Fauquier Bankshares Inc. (FBSS, Financial) filed Quarterly Report for the period ended 2010-03-31.
Fauquier Bankshares Inc. has a market cap of $65.18 million; its shares were traded at around $18 with a P/E ratio of 18.18 and P/S ratio of 1.95. The dividend yield of Fauquier Bankshares Inc. stocks is 4.44%. Fauquier Bankshares Inc. had an annual average earning growth of 4.9% over the past 10 years.FBSS is in the portfolios of Chuck Royce of Royce& Associates.
The Banks non-performing assets totaled $7.3 million or 1.29% of total assets at March 31, 2010, as compared with $7.1 million or 1.24% of total assets at December 31, 2009, and $3.6 million or 0.69% of total assets at March 31, 2009. Nonaccrual loans totaled $3.4 million or 0.72% of total loans at March 31, 2010 compared with $3.4 million or 0.73% of total loans at December 31, 2009, and $1.6 million or 0.35% of total loans at March 31, 2009. The provision for loan losses was $375,000 for the first quarter of 2010 compared with $200,000 for the first quarter of 2009. Loan charge-offs, net of recoveries, totaled $387,000 or 0.08% of total average loans for the first three months of 2010, compared with $107,000 or 0.02% of total average loans for the first three months of 2009. The $175,000 increase in the provision for loan losses from first quarter 2009 to first quarter 2010 was largely in response to the increase in net loan charge-offs. Total allowance for loan losses was $5.5 million or 1.16% of total loans at March 31, 2010 compared with $5.5 million or 1.17% of loans at December 31, 2009 and $4.9 million or 1.08% of loans at March 31, 2009.
Net income of $804,000 for the first quarter of 2010 was a 12.9% decrease from the net income for the first quarter of 2009 of $923,000. Earnings per share on a fully diluted basis were $0.22 for the first three months of 2010 compared to $0.26 for the first three months of 2009. Profitability as measured by return on average assets decreased from 0.72% in the first quarter of 2009 to 0.58% for the same period in 2010. Profitability as measured by return on average equity decreased from 8.89% to 7.48% over the same respective quarters in 2009 and 2010. The decline in net income and the corresponding profitability measures was primarily due to the $476,000 loss on the impairment of the Banks investment in pooled trust preferred corporate bonds, as well as an increase in non-interest other expenses of $434,000, primarily due to expenses relating to the operations of two new branches that were not in operation in March 2009. This was partially offset by a $564,000 increase in net interest income in the first quarter of 2010 compared with the first quarter of 2009.
Net interest income increased $564,000 or 11.4% to $5.50 million for the quarter ended March 31, 2010 from $4.94 million for the quarter ended March 31, 2009. The increase in net interest income was due to the impact of total average earning assets increasing 7.1% from $485.6 million during the first quarter of 2009 to $525.7 million during
Average investment security balances increased $3.8 million from $37.6 million in the first quarter of 2009 to $41.4 million in the first quarter of 2010. The tax-equivalent average yield on investments decreased from 4.82% for the first quarter of 2009 to 3.86% for the first quarter of 2010. Together, there was a decrease in interest and dividend income on security investments of $53,000 or 12.6%, from $422,000 for the first quarter of 2009 to $369,000 for the first quarter of 2010. This decrease was partially due to the suspension of interest payments on the Banks investment in pooled trust-preferred corporate bonds during the first quarter of 2010. Interest income on deposits in other banks increased $4,000 from first quarter 2009 to first quarter 2010.
Total interest expense decreased $303,000 or 19.3% from $1.87 million for the first quarter of 2009 to $1.57 million for the first quarter of 2010 primarily due to the overall decline in shorter-term market interest rates. Interest paid on deposits decreased $283,000 or 18.2% from $1.56 million for the first quarter of 2009 to $1.28 million for the first quarter of 2010. Average money market account balances decreased $12.5 million from first quarter 2009 to first quarter 2010, while their average rate decreased from 0.97% to 0.75% over the same period, resulting in a decrease of $63,000 of interest expense for the first quarter of 2010. Average time deposit balances increased $40.1 million from the first quarter of 2009 to the first quarter of 2010 while the average rate on time deposits decreased from 3.26% to 1.98%, resulting in a decrease of $307,000 in interest expense for the first quarter of 2010. Average NOW deposit balances increased $15.4 million from the first quarter of 2009 to the first quarter of 2010, while the average rate on NOW accounts increased from 0.43% to 0.59%, resulting in an increase of $52,000 in NOW interest expense for the first quarter of 2010.
Read the The complete Report
Fauquier Bankshares Inc. has a market cap of $65.18 million; its shares were traded at around $18 with a P/E ratio of 18.18 and P/S ratio of 1.95. The dividend yield of Fauquier Bankshares Inc. stocks is 4.44%. Fauquier Bankshares Inc. had an annual average earning growth of 4.9% over the past 10 years.FBSS is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Net income of $804,000 for the first quarter of 2010 was a 12.9% decrease from the net income for the first quarter of 2009 of $923,000. Loans, net of reserve, totaling $467.4 million at March 31, 2010, increased 1.0% when compared with December 31, 2009, and increased 5.4% when compared with March 31, 2009. Deposits, totaling $467.8 million at March 31, 2010, increased 0.4% compared with year-end 2009, and increased 12.4% when compared with March 31, 2009. Assets under WMS management, totaling $309.3 million in market value at March 31, 2010, increased 30.4% from $237.2 million in market value at March 31, 2009, primarily due to the increase in valuations of common stock under management. For example, from March 31, 2009 to March 31, 2010, stocks measured in the Standard & Poors 500 index increased by approximately 47%.The Banks non-performing assets totaled $7.3 million or 1.29% of total assets at March 31, 2010, as compared with $7.1 million or 1.24% of total assets at December 31, 2009, and $3.6 million or 0.69% of total assets at March 31, 2009. Nonaccrual loans totaled $3.4 million or 0.72% of total loans at March 31, 2010 compared with $3.4 million or 0.73% of total loans at December 31, 2009, and $1.6 million or 0.35% of total loans at March 31, 2009. The provision for loan losses was $375,000 for the first quarter of 2010 compared with $200,000 for the first quarter of 2009. Loan charge-offs, net of recoveries, totaled $387,000 or 0.08% of total average loans for the first three months of 2010, compared with $107,000 or 0.02% of total average loans for the first three months of 2009. The $175,000 increase in the provision for loan losses from first quarter 2009 to first quarter 2010 was largely in response to the increase in net loan charge-offs. Total allowance for loan losses was $5.5 million or 1.16% of total loans at March 31, 2010 compared with $5.5 million or 1.17% of loans at December 31, 2009 and $4.9 million or 1.08% of loans at March 31, 2009.
Net income of $804,000 for the first quarter of 2010 was a 12.9% decrease from the net income for the first quarter of 2009 of $923,000. Earnings per share on a fully diluted basis were $0.22 for the first three months of 2010 compared to $0.26 for the first three months of 2009. Profitability as measured by return on average assets decreased from 0.72% in the first quarter of 2009 to 0.58% for the same period in 2010. Profitability as measured by return on average equity decreased from 8.89% to 7.48% over the same respective quarters in 2009 and 2010. The decline in net income and the corresponding profitability measures was primarily due to the $476,000 loss on the impairment of the Banks investment in pooled trust preferred corporate bonds, as well as an increase in non-interest other expenses of $434,000, primarily due to expenses relating to the operations of two new branches that were not in operation in March 2009. This was partially offset by a $564,000 increase in net interest income in the first quarter of 2010 compared with the first quarter of 2009.
Net interest income increased $564,000 or 11.4% to $5.50 million for the quarter ended March 31, 2010 from $4.94 million for the quarter ended March 31, 2009. The increase in net interest income was due to the impact of total average earning assets increasing 7.1% from $485.6 million during the first quarter of 2009 to $525.7 million during
Average investment security balances increased $3.8 million from $37.6 million in the first quarter of 2009 to $41.4 million in the first quarter of 2010. The tax-equivalent average yield on investments decreased from 4.82% for the first quarter of 2009 to 3.86% for the first quarter of 2010. Together, there was a decrease in interest and dividend income on security investments of $53,000 or 12.6%, from $422,000 for the first quarter of 2009 to $369,000 for the first quarter of 2010. This decrease was partially due to the suspension of interest payments on the Banks investment in pooled trust-preferred corporate bonds during the first quarter of 2010. Interest income on deposits in other banks increased $4,000 from first quarter 2009 to first quarter 2010.
Total interest expense decreased $303,000 or 19.3% from $1.87 million for the first quarter of 2009 to $1.57 million for the first quarter of 2010 primarily due to the overall decline in shorter-term market interest rates. Interest paid on deposits decreased $283,000 or 18.2% from $1.56 million for the first quarter of 2009 to $1.28 million for the first quarter of 2010. Average money market account balances decreased $12.5 million from first quarter 2009 to first quarter 2010, while their average rate decreased from 0.97% to 0.75% over the same period, resulting in a decrease of $63,000 of interest expense for the first quarter of 2010. Average time deposit balances increased $40.1 million from the first quarter of 2009 to the first quarter of 2010 while the average rate on time deposits decreased from 3.26% to 1.98%, resulting in a decrease of $307,000 in interest expense for the first quarter of 2010. Average NOW deposit balances increased $15.4 million from the first quarter of 2009 to the first quarter of 2010, while the average rate on NOW accounts increased from 0.43% to 0.59%, resulting in an increase of $52,000 in NOW interest expense for the first quarter of 2010.
Read the The complete Report
