Fauquier Bankshares, Inc. (the Company) (NASDAQ: FBSS), parent company of The Fauquier Bank, reported net income of $1.6 million, or 43 cents per diluted share for the quarter ended March 31, 2019, compared with $1.6 million, or 42 cents per diluted share for the prior quarter and for the first quarter of 2018.
For the quarter ended March 31, 2019, the Company’s return on average equity (ROE) and return on average assets (ROA) were 10.83% and 0.96%, respectively, compared with 10.58% and 0.92% for the prior quarter, respectively, and 11.44% and 0.97%, for the first quarter of 2018, respectively.
Marc Bogan, President, and CEO said, “Performance in the first quarter of 2019 was good, especially given the challenging interest rate environment and competitive marketplace. Loan and deposit growth has been difficult, but we are focused on maintaining strong margins and managing our costs, which has led to an 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 were $700.5 million on March 31, 2019, compared with $730.8 million for the prior quarter and $682.1 million on March 31, 2018.
- Net loans were $539.7 million on March 31, 2019, compared with $544.2 million for the prior quarter and $497.7 million on March 31, 2018.
- Total deposits were $592.4 million on March 31, 2019, compared with $635.6 million for the prior quarter and $577.2 million on March 31, 2018.
- Low-cost transaction deposits (demand and interest checking accounts) were $346.7 million on March 31, 2019, compared with $392.6 million for the prior quarter and $351.5 million on March 31, 2018.
- Net interest margin was 3.89% for the first quarter of 2019 compared with 3.79% for the prior quarter, and 3.74% for the first quarter of 2018.
- Net interest income was $6.1 million for the first quarter of 2019 compared with $6.1 million for the prior quarter and $5.7 million for the first quarter of 2018.
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, the allowance for loan losses was $5.3 million or 0.97% of total loans on March 31, 2019 compared with $5.2 million or 0.94% of total loans for the prior quarter and $5.4 million or 1.07% of total loans on March 31, 2018.
Nonperforming assets were $7.8 million on March 31, 2019, compared with $7.9 million for the prior quarter and $10.9 million on March 31, 2018. Included in nonperforming assets for the quarter were $6.5 million of nonperforming loans and $1.4 million of other real estate owned. Net loan recoveries were $55,000 for the first quarter of 2019 compared with net loan charge-offs of $38,000 for the prior quarter and net loan recoveries of $7,000 for the first quarter of 2018, respectively.
- Noninterest income was $1.5 million in the first quarter of 2019, compared with $1.3 million for the prior quarter and $1.9 million for the first quarter of 2018.
- Noninterest expense for the first quarter of 2019 was $5.7 million compared with $5.6 million for the prior quarter and $5.5 million for the first quarter of 2018.
Shareholders’ equity was $62.1 million on March 31, 2019, compared with $60.0 million for the prior quarter and $56.7 million on March 31, 2018. Book value per common share was $16.41 on March 31, 2019, compared with $15.90 for the prior quarter and $15.01 on March 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 with mobile deposit, 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.
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Following Monday evening’s winter storm, school divisions across the region have announced closures for Tuesday, January 7, 2025, due to hazardous road conditions and ongoing winter weather concerns. Below is a roundup of closures and policies for the affected school systems:
Prince William County Public Schools
All schools and offices will be closed Code Red on Tuesday. Inclement Weather Employees are the exception and should follow their assigned schedule.
Stafford County Public Schools
Schools will be closed on Tuesday due to adverse weather and an extended winter storm warning. All activities and events scheduled for the day are canceled. Tuesday was originally a professional learning day, so students were not scheduled to attend.
Manassas City Public Schools
Schools and offices will be closed Tuesday. Code BLUE is in effect for employees.
Fredericksburg City Public Schools
Schools will be closed, and buildings will remain closed as crews work on clearing parking lots and sidewalks. Essential personnel will be contacted by their supervisors for report times.
Manassas Park City Schools Closure for Tuesday, January 7, 2025
All Manassas Park City Schools will be closed on Tuesday, January 7, 2025, due to snowy conditions. **Code RED** is in effect for employees.
King George County Schools
Schools will be closed Tuesday. Code 1 is in effect for 12-month employees.
Fairfax County Public Schools
All schools and central offices will be closed on Tuesday.
University of Mary Washington
All UMW campuses, including Fredericksburg, Stafford, and Dahlgren, will be closed all day Tuesday following the January 6 snowstorm.
Stay tuned for updates on reopening plans and further weather developments. Stay safe!
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The Manassas City Council meeting originally scheduled for January 6, 2025, has been postponed to Monday, January 13, 2025. The meeting will feature the swearing-in of elected officials, administered by the Honorable Jacqueline Smith, Clerk of the Circuit Court.
Mayor Michelle Davis-Younger, who won re-election in November 2024, will take the oath of office for her second term. Joining her will be Councilman Tom Osina, beginning his second term; Councilman Mark Wolfe, embarking on his fourth term; and newly elected Councilwoman Ashley Hutson, serving her first term on the council. All four ran as Democrats in the 2024 election.
Manassas Park Resident Jose Rafael Lizama pled guilty Friday, January 3, 2024, to felony Involuntary Manslaughter stemming from a December 2, 2023 crash where Lizama admitted to striking and killing pedestrian Justin Burns, 39, of Blackstone, Va.
Lizama
Lizama appeared with an interpreter, and his lawyer stood before Judge Angela Horan and took responsibility for the 11 p.m. crash in front of Old Towne Sports Pub in Manassas.
During Lizama’s preliminary hearing in May 2024, Prosecutors presented evidence, including a nearby homeowner’s security camera footage that caught Lizama’s van traveling at a high rate of speed, striking Burns as he crossed the street in an unlit area of Center Street.
(FXBG Advance) – Prior to ever publicly addressing questions about the removal of Mary Becelia from the Central Rappahannock Regional Library’s Board of Trustees for alleged misconduct, the Stafford Board of Supervisors presented Becelia with a “Settlement Agreement, Release, and Covenant Not to Sue.”
Start 2024 on the right foot by prioritizing your mental health and well-being. At Peaceful Mind Solutions, we understand how challenging life can be—whether it’s managing stress from work, family dynamics, or navigating the complexities of the world around us. Our team is here to help you create balance and find the peace you deserve.
We’re offering a free 15-minute consultation to help you explore how therapy can work for you. Whether you’re feeling overwhelmed, looking for support, or just want to talk things through, this is the perfect opportunity to take that first step toward a healthier, happier you.
Scheduling is simple and convenient. Choose the option that works best for you:
Experience the passion and drama of Puccini’s “The Girl from the Golden West”.
Featuring special guest musicians from The Chesapeake Youth Orchestra, this performance brings Puccini’s masterpiece to life with an extraordinary cast.
Featuring:
