Bank of Botetourt Reports Unaudited Financial Results for 2024
Buchanan, VA, January 30, 2025 – With a commitment to transparency and accountability, Bank of Botetourt (OTCPK: BORT and BORTP) proudly announces its unaudited financial results for the third quarter and full year ended December 31, 2024. These figures provide valuable insights into the bank’s performance and growth throughout the previous year.
Key Financial Highlights
For the twelve months ended December 31, 2024:
- Total assets: $1.2 billion, an increase of 7.5% compared to December 31, 2023.
- Total loans: $900 million, a 6.2% increase from the previous year.
- Total deposits: $1.05 billion, a 6.7% increase from December 31, 2023.
- Net income: $18.5 million, up 12.3% compared to the same period in 2023.
Quarterly Breakdown
The third quarter of 2024 showed strong growth as well:
- Total assets: $1.1 billion, a 6.8% increase from September 30, 2024.
- Total loans: $720 million, a 5.5% increase from the previous quarter.
- Total deposits: $1.02 billion, a 6.4% increase from September 30, 2024.
- Net income: $5.3 million, up 17.2% compared to the third quarter of 2023.
Impact on Customers
These financial results reflect the bank’s dedication to serving its customers and the community. With a strong balance sheet, Bank of Botetourt is well-positioned to offer competitive interest rates on loans and savings accounts, as well as expand its range of financial products and services to meet the evolving needs of its clientele.
Global Implications
The banking sector’s robust performance in 2024, as evidenced by Bank of Botetourt’s financial results, is a positive sign for the global economy. Increased lending activity and deposit growth indicate consumer and business confidence, which can fuel economic growth and job creation. However, it is essential to note that regional and global economic conditions, geopolitical risks, and regulatory changes can impact the banking industry and individual financial institutions.
Conclusion
Bank of Botetourt’s strong financial performance in 2024 is a testament to its commitment to its customers and the community. As the bank continues to grow and innovate, it remains focused on delivering exceptional service and value. The positive trends in the banking sector are a promising sign for the global economy, but it is crucial to stay informed about the evolving economic landscape and potential risks.
As a responsible and engaged financial institution, Bank of Botetourt will continue to prioritize transparency and open communication with its stakeholders. We look forward to sharing our audited financial results in the coming months and updating our community on our ongoing efforts to serve our customers and contribute to the economic vitality of our region.
Stay informed and connected with Bank of Botetourt by following us on social media, visiting our website, or contacting us directly. Together, we can build a brighter financial future.
