Community Bankers Trust Corporation Reports Results for Second Quarter of 2016

RICHMOND, Va., July 29, 2016 /PRNewswire/ -- Community Bankers Trust Corporation (the "Company") (NASDAQ: ESXB), the holding company for Essex Bank (the "Bank"), today reported results for the second quarter and first six months of 2016.

OPERATING HIGHLIGHTS

• Loans, excluding purchased credit impaired (PCI) loans, grew $19.5 million, or 2.6%, during the second quarter of 2016 and $105.2 million, or 15.5%, since June 30, 2015.
• Demand deposit account balances of $115.7 million at June 30, 2016 grew $19.5 million, or 20.2%, during the first six months of 2016 and have increased $14.2 million year-over-year.
• Low cost NOW accounts of $133.4 million at June 30, 2016 have grown 7.4% year-over-year.
• Net interest margin for each of the second quarter and first six months of 2016 was 3.82%, as compared with 4.07% and 3.98% for the same periods in 2015.

FINANCIAL HIGHLIGHTS

• Net income was $2.3 million for the quarter ended June 30, 2016, compared with $2.4 million and $1.7 million for the quarters ended March 31, 2016 and June 30, 2015, respectively.
• Fully diluted earnings per common share was $0.11 for the quarter ended June 30, 2016, compared with $0.11 and $0.08, for the quarters ended March 31, 2016 and June 30, 2015, respectively. 
• Fully diluted earnings per common share was $0.22 for the six months ended June 30, 2016, compared with $0.14 for the six months ended June 30, 2015.
• At June 30, 2016, tangible book value per share was $5.04, as compared with $4.65 at December 31, 2015, an increase of 8.4%.

MANAGEMENT COMMENTS 

Rex L. Smith, III, President and Chief Executive Officer, stated, "The Company continues to experience robust growth consistent with our strategic plan for 2016.  Non-PCI loan growth was $19.5 million for the quarter and over $36 million year to date.  Despite constant variations in interest rates and a very competitive environment, net interest margin for the quarter was 3.82%, a decline of only five basis points year to date.  Asset quality remains good, but due to the growth of loans, the Bank posted a provision for the first time in 13 quarters." 

Smith added, "On the funding side, noninterest bearing deposit growth remains strong.  Demand deposits increased by $19.5 million, or over 20.2% year to date.  Total deposits are over $957 million, an increase of $11.5 million year to date. Noninterest income also continues to increase, mainly from the growth in checking accounts and the fees associated with them.  Noninterest expense remains relatively flat as salaries and benefits are slightly down on a linked quarter basis.  The biggest change is the provision expense associated with overall loan growth."

Smith concluded, "We are pleased by the results of the first half of 2016, as we have met or exceeded all of our strategic targets so far.  We will continue to push for earnings growth by adding quality loans, holding the line on pricing and expenses and continuing to gain market share of low cost deposits."

RESULTS OF OPERATIONS

Net income was $2.3 million for the second quarter of 2016, compared with $2.4 million in the first quarter of 2016 and $1.7 million in the second quarter of 2015.  Earnings per common share, basic and fully diluted, were $0.11 per share, $0.11 per share and $0.08 per share for the three months ended June 30, 2016, March 31, 2016, and June 30, 2015, respectively.

The decrease of $102,000 in net income during the second quarter of 2016 compared with the first quarter of 2016 was primarily due to a $200,000 provision for loan losses that was added in the current quarter to support robust loan growth of $19.5 million. Net interest income improved slightly, 1.2%, on a linked quarter basis, as did noninterest income, 5.6% on the same basis.  Noninterest expenses were slightly higher, by 2.5%.

The increase of $625,000 in net income when comparing the second quarter of 2016 with the same period in 2015 was driven by a $1.2 million decline in total noninterest expense. In September 2015, the Company and the FDIC mutually terminated their shared-loss agreements, which resulted in the elimination of FDIC indemnification amortization expense in future periods, which was $1.2 million in the second quarter of 2015.  Also improving in the second quarter of 2016 versus the same period in 2015 was noninterest income, which increased $189,000, or 15.7%.  Offsetting this improvement was a decrease of $230,000 in net interest income, the result of margin pressure and lower securities balances. Also affecting net income was an increase in the effective tax rate, due to higher taxable income, from 23.9% to 27.5% year-over-year.

Net income was $4.7 million for the six months ended June 30, 2016 compared with $3.0 million for the first half of 2015.  The increase in net income was the result of a decline of $2.7 million in noninterest expenses, driven by the elimination of the FDIC indemnification asset amortization, which was $0 for the first two quarters of 2016 and $2.4 million for the same period in 2015. Offsetting the increase in net income was an increase in the effective tax rate from 22.7% to 28.2%. Fully diluted earnings per common share for the six months ended June 30, 2016 were $0.22 compared with $0.14 for the same period in 2015.  This represents an increase of 50.0%.  Basic earnings per share were $0.22 for the six month period versus $0.14 for the same period in 2015, an increase of 57.1%.

The following table presents summary income statements for the three months ended June 30, 2016, March 31, 2016 and June 30, 2015 and six months ended June 30, 2016 and June 30, 2015.

Net Interest Income

Linked Quarter Basis
Net interest income was $10.2 million for the quarter ended June 30, 2016 compared with $10.1 million for the quarter ended March 31, 2016.  This is an increase of 1.2%, or $120,000. 

Interest income on a linked quarter basis increased $95,000, or 0.79%, to $12.1 million for the second quarter of 2016. This resulted in a yield on earning assets of 4.51%, a decline of only two basis points on a linked quarter basis. Interest income with respect to loans, excluding PCI loans, increased $320,000, or 3.7%, during the second quarter when compared with the first quarter of 2016.  This increase was partially attributed to a full quarter of earnings from $16.8 million, or 2.2%, in loan growth, excluding PCI loans, generated in the first quarter of 2016 coupled with solid loan growth, excluding PCI loans, of $19.5 million, or 2.6%, in the second quarter of 2016.  Interest income with respect to PCI loans declined $43,000, or 2.7%, during the second quarter, due to lower average balances in the loan portfolio precipitated by continued repayments. 

Securities income equaled $1.7 million in the second quarter of 2016 compared with $1.9 million in the first quarter of 2016, a decrease of $184,000.  On a tax equivalent basis, securities income was $2.0 million for the second quarter of 2016 versus $2.2 million for the linked quarter.  The decline in income was created by declines in both volume and rate as average securities balances were down $10.6 million on a linked quarter basis.  The Bank has sold securities over the last three quarters to fund higher yielding loans.  Additionally, the tax equivalent yield on the securities portfolio was 3.03% for the second quarter of 2016 versus 3.21% for the first quarter of 2016.

Interest expense decreased $25,000, or 1.3%, on a linked quarter basis as average interest bearing liabilities balances decreased by $3.8 million.  The Company's cost of interest bearing liabilities decreased one basis point from 0.81% in the first quarter of 2016 to 0.80% in the second quarter.  The cost of FHLB borrowings was 1.17% for the second quarter of 2016.  During the second quarter of 2016, the average balance of FHLB borrowings was $103.9 million.

With the changes in net interest income noted above, the tax equivalent net interest margin held firm and was 3.82% in the second quarter of 2016 and 3.83% in the first quarter of 2016. Likewise, the interest spread was 3.71% and 3.72%, respectively, in the second and first quarters of 2016.

Year-Over-Year Six Months
For the first half of 2016, net interest income increased $98,000, or 0.48%, and was $20.3 million. The yield on earning assets of 4.52% compared with 4.70% for the first six months of 2015. Interest and fees on loans of $17.4 million in the first two quarters of 2016 was an increase of $1.7 million compared with $15.8 million for the same period in 2015.  Interest and fees on PCI loans declined $1.3 million over this same time frame.  Of that decline, $475,000 was related to cash payments on ADC loans related to pools, previously written down to a zero carrying value, received in the first half of 2015 versus no such payments in the first half of 2016. Securities income declined $146,000 for the first six months of 2016 compared with the same period in 2015.  However, on a tax-equivalent basis, income on securities declined only $52,000 as a result of interest income on bank-qualified municipal securities.

Interest expense of $3.8 million represents an increase of $90,000 in the first six months of 2016 compared with the same period in 2015. Total average interest bearing liabilities increased only 1.3%, or $11.7 million, as loan growth has been fueled by an average balance increase of 20.7%, or $18.2 million, in noninterest bearing deposits and by a $22.1 million decline in securities.

The tax equivalent net interest margin was 3.82% for the first six months of 2016 versus 3.98% for the first six months of 2015.  The net interest spread was 3.71% for the first six months of 2016 versus 3.90% for the first six months of 2015.

Year-Over-Year Quarter
Net interest income decreased $230,000, or 2.2%, from the second quarter of 2015 to the second quarter of 2016 and was $10.2 million.  The yield on earning assets of 4.51% in the second quarter of 2016 declined from 4.78% for the second quarter of 2015. The yield for the second quarter of 2015 was positively influenced by cash payments on previously written down ADC pools in the PCI portfolio.  Interest income decreased $200,000, or 1.6%, over this time period.  The average balance of loans, excluding PCI loans, increased $92.7 million, or 13.6%, from $681.9 million in the second quarter of 2015 to $774.6 million in the second quarter of 2016.  Interest income on securities on a tax equivalent basis decreased by $182,000, year-over-year, from $2.2 million in the second quarter of 2015 to $2.0 million in the second quarter of 2016.  Interest and fees on PCI loans decreased by $862,000 year-over-year and was $1.6 million for the second quarter of 2016.  The yield on the PCI portfolio was 11.2% in the second quarter of 2016, down from 15.0% in the second quarter of 2015.  The average balance of the PCI portfolio declined $9.0 million during the year-over-year comparison period.

Interest expense increased $30,000, or 1.6%, when comparing the second quarter of 2015 and the second quarter of 2016. Interest expense on deposits increased $51,000, or 3.4%, as the average balance of interest bearing deposits increased $3.2 million, or 0.4%.  Overall the Bank's cost of interest bearing liabilities remained the same as the second quarter of 2015.  While average interest bearing deposit costs increased from 0.71% in the second quarter of 2015 to 0.73% in the second quarter of 2016, there was a decline in the cost of FHLB and other borrowings from 1.26% to 1.17%, thus offsetting higher deposit costs.

The tax equivalent net interest margin declined 25 basis points from 4.07% in the second quarter of 2015 to 3.82% in the second quarter of 2016.  Likewise, the interest spread decreased from 3.98% to 3.71% over the same time period.  The decline in the margin was precipitated by a reduction in earning asset yields of 27 basis points.

The following table compares the Company's net interest margin, on a tax-equivalent basis, for the three months ended June 30, 2016, March 31, 2016 and June 30, 2015 and six months ended June 30, 2016 and June 30, 2015.

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 $200,000 provision for loan losses recorded, excluding PCI loans, during the second quarter of 2016.  There was no provision for loan losses in the first quarter of 2016.  Also, there was no provision for loan losses in either the first or second quarter of 2015.  Likewise, there was no provision for loan losses on the PCI loan portfolio during the first two quarters of 2016 or during the same periods of 2015. The provision for loan losses booked in the second quarter of 2016 supported general reserves following loan growth of $19.5 million.  During the other periods, the absence of a provision was the direct result of nominal charge-offs and the ongoing stabilization of asset quality.  Additional discussion of loan quality is presented below.

Noninterest Income

Linked Quarter Basis
Noninterest income was $1.4 million for the second quarter of 2016, compared with $1.3 million for the first quarter of 2016.  The $74,000, or 5.6%, increase in noninterest income on a linked quarter basis was the result of an increase of $30,000 in service charges on deposit accounts, an increase of $25,000 in other noninterest income and an increase of $16,000 on income on bank owned life insurance.  Service charges on deposit accounts were $599,000 in the second quarter of 2016, gains on securities transactions were $261,000, income on bank owned life insurance was $204,000, mortgage loan income was $174,000 and other noninterest income was $157,000.

As of August 31, 2016, the Bank will cease operating its wholesale mortgage division. While mortgage loan income will decline starting in the fourth quarter of 2016, there will be a very similar decline in salaries and employee benefits.

Year-Over-Year Six Months
Noninterest income was $2.7 million for the first six months of 2016, an increase of $113,000, or 4.3%, over $2.6 million for the first six months of 2015.  Securities gains of $520,000 in the first two quarters of 2016 compares with $289,000 for the same period in 2015. Likewise, service charges on deposit accounts increased by $83,000 and were $1.2 million for the first six months of 2016.  Offsetting these increases for the first six months of 2016 compared with the same period in 2015 were declines of $87,000 in other noninterest income, which was $289,000, and $63,000 in mortgage loan income, which was $347,000.

Year-Over-Year Quarter
Noninterest income increased $189,000, or 15.7%, from the second quarter of 2015 to the second quarter of 2016. Gains on securities transactions were $261,000 in the second quarter of 2016 compared with losses of $8,000 in the second quarter of 2015.  Securities were liquidated during the second quarter of 2016, with gains taken, and the proceeds were converted into higher yielding loans.  Service charges on deposit accounts increased by $42,000, or 7.5%, on a higher level of demand deposit accounts.  Income on bank owned life insurance increased by $16,000 over the comparison period. Offsetting these increases were a decline of $88,000 in mortgage loan income and a decline of $27,000 in other noninterest income.

Noninterest Expenses

Linked Quarter Basis
Noninterest expenses totaled $8.2 million for the second quarter of 2016, as compared with $8.0 million for the first quarter of 2016, an increase of $198,000, or 2.5%. Other operating expenses increased $157,000, or 10.5%, and other real estate expenses increased $87,000.  Partially offsetting these increases was a decrease in salaries and employee benefits of $50,000, or 1.1%, on a linked quarter basis.

Year-Over-Year Six Months
Noninterest expenses were $16.3 million for the first six months of 2016, as compared with $19.0 million for the same period in 2015.  This is a decrease of $2.7 million, or 14.3%.  FDIC indemnification asset amortization was $0 for the period and $2.4 million for the 2015 comparative period as a result of the termination of the shared-loss agreement. Other real estate expenses declined $339,000 as there was expense of $222,000 for the first six months of 2015 compared with a credit, the result of gains on the sale of other real estate, of $117,000 for 2016.  There was also a meaningful decline of $220,000 in other operating expenses, mainly the result of improved credit expenses.  Offsetting these improvements was an increase of $271,000 in salaries and employee benefits.

Year-Over-Year Quarter
Noninterest expenses decreased $1.2 million, or 12.9%, when comparing the second quarter of 2016 to the same period in 2015. FDIC indemnification asset was $1.2 million in the second quarter of 2015 and $0 in the current quarter, and OREO expenses declined by $152,000.  Other operating expenses decreased $103,000.  Offsetting these improvements was an increase year-over-year in salaries and employee benefits of $155,000, or 3.5%, due to an increase in the number of full-time equivalent employees.  

Income Taxes

Income tax expense was $881,000 for the three months ended June 30, 2016 compared with income tax expense of $983,000 and $533,000 for the first quarter of 2016 and second quarter of 2015, respectively.   The effective tax rate for the second quarter of 2016 was 27.5% compared with 28.9% for the first quarter of 2016 and 23.9% for the second quarter of 2015. For 2016, the level of pre-tax income increased by 69.8% while the level of tax-exempt securities income increased only 18.8%, thus being the primary driver in the higher effective tax rate.

FINANCIAL CONDITION

Total assets increased $9.0 million, or 0.8%, to $1.190 billion at June 30, 2016 as compared with $1.181 billion at December 31, 2015.  Total assets increased $30.4 million, or 2.6%, since June 30, 2015.  Total loans, excluding PCI loans, were $785.0 million at June 30, 2016, increasing $36.3 million, or 4.8%, from year end 2015 and $105.2 million, or 15.5%, from June 30, 2015.   Total PCI loans were $54.8 million at June 30, 2016 versus $59.0 million and $63.3 million at year end 2015 and at June 30, 2015, respectively.

During the first six months of 2016, construction and land development loans grew $12.4 million, or 18.4%, residential 1-4 family loans grew $10.1 million, or 5.2%, commercial mortgage loans on real estate grew $7.4 million, or 2.3%, and commercial loans grew $5.4 million, or 5.3%.  In comparing June 30, 2016 and June 30, 2015, commercial mortgage loans on real estate grew by $41.3 million, residential 1-4 family loans grew by $27.2 million, construction and land development loans grew by $22.8 million and commercial loans grew by $11.4 million.

The following table shows the composition of the Company's loan portfolio, excluding PCI loans, at June 30, 2016, March 31, 2016, December 31, 2015 and June 30, 2015.

The Company's securities portfolio, excluding equity securities, declined $26.7 million, or 9.5%, from $279.7 million at December 31, 2015 to $253.0 million at June 30, 2016.  Net realized gains of $520,000 were recognized during the first six months of 2016 through sales and call activity, as compared with $289,000 recognized during the first six months of 2015.  The decline in the volume of securities was a strategic decision by management to let brokered funding mature and fund strong loan growth with normal securities amortization, call activity, sales and maturities.

The Company had cash and cash equivalents of $18.2 million, $17.0 million, and $18.9 million at June 30, 2016, December 31, 2015, and June 30, 2015, respectively.  There were federal funds purchased at June 30, 2016 of $12.3 million versus $18.9 million at December 31, 2015 and $5.0 million at June 30, 2015.

The following table shows the composition of the Company's securities portfolio, excluding equity securities, at June 30, 2016, March 31, 2016, December 31, 2015 and June 30, 2015.

Interest bearing deposits at June 30, 2016 were $841.3 million, a decline of $8.0 million, or 0.9%, from $849.3 million at December 31, 2015. Time deposits less than or equal to $250,000 decreased $6.7 million, time deposits $250,000 and over declined $5.2 million and MMDA balances declined $1.7 million during this period.  Offsetting these decreases were increases in lower cost accounts.  NOW account balances increased $4.6 million, or 3.6%, from December 31, 2015, while savings account balances increased $1.0 million.

FHLB advances were $94.3 million at June 30, 2016, compared with $95.7 million at December 31, 2015 and $81.0 million at June 30, 2015.  Long term debt totaled $3.8 million at June 30, 2016, declining by $1.9 million, or 32.9%, since December 31, 2015.  This borrowing, initially in the amount of $10.7 million, was obtained in April 2014, and the proceeds were used to redeem the Company's remaining outstanding TARP preferred stock.  The Company has paid down this debt by $6.9 million, and the loan is scheduled to be fully paid on April 21, 2017.

The following table compares the mix of interest bearing deposits at June 30, 2016, March 31, 2016, December 31, 2015 and June 30, 2015.

Shareholders' equity was $112.2 million at June 30, 2016, $104.5 million at December 31, 2015, and $109.2 million at June 30, 2015.  In September 2015, equity was reduced by the net loss generated in the quarter from the pre-tax write-off of $13.1 million from the termination of the FDIC shared-loss agreements.  Shareholders' equity increased $7.7 million, or 7.4%, from year end 2015 due to an increase in other comprehensive income related to net gains in the investment portfolio of $2.6 million and net income of $4.7 million in the first six months of 2016. 

Asset Quality – non-covered assets

Nonaccrual loans were $11.7 million at June 30, 2016, increasing $985,000 from December 31, 2015 and $1.1 million from June 30, 2015.  The level of both internally classified substandard and special mention loans, as well as nonaccrual loans, has been stable over the last five quarters, and the $200,000 provision for loan losses recognized in the current quarter is the result of loan growth, and not a deterioration in asset quality.

The following chart shows the level of nonaccrual loans, classified loans and criticized loans over the last five quarters.

Total nonperforming assets totaled $16.6 million at June 30, 2016 compared with $16.2 million at December 31, 2015. Total nonperforming assets decreased $483,000 since June 30, 2015.  There were net charge-offs of $360,000 in the second quarter of 2016 compared with recoveries of $35,000 in the first quarter of 2016 and recoveries of $853,000 in the second quarter of 2015.

The allowance for loan losses equaled 80.9% of nonaccrual loans at June 30, 2016, compared with 89.6% at December 31, 2015 and 93.7% at June 30, 2015. The ratio of the allowance for loan losses to total nonperforming assets was 59.9% at June 30, 2016 compared with 62.2% at December 31, 2015 and 60.7% at June 30, 2015.  The ratio of nonperforming assets to loans and OREO was 2.1% at June 30, 2016 compared with 2.1% at December 31, 2015 and 2.5% at June 30, 2015.

The following table reconciles the activity in the Company's non-covered allowance for loan losses, by quarter, for the past five quarters.

The following table sets forth selected asset quality data, excluding PCI loans, and ratios for the dates indicated.

A further breakout of nonaccrual loans, excluding PCI loans, at June 30, 2016, December 31, 2015 and June 30, 2015 is below.

Capital Requirements

The Company's ratio of total risk-based capital was 13.3% at June 30, 2016 compared with 13.2% at December 31, 2015.  The tier 1 risk-based capital ratio was 12.3% at June 30, 2016 and 12.1% at December 31, 2015. The Company's tier 1 leverage ratio was 9.7% at June 30, 2016 and 9.4% at December 31, 2015.  All capital ratios exceed regulatory minimums to be considered well capitalized.  BASEL III introduced the common equity tier 1 capital ratio, which was 11.8% at June 30, 2016 and 11.6% at December 31, 2015.

Earnings Conference Call and Webcast

The Company will host a conference call for interested parties on Friday, July 29, 2016, at 10:00 a.m. Eastern Time to discuss the financial results for the second quarter of 2016. 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 July 29, 2016, until 9:00 a.m. Eastern Time on August 12, 2016. The replay will be available by dialing 877-344-7529 and entering access code 10089619 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 22 full-service offices, 16 of which are in Virginia and six of which are in Maryland.  The Bank also operates one loan production office in Virginia. 

Additional information on the Bank is available on the Bank's website at www.essexbank.com.  For information on Community Bankers Trust Corporation, please visit its website at www.cbtrustcorp.com.

Forward-Looking Statements

This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements with respect to the Company's operations, 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; 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, 2015 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.

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 shareholders' equity less 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 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 table reconciles these non-GAAP measures from their respective GAAP basis measures.

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SOURCE Community Bankers Trust Corporation

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