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Farmers Bankshares, Inc. (OTC-PINK: FBVA) declared a quarterly dividend of $0.15 per share, maintaining the same amount as in previous quarters. The record date for this dividend is January 2, 2023, with payment scheduled for January 17, 2023. The company, established in 1919 and headquartered in Windsor, Virginia, operates eight branches across Tidewater Virginia, and offers various banking services.
Farmers Bankshares, Inc. (OTC: FBVA) reported third-quarter 2022 earnings of $1.0 million, or $0.33 per share. Adjusted earnings, excluding merger-related expenses, would be $1.7 million, or $0.55 per share. Net income for the first nine months of 2022 totaled $3.4 million, or $1.08 per share. The bank's net loans increased by $21.6 million (8.37%) year-over-year. While net interest income rose by 8.74%, non-interest income fell 39.42%. The company anticipates completing its merger with TowneBank in Q1 2023.
Farmers Bankshares, Inc. (OTC-PINK: FBVA) has declared a quarterly dividend of $0.15 per share for common stockholders, consistent with previous declarations from June 2022 and September 2021. The record date for shareholders to receive the dividend is set for close of trading on October 3, 2022, with payments made by October 17, 2022. Based in Windsor, Virginia, Farmers Bankshares operates as a community bank with eight branches across Tidewater Virginia, providing local financial services since 1919.
Farmers Bankshares, Inc. (FBVA) reported unaudited earnings of $1.2 million ($0.37 per share) for Q2 2022, with adjusted earnings rising to $1.4 million ($0.46 per share), up from $1.1 million in Q2 2021. Net income for the first half of 2022 reached $2.4 million ($0.75 per share). Net loans increased by 5% to $12.9 million, although deposits fell by $10.8 million. Non-interest income decreased by nearly 49%, primarily due to last year's gains from interest rate swaps. Despite challenges from market rate increases, the bank remains well-capitalized and positioned for profitability.
Farmers Bankshares, Inc. (OTC-PINK: FBVA) announced a quarterly dividend of $0.15 per share, marking a 15.4% increase from $0.13 in June 2021. The record date for shareholders entitled to the dividend payment is July 1, 2022, with payments scheduled for July 15, 2022. Founded in 1919 and based in Windsor, Virginia, the company operates eight branches across Tidewater Virginia, serving as a community bank.
Farmers Bankshares, Inc. (OTC-PINK: FBVA) reported the outcomes of its annual shareholder meeting held on May 12, 2022, with 76.6% of shares represented. All nine nominated directors were reelected, despite receiving a range of 37.56% to 40.08% approval votes, indicating significant dissent, as 59.92% to 62.44% of votes were withheld. Additionally, 38.15% supported the advisory vote for the independent auditor, while 61.85% opposed it. Management aims to keep open communication with shareholders to enhance value and performance.
Farmers Bankshares (OTC-PINK: FBVA) reported unaudited earnings of $1.2 million, or $0.39 per share, for Q1 2022, with adjusted earnings at $1.4 million, or $0.44 per share, unchanged from Q1 2021. Despite macroeconomic challenges and increased operating costs due to a dispute with the former Chairman, the bank saw a 1.00% increase in net loans and a significant 25.8 million rise in deposits. However, non-interest income fell 24.16% year-over-year, influenced by previous gains in investments. The first quarter showed a 8.88% rise in non-interest expenses, affecting returns.
Farmers Bankshares, Inc. (OTC-PINK: FBVA) declared a quarterly dividend of $0.15 per share, reflecting a 15.4% increase from $0.13 in March 2021. The record date for payment is April 4, 2022, with disbursement scheduled for April 15, 2022. Headquartered in Windsor, Virginia, Farmers Bank operates eight branches across Tidewater Virginia, serving the community since 1919. The stock is available for purchase through any stockbroker.
Farmers Bankshares, Inc. (OTC-PINK: FBVA) announced the election of William A. Gwaltney, Jr. as Chairman of the Board, succeeding Richard J. Holland, Jr.. Gwaltney has been with the board since 1993 and previously served as Vice-Chairman. Additionally, Kent B. Spain was elected as Vice Chairman; he has been a board member since 2005. The board expressed gratitude for Holland's 40 years of service and looks forward to the new leadership under Gwaltney and Spain.
Farmers Bankshares, Inc. (FBVA) achieved record earnings of $8.5 million or $2.72 per share for 2021, marking a 56.98% increase from the previous year. However, net income for Q4 2021 was $1.2 million or $0.38 per share, down from $1.8 million or $0.57 per share in Q4 2020. Key metrics included a return on average assets of 1.44% and a net interest margin of 3.06%. Despite challenges in loan growth and margin compression, the bank is focusing on expanding its loan portfolio and non-interest income opportunities in 2022.
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