Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BOTETOURT BANKSHARES INC | d8k.htm |
Exhibit 99
Section 2: EX-99 (PRESS RELEASE)
FOR RELEASE May 13, 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 FINANCIAL RESULTS
BUCHANAN, VIRGINIA. May 13, 2011 — Buchanan-based Botetourt Bankshares, Inc. announced today its consolidated financial results for the quarter ending March 31, 2011. The Company experienced a net loss for the first quarter amounting to $(323,479). This amount compares to net income of $316,151 for the same period last year, representing a decrease of $639,630. Both basic and diluted earnings per share decreased $0.51 from $0.25 at March 31, 2010 to $(0.26) at March 31, 2011.
At March 31, 2011 total assets amounted to $308,468,369, total deposits were $280,331,608, net loans were $257,572,812 and total stockholders’ equity was $25,581,862.
H. Watts Steger, Chairman and Chief Executive Officer of Botetourt Bankshares, Inc., states “The Company’s performance remains below our own expectations as first quarter’s earnings were adversely impacted by a higher provision for loan losses as we continue to respond to loan delinquencies, impaired loans, and loss exposure on real estate collateral. While the pace of the economic recovery has been sluggish and disappointing, your Company’s 112-year history and well capitalized position will enable us to weather the current financial storm.”
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
March 31, 2011 and December 31, 2010
| (Unaudited) March 31, 2011 |
(Audited) December 31, 2010 |
|||||||
| Assets |
||||||||
| Cash and due from banks |
$ | 7,725,034 | $ | 6,232,356 | ||||
| Interest-bearing deposits with banks |
12,192,186 | 12,190,985 | ||||||
| Federal funds sold |
960,000 | 1,728,000 | ||||||
| Total cash and cash equivalents |
20,877,220 | 20,151,341 | ||||||
| Time deposits with banks |
250,000 | 500,000 | ||||||
| Investment securities available for sale |
14,031,079 | 15,042,933 | ||||||
| Investment securities held to maturity (fair value approximates $100,000 in 2010) |
— | 100,000 | ||||||
| Restricted equity securities |
581,000 | 581,000 | ||||||
| Loans, net of allowance for loan losses of $5,804,523 at March 31, 2011 and $5,147,790 at December 31, 2010 |
257,572,812 | 257,557,882 | ||||||
| Property and equipment, net |
7,576,221 | 7,661,323 | ||||||
| Accrued income |
1,194,663 | 1,338,662 | ||||||
| Foreclosed assets |
1,715,530 | 1,850,665 | ||||||
| Other assets |
4,669,844 | 4,700,925 | ||||||
| Total assets |
$ | 308,468,369 | $ | 309,484,731 | ||||
| Liabilities and Stockholders’ Equity |
||||||||
| Liabilities |
||||||||
| Noninterest-bearing deposits |
$ | 33,583,912 | $ | 33,006,463 | ||||
| Interest-bearing deposits |
246,747,696 | 248,041,302 | ||||||
| Total deposits |
280,331,608 | 281,047,765 | ||||||
| Accrued interest payable |
507,543 | 520,373 | ||||||
| Other liabilities |
2,047,356 | 2,051,912 | ||||||
| Total liabilities |
282,886,507 | 283,620,050 | ||||||
| Commitments and contingencies |
— | — | ||||||
| Stockholders’ equity |
||||||||
| Common stock, $1.00 par value; 2,500,000 shares authorized; 1,251,436 issued and outstanding at March 31, 2011 and 1,250,375 shares issued and outstanding at December 31, 2010 |
1,251,436 | 1,250,375 | ||||||
| Additional paid-in capital |
1,697,790 | 1,687,446 | ||||||
| Retained earnings |
23,318,573 | 23,692,067 | ||||||
| Accumulated other comprehensive loss |
(685,937 | ) | (765,207 | ) | ||||
| Total stockholders’ equity |
25,581,862 | 25,864,681 | ||||||
| Total liabilities and stockholders’ equity |
$ | 308,468,369 | $ | 309,484,731 | ||||
Botetourt Bankshares, Inc.
Consolidated Statements of Operations
For Three Months Ended March 31, 2011 and 2010 (unaudited)
| Three Months Ended March 31, |
||||||||
| 2011 | 2010 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Interest income |
||||||||
| Loans and fees on loans |
$ | 3,630,868 | $ | 3,969,726 | ||||
| Federal funds sold |
380 | 2,050 | ||||||
| Investment securities: |
||||||||
| Taxable |
56,215 | 93,408 | ||||||
| Exempt from federal income tax |
59,899 | 58,007 | ||||||
| Dividend income |
1,141 | 84 | ||||||
| Deposits with banks |
6,048 | 1,455 | ||||||
| Total interest income |
3,754,551 | 4,124,730 | ||||||
| Interest expense |
||||||||
| Deposits |
1,066,147 | 1,370,612 | ||||||
| Total interest expense |
1,066,147 | 1,370,612 | ||||||
| Net interest income |
2,688,404 | 2,754,118 | ||||||
| Provision for loan losses |
1,515,000 | 570,000 | ||||||
| Net interest income after provision for loan losses |
1,173,404 | 2,184,118 | ||||||
| Noninterest income |
||||||||
| Service charges on deposit accounts |
173,433 | 164,986 | ||||||
| Mortgage origination fees |
31,182 | 34,530 | ||||||
| Net realized gain on sales of securities |
— | 1,075 | ||||||
| Other income |
299,673 | 280,933 | ||||||
| Total noninterest income |
504,288 | 481,524 | ||||||
| Noninterest expense |
||||||||
| Salaries and employee benefits |
1,181,026 | 1,177,481 | ||||||
| Occupancy and equipment expense |
202,748 | 238,023 | ||||||
| Foreclosed assets, net |
69,695 | 46,328 | ||||||
| Other expense |
763,423 | 761,507 | ||||||
| Total noninterest expense |
2,216,892 | 2,223,339 | ||||||
| Income (loss) before income taxes |
(539,200 | ) | 442,303 | |||||
| Income tax expense (benefit) |
(215,721 | ) | 126,152 | |||||
| Net income (loss) |
$ | (323,479 | ) | $ | 316,151 | |||
| Basic earnings (loss) per share |
$ | (0.26 | ) | $ | 0.25 | |||
| Diluted earnings (loss) per share |
$ | (0.26 | ) | $ | 0.25 | |||
| Dividends declared per share |
$ | 0.04 | $ | 0.08 | ||||
| Basic weighted average shares outstanding |
1,250,870 | 1,246,589 | ||||||
| Diluted weighted average shares outstanding |
1,250,870 | 1,246,589 | ||||||