form10qa.htm
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q/A
(Amendment No. 1)
 
(Mark One)

x 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2011

or
 
o
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _____________to_____________

 
Commission File No.: 000-25805

Fauquier Bankshares, Inc.
(Exact name of registrant as specified in its charter)
 
Virginia   54-1288193
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     
 10 Courthouse Square, Warrenton, Virginia    20186
 (Address of principal executive offices)   (Zip Code)
 
(540) 347-2700
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes x No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company x
 
Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)
Yeso No x
 
The registrant had 3,669,758 shares of common stock outstanding as of November 7, 2011.
 
 
 
 
 
EXPLANATORY NOTE

This Amendment No.1 on Form 10-Q/A (“Amendment No. 1 “) to the Company’s Quarterly Report on Form 10−Q for the quarter ended September 30, 2011, originally filed with the Securities and Exchange Commission on November 14, 2011 (“Form 10−Q”), amends Part I, Item 1 of the Form 10-Q to correct a typographical error in the table summarizing the changes in the allowance for loan losses included in Note 3 – Loans and Allowance for Loan Losses in the Company’s Notes to Consolidated Financial Statements.  This Amendment No. 1 also amends the exhibit list contained in Part II, Item 6 to reflect that Exhibit 10.1 was filed with the Form 10−Q.

No other changes have been made to the Form 10−Q. This Form 10−Q/A does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Form 10−Q.

Pursuant to Exchange Act Rule 12b−15, new certifications by the Company’s principal executive officer and principal financial officer are filed or furnished with this Amendment No. 1 as Exhibits 31.1, 31.2, 32.1, and 32.2.

PART I - FINANCIAL INFORMATION
 
Item 1.
Financial Statements
Notes to Consolidated Financial Statements

Note 3.    Loans and Allowance for Loan Losses
Allowance for Loan Losses and Recorded Investment in Loans Receivable
 
    As of December 31, 2010 and for the Nine Months Ended September 30, 2011  
   
Commercial and
Industrial
    
Commercial
Real Estate
    
Commercial
Construction
    
Consumer
    
Residential
Real Estate
    
Home Equity
Line of Credit
    
Unallocated
    
Total
  
Allowance for Loan Losses
                                                
Beginning balance at 12/31/2010
   $ 792,796     $ 2,320,692     $ 150,513     $ 314,580     $ 1,622,830     $ 1,105,782           $ 6,307,193  
Charge-offs
     (75,000 )     (248,194 )     -       (48,235 )     (358,705 )     (363,237 )           (1,093,371 )
Recoveries
     -       159,224       -       35,395       -       3,182             197,801  
Provision
     131,844       1,070,911       6,210       (271,603 )     72,603       (15,334 )   $ 476,203       1,470,834  
Ending balance at 9/30/2011
   $ 849,640     $ 3,302,633     $ 156,723     $ 30,137     $ 1,336,728     $ 730,393     $ 476,203     $ 6,882,457  
                                                                 
Ending balances individually evaluated for impairment
   $ 537,400     $ -     $ -     $ -     $ -     $ -     $ -     $ 537,400  
                                                                 
Ending balances collectively evaluated for impairment
   $ 312,240     $ 3,302,633     $ 156,723     $ 30,137     $ 1,336,728     $ 730,393     $ 476,203     $ 6,345,057  
                                                                 
Loans Receivable
                                                                
Individually evaluated for impairment
   $ 819,646     $ 605,517     $ -     $ -      $ -     $ -             $ 1,425,163  
Collectively evaluated for impairment
     28,998,802       214,743,618       27,389,565       7,031,226       136,137,440       51,022,985               465,323,636  
Ending balance at 12/31/2010
   $ 29,818,448     $ 215,349,135     $ 27,389,565     $ 7,031,226     $ 136,137,440     $ 51,022,985             $ 466,748,799  
                                                                 
Individually evaluated for impairment
   $ 1,038,700     $ 580,321     $ -     $ -     $ 719,325     $  -             $ 2,338,346  
Collectively evaluated for impairment
     27,271,028       204,337,960       30,358,021       5,691,177       136,159,195       48,690,413               452,507,794  
Ending balance at 9/30/2011
   $ 28,309,728     $ 204,918,281     $ 30,358,021     $ 5,691,177     $ 136,878,520     $ 48,690,413             $ 454,846,140  
 
 
 
 
 
PART II - OTHER INFORMATION
 
ITEM 6. EXHIBITS
 
Exhibit
Number
Exhibit
Description
   
3.1 Articles of Incorporation of Fauquier Bankshares, Inc., as amended, incorporated by reference to Exhibit 3.1 to Form 10-K filed March 15, 2010.
   
3.2 By-laws of Fauquier Bankshares, Inc., as amended and restated, incorporated by reference to Exhibit 3.2 to Form 10-Q filed August 9, 2010.
   
10.1 Employment Agreement, dated as of November 7, 2011, by and between Fauquier Bankshares, Inc. and Eric P. Graap.
   
31.1 Certification of CEO pursuant to Rule 13a-14(a).
   
31.2 Certification of CFO pursuant to Rule 13a-14(a).
   
32.1 Certification of CEO pursuant to 18 U.S.C. Section 1350.
   
32.2 Certification of CFO pursuant to 18 U.S.C. Section 1350.
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FAUQUIER BANKSHARES, INC.
(Registrant)
 
/s/ Randy K. Ferrell
Randy K. Ferrell
President & Chief Executive Officer
Dated:  November 21, 2011
 
/s/ Eric P. Graap
Eric P. Graap
Executive Vice President & Chief Financial Officer
Dated: November 21, 2011