Bank of Botetourt Q2 profit jumps 67% on one-time gain

Overview

• Virginia community bank's Q2 net income rose 67% yr/yr, driven by one-time gain

• Q2 net interest margin increased to 4.02% from a year earlier

Outlook

• Company did not provide specific guidance or forecasts for future quarters or full year

Result Drivers

• ONE-TIME GAIN - Q2 results benefited from a $3.8 mln 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

Company press release: ID:nPn6wd365a

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)