Farmers Bank announces earnings

Published 10:19 pm Thursday, November 10, 2016

Farmers Bankshares Inc. reports unaudited earnings of $1,037,890, or 34 cents per share for the third quarter of 2016. These results are an increase of approximately 8 percent earned during the third quarter of 2015.

Net income through the first nine months of the year amounted to $3,027,981 or 99 cents per share, up 13 percent from the net income reported through the first nine months of 2015.

“The board and management set out 2016 with a focused vision and an extensive list of initiatives,” said Richard J. Holland Jr., chairman and chief executive officer of the bank.

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“As we enter into the last quarter of this year, we are pleased with the progress we have made and optimistic for those goals that are still evolving. The improvement in the liquidity of our stock and in our dividend are two of the accomplishments we are proud to pass on to our shareholders.”

“Because of strategic decisions we have made over the last few years, we have been able to invest in employees and resources to enhance our presence in Hampton Roads without substantially increasing non-interest expenses,” stated Vernon M. Towler, bank president.

“Specifically, we plan to expand our offerings and further our commitment to the Chesapeake area in early 2017. We remain focused on the Hampton Roads community and serving our customer’s individual needs.”