Bank of Botetourt posts solid second quarter performance; Announces full-service office in Cave Spring

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Jul 30, 2018, 13:00 ET

BUCHANAN, Va., July 30, 2018 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended June 30, 2018.

For the three months-ended June 30, 2018, Bank of Botetourt reported net income of $1,108,589. The Bank's year-to-date net income is $2,221,077, compared to $908,529 one year prior. Both basic and diluted earnings per share amounted to $1.55 at June 30, 2018 compared to $0.64 one year prior. Book value is $25.66 at June 30, 2018 as compared to $24.04 one year prior. As a result of the solid financial performance, the Board of Directors continued the $0.15 per share quarterly dividend payable on August 17, 2018.

At June 30, 2018, total assets amounted to $424,276,000, an increase of 9.2% since year-end 2017 total assets of $388,600,000. Total deposits at June 30, 2018 amounted to $379,880,000, compared to $341,924,000 at December 31, 2017, an increase of 11.1%. Net loans grew 5.5%, to $356,378,000 at June 30, 2018 from $337,666,000 at December 31, 2017.

Bank of Botetourt continues to exceed the BASEL III capital requirements. As of June 30, 2018, Bank of Botetourt reported total capital of 12.20% and tier 1 leverage capital of 9.09%. Both common equity tier 1 and tier 1 capital ratios were 11.24%. "Our Bank remains well-capitalized which allows us the ability to pursue additional strategic initiatives in 2018," stated CEO G. Lyn Hayth, III.

Additional strategic initiatives were accomplished in the second quarter of 2018. In June, Bank of Botetourt announced it had made application with regulators to expand and relocate its limited service office at 3214 Electric Road, Roanoke, VA and open a standalone full-service office located at 3232 Electric Rd, Roanoke, VA. In July, the Bank received regulatory approval and the new Cave Spring office will be 2,660 square feet and include an ATM with deposit capabilities and will continue housing the Bank's mortgage company, Virginia Mountain Mortgage. The Bank anticipates this new location will open in the first quarter of 2019. "We are excited to continue to expand our community bank footprint to serve our current and future customers in a banking market that we have been headquartered in for 118 years," said President and CEO, G. Lyn Hayth, III.

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