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July 31, 2020

Fauquier Bankshares 2Q profit totals $1.6 million

Fauquier Bankshares’ total assets stood at $825.6 million on June 30, compared with $717.5 million on same date last year.
Considering the challenges our industry has faced during the COVID-19 pandemic, we are pleased with our financial results for the second quarter.
— President/CEO Marc Bogan
The Fauquier Bank’s parent company reported second quarter net income of $1.6 million, up 1 percent from the same period of 2019.

For the first six months of 2020, Fauquier Bankshares posted a profit of $3 million, down 6.9 percent from the first half of last year.

“Considering the challenges our industry has faced during the COVID-19 pandemic, we are pleased with our financial results for the second quarter,” President/CEO Marc Bogan said. “Interest rate compression and the effects of the current economy on our loan loss provision have impacted our earnings, consistent with the financial industry as a whole.

“In light of COVID-19, we are encouraged by our growth in core loans and deposits that are related to existing personal and business relationships and not entirely the result of new business established from the PPP loan program,” Mr. Bogan added. “While these continue to be truly unprecedented times, TFB remains committed to carrying out our commitment to serve the needs of our employees, clients, shareholders and communities in a way that is helpful and safe.”

Total assets stood at $825.6 million on June 30, compared with $717.5 million on same date last year.

Total loans rose to $622.7 million from $544 million on June 30, 2019. Excluding Payroll Protection Program loans, the total stood at $569.8 million up 4.7 percent year-over year.

The bank originated 543 PPP loans, totaling $52.8 million. Those loans averaged $97,200.

Total deposits stood at $705.8 million June 30, compared $607.3 million a year earlier.

Nonperforming assets increased to $12.5 million, compared with $7.1 million on June 30, 2019. They included $11.1 million of nonperforming loans and $1.4 million of other real estate owned. The increase in nonperforming loans resulted primarily from a commercial real estate relationship totaling $6.2 million that has been modified and is considered a performing troubled debt restructure.

The bank 90-day payment deferrals for 194 loans, totaling $92.8 million in principal balances and representing 14.9 percent of total loans. As of July 31, about 40 percent of those deferments have ended and returned to their normal payment schedules. Five commercial and three consumer borrows have requested an additional deferment period.

Shareholders’ equity rose from $64.1 million a year earlier to $71.1 million on June 30.
    
The Fauquier Bank has 11 offices in Fauquier and Prince William counties.
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