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.) |
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9954 Mayland Drive, Suite 2100 Richmond, Virginia (Address of principal executive offices) | 23233 (Zip Code) |
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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 | |
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| (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 | % | | | | | | | | | | | | |
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| * 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) | |
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| Date: September 16, 2020 | By: | /s/ John M. Oakey, III | |
| | | John M. Oakey, III | |
| | | Executive Vice President, General Counsel and Secretary |
