Bank of Botetourt posts solid second quarter earnings

BUCHANAN, Va., July 28, 2016 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended June 30, 2016.

For the three months-ended June 30, 2016, Bank of Botetourt reported net income of $604,848.  The Bank's year-to-date net income is $1,105,298, meeting annualized budget expectations. Both basic and diluted earnings per share amounted to $0.78 at June 30, 2016. Book value is $23.29 at June 30, 2016 as compared to $22.05 one year prior.

As a result of the continued positive financial performance, the Board of Directors continued the $0.12 per share quarterly dividend payable on August 19, 2016. "Our solid financial performance allows the bank to continue to pay its quarterly dividend of 0.12 per share, a 20% increase over the prior year," stated G. Lyn Hayth, III, President & CEO. 

At June 30, 2016, total assets amounted to $344,795,000, an increase of 6.9% since year-end 2015 total assets of $322,579,000.  Total deposits at June 30, 2016 amounted to $309,215,000, compared to $287,907,000 at December 31, 2015, an increase of 7.4%.  Net loans grew 5.2%, to $283,873,000 at June 30, 2016 from $269,775,000 at December 31, 2015.  

BASEL III's capital conservation buffer became effective for the Bank in 2016.  As of June 30, 2016, Bank of Botetourt reported total capital of 12.77% and tier 1 leverage capital of 9.66%.  Both common equity tier 1 and tier 1 capital ratios were 11.75%. "Our Bank remains well-capitalized under the heightened regulatory standards while solidly complying with the new capital conservation buffer requirements for 2016," stated Hayth.

Additional strategic initiatives were accomplished in the second quarter of 2016.  On June 1, Bank of Botetourt opened its limited service branch at 3214 Electric Road in Roanoke, Virginia.  This location also houses an office of Virginia Mountain Mortgage.  The Bank also received regulatory approval to open a full service branch location at 231 S. College Ave. in Salem, Virginia.  The grand opening is anticipated in the fourth quarter.  "Roanoke and Salem are natural extensions of our branch footprint.  We are embracing the community banking opportunities and look forward to serving new and existing customers at these locations," stated Hayth.

Bank of Botetourt was chartered in 1899 and operates eleven retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties of VA, operates an LPO in Salem, VA, and operates a mortgage division, Virginia Mountain Mortgage.

SOURCE Bank of Botetourt

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http://www.bankofbotetourt.com