News
Robert Parker Wine Advocate’s Inaugural Top 100 Wine Discoveries List Reveals the Next Big Icons and Trends Around the World

Reviewers spotlight noteworthy wine discoveries based on criteria such as sustainability, innovation, investment value and age-worthiness.
SINGAPORE – Media OutReach – 19 November 2020 – Following on the success of unveiling ten top wine discoveries last year at their New York Matter of Taste event, the review team at Robert Parker Wine Advocate take this initiative a step further, announcing their best newly discovered, under-the-radar wines of the year: Top 100 Wine Discoveries 2020. True to Robert Parker Wine Advocate’s vision to independently evaluate and highlight wines from all around the world, this innovative move means to encourage wine lovers to explore new territories and learn about the passionate work of often previously unheralded wine makers.
Domaine Franco-Chinois is the new product to emerge from the old Sino-French experimental vineyard and winery located in Hebei, China. This is a joint venture between the Chinese government (CITIC) and the French government
From over 30,000 wines reviewed by the ten-strong team of wine critics over the last year, this Top 100 Wine Discoveries list complements the 100-point rating system developed by Robert Parker Wine Advocate back in 1978, spotlighting not the well-known, highest scoring wines, but those singular wine gems revealing unexpected greatness or fresh, exciting new takes on familiar labels.
The selection discovers a number of wines produced from lesser-known grape varieties and/or in non-traditional growing regions, and also rediscovers dozens of renowned marques that are making significant innovations, such as in sustainability and terroir-driven decisions, that are informing the taste of the new generation. Wineries in the Old World regions such as France and Italy show plenty of innovation, while the United States has emerged as one of wine’s most innovative frontiers.
“The results of our assessment highlighted to us that there are wines that are not necessarily our top-scoring wines, but have compelling stories behind the bottle. So much change and innovation is currently happening in regions around the world, whether new like California or those with a long history like Bordeaux. Even if the labels are not at all new, what’s happening behind those famous names and all that regional tradition is occasionally quite innovative. These stories and innovations are what consumers are increasingly motivated by when they seek out new discoveries–hence the creation of what we offer our readers as our Top 100 Wine Discoveries,” said Lisa Perrotti-Brown MW, Robert Parker Wine Advocate, Editor-in-Chief.
As noted by Robert Parker Wine Advocate China reviewer Edward Ragg, “China is expanding into producing a wider range of wine styles, as interest within and outside of the country grows. The two whites showcased in this list make this point. While Domaine Franco Chinois, a joint venture between the Chinese and French governments, is associated with red blends in a Bordelais mould, its best wine is arguably its sweet Petit Manseng. This 2014 example has all of the vibrant quince fruit and buoyant acidity of the varietal and is one of China’s highest quality and more age-able sweet whites. And at Chateau Nine Peaks in Shandong, a region better known for beer, its Chardonnay has the abundant fruit of Meursault, with softer acids and no lack of texture.”
Deciding the Top 100 Wine Discoveries
As the world’s most recognised authority on fine wines, the Robert Parker Wine Advocate team of wine critics cover the entire globe in their quest to inform readers of the most noteworthy wines, including the major wine-producing regions of Argentina, Australia, Austria, Canada, Chile, China, France, Germany, Greece, Hungary, Israel, Italy, New Zealand, Portugal, South Africa, Spain, Switzerland, the United States and more.
This year’s Wine Discoveries were handpicked by all 10 reviewers from over 30,000 wines reviewed between October 2019 and October 2020. The selection criteria for the Top 100 Wine Discoveries are founded on wines that come from outside the mainstream or are new, and have one or more of the following attributes: value, age-worthiness, sustainability, and wines that represent innovative approaches, whether in the vineyards, winery or otherwise. Not every wine region will be equally represented, and not every vintage is created equal.
“The regional composition of this list will vary considerably from year to year, depending on local weather conditions and the number of wines reviewed from the different parts of the wine-growing world,” said Joe Czerwinski, Robert Parker Wine Advocate, Managing Editor.
The next big thing: Spotlight on wineries in the list
For the inaugural list, the reviewers have discovered or rediscovered an exciting range of wines in a new light. Each one has its story of why it stood out, whether it’s a rising star, an experiment, or a value investment that would match similar styles in a reader’s cellar. Get to know a few here:
- Pasarene Union 2016, Tulbagh, South Africa
“Even though their labels are beautiful and catch the eye, it’s what’s inside the bottle that is truly captivating,’ said Robert Parker Wine Advocate South Africa and Washington State reviewer Anthony Muller of this rising star from Tulbagh, South Africa. “The 2016 Union is a Rhône style blend made from Syrah, Carignan and Mourvèdre, which boasts dusty, dark-berried aromas with a floral elegance, that is both food-friendly and age-worthy.”
- Aquilini Cabernet Sauvignon Red Mountain 2017, Red Mountain, USA
Anthony Muller has also spotted this relatively new kid on the block in Washington State, USA. “Focusing on Bordeaux varietals, Aquilini wines are owned by the Canadian billionaire family of the same name, who spare no expense to craft fine, high-quality wines from Red Mountain,” he noted. It’s not too late to start investing in discoveries from this region, which has produced 100-point wines in recent years.
- Chateau Montfin Corbières Vincent Sans Sulfites Ajoutés 2018, Languedoc, France
There are rising stars in the southern French region of Languedoc, and this is one that stood out for Joe Czerwinski. “Made without added sulfites, and selling for a song (under $20), this new cuvée does a fine job representing the ‘new Languedoc’. Organically farmed, it’s a delicious blend of traditional grape varieties (Grenache, Carignan and Syrah) from an underrated appellation,” he explained.
- Castello dei Rampolla Liù 2018, Toscana, Italy
Robert Parker Wine Advocate Italy Reviewer Monica Larner’s search led her to the heart of Tuscany and the Conca d’Oro vineyard in Panzano in Chianti where biodynamic vintner Maurizia Di Napoli offers the iconic wines d’Alceo and Sammarco. “A pure expression of Merlot, Liù is an exciting new addition to the Castello dei Rampolla portfolio,” she shared, of this winery that isn’t afraid of innovating, first with international blends in the 1970s, to biodynamics for the past 20 years.
- Chateau Séraphine 2017, Pomerol, Bordeaux, France
“Expect great things in the future from this producer, this is a Chateau to watch!” observed Lisa Perrotti-Brown. A newcomer to Pomerol, Séraphine was purchased by British businessman Martin Krajewski in late 2016, and this 2017 is the first vintage and a very promising beginning. Krajewski is also the owner of Grand Cru Saint-Émilion estate Clos Cantenac and Aristea Wines in South Africa.
In summary, “While our critics spend much of their time reviewing traditional wines from classic wine regions, part of the ethos at Robert Parker Wine Advocate has always been about discovering great wines, regardless of where they’re from and how they’re made. With the team’s global reach and decades of experience, Robert Parker Wine Advocate is uniquely qualified to highlight new or innovative wines that today’s modern wine consumers should seek out,” said Lisa Perrotti-Brown MW.
To mark the occasion of this inaugural list, Robert Parker Wine Advocate is giving a one-month complimentary trial for all new subscribers, where they can access the full details of the selection. After that, the essential one-year subscription to RobertParker.com can be continued at the usual membership fee with access to an unparalleled database of more than 450,000 wine tasting notes, ratings and in-depth reports from expert reviewers around-the-world, as well as priority booking for Matter of Taste (a premier fine-wine tasting event) and more.
For more information visit: https://www.robertparker.com/wine-discoveries/2020
ANNEX: Robert Parker Wine Advocate Top 100 Wine Discoveries List
Country |
Region |
Wine Name |
Vintage |
Argentina |
Patagonia |
Chacra Chardonnay |
2018 |
Australia |
Clare Valley |
Koerner Gullyview Vineyard Pigato Vermentino |
2019 |
Australia |
Margaret River |
Evoi Reserve Chardonnay |
2018 |
Australia |
McLaren Vale |
D’Arenberg The Anthropocene Epoch Mencia |
2018 |
Australia |
Swan Valley |
Corymbia Chenin Blanc |
2019 |
Australia |
Swan Valley |
Faber Vineyard Grand Muscat |
NV |
Austria |
Kamptal |
Weingut Bründlmayer Riesling Zöbinger Ried Heiligenstein Alte Reben 1ÖTW |
2018 |
Austria |
Südsteiermark |
Tement Ried Zieregg Sauvignon Blanc Reserve IZ |
2015 |
Austria |
Wachau |
Prager Grüner Veltliner Smaragd Wachstum Bodenstein |
2018 |
Canada |
British Columbia |
CheckMate Queen’s Advantage Chardonnay |
2016 |
Chile |
Limari Valley |
Tabalí Talinay Pai Pinot Noir |
2018 |
Chile |
Malleco Valley |
Baettig Selección de Parcelas Los Primos Chardonnay |
2018 |
China |
Hebei |
Domaine Franco Chinois Petit Manseng |
2014 |
China |
Shandong |
Chateau Nine Peaks Qi Chardonnay |
2018 |
Cyprus |
Cyprus |
Vouni Panayia Woman in the Wine Press |
2017 |
France |
Alsace |
Valentin Zusslin Pinot Noir Bollenberg Luft |
2016 |
France |
Beaujolais |
Jean-Marc Burgaud Beaujolais-Villages Les Vignes de Lantignié |
2019 |
France |
Bordeaux |
Chateau Asphodele |
2019 |
France |
Bordeaux, Lalande de Pomerol |
Les Champs Libres |
2017 |
France |
Bordeaux, Margaux |
Chateau Palmer |
2017 |
France |
Bordeaux, Pessac-Leognan |
Chateau Les Carmes Haut-Brion |
2017 |
France |
Bordeaux, Pomerol |
Chateau Séraphine |
2017 |
France |
Bordeaux, Saint-Emilion |
Chateau La Gaffeliere |
2017 |
France |
Burgundy |
Domaine Dureuil-Janthial Rully 1er Cru Meix Cadot Vieilles Vignes |
2018 |
France |
Burgundy |
Domaine Jean-Marc Vincent Santenay 1er Cru Les Gravières |
2018 |
France |
Burgundy |
Domaine Bruno Lorenzon Mercurey 1er Cru Clos de Champs Martin Cuvée Carline |
2018 |
France |
Burgundy |
Domaine Lamy-Caillat Chassagne-Montrachet 1er Cru Les Caillerets |
2017 |
France |
Burgundy |
Aurélien Verdet Bourgogne Hautes-Côtes de Nuits Le Prieuré |
2018 |
France |
Champagne |
Champagne Roses de Jeanne (Cédric Bouchard) Blanc de Noirs Côte de Val Vilaine |
2017 |
France |
Languedoc |
Chateau Montfin Corbières Vincent Sans Sulfites Ajoutés |
2018 |
France |
Northern Rhone |
Stephane Rousset Crozes Hermitage Marsanne Vieilles Vignes |
2017 |
France |
Northern Rhone |
Benjamin et David Duclaux Cote Rotie Unnamed Cuvée |
2018 |
France |
Roussillon |
Oiseau Rebelle Vin de France P’tit Rebelle ClanGrenGris |
2017 |
France |
Southern Rhone |
Domaine Isabel Ferrando Chateauneuf du Pape F601 |
2018 |
France |
Vouvray |
Domaine Huet Vouvray Clos du Bourg Sec |
2019 |
Germany |
Franken |
Weingut Rudolf Fürst Spätburgunder Hundsrück GG |
2018 |
Germany |
Mosel |
Markus Molitor Riesling Erdener Prälat Auslese *** (White Capsule) |
2018 |
Germany |
Mosel |
Jakob Tennstedt Waldportier |
2018 |
Germany |
Mosel |
Max Ferd. Richter Wehlener Sonnenuhr Riesling Kabinett |
2019 |
Germany |
Rheingau |
Peter Jakob Kühn Riesling Trocken Landgeflecht Unikat |
2015 |
Germany |
Rheingau |
Robert Weil Riesling Monte Vacano |
2018 |
Germany |
Rheinhessen |
Weingut Saalwächter Silvaner Grauer Stein |
2018 |
Greece |
Evia |
Vriniotis Assyrtiko Sur Lie |
2018 |
Greece |
Santorini |
Karamolegos Winery Papas |
2016 |
Greece |
Drama |
Oenops XinomavRaw |
2018 |
Italy |
Alto Adige Valle Isarco |
Köfererhof Kerner |
2018 |
Italy |
Barolo |
Arnaldo Rivera Barolo Undicicomuni |
2016 |
Italy |
Campania, Roccamonfina |
I Cacciagalli Phos |
2017 |
Italy |
Colli Tortonesi |
Vigne Marina Coppi Colli Tortonesi Timorasso Fausto |
2016 |
Italy |
Etna |
Tenute Bosco Etna Rosso Pre-phylloxera Vico |
2016 |
Italy |
Etna |
Tasca d’Almerita Etna Rosso Contrada Sciaranuova V.V. |
2016 |
Italy |
Greco di Tufo |
Tenute Capaldo Greco di Tufo Goleto |
2017 |
Italy |
Langhe Nebbiolo |
G.D. Vajra Langhe Nebbiolo Claré J.C. |
2019 |
Italy |
Sicily, Terre Siciliane |
Tenuta di Castellaro Nero Ossidiana |
2016 |
Italy |
Toscana |
Duemani G. Punto |
2018 |
Italy |
Toscana |
Castello dei Rampolla Liù |
2018 |
Italy |
Valdaro di Sopra, Tuscany |
Petrolo Val d’Arno di Sopra Bòggina C |
2018 |
Lebanon |
Lebanon |
Ixsir EL |
2011 |
New Zealand |
Canterbury |
Greystone Vineyard Ferment Pinot Noir |
2017 |
New Zealand |
Hawke’s Bay |
Tony Bish Heartwood Chardonnay |
2018 |
Portugal |
Bairrada |
Filipa Pato Nossa Missão |
2016 |
Portugal |
Douro |
Márcio Lopes Proibido Grande Reserva |
2017 |
Portugal |
Porto |
Kopke White Colheita Port |
1940 |
South Africa |
65% Franschhoek & 35% Robertson |
Colmant Absolu |
NV |
South Africa |
Bot River |
Beaumont Family Wines New Baby |
2017 |
South Africa |
Stellenbosch |
Natte Valleij Stellenbosch Cinsault |
2017 |
South Africa |
Tulbagh |
Pasarene Union |
2016 |
Spain |
Bierzo |
Michelini i Mufatto Post-Crucifixión |
2018 |
Spain |
Bierzo |
Verónica Ortega VO Cobrana |
2018 |
Spain |
Canary Islands |
Victoria Torres Pecis Viñas y Vinos |
2017 |
Spain |
Galicia |
Fedellos do Couto Bastarda |
2018 |
Spain |
Gredos |
Soto y Manrique La Mira |
2018 |
Spain |
Jerez |
Bodegas San Francisco Javier |
NV |
Spain |
Jumilla |
Micrit Caliza Micrit |
2018 |
Spain |
Manchuela |
Ponce Red |
2018 |
Spain |
Navarra |
Viña Zorzal Wines Punto de Fuga Corral del Mate |
2018 |
Spain |
Rias Baixas |
Eulogio Pomares Castiñeiro Espadeiro |
2018 |
Spain |
Ribera del Duero |
Hacienda Solano Finca Peña Lobera |
2016 |
Spain |
Valencia |
Javi Revert Viticultor Simeta |
2018 |
Switzerland |
Valais |
Marie-Thérèse Chappaz Grain Arvine de Fully |
2018 |
USA |
California |
Desperada Sauvignon Blanc Fragment |
2018 |
USA |
California, Central Coast |
Fingers Crossed Syrah Off the Record |
2018 |
USA |
Napa Valley |
Hertelendy Cabernet Franc Heavy Metal |
2018 |
USA |
Napa Valley |
Modus Operandi Antithesis |
2018 |
USA |
Napa Valley |
Trois Noix Noisette Cuvee |
2018 |
USA |
Napa Valley |
Cervantes Blacktail Proprietary Red Blend MMXVII |
2017 |
USA |
North Fork, Long Island, New York |
The Lenz Winery Cuvée RD |
2005 |
USA |
Paso Robles |
Benom Origin |
2017 |
USA |
Paso Robles |
Giornata Fiano |
2019 |
USA |
Red Mountain |
Aquilini Cabernet Sauvignon Red Mountain |
2017 |
USA |
San Luis Obispo County, Edna Valley |
Lady of the Sunshine Chevey |
2019 |
USA |
Santa Cruz Mountains |
Sante Arcangeli Pinot Noir Split Rail Vineyard |
2018 |
USA |
Sonoma County, Russian River Valley |
Bob Cabral Wines Pinot Noir Troubadour |
2017 |
USA |
Sonoma County, Sonoma Coast |
Vivier Wines Pinot Noir Sonoma Coast |
2018 |
USA |
Virginia |
Glen Manor Dry Petit Manseng |
2019 |
USA |
Walla Walla Valley |
Elephant Seven Yellowbird Vineyard Syrah |
2017 |
USA |
Walla Walla Valley |
Echolands Winery Seven Hills Vineyard Red Wine |
2018 |
USA |
Willamette Valley |
00 Wines Chardonnay VGW |
2018 |
USA |
Willamette Valley |
Hundred Suns Pinot Noir Bednarik Vineyard |
2018 |
USA |
Yakima |
Cairdeas Winery Caislén an Pápa |
2017 |
About Robert Parker Wine Advocate
For more than 40 years, Robert Parker Wine Advocate, and later RobertParker.com, has been the global leader and independent consumer’s guide to fine wine. The brand was established by world-famous Robert M. Parker, Jr., the only critic in any field to receive the highest Presidential honor from three countries–France, Italy and Spain. Robert Parker Wine Advocate provides a wealth of information to its subscribers, including a searchable database of more than 400,000 professional wine ratings and reviews plus articles, videos, daily news content, online retail availability and pricing, an active, professionally moderated bulletin board, a mobile app for easy access to the comprehensive online database of reviews, and much more.
In 2016, Robert Parker Wine Advocate partnered with Michelin to launch MICHELIN Guides in Singapore and other Asian markets. It provides full support in the form of a digital platform, a series of exclusive dining events and editorial support to increase the footprint of MICHELIN Guides in Asia. In 2019, Robert Parker Wine Advocate became fully owned by the Michelin Group joining the four pillars of the “Michelin Experiences” centered around food & beverage, hotels, travel and mobility.
For more information, visit www.RobertParker.com.
News
Bank of Botetourt Surpasses 2020 Budget Expectations; Board Votes To Increase Dividend

BUCHANAN, Va., Jan. 28, 2021 /PRNewswire/ — Buchanan-based Bank of Botetourt (OTCPK: BORT) announced today that it has filed its Call Report with the Federal Deposit Insurance Corporation and reports the following unaudited financial results for year ended December 31, 2020. Net income for the fiscal year ended 2020 amounted to $4,631,000, exceeding budget expectations. This amount compares to $4,979,000 for the same period of 2019, representing a decrease of $348,000 or 7.0%. The decrease in annual earnings is primarily attributed to a larger contribution to the allowance loan losses necessitated by loan growth and the economic uncertainty related to the COVID-19 health pandemic. Both basic and diluted earnings per share amounted to $2.68 at December 31, 2020 compared to $2.90 one year prior. Book value was $30.17 at December 31, 2020 as compared to $28.12 at December 31, 2019. As a result of the solid financial performance, the Board of Directors voted to increase the quarterly dividend payment from $0.175 to $0.18 per share, or $0.72 per share annualized which is payable on February 18, 2021 to shareholders of record February 11, 2021. This represents an increase in dividend payment of 2.8%.
For the three months ended December 31, 2020, the Bank reported net income amounting to $1,326,000 or $0.77 per basic share in the fourth quarter. This amount compares to a net income of $1,238,000 or $0.72 per basic share, for the same period last year.
At December 31, 2020, select financial highlights include:
- Return on average assets of 0.83%
- Return on average equity of 8.89%
- Net loan growth of 8.1%
- Total deposit growth of 23.7%
- Total asset growth of 21.5%
- Community Bank Leverage Ratio of 9.26%
- Strong liquidity position
- Net interest margin of 3.10% at December 31, 2020, up from 3.07% at September 30, 2020, and down from 3.57% one year prior
- Outstanding Paycheck Protection Program (“PPP”) loans of $26.2 million at December 31, 2020 compared to $30.1 million at September 30, 2020
- Deferred PPP loan servicing fees balance of $744,000 at December 31, 2020 compared to $1,000,000 at September 30, 2020
- Eight consecutive years of increased dividend payments
President & CEO, G. Lyn Hayth, III stated “Given the unprecedented circumstances of 2020 along with the significant economic consequences of the global health pandemic, we are thrilled with the solid financial performance of 2020. Although earnings are down 7% from 2019, it was a conscious and prudent decision by our Bank to reserve $1,150,000 more in our allowance for loan loss in 2020 over 2019 due to the uncertainty surrounding the economic impact on our borrowers. Yet, strong loan demand and historic deposit growth allowed our Bank to surpass earnings expectations. As a result, the Board of Directors voted to increase the dividend payment to our shareholders.”
Management Discussion & Analysis
Results of Operations
The Bank realized strong loan demand in 2020 as gross loans increased 8.3%. The generation of new loans during a pandemic, including the participation in the Small Business Administration's PPP program, was a positive contributor to the Bank's net income. Total interest income increased by $1,126,000 in 2020 as compared to 2019 due primarily to an increase in loan interest income as a result of loan growth and to a lesser extent an increase in interest earned on taxable investment securities. Interest expense increased by $43,000 during the period due to the increase in interest expense related to an advance on borrowed funds, partially offset by a decrease in interest paid on deposit accounts. As a result, net interest income increased by $1,083,000 for the year ended December 31, 2020 compared to the same time period in 2019.
Net income for the three months ended December 31, 2020 was $1,326,000 compared to $1,238,000 for the same period last year, representing an increase of $88,000 or 7.1%. Basic and diluted earnings per share increased $0.05 from $0.72 at December 31, 2019 to $0.77 at December 31, 2020. The increase in net income is primarily due to $136,000 higher interest income, $280,000 less total interest expense, resulting in an increase in net interest income for the three-month period of $416,000.
The provision for loan losses was $1,980,000 for the year ended December 31, 2020 and $830,000 for the year ended December 31, 2019. The three-month contribution to the allowance for loan losses was $370,000 compared to $210,000 for the same three-month time period one year prior. While asset quality remains stable, the increase in the provision is primarily due to the growth of the portfolio and the economic uncertainty after government stimulus programs are exhausted. Net charge-offs increased by $468,000 from $248,000 for year ended December 31, 2019 to $716,000 for 2020.
Noninterest income increased by $160,000, or 4.1%, to $4,030,000 for the year ended December 31, 2020 compared to $3,870,000 for the year ended December 31, 2019. The increase is attributable primarily to ATM and debit card revenue and mortgage origination fees. For the three-month period, noninterest income increased $37,000 primarily due to an increase in ATM and debit card revenue and partially offset by a decrease in service charges on deposit accounts.
For the year ended December 31, 2020, noninterest expense increased by $532,000, or 3.9%, from $13,497,000 at December 31, 2019 to $14,029,000 at December 31, 2020. The increase is primarily a result of increases in expenses related to outside services for cloud storage, marketing expense, franchise tax assessment, FDIC insurance premiums, ATM and debit card related expenses, and equipment expense. These expenses were partially offset by a decrease in occupancy expense, net foreclosed asset expense, other professional fees, and salaries and benefits. For the three-months ended December 31, 2020 noninterest expense increased $167,000 primarily due to an increase in salaries and employee benefits and the FDIC insurance assessment.
Income tax expense for the year ended December 31, 2020 was $1,143,000 compared to $1,234,000 one year prior. The 7.4% decrease in income tax expense correlates with the decrease in net income for the year. For the three-months ended December 31, 2020, income tax expense was $297,000 compared to $259,000 at December 31, 2019.
Financial Condition
At December 31, 2020 total consolidated assets amounted to $597,280,000, an increase of 21.5% above total assets at December 31, 2019 of $491,660,000, an increase of $105,620,000. Loan demand and growth exceeded 2020 budget expectations. Total net loans increased $33,992,000 or 8.1% from $421,417,000 at December 31, 2019 to $455,409,000 at December 31, 2020. Total deposits at December 31, 2020 amounted to $535,547,000, compared to $433,111,000 at December 31, 2019, an increase of 23.7% or $102,436,000. Loan demand was funded by the increase in deposits. At December 31, 2020, total cash and cash equivalents amounted to $98,907,000 compared to $26,761,000 at December 31, 2019, thereby significantly improving the Bank's liquidity position. Management places daily excess deposits at the Federal Reserve Bank and earns interest on excess reserves. Total liabilities increased by $102,072,000 from $441,391,000 at December 31, 2019 to $543,463,000 at December 31, 2020 primarily attributed to the deposit growth described.
Stockholders' equity totaled $53,817,000 at December 31, 2020 compared to $50,269,000 at December 31, 2019. The $3,548,000 increase during the period is primarily the result net income from 2020, net proceeds from the issuance of common stock from the Dividend Reinvestment and Stock Purchase Plan, partially offset by accumulated other comprehensive loss and dividends paid.
Non-Performing Assets
Non-performing assets, which consist of nonaccrual loans and foreclosed properties remained unchanged at $3,200,000 at December 31, 2020 and 2019, respectively.
Nonaccrual loans were $1,286,000 at December 31, 2020 compared to $656,000 at December 31, 2019. There were eight new additions to nonaccrual loans during 2020. These additions were spread among various categories such as residential installment, residential construction, commercial, land and development, spec construction and consumer. One residential installment loan exited nonaccrual status after being charged-off. The net result was an increase of $630,000 in nonaccrual loans.
A loan is considered impaired if it is probable that the Bank will be unable to collect all amounts due under the contractual terms of the loan agreement. Impaired loans amounted to $2,300,000 at December 31, 2020, compared to $1,500,000 at December 31, 2019. The $800,000 increase is related to eight new loans identified as impaired, spread among the same various loan categories described above. Loss exposure on impaired loans at December 31, 2020 decreased to $98,000, compared to $310,000 at December 31, 2019 after obtaining current appraisals on collateral securing a significant number of impaired loans in the portfolio and estimating selling costs based on historical experience.
Foreclosed assets consisted of twelve properties totaling $2,000,000 at December 31, 2020 compared to $2,500,000 at December 31, 2019. The decrease in foreclosed assets included nine sales with carrying values totaling $575,000, loss of sales of $99,000, and partially offset by two additions totaling $162,000. Each quarter, management evaluates the carrying value of these properties to determine if a write-down to lower of cost of market value is warranted. During 2020, the Bank recorded total write-downs on foreclosed properties in the amount of $76,000. All foreclosed properties are currently being marketed for sale. No additional material loss is anticipated. The Bank had one loan secured by 1-4 family residential property in the process of formal foreclosure at December 31, 2020 totaling $48,000.
The Bank historically makes a conscious effort to attempt work-out loan scenarios with past due customers. In some cases, loan restructuring is appropriate. Bank management has procedures and processes in place to identify, monitor, and report troubled debt restructurings. At December 31, 2020, troubled debt restructurings totaled $1,250,000 and were spread among various loan categories. Interest rates on a majority of these loans were at prevailing market rates, with only minor concessions given on interest rate reductions from the original terms. At December 31, 2020, $265,000 of troubled debt restructurings were on nonaccrual status. One new TDR was identified in 2020 compared to none in 2019. In addition, one TDR for $152,000 qualified to exit TRD status in 2020 and is performing within contractual terms. Bank management supports a philosophy of working with its customers to pursue plausible options. We have had some general success with these efforts in the past, although these efforts typically produce mixed results.
Capital Ratio
The federal banking agencies jointly issued a final rule, effective January 1, 2020, that provided for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework, for qualifying community banking organizations, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. A qualifying community banking organization is defined as having less than $10 billion in total consolidated assets, a leverage ratio greater than 9%, off-balance sheet exposures of 25% or less of total consolidated assets, and trading assets and liabilities of 5% or less of total consolidated assets. It also cannot be an advanced approaches institution. Bank of Botetourt qualified to opt-in to the Community Bank Leverage Ratio (“CBLR”). At December 31, 2020 Bank of Botetourt reported its CBLR ratio at 9.26% which exceeds the required regulatory minimum ratio. The CARES Act temporarily reduced the CBLR minimum ratio from 9.0% to 8.0% through December 31, 2020.
Paycheck Protection Program
Bank of Botetourt is participating in the PPP Program initiated by the U.S. Department of the Treasury. During 2020, the Bank has processed and received approval from the U.S. Small Business Administration on 488 applications for $30.1 million. Bank of Botetourt funded these loans using its on-balance sheet liquidity. The Bank completed the requirements to borrow from the Payroll Protection Program Lending Facility (“PPPLF”), if needed, at the Federal Reserve Bank of Richmond. At December 31, 2020 the Bank did not borrow any funds from the PPPL facility. The Bank earned and received $1,232,000 from the SBA for generating the PPP loans. This revenue will be recognized over the life of the PPP loans. At December 31, 2020, the Bank recognized $488,000 of the PPP revenue. The remaining deferred PPP fees at December 31, 2020 was $744,000. The forgiveness application process began in the fourth quarter of 2020 when 67 loans for $3.9 million were approved for forgiveness by the SBA. As of December 31, 2020, the Bank had 421 PPP loans totaling $26.2 million remaining in its loan portfolio.
COVID-19 Customer & Employee Care
Bank of Botetourt continues to take numerous steps to assist our customers and employees during the pandemic. For loan customers impacted by COVID-19, the Bank has granted extensions, skip-a-payment, and modifications consistent with regulatory guidance. During the fourth quarter, additional requests for assistance slowed to only 6 requests bringing the total requests for 2020 to 257 loans. Loan balances for all 257 customers requesting assistance during the year decreased from $57.1 million at September 30, 2020 to $55.0 million at December 31, 2020, indicating that timely payments and payoffs were made in the fourth quarter. For depositing customers, the Bank is permitting unlimited withdrawals from savings accounts without additional fee or penalty as announced and permitted by banking regulators. All of our offices remain open, although our lobbies are under controlled access. Facemasks are required for all parties consistent with the Governor's Executive Order 72. Plexiglass shields and floor markers assist in complying with social distancing. The Bank had no layoffs as a result of COVID-19. Non-essential work travel is not permitted. Bank employees must abide by travel restrictions set by President Biden and follow guidance from the Centers for Disease Control when returning to work. Approximately 20% of our workforce works remotely as we continue to use online meeting platforms for social distancing. The Bank's Human Resources department is working with local health departments in our various markets to enroll eligible employees for the COVID-19 vaccine in the appropriate essential worker group.
Strategic Initiatives
On December 16, 2020, the Bank's Board of Directors amended the Dividend Reinvestment and Stock Purchase Plan to make participation even more advantageous to its shareholders. Beginning in 2021, systematic and one-time purchases of shares will be offered at a 3% discounted price. The discount will be applied to the volume weighted average price for the three-week period before the purchase in February, May, August, and November. Shareholders can purchase up to $50,000 each quarter until the 159,000 remaining shares in the reserve for this program are exhausted.
About Bank of Botetourt
Bank of Botetourt was chartered in 1899 and operates twelve retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties and the City of Salem, all in Virginia. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.
Bank of Botetourt |
||||
(unaudited) |
(audited) |
|||
December 31 |
December 31 |
|||
2020 |
2019 |
|||
Assets |
||||
Cash and due from banks |
$ 7,979,000 |
$ 6,914,000 |
||
Interest-bearing deposits with banks |
90,541,000 |
19,545,000 |
||
Federal funds sold |
387,000 |
302,000 |
||
Total cash and cash equivalents |
98,907,000 |
26,761,000 |
||
Time deposits with banks |
250,000 |
250,000 |
||
Investment securities available for sale |
16,802,000 |
17,703,000 |
||
Restricted equity securities |
757,000 |
745,000 |
||
Loans held for sale |
686,000 |
– |
||
Loans, net of allowance for loan losses of $5,239,000 at |
455,409,000 |
421,417,000 |
||
December 31, 2020 and $3,975,000 at December 31, 2019 |
||||
Property and equipment, net |
13,417,000 |
13,419,000 |
||
Accrued income |
1,335,000 |
1,314,000 |
||
Foreclosed assets |
1,961,000 |
2,536,000 |
||
Other assets |
7,756,000 |
7,515,000 |
||
Total assets |
597,280,000 |
491,660,000 |
||
Liabilities and Stockholders' Equity |
||||
Liabilities |
||||
Noninterest-bearing deposits |
$ 64,707,000 |
$ 44,090,000 |
||
Interest-bearing deposits |
470,840,000 |
389,021,000 |
||
Total deposits |
535,547,000 |
433,111,000 |
||
Other Borrowings |
4,000,000 |
5,000,000 |
||
Accrued interest payable |
430,000 |
572,000 |
||
Other liabilities |
3,486,000 |
2,708,000 |
||
Total liabilities |
543,463,000 |
441,391,000 |
||
Commitments and contingencies |
– |
– |
||
Stockholders' Equity |
||||
Common stock, $1.50 par value; 2,500,000 shares |
||||
authorized; 1,729,880 and 1,720,900 issued and |
||||
outstanding at December 31, 2020 and at December 31, 2019 |
||||
respectively |
2,595,000 |
2,581,000 |
||
Additional paid-in capital |
11,570,000 |
11,365,000 |
||
Retained earnings |
40,681,000 |
37,257,000 |
||
Accumulated other comprehensive loss |
(1,029,000) |
(934,000) |
||
Total stockholders' equity |
53,817,000 |
50,269,000 |
||
Total liabilities and stockholders' equity |
597,280,000 |
491,660,000 |
Bank of Botetourt |
|||||||
Twelve Months Ended |
Three Months Ended |
||||||
2020 |
2019 |
2020 |
2019 |
||||
Interest income |
|||||||
Loans and fees on loans |
$ 21,913,000 |
$ 20,641,000 |
$ 5,598,000 |
$ 5,373,000 |
|||
Federal Funds Sold |
1,000 |
6,000 |
– |
1,000 |
|||
Investment securities: |
|||||||
Taxable |
333,000 |
326,000 |
77,000 |
87,000 |
|||
Exempt from federal income tax |
4,000 |
14,000 |
– |
2,000 |
|||
Dividend income |
38,000 |
27,000 |
8,000 |
7,000 |
|||
Deposits with banks |
129,000 |
278,000 |
17,000 |
94,000 |
|||
Total Interest income |
22,418,000 |
21,292,000 |
5,700,000 |
5,564,000 |
|||
Interest expense |
|||||||
Deposits |
4,563,000 |
4,593,000 |
989,000 |
1,258,000 |
|||
Other borrowings |
102,000 |
29,000 |
18,000 |
29,000 |
|||
Total Interest expense |
4,665,000 |
4,622,000 |
1,007,000 |
1,287,000 |
|||
Net Interest Income |
17,753,000 |
16,670,000 |
4,693,000 |
4,277,000 |
|||
Provision for loan losses |
1,980,000 |
830,000 |
370,000 |
210,000 |
|||
Net Interest Income after provision for loan losses |
15,773,000 |
15,840,000 |
4,323,000 |
4,067,000 |
|||
Noninterest income |
|||||||
Service charges on deposit accounts |
675,000 |
831,000 |
174,000 |
239,000 |
|||
ATM and debit card |
1,254,000 |
1,066,000 |
357,000 |
275,000 |
|||
Other service charges and fees |
381,000 |
388,000 |
109,000 |
86,000 |
|||
Mortgage origination fees |
1,015,000 |
849,000 |
291,000 |
299,000 |
|||
Other income |
705,000 |
736,000 |
157,000 |
152,000 |
|||
Total noninterest income |
4,030,000 |
3,870,000 |
1,088,000 |
1,051,000 |
|||
Noninterest expense |
|||||||
Salaries and employee benefits |
6,423,000 |
6,478,000 |
1,905,000 |
1,803,000 |
|||
Occupancy |
789,000 |
805,000 |
157,000 |
141,000 |
|||
Equipment |
774,000 |
669,000 |
196,000 |
175,000 |
|||
Foreclosed assets, net |
223,000 |
306,000 |
143,000 |
98,000 |
|||
Outside services |
1,613,000 |
1,350,000 |
385,000 |
329,000 |
|||
FDIC insurance premiums and assment |
306,000 |
97,000 |
98,000 |
11,000 |
|||
ATM and debit card |
810,000 |
733,000 |
230,000 |
194,000 |
|||
Franchise tax |
392,000 |
330,000 |
102,000 |
86,000 |
|||
Telephone and communication |
278,000 |
261,000 |
71,000 |
71,000 |
|||
Other professional fees |
211,000 |
242,000 |
13,000 |
74,000 |
|||
Marketing |
547,000 |
487,000 |
139,000 |
154,000 |
|||
Other operating expenses |
1,663,000 |
1,739,000 |
349,000 |
485,000 |
|||
Total noninterest expense |
14,029,000 |
13,497,000 |
3,788,000 |
3,621,000 |
|||
Income before income taxes |
5,774,000 |
6,213,000 |
1,623,000 |
1,497,000 |
|||
Income tax expense |
1,143,000 |
1,234,000 |
297,000 |
259,000 |
|||
Net income |
$ 4,631,000 |
$ 4,979,000 |
$ 1,326,000 |
$ 1,238,000 |
|||
Basic earnings per share |
$ 2.68 |
$ 2.90 |
$ 0.77 |
$ 0.72 |
|||
Diluted earnings per share |
$ 2.68 |
$ 2.90 |
$ 0.77 |
$ 0.72 |
|||
Dividends declared per share |
$ 0.70 |
$ 0.64 |
$ 0.175 |
$ 0.16 |
|||
Basic weighted average shares outstanding |
1,725,084 |
1,717,218 |
1,728,670 |
1,720,049 |
|||
Diluted weighted average shares outstanding |
1,725,084 |
1,717,218 |
1,728,670 |
1,720,049 |
View original content:http://www.prnewswire.com/news-releases/bank-of-botetourt-surpasses-2020-budget-expectations-board-votes-to-increase-dividend-301217433.html
SOURCE Bank of Botetourt
News
Fannie Mae Recognized as a 'Best Place to Work for LGBTQ Equality' by Human Rights Campaign Foundation

WASHINGTON, Jan. 28, 2021 /PRNewswire/ — Fannie Mae (OTCQB: FNMA) today announced it has been designated a Best Place to Work for LGBTQ Equality by the Human Rights Campaign (HRC) Foundation, earning a 100 percent score on its 2021 Corporate Equality Index (CEI) for the seventh consecutive year. The annual benchmarking survey and report measures corporate policies, practices, and benefits related to lesbian, gay, bisexual, transgender, and queer (LGBTQ) workplace equality for more than 1,000 U.S. companies.
“We're honored to again be recognized by the HRC Foundation as stalwart advocates for LGBTQ equality,” said Hugh R. Frater, Chief Executive Officer, Fannie Mae. “Fannie Mae's social mission is rooted in equal opportunity, respect, diversity, and inclusion. We will continue to cultivate these values as cornerstones of Fannie Mae's culture not only for our valuable employees but also our vendors, business partners, and customers as we continue to promote a more diverse and inclusive U.S. housing sector.”
Fannie Mae's Office of Minority and Women Inclusion advance the company's longstanding commitment to diversity and inclusion in the workplace and industry. Fannie Mae's ongoing internal and external initiatives include:
- Attracting, engaging, and retaining a diverse workforce.
- Supporting employee resource groups—including the LGBTQ Live Openly group—as they encourage professional development, cultural awareness, and community service, and give employees of all backgrounds and interests a chance to connect, learn, and grow while furthering the company's mission and business objectives.
- Expanding opportunities for employees and diverse suppliers, vendors, and business partners, as outlined in the company's Equal Opportunity in Employment and Contracting Statement.
- Sponsoring the Future Housing Leaders program, which connects college students with diverse backgrounds to paid internship and entry-level job opportunities in the housing industry offered by top employers who are actively engaged in promoting diversity in their workforce.
- Diversity and inclusion oversight, programming, engagement, strategic planning, metrics, and reporting.
- Influencing and affecting corporate policies, practices, programs, and solutions to advance systemic racial equity within the housing industry.
The CEI rates companies on detailed criteria falling under four central pillars: non-discrimination policies across business entities; equitable benefits for LGBTQ workers and their families; supporting an inclusive culture; and, corporate social responsibility.
The complete 2021 CEI report is available online at www.hrc.org/cei.
About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit: fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog
Fannie Mae Newsroom
https://www.fanniemae.com/news
Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif
Fannie Mae Resource Center
1-800-2FANNIE (800-232-6643)
View original content:http://www.prnewswire.com/news-releases/fannie-mae-recognized-as-a-best-place-to-work-for-lgbtq-equality-by-human-rights-campaign-foundation-301217420.html
SOURCE Fannie Mae
News
Should you invest in Intel Corp, Square, Macy's, CBS Corp, or Kroger?

NEW YORK, Jan. 28, 2021 /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for INTC, SQ, M, VIAC, and KR.
Click a link below then choose between in-depth options trade idea report or a stock score report.
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Stock Report – Measures a stock's suitability for investment with a proprietary scoring system combining short and long-term technical factors with Wall Street's opinion including a 12-month price forecast.
- INTC: https://www.investorsobserver.com/lp/pr-options-lp-2/?stocksymbol=INTC&prnumber=012820216
- SQ: https://www.investorsobserver.com/lp/pr-options-lp-2/?stocksymbol=SQ&prnumber=012820216
- M: https://www.investorsobserver.com/lp/pr-options-lp-2/?stocksymbol=M&prnumber=012820216
- VIAC: https://www.investorsobserver.com/lp/pr-options-lp-2/?stocksymbol=VIAC&prnumber=012820216
- KR: https://www.investorsobserver.com/lp/pr-options-lp-2/?stocksymbol=KR&prnumber=012820216
(Note: You may have to copy this link into your browser then press the [ENTER] key.)
View original content to download multimedia:http://www.prnewswire.com/news-releases/should-you-invest-in-intel-corp-square-macys-cbs-corp-or-kroger-301217465.html
SOURCE InvestorsObserver