POST Online Media Lite Edition


Farmers Bankshares Q4 unaudited earnings $1.8 million

Christian Fernsby |
Farmers Bankshares reported unaudited earnings of $1.8 million, or $0.57 per share, for the fourth quarter of 2020.

Article continues below


These results are increased from the $921 thousand, or $0.30 per share, earned during the fourth quarter of 2019.

The Company posted record earnings for the year, which amounted to $5.4 million or $1.74 per share, which is a 6.07% increase from the $5.1 million or $1.65 per share, reported for 2019.

Net loans increased $17.6 million, or 6.74%, as compared to December 31, 2019.

The increase was primarily driven by loans associated with the Company's participation in the CARES Act's Paycheck Protection Program ("PPP").

While the Company had productive loan growth in some of its newer markets, two large loans to municipalities repaid during the fourth quarter which affected net loan growth during that time.

The Company had approximately $17.4 million in PPP loans on the balance sheet as of December 31, 2020 and had received approximately $7.6 million in payments on 45 loans being fully forgiven through the same time period.

Deposit balances have increased by $68.1 million to $454.7 million as of December 31, 2020 from $385.5 million as of December 31, 2019.

Non-interest bearing deposits increased by $34.6 million and make up approximately 33.23% of total deposits.

The influx of customer stimulus payments, PPP loan funds and seasonal municipality deposits all contributed to this increase in deposits.

During the fourth quarter, the Company used excess cash to repay a $5.0 million Federal Home Loan Bank advance prior to its maturity in order to reduce interest expense

Capital ratios at the bank level remain well within the well-capitalized guidelines of the regulatory framework.

Net interest income decreased 2.47%, for the year ended December 31, 2020 compared to 2019.

Net interest margin through the fourth quarter decreased to 3.53%, when compared to the fourth quarter of 2019 of 3.83%.

This reduction is primarily due to the impact of significantly lower market interest rates since the first quarter of 2020 and the rate associated with loans originated through the PPP program.

Non-interest income through the fourth quarter of 2020 was approximately $9.6 million and was increased by 24.35% over the same period in the prior year due primarily to increased insurance revenues from Manry Rawls Insurance and our investment in mortgage lending through our ownership interest in Tidewater Home Funding.

Non-interest expense remained relatively flat in 2020 compared to same period in 2019, decreasing by less than one percent.

No provision for loan losses was added during the fourth quarter of 2020.

Total provision equaled $921 thousand for the year ended December 31, 2020 compared to $0 for the same period in 2019.

The Company considers local and national unemployment, housing and market trends when determining the estimated allowance.

The economic factor of our allowance for loan loss calculation drove the additional provision expense during the year.

Our allowance for loan losses was 2.23% of gross loans as of December 31, 2020, including loans originated through the PPP, and 2.37% of gross loans excluding loans originated through the PPP.

Non-performing assets, which consists of nonaccrual loans and other real estate owned decreased from $1.4 million at December 31, 2019 to $844 thousand at December 31, 2020.

There were no additions to nonaccrual loans during the quarter.

Loans are considered past due if the required principal and interest income have not been received as of the date such payments were due.

As of December 31, 2020, loans greater than thirty days past due totaled $466 thousand, or 0.16% of total gross loans.

This compared to $927 thousand or 0.35% of total gross loans as of December 31, 2019.

Of the $37.6 million in loans that were on a COVID-19 payment deferral plan during 2020, all have returned to normal payment schedules.

What to read next

Farmers Bankshares Q1 unaudited earnings increased approximately 50.44%
Blue Ridge Bankshares net income $2,817,60
Blue Ridge Bankshares Q4 net income $5.5 million

Heavy rain with flooding possible in southwest U.S. and upper Midwest; heat continues in east

A stubborn upper-level high over portions of the eastern to south-central U.S. will generally remain in place, continuing a heat wave over the region with the focus for the most intense heat over portions of the Midwest/Ohio Valley and expanding in the Mid-Atlantic.


U.S. drillers cut oil and gas rigs to 588
Italy issues $6.4 million fine over Chinese cars badged as Italian
Manchester facing standstill as Metrolink workers ballot for strikes over woeful pay offer
Serbia to commission first study on possibility of building nuclear power plants


At least 2 killed, 9 injured in train collision in central Chile

EPPO dismantles criminal organisation targeting RRF funds
Additional heavy rainfall for Florida; severe thunderstorms in east U.S.
Chile declares disaster zone after storm leaves 1 dead, 4,300 homeless
Malawi's vice president Chilima killed in plane crash to be buried Friday
Heat continues in southwest U.S.; severe thunderstorms in Central Plains


Mayor Adams launches New York City's first community hiring effort

Baltimore filed lawsuit against plastic manufacturing companies for role in pollution
U.S. drillers cut oil and gas rig count
Construction starts to transform South Brooklyn Marine Terminal Into nation's largest offshore wind port
With record revenue of $996 billion airlines earn just $6.14 per passenger
Venezuela enters WTO Trade Facilitation Agreement

Trending Now

Baltimore filed lawsuit against plastic manufacturing companies for role in pollution

Heavy rain with flooding possible in southwest U.S. and upper Midwest; heat continues in east

Serbia to commission first study on possibility of building nuclear power plants

U.S. drillers cut oil and gas rigs to 588


U.S. prohibits use of Kaspersky Lab software on its territory

Kyrgyz parliament approves China-Kyrgyzstan-Uzbekistan railway agreement
First Net-Zero Academy to train 100,000 workers in EU solar photovoltaic value chain
Colombia to suspend coal exports to Israel
EU tariffs on Chinese EVs opposed across Europe
Ontario supports laid off auto workers in Windsor and Chatham

Today We Recommend

Mayor Adams launches New York City's first community hiring effort


U.S. lifts restrictions on Mexican tomato imports

Baltimore filed lawsuit against plastic manufacturing companies for role in pollution

Oracle to invest more than $1 billion in AI and cloud computing in Spain


Global Fiber selects Padtec, Satelital for subsea cable off Brazilian coast

Oracle to invest more than $1 billion in AI and cloud computing in Spain
Masdar and GEK TERNA strike landmark €3.2bn deal
SubCom and Telecom Egypt complete IEX cable landings in Egypt
Vodafone connects UK to world’s largest subsea cable system
Dispatch, Eneco collaborate on groundbreaking battery energy storage system for renewable energy in Netherlands


SEforALL approves term renewal of CEO Damilola Ogunbiyi

iSON appoints Vitul Kwatra as global CEO
Comviva announces key executive appointments in Europe and North America
Ocean Outdoor announces group CEO succession plan
Rajesh Chandiramani takes over as Comviva CEO
Azentio appoints Rahul Arora as new chief sales officer


Eurozone reports modest Q1 GDP growth, stable annual inflation

Italy sees faster economic growth in Q1
Slovenia's economy expected to grow 0.9 pct in Q1
Italy faces deficit infringement procedure
Real GDP increased in all 50 U.S. states
Inflation continues to decline in Germany


Motorcar Parts of America Q4 sales $189.5 million

Limoneira Q2 revenue $44.6 million
Lululemon athletica Q1 revenue increased 10% to $2.2 billion
PVH Q1 GAAP EBIT $205 million
Dollar General Q1 operating profit decreased 26.3%
Guess Q1 revenue increased by 7%


Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?


U.S. lifts restrictions on Mexican tomato imports

Global fisheries and aquaculture production reaches new record high
Hong Kong suspends import of poultry meat and products from Sioux County, Iowa
Hong Kong suspends import of poultry meat and products from areas in India, U.S. and Korea
UK declares freedom from bird flu
Belgium second EU country to authorise bluetongue vaccine


Study finds workers misjudge wage markets

Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
Generating 'buzz' about new products can influence their success
Hiring 'problem directors' can knock up to 64% off firm's value


EU Commission fines Mondelēz €337.5 million for cross-border trade restrictions

HSBC pays penalties for alleged breaches of Consumer Data Right rules
Sanofi to settle thousands of Zantac cancer lawsuits
Former asset manager and board member of Geneva private bank referred to Swiss Federal Criminal Court
South Africa: SAP ordered to pay SIU $26m over 'invalid' Eskom contracts
Former Steinhoff director appears in court for $1.1b fraud, racketeering



Morocco’s first Radisson branded hotel opens in Casablanca

Buna channels, an unreal and beautiful part of Bosnia and Herzegovina
JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
Treyam, your premier lagoon destination in Saudi Arabia


2025 Chevrolet Equinox stands apart with fresh looks and capability

Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
Pagani Huayra R Evo, 900 hp from 770 Nm


Cold night, hot fire pit, cool entertainment

Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design


reMarkable 2, monochrome tablet for your thoughts and your eyes

OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
Neumann TLM 103, standard microphone for both voice and music


UK introduced new pregnancy prevention measures for topiramate (Topamax)

UK: People with HIV can now donate eggs or sperm to start family
EU health watchdog urges vaccinations to stem surge in Whooping Cough cases
Brazil resumes insulin production after two decades
India launches first home-grown gene therapy for cancer
UK scientists win funding for 'cancer detecting' Lollipops


Potentially habitable 'exo-Venus' with Earth-like temperature discovered

Rare species of wild bees discovered in Berlin
SLAC completes construction of largest digital camera ever built for astronomy
Solar eclipse next week in U.S., Mexico and Canada
Gravitational waves may have made human life possible
Astronomers unveil strong magnetic fields spiraling at the edge of Milky Way's central black hole