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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 September 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 November 6, 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

26

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

 

 

 

Item 4.

Controls and Procedures

41

 

 

 

Part II.  OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

41

 

 

 

Item 1A.

Risk Factors

41

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

 

 

 

Item 3.

Defaults Upon Senior Securities

43

 

 

 

Item 4.

Mine Safety Disclosures

43

 

 

 

Item 5.

Other Information

43

 

 

 

Item 6.

Exhibits

44

 

 

 

SIGNATURES

45

 

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)

 

September 30,

2020

(Unaudited)

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

10,994

 

 

$

9,124

 

Interest-bearing deposits in other banks

 

 

62,666

 

 

 

37,203

 

Federal funds sold

 

 

13

 

 

 

14

 

Securities available for sale, at fair value

 

 

84,590

 

 

 

79,783

 

Restricted investments

 

 

1,835

 

 

 

2,016

 

Mortgage loans held for sale

 

 

235

 

 

 

247

 

Loans

 

 

638,103

 

 

 

550,226

 

Allowance for loan losses

 

 

(6,701

)

 

 

(5,227

)

Loans, net

 

 

631,402

 

 

 

544,999

 

Premises and equipment, net

 

 

16,790

 

 

 

17,492

 

Accrued interest receivable

 

 

2,635

 

 

 

1,984

 

Other real estate owned, net

 

 

1,356

 

 

 

1,356

 

Bank-owned life insurance

 

 

14,231

 

 

 

13,961

 

Other assets

 

 

13,539

 

 

 

13,992

 

Total assets

 

$

840,286

 

 

$

722,171

 

Liabilities

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing checking

 

$

179,650

 

 

$

123,492

 

Interest-bearing:

 

 

 

 

 

 

 

 

Checking

 

 

252,627

 

 

 

242,531

 

Savings and money market accounts

 

 

235,718

 

 

 

182,007

 

Time deposits

 

 

71,839

 

 

 

74,125

 

Total interest-bearing

 

 

560,184

 

 

 

498,663

 

Total deposits

 

 

739,834

 

 

 

622,155

 

Federal Home Loan Bank advances

 

 

12,629

 

 

 

16,695

 

Junior subordinated debt

 

 

4,124

 

 

 

4,124

 

Other liabilities

 

 

11,492

 

 

 

12,075

 

Total liabilities

 

 

768,079

 

 

 

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

 

 

16,152

 

 

 

15,964

 

Retained earnings

 

 

52,885

 

 

 

49,787

 

Accumulated other comprehensive income, net

 

 

3,170

 

 

 

1,371

 

Total shareholders’ equity

 

 

72,207

 

 

 

67,122

 

Total liabilities and shareholders’ equity

 

$

840,286

 

 

$

722,171

 

 

See accompanying Notes to Consolidated Financial Statements.

2


Fauquier Bankshares, Inc. and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In thousands, except per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

6,348

 

 

$

6,651

 

 

$

19,322

 

 

$

19,795

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest income

 

 

338

 

 

 

355

 

 

 

1,081

 

 

 

1,089

 

Tax-exempt interest

 

 

107

 

 

 

89

 

 

 

306

 

 

 

263

 

Dividends

 

 

29

 

 

 

57

 

 

 

84

 

 

 

127

 

Interest on deposits in other banks

 

 

19

 

 

 

210

 

 

 

113

 

 

 

547

 

Total interest income

 

 

6,841

 

 

 

7,362

 

 

 

20,906

 

 

 

21,821

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

420

 

 

 

930

 

 

 

1,666

 

 

 

2,727

 

Interest on federal funds purchased

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14

 

Interest on Federal Home Loan Bank advances

 

 

78

 

 

 

190

 

 

 

225

 

 

 

523

 

Interest on Junior subordinated debt

 

 

49

 

 

 

51

 

 

 

148

 

 

 

149

 

Total interest expense

 

 

547

 

 

 

1,171

 

 

 

2,039

 

 

 

3,413

 

Net interest income

 

 

6,294

 

 

 

6,191

 

 

 

18,867

 

 

 

18,408

 

Provision for loan losses

 

 

345

 

 

 

-

 

 

 

1,606

 

 

 

255

 

Net interest income after provision for loan losses

 

 

5,949

 

 

 

6,191

 

 

 

17,261

 

 

 

18,153

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust and estate fees

 

 

681

 

 

 

442

 

 

 

1,641

 

 

 

1,285

 

Brokerage fees

 

 

127

 

 

 

115

 

 

 

393

 

 

 

333

 

Service charges on deposit accounts

 

 

259

 

 

 

382

 

 

 

831

 

 

 

1,142

 

Interchange fee income, net

 

 

333

 

 

 

394

 

 

 

900

 

 

 

979

 

Bank-owned life insurance

 

 

90

 

 

 

92

 

 

 

270

 

 

 

275

 

Other income (loss)

 

 

(27

)

 

 

188

 

 

 

(59

)

 

 

392

 

Gain on sale of securities available for sale

 

 

-

 

 

 

-

 

 

 

-

 

 

 

79

 

Gain (loss) on sale of mortgage loans held for sale, net

 

 

15

 

 

 

(3

)

 

 

60

 

 

 

2

 

Total noninterest income

 

 

1,478

 

 

 

1,610

 

 

 

4,036

 

 

 

4,487

 

Noninterest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

3,076

 

 

 

3,035

 

 

 

8,463

 

 

 

8,968

 

Occupancy

 

 

586

 

 

 

561

 

 

 

1,829

 

 

 

1,781

 

Furniture and equipment

 

 

196

 

 

 

269

 

 

 

577

 

 

 

827

 

Marketing and business development

 

 

114

 

 

 

129

 

 

 

329

 

 

 

487

 

Legal, audit and consulting

 

 

301

 

 

 

270

 

 

 

875

 

 

 

801

 

Data processing

 

 

338

 

 

 

353

 

 

 

1,074

 

 

 

1,031

 

Federal Deposit Insurance Corporation assessment

 

 

95

 

 

 

-

 

 

 

260

 

 

 

187

 

Merger related expenses

 

 

43

 

 

 

-

 

 

 

43

 

 

 

-

 

Other operating expenses

 

 

921

 

 

 

802

 

 

 

2,713

 

 

 

2,561

 

Total noninterest expenses

 

 

5,670

 

 

 

5,419

 

 

 

16,163

 

 

 

16,643

 

Income before income taxes

 

 

1,757

 

 

 

2,382

 

 

 

5,134

 

 

 

5,997

 

Income tax expense

 

 

210

 

 

 

330

 

 

 

613

 

 

 

749

 

Net Income

 

$

1,547

 

 

$

2,052

 

 

$

4,521

 

 

$

5,248

 

Earnings per share, basic

 

$

0.41

 

 

$

0.54

 

 

$

1.19

 

 

$

1.39

 

Earnings per share, diluted

 

$

0.41

 

 

$

0.54

 

 

$

1.19

 

 

$

1.38

 

Dividends per share

 

$

0.125

 

 

$

0.12

 

 

$

0.375

 

 

$

0.36

 

 

See accompanying Notes to Consolidated Financial Statements.

3


Fauquier Bankshares, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

1,547

 

 

$

2,052

 

 

$

4,521

 

 

$

5,248

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of securities available for sale, net of tax, $9, $(100), $(571) and $(619), respectively

 

 

(34

)

 

 

374

 

 

 

2,147

 

 

 

2,328

 

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, $(11), $37, $93 and $98, respectively

 

 

45

 

 

 

(141

)

 

 

(348

)

 

 

(369

)

Total other comprehensive income, net of tax, $(2), $(63), $(478) and $(504), respectively

 

 

11

 

 

 

233

 

 

 

1,799

 

 

 

1,897

 

Total comprehensive income

 

$

1,558

 

 

$

2,285

 

 

$

6,320

 

 

$

7,145

 

 

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, June 30, 2019

 

$

15,890

 

 

$

47,090

 

 

$

1,126

 

 

$

64,106

 

Net income

 

 

-

 

 

 

2,052

 

 

 

-

 

 

 

2,052

 

Other comprehensive income, net of tax, $(63)

 

 

-

 

 

 

-

 

 

 

233

 

 

 

233

 

Cash dividends ($0.12 per share)

 

 

-

 

 

 

(455

)

 

 

-

 

 

 

(455

)

Amortization of unearned compensation, restricted stock awards

 

 

40

 

 

 

-

 

 

 

-

 

 

 

40

 

Balance, September 30, 2019

 

$

15,930

 

 

$

48,687

 

 

$

1,359

 

 

$

65,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2020

 

$

16,117

 

 

$

51,812

 

 

$

3,159

 

 

$

71,088

 

Net income

 

 

-

 

 

 

1,547

 

 

 

-

 

 

 

1,547

 

Other comprehensive income, net of tax, $(2)

 

 

-

 

 

 

-

 

 

 

11

 

 

 

11

 

Cash dividends ($0.125 per share)

 

 

-

 

 

 

(474

)

 

 

-

 

 

 

(474

)

Amortization of unearned compensation, restricted stock awards

 

 

35

 

 

 

-

 

 

 

-

 

 

 

35

 

Balance, September 30, 2020

 

$

16,152

 

 

$

52,885

 

 

$

3,170

 

 

$

72,207

 

 

 

(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

 

 

-

 

 

 

5,248

 

 

 

-

 

 

 

5,248

 

Other comprehensive income, net of tax effect, $(504)

 

 

-

 

 

 

-

 

 

 

1,897

 

 

 

1,897

 

Cash dividends ($0.36 per share)