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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 16, 2020

 

 

 

COMMUNITY BANKERS TRUST CORPORATION

(Exact name of registrant as specified in its charter)

 

Virginia

(State or other jurisdiction

of incorporation)

001-32590

(Commission

File Number)

20-2652949

(IRS Employer

Identification No.)

     

9954 Mayland Drive, Suite 2100

Richmond, Virginia

(Address of principal executive offices)

 

23233

(Zip Code)

       

 

Registrant’s telephone number, including area code: (804) 934-9999

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.01 par value ESXB The NASDAQ Stock Market, LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 7.01 Regulation FD Disclosure.

 

Community Bankers Trust Corporation expects to discuss with industry analysts and other interested parties the following interim information with respect to the number of loans that Essex Bank, the Company’s subsidiary (the “Bank”), originated under the Paycheck Protection Program of the Small Business Administration and the current status of modifications and other relief that the Bank has provided its borrowers on existing loans as a result of the effects of the coronavirus (“COVID-19”) pandemic.

   

 

PAYCHECK PROTECTION PROGRAM (PPP)                    
(dollars in thousands)                        
                         
SBA Tier  # SBA
Approved
   % of
total
   $ SBA
Approved
   % of
total
   Average
Loan
   Median
Loan
 
$2 million to $10 million   2    0.3%  $8,785    10.1%  $4,393   $4,393 
>$350,000 to < $2 million   51    6.4%  $36,804    42.2%  $722   $568 
up to $350,000   740    93.3%  $41,572    47.7%  $56   $27 
Total   793    100.0%  $87,161    100.0%  $5,171   $4,988 
                               
(Data as of August 31, 2020)                              

 

 

COVID-19 SENSITIVE LOAN SEGMENTS                
(dollars in thousands)                        
   Total portfolio as of
June 30, 2020 -
excluding PPP
   Modifications as of
June 30, 2020
   Resumed payments as of
September 11, 2020
 
Category  Amount   % of
total
   Amount   % of
portfolio
   Amount   % of
modifications
 
Consumer  $168,598    15.6%  $6,316    3.7%  $422    6.7%
Lessors of commercial properties   193,501    17.9    38,014    19.6    22,378    58.9 
Lessors of residential properties   138,037    12.8    11,547    8.4    2,579    22.3 
Hotels and other lodging   61,395    5.7    22,695    37.0    7,374    32.5 
Medical and care services   51,291    4.7    9,381    18.3    4,612    49.2 
Food service and drinking   22,132    2    13,542    61.2    8,409    62.1 
Retail stores   14,233    1.3    1,315    9.2    -    - 
Personal services   11,991    1.1    7,959    66.4    2    0.03 
Other*   -    -    55,613    *    18,602    33.4 
Total sensitive loan segments  $661,178    61.1%  $166,382    25.2%  $64,378    38.7%
                               
COVID-19 balance modifications as of June 30, 2020 as a percent of total loan portfolio as of June 30, 2020    14.3%               
                               
COVID-19 balance modifications as of June 30, 2020 as a percent of total loan portfolio as of June 30, 2020 excluding PPP    15.4%               
                               
Remaining COVID-19 balance modifications as of September 11, 2020 of $102,004,000 as a percent of total loan portfolio as of September 11, 2020    8.6%               
                               
Remaining COVID-19 balance modifications as of September 11, 2020 of $102,004,000 as a percent of total loan portfolio as of September 11, 2020 excluding PPP    9.3%               
                               
*  modifications not a member of a significant category deemed at risk as of June 30, 2020                

  

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  COMMUNITY BANKERS TRUST CORPORATION
  (Registrant)  
       
       
       
Date:  September 16, 2020 By: /s/ John M. Oakey, III  
    John M. Oakey, III  
    Executive Vice President, General Counsel and Secretary