KENBRIDGE, VA – Benchmark Bankshares, Inc. (BMBN), the Kenbridge-based hold­ing company for Benchmark Community Bank, announced unaudited results for the three- and six-month periods ending June 30, 2023. Net income for the second quarter amounted to $3,860,138, a 21.86% increase from the $3,167,623 posted for the second quarter of 2022, while earnings per share increased from $0.70 to $0.85 for the quarter. Net income for the first six months of the year amounted to $8,390,870, a 61.50% increase from the $5,195,532 earned last year, while earnings per share increased from $1.15 to $1.86 for the period.

Notable Items:

• Interest income increased from $18.2 million to $25.3 million when comparing the first six months of 2023 to the same period last year, while interest expense rose from $998,296 to $2.6 million during the same period. The result was a 32.58% increase in net interest income, which increased from $17.2 million to $22.8 million.

• The Bank has experienced mark-to-market gains of $86,413 year-to-date, compared to losses of $595,477 through the first six months of 2022.

• Non-accrual loans have increased from $636,529 to $880,118. The bank does not hold any foreclosed property as of June 30, 2023.

• A total of $257,766 was provisioned to the loan loss reserve during the first six months of 2023, compared to a provision of $220,826 during the same period last year. The allowance for loan losses as a percentage of net loans was 0.83% on June 30, 2023, compared to 0.84% last June.

• Interest expense on borrowings, used to support the company’s stock repurchase program, amounted to $46,957 year-to-date. Interest expense of $67,296 was recognized last year during the same period.

• A total of 4,539 common shares have been repurchased year-to-date at an average price of $24.00 per share. A total of 6,550 shares were repurchased at an average price of $24.00 during the first six months of 2022. The Company had 4,521,257 shares outstanding as of June 30, 2023.

As of June 30, 2023, total assets were $1.12 billion, an increase of $61.8 million over the June 30, 2022, balance of $1.06 billion. Over the past twelve months, total loans have increased by $120.9 million, while total deposits have increased by $49.7 million. Shareholders’ equity, net of unrealized gains on investment securities, was $99.6 million on June 30, 2023, an increase of $12.7 million, or 14.6%, over the June 30, 2022, balance of $86.8 million. All capital ratios exceeded regulatory guidelines for a well-capitalized financial institution under the Basel III regulatory requirements as of June 30, 2023.

Key Financial Ratios:

• Return on average equity (ROAE) increased from 12.52% to 18.21% and return on average assets (ROAA) increased from 0.99% to 1.52% year to date.

• Yield on loans increased from 4.90% to 5.31%, while the bank’s cost of funds increased from 0.19% to 0.51%.

• Net interest margin has increased from 3.47% to 4.39% as a result of rising interest rates and growth in both loans and investments.

• Current book value of the Company is $20.52 per share, compared to $17.68 one year ago. The closing market price at quarter-end was $22.95 per share, or 111.9% of book value.

The common stock of Benchmark Bankshares, Inc. trades on the OTC Pink marketplace under the symbol BMBN. Any stockbroker can assist with purchases of the company's stock, as well as with sales of holdings.

Benchmark Community Bank, founded in 1971, is head­quartered in Kenbridge, VA. It is the company's sole subsidiary which oper­ates seventeen banking offices through­out central Southside Vir­ginia and northern North Carolina. Additional information is available at the company’s website, www.BCBonline.com.

Crater Community Hospice has been named a 2023 Hospice CAHPS (Consumer Assessment of Healthcare Providers and Systems) Honors Award recipient by HEALTHCAREfirst. This prestigious annual review recognizes agencies that continuously provide a positive patient experience and high-quality care as measured by patient and caregiver surveys.

To qualify for the Hospice Honors award, agencies must score above the national average on Willingness to Recommend and above the national average on at least 85% of the remaining evaluated questions.

“We began our Annual Hospice Honors Award program more than ten years ago as a way to highlight those agencies that are truly leading the way in providing and demonstrating quality patient care,” said Ronda Howard, Vice President of Revenue Cycle and CAHPS at HEALTHCAREfirst. “We congratulate Crater Community Hospice on their success and are so proud and honored that they have chosen to partner with us in helping drive success for their agency.”

Crater Community Hospice CEO, Zach Holt, credits CCH employees and volunteers. He said, "Every member of our staff comes to work each day with the goal of helping those in need. When you are caring for someone in their final days, only the very best care is good enough. Quality of care and empathy are our hallmarks."

RICHMOND, VA- The Virginia Department of Wildlife Resources (DWR) is seeking public review of the draft 2023–2032 Virginia Black Bear Management Plan through September 5, 2023. The first Bear Plan, completed in 2001, has been revised twice through the involvement of public stakeholders and managers of bears in Virginia. Because DWR's mission includes managing "wildlife populations and habitat for the benefit of present and future generations," it is important that the process used to develop and revise the Bear Plan incorporates both public values (e.g., economic, sociological, cultural) and biological considerations. 

The revised Bear Plan will guide bear management across the Commonwealth through 2032. This plan describes the history of black bear management, current status of bears and bear management programs, and the future of bear management in Virginia. The plan provides a framework of what needs to be done and how it should be done. 

Guided by the DWR mission, the Bear Plan includes a mission statement and six goals that address the areas of populations, habitat, recreation, human-bear conflicts, and bear health and welfare. Specific objectives help guide the attainment of each goal. Potential strategies then clarify how each objective could be achieved, but without delving into the operational details. This plan will provide clarity and direction on the goals of bear management in Virginia for the next decade to the DWR Board of Directors, DWR administrators and staff, agency partners, and the public. 

For more information on bears in Virginia, please visit: dwr.virginia.gov/wildlife/bear/