The Bank of Fincastle has announced its first quarter 2019 financial report and reported unaudited net income of $217,682 for the quarter ended March 31, 2019. This is a 14.32 percent improvement when compared to the first quarter 2018 net income of $190,409.
“We continue to remain on course with our strategic growth plan as evidenced by our quarterly increase in deposits, and total assets. Continued improvement in our quarterly earnings is a proud accomplishment for our management team and loyal employees who continue to be focused on our long-term success,” said Scott Steele, President and Chief Executive Officer. “We were also pleased with the addition of Kirtesh Patel to our Board of Directors during the first quarter of this year. Mr. Patel is an experienced business manager and executive, and his knowledge will be a valuable asset to our Board of Directors.”
Key highlights include an increase in total assets of $7,416,556 and an increase in total deposits of $6,904,167 since December 31, 2018. Asset quality continues to improve with total nonperforming assets being reduced by 35 percent during the past twelve months. Net interest income has improved as the Bank continues to grow its loan portfolio.
The bank’s strong capital position exceeds the BASEL III capital requirements. As of March 31, 2019, The Bank of Fincastle reported total capital of 16.41 percent and tier 1 leverage capital of 11.89 percent. Both common equity tier 1 and tier 1 capital ratios were 15.15 percent.
The Bank of Fincastle has been dedicated to giving back to the community during its 144-year history. This year is no exception. The spring and summer concert series at the Daleville Town Center begins this month and the bank continues its sponsorship of the Kid’s Zone at each event. While parents enjoy performances by talented musicians, the kids can enjoy balloon animals, face painting, temporary tattoos and a play area dedicated to them with all kinds of games and toys. Proceeds from the concerts benefit Botetourt County Charities.
For more detailed information on the bank’s first quarter 2019 earnings and to see a calendar of events, visit www.bankoffincastle.bank.
