Fauquier Bankshares’ profit $1.6 million for quarter
The Fauquier Bank’s parent company reported net income of $1.6 million for the second quarter of 2019, down 4 percent from the same period last year.
Fauquier Bankshares Inc. earned 41 cents per diluted share for the quarter that ended June 30, compared with 43 cents a year earlier, when the quarterly profit also stood at $1.6 million.
“Financial results for the second quarter were solid, however, slightly below the linked quarter and previous year second quarter,” President/CEO Marc Bogan said. “Excluding one-time events, second quarter earnings were in line with prior periods.
“While loan growth for the quarter was flat, we are encouraged by the increase in deposits, particularly lower cost demand deposits,” Mr. Bogan added. “Lower loan demand and competition for funding and loans is contributing to added pressure on the net interest margin. Asset quality continues to be strong. The efficiency ratio has improved as our focus on expense management has resulted in the reduction of noninterest expenses. Overall, we are pleased with the results of the quarter and believe we are positioned well for the second half of the year."
Total assets stood at $717.5 million on June 30, compared with $651.5 million a year earlier.
Net loans totaled $538.6 million versus $505.6 million on June 30, 2018.
Total deposits stood at $607.3 million, compared with $565.8 million a year earlier
Nonperforming assets totaled $7.1 million on June 30, versus $9.1 million a year earlier. The nonperforming assets include $5.7 million in loans and $1.4 million of other real estate owned.
Shareholders’ equity was $64.1 million, up from $57.7 million on June 30, 2018.
The Fauquier Bank has 11 branches in Fauquier and Prince William counties.