Bank Of Botetour Stock Price, News & Analysis

Bank of Botetourt (OTCPK: BORT) reported its financial results for Q2 2022, showing net income of $1,763,000 or $0.91 per share, up 11.4% from last year. For the first half of 2022, net income totaled $3,306,000 or $1.72 per share. Key highlights include a 9.74% growth in deposits and an 8.09% increase in total assets amounting to $717,433,000. A quarterly dividend of $0.185 per share was declared, payable on August 19, 2022. Despite the positive performance, the bank's Community Bank Leverage Ratio was 8.84%, slightly below the required minimum.

Bank of Botetourt (OTCPK: BORT) reported its financial results for Q1 2022, showing a net income of $1,543,000, or $0.80 per share, down from $1,980,000, or $1.04 per share, a year ago. Key metrics included a return on average assets of 0.90% and a return on average equity of 10.41%. Total deposits increased by 6.07% to $635,001,000, while total assets rose by 5.54% to $700,538,000. The Board declared a quarterly dividend of $0.185 per share, payable on May 19, 2022. The decrease in net income was primarily due to lower loan interest income and higher expenses.

Bank of Botetourt (OTCPK: BORT) reported a net income of $6.88 million for 2021, a 48.5% increase from 2020. Supported by lower loan loss provisions and robust revenue from the Paycheck Protection Program, earnings per share rose to $3.58. The Board approved a quarterly dividend increase from $0.18 to $0.185 per share, payable on February 18, 2022, reflecting a 2.8% hike. Additionally, the bank's total assets grew 11% to $662 million, while total deposits increased by 11.5%. The bank showed strong liquidity with a community bank leverage ratio of 9.14%.

Bank of Botetourt (OTCPK: BORT) announced a 10% stock dividend at its Board meeting on November 23, 2021. This dividend is payable on December 17, 2021 to shareholders of record on November 30, 2021. Fractional shares will be compensated with cash based on a price of $31.50 per share. Chairman Tommy L. Moore expressed gratitude for employee efforts and shareholder loyalty, highlighting this decision as a sign of the bank's confidence in its viability and outlook.

Bank of Botetourt (OTCPK: BORT) reported a net income of $1,816,000 or $1.04 per share for Q3 2021, a 65.9% increase from $1,095,000 or $0.64 per share last year. For the nine months, net income reached $5,378,000 or $3.10 per share, up 62.7% year-over-year. Key highlights include a 10% growth in total deposits and a 9.6% increase in total assets to $655,108,000. The bank declared a quarterly dividend of $0.18 per share, payable on November 19, 2021. Strong mortgage lending and PPP loan forgiveness contributed significantly to the robust performance.

Buchanan-based Bank of Botetourt (OTCPK: BORT) announces the Grand Opening of its new office in Vinton, Virginia, set for August 19, 2021. The office, opened on July 26, 2021, spans approximately 2,700 square feet and offers various services, including an ATM and drive-thru. The bank aims to enhance its services amid ongoing mergers in the local financial sector. G. Lyn Hayth, III, CEO, emphasizes the bank's commitment to the community. Paula E. Robins leads the Vinton office as Vice President and Branch Manager, bringing over 39 years of experience.

Bank of Botetourt (OTCPK: BORT) has promoted Michelle R. Austin to Executive Vice President and Chief Operating Officer, retaining her role as CFO. Michelle, who has been with the bank since 1991, holds a Bachelor’s and an MBA. George E. Honts IV was also promoted to Executive Vice President while continuing as Chief Lending Officer. Both leaders bring extensive industry experience and community insight, reinforcing the bank's strategic direction. President G. Lyn Hayth, III expressed confidence in their leadership as the bank continues its operations across Virginia.

Bank of Botetourt (OTCPK: BORT) reported strong financial performance for Q2 2021, with a net income of $1,582,000 or $0.91 per share, up from $1,172,000 or $0.68 per share year-over-year. For the first half of 2021, net income reached $3,562,000 or $2.05 per share, a 61.2% increase over 2020. Key metrics included an 8.3% growth in deposits and a return on average assets of 1.13%. Despite the increase in noninterest expenses driven by higher salaries, the bank's liquidity and capital ratios remained strong. A quarterly dividend of $0.18 per share was declared, payable August 19, 2021.

Bank of Botetourt (OTCPK: BORT) has elected Tommy L. Moore as its new Chairman, succeeding H. Watts Steger, III, who retired after serving since 2001. Moore, a Board member since 1982 and current Circuit Court Clerk for Botetourt County, brings extensive legal and community experience. His past military service as a JAG Officer in the Marine Corps and involvement in various local organizations highlight his commitment to the region. Bank President G. Lyn Hayth, III expressed confidence in Moore's leadership for future growth.