Attached files
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| 8-K - FORM 8-K - BOTETOURT BANKSHARES INC | d321037d8k.htm |
Exhibit 99
FOR RELEASE March 23, 2012
BOTETOURT BANKSHARES, Inc.
19747 Main Street
Buchanan, Virginia 24066
For Further Information Contact:
Michelle A. Crook, Chief Financial Officer
(540) 591-5013
BOTETOURT BANKSHARES, INC ANNOUNCES ANNUAL EARNINGS FOR 2011
BUCHANAN, VIRGINIA. March 23, 2012 — Buchanan-based Botetourt Bankshares, Inc. announced today its consolidated financial results for the quarter and year-to-date periods ending December 31, 2011. The net loss for the fourth quarter amounted to $(519,780) or $(0.41) per share. This amount compares to a net loss amounting to $(330,179), or $(0.26) per share, for the same period last year.
The net loss for the fiscal year 2011 amounted to $(2,922,048). This amount compares to $(117,417) for the same period of 2010. Both basic and diluted earnings per share were $(2.33) at December 31, 2011 compared to $(0.09) at December 31, 2010.
At December 31, 2011 total assets amounted to $306,618,031 and total deposits stood at $280,823,643.
H. Watts Steger, III, Chairman and Chief Executive Officer of Botetourt Bankshares, Inc., said “The Company’s performance in 2011 was below our own expectations. We were adversely impacted by a higher provision for loan losses as we responded to loan delinquencies, impaired loans, and loss exposure resulting from the decline in real estate values collateralizing specific loans. The anemic economic recovery related to our regional housing market’s decreasing collateral values, slow sales, foreclosures, and bankruptcies have impacted the ability of some borrowers to service debt. Our Company’s 112-year history and “well capitalized” position enabled us to withstand the financial impact of 2011.”
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, 2011 and December 31, 2010
| (Audited) 2011 |
(Audited) 2010 |
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| Assets |
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| Cash and due from banks |
$ | 7,376,113 | $ | 6,232,356 | ||||
| Interest-bearing deposits with banks |
19,235,517 | 12,190,985 | ||||||
| Federal funds sold |
680,000 | 1,728,000 | ||||||
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| Total cash and cash equivalents |
27,291,630 | 20,151,341 | ||||||
| Time deposits with banks |
250,000 | 500,000 | ||||||
| Investment securities available for sale |
15,622,899 | 15,042,933 | ||||||
| Investment securities held to maturity (fair value approximates $100,000 in 2010) |
— | 100,000 | ||||||
| Restricted equity securities |
536,000 | 581,000 | ||||||
| Loans, net of allowance for loan losses of $5,994,825 in 2011 and $5,147,790 in 2010 |
243,854,200 | 257,557,882 | ||||||
| Property and equipment, net |
7,344,643 | 7,661,323 | ||||||
| Accrued income |
1,039,676 | 1,338,662 | ||||||
| Foreclosed assets |
5,251,939 | 1,850,665 | ||||||
| Other assets |
5,427,044 | 4,700,925 | ||||||
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| Total assets |
$ | 306,618,031 | $ | 309,484,731 | ||||
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| Liabilities and Stockholders’ Equity |
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| Liabilities |
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| Noninterest-bearing deposits |
$ | 36,359,242 | $ | 33,006,463 | ||||
| Interest-bearing deposits |
244,464,401 | 248,041,302 | ||||||
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| Total deposits |
280,823,643 | 281,047,765 | ||||||
| Accrued interest payable |
451,663 | 520,373 | ||||||
| Subordinated debt |
300,000 | — | ||||||
| Other liabilities |
1,420,074 | 2,051,912 | ||||||
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| Total liabilities |
282,995,380 | 283,620,050 | ||||||
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| Commitments and contingencies |
— | — | ||||||
| Stockholders’ equity |
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| Common stock, $1.00 par value; 2,500,000 shares authorized; 1,253,542 and 1,250,375 shares issued and outstanding in 2011 and 2010, respectively |
1,253,542 | 1,250,375 | ||||||
| Additional paid-in capital |
1,714,975 | 1,687,446 | ||||||
| Retained earnings |
20,720,004 | 23,692,067 | ||||||
| Accumulated other comprehensive loss |
(65,870 | ) | (765,207 | ) | ||||
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| Total stockholders’ equity |
23,622,651 | 25,864,681 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 306,618,031 | $ | 309,484,731 | ||||
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Botetourt Bankshares, Inc.
Consolidated Statements of Operations
For the Year Ended December 31, 2011 and 2010
| (Audited)
2010 |
(Audited)
2009 |
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| Interest income |
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| Loans and fees on loans |
$ | 14,565,904 | $ | 15,613,824 | ||||
| Federal funds sold |
1,478 | 8,641 | ||||||
| Investment securities: |
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| Taxable |
207,428 | 313,561 | ||||||
| Exempt from federal income tax |
209,446 | 240,750 | ||||||
| Dividend income |
4,926 | 2,143 | ||||||
| Deposits with banks |
42,999 | 23,124 | ||||||
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| Total interest income |
15,032,181 | 16,202,043 | ||||||
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| Interest expense |
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| Deposits |
4,117,633 | 5,163,198 | ||||||
| Long-term debt |
5,095 | — | ||||||
| Federal funds purchased |
33 | — | ||||||
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| Total interest expense |
4,122,761 | 5,163,198 | ||||||
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| Net interest income |
10,909,420 | 11,038,845 | ||||||
| Provision for loan losses |
7,485,000 | 4,045,000 | ||||||
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| Net interest income after provision for loan losses |
3,424,420 | 6,993,845 | ||||||
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| Noninterest income |
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| Service charges on deposit accounts |
1,174,541 | 1,094,093 | ||||||
| Other service charges and fees |
241,727 | 213,254 | ||||||
| Mortgage origination fees |
165,373 | 201,505 | ||||||
| Commissions on title services |
39,991 | 48,996 | ||||||
| Net realized gains on sale of AFS securities |
2,650 | 2,675 | ||||||
| Other income |
348,617 | 367,285 | ||||||
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| Total noninterest income |
1,972,899 | 1,927,808 | ||||||
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| Noninterest expense |
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| Salaries and employee benefits |
4,639,938 | 4,877,701 | ||||||
| Occupancy |
525,981 | 535,881 | ||||||
| Equipment |
524,559 | 653,576 | ||||||
| Foreclosed assets, net |
1,182,514 | 379,020 | ||||||
| Advertising and marketing |
139,485 | 147,745 | ||||||
| Outside services |
397,714 | 352,427 | ||||||
| FDIC insurance premiums and assessment |
410,986 | 485,688 | ||||||
| ATM and debit card |
306,373 | 278,712 | ||||||
| Franchise tax |
189,319 | 193,918 | ||||||
| Collection |
287,950 | 124,974 | ||||||
| Other operating expenses |
1,349,102 | 1,226,674 | ||||||
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| Total noninterest expense |
9,953,921 | 9,256,316 | ||||||
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| Loss before income taxes |
(4,556,602 | ) | (334,663 | ) | ||||
| Income tax benefit |
(1,634,554 | ) | (217,246 | ) | ||||
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| Net loss |
$ | (2,922,048 | ) | $ | (117,417 | ) | ||
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| Basic loss per share |
$ | (2.33 | ) | $ | (0.09 | ) | ||
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| Diluted loss per share |
$ | (2.33 | ) | $ | (0.09 | ) | ||
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| Basic weighted average shares outstanding |
1,252,128 | 1,248,142 | ||||||
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| Diluted weighted average shares outstanding |
1,252,128 | 1,248,142 | ||||||
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