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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________to_____________

 

Commission File Number: 000-25805

 

Fauquier Bankshares, Inc.

(Exact name of registrant as specified in its charter)

 

Virginia

 

54-1288193

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

10 Courthouse Square, Warrenton, Virginia

 

20186

(Address of principal executive offices)

 

(Zip Code)

 

(540) 347-2700

(Registrant’s telephone number, including area code)

 

(Not applicable)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

Common Stock

Par value $3.13 per share

FBSS

The Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected to not use extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)  Yes No

 

The registrant had 3,794,725 shares of common stock outstanding as of August 7, 2020.

 


FAUQUIER BANKSHARES, INC.

INDEX

 

Part I.  FINANCIAL INFORMATION

 

 

 

Page

Item 1.

Financial Statements

2

 

 

 

 

Consolidated Balance Sheets (Unaudited)

2

 

 

 

 

Consolidated Statements of Operations (Unaudited)

3

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited)

6

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

 

 

 

Item 4.

Controls and Procedures

39

 

 

 

Part II.  OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

40

 

 

 

Item 1A.

Risk Factors

40

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

42

 

 

 

Item 3.

Defaults Upon Senior Securities

42

 

 

 

Item 4.

Mine Safety Disclosures

42

 

 

 

Item 5.

Other Information

42

 

 

 

Item 6.

Exhibits

43

 

 

 

SIGNATURES

44

 

1


Part I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

Fauquier Bankshares, Inc. and Subsidiaries

Consolidated Balance Sheets

 

(In thousands, except share and per share data)

 

June 30,

2020

(Unaudited)

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

12,839

 

 

$

9,124

 

Interest-bearing deposits in other banks

 

 

66,686

 

 

 

37,203

 

Federal funds sold

 

 

14

 

 

 

14

 

Securities available for sale, at fair value

 

 

78,250

 

 

 

79,783

 

Restricted investments

 

 

2,687

 

 

 

2,016

 

Mortgage loans held for sale

 

 

-

 

 

 

247

 

Loans

 

 

622,660

 

 

 

550,226

 

Allowance for loan losses

 

 

(6,400

)

 

 

(5,227

)

Loans, net

 

 

616,260

 

 

 

544,999

 

Premises and equipment, net

 

 

16,978

 

 

 

17,492

 

Accrued interest receivable

 

 

2,818

 

 

 

1,984

 

Other real estate owned, net

 

 

1,356

 

 

 

1,356

 

Bank-owned life insurance

 

 

14,141

 

 

 

13,961

 

Other assets

 

 

13,524

 

 

 

13,992

 

Total assets

 

$

825,553

 

 

$

722,171

 

Liabilities

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing checking

 

$

169,542

 

 

$

123,492

 

Interest-bearing:

 

 

 

 

 

 

 

 

Checking

 

 

262,274

 

 

 

242,531

 

Savings and money market accounts

 

 

203,038

 

 

 

182,007

 

Time deposits

 

 

70,952

 

 

 

74,125

 

Total interest-bearing

 

 

536,264

 

 

 

498,663

 

Total deposits

 

 

705,806

 

 

 

622,155

 

Federal Home Loan Bank advances

 

 

32,651

 

 

 

16,695

 

Junior subordinated debt

 

 

4,124

 

 

 

4,124

 

Other liabilities

 

 

11,884

 

 

 

12,075

 

Total liabilities

 

 

754,465

 

 

 

655,049

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Common stock, par value $3.13, and additional paid-in capital; authorized: 8,000,000 shares; issued and outstanding: 3,794,725 and 3,783,724 shares including 19,843 and 20,352 unvested restricted shares, respectively

 

 

16,117

 

 

 

15,964

 

Retained earnings

 

 

51,812

 

 

 

49,787

 

Accumulated other comprehensive income, net

 

 

3,159

 

 

 

1,371

 

Total shareholders’ equity

 

 

71,088

 

 

 

67,122

 

Total liabilities and shareholders’ equity

 

$

825,553

 

 

$

722,171

 

 

See accompanying Notes to Consolidated Financial Statements.

2


Fauquier Bankshares, Inc. and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(In thousands, except per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

6,507

 

 

$

6,573

 

 

$

12,974

 

 

$

13,144

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest income

 

 

364

 

 

 

365

 

 

 

743

 

 

 

734

 

Tax-exempt interest

 

 

100

 

 

 

85

 

 

 

199

 

 

 

174

 

Dividends

 

 

27

 

 

 

32

 

 

 

55

 

 

 

70

 

Interest on deposits in other banks

 

 

10

 

 

 

224

 

 

 

94

 

 

 

336

 

Total interest income

 

 

7,008

 

 

 

7,279

 

 

 

14,065

 

 

 

14,458

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

499

 

 

 

957

 

 

 

1,246

 

 

 

1,796

 

Interest on federal funds purchased

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14

 

Interest on Federal Home Loan Bank advances

 

 

76

 

 

 

188

 

 

 

147

 

 

 

332

 

Interest on Junior subordinated debt

 

 

49

 

 

 

50

 

 

 

99

 

 

 

99

 

Total interest expense

 

 

624

 

 

 

1,195

 

 

 

1,492

 

 

 

2,241

 

Net interest income

 

 

6,384

 

 

 

6,084

 

 

 

12,573

 

 

 

12,217

 

Provision for loan losses

 

 

911

 

 

 

205

 

 

 

1,261

 

 

 

255

 

Net interest income after provision for loan losses

 

 

5,473

 

 

 

5,879

 

 

 

11,312

 

 

 

11,962

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust and estate fees

 

 

499

 

 

 

427

 

 

 

960

 

 

 

843

 

Brokerage fees

 

 

120

 

 

 

128

 

 

 

266

 

 

 

218

 

Service charges on deposit accounts

 

 

220

 

 

 

378

 

 

 

572

 

 

 

761

 

Interchange fee income, net

 

 

297

 

 

 

313

 

 

 

567

 

 

 

584

 

Bank-owned life insurance

 

 

90

 

 

 

90

 

 

 

180

 

 

 

183

 

Other income (loss)

 

 

(43

)

 

 

58

 

 

 

(32

)

 

 

206

 

Gain on sale of securities available for sale

 

 

-

 

 

 

-

 

 

 

-

 

 

 

79

 

Gain on sale of mortgage loans held for sale, net

 

 

33

 

 

 

6

 

 

 

45

 

 

 

6

 

Total noninterest income

 

 

1,216

 

 

 

1,400

 

 

 

2,558

 

 

 

2,880

 

Noninterest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

2,435

 

 

 

2,923

 

 

 

5,387

 

 

 

5,935

 

Occupancy

 

 

579

 

 

 

604

 

 

 

1,243

 

 

 

1,219

 

Furniture and equipment

 

 

190

 

 

 

275

 

 

 

381

 

 

 

558

 

Marketing and business development

 

 

107

 

 

 

171

 

 

 

216

 

 

 

357

 

Legal, audit and consulting

 

 

304

 

 

 

282

 

 

 

574

 

 

 

531

 

Data processing

 

 

361

 

 

 

325

 

 

 

736

 

 

 

679

 

Federal Deposit Insurance Corporation assessment

 

 

81

 

 

 

93

 

 

 

165

 

 

 

187

 

Other operating expenses

 

 

832

 

 

 

836

 

 

 

1,792

 

 

 

1,761

 

Total noninterest expenses

 

 

4,889

 

 

 

5,509

 

 

 

10,494

 

 

 

11,227

 

Income before income taxes

 

 

1,800

 

 

 

1,770

 

 

 

3,376

 

 

 

3,615

 

Income tax expense

 

 

222

 

 

 

206

 

 

 

402

 

 

 

419

 

Net Income

 

$

1,578

 

 

$

1,564

 

 

$

2,974

 

 

$

3,196

 

Earnings per share, basic

 

$

0.42

 

 

$

0.41

 

 

$

0.78

 

 

$

0.84

 

Earnings per share, diluted

 

$

0.42

 

 

$

0.41

 

 

$

0.78

 

 

$

0.84

 

Dividends per share

 

$

0.125

 

 

$

0.12

 

 

$

0.25

 

 

$

0.24

 

 

See accompanying Notes to Consolidated Financial Statements.

3


Fauquier Bankshares, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(In thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

1,578

 

 

$

1,564

 

 

$

2,974

 

 

$

3,196

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of securities available for sale, net of tax, $(188), $(257), $(580) and $(519), respectively

 

 

708

 

 

 

970

 

 

 

2,181

 

 

 

1,954

 

Reclassification adjustment for gains on securities available for sale, net of tax, $0, $0, $0 and $17, respectively

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(62

)

Change in fair value of interest rate swap, net of tax, $(1), $37, $104 and $61, respectively

 

 

6

 

 

 

(136

)

 

 

(393

)

 

 

(228

)

Total other comprehensive income, net of tax, $(189), $(220), $(476) and $(441), respectively

 

 

714

 

 

 

834

 

 

 

1,788

 

 

 

1,664

 

Total comprehensive income

 

$

2,292

 

 

$

2,398

 

 

$

4,762

 

 

$

4,860

 

 

See accompanying Notes to Consolidated Financial Statements.

4


Fauquier Bankshares, Inc. and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

 

 

(In thousands, except share and per share data)

 

Common

Stock and Additional Paid-In Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income

 

 

Total

 

Balance, March 31, 2019

 

$

15,861

 

 

$

45,980

 

 

$

292

 

 

$

62,133

 

Net income

 

 

-

 

 

 

1,564

 

 

 

-

 

 

 

1,564

 

Other comprehensive loss, net of tax, $(220)

 

 

-

 

 

 

-

 

 

 

834

 

 

 

834

 

Cash dividends ($0.12 per share)

 

 

-

 

 

 

(454

)

 

 

-

 

 

 

(454

)

Amortization of unearned compensation, restricted stock awards

 

 

40

 

 

 

-

 

 

 

-

 

 

 

40

 

Repurchase of common stock (520 shares)

 

 

(11

)

 

 

-

 

 

 

-

 

 

 

(11

)

Balance, June 30, 2019

 

$

15,890

 

 

$

47,090

 

 

$

1,126

 

 

$

64,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2020

 

$

16,083

 

 

$

50,709

 

 

$

2,445

 

 

$

69,237

 

Net income

 

 

-

 

 

 

1,578

 

 

 

-

 

 

 

1,578

 

Other comprehensive income, net of tax, $(189)

 

 

-

 

 

 

-

 

 

 

714

 

 

 

714

 

Cash dividends ($0.125 per share)

 

 

-

 

 

 

(475

)

 

 

-

 

 

 

(475

)

Amortization of unearned compensation, restricted stock awards

 

 

34

 

 

 

-

 

 

 

-

 

 

 

34

 

Balance, June 30, 2020

 

$

16,117

 

 

$

51,812

 

 

$

3,159

 

 

$

71,088

 

 

 

(In thousands, except share and per share data)

 

Common

Stock and Additional Paid-In Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

 

Balance, December 31, 2018

 

$

15,742

 

 

$

44,803

 

 

$

(538

)

 

$

60,007

 

Net income

 

 

-

 

 

 

3,196

 

 

 

-

 

 

 

3,196

 

Other comprehensive income, net of tax effect, $(441)

 

 

-

 

 

 

-