FINCASTLE, Va., Oct. 30, 2020 /PRNewswire/ — The Bank of Fincastle [SYMBOL: BFTL] has reported an unaudited quarterly net income of $512,463 for the third quarter of 2020, with assets of $256.9 million and total liabilities of $227.5 million.
“Our essential employees at all levels have accepted the challenges of 2020 with hard work and dedication,” said President and CEO Scott Steele. “We are pleased to report a net income of $512,463, up 70.4 percent, net loans at $213.7 million, up 34.8 percent while total deposits ended the quarter at $225.5 million, up 16.8 percent, all increases from the same quarter last year.”
“As our market has continued to recover from the economic effects of the pandemic, COVID deferrals are down 72.5 percent from their peak with $31.7 million returning to full payment status and the first scheduled payments received,” Steele continued.
“While adjusting to our new working environment and putting in long hours to support our PPP customers, we began processing over 100 forgiveness applications representing $27.5 million in PPP loans, with 30 forgiveness applications already approved,” confirmed Steele. “Discounting the impact of the PPP loans, the bank has achieved year-over-year loan growth of 9 percent.”
The bank conducted its annual commercial loan portfolio stress test in the 3rd quarter whereby internal credit officers put the bank through various adverse economic scenarios to see if regulatory capital could withstand a severe hypothetical downturn. Commenting on the portfolio stress test Steele stated “Our results confirm The Bank of Fincastle is well capitalized and well positioned to withstand a severe economic downturn. I am pleased to see we once again passed our annual loan portfolio stress test.” Consistent with being more encouraged and optimistic about the local economic conditions, allocations to the bank’s loan loss reserve were $100,000, which is less than the 2nd quarter allocation of $150,000. At quarter end, The Bank of Fincastle exceeded all Basel III capital requirements.
Key Highlights
For a detailed news release on our 2020 second 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 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, 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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