The Bank of Fincastle Announces Fourth Quarter Earnings for 2020

FINCASTLE, Va., Jan. 28, 2021 /PRNewswire/ — The Bank of Fincastle [SYMBOL: BFTL] has reported an unaudited quarterly net income of…

FINCASTLE, Va., Jan. 28, 2021 /PRNewswire/ — The Bank of Fincastle [SYMBOL: BFTL] has reported an unaudited quarterly net income of $547,950 for the fourth quarter of 2020, with assets of $255.9 million and total liabilities of $255.9 million.

«We are pleased to report strong quarter-end results in a year that has presented many challenges,» said Scott Steele President and CEO. «With quarter ending net income of $547,950, net loans at $198.4 million and total deposits of $224.3 million our Bank is well-positioned as we progress into the new year.»

«The economic effects of the pandemic continue, however COVID-19 related payment deferrals are down 88.75 percent from their peak. Of the $43.7 million in deferrals processed, $38.8 million have returned to full payment status with the first scheduled payments received,» Steele continued.

«We are once again processing applications for the SBA Paycheck Protection Program (PPP) for eligible borrowers including those who previously received a PPP loan and wish to apply for a second draw PPP loan,» confirmed Steele.  Application information about the second round of PPP is now available on The Bank of Fincastle website www.bankoffincastle.bank.

The Bank of Fincastle also welcomed Peter Jessee as Roanoke City Executive. Prior to joining The Bank of Fincastle, Jessee served as Senior Vice President and commercial relationship manager at American National Bank and Senior Vice President and commercial real estate lender at HomeTown Bank, both in Roanoke Virginia. With a total of more than 30 years banking experience, Jessee will oversee commercial and small business lending as well as deposit growth in the Roanoke area.

Also in the fourth quarter, a new drive-up automated teller machine was installed in the location of the previous Daleville express drive-thru and is now fully operational. A ribbon cutting ceremony is scheduled for the first quarter of 2021.

The branch lobbies remain open by appointment for full-service banking and drive-thru banking is encouraged.  The bank offers a complete line of digital banking options, including online account opening, online personal and mortgage loan applications and mobile banking apps for personal and business accounts.

Key Highlights

  • Total asset growth was $36,646,944 or 15.7% in 2020.
  • Loan growth was $30,672,690 or 18.3% year over year.
  • Total deposit growth was $33,478,511 or 17.6% in 2020.
  • Quarterly net income was $547,950.
  • OREO was reduced by $1,208,050 or 67.56% year over year.
  • 30-89 past dues were 0.11% at year end.
  • Fourth quarter Return on Average Assets was 0.82% versus 2.52% for the fourth quarter of 2019.
  • Originated 238 PPP loans totaling $41.8 million in round 1 of the program

For a detailed news release on our 2020 fourth quarter 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 email shareholderrelations@bankoffincastle.bank.

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.

Media Contact:

Cindy Bailey

Marketing Director

540-966-0248

cindy.bailey@bankoffincastle.bank

 

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SOURCE The Bank of Fincastle