FINCASTLE, Va., Oct. 30, 2019 /PRNewswire/ -- The Bank of Fincastle [SYMBOL: BFTL] has announced its third quarter 2019 financial report and is pleased to report unaudited total assets of $222.2 million, total liabilities of $195.78 million and net income of $300,683 for the three months ended September 30, 2019. Net income shows an improvement of 26% when compared to third quarter 2018 net income of $237,833.
"We are pleased with our continued growth and our improvements in profitability," said Scott Steele, President and CEO. "Our loan officers have done a great job working with borrowers to address the financing needs of our community, which has led to growth in the Bank's total loan portfolio by more than 10% over the past year. In addition, I am extremely proud of the job our retail sales staff has done growing branch deposits more than 10% over the past year while keeping a low 0.66% cost of funds. Our management team is well positioned to continue executing our strategy for growth and improved profitability."
Third quarter numbers reflect continued improvement in asset quality metrics, improvement in the Bank's net interest income, and overall improvement in profitability.
- For the 3 months ended September 30, 2019, the Bank has achieved a Return on Average Assets of 0.53% versus 0.45% for the third quarter of 2018. Return on Average Equity for the third quarter of 2019 was 4.4% versus 3.63% for the same period in 2018.
- Increase in total assets of $15.1 million or 7.30% and an increase in total deposits of $14.0 million or 7.83% since December 31, 2018
- Deposits grew in the third quarter of 2019 to $193.14 million from $174.65 million in the same quarter of 2018. Net loans grew to $158.50 million in the third quarter of 2019 from $143.49 million in the third quarter of 2018, a 10.5% increase.
- Asset quality continues to improve.
- Quarterly non-interest income was $282,739, down 2.8% from the second quarter of 2019.
- Quarterly non-interest expense was $1,849,758, down 4.7% from the second quarter of 2019.
- The Bank continues to exceed capital requirements.
For a detailed news release on our third quarter 2019 earnings, including our income statement and balance sheet please click here or visit our website, www.bankoffincastle.bank. 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.