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FOR RELEASE February 6, 2009
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 2008
BUCHANAN, VIRGINIA. February 6, 2009 Buchanan-based Botetourt Bankshares, Inc. announced today its consolidated financial results for the quarter and year-to-date periods ending December 31, 2008. The Company experienced a net loss amounting to $493,832, or $0.39 per basic share in the fourth quarter. This amount compares to net income of $799,767 or $0.64 per share, for the same period last year.
Net income for the fiscal year 2008 amounted to $1,202,770. This amount compares to $3,359,843, for the same period of 2007, representing a decrease of $2,157,073 or 64.20%. Both basic and diluted earnings per share decreased $1.73 from $2.70 at December 31, 2007 to $0.97 at December 31, 2008.
At December 31, 2008 total assets amounted to $294,392,011, an increase of 5.28% above the prior year and total deposits increased by 6.62% to $264,542,468 over the prior year.
The company announced a quarterly shareholder dividend payment of $0.14 per share, payable on February 10, 2009, a decrease of 33.33% in the quarterly dividend payment.
H. Watts Steger, Chairman and Chief Executive Officer of Botetourt Bankshares, Inc., said While 2008 was a profitable year for the Company, the impact of the economic recession was experienced in the fourth quarter as we expensed $1.43 million into the loan loss reserve. This allocation to the loan loss reserve was prudent and appropriate given the deteriorating economic conditions, the increase in impaired loans, and an ailing local real estate and housing market.
Steger continued by noting Bank of Botetourt remains well-capitalized according to regulatory standards. The strength of our capital adequacy allowed us to forego applying for the U.S. Treasurys TARP Capital Purchase Program. Bank of Botetourt remains willing to extend credit to spur economic activity. During January 2009, the FDIC noted Bank of Botetourts lending contributions to the local economy, granting an Outstanding rating with regard to the Banks Community Reinvestment Act activities. Finally, we are committed to our shareholders by maintaining a dividend payment appropriate to 2009s forecasted performance.
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.
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The following information was filed by Botetourt Bankshares Inc (BORT) on Friday, February 6, 2009 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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