Bank of Botetourt Buchanan Va (BORT) Exchange: PINK

Bank of Botetourt was chartered in 1899 and operates twelve retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties and the City of Salem, all in Virginia. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management. Bank of Botetourt Balance Sheets, unconsolidated March 31, 2021(unaudited) and December 31, 2020 (unaudited) (audited) March 31, December 31, 2021 2020 Assets Cash and Due from banks $             8,618,000 $             7,979,000 Interest-bearing deposits with banks 130,999,000 90,791,000 Federal funds sold 357,000 387,000 Total cash and cash equivalents 139,974,000 99,157,000 Investment securities available for sale 18,141,000 16,802,000 Equity securities with readily determinable fair values 66,000 51,000 Loans, net of allowance for loan losses of $5,262,000 at 455,581,000 454,680,000 March 31, 2021 and $5,239,000 at December 31, 2020 Loans held for sale 716,000 686,000 Premises and fixed assets, net 13,281,000 13,417,000 Other real estate owned 1,429,000 1,961,000 Investment in unconsolidated subsidiaries 2,410,000 2,082,000 Other assets 9,486,000 8,958,000 Total assets $        641,084,000 $        597,794,000 Liabilities and Stockholders' Equity Liabilities Noninterest-bearing deposits $          77,684,000 $          65,965,000 Interest-bearing deposits 500,053,000 470,840,000 Total deposits 577,737,000 536,805,000 Other borrowings 4,000,000 4,000,000 Other liabilities 3,851,000 3,173,000 Total liabilities 585,588,000 543,978,000 Commitments and contingencies - - Stockholders' Equity Common stock, $1.50 par value; 2,500,000 shares authorized; 1,733,758 and 1,729,880 issued and outstanding at March 31, 2021 and at December 31, 2020 respectively 2,600,000 2,595,000 Additional paid-in capital 11,657,000 11,569,000 Retained earnings 42,350,000 40,681,000 Accumulated other comprehensive loss (1,111,000) (1,029,000) Total stockholders' equity 55,496,000 53,816,000 Total liabilities and stockholders' equity $        641,084,000 $        597,794,000 Bank of Botetourt Income Statement For the three months ended March 31, 2021 and 2020 (Unaudited) Three Months Ended March 31 2021 2020 Interest income Loans and fees on loans $        5,528,000 $        5,380,000 Investment securities: U.S. Treasury and Government Agencies 11,000 55,000 All other securities 70,000 58,000 Due from depository institutions 27,000 44,000 Federal Funds Sold - 1,000 Total Interest income 5,636,000 5,538,000 Interest expense Deposits 828,000 1,247,000 Federal funds purchased - - Other borrowings 18,000 27,000 Total Interest expense 846,000 1,274,000 Net Interest Income 4,790,000 4,264,000 Provision for loan losses - 445,000 Net Interest Income after provision for loan losses 4,790,000 3,819,000 Noninterest income Service charges on deposit accounts 151,000 195,000 Securities brokerage and annuities 23,000 33,000 Other income, net of gains (losses) 938,000 795,000 Total noninterest income 1,112,000 1,023,000 Noninterest expense Salaries and employee benefits 1,497,000 1,721,000 Premises and fixed assets expense 378,000 367,000 Other expense 1,532,000 1,454,000 Total noninterest expense 3,407,000 3,542,000 Income before income taxes 2,495,000 1,300,000 Income tax expense 515,000 262,000 Net income $          1,980,000 $          1,038,000 Basic earnings per share $                   1.14 $                   0.60 Diluted earnings per share $                   1.14 $                   0.60 Dividends declared per share $                   0.18 $                 0.175 Basic weighted average shares outstanding 1,731,690 1,721,652 Diluted weighted average shares outstanding 1,731,690 1,721,652 SOURCE Bank of Botetourt Related Links http://www.bankofbotetourt.com