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Community Bankers Trust Corporation (NASDAQ: ESXB) reported a net income of $6.6 million for Q1 2021, a significant rise from $1.4 million in Q1 2020. Earnings per share increased to $0.30, up from $0.06 year-over-year. The company benefited from a $1.4 million credit to loan loss provisions due to improved asset quality. Net interest income rose to $14.1 million, with a stable net interest margin of 3.66%. Total loans grew by 11.4% year-over-year, while nonperforming loans decreased to $3.5 million.
Community Bankers Trust Corporation (NASDAQ: ESXB) will release its financial results for Q1 2021 on April 30, 2021, before market opens. A conference call will follow at 11:00 a.m. ET on the same day, allowing public participation via phone or internet. A replay will be available from noon on April 30 until 9:00 a.m. ET on May 21, 2021. The bank, based in Virginia, operates 24 offices, including locations in Maryland and two loan production offices.
Community Bankers Trust Corporation (NASDAQ: ESXB) has authorized a buyback program for up to 1,000,000 shares of its common stock, effective through February 2022. The program allows for purchases in open market or private transactions. CEO Rex L. Smith, III, emphasized that this initiative supports long-term growth and enhances shareholder value. The timing and method of share repurchases will be influenced by market conditions and price. There is no guarantee that shares will be repurchased, as the Board may modify or terminate the program as needed.
Essex Bank, a subsidiary of Community Bankers Trust Corporation (NASDAQ: ESXB), has appointed Stanley B. Jones, Jr. as Executive Vice President and Chief Credit Officer, along with Mary B. Randolph as Senior Vice President and Senior Credit Administrator. Mr. Jones brings 35 years of banking experience, most recently at SunTrust Bank, while Ms. Randolph has 38 years of experience, previously at Xenith Bank and C&F Bank. These appointments aim to enhance credit quality and operational efficiency at Essex Bank.
Community Bankers Trust Corporation (NASDAQ: ESXB) declared a quarterly dividend of $0.06 per share on February 3, 2021. This dividend is payable on March 1, 2021 to shareholders of record as of the close of business on February 18, 2021. The announcement reflects the company’s ongoing commitment to returning value to its shareholders. Community Bankers Trust operates Essex Bank, a Virginia state bank with 24 offices across Virginia and Maryland.
Community Bankers Trust Corporation (NASDAQ: ESXB) reported a net income of $5.5 million for Q4 2020, up from $4.5 million in Q3 2020 and $4.0 million in Q4 2019. For the year, net income totaled $15.5 million, a slight decline from $15.7 million in 2019, primarily due to a $4.2 million provision for loan losses linked to the COVID-19 pandemic. Total deposits increased by 20.2% in 2020, with a 10.1% rise in net interest income in Q4. The return on average assets was 1.32% for Q4 2020, reflecting solid operational performance amidst economic volatility.
Community Bankers Trust Corporation (NASDAQ: ESXB) will announce its financial results for Q4 and the 2020 fiscal year on January 29, 2021, before the market opens. A conference call for stakeholders will occur the same day at 10:00 a.m. ET to discuss the results. Interested parties can join the call by dialing 866-374-8379 or via the company's website. A replay will be available starting at 12:00 p.m. ET on January 29 until 9:00 a.m. ET on February 19, 2021.
Essex Bank, a subsidiary of Community Bankers Trust Corporation (NASDAQ: ESXB), announced the resignation of Patricia M. Davis, Executive Vice President and Chief Credit Officer, effective February 28, 2021. Her departure is attributed to relocation for family reasons. Rex L. Smith, III, CEO, commended her contributions, particularly in enhancing the bank's credit function and managing troubled borrowers during the pandemic, indicating a well-prepared transition for her successor. A search for a new Chief Credit Officer will begin shortly.
Community Bankers Trust Corporation (NASDAQ: ESXB) reported third-quarter 2020 net income of $4.5 million, up from $4.2 million in Q2 2020 but down from $4.6 million in Q3 2019. Year-to-date net income decreased to $10.1 million due to a $4.1 million increase in loan loss provisions driven by COVID-19 uncertainties. Net interest income rose to $12.7 million in Q3 2020, reflecting a 2.9% linked-quarter increase. Loans grew by $12.4 million in Q3, with significant growth in deposits. Management reinstated the stock repurchase program and increased the quarterly dividend from $0.05 to $0.06.
Community Bankers Trust Corporation (NASDAQ: ESXB) has recommenced its share repurchase program, allowing for the buyback of up to 200,000 shares through January 2021. Previously, the company paused the repurchase program due to the COVID-19 pandemic after acquiring 130,800 shares. Additionally, the Board declared a quarterly dividend of $0.06 per share, effective December 1, 2020, marking a $0.01 increase from previous payouts since March 2020. This move reflects the company's commitment to maximize shareholder value during ongoing economic challenges.
