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FOR RELEASE February 15, 2008
BOTETOURT BANKSHARES, Inc.
19747 Main Street
Buchanan, Virginia 24066
For Further Information Contact:
Michelle A. Alexander, Chief Financial Officer
BOTETOURT BANKSHARES, INC ANNOUNCES ANNUAL EARNINGS FOR 2007
BUCHANAN, VIRGINIA. February 15, 2008 Buchanan-based Botetourt Bankshares, Inc. announced today its consolidated financial results for the year-ending December 31, 2007. Net income for the fourth quarter amounted to $799,767, or $0.64 per share. This amount compares to $803,427, or $0.64 per share, for the same period last year, representing a decrease of $3,660 or 0.46%.
Net income for the fiscal year 2007 amounted to $3,359,843. This amount compares to $3,477,055, for the same period of 2006, representing a decrease of $117,212 or 3.37%. Both basic and diluted earnings per share decreased $0.10 from $2.80 at December 31, 2006 to $2.70 at December 31, 2007.
At December 31, 2007 total assets amounted to $279,631,567, an increase of 9.93% above the prior year and total deposits increased by 9.19% to $248,105,966 over the prior year.
In addition, the company announced an increase in its quarterly shareholder dividend payment to $0.21 per share, payable on February 10, 2008, an increase of 5.00% in the quarterly dividend payment.
H. Watts Steger, Chairman and Chief Executive Officer of Botetourt Bankshares, Inc., We are pleased with our Companys earnings performance during 2007, particularly with regard to the challenging economic environment which the banking industry is encountering. Although net income declined slightly, primarily due to lower mortgage loan origination fees and lower title insurance commissions as compared to last years record earnings, our Companys performance remains well above average among our peer community banks.
Botetourt Bankshares, Inc. is the holding company for Bank of Botetourt, which was chartered in 1899. Bank of Botetourt operates nine 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.
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The following information was filed by Botetourt Bankshares Inc (BORT) on Friday, February 15, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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