HomeTown Bankshares Corp. earns $642,000 in quarter

The parent company of Roanoke's HomeTown Bank earned $642,000 during its April-June quarter, officials said this week.

HomeTown Bankshares Corp. said $488,000 was available to common shareholders after deducting dividends and related items on its preferred stock, according to an announcement Monday of its second quarter results.

The results were an improvement over the same period a year ago, when the company earned $95,000. HomeTown said it fared better because it reduced its loan-loss reserve and raised its net interest margin.

In another second quarter highlight, HomeTown raised new capital of $14 million from outside investors, which bolstered its stockholders' equity from $36.7 million to near $50 million.

Susan Still, president and CEO, confirmed Wednesday that HomeTown still plans to spend most of that money toward redeeming $10.4 million worth of preferred stock that it originally issued to the Treasury Department in 2009, and that treasury officials sold to an unidentified buyer or buyers at a government auction last fall. Still said she expects that will occur during the current quarter, which ends Sept. 30.

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