Fauquier Bankshares 3Q earn­ings rise

The Pak Banker - - Front Page -

WAR­REN­TON

Fauquier Bankshares, par­ent com­pany of The Fauquier Bank (TFB) re­ported net in­come of $1.21 mil­lion for the third quar­ter of 2012 com­pared with $1.15 mil­lion for the third quar­ter of 2011. Ba­sic and di­luted in­come per share for the third quar­ter of 2012 were $0.33 com­pared with in­come per share of $0.31 in the third quar­ter 2011. Net in­come for the first nine months of 2012 was $2.25 mil­lion com­pared with $3.21 mil­lion for the same pe­riod of 2011. Ba­sic and di­luted in­come per share for the first nine months of 2012 were $0.61 com­pared with ba­sic and di­luted in­come per share of $0.88 and $0.87, re­spec­tively, for the first nine months of 2011.

Randy K. Fer­rell, Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer, said our third quar­ter re­sults re­flect our con­tin­u­ing ef­forts to work through any credit is­sues that arise. We have main­tained solid core earn­ings which were some­what over­shad­owed by higher pro­vi­sion­ing dur­ing the past few quar­ters as we ag­gres­sively ad­dressed two im­paired com­mer­cial loan re­la­tion­ships.

Re­turn on av­er­age as­sets (ROAA) was 0.83% and re­turn on av­er­age eq­uity (ROAE) was 10.00% for the third quar­ter of 2012, an in­crease from 0.76% and 9.74%, re­spec­tively, for the third quar­ter of 2011. For the nine month pe­riod ended Septem­ber 30, 2012, Fauquier Bankshares’ re­turn on av­er­age as­sets was 0.51% and re­turn on av­er­age eq­uity was 6.21%, com­pared with 0.72% and 9.38%, re­spec­tively, for the nine month pe­riod ended Septem­ber 30, 2011. To­tal as­sets were $575.6 mil­lion at Septem­ber 30, 2012 com­pared with $604.6 mil­lion at Septem­ber 30, 2011. To­tal loans, net were $445.3 mil­lion at Septem­ber 30, 2012 com­pared with $448.0 mil­lion at Septem­ber 30, 2011. To­tal de­posits were $492.0 mil­lion at Septem­ber 30, 2012 com­pared with $522.3 mil­lion at Septem­ber 30, 2011. Trans­ac­tion de­posits (De­mand and NOW ac­counts) grew $37.4 mil­lion to $253.1 mil­lion at Septem­ber 30, 2012 com­pared with $215.7 mil­lion at Septem­ber 30, 2011, rep­re­sent­ing 51.5% of to­tal de­posits.

The pro­vi­sions for loan losses for the third quar­ter and first nine months of 2012 were $550,000 and $3.85 mil­lion, re­spec­tively, com­pared with $700,000 and $1.47 mil­lion for the same pe­ri­ods in 2011.

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