Botetourt Bankshares Q1 net income rises 51% on steady asset yields, lower funding costs

Overview

• US community bank's Q1 net income rose 51% yr/yr

• Net interest margin increased to 3.97%, driven by steady asset yields and lower funding costs

• Company declared Q1 preferred and common dividends

Outlook

• Company did not provide specific financial guidance or outlook for future periods

Result Drivers

• NET INTEREST MARGIN - Higher net interest margin was primarily driven by steady asset yields and a lower cost of interest-bearing liabilities

• NONINTEREST INCOME - Increase in noninterest income was due to higher service charges on deposit accounts, income from title insurance subsidiaries, and gains on sale of mortgage loans

• NONINTEREST EXPENSE - Higher noninterest expense mainly reflected increases in salaries and employee benefits, debit card expense, and core processing expenses

Company press release: ID:nPnbFt0k0a

Key Details

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