BUCHANAN, Va., May 19, 2015 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended March 31, 2015.
For the three months-ended March 31, 2015, Bank of Botetourt reported net income of $686,000 compared to $504,000 for the same time period in 2014, an increase of 36.1%. Both basic and diluted earnings per share were $0.49 at March 31, 2015 compared to $0.36 one year prior. Book value was $21.65 at March 31, 2015 as compared to $20.42 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 May 21, 2015. "Our Board of Directors remains committed to providing a return to shareholders as one of its top priorities. After doubling the dividend in February 2015 from the prior dividend level in 2014, our shareholders have been appreciative, supportive, and encouraging. This sustained dividend payment is warranted by the strength of our financial performance," stated G. Lyn Hayth, III, President & CEO.
At March 31, 2015, total assets amounted to $316,951,000, an increase of 2.6% from the same time period of 2014 of $308,964,000. Total deposits at March 31, 2015 amounted to $284,102,000, compared to $278,384,000 for the prior year, an increase of 2.1%. Net loans grew 1.3%, to $247,413,000 in 2015 from $244,267,000 in 2014. The current allowance for loan losses remained sufficient, without additional provisions in the first quarter of 2015.
BASEL III capital standards became effective for our institution in 2015. Bank of Botetourt reported consolidated total capital at 13.90%, as of March 31, 2015, up from 13.59% one year ago. Additionally, consolidated tier 1 leverage capital grew from 9.38% at March 31, 2014 to 9.82% at March 31, 2015. Common Equity Tier 1 and Tier 1 capital ratios were both 12.64%, respectively, at March 31, 2015. "Our Bank remains well-capitalized, under the heightened regulatory standards," stated Hayth.
During the first quarter Bank of Botetourt issued new VISA credit cards, equipped with EMV chip technology, to all cardholders. In April, after 20 years of ownership, an interior and exterior renovation project commenced to improve the Troutville retail facility. In addition, the Bank launched IDEAL Banking, a checking account with rewards.
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