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On February 18, 2021, Fauquier Bankshares, Inc. (NASDAQ: FBSS) announced a quarterly dividend of $0.125 per share. This dividend will be payable on March 26, 2021 to shareholders of record as of March 12, 2021. As of December 31, 2020, the company reported combined assets of $867.2 million and total shareholders' equity of $72.5 million. Operating through its principal subsidiary, The Fauquier Bank, the company provides a range of financial services across Virginia's Fauquier and Prince William counties.
Fauquier Bankshares reported a net income of $1.4 million ($0.36/share) for Q4 2020, down from $1.6 million in Q4 2019. For the year, the net income was $5.9 million, compared to $6.8 million in 2019. The net interest margin stood at 3.43%, with total loans decreasing to $616.7 million. The allowance for loan losses increased to $6.9 million, indicating potential loan risk. Noninterest income rose to $2.4 million, influenced by gains from security sales. The company is set to finalize a merger with Virginia National Bankshares, aiming to enhance financial services in 2021.
On November 19, 2020, Fauquier Bankshares, Inc. (NASDAQ: FBSS) declared a quarterly dividend of $0.125 per share, amounting to an annualized dividend of $0.50. Shareholders on record as of December 18, 2020, will receive the dividend on January 4, 2021. As of September 30, 2020, the company reported combined assets of $840.3 million and total shareholders' equity of $72.2 million. The Fauquier Bank offers diverse financial services across Fauquier and Prince William counties in Virginia.
Fauquier Bankshares (FBSS) reported third-quarter net income of $1.5 million ($0.41/share), a 24.6% decline from $2.1 million in Q3 2019. Year-to-date net income decreased 13.9% to $4.5 million. The net interest margin fell to 3.22%, down 51 basis points year-over-year. Total loans rose 17.0% to $638.1 million, and deposits increased 20.5% to $739.8 million. The company announced a merger with Virginia National Bankshares, aiming to enhance market presence. However, loan loss provisions increased significantly due to COVID-19's impact on operations.
Virginia National Bankshares Corporation and Fauquier Bankshares announced a strategic merger of equals, creating a combined entity with approximately $1.6 billion in total assets and $1.4 billion in total deposits. The merger aims to enhance operational scale and expand market reach in Virginia. Fauquier shareholders will receive 0.6750 shares of Virginia National for each share they hold. This merger is expected to be finalized in H1 2021, pending necessary approvals. Virginia National’s headquarters will remain in Charlottesville, Virginia.
Fauquier Bankshares, Inc. (NASDAQ: FBSS) declared a quarterly dividend of $0.125 per share on August 20, 2020, equating to an annualized dividend of $0.50. Shareholders of record by the close of business on September 18, 2020, will receive the dividend on October 1, 2020. As of June 30, 2020, the company reported total assets of $825.6 million and shareholder equity of $71.1 million, supporting its position as an independent community bank in Virginia.
Fauquier Bankshares (FBSS) reported a net income of $1.6 million for Q2 2020, up from $1.4 million in Q1 2020. Earnings per diluted share increased to $0.42, compared to $0.37 in the previous quarter. However, net income for the first half of 2020 decreased to $3.0 million, down from $3.2 million year-over-year. Total assets rose to $825.6 million, with total loans increasing to $622.7 million. The bank's provision for loan losses rose significantly to $911,000, driven by COVID-19 impacts. Nonperforming loans increased to $11.1 million, highlighting challenges amidst the pandemic.
