BUCHANAN, Va., Nov. 1, 2016 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended September 30, 2016.
For the three months-ended September 30, 2016, Bank of Botetourt reported net income of $674,373. The Bank's year-to-date net income is $1,779,671, meeting annualized budget expectations. Both basic and diluted earnings per share amounted to $1.25 at September 30, 2016. Book value is $23.62 at September 30, 2016 as compared to $22.43 one year prior.
As a result of the continued positive financial performance, the Board of Directors continued the $0.12 per share quarterly dividend payable on November 21, 2016. "Our solid financial performance allows the bank to continue to pay its quarterly dividend of 0.12 per share, a 20% increase over the prior year" stated G. Lyn Hayth, III, President & CEO.
At September 30, 2016, total assets amounted to $353,022,000, an increase of 9.4% since year-end 2015 total assets of $322,579,000. Total deposits at September 30, 2016 amounted to $316,738,000, compared to $287,907,000 at December 31, 2015, an increase of 10.0%. Net loans grew 6.5%, to $287,281,000 at September 30, 2016 from $269,775,000 at December 31, 2015.
BASEL III's capital conservation buffer became effective for the Bank in 2016. As of September 30, 2016, Bank of Botetourt reported total capital of 12.98% and tier 1 leverage capital of 9.72%. Both common equity tier 1 and tier 1 capital ratios were 12.01%. "Our Bank remains well-capitalized under the heightened regulatory standards while solidly complying with the new capital conservation buffer requirements for 2016," stated Hayth.
The Bank opened its full service branch location at 231 S. College Ave. in Salem, Virginia on October 31, 2016. "Salem is a natural extensions of our branch footprint. We are embracing the community banking opportunities and look forward to serving new and existing customers at our Salem locations," stated Hayth.
Bank of Botetourt was chartered in 1899 and operates twelve retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties and the City of Salem, all in Virginia and operates a mortgage division, Virginia Mountain Mortgage.
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SOURCE Bank of Botetourt