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Overview of Bank of Botetourt
Bank of Botetourt (OTCPK: BORTP) is a community-focused financial institution with a legacy spanning over 125 years. Chartered in 1899 and headquartered in Buchanan, Virginia, the bank operates as a trusted partner for individuals, businesses, and agricultural enterprises across its service areas. With a network of retail branches in Botetourt, Franklin, Roanoke, and Rockbridge counties, as well as the City of Salem and the Town of Vinton, Bank of Botetourt provides a comprehensive suite of financial solutions tailored to meet the unique needs of its customers.
Core Business Areas
Bank of Botetourt's core offerings include traditional banking services such as deposits and loans, alongside specialized solutions in mortgage lending, commercial and agricultural financing, and wealth management. Its mortgage division, Virginia Mountain Mortgage, and financial services division, Botetourt Wealth Management, further enhance its ability to provide personalized financial guidance and support. The bank’s revenue model is rooted in interest income from loans, fees from financial services, and wealth management advisory services.
Commitment to Community and Economic Development
Bank of Botetourt stands out for its unwavering commitment to community engagement and economic development. The bank actively participates in initiatives that promote financial literacy, economic empowerment, and social well-being. Its contributions to education, arts, social services, and charitable activities underscore its role as a vital community partner. By aligning its resources with the needs of its communities, the bank fosters meaningful connections and helps improve the quality of life for residents in its service areas.
Technological Innovation
While rooted in tradition, Bank of Botetourt embraces technological advancements to enhance the banking experience. Its digital platform offers customers the convenience of managing accounts, paying bills, and accessing wealth management tools online. The integration of technology with personalized service allows the bank to remain competitive in an evolving financial landscape, meeting the expectations of modern consumers while retaining its community-centric ethos.
Market Position and Differentiation
Operating in a competitive banking industry, Bank of Botetourt differentiates itself through its focus on relationship banking. Unlike larger financial institutions, it prioritizes direct and meaningful interactions with customers, fostering trust and loyalty. Its strategic expansion into underserved areas, such as its new branch in Northwest Roanoke, demonstrates its commitment to bridging financial service gaps and empowering communities. By combining personalized service with innovative solutions, the bank positions itself as a reliable and forward-thinking financial partner.
Industry Context and Challenges
As a community bank, Bank of Botetourt operates within the broader financial services industry, which is characterized by increasing competition, regulatory complexities, and rapid technological change. However, its localized approach, deep community ties, and emphasis on customer-centric services provide a competitive edge. The bank's adaptability in integrating digital tools while maintaining its relationship-driven model ensures its relevance in a dynamic market environment.
Conclusion
Bank of Botetourt exemplifies the enduring value of community banking. Its commitment to personalized service, community development, and technological innovation positions it as a trusted financial partner for individuals and businesses alike. With a rich history and a forward-looking approach, the bank continues to play a pivotal role in fostering economic growth and financial well-being across its service areas.
Bank of Botetourt (BORT) reported strong financial results for Q4 and full-year 2024. The bank achieved Q4 net income of $1,954,000 ($0.94 per share), up from $1,800,000 ($0.86 per share) in Q4 2023. Full-year 2024 net income was $7,942,000 ($3.82 per share), compared to $8,173,000 ($3.95 per share) in 2023.
Key highlights include total deposit growth of 10.94%, total asset growth of 8.35%, and total loan growth of 13.20%. The bank maintained strong asset quality with a Community Bank Leverage Ratio of 10.22%. The Board approved a 12.5% increase in quarterly dividend to $0.225 per common share, payable February 18, 2025, and a 7.00% preferred dividend of $0.49 per share, payable February 7, 2025.
The bank expanded its presence by opening its fourteenth full-service branch in Rocky Mount, Virginia, on December 23, 2024.
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.
Bank of Botetourt (OTCPK: BORT) reported strong Q2 2024 financial results, exceeding budget expectations. Key highlights include:
- Net income of $2,193,000 or $1.06 per basic share, up 10.04% from $1,993,000 or $0.96 per share in Q2 2023
- Total loan growth of 6.09%
- Return on average assets of 1.01%
- Return on average equity of 10.53%
- Community Bank Leverage Ratio of 10.40%
The bank's performance was driven by increased interest and fees on loans and reduced provision for credit losses. However, this was partially offset by higher interest expenses on deposits and borrowings. The Board approved a $0.20 per share quarterly dividend payable on August 16, 2024.
Bank of Botetourt (OTCPK: BORT and OTCPK: BORTP) has applied to establish a full-service branch in Roanoke, Virginia, at 2502 Melrose Ave, NW. The bank is partnering with Goodwill Industries to provide banking services at Melrose Plaza, aiming to strengthen Northwest Roanoke. The new branch will offer 24/7 ITM access, night deposits, and mortgage services through Virginia Mountain Mortgage.
This expansion underscores Bank of Botetourt's commitment to empowering the Northwest Neighborhood and promoting financial wellness. The branch will provide personalized banking services, including mortgage, commercial and agricultural lending, insurance, and wealth management solutions. With a 125-year history, Bank of Botetourt aims to become an integral part of the community, offering financial education and growth opportunities.
Bank of Botetourt (OTCPK: BORT, BORTP) reported substantial financial growth for Q1 2023. Net income surged to
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