BUCHANAN, Va., April 23, 2018 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended March 31, 2018.
For the three months-ended March 31, 2018, Bank of Botetourt reported net income of $1,112,000. Both basic and diluted earnings per share amounted to $0.78 at March 31, 2018. Book value is $25.05 at March 31, 2018 as compared to $23.84 one year prior.
G. Lyn Hayth, III, President & CEO stated, "Bank of Botetourt is gratified to post the most profitable quarter in our Bank's 119 year history." The favorable earnings result is primarily attributed to an increase of $392,000 or 12.2% increase in net interest income compared to the year prior. In addition, the Bank was favorably impacted by the Tax Cut and Job Acts which included a reduction in the corporate federal statutory income tax rate from a maximum rate of 35% to a flat rate of 21%.
As part of the Bank's mission to provide a return on investment to shareholders, the Board of Directors continued the $0.15 per share quarterly dividend payable on May 18, 2018.
At March 31, 2018, total assets amounted to $411,127,000, an increase of 5.8% since year-end 2017 total assets of $388,600,000. Total deposits at March 31, 2018 amounted to $371,835,000, compared to $341,924,000 at December 31, 2017, an increase of 8.8%. Net loans grew 2.8%, to $347,021,000 at March 31, 2018 from $337,666,000 at December 31, 2017.
Bank of Botetourt continues to exceed the BASEL III capital requirements. As of March 31, 2018 Bank of Botetourt reported total capital of 12.26% and tier 1 leverage capital of 9.18%. Both common equity tier 1 and tier 1 capital ratios were 11.27%. "Our Bank remains well-capitalized which allows us the ability to pursue some strategic initiatives," stated Hayth.
This month Bank of Botetourt's Eagle Rock office celebrates its 25th anniversary. To commemorate the milestone at this location, Bank of Botetourt partnered with Eagle Rock Elementary School for the Virginia Reads One Book Program and a donation to the school's playground.
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. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.
SOURCE Bank of Botetourt