(Fauquier Bank Press Release) Fauquier Bankshares, Inc. (the Company) (NASDAQ: FBSS), parent company of The Fauquier Bank, reported net income of $1.6 million, or $0.42 per diluted share for the quarter ended December 31, 2018, compared with $1.3 million, or $0.35 per diluted share for the prior quarter and $(543,000) or $(0.14) per diluted share for the fourth quarter of 2017. For the twelve months ended December 31, 2018, net income was $6.1 million, or $1.62 per diluted share compared with $2.5 million, or $0.66 per diluted share for the twelve months ended December 31, 2017.
For the quarter ended December 31, 2018, the Company’s return on average equity (ROE) and return on average assets (ROA) were 10.58% and 0.92%, respectively, compared with 8.96% and 0.79% for the prior quarter, respectively, and (3.77)% and (0.33)%, for the fourth quarter of 2017, respectively. For the twelve months ended December 31, 2018, ROE and ROA were 10.64% and 0.92%, respectively, compared with 4.44% and 0.39%, respectively, for the twelve months ended December 31, 2017.
Marc Bogan, President and CEO said, “The Fauquier Bank achieved record earnings in 2018 as a result of strong growth in loans, deposits, and assets. Our goal continues to be improving the Bank’s financial performance, and we are encouraged by the results. Our emphasis on sound and profitable growth in earning assets, along with expense management, has resulted in much improved net income and enhanced shareholder value. In addition to the improved financial performance, we have added several talented team members in the past two years that complement our existing leadership group and position The Fauquier Bank as an employer of choice in our market.”
Total assets were $730.8 million on December 31, 2018, compared with $670.0 million for the prior quarter and $644.6 million on December 31, 2017. Net loans increased $16.4 million to $544.2 million on December 31, 2018 compared with the prior quarter and increased $46.5 million compared with December 31, 2017. Total deposits were $635.6 million on December 31, 2018, compared with $566.2 million for the prior quarter and $570.0 million on December 31, 2017. Low-cost transaction deposits (demand and interest checking accounts) were $392.6 million on December 31, 2018, compared with $345.9 million for the prior quarter and $361.2 million on December 31, 2017.
Net interest margin was 3.79% for the fourth quarter of 2018 compared with 3.81% for the prior quarter, and 3.75% for the fourth quarter of 2017. Net interest income was $6.1 million for the fourth quarter of 2018 compared with $5.8 million for the prior quarter and $5.6 million for the fourth quarter of 2017. Net interest margin for the twelve months ended December 31, 2018 and 2017 was 3.81% and 3.66%, respectively.
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