BFTL - The Bank of Fincastle Announces Second Quarter Earnings for 2019

FINCASTLE, Va., July 30, 2019 /PRNewswire/ -- The Bank of Fincastle [SYMBOL: BFTL] has announced its quarterly financial report and for the second quarter of 2019 and reports an unaudited net income of $208,686.

"We are experiencing positive growth in the key areas of the Bank," said Scott Steele, President and CEO. "In comparison to the first quarter of 2019 we have seen an increase in total assets, total deposits, net interest income and noninterest income, keeping us on track with our plan for strategic growth."

Key highlights include an increase in total assets of $4,622,378 and an increase in total deposits of $4,192,689 since March 31, 2019. Asset quality continues to improve with total nonperforming assets being reduced by 38.7 percent during the past twelve months. Net interest income has increased by 3.8 percent over last quarter as the Bank continues to grow its loan portfolio and noninterest income has improved by 15.9 percent. Net income decreased in the second quarter due to a rise in noninterest expense, specifically legal and consulting fees.

The Bank's strong capital position exceeds the BASEL III capital requirements. As of June 30, 2019, The Bank of Fincastle reported total capital of 16.30 percent and tier 1 leverage capital of 11.60 percent. Both common equity tier 1 and tier 1 capital ratios were 15.03 percent.

Key Highlights

• Increase in total assets by $4,622,378 or 2 percent and an increase in total deposits by $4,192,689 or 2 percent, since March 31, 2019.
• For the first 6 months of 2019, the Bank has achieved a Return on Average Assets of 0.40 percent versus 0.41 percent for the first 6 months of 2018 and Return on Average Equity 3.29 percent.
• Net loans grew to $154.53 million in the second quarter from $150.23 million in the first quarter of 2019, a 2.8 percent increase.
• Asset quality continues to improve.
• Quarter-end 30-89 day delinquencies are 0.64 percent of the portfolio.
• Nonaccrual loans and 90 day past dues were reduced to $2.05 million compared to $2.18 million in first quarter 2019, a 5.6 percent reduction.
• OREO was reduced to $2.40 million from $2.78 million during the quarter ended 6/30/2019.
• OREO as a percentage of total assets has improved from 1.29 percent at 3/31/2019 to 1.09 percent at 6/30/2019.
• Quarterly non-interest income was $290,842, up 15.9 percent from the first quarter of 2019.
• Quarterly non-interest expense was $1.94 million for the three months ended June 31, 2019 compared to $1.82 million for the three months ended March 31, 2019.
• The Bank continues to exceed capital requirements.
• Annual Shareholder Meeting held on May 22, 2019.

For a detailed news release on our second quarter 2019 earnings, including our income statement and balance sheet please click here or visit our website 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, three 7 am to 7 pm drive through locations and offers 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 
cindy.bailey@bankoffincastle.com

SOURCE The Bank of Fincastle