Fauquier Bankshares’ profit $2.1 million for 3rd quarter
Year-over-year The Fauquier Bank parent company’s quarterly profit increased 53 percent.
The Fauquier Bank’s parent company reported third quarter net income of $2.1 million, an increase of 53 percent compared to $1.3 million for the same period in 2018.
“We experienced sound third quarter financial results, which were driven by a constant net interest margin, a decline in nonperforming loans, growth in income generated by wealth management services and continued improvement in our efficiency ratio,” Fauquier Bankshares President/CEO Marc Bogan said. “While loan growth continues to be competitive, we are encouraged by the strength of our loan pipeline and the future funding of unused commitments.
“Deposit growth is steady as we evaluate new and existing products to meet the needs of our customers in the markets we serve.”
Total assets stood at $726.3 million on Sept. 30, compared with $670 million a year earlier.
Net loans totaled $539.8 million, up from $527.8 million.
Total deposits stood at $614 million, compared with $566.2 million on September 30, 2018.
Nonperforming assets totaled $6.7 million on Sept. 30, down from $9 million a year earlier.
Shareholders’ equity stood at $66 when the quarter ended, compared with $58.3 million a year earlier. Book value per common share rose to $17.43 from $15.44 on Sept. 30, 2018.
An independent company, Warrenton-based Fauquier Bankshares operates 11 banking offices in Fauquier and Prince William counties.