BUCHANAN, Va., May 19, 2015 /PRNewswire/ -- Bank of
Botetourt (OTCPK: BORT) announced
today its consolidated financial results and performance for fiscal
period ended March 31, 2015.
For the three months-ended March 31,
2015, Bank of Botetourt
reported net income of $686,000
compared to $504,000 for the same
time period in 2014, an increase of 36.1%. Both basic and diluted
earnings per share were $0.49 at
March 31, 2015 compared to
$0.36 one year prior. Book
value was $21.65 at March 31, 2015 as compared to $20.42 one year prior.
As a result of the continued positive financial performance, the
Board of Directors declared a $0.10
per share dividend payable on May 21,
2015. "Our Board of Directors remains committed to providing
a return to shareholders as one of its top priorities. After
doubling the dividend in February
2015 from the prior dividend level in 2014, our shareholders
have been appreciative, supportive, and encouraging. This sustained
dividend payment is warranted by the strength of our financial
performance," stated G. Lyn Hayth,
III, President & CEO.
At March 31, 2015, total assets
amounted to $316,951,000, an increase
of 2.6% from the same time period of 2014 of $308,964,000. Total deposits at
March 31, 2015 amounted to
$284,102,000, compared to
$278,384,000 for the prior year, an
increase of 2.1%. Net loans grew 1.3%, to $247,413,000 in 2015 from $244,267,000 in 2014. The current allowance for
loan losses remained sufficient, without additional provisions in
the first quarter of 2015.
BASEL III capital standards
became effective for our institution in 2015. Bank of
Botetourt reported consolidated
total capital at 13.90%, as of March 31,
2015, up from 13.59% one year ago. Additionally,
consolidated tier 1 leverage capital grew from 9.38% at
March 31, 2014 to 9.82% at
March 31, 2015. Common Equity
Tier 1 and Tier 1 capital ratios were both 12.64%, respectively, at
March 31, 2015. "Our Bank
remains well-capitalized, under the heightened regulatory
standards," stated Hayth.
During the first quarter Bank of Botetourt issued new VISA credit cards,
equipped with EMV chip technology, to all cardholders. In
April, after 20 years of ownership, an interior and exterior
renovation project commenced to improve the Troutville retail facility. In addition,
the Bank launched IDEAL Banking, a checking account with
rewards.
Bank of Botetourt was chartered
in 1899 and operates ten full service offices in Botetourt, Rockbridge, Roanoke, and Franklin counties of Virginia.
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SOURCE Bank of Botetourt