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April 23, 2019

The Fauquier Bank reports 1Q profit of $1.6 million

The Fauquier Bank operates 11 branches, including this on one Lee Highway in Warrenton.
The Fauquier Bank’s parent company reported a first-quarter profit of $1.6 million, up slightly from the previous quarter and from the same period a year earlier.

Earnings per diluted share reached 43 cents versus 42 cents for the first quarter last year.

For the quarter ended Fauquier Bankshares Inc. (Nasdaq: FBSS) reported an return on average equity and return on average assets of 10.83 percent and 0.96 percent, respectively. Again, both improved slightly from the first quarter of 2018.

“Performance in the first quarter of 2019 was good, especially given the challenging interest rate environment and competitive marketplace,” President/CEO said. “Loan and deposit growth has been difficult, but we are focused on maintaining strong margins and managing our costs, which has led to improvement in earnings available to shareholders.

“We are also pleased with our Charity of Choice initiative during the quarter that resulted in $40,000 in charitable contributions to local and national charities. We believe this is the essence of community banking, a community bank investing in its community.”

Total assets stood at $700.5 million on March 31, compared with $730.8 million for the prior quarter and $682.1 million on March 31, 2018.

Net loans were $539.7 million, compared with $544.2 million for the prior quarter and $497.7 million on March 31, 2018.

Total deposits were $592.4 million, compared with $635.6 million for the prior quarter and $577.2 million on March 31, 2018.

Nonperforming assets stood at $7.8 million, down from million for the prior quarter and $10.9 million on March 31, 2018. Those nonperforming assets for the quarter included $6.5 million of nonperforming loans and $1.4 million of other real estate owned.

Shareholders’ equity was $62.1 million, up from $60 million for the prior quarter and $56.7 million on March 31, 2018.

Book value per common share was $16.41 on March 31, compared with $15.90 for the prior quarter and $15.01 on March 31, 2018.

The stock opened Tuesday at $21.09 a share. In the last 52 weeks its price has ranged from $17.21 to $26.90.

The Fauquier Bank has 11 offices in Fauquier and Prince William counties.
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