The Bank of Fincastle’s assets grew to $255.9 million with total liabilities reported of $225.9 million in its fourth quarter, according to an announcement from the bank.
“We are pleased to report strong quarter-end results in a year that has presented many challenges,” said President and CEO Scott Steele. “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 loan 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,” he said. Application information about the second round of PPP is now available on The Bank of Fincastle website www.bankoffincastle.bank.
• 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
The Bank of Fincastle remained active in the community, supporting non-profits and bringing signs of hope throughout the holiday season. In December, the first annual Bank of Fincastle Tinsel Trail took place in the historic Town of Fincastle.
“We teamed with the Botetourt Chamber to bring holiday cheer to the community during a season when we needed it most,” said Cindy Bailey, marketing director of the bank. “On several occasions, we thanked our loyal customers by providing treats through the drive-thru at all of our branch locations,” Bailey said. In October, the Botetourt Rotary Club joined in hosting The Bank of Fincastle Virtual Fall 5K where $4,750 was raised to benefit SWVA Feeding America, the Botetourt Food Pantry and Solomon’s Mission, and $2,000 in scholarships presented to local high school seniors.
In December The Bank of Fincastle 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. 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.
For a detailed news release on the 2020 fourth quarter earnings, including the income statement and balance sheet, visit the website at https://www.bankoffincastle.bank/investor-relations/.
For additional information, email email@example.com.
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, the bank has six full-service branches, t13 ATM locations, a 7 a.m. to 7 p.m. 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 the bank’s 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.