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Bank of Botetourt reports recurring community-bank developments, including quarterly and annual earnings, dividend actions for its common and preferred shares, and regulatory capital measures such as the Community Bank Leverage Ratio. Company updates also discuss loan, deposit, asset, book-value and tax trends, along with noninterest income from deposit-account service charges, title insurance subsidiaries and mortgage loan sales.
The bank's news record includes changes in executive leadership and references to its Virginia Mountain Mortgage and Botetourt Wealth Management divisions. Coverage is centered on the bank's Buchanan-based franchise, local market expansion and shareholder distributions rather than diversified nonbank operations.
Bank of Botetourt (OTCPK: BORT) reported Q3 2024 net income of $1.97 million ($0.94 per share), compared to $2.09 million ($1.01 per share) in Q3 2023. For the nine months ended September 2024, net income was $5.99 million ($2.88 per share). Key highlights include total deposit growth of 2.49%, asset growth of 3.41%, and loan growth of 9.65%. The bank maintained a strong Community Bank Leverage Ratio of 10.53%. The Board approved a $0.20 quarterly dividend for common shareholders and a 7.00% preferred dividend. The decrease in quarterly net income was primarily due to higher interest expenses and provision for credit losses, partially offset by increased interest and fees on loans.
Bank of Botetourt (OTCPK: BORT and BORTP) celebrated its 125th anniversary at The Hotel Roanoke and Conference Center, marking a significant milestone in its history. Established in 1899, the bank has grown to become the largest community bank in the Roanoke Metropolitan Service Area. CEO G. Lyn Hayth, III highlighted the bank's dedication, innovation, and resilience throughout its journey.
The bank was recently named the #1 bank in Virginia for 2024 by Forbes in its America's Best-In-State Banks list. This recognition was based on an independent survey of 26,000 U.S. consumers rating financial institutions on various factors. The Virginia House of Delegates also recognized the bank's milestone with House Resolution 726.
The celebration included a performance by Miss Virginia 2024 and emphasized the bank's commitment to innovation, community engagement, and future growth.
Bank of Botetourt (OTCPK: BORT) reported strong Q2 2024 financial results, exceeding budget expectations. Key highlights include:
- Net income of $2,193,000 or $1.06 per basic share, up 10.04% from $1,993,000 or $0.96 per share in Q2 2023
- Total loan growth of 6.09%
- Return on average assets of 1.01%
- Return on average equity of 10.53%
- Community Bank Leverage Ratio of 10.40%
The bank's performance was driven by increased interest and fees on loans and reduced provision for credit losses. However, this was partially offset by higher interest expenses on deposits and borrowings. The Board approved a $0.20 per share quarterly dividend payable on August 16, 2024.
Bank of Botetourt (OTCPK: BORT and OTCPK: BORTP) has applied to establish a full-service branch in Roanoke, Virginia, at 2502 Melrose Ave, NW. The bank is partnering with Goodwill Industries to provide banking services at Melrose Plaza, aiming to strengthen Northwest Roanoke. The new branch will offer 24/7 ITM access, night deposits, and mortgage services through Virginia Mountain Mortgage.
This expansion underscores Bank of Botetourt's commitment to empowering the Northwest Neighborhood and promoting financial wellness. The branch will provide personalized banking services, including mortgage, commercial and agricultural lending, insurance, and wealth management solutions. With a 125-year history, Bank of Botetourt aims to become an integral part of the community, offering financial education and growth opportunities.
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Bank of Botetourt (OTCPK: BORT, BORTP) reported substantial financial growth for Q1 2023. Net income surged to $2,294,000, or $1.12 per share, marking a 48.67% increase from $1,543,000 in Q1 2022. Key metrics revealed a return on average assets of 1.28% and a return on average equity of 13.60%. Total loan growth was recorded at 5.31%. However, total deposits declined by 0.83%. The bank declared a $0.1925 quarterly dividend and a $0.49 preferred dividend. The adoption of FASB's CECL resulted in an initial $581,000 reduction in retained earnings but showed controlled non-performing loans with no foreclosures.