Fauquier Bankshares Inc. (FBSS, Financial) filed Quarterly Report for the period ended 2009-03-31.
Fauquier Bankshares Inc. is a bank holding company and owns all of the voting shares of The Fauquier Bank. The basic services offered by the bank include: demand interest bearing and non-interest bearing accounts money market deposit accounts NOW accounts time deposits safe deposit services credit cards cash management direct deposits notary services money orders night depository traveler's checks cashier's checks domestic collections savings bonds bank drafts automated tellerservices drive-in tellers internet banking and banking by mail. Fauquier Bankshares Inc. has a market cap of $46.66 million; its shares were traded at around $12.99 with a P/E ratio of 12.99 and P/S ratio of 1.34. The dividend yield of Fauquier Bankshares Inc. stocks is 6.16%. Fauquier Bankshares Inc. had an annual average earning growth of 7.2% over the past 5 years.
The Banks non-performing assets totaled $3.6 million or 0.81% of total loans and real estate owned at March 31, 2009, as compared with $4.3 million or 0.97% of total loans and real estate owned at December 31, 2008, and $2.0 million or 0.49% of total loans at March 31, 2008. The provision for loan losses was $200,000 for the first quarter of 2009 compared with $456,000 for the first quarter of 2008. Loan chargeoffs, net of recoveries, totaled $107,000 or 0.02% of total average loans for the first three months of 2009, compared with $445,000 or 0.11% of total average loans for the first three months of 2008. The $256,000 decrease in the provision for loan losses from first quarter 2008 to first quarter 2009 was largely in response to the decline in non-performing assets since September 30, 2008. Total allowance for loan losses was $4.9 million or 1.08% of total loans and real estate-owned at March 31, 2009 compared with $4.8 million or 1.08% of loans at December 31, 2008.
Net income was $923,000 for the first quarter of 2009, an 8.5% decrease from the first quarter of 2008 net income of $1.01 million. Earnings per share on a fully diluted basis were $0.26 in 2009 compared to $0.28 in 2008. Profitability as measured by return on average assets decreased from 0.83% in the first quarter of 2008 to 0.72% for the same period in 2009. Profitability as measured by return on average equity decreased from 9.48% to 8.89% over the same respective quarters in 2008 and 2009. The decline in net income and the corresponding profitability measures was primarily due to the loss on the sale of other real estate owned and the increase in FDIC insurance, partially offset by a $224,000 increase in net interest income in the first quarter of 2009 compared with the first quarter of 2008.
Net interest income increased $224,000 or 4.8% to $4.91 million for the quarter ended March 31, 2009 from $4.69 million for the quarter ended March 31, 2008. The increase in net interest income was due to the impact of total average earning assets increasing 7.1% from $453.3 million during the first quarter of 2008 to $485.6 million during the first quarter of 2009. This was partially offset by the Companys net interest margin decreasing from 4.15% in the first quarter of 2008 to 4.11% in the first quarter of 2009.
Average investment security balances increased $244,000 from $37.4 million in the first quarter of 2008 to $37.6 million in the first quarter of 2009. The tax-equivalent average yield on investments decreased from 5.02% for the first quarter of 2008 to 4.82% for the first quarter of 2009. Together, there was a decrease in interest and dividend income on security investments of $17,000 or 3.8%, from $439,000 for the first quarter of 2008 to $422,000 for the first quarter of 2009. This decrease was primarily due to the suspension of dividend income on FHLB of Atlanta stock during the first quarter of 2009. Interest income on deposits in other banks decreased $4,000 from first quarter 2008 to first quarter 2009. Interest income on federal funds sold decreased $29,000 from the first quarter of 2008 to the first quarter of 2009, reflecting a decline in the average balances from $4.4 million to $170,000.
Total interest expense decreased $712,000 or 27.6% from $2.58 million for the first quarter of 2008 to $1.87 million for the first quarter of 2009 primarily due to the overall decline in shorter-term market interest rates. Interest paid on deposits decreased $515,000 or 24.8% from $2.07 million for the first quarter of 2008 to $1.56 million for the first quarter of 2009. Average Premium money market account balances decreased $22.7 million from first quarter 2008 to first quarter 2009, while their average rate decreased from 2.93% to 1.07% over the same period resulting in a decrease of $405,000 of interest expense for the first quarter of 2009. Average time deposit balances increased $48.8 million from first quarter of 2008 to the first quarter of 2009 while the average rate on time deposits decreased from 4.13% to 3.26% resulting in an increase of $143,000 in interest expense for the first quarter of 2009. Average NOW deposit balances decreased $10.1 million from the first quarter of 2008 to the first quarter of 2009, while the average rate on NOW accounts decreased from 1.27% to 0.43% resulting in a reduction of $189,000 in NOW interest expense for the first quarter of 2009.
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Fauquier Bankshares Inc. is a bank holding company and owns all of the voting shares of The Fauquier Bank. The basic services offered by the bank include: demand interest bearing and non-interest bearing accounts money market deposit accounts NOW accounts time deposits safe deposit services credit cards cash management direct deposits notary services money orders night depository traveler's checks cashier's checks domestic collections savings bonds bank drafts automated tellerservices drive-in tellers internet banking and banking by mail. Fauquier Bankshares Inc. has a market cap of $46.66 million; its shares were traded at around $12.99 with a P/E ratio of 12.99 and P/S ratio of 1.34. The dividend yield of Fauquier Bankshares Inc. stocks is 6.16%. Fauquier Bankshares Inc. had an annual average earning growth of 7.2% over the past 5 years.
Highlight of Business Operations:
Net income of $923,000 for the first quarter of 2009, was an 8.5% decrease from the net income for the first quarter of 2008 of $1.01 million. Loans, net of reserve, totaling $443.3 million at March 31, 2009, increased 2.0% when compared with December 31, 2008, and increased 7.6% when compared with March 31, 2008. Deposits, totaling $416.3 million at March 31, 2009, increased 4.0% compared with year-end 2008, and increased 6.7% when compared with March 31, 2008. Assets under WMS management, totaling $237.2 million in market value at March 31, 2009, declined 18.5% from $291.2 million in market value at March 31, 2008, primarily due to the decline in valuations of common stock under management. For example, from March 31, 2008 to March 31, 2009, stocks measured in the Standard & Poors 500 index declined by approximately 39.7%.The Banks non-performing assets totaled $3.6 million or 0.81% of total loans and real estate owned at March 31, 2009, as compared with $4.3 million or 0.97% of total loans and real estate owned at December 31, 2008, and $2.0 million or 0.49% of total loans at March 31, 2008. The provision for loan losses was $200,000 for the first quarter of 2009 compared with $456,000 for the first quarter of 2008. Loan chargeoffs, net of recoveries, totaled $107,000 or 0.02% of total average loans for the first three months of 2009, compared with $445,000 or 0.11% of total average loans for the first three months of 2008. The $256,000 decrease in the provision for loan losses from first quarter 2008 to first quarter 2009 was largely in response to the decline in non-performing assets since September 30, 2008. Total allowance for loan losses was $4.9 million or 1.08% of total loans and real estate-owned at March 31, 2009 compared with $4.8 million or 1.08% of loans at December 31, 2008.
Net income was $923,000 for the first quarter of 2009, an 8.5% decrease from the first quarter of 2008 net income of $1.01 million. Earnings per share on a fully diluted basis were $0.26 in 2009 compared to $0.28 in 2008. Profitability as measured by return on average assets decreased from 0.83% in the first quarter of 2008 to 0.72% for the same period in 2009. Profitability as measured by return on average equity decreased from 9.48% to 8.89% over the same respective quarters in 2008 and 2009. The decline in net income and the corresponding profitability measures was primarily due to the loss on the sale of other real estate owned and the increase in FDIC insurance, partially offset by a $224,000 increase in net interest income in the first quarter of 2009 compared with the first quarter of 2008.
Net interest income increased $224,000 or 4.8% to $4.91 million for the quarter ended March 31, 2009 from $4.69 million for the quarter ended March 31, 2008. The increase in net interest income was due to the impact of total average earning assets increasing 7.1% from $453.3 million during the first quarter of 2008 to $485.6 million during the first quarter of 2009. This was partially offset by the Companys net interest margin decreasing from 4.15% in the first quarter of 2008 to 4.11% in the first quarter of 2009.
Average investment security balances increased $244,000 from $37.4 million in the first quarter of 2008 to $37.6 million in the first quarter of 2009. The tax-equivalent average yield on investments decreased from 5.02% for the first quarter of 2008 to 4.82% for the first quarter of 2009. Together, there was a decrease in interest and dividend income on security investments of $17,000 or 3.8%, from $439,000 for the first quarter of 2008 to $422,000 for the first quarter of 2009. This decrease was primarily due to the suspension of dividend income on FHLB of Atlanta stock during the first quarter of 2009. Interest income on deposits in other banks decreased $4,000 from first quarter 2008 to first quarter 2009. Interest income on federal funds sold decreased $29,000 from the first quarter of 2008 to the first quarter of 2009, reflecting a decline in the average balances from $4.4 million to $170,000.
Total interest expense decreased $712,000 or 27.6% from $2.58 million for the first quarter of 2008 to $1.87 million for the first quarter of 2009 primarily due to the overall decline in shorter-term market interest rates. Interest paid on deposits decreased $515,000 or 24.8% from $2.07 million for the first quarter of 2008 to $1.56 million for the first quarter of 2009. Average Premium money market account balances decreased $22.7 million from first quarter 2008 to first quarter 2009, while their average rate decreased from 2.93% to 1.07% over the same period resulting in a decrease of $405,000 of interest expense for the first quarter of 2009. Average time deposit balances increased $48.8 million from first quarter of 2008 to the first quarter of 2009 while the average rate on time deposits decreased from 4.13% to 3.26% resulting in an increase of $143,000 in interest expense for the first quarter of 2009. Average NOW deposit balances decreased $10.1 million from the first quarter of 2008 to the first quarter of 2009, while the average rate on NOW accounts decreased from 1.27% to 0.43% resulting in a reduction of $189,000 in NOW interest expense for the first quarter of 2009.
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