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8-K - Community Bankers Trust Corp | v210274_8k.htm |
Community
Bankers Trust Corporation
Reports
4th Quarter and Annual Results for 2010
Glen Allen, VA, February 4, 2011
- Community Bankers Trust Corporation (the “Company”) (NYSE Amex: BTC),
the holding company for Essex Bank (the “Bank”), today reported fourth quarter
2010 net income available to common stockholders of $2.4 million, or
$0.11 per fully diluted common share. This compares with a net loss available to
common stockholders of $14.4 million in the fourth quarter of 2009, or $0.67 per
share, on a fully diluted basis.
Rex L.
Smith III, the Bank’s Executive Vice President and Chief Banking Officer and
acting Chief Executive Officer stated, “The Company acted upon a number of
previously stated strategies in the fourth quarter of 2010. Our goal
has been to restructure our balance sheet to improve capital and reduce our
operating costs so that we move toward normal operating profits in
2011. We sold a portion of our securities portfolio, realizing
pre-tax gains of $4.0 million, which enhanced our capital ratios and reduced the
interest rate risk to our Bank. We also reduced our
balance sheet by $62.2 million, mainly by reducing higher cost time deposits,
further enhancing capital ratios, and realized a $1.3 million benefit due to
reduced compensation expense following a company-wide reduction in work force
and a one-time credit from a freeze of the old pension plan. We
continue to analyze our loan portfolio and have aggressively written-down and
charged-off loans when appropriate, so our level of loan loss reserves remains
adequate.”
Mr. Smith
added, “As with all banks, the weak economy in our markets remains a concern,
and 2011 is a pivotal year. We must work harder and smarter to
enhance the major profit drivers of net income, including the generation of
quality earning assets, reduced funding costs, thoughtful analysis of all
overhead items and the contribution margin of all of our lines of
business. We will continue to closely monitor asset quality and
aggressively attack loan performance. We made significant cuts in
non-interest expense and are looking for more ways to increase operating
efficiencies. The recent announcement of the pending closing of our
Rockbridge branch and sale of its deposits is a prime example. We are
looking to expand our fee based businesses and recently partnered with ICBA to
enhance the delivery of secondary market mortgage loans. We made
significant progress in the past 90 days and we are committed to make our
Company a success going forward.”
Key
highlights for the fourth quarter of 2010 include the following:
·
|
Loans
past due 30 – 89 days continue to trend lower and were $14.6 million at
December 31, 2010, down from $18.3 million at September 30, 2010 and $24.6
million at June 30, 2010.
|
·
|
Management and staffing
reductions and benefit changes represented a cost savings to the Company
of approximately $1.3 million in the fourth quarter compared to the third
quarter of 2010.
|
·
|
The
Company realized pre-tax gains on its securities available-for-sale (AFS)
of $4.0 million, which reflects $2.6 million, net of tax effect, in the
fourth quarter of 2010, primarily through the sale of longer term
tax-exempt municipal and agency mortgage-backed securities, and reinvested
in shorter term U.S. Treasury bonds, thus enhancing risk-based capital
ratios and protecting against potential future interest rate
risk.
|
·
|
Excluding FDIC covered assets,
the ratio of nonaccrual loans to total loans declined from 7.91% at
September 30, 2010 to 6.95%at December 31,
2010.
|
·
|
Excluding
FDIC covered assets, the ratio of nonperforming assets to loans and other
real estate declined, from 8.64% at September 30, 2010 to 8.06% at
December 31, 2010.
|
·
|
Excluding FDIC covered assets,
the ratio of the allowance for loan losses to total loans was 4.86% at
December 31, 2010 and compares favorably with national
peer averages.
|
For the
year ended December 31, 2010, net loss available to common stockholders was
$22.1 million, or $1.03 per fully diluted share, compared with a net loss
available to common stockholders of $30.3 million, or $1.41 per fully diluted
share in 2009. Included in the 2010 loss is a loan loss provision of
$27.4 million.
RESULTS
OF OPERATIONS
Net
income available to common stockholders was $2.4 million, or $0.11 per common
share on a diluted basis, for the quarter ended December 31, 2010 compared with
a net loss available to common stockholders of $14.4 million, or $0.67 per
common share on a diluted basis, for the quarter ended December 31,
2009. The change in earnings performance was primarily driven by
gains on sales of securities, a reduction in the provision for loan losses, and
reduced compensation expenses. Additionally, in the fourth quarter of
2009, the Company incurred a non-cash goodwill impairment charge of $7.4
million. The credit of $77,000 in the provision for loan losses
in the fourth quarter of 2010 was the result of a recovery of a loan previously
charged off at the holding company.
For the
year ended December 31, 2010, net loss available to common stockholders was
$22.1 million, compared with net loss available to common stockholders of
$30.3 million for the year ended December 31, 2009. These losses
represented $1.03 per share on a fully diluted basis for 2010 and $1.41 for
2009. Losses for both years were primarily driven by two factors:
$27.4 million and $19.1 million in loan loss provisions in 2010 and 2009,
respectively, and non-tax deductible impairment of goodwill charges of $5.7
million in 2010 and $31.5 million in 2009. The Company has no
remaining goodwill on its balance sheet.
The
following table presents summary income statements for the fourth quarters and
full years of 2010 and 2009.
(Dollars
in thousands)
SUMMARY INCOME STATEMENT
|
||||||||||||||||
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Interest
income
|
$ | 13,594 | $ | 16,553 | $ | 58,926 | $ | 64,520 | ||||||||
Interest
expense
|
3,897 | 5,614 | 18,389 | 25,134 | ||||||||||||
Net
interest income
|
9,697 | 10,939 | 40,537 | 39,386 | ||||||||||||
Provision
for loan losses
|
(77 | ) | 7,818 | 27,363 | 19,089 | |||||||||||
Net
interest income after provision for loan
losses
|
9,774 | 3,121 | 13,174 | 20,297 | ||||||||||||
Non-interest
income
|
2,871 | 1,317 | 1,644 | 26,240 | ||||||||||||
Non-interest
expense
|
8,830 | 14,200 | 39,525 | 44,011 | ||||||||||||
Impairment
of goodwill
|
- | 7,425 | 5,727 | 31,457 | ||||||||||||
Income
tax expense (benefit)
|
1,128 | (2,977 | ) | (9,442 | ) | 404 | ||||||||||
Net
income (loss)
|
$ | 2,687 | $ | (14,210 | ) | $ | (20,992 | ) | $ | (29,335 | ) | |||||
Dividends
and accretion on preferred stock
|
139 | 442 | 800 | |||||||||||||
Accretion
of preferred stock discount
|
49 | 42 | 194 | 177 | ||||||||||||
Preferred
dividends not paid
|
221 | - | 442 | - | ||||||||||||
Net
income (loss) available to common
stockholders
|
$ | 2,417 | $ | (14,391 | ) | $ | (22,070 | ) | $ | (30,312 | ) | |||||
Earnings
(Loss) per share available to common
stockholders
|
||||||||||||||||
Basic
|
$ | 0.11 | $ | (0.67 | ) | $ | (1.03 | ) | $ | (1.41 | ) | |||||
Diluted
|
$ | 0.11 | $ | (0.67 | ) | $ | (1.03 | ) | $ | (1.41 | ) |
Interest
Income - Linked Quarter
Interest
income for the fourth quarter of 2010 was $13.6 million, a decrease of $1.6
million on a linked quarter basis, from interest income of $15.2 million for the
quarter ended September 30, 2010. Interest and fee income on loans
was $11.1 million, a decrease of 7.0%, or $831,000, from $11.9 million in the
third quarter of 2010. Securities interest income also declined
$739,000 on a linked quarter basis, from $3.2 million to $2.5
million.
Interest
income was affected by a $47.9 million decline in average interest-earning
assets, due to lower average balances in both loans and
securities. The proceeds of securities sales were reinvested in
shorter term, lower yielding U.S. Treasury notes. U.S. Treasury notes
carry a 0% risk weighting and thus enhanced the Company’s risk-based capital
ratios, creating a better maturity match to the funding source and mitigating
the interest rate risk to the Company. Total securities balances declined $28.3
million, or 8.4%, and were $307.5 million at December 31, 2010 compared to
$335.8 million at September 30, 2010. Net loans declined $20.8
million, or 3.3%, from $635.5 million at September 30, 2010 to $614.7 million at
December 31, 2010. Earning assets were positively affected during the
quarter by a reduction in the amounts due under the FDIC Shared-Loss Agreements
(FDIC receivable) from $24.3 million at September 30, 2010 to $7.3 million at
December 31, 2010.
Interest
Expense – Linked Quarter
Interest
expense for the fourth quarter of 2010 was $3.9 million, a decrease of 13.1%, or
$587,000, from interest expense of $4.5 million for the quarter ended September
30, 2010. Average interest bearing liabilities declined $41.9
million, or 4.1%, from $1.012 billion in the third quarter of 2010, to $969.8
million in the fourth quarter of 2010. Total deposits at December 31,
2010 were $961.7 million, a decline of $56.0 million, or 5.5%, from total
deposits of $1.018 billion at September 30, 2010. Interest bearing
deposits declined $48.9 million and noninterest bearing deposits declined $7.1
million over this time frame. Due to aggressive repricing, the cost
of funds changed from 2.22% in the fourth quarter of 2009 to 1.61% in the fourth
quarter of 2010.
Net
Interest Income
Net
interest income was $9.7 million for the quarter ended December 31, 2010,
compared with $10.7 million for the quarter ended September 30,
2010. This represents a decrease of $972,000, or 9.1%, and is the
result of lower earning asset volumes and lower yields on the securities
portfolio after selling activity in the fourth quarter of 2010. On a
tax equivalent basis, net interest income was $10.0 million for the fourth
quarter of 2010, compared to tax equivalent net interest income of $11.1 million
for the third quarter of 2010. The tax equivalent net interest margin
decreased to 4.03% in the fourth quarter of 2010 from 4.30% in the third quarter
of 2010.
Net
interest income was $9.7 million for the quarter ended December 31, 2010,
compared with $10.9 million for the fourth quarter of 2009. The
decline in interest income over these respective time frames is the result of
lower loan volume and yield and a higher level of nonaccrual loans, coupled with
lower securities income related to the sale in the fourth quarter of 2010 noted
above. Likewise, the tax equivalent net interest margin decreased in
the fourth quarter of 2010 to 4.03% from 4.36% in the fourth quarter of
2009.
Net
interest income was $40.5 million for the year ended December 31, 2010, compared
with $39.4 million for the year ended December 31, 2009. The net
interest margin equaled 4.13% on a tax equivalent basis for 2010 versus 3.83%
for 2009. The increase in the margin during the year was due in part
to an aggressive deposit pricing strategy that resulted in a 63 basis point
decline in the cost of all interest-bearing liabilities during the
year.
The
following tables compare the Company’s net interest margin, on a tax-equivalent
basis, for the fourth quarters of 2010 and 2009, the third quarter of 2010, and
years 2010 and 2009.
Net
Interest Margin
(Dollars in thousands)
|
||||||||||||||||||||
For the Quarters ended
|
Twelve Months Ended
|
|||||||||||||||||||
12/31/2010
|
9/30/2010
|
12/31/2009
|
12/31/2010
|
12/31/2009
|
||||||||||||||||
Average
interest-earning assets
|
$ | 986,358 | $ | 1,034,289 | $ | 1,047,060 | $ | 1,020,992 | $ | 1,073,307 | ||||||||||
Interest
income
|
$ | 13,594 | $ | 15,153 | $ | 16,553 | $ | 58,926 | $ | 64,520 | ||||||||||
Interest
income - tax equivalent
|
$ | 13,847 | $ | 15,597 | $ | 17,026 | $ | 60,538 | $ | 66,268 | ||||||||||
Yield
on interest-earning assets
|
5.62 | % | 6.03 | % | 6.50 | % | 5.93 | % | 6.17 | % | ||||||||||
Average
interest-bearing liabilities
|
$ | 969,824 | $ | 1,011,755 | $ | 1,009,386 | $ | 1,005,732 | $ | 1,022,989 | ||||||||||
Interest
expense
|
$ | 3,897 | $ | 4,484 | $ | 5,614 | $ | 18,389 | $ | 25,134 | ||||||||||
Cost
of interest-bearing liabilities
|
1.61 | % | 1.77 | % | 2.22 | % | 1.83 | % | 2.46 | % | ||||||||||
Net
interest income
|
$ | 9,697 | $ | 10,669 | $ | 10,939 | $ | 40,537 | $ | 39,386 | ||||||||||
Net
interest income - tax equivalent
|
$ | 9,950 | $ | 11,113 | $ | 11,412 | $ | 42,149 | $ | 41,134 | ||||||||||
Interest
spread
|
4.01 | % | 4.26 | % | 4.28 | % | 4.10 | % | 3.71 | % | ||||||||||
Net
interest margin
|
4.03 | % | 4.30 | % | 4.36 | % | 4.13 | % | 3.83 | % |
Provision
for Loan Losses
The
Company credited the provision for loan losses for non-covered loans $77,000 for
the quarter ended December 31, 2010 due to the recovery of the only loan held at
the Parent, previously charged-off. This compares with a provision of
$1.1 million for the third quarter of 2010 and a $7.8 million provision for the
quarter ended December 31, 2009. The ratio of the allowance for loan
losses to nonperforming assets was 59.6% at December 31, 2010. The
ratio of allowance for loan losses to total non-covered loans was 4.86% at
December 31, 2010 compared with 6.27% at September 30, 2010 and 3.14% at
December 31, 2009. The decrease in the allowance for loan losses to total
non-covered loans from September to December was mainly the result of more
aggressive charge-offs for non-performing loans. For the quarter
ended December 31, 2010 net charged-off loans of $8.7 million, annualized, were
6.47% of average loans, compared with 3.98%, or $5.5 million, for the quarter
ended September 30, 2010 and 4.09%, or $5.9 million, for the fourth quarter of
2009.
The
provision for loan losses for non-covered loans totaled $26.5 million for the
year ended December 31, 2010 versus $19.1 million for 2009. For 2010,
the Company had net charge-offs on non-covered loans of $19.1 million versus
$7.9 million for 2009.
The
following table reconciles the activity in the Company’s non-covered allowance
for loan losses, by quarter, for the past five quarters.
CREDIT
QUALITY
(Dollars in thousands)
|
2010
|
2009
|
||||||||||||||||||||||||||
Fourth
|
Third
|
Second
|
First
|
Fourth
|
||||||||||||||||||||||||
Quarter
|
Quarter
|
Quarter
|
Quarter
|
YTD
|
Quarter
|
YTD
|
||||||||||||||||||||||
Allowance
for loan losses:
|
||||||||||||||||||||||||||||
Beginning
of period
|
$ | 34,353 | $ | 38,785 | $ | 19,798 | $ | 18,169 | $ | 18,169 | $ | 16,211 | $ | 6,939 | ||||||||||||||
Provision
for loan losses
|
(77 | ) | 1,116 | 20,402 | 5,042 | 26,483 | 7,818 | 19,089 | ||||||||||||||||||||
Charge-offs
|
(8,898 | ) | (5,647 | ) | (2,029 | ) | (3,486 | ) | (20,060 | ) | (6,296 | ) | (8,601 | ) | ||||||||||||||
Recoveries
|
165 | 99 | 614 | 73 | 951 | 436 | 742 | |||||||||||||||||||||
Net
charge-offs
|
$ | (8,733 | ) | $ | (5,548 | ) | $ | (1,415 | ) | $ | (3,413 | ) | $ | (19,109 | ) | $ | (5,860 | ) | $ | (7,859 | ) | |||||||
End
of period
|
$ | 25,543 | $ | 34,353 | $ | 38,785 | $ | 19,798 | $ | 25,543 | $ | 18,169 | $ | 18,169 |
Noninterest
Income
On a
linked quarter basis, noninterest income was $2.9 million in the fourth quarter
of 2010, compared with negative $1.5 million for the third quarter of
2010. The increase in noninterest income was due to the $4.0 million
in securities gains realized in the fourth quarter of 2010. Other noninterest
income for the fourth quarter of 2010 included net losses on sales and
write-downs on other real estate owned of $723,000 versus losses of $770,000 for
the third quarter 2010. Service charges on deposit accounts
were $618,000 for the fourth quarter of 2010 compared with $659,000 in the third
quarter of 2010. Other noninterest income was negative $1.0 million
in the fourth quarter of 2010 compared to negative $1.1 million in the third
quarter of 2010 and represents the reduction in the amount due from the FDIC
related to the shared loss agreement. This reduction, reflecting
performance of the covered loan and other real estate portfolio, is partially
offset by increased loan yield on covered loans, reflected in net interest
margin.
For the
quarter ended December 31, 2010, noninterest income equaled $2.9 million versus
$1.3 million in the fourth quarter of 2009. This change was due
primarily to the aforementioned pre-tax $4.0 million securities gain taken in
the latter part of 2010.
For the
year ended December 31, 2010, noninterest income was $1.6 million compared with
$26.2 million for the same time frame in 2009. The magnitude of the
change year over year was due primarily to the one-time $20.3 million pre-tax
gain related to the acquisition of SFSB in 2009. In addition, the
Bank incurred $5.1 million in other real estate owned write-downs and losses
during 2010.
Noninterest
Expense
On a
linked quarter basis, noninterest expenses totaled $8.8 million for the three
months ended December 31, 2010 compared with $10.4 million for the three months
ended September 30, 2010, a decrease of $1.6 million, or 15.0%.
Salaries
and employee benefits for the fourth quarter of 2010 were $4.0 million, or 45.3%
of all noninterest expenses for the quarter, compared with $5.3 million, or
50.6% of all noninterest expenses for the quarter ended September 30,
2010. In late September, the Company announced staffing and
management changes that reduced the Company’s work force by approximately ten
percent. Also, during the fourth quarter of 2010, the Company froze
the defined benefit plan from one of its predecessors, which effectively created
a one-time pension expense reduction of $210,000.
Data
processing fees represented the next largest decrease in noninterest expenses,
on a linked quarter basis, $242,000, from $735,000 in the third quarter of 2010
to $493,000 in the fourth quarter, a decrease of 33.0%. The Company
continues to aggressively look for ways to reduce its major operating
expenses.
Noninterest
expenses were $8.8 million for the fourth quarter of 2010 compared with $21.6
million for the fourth quarter of 2009. Three components drove the
$12.8 million decrease. There was no goodwill impairment during the
fourth quarter of 2010, while the Bank expensed $7.4 million in the fourth
quarter of 2009. Personnel expenses declined $3.6 million to $4.0
million in the last quarter of 2010. This decline is due to a $3.0
million one-time bonus incurred during the last quarter of 2009 coupled with the
personnel reductions noted in the fourth quarter of 2010. Lastly,
FDIC insurance premiums declined $996,000 during this time frame which was the
primary result of a one-time special assessment taken in the fourth quarter of
2009.
Noninterest
expenses totaled $45.3 million for the year ended December 31, 2010 compared
with $75.5 million for 2009. The most significant change in
noninterest expense for the year was evidenced in goodwill impairments and
personnel reductions. During 2009, the Bank took goodwill impairment
charges of $31.5 million compared with only $5.7 million in
2010. Personnel expenses declined approximately $2.8 million
year-over year which was the result of a reduction of workforce effective in the
fourth quarter of 2010 coupled with a one-time bonus incurred during
2009.
Income
Taxes
Income
tax expense was $1.1 million for the three months ended December 31, 2010,
compared with income tax benefit of $1.1 million for the three months ended
September 30, 2010 and an income tax benefit of $3.0 million in the fourth
quarter of 2009.
For the
year ended December 31, 2010, the Company recorded an income tax benefit of $9.4
million, compared with income tax expense of $404,000 for the year ended
December 31, 2009.
FINANCIAL
CONDITION
At
December 31, 2010, the Company had total assets of $1.116 billion, a decrease of
$62.2 million, or 5.3%, from $1.178 billion at September 30, 2010. Total
loans, including loans covered by the FDIC shared loss agreements of $115.5
million, were $641.1 million at December 31, 2010, decreasing $29.6
million, or 4.4%, from $670.7 million at September 30,
2010. The carrying value of covered loans declined $7.6
million, or 6.2%, from September 30, 2010. The reduction in the covered loan
portfolio was due to the planned disposition of FDIC covered assets and
declining balances of FDIC covered loans. Non-covered loans equaled
$525.5 million at December 31, 2010, declining $22.0 million, or 4.0%, since
September 30, 2010. The decline in loan volume within the non-covered
loan portfolio was the direct result of $8.7 million in net loan charge-offs
coupled with loan run-off and an overall decrease in loan demand.
The
Company is aggressively working to change the mix of the non-covered portfolio
away from large construction and land development loans and more into commercial
and consumer secured installment loans. These loans are more granular
in nature, typically carry higher yields and attract compensating deposit
balances.
The
following table shows the composition of the Company’s non-covered loan
portfolio on a linked quarter basis.
(Dollars
in thousands)
December 31, 2010
|
September 30, 2010
|
|||||||||||||||
Amount
|
% of Non-Covered Loans
|
Amount
|
% of Non-Covered Loans
|
|||||||||||||
Mortgage
loans on real estate:
|
||||||||||||||||
Residential
1-4 family
|
$ | 137,522 | 26.15 | % | $ | 144,319 | 26.34 | % | ||||||||
Commercial
|
205,034 | 38.99 | % | 210,812 | 38.48 | % | ||||||||||
Construction
and land development
|
103,763 | 19.73 | % | 110,581 | 20.18 | % | ||||||||||
Second
mortgages
|
9,680 | 1.84 | % | 11,093 | 2.02 | % | ||||||||||
Multifamily
|
9,831 | 1.87 | % | 10,754 | 1.96 | % | ||||||||||
Agriculture
|
3,820 | 0.73 | % | 4,030 | 0.74 | % | ||||||||||
Total
real estate loans
|
469,650 | 89.32 | % | 491,589 | 89.72 | % | ||||||||||
Commercial
loans
|
44,368 | 8.44 | % | 43,980 | 8.03 | % | ||||||||||
Consumer
installment loans
|
9,811 | 1.87 | % | 10,223 | 1.87 | % | ||||||||||
All
other loans
|
1,993 | 0.38 | % | 2,087 | 0.38 | % | ||||||||||
Gross
loans
|
525,822 | 100.00 | % | 547,879 | 100.00 | % | ||||||||||
Less
allowance for loan losses
|
(25,543 | ) | (34,353 | ) | ||||||||||||
Less
unearned income on loans
|
(274 | ) | (370 | ) | ||||||||||||
Non-covered
loans, net of unearned income
|
$ | 500,005 | $ | 513,156 |
The
Company’s securities portfolio decreased $28.3 million, or 8.4%, during the
fourth quarter of 2010 to equal $307.5 million. The Company had Federal
funds sold of $2.0 million at December 31, 2010 versus $2.9 million at September
30, 2010. The decrease in the securities portfolio and overnight
funds was due to a decline in deposit balances, which were offset by securities
sales during the quarter, resulting in a gain on sale of $4.0
million. These transactions were strategic in nature to de-leverage
its balance sheet which increases the Tier 1 leverage capital ratio, and to
shorten the duration of the Company’s asset base and make it less vulnerable to
an increase in interest rates. The sales also resulted in a gain of
$4.0 million, or $2.6 million, net of tax effect, which is immediately accretive
and will enhance the Bank’s capital ratios. All of these transactions
settled in the fourth quarter of 2010.
The
following table shows the composition of the Company’s securities portfolio on a
linked quarter basis.
(Dollars
in thousands)
December
31, 2010
|
September
30, 2010
|
|||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||
Securities
Available for Sale
|
||||||||||||||||
U.S.
Treasury issue and other
|
||||||||||||||||
U.S.
Government agencies
|
$ | 90,849 | $ | 89,574 | $ | 23,253 | $ | 23,946 | ||||||||
State,
county and municipal
|
69,865 | 70,335 | 125,555 | 132,820 | ||||||||||||
Corporate
& other bonds
|
3,576 | 3,573 | 2,052 | 2,221 | ||||||||||||
Mortgage
backed securities
|
51,489 | 52,078 | 76,017 | 78,074 | ||||||||||||
Financial
institution securities
|
- | - | 54 | 27 | ||||||||||||
Total
securities available for sale
|
$ | 215,779 | $ | 215,560 | $ | 226,931 | $ | 237,088 | ||||||||
Securities
Held to Maturity
|
December
31, 2010
|
September
30, 2010
|
||||||||||||||
U.S.
Treasury issue and other
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
||||||||||||
U.S.
Government agencies
|
$ | - | $ | - | $ | - | $ | - | ||||||||
State,
county and municipal
|
13,070 | 13,763 | 13,076 | 14,307 | ||||||||||||
Corporate
& other bonds
|
1,002 | 1,005 | 1,008 | 1,019 | ||||||||||||
Mortgage
backed securities
|
70,699 | 74,258 | 77,681 | 81,214 | ||||||||||||
Total
securities available for sale
|
$ | 84,771 | $ | 89,026 | $ | 91,765 | $ | 96,540 |
Total
deposits at December 31, 2010 were $961.7 million, decreasing $56.0 million
from September 30, 2010. Time deposits declined $59.2 million during the
fourth quarter of 2010 as management continued to lower rates among all regions
as loan demand remains weak and covered loans continued to decline in volume.
The Company is attempting to restructure the deposit mix away from higher priced
time deposits and more into lower cost transactional accounts. The
most notable change was the increase in NOW accounts, which increased $ 8.9
million, or 9.1%, during the fourth quarter of 2010. The Company’s
total loan-to-deposit ratio was 66.7% at December 31, 2010 compared to 65.9% at
September 30, 2010.
The
following table details the change in the mix of interest bearing deposits from
September 30, 2010 to December 31, 2010.
(Dollars
in thousands)
December
31, 2010
|
September
30, 2010
|
$
change
|
%
change
|
|||||||||||||
NOW
|
$ | 106,248 | $ | 97,361 | 8,887 | 9.13 | % | |||||||||
MMDA
|
127,594 | 127,905 | (311 | ) | -0. 202 | % | ||||||||||
Savings
|
64,121 | 62,393 | 1,728 | 2.77 | % | |||||||||||
Time
deposits less than $100,000
|
367,333 | 396,315 | (28,982 | ) | -7.31 | % | ||||||||||
Time
deposits $100,000 and over
|
234,070 | 264,277 | (30,207 | ) | -11.43 | % | ||||||||||
Total
interest bearing deposits
|
$ | 899,366 | $ | 948,251 | $ | (48,885 | ) | -5.16 | % |
The
Company had Federal Home Loan Bank (FHLB) advances of $37.0 million at each of
December 31, 2010 and September 30, 2010.
Stockholders’
equity at December 31, 2010 was $107.1 million and represented 9.6% of
total assets. Stockholders’ equity was $110.7 million, or 9.4% of total
assets, at September 30, 2010. The change in stockholders’
equity reflects earnings of $2.7 million and credits related to benefits entries
of $553,000, offset by a change in the market value of the AFS securities, net
of tax, of $6.9 million.
Asset
Quality – non-covered assets
The
Company aggressively identifies and monitors all non-covered loans for potential
weaknesses. Once a loan meets a substandard classification, it is
turned over to the special assets division of the Bank for proper oversight and
management. During the fourth quarter, the special assets division
further reviewed all substandard loans for nonaccrual or impairment
status.
At
December 31, 2010, total impaired loans equaled $45.0 million, which were
composed primarily of $36.5 million of nonaccrual loans and $8.1 million of
loans risk rated substandard, past due 60 days or more, as well as all other
loans risk rated doubtful. Previously, management reported impaired
loans of $127.1 million at September 30, 2010, which were composed of all
classified assets. The decline in impaired loans was due to a change
in the identification process of “impairment” as further review of the
substandard category of loans from September 30, 2010 indicated that many loans
were not impaired by accounting standards but did meet the respective regulatory
classification definition. A change in the risk rating scale and
monitoring system, as well as a substantive loan review, was completed in the
latter part of the second quarter, resulting in a substantial volume in risk
rating changes to the substandard category. As the special assets
division worked diligently on these credits, the old adherence to the impairment
status delineation was changed as the majority of the loans risk rated
substandard were current in payment and could continue to meet the contractual
loan payments in the foreseeable future.
Nonaccrual
loans were $36.5 million at December 31, 2010 compared with $43.3 million at
September 30, 2010. Total nonperforming assets declined $4.8 million from
September 30, 2010 to $42.8 million at December 31, 2010. Total
charge-offs for the fourth quarter of 2010 were $8.9 million and recoveries were
$165,000. During the year, total nonaccrual loans increased $16.5
million, total charge offs were $20.1 million, and recoveries of loans
previously charged-off totaled $951,000. Management’s aggressive
strategy to work non-performing loans and other real estate owned is evidenced
in the volume of charge-offs as well as the level of the loan loss
reserve.
Despite
the level of charge-offs noted above and the increase in other real estate
owned, the Company continues to report a loan loss reserve at 4.86% of
non-covered loans. Likewise, the allowance for loan losses equals
69.92% of nonaccrual loans at December 31, 2010, which is well in line with
industry standards. While these ratios have declined over the year,
the decline is due solely to the aggressive charge-off policy of the Company and
rigorous workout procedures employed by the special assets division of the
Bank.
The
following table sets forth selected asset quality data, excluding FDIC covered
assets, and ratios for the dates indicated:
ASSET
QUALITY (NON COVERED)
|
||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||
Fourth
|
Third
|
Second
|
First
|
Fourth
|
||||||||||||||||
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
||||||||||||||||
Nonaccruing
loans
|
$ | 36,532 | $ | 43,298 | $ | 41,690 | $ | 28,706 | $ | 20,011 | ||||||||||
Loans
past due over 90 days and accruinginterest
|
389 | 35 | - | - | 247 | |||||||||||||||
Total
nonperforming non-covered loans
|
$ | 36,921 | $ | 43,333 | $ | 41,690 | $ | 28,706 | $ | 20,258 | ||||||||||
Other
real estate owned non-covered
|
5,928 | 4,320 | 4,333 | 1,565 | 1,586 | |||||||||||||||
Total
nonperforming non-covered assets
|
$ | 42,849 | $ | 47,653 | $ | 46,023 | $ | 30,271 | $ | 21,844 | ||||||||||
Allowance
for loan losses
|
$ | 25,543 | $ | 34,353 | $ | 38,785 | $ | 19,798 | $ | 18,169 | ||||||||||
Average
loans during quarter, net of
|
||||||||||||||||||||
unearned
income
|
$ | 539,503 | $ | 557,324 | $ | 575,457 | $ | 577,715 | $ | 573,367 | ||||||||||
Loans,
net of unearned income
|
$ | 525,548 | $ | 547,509 | $ | $ 562,539 | $ | 579,724 | $ | 578,629 | ||||||||||
Allowance
for loan losses to loans
|
4.86 | % | 6.27 | % | 6.89 | % | 3.42 | % | 3.14 | % | ||||||||||
Allowance
for loan losses to
|
||||||||||||||||||||
nonperforming
assets
|
59.61 | % | 72.09 | % | 84.27 | % | 65.40 | % | 83.18 | % | ||||||||||
Allowance
for loan losses to nonaccrual
|
||||||||||||||||||||
loans
|
69.92 | % | 79.34 | % | 93.03 | % | 68.97 | % | 90.80 | % | ||||||||||
Nonperforming
assets to loans and other
|
||||||||||||||||||||
real
estate
|
8.06 | % | 8.64 | % | 8.12 | % | 5.21 | % | 3.77 | % | ||||||||||
Net
charge-offs for quarter to average
|
||||||||||||||||||||
loans,
annualized
|
6.47 | % | 3.98 | % | 0.98 | % | 2.36 | % | 4.09 | % |
A
further breakout of nonaccrual loans, excluding covered loans, at December 31,
2010, September 30, 2010 and December 31, 2009 is below (dollars in
thousands):
December
31, 2010
|
September
30, 2010
|
December
31, 2009
|
||||||||||||||||||||||
Amount
of
Non
Accrual
|
%
of Non-
Covered
Loans
|
Amount
of
Non
Accrual
|
%
of Non-
Covered
Loans
|
Amount
of
Non
Accrual
|
%
of Non-
Covered
Loans
|
|||||||||||||||||||
Mortgage
loans on real estate:
|
||||||||||||||||||||||||
Residential
1-4 family
|
$ | 9,600 | 6.98 | % | $ | 10,925 | 7.57 | % | $ | 4,750 | 3.25 | % | ||||||||||||
Commercial
|
7,181 | 3.50 | % | 4,593 | 2.18 | % | 3,861 | 2.04 | % | |||||||||||||||
Construction
and land development
|
16,854 | 16.24 | % | 23,964 | 21.67 | % | 10,115 | 7.01 | % | |||||||||||||||
Second
mortgages
|
218 | 2.25 | % | 187 | 1.69 | % | 194 | 1.39 | % | |||||||||||||||
Multifamily
|
— | — | — | — | — | — | ||||||||||||||||||
Agriculture
|
— | — | — | — | — | — | ||||||||||||||||||
Total
real estate loans
|
33,853 | 7.21 | % | 39,669 | 8.07 | % | 18,920 | 3.70 | % | |||||||||||||||
Commercial
loans
|
2,619 | 5.90 | % | 3,312 | 7.53 | % | 174 | 0.41 | % | |||||||||||||||
Consumer
installment loans
|
60 | 0.61 | % | 317 | 3.10 | % | 910 | 6.43 | % | |||||||||||||||
All
other loans
|
- | 0.00 | % | - | 0.00 | % | 7 | 0.06 | % | |||||||||||||||
Gross
loans
|
$ | 36,532 | 6.95 | % | $ | 43,298 | 7.90 | % | $ | 20,011 | 3.45 | % |
Capital
Requirements
Total
Stockholders’ equity ended the year at $107.1 million. The
Company’s ratio of Total Risk-based Capital was 14.9% at December 31, 2010
compared to 14.2% at September 30, 2010. The Tier 1 Risk-based capital ratio was
13.8% at December 31, 2010 and 13.0% at September 30, 2010. The Company’s Tier 1
leverage ratio was 7.8% at December 31, 2010, up from 7.5% at September 30,
2010. All capital ratios exceed regulatory minimums.
The
Company will defer the February 2011 payment of its regular quarterly cash
dividend with respect to its Fixed Rate Cumulative Perpetual Preferred Stock,
Series A, which the Company issued to the United States Department of Treasury
in connection with the Company’s participation in the Treasury’s TARP Capital
Purchase Program in December 2008. The Company had previously deferred the
August and November 2010 payments. The Company has also deferred,
beginning in September 2010, the interest payments that it makes with respect to
trust preferred subordinated debt.
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.
Earnings
Conference Call and Webcast
The
Company will host a conference call for the financial community on Tuesday,
February 8, 2011, at 10:00 a.m. Eastern Standard Time to discuss the fourth
quarter 2010 financial results. The public is invited to listen to this
conference call by dialing 800-860-2442 at least 10 minutes prior to the
call. Interested parties may also listen to this conference call through
the internet by accessing the “Investor Information” page of the Company’s
internet site at www.cbtrustcorp.com.
A replay
of the conference call will be available from 12:00 p.m. Eastern Standard Time
on February 8, 2011 until 9:00 a.m. Eastern Standard Time on February 16, 2011.
The replay will be available by dialing 877-344-7529 and entering access code
448177 or through the internet by accessing the “Investor Information” page of
the Company’s internet site 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 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; the ability of the
Company to comply with regulatory actions, and the costs associated with doing
so; 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 Company’s compliance with, and 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, 2009
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.
Contact:
Bruce E. Thomas
Executive
Vice President/Chief Financial Officer
Community
Bankers Trust Corporation
804-443-4343
Consolidated
Statements of Financial Condition
Unaudited
Condensed
December
31, 2010
|
September
30, 2010
|
December
31, 2009
|
||||||||||
Assets
|
||||||||||||
Cash
and due from banks
|
$ | 8,604 | $ | 12,418 | $ | 13,575 | ||||||
Interest
bearing bank deposits
|
22,777 | 12,504 | 18,660 | |||||||||
Federal
funds sold
|
2,000 | 2,942 | - | |||||||||
Total
cash and cash equivalents
|
33,381 | 27,864 | 32,235 | |||||||||
Securities
available for sale, at fair value
|
215,560 | 237,088 | 179,440 | |||||||||
Securities
held to maturity
|
84,771 | 91,765 | 113,165 | |||||||||
Equity
securities, restricted, at cost
|
7,170 | 6,990 | 8,346 | |||||||||
Total
securities
|
307,501 | 335,843 | 300,951 | |||||||||
Loans
|
525,548 | 547,509 | 578,629 | |||||||||
Covered
FDIC loans
|
115,537 | 123,172 | 150,935 | |||||||||
Allowance
for loan losses (non covered)
|
(25,543 | ) | (34,353 | ) | (18,169 | ) | ||||||
Allowance
for loan losses (covered)
|
(829 | ) | (829 | ) | - | |||||||
Net
loans
|
614,713 | 635,499 | 711,395 | |||||||||
Bank
premises and equipment
|
35,587 | 35,985 | 37,105 | |||||||||
Other
real estate owned
|
5,928 | 4,320 | 1,586 | |||||||||
Covered
FDIC other real estate owned
|
9,889 | 10,104 | 12,822 | |||||||||
Covered
FDIC receivable
|
7,250 | 24,269 | 7,950 | |||||||||
Bank
owned life insurance
|
6,829 | 6,759 | 6,534 | |||||||||
Core
deposit intangibles, net
|
14,819 | 15,384 | 17,080 | |||||||||
Goodwill
|
- | - | 5,727 | |||||||||
FDIC
indemnification asset
|
58,369 | 61,170 | 76,107 | |||||||||
Other
assets
|
21,328 | 20,645 | 17,231 | |||||||||
Total
assets
|
$ | 1,115,594 | $ | 1,177,842 | $ | 1,226,723 | ||||||
Liabilities
|
||||||||||||
Deposits:
|
||||||||||||
Demand:
|
||||||||||||
Noninterest
bearing
|
62,359 | 69,494 | 62,198 | |||||||||
Interest
bearing
|
899,366 | 948,251 | 969,204 | |||||||||
Total
deposits
|
961,725 | 1,017,745 | 1,031,402 | |||||||||
Federal
funds purchased
|
- | - | 8,999 | |||||||||
Federal
Home Loan Bank advances
|
37,000 | 37,000 | 37,000 | |||||||||
Trust
preferred capital notes
|
4,124 | 4,124 | 4,124 | |||||||||
Other
liabilities
|
5,618 | 8,241 | 13,604 | |||||||||
Total
liabilities
|
1,008,467 | 1,067,110 | 1,095,129 | |||||||||
Stockholders'
Equity
|
||||||||||||
Preferred
stock (5,000,000 shares authorized $0.01 par value) 17,680 shares issued
and outstanding
|
17,680 | 17,680 | 17,680 | |||||||||
Discount
on preferred stock
|
(660 | ) | (709 | ) | (854 | ) | ||||||
Warrants
on preferred stock
|
1,037 | 1,037 | 1,037 | |||||||||
Common
stock (50,000,000 shares authorized $0.01 par value) issued and
outstanding of 21,468,455 shares, 21,468,455 shares, and 21,470,727
shares, respectively
|
215 | 215 | 215 | |||||||||
Additional
paid in capital
|
143,507 | 143,999 | 143,999 | |||||||||
(Accumulated
deficit) retained earnings
|
(54,507 | ) | (57,144 | ) | (32,019 | ) | ||||||
Accumulated
other comprehensive income (loss)
|
(145 | ) | 5,654 | 1,536 | ||||||||
Total
stockholders' equity
|
107,127 | 110,732 | 131,594 | |||||||||
Total
liabilities and stockholders' equity
|
$ | 1,115,594 | $ | 1,177,842 | $ | 1,226,723 |
Consolidated
Statements of Operations
Unaudited
Condensed
2010
|
2009
|
|||||||||||||||||||||||||||
Fourth
|
Third
|
Second
|
First
|
Fourth
|
||||||||||||||||||||||||
YTD
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
YTD
|
Quarter
|
||||||||||||||||||||||
Interest
and dividend income
|
||||||||||||||||||||||||||||
Interest
and fees on loans
|
$ | 33,444 | $ | 8,008 | $ | 8,235 | $ | 8,478 | $ | 8,723 | $ | 36,019 | $ | 9,783 | ||||||||||||||
Interest
and fees on FDIC covered loans
|
13,759 | 3,088 | 3,692 | 3,386 | 3,593 | 15,139 | 3,759 | |||||||||||||||||||||
Interest
on federal funds sold
|
9 | 4 | 1 | 3 | 1 | 37 | 1 | |||||||||||||||||||||
Interest
on deposits in other banks
|
100 | 27 | 19 | 24 | 30 | 296 | 34 | |||||||||||||||||||||
Taxable
|
8,486 | 1,979 | 2,340 | 2,162 | 2,005 | 9,635 | 2,055 | |||||||||||||||||||||
Nontaxable
|
3,128 | 488 | 866 | 880 | 894 | 3,394 | 921 | |||||||||||||||||||||
Total
interest income
|
58,926 | 13,594 | 15,153 | 14,933 | 15,246 | 64,520 | 16,553 | |||||||||||||||||||||
Interest
expense
|
||||||||||||||||||||||||||||
Interest
on deposits
|
17,041 | 3,557 | 4,141 | 4,486 | 4,857 | 23,717 | 5,274 | |||||||||||||||||||||
Interest
on federal funds purchased
|
3 | 1 | 1 | 1 | - | 8 | 2 | |||||||||||||||||||||
Interest
on other borrowed funds
|
1,345 | 339 | 342 | 333 | 331 | 1,409 | 338 | |||||||||||||||||||||
Total
interest expense
|
18,389 | 3,897 | 4,484 | 4,820 | 5,188 | 25,134 | 5,614 | |||||||||||||||||||||
Net
interest income
|
40,537 | 9,697 | 10,669 | 10,113 | 10,058 | 39,386 | 10,939 | |||||||||||||||||||||
Provision
for loan losses
|
27,363 | (77 | ) | 1,116 | 21,282 | 5,042 | 19,089 | 7,818 | ||||||||||||||||||||
Net
interest income after provision for loan losses
|
13,174 | 9,774 | 9,553 | (11,169 | ) | 5,016 | 20,297 | 3,121 | ||||||||||||||||||||
Noninterest
income
|
||||||||||||||||||||||||||||
Gain/loss
on sale of OREO
|
(5,052 | ) | (723 | ) | (770 | ) | (1,182 | ) | (2,377 | ) | 656 | 93 | ||||||||||||||||
Gain
on SFSB transaction
|
- | - | - | - | - | 20,255 | - | |||||||||||||||||||||
Gains
on sales of securities
|
3,588 | 3,982 | (296 | ) | (452 | ) | 354 | 856 | (50 | ) | ||||||||||||||||||
Service
charges on deposit accounts
|
2,464 | 618 | 659 | 622 | 565 | 2,506 | 642 | |||||||||||||||||||||
Other
|
644 | (1,006 | ) | (1,120 | ) | 897 | 1,873 | 1,967 | 632 | |||||||||||||||||||
Total
noninterest income
|
1,644 | 2,871 | (1,527 | ) | (115 | ) | 415 | 26,240 | 1,317 | |||||||||||||||||||
Noninterest
expense
|
||||||||||||||||||||||||||||
Salaries
and employee benefits
|
19,190 | 3,999 | 5,255 | 4,805 | 5,131 | 21,967 | 7,673 | |||||||||||||||||||||
Occupancy
expenses
|
2,948 | 722 | 774 | 713 | 739 | 2,662 | 776 | |||||||||||||||||||||
Equipment
expenses
|
1,394 | 297 | 322 | 363 | 412 | 1,595 | 397 | |||||||||||||||||||||
Legal
fees
|
456 | 197 | 117 | 96 | 46 | 1,002 | 230 | |||||||||||||||||||||
Professional
fees
|
1,802 | 300 | 425 | 743 | 334 | 2,012 | 671 | |||||||||||||||||||||
FDIC
assessment
|
2,395 | 598 | 579 | 613 | 605 | 2,904 | 1,594 | |||||||||||||||||||||
Data
processing fees
|
2,306 | 493 | 735 | 572 | 506 | 2,837 | 620 | |||||||||||||||||||||
Amortization
of intangibles
|
2,261 | 565 | 565 | 566 | 565 | 2,241 | 566 | |||||||||||||||||||||
Impairment
of goodwill
|
5,727 | - | - | 5,727 | - | 31,457 | 7,425 | |||||||||||||||||||||
Other
operating expenses
|
6,773 | 1,659 | 1,615 | 1,977 | 1,522 | 6,791 | 1,673 | |||||||||||||||||||||
Total
noninterest expense
|
45,252 | 8,830 | 10,387 | 16,175 | 9,860 | 75,468 | 21,625 | |||||||||||||||||||||
Net
income/(loss) before income taxes
|
(30,434 | ) | 3,815 | (2,361 | ) | (27,459 | ) | (4,429 | ) | (28,931 | ) | (17,187 | ) | |||||||||||||||
Income
tax (expense)/benefit
|
(9,442 | ) | 1,128 | (1,062 | ) | (7,843 | ) | (1,665 | ) | 404 | (2,976 | ) | ||||||||||||||||
Net
income/(loss)
|
$ | (20,992 | ) | $ | 2,687 | $ | (1,299 | ) | $ | (19,616 | ) | $ | (2,764 | ) | $ | (29,335 | ) | $ | (14,211 | ) | ||||||||
Dividends
accrued on preferred stock
|
442 | - | - | 221 | 221 | 800 | 139 | |||||||||||||||||||||
Accretion
of discount on preferred stock
|
194 | 49 | 48 | 49 | 48 | 177 | 42 | |||||||||||||||||||||
Preferred
dividends not paid
|
442 | 221 | 221 | - | - | - | - | |||||||||||||||||||||
Net
(loss) income available to common stockholders
|
$ | (22,070 | ) | $ | 2,417 | $ | (1,568 | ) | $ | (19,886 | ) | $ | (3,033 | ) | $ | (30,312 | ) | $ | (14,392 | ) |
Non-GAAP Financial
Measures
The
information below presents certain financial information determined by methods
other than in accordance with accounting principles generally accepted in the
United States of America (GAAP). Common tangible book value equals total
stockholders’ equity less preferred stock, goodwill and identifiable intangible
assets; and common tangible book value per share is computed by dividing common
tangible book value by the number of common shares outstanding. Common tangible
assets equal total assets less preferred stock, goodwill and identifiable
intangible assets.
Management
believes that common tangible book value and the ratio of common tangible book
value to common tangible assets are meaningful because they are some of the
measures that the Company and investors use to assess capital adequacy.
Management believes that presenting the change in common tangible book value per
share, the change in stock price to common tangible book value per share, and
the change in the ratio of common tangible book value to common tangible assets
provide meaningful period-to-period comparisons of these measures.
These
measures are a supplement to GAAP used to prepare the Company’s financial
statements and should not be viewed as a substitute for GAAP measures. In
addition, the Company’s non-GAAP measures may not be comparable to non-GAAP
measures of other companies. The following tables reconcile these non-GAAP
measures from their respective GAAP basis measures.
(dollars
in thousands, except per common share data)
Common Tangible Book Value
|
12/31/10
|
9/30/10
|
12/31/09
|
|||||||||
Total
Stockholder's Equity
|
107,127,000 | 110,732,000 | 131,594,000 | |||||||||
Preferred
Stock
|
18,057,000 | 18,008,000 | 17,863,000 | |||||||||
Goodwill
|
- | - | 5,727,000 | |||||||||
Core
deposit intangible
|
14,819,000 | 15,384,000 | 17,080,000 | |||||||||
Common
Tangible Book Value
|
$ | 74,250,000 | $ | 77,340,000 | $ | 90,924,000 | ||||||
Shares
Outstanding
|
21,468,455 | 21,468,455 | 21,468,455 | |||||||||
Common
Tangible Book Value Per Share
|
$ | 3.46 | $ | 3.60 | $ | 4.24 | ||||||
Stock
Price
|
$ | 1.05 | $ | 0.99 | $ | 3.21 | ||||||
Price/Common
Tangible Book
|
30.4 | % | 27.5 | % | 75.8 | % | ||||||
Common
Tangible Book/Common Tangible Assets
|
||||||||||||
Total
Assets
|
1,115,594,000 | 1,177,842,000 | 1,226,723,000 | |||||||||
Preferred
Stock (net)
|
18,057,000 | 18,008,000 | 17,863,000 | |||||||||
Goodwill
|
- | - | 5,727,000 | |||||||||
Core
deposit intangible
|
14,819,000 | 15,384,000 | 17,080,000 | |||||||||
Common
Tangible Assets
|
1,082,718,000 | 1,144,450,000 | 1,186,053,000 | |||||||||
Common
Tangible Book
|
$ | 74,250,000 | $ | 77,340,000 | $ | 90,924,000 | ||||||
Common
Tangible Equity to Assets
|
6.86 | % | 6.76 | % | 7.67 | % |