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FOR RELEASE March 23, 2012
BOTETOURT BANKSHARES, Inc.
19747 Main Street
Buchanan, Virginia 24066
For Further Information Contact:
Michelle A. Crook, Chief Financial Officer
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 Companys 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 markets decreasing collateral values, slow sales, foreclosures, and bankruptcies have impacted the ability of some borrowers to service debt. Our Companys 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.
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The following information was filed by Botetourt Bankshares Inc (BORT) on Friday, March 23, 2012 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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