BOTETOURT BANKSHARES INC

CIK:0001172229|SEC Filings

Consolidated Statements Of Operations (USD $)	3 Months Ended
Consolidated Statements Of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011
Interest income
Loans and fees on loans	$ 3,537,981	$ 3,630,868
Federal funds sold	189	380
Investment securities:
Taxable	57,475	56,215
Exempt from federal income tax	42,380	59,899
Dividend income	1,728	1,141
Deposits with banks	12,367	6,048
Total interest income	3,652,120	3,754,551
Interest expense
Deposits	912,735	1,066,147
Long-term debt	5,460
Total interest expense	918,195	1,066,147
Net interest income	2,733,925	2,688,404
Provision for loan losses		1,515,000
Net interest income after provision for loan losses	2,733,925	1,173,404
Noninterest income
Service charges on deposit accounts	138,128	173,433
Mortgage origination fees	49,832	31,182
Other income	314,750	299,673
Total noninterest income	502,710	504,288
Noninterest expense
Salaries and employee benefits	1,087,102	1,181,026
Occupancy and equipment expense	204,057	202,748
Foreclosed assets, net	372,605	69,695
Other expense	834,237	763,423
Total noninterest expense	2,498,001	2,216,892
Income (loss) before income taxes	738,634	(539,200)
Income tax expense (benefit)	231,162	(215,721)
Net income (loss)	$ 507,472	$ (323,479)
Basic earnings (loss) per share	$ 0.37	$ (0.26)
Diluted earnings (loss) per share	$ 0.37	$ (0.26)
Dividends declared per share		$ 0.04
Basic weighted average shares outstanding	1,378,574	1,250,870
Diluted weighted average shares outstanding	1,378,574	1,250,870

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
Consolidated Statements Of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities
Net income (loss)	$ 507,472	$ (323,479)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization	137,685	145,012
Net amortization of securities premiums	3,615	3,572
Provision for loan losses		1,515,000
Deferred income taxes	(219,676)	(209,877)
Net realized losses (gains) on sales of assets	(6,555)	19,645
Write down of other real estate owned	362,012	62,605
Changes in assets and liabilities:
Accrued interest receivable	30,151	143,999
Other assets	466,097	213,093
Accrued interest payable	(39,619)	(12,830)
Other liabilities	118,420	(45,392)
Net cash provided by operating activities	1,359,602	1,511,348
Cash flows from investing activities
Purchases of investment securities - available for sale	(1,000,000)
Maturity of investment securities - held to maturity		100,000
Maturity of investment securities - available for sale	1,970,000	1,128,388
Net decrease in time deposits with banks		250,000
Net decrease (increase) in loans	5,556,740	(1,644,930)
Purchases of properties and equipment	(118,496)	(36,945)
Proceeds from sales of properties and equipment		4,500
Proceeds from sales of foreclosed assets	17,434	168,285
Net cash provided (used) by investing activities	6,425,678	(30,702)
Cash flows from financing activities
Net increase in noninterest-bearing deposits	1,334,355	577,449
Net decrease in interest-bearing deposits	(4,074,282)	(1,293,606)
Proceeds of long-term debt	10,000
Dividends paid		(50,015)
Common stock issued	1,193,313	11,405
Net cash used by financing activities	(1,536,614)	(754,767)
Net increase in cash & due from banks	6,248,666	725,879
Cash and cash equivalents, beginning	27,291,630	20,151,341
Cash and cash equivalents, ending	33,540,296	20,877,220
Supplemental disclosures of cash flow information:
Interest paid	957,814	1,078,977
Income taxes paid
Supplemental schedule of noncash investing activities:
Other real estate acquired in settlement of loans	672,000	240,000
Loans originated from disposition of other real estate	$ 250,000	$ 125,000

Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
Assets
Cash and due from banks	$ 9,590,016	$ 7,376,113
Interest-bearing deposits with banks	22,236,280	19,235,517
Federal funds sold	1,714,000	680,000
Total cash and cash equivalents	33,540,296	27,291,630
Time deposits with banks	250,000	250,000
Investment securities available for sale	14,632,393	15,622,899
Restricted equity securities	536,000	536,000
Loans, net of allowance for loan losses of $5,283,722 at March 31, 2012 and $5,994,825 at December 31, 2011	237,875,460	243,854,200
Property and equipment, net	7,346,879	7,344,643
Accrued income	1,009,525	1,039,676
Foreclosed assets	5,301,048	5,251,939
Other assets	5,159,198	5,427,044
Total assets	305,650,799	306,618,031
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	37,693,597	36,359,242
Interest-bearing deposits	240,390,119	244,464,401
Total deposits	278,083,716	280,823,643
Accrued interest payable	412,044	451,663
Subordinated debt	310,000	300,000
Other liabilities	1,532,751	1,420,074
Total liabilities	280,338,511	282,995,380
Commitments and contingencies
Stockholders' equity
Common stock, $1.00 par value; 2,500,000 shares authorized; 1,409,519 issued and outstanding at March 31, 2012 and 1,253,542 shares issued and outstanding at December 31, 2011	1,409,519	1,253,542
Additional paid-in capital	2,752,311	1,714,975
Retained earnings	21,227,476	20,720,004
Accumulated other comprehensive loss	(77,018)	(65,870)
Total stockholders' equity	25,312,288	23,622,651
Total liabilities and stockholders' equity	$ 305,650,799	$ 306,618,031