WARRENTON, Va., April 20, 2020 /PRNewswire/ -- Fauquier
Bankshares, Inc. (the Company) (NASDAQ: FBSS), parent company of
The Fauquier Bank, reported net income of $1.4 million, or $0.37 per diluted share for the quarter ended
March 31, 2020, compared with $1.6
million, or $0.41 per diluted
share for the prior quarter and $1.6
million or $0.43 per diluted
share for the first quarter of 2019.
For the quarter ended March 31, 2020, the Company's return
on average equity (ROE) and return on average assets (ROA) were
8.20% and 0.78%, respectively, compared with 9.35% and 0.85% for
the prior quarter, respectively, and 10.83% and 0.96%, for the
first quarter of 2019, respectively.
Marc Bogan, President and CEO,
said, "Our financial results in the first quarter were good,
however the onset of the Coronavirus required a shift in our
approach to doing business. Our team has worked tirelessly to
implement the new regulatory relief programs that were designed to
help our clients' financial position during this pandemic and the
related emergency period. Our team has also implemented a
working environment to ensure the safety of our employees, clients
and communities by working remotely or with limited staff to
deliver the same service our clients and communities have come to
expect. Our team is committed to continued progress in
financial results, however we are unable to estimate the impact
COVID-19 will have on our Company at this time. These are
truly unprecedented times, but TFB is committed to serving the
needs of our constituencies in a way that is helpful and safe."
Total assets were $727.5 million
on March 31, 2020 compared with $722.2
million for the prior quarter and $700.5 million on March 31, 2019.
Net loans were $562.1 million on
March 31, 2020 compared with $545.0
million the prior quarter and $539.7
million on March 31, 2019. Total
deposits were $629.6 million on
March 31, 2020 compared with $622.2
million for the prior quarter and $592.4 million on March 31, 2019.
Low cost transaction deposits (demand and interest checking
accounts) were $378.6 million on
March 31, 2020 compared with $366.0
million for the prior quarter and $346.7 million on March 31, 2019.
Net interest margin was 3.76% for the first quarter of 2020
compared with 3.65% for the prior quarter and 3.89% for the first
quarter of 2019. Net interest income was $6.2 million for the first quarter of 2020 and
the prior quarter and $6.1 million
for the first quarter of 2019.
The Company's allowance for loan loss methodology determines the
level of loan provision at the end of each quarter. Based on
loan portfolio growth, net charge-off history, asset quality
indicators, impaired loans and other qualitative factors, there was
$350,000 in provision for loan losses
for the first quarter compared with $91,000 and $50,000
in provision for loan losses for the prior quarter and the first
quarter of 2019, respectively. This resulted in the allowance
for loan losses of $5.6 million or
0.99% of total loans on March 31, 2020 compared with
$5.2 million or 0.95% of total loans
for the prior quarter and $5.3
million or 0.97% of total loans on
March 31, 2019.
Nonperforming assets were $5.9
million on March 31, 2020, compared with $6.5 million for the prior quarter and
$7.8 million on
March 31, 2019. Included in nonperforming assets
for the quarter were $4.6 million of
nonperforming loans and $1.4 million
of other real estate owned. Net loan recoveries were
$17,000 for the first quarter of 2020
compared with net loan charge-offs of $259,000 for the prior quarter and net loan
recoveries of $55,000 for the first
quarter of 2019.
Noninterest income was $1.3
million in the first quarter of 2020, compared with
$1.5 million for the prior quarter
and the first quarter of 2019.
Noninterest expense for the first quarter of 2020 was
$5.6 million compared with
$5.8 million for the prior quarter
and $5.7 million for the first
quarter of 2019.
Shareholders' equity was $69.2
million on March 31, 2020 compared with $67.1 million for the prior quarter and
$62.1 million on
March 31, 2019. Book value per common share was
$18.25 on March 31, 2020
compared with $17.74 for the prior
quarter and $16.41 on
March 31, 2019.
Fauquier Bankshares, through its operating subsidiary, The
Fauquier Bank, is an independent community bank offering a full
range of financial services, including internet banking, mobile
banking, commercial, retail, insurance, wealth management, and
financial planning services through eleven banking offices
throughout Fauquier and
Prince William counties in
Virginia. Additional information
is available at www.tfb.bank or by calling Investor Relations at
(800) 638-3798.
This press release may contain
"forward-looking statements" as defined by federal securities laws.
These statements address issues that involve risks, uncertainties,
estimates and assumptions made by management, and actual results
could differ materially from the results contemplated by these
forward-looking statements. Factors that could have a
material adverse effect on our operations and future prospects
include, but are not limited to, changes in: interest rates,
general economic conditions, the legislative/regulatory climate,
monetary and fiscal policies of the U.S. Government, including
policies of the U.S. Treasury and the Board of Governors of the
Federal Reserve System, the quality or composition of the loan or
investment portfolios, the value of the collateral securing loans
in the portfolio, demand for loan products, deposit flows, the
level of net charge-offs on loans and the adequacy of the allowance
for loan losses, competition, demand for financial services in the
Company's market area, the Company's plans to increase market
share, mergers, acquisitions and dispositions, cybersecurity
threats or attacks, and tax and accounting principles, policies and
guidelines.. Readers should consider these risks and uncertainties
in evaluating our forward-looking statements and should not place
undue reliance on such statements. We undertake no obligation to
update these statements following the date of this news
release.
|
FAUQUIER
BANKSHARES, INC.
|
|
Selected Financial
Data By Quarter
|
|
|
|
At or For the
Quarter Ended,
|
|
|
(Dollars in thousands, except per share data)
|
|
March 31,
2020
|
|
|
December 31,
2019
|
|
|
September 30,
2019
|
|
|
June 30,
2019
|
|
|
March 31,
2019
|
|
|
EARNINGS STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
7,057
|
|
|
$
|
7,350
|
|
|
$
|
7,362
|
|
|
$
|
7,279
|
|
|
$
|
7,179
|
|
|
Interest
expense
|
|
|
868
|
|
|
|
1,108
|
|
|
|
1,171
|
|
|
|
1,195
|
|
|
|
1,046
|
|
|
Net interest
income
|
|
|
6,189
|
|
|
|
6,242
|
|
|
|
6,191
|
|
|
|
6,084
|
|
|
|
6,133
|
|
|
Provision for loan
losses
|
|
|
350
|
|
|
|
91
|
|
|
|
-
|
|
|
|
205
|
|
|
|
50
|
|
|
Net interest income
after provision for loan losses
|
|
|
5,839
|
|
|
|
6,151
|
|
|
|
6,191
|
|
|
|
5,879
|
|
|
|
6,083
|
|
|
Noninterest
income
|
|
|
1,342
|
|
|
|
1,486
|
|
|
|
1,610
|
|
|
|
1,400
|
|
|
|
1,480
|
|
|
Noninterest
expense
|
|
|
5,605
|
|
|
|
5,810
|
|
|
|
5,419
|
|
|
|
5,509
|
|
|
|
5,718
|
|
|
Income before income
taxes
|
|
|
1,576
|
|
|
|
1,827
|
|
|
|
2,382
|
|
|
|
1,770
|
|
|
|
1,845
|
|
|
Income
taxes
|
|
|
180
|
|
|
|
255
|
|
|
|
330
|
|
|
|
206
|
|
|
|
213
|
|
|
Net income
|
|
$
|
1,396
|
|
|
$
|
1,572
|
|
|
$
|
2,052
|
|
|
$
|
1,564
|
|
|
$
|
1,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic
|
|
$
|
0.37
|
|
|
$
|
0.41
|
|
|
$
|
0.54
|
|
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
Net income per share,
diluted
|
|
$
|
0.37
|
|
|
$
|
0.41
|
|
|
$
|
0.54
|
|
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
Cash
dividends
|
|
$
|
0.125
|
|
|
$
|
0.125
|
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
Weighted average
shares outstanding, basic
|
|
|
3,788,626
|
|
|
|
3,784,447
|
|
|
|
3,784,934
|
|
|
|
3,784,934
|
|
|
|
3,778,895
|
|
|
Weighted average
shares outstanding, diluted
|
|
|
3,794,864
|
|
|
|
3,789,073
|
|
|
|
3,790,846
|
|
|
|
3,793,966
|
|
|
|
3,788,910
|
|
|
Book value
|
|
$
|
18.25
|
|
|
$
|
17.74
|
|
|
$
|
17.43
|
|
|
$
|
16.94
|
|
|
$
|
16.41
|
|
|
BALANCE SHEET
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
727,494
|
|
|
$
|
722,171
|
|
|
$
|
726,339
|
|
|
$
|
717,528
|
|
|
$
|
700,502
|
|
|
Loans, net
|
|
$
|
562,099
|
|
|
$
|
544,999
|
|
|
$
|
539,832
|
|
|
$
|
538,593
|
|
|
$
|
539,672
|
|
|
Securities, including
restricted investments
|
|
$
|
83,490
|
|
|
$
|
81,799
|
|
|
$
|
75,128
|
|
|
$
|
74,310
|
|
|
$
|
72,344
|
|
|
Deposits
|
|
$
|
629,560
|
|
|
$
|
622,155
|
|
|
$
|
614,000
|
|
|
$
|
607,256
|
|
|
$
|
592,358
|
|
|
Transaction
accounts
(demand &
interest checking accounts)
|
|
$
|
378,598
|
|
|
$
|
366,023
|
|
|
$
|
354,534
|
|
|
$
|
351,891
|
|
|
$
|
346,687
|
|
|
Shareholders'
equity
|
|
$
|
69,237
|
|
|
$
|
67,123
|
|
|
$
|
65,976
|
|
|
$
|
64,106
|
|
|
$
|
62,133
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(1)
|
|
|
3.76
|
%
|
|
|
3.65
|
%
|
|
|
3.73
|
%
|
|
|
3.73
|
%
|
|
|
3.89
|
%
|
|
Return on average
assets
|
|
|
0.78
|
%
|
|
|
0.85
|
%
|
|
|
1.14
|
%
|
|
|
0.89
|
%
|
|
|
0.96
|
%
|
|
Return on average
equity
|
|
|
8.20
|
%
|
|
|
9.35
|
%
|
|
|
12.46
|
%
|
|
|
9.94
|
%
|
|
|
10.83
|
%
|
|
Efficiency ratio
(2)
|
|
|
73.94
|
%
|
|
|
74.69
|
%
|
|
|
69.11
|
%
|
|
|
73.16
|
%
|
|
|
75.41
|
%
|
|
Yield on earning
assets
|
|
|
4.28
|
%
|
|
|
4.29
|
%
|
|
|
4.43
|
%
|
|
|
4.46
|
%
|
|
|
4.55
|
%
|
|
Cost of
funds
|
|
|
0.55
|
%
|
|
|
0.67
|
%
|
|
|
0.73
|
%
|
|
|
0.76
|
%
|
|
|
0.69
|
%
|
|
|
|
(1)
|
Net interest margin
is calculated as fully taxable equivalent net interest income
divided by average earning assets and represents the Company's
net yield on its earning assets.
|
|
(2)
|
Efficiency ratio is
computed by dividing noninterest expense by the sum of fully
taxable equivalent net interest income and noninterest income,
net of securities gains or losses.
|
|
FAUQUIER
BANKSHARES, INC.
|
|
Selected Financial
Data By Quarter
|
|
|
|
At or For the
Quarter Ended,
|
|
|
(Dollars in thousands, except for
ratios)
|
|
March 31,
2020
|
|
|
December
31,
2019
|
|
|
September
30,
2019
|
|
|
June
30,
2019
|
|
|
March
31,
2019
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
1,010
|
|
|
$
|
989
|
|
|
$
|
1,941
|
|
|
$
|
2,278
|
|
|
$
|
1,969
|
|
|
Restructured loans
still accruing
|
|
|
2,425
|
|
|
|
2,471
|
|
|
|
2,518
|
|
|
|
2,979
|
|
|
|
3,319
|
|
|
Loans 90+ days past
due and accruing
|
|
|
1,153
|
|
|
|
1,636
|
|
|
|
867
|
|
|
|
484
|
|
|
|
1,163
|
|
|
Total nonperforming
loans
|
|
|
4,588
|
|
|
|
5,096
|
|
|
|
5,326
|
|
|
|
5,741
|
|
|
|
6,451
|
|
|
Other real estate
owned, net
|
|
|
1,356
|
|
|
|
1,356
|
|
|
|
1,356
|
|
|
|
1,356
|
|
|
|
1,356
|
|
|
Total nonperforming
assets
|
|
$
|
5,944
|
|
|
$
|
6,452
|
|
|
$
|
6,682
|
|
|
$
|
7,097
|
|
|
$
|
7,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
$
|
5,594
|
|
|
$
|
5,227
|
|
|
$
|
5,395
|
|
|
$
|
5,409
|
|
|
$
|
5,281
|
|
|
Allowance for loan
losses to total loans
|
|
|
0.99
|
%
|
|
|
0.95
|
%
|
|
|
0.99
|
%
|
|
|
0.99
|
%
|
|
|
0.97
|
%
|
|
Nonaccrual loans to
total loans
|
|
|
0.18
|
%
|
|
|
0.18
|
%
|
|
|
0.36
|
%
|
|
|
0.42
|
%
|
|
|
0.36
|
%
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
121.93
|
%
|
|
|
102.57
|
%
|
|
|
101.30
|
%
|
|
|
94.22
|
%
|
|
|
81.86
|
%
|
|
Nonperforming loans
to total loans
|
|
|
0.81
|
%
|
|
|
0.93
|
%
|
|
|
0.98
|
%
|
|
|
1.06
|
%
|
|
|
1.18
|
%
|
|
Nonperforming assets
to total assets
|
|
|
0.82
|
%
|
|
|
0.89
|
%
|
|
|
0.92
|
%
|
|
|
0.99
|
%
|
|
|
1.11
|
%
|
|
Net loan charge-offs
(recoveries)
|
|
$
|
(17)
|
|
|
$
|
259
|
|
|
$
|
14
|
|
|
$
|
77
|
|
|
$
|
(55)
|
|
|
Net loan charge-offs
(recoveries) to average loans
|
|
|
(0.003)
|
%
|
|
|
0.05
|
%
|
|
|
0.003
|
%
|
|
|
0.01
|
%
|
|
|
(0.01)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/fauquier-bankshares-inc-announces-first-quarter-2020-results-301043573.html
SOURCE Fauquier Bankshares, Inc.