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| 8-K - FORM 8-K - BOTETOURT BANKSHARES INC | d350971d8k.htm |
Exhibit 99
Section 2: EX-99 (PRESS RELEASE)
FOR RELEASE May 11, 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 IMPROVED FINANCIAL RESULTS
BUCHANAN, VIRGINIA. May 11, 2012 — Buchanan-based Botetourt Bankshares, Inc. announced today its consolidated financial results for the quarter ending March 31, 2012. The Company reports net income for the first quarter of $507,472. This amount compares to a net loss of $(323,479) for the same period last year, representing an increase of $830,951. Both basic and diluted earnings per share increased $0.63 from $(0.26) at March 31, 2011 to $0.37 at March 31, 2012.
At March 31, 2012 total assets amounted to $305,650,799, total deposits were $278,083,716, net loans were $237,875,460 and total stockholders’ equity was $25,312,288.
H. Watts Steger, Chairman and Chief Executive Officer of Botetourt Bankshares, Inc., states “The financial performance of the Company for the first quarter of 2012 is gratifying, particularly with regard to the prevailing economic conditions being experienced in our markets. Although the economy is showing signs of recovery and improvement, high unemployment remains an issue, as well as low consumer confidence. While our Company is still working with elevated levels of non-performing assets, significant improvement has been made during the period in reducing the Bank’s exposure in this area. In spite of the disappointing financial performance which the Company endured in 2011, a successful capital raising campaign was completed early in the first quarter of 2012 and the Company’s balance sheet, liquidity, and capital levels remain strong. Both the Bank and the Company continue to exceed all minimum ratios to satisfy “well capitalized” regulatory status.”
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, 2012 and December 31, 2011
| (Unaudited) March 31, 2012 |
(Audited) December 31, 2011 |
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| Assets |
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| Cash and due from banks |
$ | 9,590,016 | $ | 7,376,113 | ||||
| Interest-bearing deposits with banks |
22,236,280 | 19,235,517 | ||||||
| Federal funds sold |
1,714,000 | 680,000 | ||||||
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| Total cash and cash equivalents |
33,540,296 | 27,291,630 | ||||||
| Time deposits with banks |
250,000 | 250,000 | ||||||
| Investment securities available for sale |
14,632,393 | 15,622,899 | ||||||
| Restricted equity securities |
536,000 | 536,000 | ||||||
| Loans, net of allowance for loan losses of $5,283,722 at March 31, 2012 and $5,994,825 at December 31, 2011 |
237,875,460 | 243,854,200 | ||||||
| Property and equipment, net |
7,346,879 | 7,344,643 | ||||||
| Accrued income |
1,009,525 | 1,039,676 | ||||||
| Foreclosed assets |
5,301,048 | 5,251,939 | ||||||
| Other assets |
5,159,198 | 5,427,044 | ||||||
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| Total assets |
$ | 305,650,799 | $ | 306,618,031 | ||||
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| Liabilities and Stockholders’ Equity |
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| Liabilities |
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| Noninterest-bearing deposits |
$ | 37,693,597 | $ | 36,359,242 | ||||
| Interest-bearing deposits |
240,390,119 | 244,464,401 | ||||||
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| Total deposits |
278,083,716 | 280,823,643 | ||||||
| Accrued interest payable |
412,044 | 451,663 | ||||||
| Subordinated debt |
310,000 | 300,000 | ||||||
| Other liabilities |
1,532,751 | 1,420,074 | ||||||
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| Total liabilities |
280,338,511 | 282,995,380 | ||||||
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| Commitments and contingencies |
— | — | ||||||
| Stockholders’ equity |
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| Common stock, $1.00 par value; 2,500,000 shares authorized; 1,409,519 issued and outstanding at March 31, 2012 and 1,253,542 shares issued and outstanding at December 31, 2011 |
1,409,519 | 1,253,542 | ||||||
| Additional paid-in capital |
2,752,311 | 1,714,975 | ||||||
| Retained earnings |
21,227,476 | 20,720,004 | ||||||
| Accumulated other comprehensive loss |
(77,018 | ) | (65,870 | ) | ||||
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| Total stockholders’ equity |
25,312,288 | 23,622,651 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 305,650,799 | $ | 306,618,031 | ||||
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Botetourt Bankshares, Inc.
Consolidated Statements of Operations
For Three Months Ended March 31, 2012 and 2011
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2012 | 2011 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Interest income |
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| Loans and fees on loans |
$ | 3,537,981 | $ | 3,630,868 | ||||
| Federal funds sold |
189 | 380 | ||||||
| Investment securities: |
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| Taxable |
57,475 | 56,215 | ||||||
| Exempt from federal income tax |
42,380 | 59,899 | ||||||
| Dividend income |
1,728 | 1,141 | ||||||
| Deposits with banks |
12,367 | 6,048 | ||||||
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| Total interest income |
3,652,120 | 3,754,551 | ||||||
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| Interest expense |
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| Deposits |
912,735 | 1,066,147 | ||||||
| Long-term debt |
5,460 | — | ||||||
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| Total interest expense |
918,195 | 1,066,147 | ||||||
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| Net interest income |
2,733,925 | 2,688,404 | ||||||
| Provision for loan losses |
— | 1,515,000 | ||||||
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| Net interest income after provision for loan losses |
2,733,925 | 1,173,404 | ||||||
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| Noninterest income |
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| Service charges on deposit accounts |
138,128 | 173,433 | ||||||
| Mortgage origination fees |
49,832 | 31,182 | ||||||
| Other income |
314,750 | 299,673 | ||||||
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| Total noninterest income |
502,710 | 504,288 | ||||||
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| Noninterest expense |
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| Salaries and employee benefits |
1,087,102 | 1,181,026 | ||||||
| Occupancy and equipment expense |
204,057 | 202,748 | ||||||
| Foreclosed assets, net |
372,605 | 69,695 | ||||||
| Other expense |
834,237 | 763,423 | ||||||
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| Total noninterest expense |
2,498,001 | 2,216,892 | ||||||
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| Income (loss) before income taxes |
738,634 | (539,200 | ) | |||||
| Income tax expense (benefit) |
231,162 | (215,721 | ) | |||||
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| Net income (loss) |
$ | 507,472 | $ | (323,479 | ) | |||
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| Basic earnings (loss) per share |
$ | 0.37 | $ | (0.26 | ) | |||
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| Diluted earnings (loss) per share |
$ | 0.37 | $ | (0.26 | ) | |||
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| Dividends declared per share |
$ | — | $ | 0.04 | ||||
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| Basic weighted average shares outstanding |
1,378,574 | 1,250,870 | ||||||
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| Diluted weighted average shares outstanding |
1,378,574 | 1,250,870 | ||||||
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