The Bank of Fincastle Announces Year-End Earnings for 2019
FINCASTLE, Va., Jan. 29, 2020 /PRNewswire/ -- The Bank of Fincastle [SYMBOL: BFTL] has announced its fourth quarter 2019 financial report and is pleased to report unaudited total assets of $221.30 million, total liabilities of $193.12 million and net income of $1,387,045 for the three months ended December 31, 2019.
A major key highlight for the fourth quarter was the recapture of a $1.4 million deferred tax asset reserve. Fourth quarter numbers reflect continued improvement in asset quality metrics, improvement in the Bank's net interest income, and overall improvement in profitability.
"We are delighted to report continued improvement in our financial performance, including strong balance sheet growth, improving asset quality and a year-end recapture of the reserve on our deferred tax asset. All of these things added up to a 2019 year-end Return on Assets Ratio of 1.00% and Return on Shareholder Equity of 8.04%," said Scott Steele, President and CEO.
Key Highlights
Achieved profitability necessary to recapture the $1.4 million deferred tax asset reserve at year end
Grew net loans by 12.73% from year-end 2018 to year-end 2019
Loan to deposit ratio improved from 83.5% at year-end 2018 to 89.39% at year-end 2019
Year over year organic deposit growth of 6.71% while maintaining a .66 cost of funds
Asset quality continues to improve.
Quarter-end 30-89 day delinquencies are 0.26% of the portfolio
Non-performing assets, including restructured loans, were down from 3.43% of total assets at December 31, 2018 to 2.39% at December 31, 2019
OREO as a percentage of total assets has improved to 0.81% at December 31, 2019 from 1.02% at December 31, 2018.
Hired a commercial loan officer to focus on expanding and accelerating our growth into the Roanoke, Virginia market
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, 7 am to 7 pm drive through hours and offers online account opening, online banking, mobile banking, 24/7 telephone banking and online real estate applications. 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.
Media Contact: Cindy Bailey Marketing Director 540-966-0248 [email protected]
Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New...
The Forum of Ministers Responsible for Immigration (FMRI) met today to discuss Canada's immigration levels planning for 2025?2027.
Canada's immigration ministers discussed the economic and social benefits of immigration, levels of permanent and...
Fitness International, LLC opened a new Club Studio location in Kingwood, Texas. The new 40,000 square foot club features five innovative boutique fitness studios that were carefully curated to create a unique experience, along with recovery services...
West Red Lake Gold Mines Ltd. ("West Red Lake Gold" or "WRLG" or the "Company") announced today that, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify certain...
Lifeist Wellness Inc. ("Lifeist" or the "Company") , a health-tech company that leverages advancements in science and technology to build breakthrough ventures that transform human wellness, today announced that, further to its news release...
WIO LLC, parent company of the global TV broadcast airings platform, WIOprotm, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and...