Bank of Botetourt exceeds budget expectations, posts profitable third quarter financial results
Bank of Botetourt (OTCPK: BORT) reported Q3 2024 net income of $1.97 million ($0.94 per share), compared to $2.09 million ($1.01 per share) in Q3 2023. For the nine months ended September 2024, net income was $5.99 million ($2.88 per share). Key highlights include total deposit growth of 2.49%, asset growth of 3.41%, and loan growth of 9.65%. The bank maintained a strong Community Bank Leverage Ratio of 10.53%. The Board approved a $0.20 quarterly dividend for common shareholders and a 7.00% preferred dividend. The decrease in quarterly net income was primarily due to higher interest expenses and provision for credit losses, partially offset by increased interest and fees on loans.
La Bank of Botetourt (OTCPK: BORT) ha riportato un reddito netto per il terzo trimestre del 2024 di 1,97 milioni di dollari (0,94 dollari per azione), rispetto ai 2,09 milioni di dollari (1,01 dollari per azione) del terzo trimestre del 2023. Nei nove mesi terminati a settembre 2024, il reddito netto è stato di 5,99 milioni di dollari (2,88 dollari per azione). I punti salienti includono una crescita totale dei depositi del 2,49%, una crescita degli attivi del 3,41% e una crescita dei prestiti del 9,65%. La banca ha mantenuto un solido rapporto di leva della community bank del 10,53%. Il Consiglio ha approvato un dividendo trimestrale di 0,20 dollari per gli azionisti comuni e un dividendo preferenziale del 7,00%. La diminuzione del reddito netto trimestrale è stata principalmente dovuta all'aumento delle spese per interessi e delle riserve per perdite creditizie, parzialmente compensate dall'aumento degli interessi e delle commissioni sui prestiti.
El Bank of Botetourt (OTCPK: BORT) reportó ingresos netos del tercer trimestre de 2024 de 1,97 millones de dólares (0,94 dólares por acción), en comparación con 2,09 millones de dólares (1,01 dólares por acción) en el tercer trimestre de 2023. Para los nueve meses finalizados en septiembre de 2024, los ingresos netos fueron de 5,99 millones de dólares (2,88 dólares por acción). Los aspectos más destacados incluyen un crecimiento total de depósitos del 2,49%, un crecimiento de activos del 3,41% y un crecimiento de préstamos del 9,65%. El banco mantuvo un sólido índice de apalancamiento de banco comunitario del 10,53%. La Junta aprobó un dividendo trimestral de 0,20 dólares para los accionistas comunes y un dividendo preferente del 7,00%. La disminución del ingreso neto trimestral se debió principalmente al aumento de los gastos de intereses y la provisión para pérdidas crediticias, compensados en parte por el incremento de intereses y comisiones por préstamos.
보테카우트 은행(Bank of Botetourt, OTCPK: BORT)은 2024년 3분기 순이익이 197만 달러 (주당 0.94달러)로 보고했으며, 이는 2023년 3분기 209만 달러 (주당 1.01달러)와 비교됩니다. 2024년 9월까지의 9개월 동안 순이익은 599만 달러 (주당 2.88달러)였습니다. 주요 하이라이트로는 전체 예금 성장률이 2.49%, 자산 성장률이 3.41%, 대출 성장률이 9.65%입니다. 은행은 10.53%의 강력한 커뮤니티 뱅크 레버리지 비율을 유지했습니다. 이사회는 보통주 주주를 위한 분기 배당금 0.20달러와 7.00%의 우선주 배당금을 승인했습니다. 분기 순이익 감소는 주로 높은 이자 비용과 신용 손실 충당금 증가 때문이며, 대출에 대한 이자 및 수수료 증가로 일부 상쇄되었습니다.
La Bank of Botetourt (OTCPK: BORT) a annoncé un revenu net de 1,97 million de dollars pour le troisième trimestre 2024 (0,94 dollar par action), comparé à 2,09 millions de dollars (1,01 dollar par action) pour le troisième trimestre 2023. Pour les neuf mois se terminant en septembre 2024, le revenu net a été de 5,99 millions de dollars (2,88 dollars par action). Les points clés comprennent une croissance totale des dépôts de 2,49 %, une croissance des actifs de 3,41 % et une croissance des prêts de 9,65 %. La banque a maintenu un ratio de leviers solides de 10,53 %. Le Conseil a approuvé un dividende trimestriel de 0,20 dollar pour les actionnaires ordinaires et un dividende préférentiel de 7,00 %. La baisse du revenu net trimestriel était principalement due à l'augmentation des dépenses d'intérêts et des provisions pour pertes sur créances, partiellement compensées par une augmentation des intérêts et des frais sur les prêts.
Die Bank of Botetourt (OTCPK: BORT) meldete einen Nettogewinn von 1,97 Millionen Dollar im dritten Quartal 2024 (0,94 Dollar pro Aktie), im Vergleich zu 2,09 Millionen Dollar (1,01 Dollar pro Aktie) im dritten Quartal 2023. Für die neun Monate bis September 2024 betrug der Nettogewinn 5,99 Millionen Dollar (2,88 Dollar pro Aktie). Zu den wichtigsten Punkten gehören ein Gesamtwachstum der Einlagen von 2,49%, ein Vermögenswachstum von 3,41% und ein Kreditwachstum von 9,65%. Die Bank hielt ein starkes Community Bank Leverage Ratio von 10,53% aufrecht. Der Vorstand genehmigte eine vierteljährliche Dividende von 0,20 Dollar für die Stammaktionäre und eine Vorzugsdividende von 7,00%. Der Rückgang des vierteljährlichen Nettogewinns war hauptsächlich auf höhere Zinsaufwendungen und Rückstellungen für Kreditausfälle zurückzuführen, die teilweise durch höhere Zinsen und Gebühren für Kredite ausgeglichen wurden.
- Total loan growth of 9.65% year-to-date
- Total deposit growth of 2.49%
- Total asset growth of 3.41%
- Strong Community Bank Leverage Ratio of 10.53%
- Interest and fees on loans increased by $2.12 million in Q3
- Q3 net income decreased 5.66% year-over-year to $1.97 million
- Interest expense increased by $1.33 million year-over-year
- Provision for credit losses increased by $428,000 compared to Q3 2023
- Non-performing assets increased from $121,000 to $247,000 since December 2023
At September 30, 2024, select financial information and key highlights include:
- Return on average assets of
0.99% - Return on average equity of
10.28% - Book value of
$38.21 - Total deposit growth of
2.49% - Total asset growth of
3.41% - Total loan growth of
9.65% - Community Bank Leverage Ratio of
10.53%
The Board of Directors voted to pay the
Results of Operations
Net income for the three months ended September 30, 2024 was
For the three months ended September 30, 2024, the Bank recorded a provision for credit loss expense of
At September 30, 2024 net loans increased
Noninterest income increased by
Noninterest expense increased
Income tax expense for the three months ended September 30, 2024 was
Financial Condition
At September 30, 2024 total assets amounted to
Stockholders' equity totaled
Asset Quality
Bank of Botetourt's asset quality remained strong for the third quarter 2024. Provision for credit losses for the third quarter of 2024 was
The Bank had no foreclosed properties at December 31, 2023 and September 30, 2024, respectively. Therefore, non-performing assets only consisted of nonaccrual loans. Non-performing assets increased from
Net charge-offs during the third quarter of 2024 were
Capital Ratios
Bank of Botetourt qualified for and adopted the optional, simplified measure of capital adequacy, the community bank leverage ratio framework, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. A qualifying community banking organization is defined as having less than
Milestone
On October 1, 2024, Bank of
About Bank of Botetourt
Bank of Botetourt was chartered in 1899 and operates thirteen retail offices in
Bank of Botetourt | ||||
(unaudited) | (audited) | |||
September 30, | December 31, | |||
2024 | 2023 | |||
Assets | ||||
Cash and due from banks | $ 15,224,000 | $ 10,410,000 | ||
Interest-bearing deposits with banks | 25,851,000 | 58,800,000 | ||
Federal funds sold | 678,000 | 524,000 | ||
Total cash and cash equivalents | 41,753,000 | 69,734,000 | ||
Debt securities held to maturity, net of allowance | ||||
for credit losses of | ||||
at December 31, 2023, respectively | 9,982,000 | 9,932,000 | ||
Debt securities available for sale | 77,767,000 | 85,663,000 | ||
Loans, net of allowance for credit losses of | ||||
September 30, 2024 and | 650,513,000 | 593,256,000 | ||
Loans held for sale | 649,000 | - | ||
Premises and fixed assets, net | 15,166,000 | 14,652,000 | ||
Other real estate owned | - | |||
Investment in unconsolidated subsidiaries | 3,183,000 | 3,000,000 | ||
Other assets | 18,958,000 | 14,778,000 | ||
Total assets | $ 817,971,000 | $ 791,015,000 | ||
Liabilities and Stockholders' Equity | ||||
Liabilities | ||||
Noninterest-bearing deposits | $ 166,878,000 | $ 161,464,000 | ||
Interest-bearing deposits | 541,893,000 | 530,120,000 | ||
Total deposits | 708,771,000 | 691,584,000 | ||
Other borrowings | 19,000,000 | 19,000,000 | ||
Other liabilities | 8,842,000 | 5,653,000 | ||
Total liabilities | 736,613,000 | 716,237,000 | ||
Commitments and contingencies | - | - | ||
Stockholders' Equity | ||||
Preferred stock, | ||||
authorized; 243,659 issued and outstanding | ||||
at September 30, 2024 and at December 31, 2023, respectively | 244,000 | 244,000 | ||
Common stock, | ||||
authorized; 1,958,794 and 1,951,372 issued and | ||||
outstanding at September 30, 2024 and at December 31, 2023, | ||||
respectively | 2,938,000 | 2,927,000 | ||
Additional paid-in capital | 24,138,000 | 23,937,000 | ||
Retained earnings | 57,834,000 | 53,377,000 | ||
Accumulated other comprehensive loss | (3,796,000) | (5,707,000) | ||
Total stockholders' equity | 81,358,000 | 74,778,000 | ||
Total liabilities and stockholders' equity | $ 817,971,000 | $ 791,015,000 | ||
Bank of Botetourt | |||||||
Nine Months Ended | Three Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Interest income | |||||||
Loans and fees on loans | $ 27,369,000 | $ 20,980,000 | $ 9,613,000 | $ 7,497,000 | |||
Securities: | |||||||
| 582,000 | 653,000 | 188,000 | 214,000 | |||
Mortgage-backed securities | 195,000 | 235,000 | 62,000 | 75,000 | |||
All other securities | 650,000 | 628,000 | 216,000 | 200,000 | |||
Due from depository institutions | 1,779,000 | 2,309,000 | 458,000 | 769,000 | |||
Federal funds sold | 16,000 | 14,000 | 7,000 | 5,000 | |||
Total Interest income | 30,591,000 | 24,819,000 | 10,544,000 | 8,760,000 | |||
Interest expense | |||||||
Deposits | 10,809,000 | 5,845,000 | 3,769,000 | 2,495,000 | |||
Other borrowings | 743,000 | 235,000 | 252,000 | 192,000 | |||
Total Interest expense | 11,552,000 | 6,080,000 | 4,021,000 | 2,687,000 | |||
Net Interest Income | 19,039,000 | 18,739,000 | 6,523,000 | 6,073,000 | |||
Provision for credit losses | 513,000 | 651,000 | 411,000 | (17,000) | |||
Net Interest Income after credit loss expense | 18,526,000 | 18,088,000 | 6,112,000 | 6,090,000 | |||
Noninterest income | |||||||
Service charges on deposit accounts | 963,000 | 790,000 | 351,000 | 265,000 | |||
Securities brokerage and annuities | 297,000 | 176,000 | 111,000 | 52,000 | |||
Other income, net of gains | 2,607,000 | 2,960,000 | 889,000 | 894,000 | |||
Total noninterest income | 3,867,000 | 3,926,000 | 1,351,000 | 1,211,000 | |||
Noninterest expense | |||||||
Salaries and employee benefits | 6,590,000 | 6,299,000 | 2,213,000 | 2,149,000 | |||
Premises and fixed assets expense | 1,469,000 | 1,365,000 | 499,000 | 436,000 | |||
Other expense | 6,854,000 | 6,400,000 | 2,331,000 | 2,150,000 | |||
Total noninterest expense | 14,913,000 | 14,064,000 | 5,043,000 | 4,735,000 | |||
Income before income taxes | 7,480,000 | 7,950,000 | 2,420,000 | 2,566,000 | |||
Income tax expense | 1,492,000 | 1,578,000 | 453,000 | 481,000 | |||
Net income | 5,988,000 | 6,372,000 | 1,967,000 | 2,085,000 | |||
Preferred stock dividends | 358,000 | 358,000 | 119,000 | 120,000 | |||
Net income available to common shareholders | $ 5,630,000 | $ 6,014,000 | $ 1,848,000 | $ 1,965,000 | |||
Basic earnings per share | $ 2.88 | $ 3.09 | $ 0.94 | $ 1.01 | |||
Diluted earnings per share | $ 2.88 | $ 3.09 | $ 0.94 | $ 1.01 | |||
Dividends declared per share | $ 0.60 | $ 0.578 | $ 0.20 | $ 0.1925 | |||
Basic weighted average shares outstanding | 1,955,299 | 1,945,359 | 1,957,708 | 1,947,887 | |||
Diluted weighted average shares outstanding | 1,955,299 | 1,945,359 | 1,957,708 | 1,947,887 | |||
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SOURCE Bank of Botetourt
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