Buchanan-based Bank of Botetourt has released its unaudited financial results for the three months ended September 30, 2019. The bank reported net income of $1,483,000 or 86 cents per basic share in the third quarter, the highest quarterly income in the bank’s 120-year history. This amount compares to net income of $1,243,000 or 87 cents per share, for the same period last year. For the nine months ended September 30, 2019 the bank reported net income of $3,741,000 or $2.18 per basic share. This amount compares to net income of $3,464,000 or $2.42 per share, for the same period last year.
At September 30, 2019, key performance ratios were as follows:
- Return on average assets, 1.08 percent
- Return on average equity, 10.42 percent
- Book value $28.83
At September 30, 2019 total assets amounted to $484,593,000, an increase of 11.2 percent above total assets of $435,765,000 at December 31, 2018, an increase of $48,828,000. Total net loans increased $30,207,000 or 7.9 percent from $380,404,000 at December 31, 2018 to $410,611,000 at September 30, 2019. Total deposits at December 31, 2018 amounted to $386,324,000, compared to $427,008,000 at September 30, 2019, an increase of 10.5 percent or $40,684,000.
As a result of the solid financial performance, the board of directors voted to pay a 16 cents per share quarterly dividend, or 64 cents per share annualized, which is payable on November 15, 2019 to shareholders of record November 8, 2019.
President and CEO G. Lyn Hayth III said, “We are thrilled to announce our historic performance in the third quarter. Loan demand and deposit growth have both remained steadfast while economic conditions remain favorable. This momentum has helped our bank exceed budget expectations the first nine months of the year.”
Bank of Botetourt continues to be a well vapitalized institution and exceed the BASEL III capital requirements. As of September 30, 2019, Bank of Botetourt reported tier 1 leverage capital of 10.78 percent and total capital of 13.83 percent. Both common equity tier 1 and tier 1 capital ratios were 12.86 percent.
Bank of Botetourt was chartered in 1899 and operates 12 retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties and the City of Salem. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage, and a financial services division, Botetourt Wealth Management.
