Welcome to our dedicated page for Bank Of Botetour news (Ticker: BORT), a resource for investors and traders seeking the latest updates and insights on Bank Of Botetour stock.
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) 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.
Bank of Botetourt (OTCPK: BORT) reported a historic net income of $1,980,000, or $1.14 per share, for Q1 2021, marking a 90.8% increase from $1,038,000 in Q1 2020. Total assets rose to $641 million, a 7.2% increase, while total deposits grew by 7.6% to $577.7 million. The bank maintained a strong Community Bank Leverage Ratio of 9.20%. Revenue from PPP loans contributed significantly, with a total of $31.5 million in PPP loans outstanding. A quarterly dividend of $0.18 per share was declared, payable on May 19, 2021.