Fauquier Bankshares Inc. (FBSS, Financial) filed Quarterly Report for the period ended 2010-06-30.
Fauquier Bankshares Inc. has a market cap of $54.64 million; its shares were traded at around $15.06 with a P/E ratio of 15.21 and P/S ratio of 1.64. The dividend yield of Fauquier Bankshares Inc. stocks is 5.31%. 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 $6.5 million or 1.12% of total assets at June 30, 2010, as compared with $7.1 million or 1.24% of total assets at December 31, 2009, and $3.2 million or 0.61% of total assets at June 30, 2009. Nonaccrual loans totaled $2.5 million or 0.53% of total loans at June 30, 2010 compared with $3.4 million or 0.73% of total loans at December 31, 2009, and $1.1 million or 0.25% of total loans at June 30, 2009. The provision for loan losses was $750,000 for the first six months of 2010 compared with $560,000 for the first six months of 2009. Loan charge-offs, net of recoveries, totaled $835,000 or 0.18% of total average loans for the first six months of 2010, compared with $249,000 or 0.06% of total average loans for the first six months of 2009. The $190,000 increase in the provision for loan losses for the first six months of 2010 compared with the first six months of 2009 was largely in response to the increase in loan charge-offs, partially offset by the decline in nonaccrual loans since December 2009. Total allowance for loan losses was $5.4 million or 1.15% of total loans at June 30, 2010 compared with $5.5 million or 1.17% of loans at December 31, 2009 and $5.1 million or 1.11% of loans at June 30, 2009.
Net income of $1.01 million for the second quarter of 2010 was a 39.6% increase from the net income for the second quarter of 2009 of $724,000. Earnings per share on a fully diluted basis were $0.28 for the second quarter of 2010 compared with $0.20 for the second quarter of 2009. Profitability as measured by return on average assets increased from 0.55% in the second quarter of 2009 to 0.69% for the same period in 2010. Profitability as measured by return on average equity increased from 7.02% to 9.28% over the same respective quarters in 2009 and 2010. The increase in net income and the corresponding profitability measures was primarily due to the $410,000 increase in net interest income in the second quarter of 2010 compared with the second quarter of 2009, as well as a $215,000 decrease in FDIC expense.
Net interest income increased $410,000 or 8.0% to $5.56 million for the quarter ended June 30, 2010 from $5.15 million for the quarter ended June 30, 2009. The increase in net interest income was due to the impact of total average earning assets increasing $56.3 million or 11.5% from $490.4 million during the second quarter of 2009 to $546.7 million during the second quarter of 2010. This was partially offset by the Companys net interest margin decreasing from 4.23% in the second quarter of 2009 to 4.10% in the second quarter of 2010.
Average investment security balances increased $7.7 million from $34.6 million in the second quarter of 2009 to $42.3 million in the second quarter of 2010. The tax-equivalent average yield on investments decreased from 4.82% for the second quarter of 2009 to 3.74% for the second quarter of 2010. Together, there was a decrease in interest and dividend income on security investments of $24,000 or 6.1%, from $390,000 for the second quarter of 2009 to $366,000 for the second 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 2010. Interest income on deposits in other banks increased $13,000 from second quarter 2009 to second quarter 2010.
Total interest expense decreased $163,000 or 9.5% from $1.71 million for the second quarter of 2009 to $1.55 million for the second quarter of 2010 primarily due to the overall decline in shorter-term market interest rates, as well as an $85,000 gain on the early repayment of a FHLB of Atlanta advance. Interest paid on deposits decreased $105,000 or 7.3% from $1.44 million for the second quarter of 2009 to $1.34 million for the second quarter of 2010. Average NOW deposit balances increased $29.2 million from the second quarter of 2009 to the second quarter of 2010, while the average rate on NOW accounts increased from 0.40% to 0.69%, resulting in an increase of $107,000 in NOW interest expense for the second quarter of 2010. Average money market account balances decreased $6.3 million from second quarter 2009 to second quarter 2010, while their average rate decreased from 0.79% to 0.75% over the same period, resulting in a decrease of $18,000 of interest expense for the second quarter of 2010. Average savings account balances increased $15.6 million from the second quarter of 2009 to the second quarter of 2010 while the average rate on savings deposits increased from 0.27% to 0.47%, resulting in a increase of $35,000 in interest expense for the second quarter of 2010. Average time deposit balances increased $29.2 million from the second quarter of 2009 to the second quarter of 2010 while the average rate on time deposits decreased from 2.86% to 1.97%, resulting in a decrease of $228,000 in interest expense for the second quarter of 2010.
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Fauquier Bankshares Inc. has a market cap of $54.64 million; its shares were traded at around $15.06 with a P/E ratio of 15.21 and P/S ratio of 1.64. The dividend yield of Fauquier Bankshares Inc. stocks is 5.31%. 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 $1.01 million for the second quarter of 2010 was a 39.6% increase from the net income for the second quarter of 2009 of $724,000. Loans, net of reserve, totaling $462.7 million at June 30, 2010, decreased less than 0.1% when compared with December 31, 2009, and increased 2.3% when compared with June 30, 2009. Deposits, totaling $492.8 million at June 30, 2010, increased 5.8% compared with year-end 2009, and increased 19.4% when compared with June 30, 2009. Assets under WMS management, totaling $292.7 million in market value at June 30, 2010, increased 4.8% from $279.3 million in market value at June 30, 2009.The Banks non-performing assets totaled $6.5 million or 1.12% of total assets at June 30, 2010, as compared with $7.1 million or 1.24% of total assets at December 31, 2009, and $3.2 million or 0.61% of total assets at June 30, 2009. Nonaccrual loans totaled $2.5 million or 0.53% of total loans at June 30, 2010 compared with $3.4 million or 0.73% of total loans at December 31, 2009, and $1.1 million or 0.25% of total loans at June 30, 2009. The provision for loan losses was $750,000 for the first six months of 2010 compared with $560,000 for the first six months of 2009. Loan charge-offs, net of recoveries, totaled $835,000 or 0.18% of total average loans for the first six months of 2010, compared with $249,000 or 0.06% of total average loans for the first six months of 2009. The $190,000 increase in the provision for loan losses for the first six months of 2010 compared with the first six months of 2009 was largely in response to the increase in loan charge-offs, partially offset by the decline in nonaccrual loans since December 2009. Total allowance for loan losses was $5.4 million or 1.15% of total loans at June 30, 2010 compared with $5.5 million or 1.17% of loans at December 31, 2009 and $5.1 million or 1.11% of loans at June 30, 2009.
Net income of $1.01 million for the second quarter of 2010 was a 39.6% increase from the net income for the second quarter of 2009 of $724,000. Earnings per share on a fully diluted basis were $0.28 for the second quarter of 2010 compared with $0.20 for the second quarter of 2009. Profitability as measured by return on average assets increased from 0.55% in the second quarter of 2009 to 0.69% for the same period in 2010. Profitability as measured by return on average equity increased from 7.02% to 9.28% over the same respective quarters in 2009 and 2010. The increase in net income and the corresponding profitability measures was primarily due to the $410,000 increase in net interest income in the second quarter of 2010 compared with the second quarter of 2009, as well as a $215,000 decrease in FDIC expense.
Net interest income increased $410,000 or 8.0% to $5.56 million for the quarter ended June 30, 2010 from $5.15 million for the quarter ended June 30, 2009. The increase in net interest income was due to the impact of total average earning assets increasing $56.3 million or 11.5% from $490.4 million during the second quarter of 2009 to $546.7 million during the second quarter of 2010. This was partially offset by the Companys net interest margin decreasing from 4.23% in the second quarter of 2009 to 4.10% in the second quarter of 2010.
Average investment security balances increased $7.7 million from $34.6 million in the second quarter of 2009 to $42.3 million in the second quarter of 2010. The tax-equivalent average yield on investments decreased from 4.82% for the second quarter of 2009 to 3.74% for the second quarter of 2010. Together, there was a decrease in interest and dividend income on security investments of $24,000 or 6.1%, from $390,000 for the second quarter of 2009 to $366,000 for the second 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 2010. Interest income on deposits in other banks increased $13,000 from second quarter 2009 to second quarter 2010.
Total interest expense decreased $163,000 or 9.5% from $1.71 million for the second quarter of 2009 to $1.55 million for the second quarter of 2010 primarily due to the overall decline in shorter-term market interest rates, as well as an $85,000 gain on the early repayment of a FHLB of Atlanta advance. Interest paid on deposits decreased $105,000 or 7.3% from $1.44 million for the second quarter of 2009 to $1.34 million for the second quarter of 2010. Average NOW deposit balances increased $29.2 million from the second quarter of 2009 to the second quarter of 2010, while the average rate on NOW accounts increased from 0.40% to 0.69%, resulting in an increase of $107,000 in NOW interest expense for the second quarter of 2010. Average money market account balances decreased $6.3 million from second quarter 2009 to second quarter 2010, while their average rate decreased from 0.79% to 0.75% over the same period, resulting in a decrease of $18,000 of interest expense for the second quarter of 2010. Average savings account balances increased $15.6 million from the second quarter of 2009 to the second quarter of 2010 while the average rate on savings deposits increased from 0.27% to 0.47%, resulting in a increase of $35,000 in interest expense for the second quarter of 2010. Average time deposit balances increased $29.2 million from the second quarter of 2009 to the second quarter of 2010 while the average rate on time deposits decreased from 2.86% to 1.97%, resulting in a decrease of $228,000 in interest expense for the second quarter of 2010.
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