WARRENTON, Va., Jan. 21, 2020 /PRNewswire/ -- Fauquier
Bankshares, Inc. (the Company) (NASDAQ: FBSS), parent company of
The Fauquier Bank, reported net income of $1.6 million, or $0.41 per diluted share for the quarter ended
December 31, 2019, compared with $2.1
million, or $0.54 per diluted
share for the prior quarter and $1.6
million or $0.42 per diluted
share for the fourth quarter of 2018. For the twelve months
ended December 31, 2019, net income was $6.8 million, or $1.80 per diluted share compared with
$6.1 million, or $1.62 per diluted share for the twelve months
ended December 31, 2018.
For the quarter ended December 31, 2019, the Company's
return on average equity (ROE) and return on average assets (ROA)
were 9.35% and 0.85%, respectively, compared with 12.46% and 1.14%
for the prior quarter, respectively, and 10.58% and 0.92%, for the
fourth quarter of 2018, respectively. For the twelve months
ended December 31, 2019, ROE and ROA were 10.64% and 0.96%,
respectively, compared with 10.64% and 0.92%, respectively, for the
twelve months ended December 31, 2018.
Marc Bogan, President and CEO,
said, "The Fauquier Bank achieved record earnings in 2019 as a
result of strong revenue growth, solid expense management, and
improved credit quality. Our goal continues to be enhancing the
Bank's financial performance, and we are encouraged by the
continued earnings improvement; however, we recognize the
importance of growing loans and deposits in order to sustain the
profitability trends. We believe we are positioned to grow earning
assets in the coming year; and this growth combined with our focus
on efficiency improvements, will result in continued financial
progress and added shareholder value."
Total assets were $722.2 million
on December 31, 2019 compared with $726.3 million for the prior quarter and
$730.8 million on
December 31, 2018. Net loans increased $5.2 million to $545.0
million on December 31, 2019 compared with the prior
quarter and remained relatively flat compared with
December 31, 2018. Total deposits were $622.2 million on December 31, 2019 compared
with $614.0 million for the prior
quarter and $635.6 million on
December 31, 2018. Low cost transaction deposits
(demand and interest checking accounts) were $366.0 million on December 31, 2019 compared
with $354.5 million for the prior
quarter and $392.6 million on
December 31, 2018.
Net interest margin was 3.65% for the fourth quarter of 2019
compared with 3.73% for the prior quarter and 3.79% for the
fourth quarter of 2018. Net interest income was $6.2 million for the fourth quarter of 2019,
relatively unchanged when compared with the prior quarter and
$6.1 million for the fourth quarter
of 2018. The increase in net interest income for the twelve
months ended December 31, 2019 benefited largely from loan
growth during the last part 2018 as well as reduced deposit
expense. Net interest margin for the twelve months ended
December 31, 2019 and 2018 was 3.74% and 3.81%,
respectively.
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
$91,000 in provision for loan losses
for the fourth quarter compared with no provision for loan losses
for the prior quarter and the fourth quarter of 2018. This
resulted in the allowance for loan losses of $5.2 million or 0.95% of total loans on
December 31, 2019 compared with $5.4
million or 0.99% of total loans for the prior quarter and
$5.2 million or 0.94% of total loans
on December 31, 2018.
Nonperforming assets were $6.5
million on December 31, 2019, compared with
$6.7 million for the prior quarter
and $7.9 million on
December 31, 2018. Included in nonperforming assets
for the quarter were $5.1 million of
nonperforming loans and $1.4 million
of other real estate owned. Net loan charge-offs were
$259,000 for the fourth quarter of
2019 compared with $14,000 and
$38,000 for the prior quarter and
fourth quarter of 2018, respectively.
Noninterest income was $1.5
million in the fourth quarter of 2019, compared with
$1.6 million for the prior quarter
and $1.3 million for the fourth
quarter of 2018. Noninterest income for the twelve months
ended December 31, 2019 and 2018 was $6.0 million, relatively unchanged when compared
with the twelve months ended December 31, 2018.
While noninterest income for the twelve months ended
December 31, 2019 remained flat in comparison with
December 31, 2018, excluding net gains on securities and
net gains/losses on the disposal of assets, noninterest income
increased 8.9% which is primarily attributable to service charge
income.
Noninterest expense for the fourth quarter of 2019 was
$5.8 million compared with
$5.4 million for the prior quarter
and $5.6 million for the fourth
quarter of 2018. Noninterest expenses increased in the fourth
quarter of 2019 largely due to prepayment penalties on the early
extinguishment of higher interest rate debt. Noninterest
expense for the twelve months ended December 31, 2019 and 2018
was $22.5 million and $22.2 million, respectively.
Shareholders' equity was $67.1
million on December 31, 2019 compared with $66.0 million for the prior quarter and
$60.0 million on
December 31, 2018. Book value per common share was
$17.74 on December 31, 2019
compared with $17.43 for the prior
quarter and $15.90 on
December 31, 2018.
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)
|
|
December 31,
2019
|
|
|
September 30,
2019
|
|
|
June 30,
2019
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
EARNINGS STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
7,350
|
|
|
$
|
7,362
|
|
|
$
|
7,279
|
|
|
$
|
7,179
|
|
|
$
|
7,094
|
|
|
Interest
expense
|
|
|
1,108
|
|
|
|
1,171
|
|
|
|
1,195
|
|
|
|
1,046
|
|
|
|
1,042
|
|
|
Net interest
income
|
|
|
6,242
|
|
|
|
6,191
|
|
|
|
6,084
|
|
|
|
6,133
|
|
|
|
6,052
|
|
|
Provision for loan
losses
|
|
|
91
|
|
|
|
-
|
|
|
|
205
|
|
|
|
50
|
|
|
|
-
|
|
|
Net interest income
after provision for loan losses
|
|
|
6,151
|
|
|
|
6,191
|
|
|
|
5,879
|
|
|
|
6,083
|
|
|
|
6,052
|
|
|
Noninterest
income
|
|
|
1,486
|
|
|
|
1,610
|
|
|
|
1,400
|
|
|
|
1,480
|
|
|
|
1,263
|
|
|
Noninterest
expense
|
|
|
5,810
|
|
|
|
5,419
|
|
|
|
5,509
|
|
|
|
5,718
|
|
|
|
5,612
|
|
|
Income before income
taxes
|
|
|
1,827
|
|
|
|
2,382
|
|
|
|
1,770
|
|
|
|
1,845
|
|
|
|
1,703
|
|
|
Income
taxes
|
|
|
255
|
|
|
|
330
|
|
|
|
206
|
|
|
|
213
|
|
|
|
130
|
|
|
Net income
|
|
$
|
1,572
|
|
|
$
|
2,052
|
|
|
$
|
1,564
|
|
|
$
|
1,632
|
|
|
$
|
1,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
Net income per share,
diluted
|
|
$
|
0.41
|
|
|
$
|
0.54
|
|
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
Cash
dividends
|
|
$
|
0.125
|
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
Weighted average
shares outstanding, basic
|
|
|
3,784,447
|
|
|
|
3,784,934
|
|
|
|
3,784,934
|
|
|
|
3,778,895
|
|
|
|
3,773,836
|
|
|
Weighted average
shares outstanding, diluted
|
|
|
3,789,073
|
|
|
|
3,790,846
|
|
|
|
3,793,966
|
|
|
|
3,788,910
|
|
|
|
3,779,289
|
|
|
Book value
|
|
$
|
17.74
|
|
|
$
|
17.43
|
|
|
$
|
16.94
|
|
|
$
|
16.41
|
|
|
$
|
15.90
|
|
|
BALANCE SHEET
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
722,171
|
|
|
$
|
726,339
|
|
|
$
|
717,528
|
|
|
$
|
700,502
|
|
|
$
|
730,805
|
|
|
Loans, net
|
|
$
|
544,999
|
|
|
$
|
539,832
|
|
|
$
|
538,593
|
|
|
$
|
539,672
|
|
|
$
|
544,188
|
|
|
Securities, including
restricted investments
|
|
$
|
81,799
|
|
|
$
|
75,128
|
|
|
$
|
74,310
|
|
|
$
|
72,344
|
|
|
$
|
74,124
|
|
|
Deposits
|
|
$
|
622,155
|
|
|
$
|
614,000
|
|
|
$
|
607,256
|
|
|
$
|
592,358
|
|
|
$
|
635,638
|
|
|
Transaction
accounts
(demand &
interest checking accounts)
|
|
$
|
366,023
|
|
|
$
|
354,534
|
|
|
$
|
351,891
|
|
|
$
|
346,687
|
|
|
$
|
392,583
|
|
|
Shareholders'
equity
|
|
$
|
67,123
|
|
|
$
|
65,976
|
|
|
$
|
64,106
|
|
|
$
|
62,133
|
|
|
$
|
60,007
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(1)
|
|
|
3.65
|
%
|
|
|
3.73
|
%
|
|
|
3.73
|
%
|
|
|
3.89
|
%
|
|
|
3.79
|
%
|
|
Return on average
assets
|
|
|
0.85
|
%
|
|
|
1.14
|
%
|
|
|
0.89
|
%
|
|
|
0.96
|
%
|
|
|
0.92
|
%
|
|
Return on average
equity
|
|
|
9.35
|
%
|
|
|
12.46
|
%
|
|
|
9.94
|
%
|
|
|
10.83
|
%
|
|
|
10.58
|
%
|
|
Efficiency ratio
(2)
|
|
|
74.69
|
%
|
|
|
69.11
|
%
|
|
|
73.16
|
%
|
|
|
75.41
|
%
|
|
|
76.29
|
%
|
|
Yield on earning
assets
|
|
|
4.29
|
%
|
|
|
4.43
|
%
|
|
|
4.46
|
%
|
|
|
4.55
|
%
|
|
|
4.44
|
%
|
|
Cost of
funds
|
|
|
0.67
|
%
|
|
|
0.73
|
%
|
|
|
0.76
|
%
|
|
|
0.69
|
%
|
|
|
0.67
|
%
|
|
|
|
(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)
|
|
December
31,
2019
|
|
|
September
30,
2019
|
|
|
June
30,
2019
|
|
|
March
31,
2019
|
|
|
December 31,
2018
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
989
|
|
|
$
|
1,941
|
|
|
$
|
2,278
|
|
|
$
|
1,969
|
|
|
$
|
1,993
|
|
|
Restructured loans
still accruing
|
|
|
2,471
|
|
|
|
2,518
|
|
|
|
2,979
|
|
|
|
3,319
|
|
|
|
3,361
|
|
|
Loans 90+ days past
due and accruing
|
|
|
1,636
|
|
|
|
867
|
|
|
|
484
|
|
|
|
1,163
|
|
|
|
1,227
|
|
|
Total nonperforming
loans
|
|
|
5,096
|
|
|
|
5,326
|
|
|
|
5,741
|
|
|
|
6,451
|
|
|
|
6,581
|
|
|
Other real estate
owned, net
|
|
|
1,356
|
|
|
|
1,356
|
|
|
|
1,356
|
|
|
|
1,356
|
|
|
|
1,356
|
|
|
Total nonperforming
assets
|
|
$
|
6,452
|
|
|
$
|
6,682
|
|
|
$
|
7,097
|
|
|
$
|
7,807
|
|
|
$
|
7,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
$
|
5,227
|
|
|
$
|
5,395
|
|
|
$
|
5,409
|
|
|
$
|
5,281
|
|
|
$
|
5,176
|
|
|
Allowance for loan
losses to total loans
|
|
|
0.95
|
%
|
|
|
0.99
|
%
|
|
|
0.99
|
%
|
|
|
0.97
|
%
|
|
|
0.94
|
%
|
|
Nonaccrual loans to
total loans
|
|
|
0.18
|
%
|
|
|
0.36
|
%
|
|
|
0.42
|
%
|
|
|
0.36
|
%
|
|
|
0.36
|
%
|
|
Allowance for loan
losses to
nonperforming
loans
|
|
|
102.57
|
%
|
|
|
101.30
|
%
|
|
|
94.22
|
%
|
|
|
81.86
|
%
|
|
|
78.65
|
%
|
|
Nonperforming loans
to total loans
|
|
|
0.93
|
%
|
|
|
0.98
|
%
|
|
|
1.06
|
%
|
|
|
1.18
|
%
|
|
|
1.20
|
%
|
|
Nonperforming assets
to total assets
|
|
|
0.89
|
%
|
|
|
0.92
|
%
|
|
|
0.99
|
%
|
|
|
1.11
|
%
|
|
|
1.09
|
%
|
|
Net loan charge-offs
(recoveries)
|
|
$
|
259
|
|
|
$
|
14
|
|
|
$
|
77
|
|
|
$
|
(55)
|
|
|
$
|
38
|
|
|
Net loan charge-offs
(recoveries) to
average
loans
|
|
|
0.05
|
%
|
|
|
0.003
|
%
|
|
|
0.01
|
%
|
|
|
(0.01)
|
%
|
|
|
0.01
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAUQUIER
BANKSHARES, INC.
Selected Financial
Data
|
|
|
(Dollars in thousands, except per share data)
|
|
For the Twelve
Months Ended,
|
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
|
EARNINGS STATEMENT
DATA:
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
29,170
|
|
|
$
|
26,698
|
|
|
Interest
expense
|
|
|
4,520
|
|
|
|
3,233
|
|
|
Net interest
income
|
|
|
24,650
|
|
|
|
23,465
|
|
|
Provision for loan
losses
|
|
|
346
|
|
|
|
507
|
|
|
Net interest income
after provision for loan losses
|
|
|
24,304
|
|
|
|
22,958
|
|
|
Noninterest
income
|
|
|
5,974
|
|
|
|
6,074
|
|
|
Noninterest
expense
|
|
|
22,454
|
|
|
|
22,151
|
|
|
Income before income
taxes
|
|
|
7,824
|
|
|
|
6,881
|
|
|
Income
taxes
|
|
|
1,004
|
|
|
|
746
|
|
|
Net income
|
|
$
|
6,820
|
|
|
$
|
6,135
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic
|
|
$
|
1.80
|
|
|
$
|
1.63
|
|
|
Net income per share,
diluted
|
|
$
|
1.80
|
|
|
$
|
1.62
|
|
|
Cash
dividends
|
|
$
|
0.485
|
|
|
$
|
0.48
|
|
|
Weighted average
shares outstanding, basic
|
|
|
3,783,322
|
|
|
|
3,772,421
|
|
|
Weighted average
shares outstanding, diluted
|
|
|
3,790,718
|
|
|
|
3,779,366
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
Net interest margin
(1)
|
|
|
3.74
|
%
|
|
|
3.81
|
%
|
|
Return on average
assets
|
|
|
0.96
|
%
|
|
|
0.92
|
%
|
|
Return on average
equity
|
|
|
10.64
|
%
|
|
|
10.64
|
%
|
|
Efficiency ratio
(2)
|
|
|
73.05
|
%
|
|
|
76.68
|
%
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs
|
|
$
|
295
|
|
|
$
|
425
|
|
|
Net loan charge-offs
to average loans
|
|
|
0.05
|
%
|
|
|
0.08
|
%
|
|
|
|
(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.
|
View original
content:http://www.prnewswire.com/news-releases/fauquier-bankshares-inc-announces-fourth-quarter-2019-results-300990483.html
SOURCE Fauquier Bankshares, Inc.
