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May 1, 2017

Fauquier Bankshares profit increases for first quarter

Fauquier Bankshares Inc., The Fauquier Bank’s parent company, reported net income of $768,000 for the quarter ended March, compared with $606,000 for the same period a year ago.

Basic and diluted earnings per share were 20 cents for the first quarter of 2017 compared with 16 cents a year earlier.

“We made progress in the first quarter of 2017 towards our goal of being a top performing community bank as compared to our peers,” President/CEO Marc Bogan said. “We continue to be encouraged by the improvements in our financial performance. However, we realize we still have a lot of work to do.

“Our profitability in the first quarter of 2017 compared favorably to the prior year and provides us with a solid start.”

Total assets stood at $630 million, compared with $603.9 million on March 31, 2016.

Net loans increased $6.1 million or 1.37 percent to $451.2 million.

Total deposits rose to $551.1 million, compared with $526.1 million a year earlier.

Return on average assets 0.5 percent and return on average equity was 5.68 percent for the first quarter of 2017, compared with 0.41 percent and 4.59 percent, respectively, a year earlier.

Nonperforming assets stood at $4.56 million, or 0.72 percent of total assets, at the quarter’s end. A year earlier, nonperforming assets of $3.23 million represented 0.54 percent of total assets.

“The increase was primarily due to the addition of one commercial loan and one residential loan,” the company said in a press release. “Included in nonperforming assets . . . were $3.21 million of nonperforming loans and $1.36 million of other real estate owned.”

Shareholders’ equity increased $2.2 million to $55.3 million from a year earlier. The book value per common share increased 55 cents or 3.90 percent to $14.66 as of March 31.

Fauquier Bankshares stock closed at $18.01 per share on April 28.

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