Bank of Botetourt posts first quarter earnings; Launches Mobile Pay

News provided by

May 03, 2017, 10:00 ET

BUCHANAN, Va., May 3, 2017 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended March 31, 2017.

For the three months-ended March 31, 2017, Bank of Botetourt reported net income of $453,134. Both basic and diluted earnings per share amounted to $0.32 at March 31, 2017. Book value is $23.84 at March 31, 2017 as compared to $22.97 one year prior.

As a result of the Bank's mission to provide a return on investment to shareholders, the Board of Directors continued the $0.14 per share quarterly dividend payable on May 19, 2017. "The commitment to our shareholders remains a top priority. Our ability to continually increase the dividend payment over the past four years has been gratifying," stated G. Lyn Hayth, III, President & CEO.

At March 31, 2017, total assets amounted to $365,232,000, an increase of 5.5% since year-end 2016 total assets of $346,335,000. Total deposits at March 31, 2017 amounted to $328,520,000, compared to $309,863,000 at December 31, 2016, an increase of 6.0%. Net loans grew 2.1%, to $295,463,000 at March 31, 2017 from $289,416,000 at December 31, 2016.

Bank of Botetourt continues to exceed the BASEL III capital requirements. As of March 31, 2017 Bank of Botetourt reported total capital of 12.81% and tier 1 leverage capital of 9.75%. Both common equity tier 1 and tier 1 capital ratios were 11.79%. "Our Bank remains well-capitalized which allows us the ability to pursue some strategic initiatives," stated Hayth.

Strategic initiatives have been accomplished as 2017 is off to an exciting start. Bank of Botetourt launched Mobile Pay during the first quarter of 2017 allowing its customer base to add its debit and credit cards to their E-wallets and transacting with merchants as a form of payment. The Card Valet mobile app was also deployed giving customers the ability to control their debit card from their mobile device. Virginia Mountain Mortgage, a division of Bank of Botetourt, now accepts online mortgage application from its website. "All of these initiatives align with our mission statement of being customer focused. Our efforts in 2017 have given our customers the ability to pay merchants with ease and closely monitor their debit cards activity, both from their mobile device as examples," stated 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 and operates a mortgage division, Virginia Mountain Mortgage.

SOURCE Bank of Botetourt