12-08-2018: Community Bankers Trust Corporation (ESXB): Lack of Shareholder Concern

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Community Bankers Trust Corporation

Community Bankers Trust Corporation (ESBK) is a holding company for a Virginia-based small community bank, Essex Bank. It is from the latter that the ticker symbol was derived. Our attraction to review this stock was high ratings it got from some research organizations and analysts. Also we were quick to note that it has heavy insider buying of the stock, which is unusual for any American corporation stock. Institutions were net sellers, but Dimensional Fund Advisors (DFA) is a major shareholder. DFA usually makes careful selections based upon strong balance sheets. But we did also note that quarterly earnings reports for the last four or five quarters have consistently been below analysts' estimates. This has resulted in some recent analyst downgradings.

After that, our review started to go downhill a bit. The holding company failed on numerous occasions throughout the years to report to the SEC on time and had to ask for extensions or modifications to reports. Worse, we were unable to find reports of executive compensation or option perquisites offered to managers. The bank was deeply troubled in 2008 and had trouble making dividend payments for money it took on the Toxic Asset Relief Program from the government in 2010. It nonetheless was embarking upon an aggressive acquisition program. The CEO appeared to have been forced to step down without an immediate replacement at that point.

Our disappointment deepened when we reviewed the company's website and Essex Bank's website, both of which were sparse to say the least, and several links were not working on it. There was no CEO Letter to Shareholders to be found anywhere, and strong indications of lack of shareholder concern. Essex appeared to be "just a bank" with all the normal functions of a bank, but not exactly what we would call an outstanding corporate website. We didn't bother with most of it because there wasn't much there to bother with.

The stock also has one of the lowest sentiment scores we've seen in recent memory, consistently well below the 50% line.

The stock appears to be in the lower part of a channel trading range between 8.50 and 9.10. It might make a good day trading stock without too many surprises because of the stability normally associated with a bank. But the irregular and indadequate reporting of management on PR announcements could lead to excessive risk of a surprise.



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Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Community Bankers Trust Corporation (ESXB)                Exchange: Nasdaq
9954 Mayland Drive
Suite 2100                       Sector: Financial Services
Richmond, VA 23233               Industry: Banks - Regional - US

Community Bankers Trust Corporation operates as the holding company for
the Essex Bank that provides financial services primarily to individuals
and small businesses. It offers individual and commercial demand and
time deposit accounts; and commercial and industrial loans, consumer and
small business loans, and real estate and mortgage loans. The company
also provides investment services; online and mobile banking products;
safe deposit box facilities; and insurance and investment products. It
operates through a network of 26 full-service offices in Virginia and
Maryland; and 1 loan production office in Virginia. The company was
founded in 1926 and is headquartered in Richmond, Virginia.

Last Trade:   8.50                           52-Week Range:  10.05 -   7.81
Employees: 264                               Avg.Volume:      22,939 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 5; Shareholder Rights: 3; Compensation: 8.
         (A lower number means less governance risk.)

EPS:  0.43    Dividend Amount: $ 0.00          Yield:  0.00%
             Ex-Dividend Date: Feb 9, 2010     Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:  19.26              Forward P/E (est.):  12.36
                                           Target Price:   9.63

Qrtly Stock Price Growth (yoy):   2.41%               Beta:   0.00
Qrtly S&P Index   Growth (yoy):  11.10%        Short Ratio:   3.01%
    Qrtly Revenue Growth (yoy):   6.13%         Shares Out:  22120000
   Qrtly Earnings Growth (yoy):  63.70%

          Book Value:   5.96                    Debt/Equity:   0.00%
    Price/Book Value:   1.39        Operating Profit Margin:  33.78%
         Price/Sales:   3.59                  Profit Margin:  19.00%
         Market Cap:     183,161,000       Return on Equity:   7.56%
    Enterprise Value:     245,490,000      Return on Assets:   0.73%

    Operating Cash Flow:     17,800,000
         Free Cash Flow:       -152,588



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2017  12/31/2016  12/31/2015

  Total Revenue                                 48,263      46,488      45,136
  Cost of Revenue                                    0           0           0
  Gross Profit                                  48,263      46,488      45,136

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative             26,457      24,321      24,128
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                       5,755       5,368      21,854
  Total Operating Expenses                      32,371      29,845      46,139

Operating Income or Loss                        15,892      16,643      -1,003

Income from Continuing Operations:
  Total Other Income/Expenses Net               -1,786      -2,905      -4,121
  Earnings Before Interest & Taxes                   0           0           0
  Interest Expense                                   0           0           0
  Income Before Taxes                           14,106      13,738      -5,124
  Income Tax Expense                             6,903       3,816      -2,627
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                  7,203       9,922      -2,497

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                     7,203       9,922      -2,497
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares                7,203       9,922      -2,497



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2017    12/31/2016    12/31/2015

  Net Income                                 7,203         9,922        -2,497

Operating Activities:
  Depreciation                               2,601         3,447         3,494
  Adjustments to Net Income                  5,929         3,230         8,208
  Changes in Accounts Recv'bls                   0             0             0
  Changes in Liabilities                         0             0             0
  Changes in Investories                         0             0             0
  Changes in other Oper'g Acts                -749           340         6,080

Total Cash Flow f Operations                14,984        16,939        15,285

Investing Activities:
  Capital Exenditures                       -3,544        -2,524        -1,768
  Investments                               11,430        14,670        27,414
  Other Cash Flows fr Investing             -1,005        -4,867         3,493

Total Cash Flows from Investing            -90,835       -72,763       -47,000

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock                      0             0             0
  Net Borrowings                            18,007       -31,981          -329
  Other Cash Flows fr Financing             58,470        91,775         3,493

Total Cash Flows from Financing             76,737        59,927        26,331

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.                   886         4,103        -5,384



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2017    12/31/2016    12/31/2015
Current Assets:
  Cash & Cash Equivalents                    21,958        21,072        16,969
  Short Term Investments                          0             0             0
  Net Receivables                                 0             0             0
  Inventory                                   2,791         4,427         5,490
  Other Current Assets                            0  -221,111,360             0
  Total Current Assets                       24,749  -221,085,856        22,459

  Long-Term Investments                     250,980       262,729       279,748
  Property, Plant & Equipt                   30,198        28,357        27,378
  Goodwill                                        0             0             0
  Intangible Assets                               0           898             0
  Accumulated Amortization                        0             0             0
  Other Assets                            1,030,086       932,333       845,956
  Deferred LT Asset Charges                       0             0             0

Total Assets                              1,336,190     1,249,816     1,180,557

Current Liabilities:
  Accounts Payable                        1,095,764     1,037,294       945,519
  Current Portion LT Debt                    10,000         1,670             0
  Other Current Liabilities               1,181,113     1,098,748       964,639
  Total Current Liabilities               2,286,877     2,137,712      1,910,158

  Long Term Debt                          1,095,764     1,037,294       945,519
  Other Liabilities                          10,000         1,670             0
  Deferred LT Liab. Charges               1,181,113     1,098,748       964,639
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                         2,292,898     2,143,233     1,916,134

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                  221           220           219
  Retained Earnings                         -23,932       -31,128       -41,050
  Treasury Stock                                 43        -1,223          -589
  Capital Surplus                           147,671       146,667       145,907
  Other Stockhohlder Equity                      43        -1,223          -589
  Total Stockholder Equity                  124,003       114,536       104,487

Net Tangible Assets                         124,003       113,638       101,682



Community Bankers Trust Corporation (ESXB)  [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            1.4538          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  3.0000          Forward P/E Ratio < 28?    2.2654
Price/Sales Ratio < 2.3?   0.6407          Inventory/Sales < 5%?      0.8646
Sales < $1 Billion?        3.0000          Operating Margin < 7.5%?   0.2220

Balance Sheet Tests:
Debt/Equity < 0.40?        1.0000          Long-Term Debt Service:   -3.0000
LTD Being Reduced?        -3.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         0.0054          Working Capital >= 1.5?    3.0000
Leverage Ratio < 20%?      0.8221          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.0862
Share Equity Increase:     2.1788          Market Cap.< 1.5 Billion?  3.0000
                                           Intangibles < 3% Assets?   3.0000
Income Tests:
Profit Margin < 7.5%?      2.5333          EPS Annual Growth > 10%?   0.1377
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?     -0.0520
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      1.0000
EPS Qrtly Growth > 10%?    0.0016          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          0.8915          % Held by Insiders < 5%?   1.2019
Beta > 1.25?               0.0000          % Held by Institut. < 50?  0.8092
50 Da MA > 200 Da MA?     -0.2082          % Held by Institut. > 30?  2.0597
52-Wk Change vs. S&P 500:  0.3931          Short Ratio > 5?           0.6020
Price/Book Value < 3?      2.1035          Short % of Float > 20?     0.0190
Return on Assets > 17%?    0.0429          Average Volume > 100,000?  0.2294

Cash Flow Tests:
Oper. C.F. > Lever'd C.F: -3.0000          Positive Free Cash Flow?  -1.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  3.0000
                                           Cash Flow / Assets > 10%?  1.3662

ESXB   Community Bankers Trust Corporation Overall Zenith Index:      1.1364


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Income Statement:

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Cash Flow Statement:






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Average to Current P/E Ratios
              (ESXB)     Community Bankers Trust Corp.

                               2013    2014    2015    2016    2017

          Annual Earnings:     0.22    0.33   -0.11    0.45    0.32
Average Price During Year:     3.39    4.19    4.75    5.24    8.15

                P/E Ratio:    15.42   12.69   43.16   11.64   25.47

 Average 5-Year P/E Ratio  =  21.67
             Current Price =  8.28

Previous 5 Quarter Earnings:   0.11   -0.03    0.12    0.17    0.17

           Current Annualized (Last Four Quarters) Earnings =   0.46
                                                           ________
                                 Average PE / Current PE =     1.20
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News - 1
Comparison + 1
Industry - 1
Bond Issue 0
Zenith Index - 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios - 1
Intrinsic Value DCF - 1
Fair Value Estimator + 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity + 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment - 1
Standard & Poor's - 1
MACD Histogram Divergence + 1
Val Idea - 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network + 1
Stock Options - 1
Ultimate Trading Systems - 1
Total - 2
Place 3,620 shares of Community Bankers Trust Corp. (ESXB) on the Active List.