Fauquier Bankshares Profit, Assets Fall

Fauquier Bankshares of Warrenton said profit fell 14 percent, to $1 million (28 cents a share) from $1.2 million (33 cents) in the comparable period a year earlier. Assets fell 3.5 percent, to $490.5 million.
Fauquier's provision for loan losses in the first quarter was $336,000 more than the year-earlier quarter. Nonperforming assets increased to $2.02 million from $1.76 million, and the non-performing assets-to-loans ratio grew to 0.49 percent from 0.42 percent.
"We are focused on limiting spending in all areas not critical to our growth plans," said CEO Randy K. Ferrell.

By Terri Rupar  |  April 30, 2008; 1:43 PM ET  | Category:  Finance
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