In the fourth quarter, the company reported a $1.5-million profit, down from $1.6 million in 2019.
“Financial results for the fourth quarter, and full year 2020, were strong given the headwind our bank, and the overall economy, faced during this unprecedented year,” President/CEO Marc Bogan said. “Excluding the one-time expenses associated with our previously announced merger with Virginia National Bankshares Corporation, net income for the fourth quarter and full year 2020 exceeded the previous quarter over quarter, and full year results.”
The company last year spend $1.2 million on merger preparation — “primarily legal and consulting expenses,” it said in a Jan. 22 press release.
“Even in this very difficult operating environment, our net interest margin held up well, and our cost of funds remained at very low levels,” Mr. Bogan said. “Also, our Wealth Management team crossed $500 million in assets under management in 2020, and as a result, contributed favorably to our noninterest income. As we enter 2021, we are eager to finalize our merger and begin integrating with the Virginia National team to continue to provide our clients and communities with exceptional financial services and support in the upcoming year.”
Deposits totaled $766.1 million Dec. 31, compared to $622.2 million a year earlier.
Total loans stood at $616.7 million at the end of 2020, up from $550.2 million.
Nonperforming assets stood at $11.5 million versus $6.5 million on Dec. 31, 2019. They included $10.2 million of nonperforming loans and $1.4 million of other real estate owned.
Total assets rose to $867.1 million from $722.1 million a year earlier.
Shareholders’ equity totaled $72.5 million Dec. 31, compared with $67.1 at the end of 2019. The book value per common share rose to $19.08 from $17.74 a year earlier.
At the annual meeting this spring, Fauquier Bankshares stockholders will vote on the board’s plan to merge with Virginia National.
Found in 1902, the bank has six branches in Fauquier and five in Prince William County and Manassas.