Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BOTETOURT BANKSHARES INC | d8k.htm |
Exhibit 99
FOR RELEASE February 3, 2011
BOTETOURT BANKSHARES, Inc.
19747 Main Street
Buchanan, Virginia 24066
For Further Information Contact:
Michelle A. Alexander, Chief Financial Officer
(540) 591-5013
BOTETOURT BANKSHARES, INC ANNOUNCES ANNUAL EARNINGS FOR 2010
BUCHANAN, VIRGINIA. February 3, 2011 — Buchanan-based Botetourt Bankshares, Inc. announced today its consolidated financial results for the quarter and year-to-date periods ending December 31, 2010. Net income for the fourth quarter amounted to $204,421, or $0.16 per share. This amount compares to a net loss amounting to $97,976, or $0.08 per share, for the same period last year, representing an increase of $302,397 or 308.64%.
Net income for the fiscal year 2010 amounted to $417,183. This amount compares to $764,074 for the same period of 2009, representing a decrease of $346,891 or 45.40%. Both basic and diluted earnings per share decreased $0.28 from $0.61 at December 31, 2009 to $0.33 at December 31, 2010.
At December 31, 2010 total assets amounted to $310,019,331, an increase of 0.48% above the prior year and total deposits increased by 0.43% to $281,047,765 over the prior year.
The company announced a quarterly shareholder dividend payment of $0.04 per share, payable on February 18, 2011.
H. Watts Steger, Chairman and Chief Executive Officer of Botetourt Bankshares, Inc., said “While 2010 was a profitable year for the Company, it remained a challenging year for both our Bank and the industry. Earnings have been adversely impacted in 2010 due to a higher provision for loan losses as the Company continues to respond to loan delinquencies, impaired loans, and exposure in the real estate development market.”
Steger continued by noting “Bank of Botetourt remains well-capitalized according to regulatory standards. Our 112 year history has enabled us to weather this economic storm. We are committed to our shareholders by maintaining a dividend payment appropriate to 2011’s forecasted performance.”
Botetourt Bankshares, Inc. is the holding company for Bank of Botetourt, which was chartered in 1899. Bank of Botetourt operates ten full service offices in Botetourt, Rockbridge, Roanoke, and Franklin counties.
Information in this press release contains “forward-looking statements.” These statements involve risks and uncertainties that could cause actual results to differ materially including, without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Botetourt Bankshares, Inc.’s recent filings with the Securities and Exchange Commission, included but not limited to its Annual Report on Form 10-K and its other periodic reports.
- END OF TEXT. SEE FINANCIAL INFORMATION ON FOLLOWING PAGES. -
Botetourt Bankshares, Inc.
Consolidated Balance Sheets
December 31, 2010 and December 31, 2009
| (unaudited) | (audited) | |||||||
| 2010 | 2009 | |||||||
| Assets |
||||||||
| Cash and due from banks |
$ | 6,232,356 | $ | 7,507,950 | ||||
| Interest-bearing deposits with banks |
12,690,985 | 2,044,636 | ||||||
| Federal funds sold |
1,728,000 | 7,272,000 | ||||||
| Investment securities available for sale |
15,042,933 | 16,090,402 | ||||||
| Investment securities held to maturity (fair value approximates $100,000 in 2010 and $99,800 in 2009) |
100,000 | 100,000 | ||||||
| Restricted equity securities |
581,000 | 581,000 | ||||||
| Loans, net of allowance for loan losses of $4,337,790 in 2010 and $3,947,025 in 2009 |
258,367,882 | 259,998,540 | ||||||
| Property and equipment, net |
7,661,323 | 8,058,292 | ||||||
| Accrued income |
1,338,662 | 1,253,125 | ||||||
| Foreclosed assets |
1,850,665 | 1,322,340 | ||||||
| Other assets |
4,425,525 | 4,306,288 | ||||||
| Total assets |
$ | 310,019,331 | $ | 308,534,573 | ||||
| Liabilities and Stockholders’ Equity |
||||||||
| Liabilities |
||||||||
| Noninterest-bearing deposits |
$ | 33,006,463 | $ | 30,706,483 | ||||
| Interest-bearing deposits |
248,041,302 | 249,133,352 | ||||||
| Total deposits |
281,047,765 | 279,839,835 | ||||||
| Accrued interest payable |
520,373 | 685,138 | ||||||
| Other liabilities |
2,051,912 | 1,403,272 | ||||||
| Total liabilities |
283,620,050 | 281,928,245 | ||||||
| Commitments and contingencies |
— | — | ||||||
| Stockholders’ equity |
||||||||
| Common stock, $1.00 par value; 2,500,000 shares authorized; 1,250,375 and 1,246,062 shares issued and outstanding in 2010 and 2009, respectively |
1,250,375 | 1,246,062 | ||||||
| Additional paid-in capital |
1,687,446 | 1,630,586 | ||||||
| Retained earnings |
24,226,667 | 24,208,695 | ||||||
| Accumulated other comprehensive loss |
(765,207 | ) | (479,015 | ) | ||||
| Total stockholders’ equity |
26,399,281 | 26,606,328 | ||||||
| Total liabilities and stockholders’ equity |
$ | 310,019,331 | $ | 308,534,573 | ||||
Botetourt Bankshares, Inc.
Consolidated Statements of Operations
For the Year Ended December 31, 2010 and 2009
| (Unaudited) | (Audited) | |||||||
| 2010 | 2009 | |||||||
| Interest income |
||||||||
| Loans and fees on loans |
$ | 15,613,824 | $ | 15,884,452 | ||||
| Federal funds sold |
8,641 | 6,078 | ||||||
| Investment securities: |
||||||||
| Taxable |
313,561 | 405,001 | ||||||
| Exempt from federal income tax |
240,750 | 276,197 | ||||||
| Dividend income |
2,143 | 2,485 | ||||||
| Deposits with banks |
23,124 | 1,853 | ||||||
| Total interest income |
16,202,043 | 16,576,066 | ||||||
| Interest expense |
||||||||
| Deposits |
5,163,198 | 6,637,009 | ||||||
| Federal funds purchased |
— | 1,651 | ||||||
| Total interest expense |
5,163,198 | 6,638,660 | ||||||
| Net interest income |
11,038,845 | 9,937,406 | ||||||
| Provision for loan losses |
3,235,000 | 1,790,000 | ||||||
| Net interest income after provision for loan losses |
7,803,845 | 8,147,406 | ||||||
| Noninterest income |
||||||||
| Service charges on deposit accounts |
1,094,093 | 1,161,136 | ||||||
| Other service charges and fees |
213,254 | 188,553 | ||||||
| Mortgage origination fees |
201,505 | 202,497 | ||||||
| Commissions on title services |
48,996 | 71,074 | ||||||
| Net realized gains on sales of securities |
2,675 | 8,505 | ||||||
| Other income |
367,285 | 352,161 | ||||||
| Total noninterest income |
1,927,808 | 1,983,926 | ||||||
| Noninterest expense |
||||||||
| Salaries and employee benefits |
4,877,701 | 4,780,653 | ||||||
| Occupancy |
535,881 | 553,485 | ||||||
| Equipment |
653,576 | 645,207 | ||||||
| Foreclosed assets, net |
379,020 | 219,805 | ||||||
| Advertising and public relations |
147,745 | 171,933 | ||||||
| Outside services |
352,427 | 303,095 | ||||||
| FDIC insurance premiums and assessment |
485,688 | 685,338 | ||||||
| ATM and debit card |
278,712 | 285,028 | ||||||
| Franchise tax |
193,918 | 193,732 | ||||||
| Other general and administrative |
1,351,648 | 1,292,177 | ||||||
| Total noninterest expense |
9,256,316 | 9,130,453 | ||||||
| Income before income taxes |
475,337 | 1,000,879 | ||||||
| Income tax expense |
58,154 | 236,805 | ||||||
| Net income |
$ | 417,183 | $ | 764,074 | ||||
| Basic earnings per share |
$ | 0.33 | $ | 0.61 | ||||
| Diluted earnings per share |
$ | 0.33 | $ | 0.61 | ||||
| Basic weighted average shares outstanding |
1,248,142 | 1,245,409 | ||||||
| Diluted weighted average shares outstanding |
1,248,142 | 1,245,409 | ||||||