Midlothian, Virginia, April 25, 2019: The first quarter of 2019 saw significant improvement in earnings, a new Regional Manager, new product offerings for our customer banks, and three new directors for Community Bankers’ Bank (“CBB” or “the Bank”) and CBB Financial Corp. (“CBBFC”):
- In February 2019 we announced a strategic alliance partnership with Bower Consulting to offer loan review services to our client banks.
- In March 2019 we welcomed Ms. Leesa McShane as a Senior Vice President and Regional Manager for Maryland, Northern Virginia, and the District of Columbia. Leesa is an experienced banker having served as a lender, business developer and correspondent banker during her career with various Maryland banks.
- In March 2019 we announced our partnership with Paymerang to provide its best-in-class electronic payables solution to CBB’s client community banks and their commercial customers. With Paymerang, community banks will be able to automate their accounts payable disbursements, making them more efficient, secure and profitable.
- In March 2019 we welcomed three new directors. Ms. Angela Cusack, founder of Igniting-Success, Inc., and Ms. Susan P. Quinn, President and CEO of circle S studio, were appointed to the Board of Directors of CBBFC. Mr. James B. Smith, President and CEO of Sandhills Bank, North Myrtle Beach, SC was appointed to the boards of CBBFC and CBB.
- In April 2019 we joined forces with Richmond, Virginia-based AML Sentinel. Community Banks nationwide are struggling to manage the increased cost and regulatory burden associated with Bank Security Act (“BSA”) and Anti Money Laundering (“AML”) monitoring and reporting rules, and AML Sentinel is merging human and artificial intelligence to create a comprehensive and affordable AML compliance service solution customized to meet the needs of community banks.
Net income of $210,000 was recorded for the three-month period ended March 31, 2019, compared to a net loss of $216,000 for the three-month period ended December 31, 2018 and net
income of $11,000 in the three-month period ended March 31, 2018. CBB and CBBFC report on a consolidated basis.
The Bank, as a result of continued strong credit quality, lower levels of non-performing loans and recoveries from prior charged off loans, did not record a loan loss provision in either the first quarter of 2019 or the fourth quarter of 2018, compared to a loan loss provision reversal of $56,000 in the first quarter of 2018. The loan loss allowance at March 31, 2019 was $1,903,000, or 2.08% of gross loans.
There were no non-performing assets at March 31, 2019, compared to nonperforming assets of $343,000 or 0.25% of total assets at December 31, 2018, compared to $581,000 or 0.39% of total assets at March 31, 2018.
The Bank continues to maintain a strong capital position, that exceeds all regulatory requirements to be classified as “well capitalized.” The Bank’s Tier 1 leverage ratio totaled 13.03% at March 31, 2019, compared to 13.24% at December 31, 2018 and 12.21% at March 31, 2018. The Bank’s Total Capital Ratio equaled 16.83% at March 31, 2019, compared to 16.39% at December 31, 2018 and 18.57% at March 31, 2018.
G. Willian Beale, President and Chief Executive Officer stated, “I am very pleased with the first quarter 2019 results. The steps we have made in fourth quarter 2018 and first quarter 2019 are resulting in improved performance for our shareholders, and have positioned Community Bankers’ Bank for a strong year. Thank you for the business!”
For further information, please contact:
G. William Beale
President & CEO
2601 Promenade Pkwy
Midlothian, VA 23113
Phone: 804-794-5885 x 116
Stephen R. Kinnier
Senior Vice President & CFO
2601 Promenade Pkwy
Midlothian, VA 23113
Phone: 804-794-5885 x 127
For Correspondent Services Information, contact:
Virginia and West Virginia:
Jo Ellen McKinley, Senior Vice President
Investment Officer and Regional Manager
Maryland, Northern Virginia, and the District of Columbia:
Leesa McShane, Senior Vice President
North Carolina and South Carolina:
Rose J. Washofsky, Senior Vice President
Wendy C. Wright, Senior Vice President
Operations & IT
Phone: 804-794-5885 x 119
For Summary Consolidated Financial Data, please download the full Press Release: