Botetourt Bankshares Q3 net income rises on steady asset yields
BORT•Botetourt Bankshares’ third-quarter net income rose 38% year over year, and basic EPS was $1.95. Net interest margin improved to 4.11%.
1. Earnings and margin
Botetourt Bankshares reported a 38% year-over-year increase in third-quarter net income, with basic EPS of $1.95. Net interest margin improved to 4.11%, as asset yields remained steady and liability costs fell.
2. Other results
Higher service charges and gains on mortgage loan sales boosted noninterest income. A lower provision for credit losses also supported net income, reflecting net loan growth and updated loss factors. The company declared a quarterly common dividend and maintained its preferred dividend; it did not provide specific guidance for the upcoming quarter or full year.
