Bank Of Botetourt Announces Best Quarterly Performance In Seven Years

Jul 21, 2015, 09:30 ET from Bank of Botetourt

BUCHANAN, Va., July 21, 2015 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended June 30, 2015.

For the three months-ended June 30, 2015, Bank of Botetourt reported net income of $719,000 compared to $612,000 for the same time period in 2014, an increase of 17.5%. Both basic and diluted earnings per share were $0.50 for the three month-ended June 30, 2015 compared to $0.43 for the same time period in 2014. For the six months-ended June 30, 2015, Bank of Botetourt reported net income of $1,405,000 compared to $1,116,000 for the same time period in 2014, an increase of 25.9%. Both basic and diluted earnings per share were $0.99 for the six month-ended June 30, 2015 compared to $0.79 for the same time period in 2014.  Book value was $22.05 at June 30, 2015 as compared to $20.78 one year prior.

As a result of the continued positive financial performance, the Board of Directors declared a $0.10 per share dividend payable on August 21, 2015. "Our Board of Directors remains committed to providing a return to shareholders as one of its top priorities. Our year-to-date financial performance has exceeded expectations and we are delighted to return a portion of our profitability to our shareholders," stated G. Lyn Hayth, III, President & CEO. 

At June 30, 2015, total assets amounted to $314,139,000, an increase of 1.1% from the same time period of 2014 of $310,627,000.  Total deposits at June 30, 2015 amounted to $281,010,000, compared to $279,549,000 for the prior year, an increase of 0.5%.  Net loans grew 0.7%, to $250,253,000 in 2015 from $248,578,000 in 2014. The current allowance for loan losses remained sufficient, without additional provisions in 2015.

Bank of Botetourt remains well-capitalized, under the heightened regulatory standards known as BASEL III.  At June 30, 2015 capital ratios were as follows:  Tier 1 leverage ratio 10.05%; Common equity Tier 1 capital ratio 12.71%; and Total capital ratio 13.96%.  

This month Bank of Botetourt opened its first Loan Production Office at 15 S. College Ave. in Salem, VA.  The construction of the new Daleville Town Center branch and Troutville office renovations are in process.

Bank of Botetourt was chartered in 1899 and operates ten full service offices in Botetourt, Rockbridge, Roanoke, and Franklin counties of Virginia.

SOURCE Bank of Botetourt