FINCASTLE, Va., April 30, 2020 /PRNewswire/ -- The Bank of Fincastle [SYMBOL: BFTL] has reported an unaudited quarterly net income of $86,495 for the first quarter of 2020, with assets of $223.9 million and total liabilities of $195.4 million.
"The Bank of Fincastle is off to a good start in 2020 despite the unpresented challenges of the COVID-19 crisis and the economic impact to our community," said President and CEO Scott Steele. "COVID-19 has dramatically changed our daily business operations. Our dedicated and hard-working employees continue to deliver the critical financial services our customers need during these uncertain times." The Bank's quarter-end allowance for loan losses stands at 1.48% and total risk based capital level is 16.5%. According to Steele, "These number show we are well-positioned for these uncertain economic conditions."
The Bank continued to experience growth in loans, deposits and total assets in the first quarter. Steele commented, "Compared to the first quarter 2019, we increased net loans by 13.1 percent, increased total assets by 4.4 percent and increased total deposits 3.9 percent. Net interest income and non-interest income were both improved from the same quarter 2019."
"Once again our asset quality showed strong improvement with OREO falling 55.9 percent and 90-day past dues plus non-accrual loans falling 68.3 percent over the first quarter of 2019," said Steele.
- Net income of $86,495
- First quarter Return on Average Assets was 0.17 percent versus 0.46 percent for the first quarter of 2019. Return on Average Equity was 1.33 percent versus 3.69 percent for the same period in 2019.
- Profitability was impacted by a non-cash, non-reoccurring expense of $240,075.
- Year-over-year net loan growth of 13.1%
- Year-over-year increase in total assets of 4.4% and total deposits of 3.9%
- Year-over-year core deposit increase of $5,762,830 or 3.43%, while maintaining a low cost of funds of 65bp
- Net Interest income and Noninterest income increased 4.70% and 23.83% respectively.
- Asset quality continues to improve.
- The Bank continues to exceed capital requirements.
For a detailed news release on our 2019 year-end earnings, including our income statement and balance sheet please click here or visit our website at https://www.bankoffincastle.bank/investor-relations/
For additional information, please contact Scott Steele, President and CEO at 540-473-2761.
About The Bank of Fincastle
The Bank of Fincastle has been a leading financial services provider in the Roanoke region since 1875, and offers a full range of banking, lending and investment products. Headquartered in Fincastle, Virginia, the Bank has six full-service branches, thirteen ATM locations, a 7 am to 7 pm drive through location and offers online deposit account opening, online real-estate and consumer loan applications, online banking, mobile banking and 24/7 telephone banking. To reach one of our professionals visit www.bankoffincastle.bank or call 540-473-2761. The Bank of Fincastle is a Member FDIC, Equal Housing Lender and Equal Opportunity Employer.
Information in this press release may contain forward-looking statements that might involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates.
SOURCE The Bank of Fincastle