Bank of Botetourt posts strong first quarter financial results
At
- Return on average assets of 0.95%
- Return on average equity of 9.77%
- Book value of
$39.83 - Total deposit growth of 0.50%
- Total asset growth of 0.72%
- Total loan growth of 2.27%
- Community Bank Leverage Ratio of 10.22%
- Net Interest Margin of 3.59%
The Board of Directors voted to pay the 7.00% preferred dividend, which calculates to
Results of Operations
Net income for the three months ended
For the three months ended
At
Noninterest income increased by
Noninterest expense increased
Income tax expense for the three months ended
Financial Condition
At
Stockholders' equity totaled
Asset Quality
The Bank had no foreclosed properties at
Net charge-offs during the first quarter of 2025 were
Capital Ratios
Retirement
G. Lyn Hayth, III will retire as Chief Executive Officer on June 30, 2025, after dedicating nearly four decades to the Bank. Hayth will remain Vice-Chair of the Board of Directors and transition into a part-time role as Chief Strategic Officer, where he will focus on strategic initiatives and leadership transition. The Board of Directors has appointed Michelle R.
About
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(unaudited) |
(audited) |
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2025 |
2024 |
Assets |
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Cash and Due from banks |
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$ 11,816,000 |
$ 12,390,000 |
Interest-bearing deposits with banks |
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48,433,000 |
53,430,000 |
Federal funds sold |
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909,000 |
936,000 |
Total cash and cash equivalents |
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61,158,000 |
66,756,000 |
Debt securities held to maturity, net of allowance |
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9,982,000 |
9,982,000 |
for credit losses of |
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Debt securities available for sale |
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69,653,000 |
73,159,000 |
Loans, net of allowance for credit losses of |
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686,857,000 |
671,590,000 |
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Premises and fixed assets, net |
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17,816,000 |
17,356,000 |
Investment in unconsolidated subsidiaries |
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3,295,000 |
3,257,000 |
Other assets |
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16,625,000 |
17,137,000 |
Total assets |
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865,386,000 |
859,237,000 |
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Liabilities and Stockholders' Equity |
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Liabilities |
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Noninterest-bearing deposits |
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$ 175,443,000 |
$ 181,585,000 |
Interest-bearing deposits |
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597,773,000 |
587,801,000 |
Total deposits |
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773,216,000 |
769,386,000 |
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Other liabilities |
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7,367,000 |
7,341,000 |
Total liabilities |
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780,583,000 |
776,727,000 |
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Commitments and contingencies |
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- |
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Stockholders' Equity |
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Preferred stock, |
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authorized; 243,659 issued and outstanding |
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at |
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244,000 |
244,000 |
Common stock, |
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authorized; 1,963,968 and 1,960,879 issued and |
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outstanding at |
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respectively |
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2,946,000 |
2,941,000 |
Additional paid-in capital |
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24,291,000 |
24,198,000 |
Retained earnings |
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60,760,000 |
59,277,000 |
Accumulated other comprehensive loss |
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(3,438,000) |
(4,150,000) |
Total stockholders' equity |
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84,803,000 |
82,510,000 |
Total liabilities and stockholders' equity |
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865,386,000 |
859,237,000 |
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2025 |
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2024 |
Interest income |
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Loans and fees on loans |
$ 10,443,000 |
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$ 8,654,000 |
Securities: |
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154,000 |
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203,000 |
Mortgage-backed securities |
56,000 |
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68,000 |
All other securities |
209,000 |
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217,000 |
Due from depository institutions |
509,000 |
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647,000 |
Federal Funds Sold |
8,000 |
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5,000 |
Total interest income |
11,379,000 |
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9,794,000 |
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Interest expense |
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Deposits |
3,994,000 |
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3,433,000 |
Other borrowings |
- |
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243,000 |
Total interest expense |
3,994,000 |
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3,676,000 |
Net interest Income |
7,385,000 |
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6,118,000 |
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Provision for credit losses |
354,000 |
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66,000 |
Net interest income after credit loss expense |
7,031,000 |
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6,052,000 |
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Noninterest income |
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Service charges on deposit accounts |
315,000 |
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277,000 |
Securities brokerage and annuities |
75,000 |
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67,000 |
Other income, net of gains (losses) |
854,000 |
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839,000 |
Total noninterest income |
1,244,000 |
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1,183,000 |
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Noninterest expense |
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Salaries and employee benefits |
2,331,000 |
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2,226,000 |
Premises and fixed assets expense |
620,000 |
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491,000 |
Other expense |
2,751,000 |
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2,219,000 |
Total noninterest expense |
5,702,000 |
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4,936,000 |
Income before income taxes |
2,573,000 |
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2,299,000 |
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Income tax expense |
529,000 |
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471,000 |
Net income |
2,044,000 |
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1,828,000 |
Preferred stock dividends |
119,000 |
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119,000 |
Net income available to common shareholders |
$ 1,925,000 |
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$ 1,709,000 |
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Basic earnings per share |
$ 0.98 |
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$ 0.88 |
Diluted earnings per share |
$ 0.98 |
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$ 0.88 |
Dividends declared per share |
$ 0.225 |
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$ 0.2000 |
Basic weighted average shares outstanding |
1,962,321 |
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1,952,768 |
Diluted weighted average shares outstanding |
1,962,321 |
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1,952,768 |
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