Bank of Botetourt had great news for period ending Sept. 30, 2018
BUCHANAN, Va., Oct. 10, 2018 /PRNewswire/ — Two months after Bank of Botetourt (OTCPK: BORT) announced its plans to expand and relocate its Cave Spring office in Roanoke, Virginia, it announced record setting financial results for the period ending Sept. 30 period ended September 30, 2018. For the three months-ended September 30, 2018, Bank of Botetourt reported net income of $1,242,625, which is the highest quarterly performance in the Bank’s history. This amount compares to $695,493 for the same three month period in 2017. The Bank’s year-to-date net income is $3,463,702 which compares to $1,604,023 one year prior. Both basic and diluted earnings per share amounted to $2.42 at September 30, 2018 compared to $1.12 at September 30, 2017. Book value is $26.37 at September 30, 2018 as compared to $24.37 one year prior. At September 30, 2018, total assets amounted to $424,944,000, an increase of 9.6% since yearend 2017 total assets of $387,736,000.
Net loans grew 8.2%, to $365,501,000 at September 30, 2018 from $337,665,000 at December 31, 2017. Total deposits at September 30, 2018 amounted to $383,805,000, compared to $341,000,000 at December 31, 2017, an increase of 12.6%. As a result of successful deposit campaigns during 2018, the Bank’s cost of funds increased from 0.65% at September 30, 2017 to 0.88% at September 30, 2018. The Bank’s net interest spread was 3.84% at September 30, 2018 compared to 3.96% at September 30, 2017.
Nonperforming assets, which consist of nonaccrual loans and foreclosed properties, decreased from $5,623,000 at December 31, 2017 to $5,139,000 at September 30, 2018 as four properties have been sold in 2018 which resulted in a loss of sale of $79,000. Loss on sales for the same 10/11/2018 Bank of Botetourt Posts Record Quarterly Earnings https://www.prnewswire.com/news-releases/bank-of-botetourt-posts-record-quarterly-earnings-300728708.html 2/2 period one year prior was $20,000. Write down expenses related to ORE properties totaled $217,000 at September 30, 2018 as compared to $668,000 at September 30, 2017. The third quarter provision for bad debt expense was $85,000. For the same three month time period in 2017, the provision for bad debt expense was $215,000. Bad debt expense for the nine months ended September 30, 2018 was $140,000 compared to $380,000 as the nine months ended September 30, 2017
“We are gratied by the performance of our Bank. We have been able to successfully meet business objectives that we established for 2018, especially increasing shareholder value. As we celebrate our 119 year in community banking, it is rewarding to live out our mission of being Customer Driven and Community Committed,” said the bank in public notice. The FDIC recently released its Summary of Deposits report, the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions. The report reected that Bank of Botetourt held the largest market share of deposits, 45.45%, among the financial institutions located in Botetourt County. Bank of Botetourt continues to exceed the BASEL III capital requirements. As of September 30, 2018, Bank of Botetourt reported total capital of 12.22% and tier 1 leverage capital of 9.18%. Both common equity tier 1 and tier 1 capital ratios were 11.28%. Bank of Botetourt was chartered in 1899 and operates twelve retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties and the City of Salem, all in Virginia. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a nancial services division, Botetourt Wealth Management.
–Submitted by the Bank of Botetourt
