Bank of Botetourt announces first quarter financial results and quarterly cash dividend
Rhea-AI Summary
Bank of Botetourt (OTCID: BORT) reported first quarter 2026 net income of $3,086,000 or $1.50 per basic share, versus $2,044,000 or $0.98 a year earlier. The board declared a 7.00% preferred dividend ($0.49) payable May 8 and a $0.25 common quarterly dividend payable May 15.
Key metrics: net interest margin 3.97%, ROA 1.33%, ROE 13.02%, total assets $938.0M, provision for credit losses $335,000, noninterest income $1.533M, CBLR 10.56%.
Positive
- Net income increased by 50.98% year-over-year to $3,086,000
- Noninterest income rose 23.23% to $1,533,000
- Net interest margin of 3.97% improved by 38 basis points
Negative
- None.
News Market Reaction – BORT
In the Apr 30 session, BORT gained 1.43%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Board of Directors voted to pay the
First Quarter 2026 Highlights
Income Statement
- Net income of
$3,086,000 $1,042,000 50.98% , from the same quarter of 2025. - Net interest margin for the first quarter of 2026 was
3.97% , an increase of 38 basis points over the same quarter of 2025. The increase is primarily driven by consistent asset yields and a lower cost of interest-bearing liabilities. - For the three months ended March 31, 2026, the Bank recorded a provision for credit loss expense of
$335,000 $41,000 $354,000 $19,000 - Noninterest income increased by
$289,000 23.23% , to$1,533,000 $1,244,000 - Noninterest expense increased
$423,000 $5,702,000 $6,125,000 - Annualized return on average assets ("ROA") was
1.33% for the first quarter of 2026 compared to0.95% for the same period of 2025. Annualized return on average common equity ("ROE") was13.02% for the first quarter of 2026 compared to9.77% for the same period of 2025.
Balance Sheet and Asset Quality
- Total assets amounted to
$938,035,000 $12,528,000 1.35% above total assets at December 31, 2025. - Debt securities available for sale decreased
$4,903,000 $3,500,000 U.S. Treasury Notes,$500,000 $710,000 $4,794,000 0.64% . Deposits increased$8,531,000 1.03% . The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of$12,952,000 23.05% . The Bank's loan to deposit ratio of91.58% , on March 31, 2026, is a slight decrease from92.09% at December 31, 2025. - The Bank had no foreclosed properties at December 31, 2025, and March 31, 2026, respectively. Therefore, non-performing assets only consisted of nonaccrual loans. With the addition of one Commercial and Industrial loan, non-performing assets increased at March 31, 2026 to
$120,000 $41,000 - The allowance for credit losses to total loans was
1.13% on March 31, 2026, compared to1.10% on December 31, 2025 and1.20% at March 31, 2025. - Book value per share at March 31, 2026, was
$45.41 $1.22
Capital
As of March 31, 2026, Bank of Botetourt reported its CBLR ratio at
About Bank of Botetourt
Chartered in 1899, Bank of Botetourt is a full-service community bank serving customers through fourteen retail offices across
Bank of Botetourt | ||||
(unaudited) | (audited) | |||
March 31, | December 31, | |||
2026 | 2025 | |||
Assets | ||||
Cash and Due from banks | $ 11,606,000 | $ 13,031,000 | ||
Interest-bearing deposits with banks | 56,858,000 | 42,117,000 | ||
Federal funds sold | 918,000 | 1,282,000 | ||
Total cash and cash equivalents | 69,382,000 | 56,430,000 | ||
Debt securities held to maturity, net of allowance | 9,182,000 | 9,182,000 | ||
for credit losses of | ||||
December 31, 2025, respectively | ||||
Debt securities available for sale | 65,059,000 | 69,962,000 | ||
Loans, net of allowance for credit losses of | 755,162,000 | 750,368,000 | ||
March 31, 2026 and | ||||
Loans held for sale | 359,000 | 1,737,000 | ||
Premises and fixed assets, net | 17,911,000 | 16,515,000 | ||
Investment in unconsolidated subsidiaries | 3,567,000 | 3,517,000 | ||
Other assets | 17,413,000 | 17,796,000 | ||
Total assets | 938,035,000 | 925,507,000 | ||
Liabilities and Stockholders' Equity | ||||
Liabilities | ||||
Noninterest-bearing deposits | $ 175,291,000 | $ 166,954,000 | ||
Interest-bearing deposits | 658,710,000 | 658,516,000 | ||
Total deposits | 834,001,000 | 825,470,000 | ||
Other liabilities | 7,893,000 | 6,520,000 | ||
Total liabilities | 841,894,000 | 831,990,000 | ||
Commitments and contingencies | - | - | ||
Stockholders' Equity | ||||
Preferred stock, | ||||
authorized; 243,659 issued and outstanding | ||||
at March 31, 2026 and at December 31, 2025, respectively | 244,000 | 244,000 | ||
Common stock, | ||||
authorized; 1,973,394 and 1,970,230 issued and | ||||
outstanding at March 31, 2026 and at December 31, 2025, | ||||
respectively | 2,960,000 | 2,955,000 | ||
Additional paid-in capital | 24,638,000 | 24,504,000 | ||
Retained earnings | 70,308,000 | 67,834,000 | ||
Accumulated other comprehensive loss | (2,009,000) | (2,020,000) | ||
Total stockholders' equity | 96,141,000 | 93,517,000 | ||
Total liabilities and stockholders' equity | 938,035,000 | 925,507,000 | ||
Bank of Botetourt | |||
March 31 | |||
2026 | 2025 | ||
Interest income | |||
Loans and fees on loans | $ 12,014,000 | $ 10,443,000 | |
Securities: | |||
| 125,000 | 154,000 | |
Mortgage-backed securities | 133,000 | 56,000 | |
All other securities | 212,000 | 209,000 | |
Due from depository institutions | 356,000 | 509,000 | |
Federal Funds Sold | 8,000 | 8,000 | |
Total interest income | 12,848,000 | 11,379,000 | |
Interest expense | |||
Deposits | 4,048,000 | 3,994,000 | |
Total interest expense | 4,048,000 | 3,994,000 | |
Net interest Income | 8,800,000 | 7,385,000 | |
Provision for credit losses | 335,000 | 354,000 | |
Net interest income after credit loss expense | 8,465,000 | 7,031,000 | |
Noninterest income | |||
Service charges on deposit accounts | 364,000 | 315,000 | |
Securities brokerage and annuities | 79,000 | 75,000 | |
Other income, net of gains (losses) | 1,090,000 | 854,000 | |
Total noninterest income | 1,533,000 | 1,244,000 | |
Noninterest expense | |||
Salaries and employee benefits | 2,622,000 | 2,331,000 | |
Premises and fixed assets expense | 598,000 | 620,000 | |
Other expense | 2,905,000 | 2,751,000 | |
Total noninterest expense | 6,125,000 | 5,702,000 | |
Income before income taxes | 3,873,000 | 2,573,000 | |
Income tax expense | 787,000 | 529,000 | |
Net income | 3,086,000 | 2,044,000 | |
Preferred stock dividends | 119,000 | 119,000 | |
Net income available to common shareholders | $ 2,967,000 | $ 1,925,000 | |
Basic earnings per share | $ 1.50 | $ 0.98 | |
Diluted earnings per share | $ 1.50 | $ 0.98 | |
Dividends declared per share | $ 0.25 | $ 0.225 | |
Basic weighted average shares outstanding | 1,971,742 | 1,962,321 | |
Diluted weighted average shares outstanding | 1,971,742 | 1,962,321 | |
View original content:https://www.prnewswire.com/news-releases/bank-of-botetourt-announces-first-quarter-financial-results-and-quarterly-cash-dividend-302754246.html
SOURCE Bank of Botetourt