORPORATION
NET INTEREST MARGIN ANALYSIS
AVERAGE BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
Nine months ended September 30, 2021
Nine months ended September 30, 2020
Average Balance
Interest Income /
Average
Average Balance
Interest
Average
ASSETS:
Loans, including fees
$
1,199,965
$
39,787
4.43
%
$
1,127,002
$
38,858
4.59
%
PCI loans, including fees
19,924
2,348
15.54
29,917
3,121
13.71
Total loans
1,219,889
42,135
4.62
1,156,919
41,979
4.83
Interest bearing bank balances
76,484
173
0.30
46,620
231
0.66
Federal funds sold
210
-
0.09
159
-
0.36
Securities (taxable)
280,295
4,885
2.32
190,035
4,000
2.81
Securities (tax exempt)(1)
50,974
1,281
3.35
50,192
1,311
3.48
Total earning assets
1,627,852
48,474
3.98
1,443,925
47,521
4.38
Allowance for loan losses
(11,594)
(11,023)
Non-earning assets
104,124
108,056
Total assets
$
1,720,382
$
1,540,958
LIABILITIES AND
SHAREHOLDERS' EQUITY
Demand - interest bearing
$
267,862
$
382
0.19
$
184,415
$
304
0.22
Savings and money market
315,779
589
0.25
243,311
749
0.41
Time deposits
542,195
3,203
0.79
629,598
8,162
1.73
Total interest bearing deposits
1,125,836
4,174
0.50
1,057,324
9,215
1.16
Short-term borrowings
236
-
0.21
2,038
24
1.57
FHLB and other borrowings
70,868
661
1.23
70,263
696
1.30
Total interest bearing liabilities
1,196,940
4,835
0.54
1,129,625
9,935
1.17
Noninterest bearing deposits
332,509
237,198
Other liabilities
13,644
13,849
Total liabilities
1,543,093
1,380,672
Shareholders' equity
177,289
160,286
Total liabilities and
shareholders' equity
$
1,720,382
$
1,540,958
Net interest earnings
$
43,639
$
37,586
Interest spread
3.44
%
3.21
%
Net interest margin
3.58
%
3.48
%
Tax-equivalent adjustment:
Securities
269
$
275
(1) Income and yields are reported on a tax-equivalent basis assuming a federal tax rate of 21% .
https://www.prnewswire.com/news-releases/community-bankers-trust-corporation-reports-results-for-third-quarter-2021-301411812.html
SOURCE Community Bankers Trust Corporation
