BUCHANAN, Va., Aug. 1, 2017 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended June 30, 2017.
For the three months-ended June 30, 2017, Bank of Botetourt reported net income of $455,396. The Bank's year-to-date net income is $908,530. Both basic and diluted earnings per share amounted to $0.64 at June 30, 2017. Book value is $24.04 at June 30, 2017 as compared to $23.29 one year prior. As a result of the sustained positive financial performance, the Board of Directors continued the $0.14 per share quarterly dividend payable on August 18, 2017.
At June 30, 2017, total assets amounted to $373,105,000, an increase of 7.5% since year-end 2016 total assets of $347,191,000. Total deposits at June 30, 2017 amounted to $335,998,000, compared to $310,719,000 at December 31, 2016, an increase of 8.1%. Net loans grew 6.7%, to $308,932,000 at June 30, 2017 from $289,417,000 at December 31, 2016.
Bank of Botetourt continues to exceed the BASEL III capital requirements. As of June 30, 2017, Bank of Botetourt reported total capital of 12.48% and tier 1 leverage capital of 9.44%. Both common equity tier 1 and tier 1 capital ratios were 11.49%. "Our Bank remains well-capitalized which allows us the ability to pursue additional strategic initiatives in 2017," stated CEO G. Lyn Hayth, III.
Additional strategic initiatives were accomplished in the second quarter of 2017. On June 8, Bank of Botetourt announced changes in the operation of its financial services division. Previously known as Virginia Mountain Financial Services, the investment services division will now operate as Botetourt Wealth Management. Bank of Botetourt wants the community to know that Botetourt Wealth Management is aligned with our community bank as we strive to serve the needs of our customers. "The transition to Botetourt Wealth Management will give our customers more choices and flexibility in this segment. The arrangement will be mutually beneficial and will bring value to our customers and shareholders in future," stated Hayth.
In June, Bank of Botetourt was named the winner of the "Best Bank" category of the Reader's Choice of the SWVA Living Magazine. "We are both humbled and gratified that our customers value what we do every day," said 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. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.
SOURCE Bank of Botetourt