Market Overview

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 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

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 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


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SOURCE The Bank of Fincastle

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