BANK OF BOTETOURT BUCH VA - BORT STOCK NEWS

Buchanan-based Bank of Botetourt (OTCPK: BORT, BORTP) appointed Michelle R. Austin as the 7th President in its history, effective February 20, 2023, while retaining her role as Chief Operating Officer. Austin joined the bank in 1993 and has held various positions, including Chief Financial Officer for 18 years. G. Lyn Hayth, the previous President, has been named Vice Chair of the Board. The Board also promoted Dustin G. Bays to Chief Financial Officer. Chairman Tommy L. Moore noted these changes ensure continuity as the bank approaches 125 years of operation.

Buchanan-based Bank of Botetourt (OTCPK: BORT) announced on January 23, 2023 that its Series A Preferred Stock has received FINRA approval for trading under the ticker symbol BORTP, following its issuance in November 2022. The preferred shares are exempt from registration under the Securities Act of 1933. Raymond James & Associates acted as the Market Maker for this application. Established in 1899, the bank operates 13 retail offices across Virginia and also offers mortgage and wealth management services.

Buchanan-based Bank of Botetourt (OTCPK: BORT) announced the closure of its Series A Preferred Stock Rights Offering on November 4, 2022. The offering resulted in the issuance of 243,659 shares of noncumulative, convertible, perpetual preferred stock, generating gross proceeds of approximately $6,822,452. All shares sold are exempt from registration under the Securities Act of 1933. The bank, chartered in 1899, operates retail offices across several Virginia counties and offers mortgage and financial services.

Bank of Botetourt (OTCPK: BORT) reported strong financial results for Q3 ended September 30, 2022, with net income of $2.3 million, up 27.1% from $1.8 million in Q3 2021, translating to earnings per share (EPS) of $1.19. Year-to-date net income reached $5.6 million, an increase over last year's $5.4 million. Key metrics include a return on assets of 1.06%, and total asset growth of 6.5% to $707 million. The bank also announced a dividend of $0.185 per share. Noninterest income rose 11.5%, while noninterest expenses increased mainly due to higher salaries.

The Bank of Botetourt (OTCPK: BORT) announced a Series A Preferred Stock Rights Offering, starting October 4, 2022, after approval from the Board of Directors on September 28, 2022. The offering allows current shareholders to purchase up to 325,000 shares of noncumulative, convertible preferred stock at $28.00 each. If fully subscribed, gross proceeds could reach $9.1 million. Shareholders receive one right for every seven common shares owned, enabling participation in a Basic Subscription and oversubscription. The preferred stock offers a 7.00% annual dividend and is perpetual, allowing conversion to common stock after five years.

Bank of Botetourt (OTCPK: BORT) reported its financial results for Q2 2022, showing net income of $1,763,000 or $0.91 per share, up 11.4% from last year. For the first half of 2022, net income totaled $3,306,000 or $1.72 per share. Key highlights include a 9.74% growth in deposits and an 8.09% increase in total assets amounting to $717,433,000. A quarterly dividend of $0.185 per share was declared, payable on August 19, 2022. Despite the positive performance, the bank's Community Bank Leverage Ratio was 8.84%, slightly below the required minimum.

Bank of Botetourt (OTCPK: BORT) reported its financial results for Q1 2022, showing a net income of $1,543,000, or $0.80 per share, down from $1,980,000, or $1.04 per share, a year ago. Key metrics included a return on average assets of 0.90% and a return on average equity of 10.41%. Total deposits increased by 6.07% to $635,001,000, while total assets rose by 5.54% to $700,538,000. The Board declared a quarterly dividend of $0.185 per share, payable on May 19, 2022. The decrease in net income was primarily due to lower loan interest income and higher expenses.

Bank of Botetourt (OTCPK: BORT) reported a net income of $6.88 million for 2021, a 48.5% increase from 2020. Supported by lower loan loss provisions and robust revenue from the Paycheck Protection Program, earnings per share rose to $3.58. The Board approved a quarterly dividend increase from $0.18 to $0.185 per share, payable on February 18, 2022, reflecting a 2.8% hike. Additionally, the bank's total assets grew 11% to $662 million, while total deposits increased by 11.5%. The bank showed strong liquidity with a community bank leverage ratio of 9.14%.

Bank of Botetourt (OTCPK: BORT) announced a 10% stock dividend at its Board meeting on November 23, 2021. This dividend is payable on December 17, 2021 to shareholders of record on November 30, 2021. Fractional shares will be compensated with cash based on a price of $31.50 per share. Chairman Tommy L. Moore expressed gratitude for employee efforts and shareholder loyalty, highlighting this decision as a sign of the bank's confidence in its viability and outlook.