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February 13, 2017

Fauquier Bankshares profit $3.67 million for last year

While the 2016 financials clearly show dramatic improvement in the comparative year over year results, our belief is we still have a long way to go to achieve our short-term objective of being a high performing community bank and a top performer relative to our peers.
— President/CEO Mark Bogan
Warrenton-based Fauquier Bankshares Inc., The Fauquier Bank’s parent company reported a profit of $3.67 million for 2016, compared with a net loss of $612,000 for the prior.

Basic and diluted earnings per share were 98 cents, compared with a loss of 16 cents per share in 2015.

The company had a 2016 fourth-quarter profit of $808,000, versus a loss of $3.75 million in the same period a year earlier.

Basic and diluted earnings per share 22 cents for the quarter, compared with a loss of $1 per share in the final quarter of 2015.

The owner of a Culpeper millwork company in December pleaded guilty to falsifying financial documents in a scheme that defrauded the bank of $10.5 million, whipping out the financial institution’s profits in 2015.

“In the fourth quarter and throughout 2016, we have made significant progress towards our goal of improving financial performance at our company,” President/CEO Marc Bogan said. “While the 2016 financials clearly show dramatic improvement in the comparative year over year results, our belief is we still have a long way to go to achieve our short-term objective of being a high performing community bank and a top performer relative to our peers.

“We are encouraged by the advances we have experienced over the past year, and we continue to see marked improvement in our specific operating results, as well as potential improvements in the overall operating environment for community banks.”

Total assets reached $624.4 million by Dec. 31, compared with $601.4 million a year earlier.

Net loans increased $15.9 million or 3.59 percent to $458.6 million.

Total deposits were $546.2 million, compared with $524.3 million a year earlier.

Return on average assets was 0.6 percent and return on average equity was 6.82 percent for the year.

Net interest margin was 3.5 percent for the year versus 3.62 percent in 2015. Net interest income remained the same at $19.73 million for the year.

Nonperforming assets totaled $4.88 million or 0.78 percent of total assets at Dec. 31, compared with $3.21 million or 0.53 percent a year earlier. The increase resulted primarily from “the addition of two loans during the fourth quarter of 2016, both of which we expect to dispose of in the first half of 2017,” Mr. Bogan said.

Shareholders’ equity increased to $54.5 million at Dec. 31, up $1.9 million from a year earlier.

Fauquier Bankshares’ stock closed at $17.25 per share — a 52-week high — on Friday, Feb. 10

Founded in 1902, the independent, community bank has 11 offices in Fauquier and Prince William counties.
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