Farmers Bankshares, Inc. Revised Financial Highlights for Third Quarter
WINDSOR, Va., Nov. 17, 2021 /PRNewswire/ -- On October 21, 2021, Farmers Bankshares, Inc. (OTC-PINK: FBVA), the Windsor-based holding company for Farmers Bank, issued a press release reporting its third quarter and year-to-date earnings for 2021. Under the heading "Financial Highlights" in the original press release, the Company included ratios for return on average assets, return on average stockholders' equity and return on average tangible stockholders' equity for the periods ended September 30 and June 30, 2021 that used financial data for the nine and six month periods, respectively. This presentation was inconsistent with other data for the September 30 and June 30, 2021 periods, which were reported for the three months ended September 30 and June 30, 2021.
Set forth below is a revised Financial Highlights table from the original press release reflecting the above ratios for the three months ended September 30 and June 30, 2021. There was no impact on the consolidated balance sheets or income statements included in the original press release, and all other financial information remains unchanged.
The common stock of Farmers Bankshares, Inc. trades on the OTC Pink Marketplace under the symbol FBVA. Any stockbroker can assist with purchase of the company's stock, as well as with sales of holdings.
Farmers Bank, founded in 1919, is headquartered in Windsor, Virginia, and is a community bank which operates eight branches and services areas throughout Tidewater, Virginia. Additional information is available at the company's website, www.farmersbankva.com.
Financial Highlights |
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September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
At or For the Three Months Ended, |
2021 |
2021 |
2021 |
2020 |
2020 |
Per Share and Shares Outstanding (1) |
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Basic net income |
$ 0.51 |
$ 1.19 |
$ 0.63 |
$ 0.57 |
$ 0.41 |
Book value at end of period |
$ 21.15 |
$ 21.51 |
$ 19.77 |
$ 20.65 |
$ 19.92 |
Tangible book value at end of period |
$ 17.96 |
$ 18.29 |
$ 16.52 |
$ 17.35 |
$ 16.60 |
Basic weighted average shares outstanding |
3,122,886 |
3,121,308 |
3,116,938 |
3,104,776 |
3,104,004 |
Dividends per share |
$ 0.15 |
$ 0.13 |
$ 0.13 |
$ 0.12 |
$ 0.12 |
Shares outstanding at period end |
3,127,048 |
3,125,678 |
3,125,678 |
3,108,462 |
3,106,809 |
Selected Performance Ratios |
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Return on average assets |
1.10% |
2.58% |
1.38% |
1.05% |
0.96% |
Return on average stockholders' equity |
9.44% |
22.31% |
12.14% |
8.70% |
7.90% |
Return on average tangible stockholders' equity |
11.09% |
26.33% |
14.41% |
10.45% |
9.54% |
Net interest margin, tax equivalent (2) |
3.22% |
3.20% |
3.22% |
3.53% |
3.37% |
Cost of deposits |
0.26% |
0.28% |
0.35% |
0.38% |
0.39% |
Non-interest income as a percentage of total revenue (3) |
37.66% |
58.18% |
41.69% |
44.17% |
37.23% |
Efficiency ratio (4) |
69.55% |
48.28% |
63.58% |
69.09% |
69.63% |
Balance Sheet Ratios |
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Loans to deposits |
46.29% |
51.51% |
53.78% |
61.29% |
65.03% |
Tangible common equity to tangible assets |
11.06% |
11.57% |
10.91% |
11.92% |
11.74% |
Nonperforming loans to period-end loans |
0.52% |
0.14% |
0.10% |
0.13% |
0.10% |
Allowance for loan losses to period-end loans |
2.49% |
2.32% |
2.32% |
2.23% |
2.20% |
Net charge-offs (recoveries) to average loans outstanding |
-0.01% |
0.04% |
0.04% |
0.09% |
0.09% |
(1) Computed based on the weighted average number of shares outstanding during each period. |
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(2) Net interest margin is net interest income divided by average interest earning assets. |
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(3) Total revenue consists of net interest income and non-interest income. |
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(4) Efficiency ratio is non-interest expense divided by the sum of net interest income and non-interest income. |
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SOURCE Farmers Bankshares, Inc.
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