Bank of Botetourt has announced its consolidated financial results and performance for fiscal period ended September 30, 2017.
For the three months ended September 30, 2017, Bank of Botetourt reported net income of $695,493. The bank’s year-to-date net income is $1,604,023. Both basic and diluted earnings per share amounted to $1.12 at September 30, 2017. Book value is $24.37 at September 30, 2017 as compared to $23.62 one year prior. As a result of the strong quarterly financial performance, the board of directors continued the 14 cents per share quarterly dividend payable on November 17.
At September 30, 2017, total assets amounted to $376,864,000, an increase of 8.5 percent since year-end 2016 total assets of $347,191,000. Total deposits at September 30, 2017 amounted to $339,071,000, compared to $310,719,000 at December 31, 2016, an increase of 9.1 percent. Net loans grew 11.7 percent to $323,192,000 at September 30, 2017 from $289,417,000 at December 31, 2016.
Earlier this month, the FDIC released its Summary of Deposits report, the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions. The report reflected that Bank of Botetourt held the largest market share of deposits, 38.87 percent, among the six financial institutions located in Botetourt County. “The volume of deposit and loan growth in 2017 has exceeded our expectations. It is gratifying to be the leader of deposit market share in our community” said G. Lyn Hayth, III, President and CEO.
Bank of Botetourt continues to exceed the BASEL III capital requirements. As of September 30, 2017, Bank of Botetourt reported total capital of 12.24 percent and tier 1 leverage capital of 9.39 percent. Both common equity tier 1 and tier 1 capital ratios were 11.24 percent.
