KENBRIDGE, VA, November 21, 2023 - Benchmark Bankshares, Inc. (BMBN), the Kenbridge-based hold­ing company for Benchmark Community Bank, has announced the pending retirement of Jay A. Stafford, President of the Company, and Chief Executive Officer of both the Company and the Bank, effective December 31, 2023. Stafford will also retire as a member of the Boards of Directors for both the Company and the Bank on that date.

E. Neil Burke, Executive Vice President/Chief Financial Officer of the Bank, and Assistant Secretary/ Treasurer of the Company has been appointed to succeed Stafford. Burke joined Benchmark in 1999 as a Branch Officer. A South Hill, Virginia, native and current resident, Burke has served in his current position since April 2017, having previously served nine years as Senior Vice President/Chief Financial Officer.

In September, Elizabeth T. (Beth) Beale joined Benchmark as Executive Vice President to succeed Burke as Chief Financial Officer (CFO). A 26-year veteran of the financial industry, Beale most recently served since July 2019 as Executive Vice President/Chief Financial Officer for Old Point National Bank, headquartered in Hampton, Virginia. Additionally, Beale served 15 years as Executive Vice President/Chief Financial Officer for Citizens National Bank, Windsor, Virginia, prior to its 2018 acquisition by Old Point.

Beale is a Certified Public Accountant and holds her B.S. in Accounting from Elon University in North Carolina. She has been a member of the Virginia Bankers Association's CFO Committee since 2010 and served as past Chair. Beale also serves on the board of the Virginia Bankers Association Benefits Corporation.

Of Stafford’s service, Ernest R. Lail, Chairman of the Boards of Directors of the Company and the Bank said, “Jay has been an inspiring leader for Benchmark. Since he took the helm in the spring of 2017, the Bank’s asset size has almost doubled. Significant growth of this type comes with hard work and a clear strategy. Jay’s work along with the entire staff of the Bank during these years including the pandemic has been exceptional. His close working relationship with Neil and the management team cultivated a business model that carefully balanced the deposit and loan growth to put the bank in a position of strength. Jay can be proud of what the bank has accomplished under his leadership.”

“It has been an honor to have spent my entire banking career at Benchmark Community Bank,” Stafford said. “I’ve had a truly fortunate and unique experience of working for one bank for over 35 years. I take pride in having been  part of Benchmark’s growth and consistently strong financial performance, while contributing to growing a bank from two branches with $30MM in assets to seventeen branches with over $1B in assets.

But what I value most is the impact and importance of an independent community bank in the communities we serve and the relationships and friendships I established during this time. I have no doubt Neil will do an excellent job as my successor.”

Neil Burke received his undergraduate education from Bridgewater College where he graduated in 1993 with a bachelor’s degree in business administration. In 2001, he received his Master of Business Administration from Syracuse University, before completing the American Banking Association’s Stonier Graduate School of Banking in 2004. In 2006, he completed the University of South Carolina’s Graduate School of Bank Investments and Financial Management program.

On behalf of Benchmark, Burke serves on the Virginia Bankers Association’s CFO Committee, presiding as Chair since 2021. He is also currently serving on the GO Virginia Region 3 Project Review Committee.

“We are pleased that Neil has agreed to succeed Jay,” Lail continued. “Neil has a deep knowledge and understanding of the Bank. This combined with his financial insight, positions Benchmark well for the future. As they have for the past twenty years, Jay and Neil have been working over the past months to affect a seamless transition. The Board of Directors looks forward to working with Neil and his team to continue the success Benchmark has enjoyed.”

Of his appointment, Burke said, “I am so appreciative to the Board of Directors for this opportunity and to Jay for his mentorship over the years. The banking industry has changed significantly in the past 20 years, and I look forward to working with our customers and employees to incorporate time-tested financial practices with innovative technology that allows us to better serve our markets while staying true to who we are as a traditional community bank.”

A newcomer to the Benchmark family, Beale shared the unforeseen circumstances that led to the opportunity for her to join the organization.

“I’ve known Neil for a long time as counterparts on VBA committees,” she said, “and, of course, knew Benchmark’s reputation as a well-run organization. I’ve worked with great financial institutions during my career, and I wasn’t actually looking when the opportunity presented itself for me to join Benchmark.”

“When I heard Jay was retiring and Neil would be moving into the President/CEO position leaving an opening for a new CFO,” she continued, “I knew the timing was something that may not come along again in the foreseeable future. After a few conversations and a visit with the core Benchmark team, I knew I had found a great fit for my professional and personal objectives. I’m looking forward to my future at Benchmark.”

About Benchmark Bankshares, Inc. - 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. 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. Additional information is available at the company’s website, www.BCBonline.com.

KENBRIDGE, VA, August 31, 2023 – Benchmark Community Bank is pleased to announce the promotions of Nicole Young to Vice President/Area Manager, and Loren Allen to Vice President/Branch Manager. Both veterans of the banking industry, Young is currently the Branch Manager of the South Hill branch. Allen currently serves as Assistant Vice President (AVP)/Residential Lending in the Emporia market.

A member of the Benchmark team since 2006, Young joined the Bank as a Relationship Teller. She moved through the ranks until being promoted in 2016 to AVP/Branch Manager for Benchmark’s Lawrenceville market. In 2019, Young was named Vice President/Branch Manager for the South Hill branch. As Area Manager, she will oversee both the Lawrenceville and South Hill branches.

A fifteen-year veteran in the banking industry, Allen joined Benchmark in September 2023, upon the Bank’s acquisition of the First Community Bank branch in Emporia. For the past several months, she has split her time between Emporia and Lawrenceville getting to know the Brunswick County market. She is excited for this new adventure in her banking journey.

“Benchmark is so fortunate to have two seasoned bankers like Nicole and Loren working in tandem to serve our customers in South Hill and Lawrenceville,” said President/CEO Jay Stafford of the promotions. “Their track records speak for themselves and we’re excited to have them leading these two strategic markets.”

Current Lawrenceville AVP/Assistant Branch Manager Kristen Sadler will be returning to her home market of South Hill when Young’s and Allen’s promotions become effective September 1, 2023.

About Benchmark Community Bank - Benchmark Community Bank, founded in 1971, is head­quartered in Kenbridge, VA. It is the sole subsidiary of Benchmark Bankshares, Inc. and oper­ates seventeen banking offices through­out central Southside Vir­ginia and northern North Carolina. 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. Additional information is available at the company’s website, www.BCBonline.com. #MemberFDIC #EqualHousingLender #WithYouForLife

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.

KENBRIDGE, VA. June 27, 2023. Benchmark Bankshares, Inc. is pleased to announce that Benchmark Community Bank has been named to the list of Top 200 Community Banks in the United States for the 17th consecutive year. Benchmark Bankshares, Inc. is the holding company for Benchmark Community Bank, headquartered in Kenbridge, VA.

“To be recognized for consistent financial performance when compared to over 4,500 peer banks across the nation is quite a tribute to the vision on which Benchmark was founded over a half-century ago.,” said Benchmark President/CEO Jay Stafford. “Our employees work so hard every day to fulfill our mission of serving our customers and communities. Everyone at Benchmark remains honored and humbled to, once again, be named to the list of Top 200 Community Banks in the U.S.”

Benchmark Community Bank has been named to list annually since 2007. For 2022, Benchmark  was ranked #45 in the United States, #2 among 13 Virginia banks, and #3 among nine North Carolina banks named to the list. The Top 200 Community Banks list is published annually in the May issue of American Banker magazine, the recognized leader in financial industry publications. Eligibility for the Top 200 list is based on a three-year average of a bank’s return on average equity for 2021-2022. Of the over 4,200 publicly traded community banks in the United States with asset size below $2 billion, fewer than 500 institutions met the criteria for consideration this year.

 KENBRIDGE, VA, June 13, 2023 – Benchmark Community Bank is pleased to announce that Nicole Martin of Crewe has completed the Graduate School of Banking at Louisiana State University (LSU). Martin was among professional bankers from nineteen states, the District of Columbia, and Mexico who traveled to Baton Rouge to participate in the on-site segment of her participation.

Currently serving as Benchmark’s Senior Vice President/Chief Operations Officer, Martin’s banking career spans over twenty years. Since beginning as a Teller in 2002, Martin has risen through the ranks at Benchmark to her current position.

“Nicole has demonstrated commitment to providing an excellent customer experience both inside the branch and in her role leading our Operations team,” said Benchmark President/CEO Jay A. Stafford. “It’s been exciting watching Nicole interact with our customers and her team to deliver the kind of services we strive to provide every day.”

The three-year program from which she graduated on June 2, covered all aspects of banking, economics and related subjects. The program is sponsored by fifteen southern-state bankers associations in cooperation with the Division of Continuing Education at LSU. More than fifty bankers, business and professional leaders, and educations from across the U.S. comprise the faculty.

The Graduate School of Banking at LSU includes required attendance at periodic on-campus sessions interspersed with extensive bank study assignments. The three summer sessions include 210 hours of classroom instruction, as well as planned evening study, and final examinations to conclude each session.

About Benchmark Community Bank - Benchmark Community Bank, founded in 1971, is head­quartered in Kenbridge, VA. It is the sole subsidiary of Benchmark Bankshares, Inc. and oper­ates seventeen banking offices through­out central Southside Vir­ginia and northern North Carolina. 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. Additional information is available at the company’s website, www.BCBonline.com. #MemberFDIC #EqualHousingLender #WithYouForLife

KENBRIDGE, VA, January 31, 2023 - Benchmark Bankshares, Inc. (BMBN), the Kenbridge-based hold­ing company for Benchmark Community Bank, announced unaudited results for the quarter and year ending December 31, 2022. Net income for the fourth quarter of 2022 amounted to $3,938,784 or $0.87 per share, compared to $2,684,505, or $0.59 per share, posted for the fourth quarter of 2021.  Net income for the year amounted to $13,239,600, or $2.93 per share, a 15.08% increase over net income of $11,524,043, or $2.55 per share, earned in 2021. 

Notable Items:

• Net interest income increased by 17.99%, from $33.3 million to $39.3 million when comparing 2022 to 2021.
• Total loans held for investment increased by $171.8 million, or 26.6%, during the year as commercial loan demand remained strong despite rising interest rates during the year.
• Noninterest income for the year amounted to $8.6 million, down from $8.7 million, primarily due to a $935,730 decline in gains from the sale of loans as residential mortgage demand declined due to higher interest rates. 
• A total of $702,159 was expensed to the bank’s employee stock ownership plan during 2022 to provide for current plan liquidity needs and to allow for future stock repurchases.  The bank expensed $450,000 to the plan during 2021.
• A total of $1,018,067 was provisioned to the loan loss reserve during the year, compared to a provision of $330,384 last year. The allowance for loan losses as a percentage of loans was 0.84% as of December 31, 2022, down from 0.91% last December.
• The bank did not hold any foreclosed property as of December 31, 2022, while non-accrual loans decreased from $610,413 to $539,966 during the year.
• Interest expense on borrowings, used to support the company’s stock repurchase program, amounted to $126,657 for the year, compared to $188,412 recognized in 2021.  Total borrowings were reduced from $3.8 million to $2.7 million during 2022.
• A total of 6,550 common shares were repurchased during 2022 at an average price of $24.00 per share.  A total of 33,172 shares were repurchased at an average price of $19.48 during 2021.  The Company had 4,521,648 shares outstanding as of December 31, 2022.

As of December 31, 2022, total assets were $1.12 billion, an increase of $84.1 million, or 8.1%, over the December 31, 2021 balance of $1.04 billion. Over the past twelve months, total loans held for investment have increased by $171.8 million, or 26.6%, while total deposits have increased by $82.9 million, or 8.7%. 

Shareholders’ equity, net of unrealized gains and losses on investment securities, was $93.4. million as of December 31, 2022, an increase of $10.0. million, or 12.0%, over the December 31, 2021 balance of $83.3 million. All capital ratios exceeded regulatory guidelines for a well-capitalized financial institution under the Basel III regulatory requirements as of December 31, 2022.

Key Financial Ratios:

• Comparing 2022 to 2021:
• Return on average equity increased from 14.12% to 15.83%.
• Return on average assets increased from 1.18% to 1.23%.
• Earnings per share increased from $2.55 to $2.93.
• Yield on loans decreased from 5.33% to 4.98%.
• The bank’s cost of funds decreased from 0.30% to 0.21%.
• Net interest margin increased from 3.63% to 3.89%.
• Book value of the company increased from $18.69 to $18.94 per share.

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.

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, 2022.  Net income for the second quarter amounted to $3,167,623, a 16.40% increase from the $2,721,294 posted for the second quarter of 2021, while earnings per share increased from $0.60 to $0.70 for the quarter.  Net income for the first six months of the year amounted to $5,195,532, down 5.47% from the $5,496,417 earned last year, while earnings per share declined from $1.21 to $1.15 for the period.

Notable Items:

• Net interest income increased by 8.60%, from $15.8 million to $17.2 million, when comparing the first six months of 2022 to the same period last year.   
• A total of $88,351 in loan fees from the Paycheck Protection Program ("PPP") have been recognized year-to-date, compared to $935,134 in fee income recognized last year during the same period.  As of June 30, 2022 the bank had 4 loans, totaling $278,533, remaining, with a total of $8,505 in unearned fees.
• Due to the volatile interest rate environment during the year, the Bank has experienced mark-to-market losses of $595,477 thousand in equity securities and securities held for trading through the first six months of the year.  No losses were recognized during the same period last year. 
• Non-accrual loans have remained steady, with a current balance of $636,529, compared to $507,798 one year ago.  The bank does not hold any foreclosed property as of June 30, 2022.
• A total of $220,826 was provisioned to the loan loss reserve during the first six months of 2022, compared to a provision of $149,302 during the same period last year. The allowance for loan losses as a percentage of net loans was 0.84% on June 30, 2022 compared to 0.88% last June.
• Interest expense on borrowings, used to support the company’s stock repurchase program, amounted to $37,296 year-to-date. Interest expense of $99,287 was recognized last year during the same period.
• The bank’s overnight cash position was $113.5 million as of June 30, 2022, down from $200.5 million one year ago, as the bank has experienced $71.2 million in loan growth over the past twelve months while also increasing investments by $90.2 million during the same period.
• A total of 6,550 common shares have been repurchased year-to-date at an average price of $24.00 per share.  A total of 23,990 shares were repurchased at an average price of $18.36 during the first six months of 2021. Total shares outstanding as of June 30, 2022 were 4,515,830.

As of June 30, 2022, total assets were $1.06 billion, an increase of $82.4 million, or 8.4%, over the June 30, 2021, balance of $978.4 million. Over the past twelve months, total loans have increased by $71.2 million, or 10.9%, while total deposits have increased by $82.8 million, or 9.3%. Shareholders’ equity, net of unrealized gains on investment securities, was $86.8 million on June 30, 2022, an increase of $7.9 million, or 9.9%, over the June 30, 2021 balance of $78.9 million. All capital ratios exceeded regulatory guidelines for a well-capitalized financial institution under the Basel III regulatory requirements as of June 30, 2022.

Key Financial Ratios:

• Return on average equity (ROAE) decreased from 13.92% to 12.52% and Return on average assets (ROAA) decreased from 1.17% to 0.99% year to date.
• Yield on loans decreased from 5.25% to 4.90%, while the bank’s cost of funds decreased from 0.29% to 0.19%.
• Net interest margin has declined from 3.58% to 3.47% due primarily to the bank’s large, low-yielding cash position and declining interest rates.
• Current book value of the company is $17.68 per share compared to $17.77 one year ago.  The closing market price at quarter-end was $23.15 per share, or 130.9% 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.

The Federal Reserve System’s Board of Governors in Washington, D.C., on July 1, 2022, approved the application by Benchmark Community Bank to purchase the Emporia, Virginia branch of  First Community Bank. The application was previously announced on April 1, 2022. The purchase includes the branch real estate, certain personal property, and associated deposit accounts. Loan accounts are not included in the purchase transaction, and loans associated with the Emporia branch will continue to be held and serviced by First Community. 

The conversion date has been set for Friday, September 16, 2022. Beginning early August, 2022, customers of both banks will receive information related to the conversion and how their accounts will be affected by the associated changes.

The sole subsidiary of Benchmark Bankshares, Inc. (OTC Pink: BMBN), Benchmark Community Bank (“Benchmark”) is headquartered in Kenbridge, Virginia. First Community Bank (“First Community”), the banking subsidiary of First Community Bankshares, Inc. (NASDAQ: FCBC), is headquartered in Bluefield, Virginia.

Benchmark Bankshares, Inc. is pleased to announce that Benchmark Community Bank has been named to the list of Top 200 Community Banks in the United States for the 16^th consecutive year. Benchmark Bankshares, Inc. is the holding company for Benchmark Community Bank, headquartered in Kenbridge, VA.

“It is truly an honor to be named as one of the top 200 community banks out of almost 5,000 community banks across the nation,” said Benchmark President/CEO Jay Stafford. “That we have received this honor annually since 2007 is a real testament to our employees who remain dedicated to Benchmark’s banking incorporated by our founders who envisioned this bank half a century ago.”

The Top 200 Community Banks list is published annually in the May issue of American Banker magazine, the recognized leader in financial industry publications. Eligibility for the Top 200 list is based on a three-year average of a bank’s return on average equity for 2019-2021. Of the nearly 4,750 publicly traded community banks in the United States with asset size below $2 billion, 438 institutions met the criteria for consideration this year.

Benchmark Community Bank has been named to list annually since 2007. For 2021, Benchmark  was ranked #50 in the United States, #2 among eight Virginia banks, and fourth among eight North Carolina banks named to the list.

Benchmark Community Bank is the sole subsidiary of Benchmark Bankshares, Inc., which trades under the symbol BMBN on the OTC Pink marketplace. Founded in 1971, the bank has 17 branches throughout Southside Virginia and northern North Carolina. To learn more about Benchmark Community Bank, you are invited to visit the bank’s website at www.bcbonline.com. Member FDIC. Equal Housing Lender.