Community Bankers Trust Corporation Reports Results for Second Quarter of 2017

Rex L. Smith, III, President and Chief Executive Officer, stated, "The second quarter was an active period for the Company.  We opened new branches in Richmond and Lynchburg and still managed a meaningful increase in core earnings.  Although only open for a short time, both branches are ahead of expectations and are adding core funding to our deposit mix.  While the branches created an increase in noninterest expense for the quarter, that expense was more than offset by increases in both overall interest income and noninterest income.  This translated to an overall increase of 17.7% in net income on a linked quarter basis."

Smith added, "All of the core areas of the Bank are showing great progress as we continue to grow the franchise and the overall earnings power.  While we are in very competitive markets, we continue to stick to our focus of building total relationships and not engaging in transactional business for the sake of pure growth.  That strategy has allowed us to keep a strong interest margin and increase noninterest income through growth in our core customer base."

Smith concluded, "We are pleased with the results of the second quarter and the first half of the year and remain excited for the increased growth opportunities we see for the remainder of the year."

RESULTS OF OPERATIONS

Net income was $2.9 million for the second quarter of 2017, compared with $2.5 million in the first quarter of 2017 and $2.3 million in the second quarter of 2016.  Earnings per common share, basic and fully diluted, were $0.13 per share, $0.11 per share and $0.11 per share for the three months ended June 30, 2017, March 31, 2017, and June 30, 2016, respectively.

The increase of $441,000 in net income during the second quarter of 2017 compared with the first quarter of 2017 was the result of an increase of $107,000 in net interest income, an increase of $35,000 in noninterest income and a reduction of $384,000 in income tax expense, offset by an increase of $85,000 in noninterest expenses.

The increase of $616,000 in net income in the second quarter of 2017 over the same period in 2016 was driven by a $1.1 million increase in interest and fees on loans, which resulted in an increase in net interest income of $741,000, or 7.2%. Also improving in the second quarter of 2017 versus the same period in 2016 was a reduction of $189,000, or 21.5%, in income tax expense.  Offsetting these improvements was an increase of $307,000, or 3.7%, in noninterest expenses and a decrease of $207,000 in noninterest income, as gains on securities transactions declined $224,000 year-over-year.  

Net income was $5.4 million for the six months ended June 30, 2017 compared with $4.7 million for the first half of 2016.  The increase in net income was the result of an increase of $2.0 million in interest and dividend income, driving an improvement in net interest income of $1.5 million. Another improvement was a decline of $96,000 in income tax expense.  Offsetting the increases in net income was an increase of $727,000, or 4.5%, in noninterest expenses and a decline of $375,000 in noninterest income.  Basic and fully diluted earnings per common share for the six months ended June 30, 2017 were $0.25 compared with $0.22 for the same period in 2016.  This represents an increase of 13.6%. 

The following table presents summary income statements for the three months ended June 30, 2017, March 31, 2017 and June 30, 2016 and the six months ended June 30, 2017 and June 30, 2016.

SUMMARY INCOME STATEMENT
(Dollars in thousands)		For the three months ended						For the six months ended
		30-Jun-17		31-Mar-17		30-Jun-16		30-Jun-17		30-Jun-16
Interest income	$	13,220	$	12,948	$	12,133	$	26,168	$	24,171
Interest expense		2,246		2,081		1,900		4,327		3,825
Net interest income		10,974		10,867		10,233		21,841		20,346
Provision for loan losses		-		-		200		-		200
Net interest income after provision for loan losses		10,974		10,867		10,033		21,841		20,146
Noninterest income		1,188		1,153		1,395		2,341		2,716
Noninterest expense		8,536		8,451		8,229		16,987		16,260
Income before income taxes		3,626		3,569		3,199		7,195		6,602
Income tax expense		692		1,076		881		1,768		1,864
Net income	$	2,934	$	2,493	$	2,318	$	5,427	$	4,738
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