Bank of Botetourt posts strong first quarter earnings; Achieves strategic initiatives

BUCHANAN, Va., May 3, 2016 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) announced today its consolidated financial results and performance for fiscal period ended March 31, 2016.

For the three months-ended March 31, 2016, Bank of Botetourt reported net income of $500,450, meeting its quarterly budget expectations. Both basic and diluted earnings per share amounted to $0.35 at March 31, 2016. Book value is $22.97 at March 31, 2016 as compared to $21.65 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 May 20, 2016. "Our Board of Directors remains committed to providing a return to shareholders as one of its top priorities. A 20% increase in the dividend over the prior year is possible due to the sustained strength of our financial performance," stated G. Lyn Hayth, III, President & CEO. 

At March 31, 2016, total assets amounted to $345,175,000, an increase of 7.0% since year-end 2015 total assets of $322,579,000.  Total deposits at March 31, 2016 amounted to $310,050,000, compared to $287,907,000 at December 31, 2015, an increase of 7.7%.  Net loans grew 3.7%, to $279,877,000 at March 31, 2016 from $269,775,000 at December 31, 2015.  

BASEL III's capital conservation buffer became effective for the Bank in 2016.  As of March 31, 2016 Bank of Botetourt reported total capital of 12.59% and tier 1 leverage capital of 9.96%.  Both common equity tier 1 and tier 1 capital ratios were 11.62%. "Our Bank remains well-capitalized under the heightened regulatory standards while solidly complying with the new capital conservation buffer requirements for 2016," stated Hayth.

Strategic initiatives have been accomplished as 2016 is off to an exciting start. Virginia Mountain Mortgage, a division of Bank of Botetourt, opened its newest office at Springwood Park on Electric Road in Roanoke. "Our mortgage expansion into Roanoke fills a void for the need to have knowledgeable guidance during the complex home buying process," stated Hayth. During March 2016, Bank of Botetourt relocated the Daleville office to its newly constructed 5,700 facility at Daleville Town Center. "New account activity has been strong and is a clear indicator of support of the location," stated Hayth.

In April, the Bank launched its new line of business checking account products.  And, Business Mobiliti, was deployed this quarter, a platform that allows business customers to perform transactions from their smart phones.

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

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http://www.bankofbotetourt.com