Fauquier Bankshares Inc. (FBSS, Financial) filed Quarterly Report for the period ended 2009-09-30.
Fauquier BanksharesInc. 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 accountsmoney market deposit accountsNOW accountstime depositssafe deposit servicescredit cardscash managementdirect depositsnotary servicesmoney ordersnight depositorytraveler's checkscashier's checksdomestic collectionssavings bondsbank draftsautomated tellerservicesdrive-in tellersinternet bankingand banking by mail. Fauquier Bankshares Inc. has a market cap of $53.78 million; its shares were traded at around $14.95 with a P/E ratio of 14.66 and P/S ratio of 1.54. The dividend yield of Fauquier Bankshares Inc. stocks is 5.35%. Fauquier Bankshares Inc. had an annual average earning growth of 7.2% over the past 5 years.
The Banks non-performing assets totaled $7.1 million or 1.29% of total assets at September 30, 2009, as compared with $4.3 million or 0.81% of total assets at December 31, 2008, and $4.6 million or 0.92% of total assets at September 30, 2008. Included in total non-performing assets at September 30, 2009 were $634,000 of non-performing pooled trust preferred corporate bonds. The Banks non-performing loans and repossessed assets totaled $6.4 million or 1.39% of total loans and repossessed assets, including real estate owned, at September 30, 2009, as compared with $4.3 million or 0.97% of total loans and repossessed assets at December 31, 2008, and $4.6 million or 1.07% of total loans and repossessed assets at September 30, 2008. The provision for loan losses was $920,000 for the first nine months of 2009 compared with $1.72 million for the first nine months of 2008. Loan chargeoffs, net of recoveries, totaled $479,000 or 0.14% of total average loans on an annualized basis for the first nine months of 2009, compared with $1.22 million or 0.29% of total average loans for the first nine months of 2008. The $801,000 decrease in the provision for loan losses from the first nine months of 2008 to the first nine months of 2009 was largely in response to the $743,000 decline in net charge-offs for the respective nine month periods. Total
Net income was $956,000 for the third quarter of 2009, a 2.2% increase from the third quarter of 2008 net income of $935,000. Earnings per share on a fully diluted basis were $0.26 in 2009 compared with $0.26 in 2008. Profitability as measured by return on average assets decreased from 0.73% in the third quarter of 2008 to 0.70% for the same period in 2009. Profitability as measured by return on average equity increased from 8.85% to 8.87% over the same respective third quarters in 2008 and 2009. The increase in net income was primarily due to the $551,000 increase in net interest income in the third quarter of 2009 compared with the third quarter of 2008. This was partially offset by a $246,000 permanent impairment loss on the Banks investments in pooled trust preferred securities, as well as increased FDIC insurance expense.
Net interest income increased $551,000 or 11.2% to $5.47 million for the quarter ended September 30, 2009 from $4.92 million for the quarter ended September 30, 2008. The increase in net interest income was partially due to the impact of total average earning assets increasing 6.8% from $470.9 million during the third quarter of 2008 to $502.7 million during the third quarter of 2009. In addition, the Companys net interest margin increased from 4.15% in the third quarter of 2008 to 4.32% in the third quarter of 2009.
Average investment security balances decreased $705,000 from $38.2 million in the third quarter of 2008 to $37.5 million in the third quarter of 2009. The tax-equivalent average yield on investments decreased from 5.39% for the third quarter of 2008 to 4.48% for the third quarter of 2009. Together, there was a decrease in interest and dividend income on security investments of $95,000 or 19.6%, from $485,000 for the third quarter of 2008 to $390,000 for the third quarter of 2009. This decrease was primarily due to the decrease in overall market rates as well as the suspension of interest income on two of the Banks investments in pooled trust preferred corporate bonds. Interest income on deposits in other banks decreased $9,000 from third quarter 2008 to third quarter 2009.
Total interest expense decreased $727,000 or 30.9% from $2.35 million for the third quarter of 2008 to $1.62 million for the third quarter of 2009 primarily due to the overall decline in shorter-term market interest rates. Interest paid on deposits decreased $451,000 or 25.6% from $1.76 million for the third quarter of 2008 to $1.31 million for the third quarter of 2009. Average NOW deposit balances decreased $4.6 million from the third quarter of 2008 to the third quarter of 2009, while the average rate on NOW accounts decreased from 0.90% to 0.47% resulting in a reduction of $93,000 in NOW interest expense for the third quarter of 2009. Average money market account
Read the The complete Report
Fauquier BanksharesInc. 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 accountsmoney market deposit accountsNOW accountstime depositssafe deposit servicescredit cardscash managementdirect depositsnotary servicesmoney ordersnight depositorytraveler's checkscashier's checksdomestic collectionssavings bondsbank draftsautomated tellerservicesdrive-in tellersinternet bankingand banking by mail. Fauquier Bankshares Inc. has a market cap of $53.78 million; its shares were traded at around $14.95 with a P/E ratio of 14.66 and P/S ratio of 1.54. The dividend yield of Fauquier Bankshares Inc. stocks is 5.35%. Fauquier Bankshares Inc. had an annual average earning growth of 7.2% over the past 5 years.
Highlight of Business Operations:
Net income of $956,000 for the third quarter of 2009, was a 2.2% increase from the net income for the third quarter of 2008 of $935,000. Net income of $2.60 million for the nine months ending September 30, 2009, was a 9.8% decrease from the net income for the nine months ending September 30, 2008 of $2.89 million. Loans, net of reserve, totaling $455.4 million at September 30, 2009, increased 4.8% when compared with December 31, 2008, and increased 7.6% when compared with September 30, 2008. Deposits, totaling $435.6 million at September 30, 2009, increased 8.8% compared with December 31, 2008, and increased 7.4% when compared with September 30, 2008. Assets under WMS management, totaling $303.1 million in market value at September 30, 2009, increased 10.7% from $273.7 million in market value at September 30, 2008, despite the decline in valuations of the average common stock under management. For example, from September 30, 2008 to September 30, 2009, stocks measured in the S&P 500 index declined by approximately 9.4%.The Banks non-performing assets totaled $7.1 million or 1.29% of total assets at September 30, 2009, as compared with $4.3 million or 0.81% of total assets at December 31, 2008, and $4.6 million or 0.92% of total assets at September 30, 2008. Included in total non-performing assets at September 30, 2009 were $634,000 of non-performing pooled trust preferred corporate bonds. The Banks non-performing loans and repossessed assets totaled $6.4 million or 1.39% of total loans and repossessed assets, including real estate owned, at September 30, 2009, as compared with $4.3 million or 0.97% of total loans and repossessed assets at December 31, 2008, and $4.6 million or 1.07% of total loans and repossessed assets at September 30, 2008. The provision for loan losses was $920,000 for the first nine months of 2009 compared with $1.72 million for the first nine months of 2008. Loan chargeoffs, net of recoveries, totaled $479,000 or 0.14% of total average loans on an annualized basis for the first nine months of 2009, compared with $1.22 million or 0.29% of total average loans for the first nine months of 2008. The $801,000 decrease in the provision for loan losses from the first nine months of 2008 to the first nine months of 2009 was largely in response to the $743,000 decline in net charge-offs for the respective nine month periods. Total
Net income was $956,000 for the third quarter of 2009, a 2.2% increase from the third quarter of 2008 net income of $935,000. Earnings per share on a fully diluted basis were $0.26 in 2009 compared with $0.26 in 2008. Profitability as measured by return on average assets decreased from 0.73% in the third quarter of 2008 to 0.70% for the same period in 2009. Profitability as measured by return on average equity increased from 8.85% to 8.87% over the same respective third quarters in 2008 and 2009. The increase in net income was primarily due to the $551,000 increase in net interest income in the third quarter of 2009 compared with the third quarter of 2008. This was partially offset by a $246,000 permanent impairment loss on the Banks investments in pooled trust preferred securities, as well as increased FDIC insurance expense.
Net interest income increased $551,000 or 11.2% to $5.47 million for the quarter ended September 30, 2009 from $4.92 million for the quarter ended September 30, 2008. The increase in net interest income was partially due to the impact of total average earning assets increasing 6.8% from $470.9 million during the third quarter of 2008 to $502.7 million during the third quarter of 2009. In addition, the Companys net interest margin increased from 4.15% in the third quarter of 2008 to 4.32% in the third quarter of 2009.
Average investment security balances decreased $705,000 from $38.2 million in the third quarter of 2008 to $37.5 million in the third quarter of 2009. The tax-equivalent average yield on investments decreased from 5.39% for the third quarter of 2008 to 4.48% for the third quarter of 2009. Together, there was a decrease in interest and dividend income on security investments of $95,000 or 19.6%, from $485,000 for the third quarter of 2008 to $390,000 for the third quarter of 2009. This decrease was primarily due to the decrease in overall market rates as well as the suspension of interest income on two of the Banks investments in pooled trust preferred corporate bonds. Interest income on deposits in other banks decreased $9,000 from third quarter 2008 to third quarter 2009.
Total interest expense decreased $727,000 or 30.9% from $2.35 million for the third quarter of 2008 to $1.62 million for the third quarter of 2009 primarily due to the overall decline in shorter-term market interest rates. Interest paid on deposits decreased $451,000 or 25.6% from $1.76 million for the third quarter of 2008 to $1.31 million for the third quarter of 2009. Average NOW deposit balances decreased $4.6 million from the third quarter of 2008 to the third quarter of 2009, while the average rate on NOW accounts decreased from 0.90% to 0.47% resulting in a reduction of $93,000 in NOW interest expense for the third quarter of 2009. Average money market account
Read the The complete Report
