Fauquier Bankshares, Inc. (FBSS) has reported a 26.73 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $0.77 million, or $0.20 a share in the quarter, compared with $0.61 million, or $0.16 a share for the same period last year.      

Revenue during the quarter grew 4.96 percent to $6.30 million from $6 million in the previous year period. Net interest income for the quarter rose 2.68 percent over the prior year period to $4.95 million. Non-interest income for the quarter rose 1.37 percent over the last year period to $1.40 million.

Fauquier Bankshares, Inc. has made provision of $0.05 million for loan losses during the quarter, down 75 percent from $0.20 million in the same period last year.

Net interest margin contracted 7 basis points to 3.52 percent in the quarter from 3.59 percent in the last year period. Efficiency ratio for the quarter improved to 83.95 percent from 84.67 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Marc Bogan, president and chief executive officer, said, "We made progress in the first quarter of 2017 towards our goal of being a top performing community bank as compared to our peers. We continue to be encouraged by the improvements in our financial performance, however we realize we still have a lot of work to do. Our profitability in the first quarter of 2017 compared favorably to the prior year and provides us with a solid start."

Loans outpace deposit growth
Net loans stood at $451.17 million as on Mar. 31, 2017, up 1.37 percent compared with $445.09 million on Mar. 31, 2016. Deposits stood at $551.10 million as on Mar. 31, 2017, up 4.75 percent compared with $526.13 million on Mar. 31, 2016.

Investments stood at $58.21 million as on Mar. 31, 2017, up 7.14 percent or $3.88 million from year-ago. Shareholders equity stood at $55.27 million as on Mar. 31, 2017, up 4.16 percent or $2.21 million from year-ago.

Return on average assets moved up 9 basis points to 0.50 percent in the quarter from 0.41 percent in the last year period. At the same time, return on average equity increased 109 basis points to 5.68 percent in the quarter from 4.59 percent in the last year period.

Nonperforming assets moved up 41.18 percent or $1.33 million to $4.56 million on Mar. 31, 2017 from $3.23 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.72 percent in the quarter, up from 0.54 percent in the last year period.

Tier-1 leverage ratio stood at 9.44 percent for the quarter, up from 9.33 percent for the previous year quarter. Book value per share was $14.66 for the quarter, up 3.90 percent or $0.55 compared to $14.11 for the same period last year.