BUCHANAN, Va., Oct. 29, 2015 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended September 30, 2015.
For the three months-ended September 30, 2015, Bank of Botetourt reported net income of $646,000 compared to $633,000 for the same time period in 2014, an increase of 2.1%. Both basic and diluted earnings per share were $0.46 for the three month-ended September 30, 2015 compared to $0.45 for the same time period in 2014. For the nine months-ended September 30, 2015, Bank of Botetourt reported net income of $2,051,000 compared to $1,749,000 for the same time period in 2014, an increase of 17.3%. Both basic and diluted earnings per share were $1.45 for the nine month-ended September 30, 2015 compared to $1.24 for the same time period in 2014. Book value was $22.43 at September 30, 2015 as compared to $21.17 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 November 20, 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 September 30, 2015, total assets amounted to $319,899,000, an increase of 2.1% from the same time period of 2014 of $313,400,000. Total deposits at September 30, 2015 amounted to $286,131,000, compared to $281,721,000 for the prior year, an increase of 1.6%. Net loans grew 8.4%, to $265,037,000 in 2015 from $244,484,000 in 2014. Management believes the allowance for loan losses at September 30, 2015 is adequate and appropriate.
Bank of Botetourt remains well-capitalized, under the heightened regulatory standards known as BASEL III. At September 30, 2015 capital ratios were as follows: Tier 1 leverage ratio 10.17%; Common equity Tier 1 capital ratio 12.00%; and Total capital ratio 13.01%.
Our Troutville office renovations are nearing completion while the Daleville Town Center branch construction is making significant progress.
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