Stay in the know! Sign up to get Fauquier County news updates delivered to your inbox.
Advertise on Fauquier Now!
FauquierNow.com
Poll closed Vote!
HOME OBITUARIES NEWS HOME & GARDEN OPINIONS BUSINESS STYLE CALENDAR CLASSIFIEDS
Free classifieds! Members can also post calendar events, news, opinions and more ... all for free! Register now!
Login · Forgot Your Password?
July 22, 2019

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.
Member comments
To comment, please log in or register.
Facebook comments
Enter your email address above to begin receiving
news updates from FauquierNow.com via email.
Tuesday, October 15
Fauquier planning commission to consider special exception permits for “Sanctuary at Barrel Oak”
Tuesday, October 15
Big wooden letters depict Christmas trees, pumpkins, corn and tomatoes grown on Green family property
Monday, October 14
The Fauquier County Circuit Court clerk’s office recorded these real estate transfers Oct. 3-8, 2019
More Fauquier news
© Copyright 2011-2018

50 Culpeper Street, Suite 3
Warrenton, Virginia 20187
540.359.6574
Crime Log
Obituaries
Business
Add Your News
The Big Picture
Ellen’s Kitchen
and Garden

Features
Real Estate
For Sale
Employment
Automotive
Announcements
Legal Notices
Post an Ad
Advertise
Terms of Service