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.
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