Fauquier Bankshares Inc. (FBSS, Financial) filed Quarterly Report for the period ended 2011-09-30.
Fauquier Bankshares Inc. has a market cap of $41.87 million; its shares were traded at around $11.41 with a P/E ratio of 10.28 and P/S ratio of 1.24. The dividend yield of Fauquier Bankshares Inc. stocks is 4.21%. Fauquier Bankshares Inc. had an annual average earning growth of 1.1% over the past 10 years.
Net income of $3.21 million for the first nine months of 2011 was a $410,000 or 14.6% increase from the net income for the first nine months of 2010 of $2.80 million. Earnings per share on a fully diluted basis were $0.87 for the first nine months of 2011 compared to $0.77 for the first nine months of 2010. Profitability as measured by return on average assets increased from 0.64% for the first nine months of 2010 to 0.72% for the same period in 2011. Profitability as measured by return on average equity increased from 8.52% to 9.38% over the same respective nine month periods in 2010 and 2011. The increase in net income and the corresponding profitability measures was primarily due to a $788,000 decrease on the loss on the impairment of the Bank s investment in pooled trust preferred corporate bonds, as well as increases in trust and estate income, brokerage income, and service charges on deposits. These were partially offset by a $524,000 decrease in the gain on sale of securities during the first nine months of 2011 compared with the first nine months of 2010.
Net interest income decreased $10,000 or 0.1% to $16.61 million for the nine months ended September 30, 2011 compared with the nine months ended September 30, 2010. The decrease in net interest income was due primarily to the decline in loan balances and reduced yields on earning assets. This was mostly offset by the reduced cost of deposits due to the change in the deposit mix resulting in more transaction accounts and less time deposits over the same period. The Company s net interest margin decreased from 4.21% in the nine months ended September 30, 2010 to 4.05% in the nine months ended September 30, 2011.
Total interest income decreased $837,000 or 3.9% to $20.46 million for the nine months ended September 30, 2011 from $21.30 million for the nine months ended September 30, 2010. This decrease was primarily due to a 40 basis point decline in the yield on earning assets and reduced loan balances from the nine months ended September 30, 2010 to the nine months ended September 30, 2011. This was partially offset by an increase in balances of investment securities and deposits in other banks.
Average investment security balances increased $8.7 million from $43.6 million for the first nine months of 2010 to $52.3 million during the first nine months of 2011. The tax-equivalent average yield on investments decreased from 3.61% for the nine months ended September 30, 2010 to 2.75% for the nine months ended September 30, 2011, resulting in a decrease in interest and dividend income on security investments of $104,000 or 9.5%, from $1.09 million for the nine months ended September 30, 2010 to $986,000 for the nine months ended September 30, 2011. This decrease was primarily due to reduced yields on mortgage backed securities in the Bank s investment portfolio. Interest income on deposits in other banks increased $60,000 from the first nine months of 2010 to the first nine months of 2011, resulting from higher earning balances at the Federal Reserve.
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Fauquier Bankshares Inc. has a market cap of $41.87 million; its shares were traded at around $11.41 with a P/E ratio of 10.28 and P/S ratio of 1.24. The dividend yield of Fauquier Bankshares Inc. stocks is 4.21%. Fauquier Bankshares Inc. had an annual average earning growth of 1.1% over the past 10 years.
Highlight of Business Operations:
Net income of $1.15 million for the third quarter of 2011 was a 16.8% increase from the net income for the third quarter of 2010 of $982,000. Earnings per share on a fully diluted basis were $0.31 for the third quarter of 2011 compared to $0.27 for the third quarter of 2010. Profitability as measured by return on average assets increased from 0.66% in the third quarter of 2010 to 0.76% for the same period in 2011. Profitability as measured by return on average equity increased from 8.77% to 9.74% over the same respective quarters in 2010 and 2011. The increase in net income and the corresponding profitability measures was primarily due to a $502,000 decrease in other-than-temporary impairment losses on securities. This was partially offset by a $441,000 decrease in the gain on sales of securities in the third quarter of 2011 compared with the third quarter of 2010.Net income of $3.21 million for the first nine months of 2011 was a $410,000 or 14.6% increase from the net income for the first nine months of 2010 of $2.80 million. Earnings per share on a fully diluted basis were $0.87 for the first nine months of 2011 compared to $0.77 for the first nine months of 2010. Profitability as measured by return on average assets increased from 0.64% for the first nine months of 2010 to 0.72% for the same period in 2011. Profitability as measured by return on average equity increased from 8.52% to 9.38% over the same respective nine month periods in 2010 and 2011. The increase in net income and the corresponding profitability measures was primarily due to a $788,000 decrease on the loss on the impairment of the Bank s investment in pooled trust preferred corporate bonds, as well as increases in trust and estate income, brokerage income, and service charges on deposits. These were partially offset by a $524,000 decrease in the gain on sale of securities during the first nine months of 2011 compared with the first nine months of 2010.
Net interest income decreased $10,000 or 0.1% to $16.61 million for the nine months ended September 30, 2011 compared with the nine months ended September 30, 2010. The decrease in net interest income was due primarily to the decline in loan balances and reduced yields on earning assets. This was mostly offset by the reduced cost of deposits due to the change in the deposit mix resulting in more transaction accounts and less time deposits over the same period. The Company s net interest margin decreased from 4.21% in the nine months ended September 30, 2010 to 4.05% in the nine months ended September 30, 2011.
Total interest income decreased $837,000 or 3.9% to $20.46 million for the nine months ended September 30, 2011 from $21.30 million for the nine months ended September 30, 2010. This decrease was primarily due to a 40 basis point decline in the yield on earning assets and reduced loan balances from the nine months ended September 30, 2010 to the nine months ended September 30, 2011. This was partially offset by an increase in balances of investment securities and deposits in other banks.
Average investment security balances increased $8.7 million from $43.6 million for the first nine months of 2010 to $52.3 million during the first nine months of 2011. The tax-equivalent average yield on investments decreased from 3.61% for the nine months ended September 30, 2010 to 2.75% for the nine months ended September 30, 2011, resulting in a decrease in interest and dividend income on security investments of $104,000 or 9.5%, from $1.09 million for the nine months ended September 30, 2010 to $986,000 for the nine months ended September 30, 2011. This decrease was primarily due to reduced yields on mortgage backed securities in the Bank s investment portfolio. Interest income on deposits in other banks increased $60,000 from the first nine months of 2010 to the first nine months of 2011, resulting from higher earning balances at the Federal Reserve.
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