BUCHANAN — Bank of Botetourt announced last week its unaudited financial results for the three and 12 months-ended Dec. 31. The bank produced net income amounting to $2,191,000 or $1.13 per basic share in the fourth quarter. This amount compares to net income of $1,501,000 or $0.77 per share, for the same period last year. For the 12 months-ended Dec. 31, the bank produced net income amounting to $7,805,000 or $4.04 per basic share. This amount compares to net income of $6,879,000 or $3.58 per share, for the same period last year.
At Dec. 3, select financial information and key highlights include:
- Return on average assets of 1.10%
- Return on average equity of 12.99%
- Book value of $32.48
- Total deposit growth of 7.8%
- Total asset growth of 7.8%
- Total loan growth of 13.2%
- Community Bank Leverage Ratio of 10.32%
- Strong liquidity position
- Net interest margin of 3.67% at Dec. 31 compared to 2.98% one year prior.
As a result of the solid financial performance, the bank’s board of directors voted to pay the 7.00% preferred dividend, which calculates to $0.49 per share on Feb. 9 to preferred shareholders of record Feb. 2. The board voted to increase the quarterly common dividend from $0.185 to $0.1925 per share, or $0.77 per share annualized which is payable on Feb. 17 to common shareholders of record Feb. 13.
President and CEO G. Lyn Hayth, III stated “We are gratified by the exceptional financial performance of our Bank during 2022. We were able to successfully meet business objectives that we established for 2022, especially increasing shareholder value.”
Financial Condition
At Dec. 31 total consolidated assets amounted to $713,718,000, an increase of 7.8% above total assets at Dec. 31, 2021 of $662,230,000, an increase of $51,488,000. Total net loans increased $56,263,000 or 13.2% from $425,899,000 at December 31, 2021 to $482,162,000 at December 31, 2022. Total deposits at Dec. 31, 2021 amounted to $597,122,000, compared to $643,923,000 at Dec. 31, 2022, an increase of 7.8% or $46,801,000. The increase in deposits is attributable to organic growth.
As of Dec. 31, Bank of Botetourt reported its CBLR ratio at 10.32% which meets the required regulatory minimum ratio. This compares to a CBLR ratio of 9.14% on Dec. 31, 2021.
-Submitted by Bank of Botetourt
