The Bank of Fincastle Announces First Quarter Earnings for 2018

FINCASTLE, Va., May 1, 2018 /PRNewswire/ -- The Bank of Fincastle [SYMBOL: BFTL] announced today its quarterly financial report for the first quarter of 2018. For the quarter ended March 31, 2018, the bank had unaudited net income of $190,000, compared to first quarter of 2017 net loss of $2,487,000.

The Bank of Fincastle exceeds the BASEL III capital requirements.  As of March 31, 2018, The Bank of Fincastle reported total capital of 16.16% and tier 1 leverage capital of 11.91%.  Both common equity tier 1 and tier 1 capital ratios were 14.89%.

"Our first quarter earnings are a positive reflection of The Bank of Fincastle's strategic commitment to improve its asset quality," said Scott Steele, President and CEO. "This earnings report confirms that we are on track to achieve positive results based on the corporate goals established by our team." Steele added, "The successful sale of Ashley Plantation Country Club and 70 acres of surrounding real-estate to Runk and Pratt Healthcare was one of many achievements in the first quarter that allowed us to continue our focus on loan growth and realizing increases in deposits."

Key Highlights

• Net income of $190,406 versus net income of ($2,486,508) in the 1^st quarter of 2017.
• Asset quality continues to improve. Total nonperforming assets have been reduced by 23.4% during the past 12 months. 
• 1^st quarter Net Interest Income has increased by 14.63% over the 1^st quarter of 2017 as the bank continues to generate strong loan growth. 
• Quarterly Non-Interest Expenses have dramatically decreased by 58.4% versus the same quarter in 2017 as expenses related to non-performing loans continues to decline. 
• Total assets increased by $4,157,320 or 2.07% since 12/31/2017
• Total deposits increased by $3,611,716 or 2.09% since 12/31/2017
• Strong capital position exceeding the BASEL III capital requirements. 

For a detailed news release on our first quarter 2018 earnings, including our income statement and balance sheet, please click here or visit our website at https://www.bankoffincastle.bank/investor-relations/.

The Bank of Fincastle has been a leading financial services provider for consumers and small businesses 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 https://www.bankoffincastle.bank or call 540-473-2761. The Bank of Fincastle is a Member FDIC, Equal Housing Lender and Equal Opportunity Employer.  

For additional information, please contact Michael Jasper (Chief Financial Officer) or Scott Steele (President and CEO) at 540-473-2761 or visit us online at https://www.bankoffincastle.bank/investor-relations/

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
[email protected]
540-473-2761

SOURCE The Bank of Fincastle

Related Links

https://www.bankoffincastle.bank