Bank of Botetourt Q2 profit jumps 67% on one-time gain
BORT•Outlook
The company did not provide specific guidance or forecasts for future quarters or the full year.
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 EPS | $2.62 | ||
| Q2 Basic EPS | $2.62 | ||
| Q2 Net Interest Margin | 4.02% |
Result drivers
- One-time gain — Q2 results benefited from a $3.8 million pre-tax gain on the sale of the bank's investment in Bearing Insurance Group.
- Net interest margin — Net interest margin rose to 4.02%, driven by consistent asset yields and a lower cost of interest-bearing liabilities.
- Noninterest income — Noninterest income increased due to the one-time gain, higher service charges on deposit accounts, and increased gain on sale of mortgage loans.
