American National Bankshares Inc. Reports Second Quarter 2016 Earnings
DANVILLE, VA--(Marketwired - July 21, 2016) - American National Bankshares Inc. ("American National") (NASDAQ: AMNB)
- Organic loan growth of $75.1 million (7.6%) during last four quarters
- Q2 2016 net income of $4.1 million and diluted EPS of $0.47
- Net interest margin of 3.45% for Q2 2016
- Average shareholders' equity of $201.7 million is 12.67% of average assets
/EINPresswire.com/ -- American National Bankshares Inc. ("American National") (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced net income of $4,088,000 compared to $2,880,000 for the second quarter of 2015, a $1,208,000 or 41.9% increase. Basic and diluted net income per common share was $0.47 for the 2016 quarter compared to $0.33 for the 2015 quarter. Net income for the second quarter of 2016 produced annualized returns on average assets of 1.03%, on average equity of 8.11%, and on average tangible equity of 10.99%.
Net income for the first six months of 2016 was $8,216,000 compared to $6,395,000 for the comparable period of 2015, a $1,821,000 or 28.5% increase. Basic and diluted net income per common share was $0.95 for the 2016 period compared to $0.73 for the 2015 period.
Financial Performance and Overview
Jeffrey V. Haley, President and Chief Executive Officer, reported, "We are seeing improving economic conditions in our markets and this is resulting in increased demand for credit. Loans have increased $75.1 million or 7.6% during the past year. In the past six months, loans have increased $52.4 million or 5.2%. We are very encouraged that a combination of active business development and gradually improving local market economic conditions are resulting in this high quality growth. However, the continuing challenge for our industry in this competitive environment is achieving reasonable risk adjusted yield on our earning assets.
"Loans don't exist in isolation; they require liquidity. Deposits have grown $64.4 million or 5.2% over the past year. In the past six months, deposits have grown $35.7 million or 2.8%. This growth is mostly in non-maturity, core deposits, the heart of our balance sheet. We continue working to grow these core deposits and their affiliated relationships, but the challenge in this ongoing low rate environment is to do that in a cost effective yet competitive manner. Our cost of interest bearing deposits for the second quarter was 0.54%, compared to 0.50% for the 2015 quarter.
"On the earnings side, net income for the second quarter was $4,088,000 compared to $2,880,000, an increase of $1,208,000 or 41.9%.
"The major driver was the noninterest expense, which was reduced $1,986,000 or 17.1%. This mostly related to non-recurring MainStreet acquisition expenses, which totaled $1,502,000 in the second quarter 2015.
"We also saw significant expense reduction in salaries, which declined $277,000 or 6.4% compared to the second quarter of 2015. Full time equivalent employees for the current quarter were 302, down from 322 for the prior year quarter. The magnitude of the decrease was directly related to the completion and integration of the MainStreet acquisition."
Haley concluded, "The first half of 2016 has been very productive for American National. Average loan balances this quarter are $75.2 million or 7.7% greater than the second quarter of 2015. American National will continue to grow its balance sheet and maintain high asset quality. However, capital will remain a strategic priority."
Capital
American National's capital ratios remain strong and exceed all regulatory requirements.
For the quarter ended June 30, 2016, average shareholders' equity was 12.67% of average assets, compared to 12.85% for the quarter ended June 30, 2015.
Book value per common share was $23.54 at June 30, 2016, compared to $22.43 at June 30, 2015.
Tangible book value per common share was $18.20 at June 30, 2016, compared to $16.96 at June 30, 2015.
Credit Quality Measurements
Non-performing assets ($3,412,000 of non-performing loans and $1,289,000 of other real estate owned) represented 0.29% of total assets at June 30, 2016, compared to 0.39% at June 30, 2015.
Annualized net charge offs to average loans was two basis points (0.02%) for the 2016 second quarter, compared to six basis points (0.06%) for the same quarter in 2015.
Other real estate owned was $1,289,000 compared to $2,113,000 at June 30, 2015, a decrease of $824,000 or 39.0%.
Acquisition Related Financial Impact
The acquisition accounting adjustments related to our two recent acquisitions have had and continue to have a positive impact on net interest income and income before income tax for American National. The impact of the adjustments is summarized below (dollars in thousands):
Acquisition related financial impact
For the quarter ended June 30, 2016 2015
---------- ----------
Net interest income $352 $843
Income before Income taxes $64 $543
For the period ended June 30, 2016 2015
---------- ----------
Net interest income $1,353 $1,955
Income before Income taxes $777 $1,354
During the first quarter of 2016, the Company received two substantial payoffs of purchased credit impaired loans from our 2011 MidCarolina acquisition that resulted in $460,000 in cash-basis accretion income.
Net Interest Income
Net interest income before the provision for loan losses decreased to $12,160,000 in the second quarter of 2016 from $12,382,000 in the second quarter of 2015, a decrease of $222,000 or 1.8%.
For the 2016 quarter, the net interest margin was 3.45% compared to 3.69% for the same quarter in 2015, a decrease of 24 basis points (0.24%). The decrease in net interest income and margin was mostly driven by reduced levels of accretion income.
Provision for Loan Losses and Allowance for Loan Losses
Provision expense for the second quarter of 2016 was $50,000 compared to $100,000 for the second quarter of 2015.
The allowance for loan losses as a percentage of total loans was 1.20% at June 30, 2016 compared to 1.30% at June 30, 2015.
There was significant growth in the loans outstanding in the second quarter 2016, a net of $23.4 million or 2.3%. The need for additions to the allowance for loan losses was reduced by improvement in various qualitative factors used in the determination of the allowance, notably asset quality and local economic conditions. As noted in the Credit Quality discussion, non-performing assets, charge-offs, and other real estate owned are all improved over the past year.
Noninterest Income
Noninterest income totaled $3,367,000 in the second quarter of 2016, compared with $3,258,000 in the second quarter of 2015, an increase of $109,000 or 3.3%. There was very little change in most revenue categories during the quarter.
Noninterest Expense
Noninterest expense totaled $9,656,000 in the second quarter of 2016, compared to $11,642,000 in the second quarter of 2015, a decrease of $1,986,000 or 17.1%. The major driver of the decrease was nonrecurring merger related expenses, from the January 2015 MainStreet acquisition, which accounted for $1,502,000 or 75.6% of the decrease.
Salaries expense was down $277,000 or 6.4% for the second quarter of 2016 compared to the comparable period. This mostly related to a reduction in the number of full time equivalent employees to 302 from 322.
About American National
American National is a multi-state bank holding company with total assets of approximately $1.6 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving Virginia and North Carolina with 25 banking offices and two loan production offices. American National Bank also manages an additional $761 million of trust, investment and brokerage assets in its Trust and Investment Services Division. Additional information about the company and the bank is available on the bank's website at www.amnb.com.
Shares of American National are traded on the NASDAQ Global Select Market under the symbol "AMNB."
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. Certain of the statements involve significant risks and uncertainties. The statements herein are based on certain assumptions and analyses by American National and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies or guidelines; significant changes in the economic scenario; significant changes in regulatory requirements; significant changes in securities markets; and changes in technology and information security; and changes regarding acquisitions and dispositions. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in American National's most recent Form 10-K report and other documents filed with the Securities and Exchange Commission. American National does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
American National Bankshares Inc.
Consolidated Balance Sheets
(Dollars in thousands, except share and per share data)
Unaudited
---------------------------------------------------------------------------
June 30 June 30
----------- -----------
ASSETS 2016 2015
----------- -----------
Cash and due from banks $ 21,625 $ 24,548
Interest-bearing deposits in other banks 51,716 50,758
Federal funds sold - 408
Securities available for sale, at fair value 362,800 355,595
Restricted stock, at cost 5,362 5,329
Loans held for sale 4,692 2,720
Loans 1,057,959 982,905
Less allowance for loan losses (12,674) (12,793)
----------- -----------
Net Loans 1,045,285 970,112
----------- -----------
Premises and equipment, net 22,878 24,182
Other real estate owned, net 1,289 2,113
Goodwill 43,872 44,210
Core deposit intangibles, net 2,107 3,283
Bank owned life insurance 17,885 17,376
Accrued interest receivable and other assets 22,140 23,722
----------- -----------
Total assets $ 1,601,651 $ 1,524,356
=========== ===========
Liabilities
Demand deposits -- noninterest-bearing $ 321,442 $ 294,342
Demand deposits -- interest-bearing 205,440 239,582
Money market deposits 252,118 190,799
Savings deposits 116,047 109,732
Time deposits 403,338 399,563
----------- -----------
Total deposits 1,298,385 1,234,018
----------- -----------
Customer repurchase agreements 53,369 50,123
Long-term borrowings 9,969 9,947
Junior subordinated debt 27,673 27,571
Accrued interest payable and other liabilities 9,551 7,814
----------- -----------
Total liabilities 1,398,947 1,329,473
----------- -----------
Shareholders' equity
Preferred stock, $5 par, 2,000,000 shares
authorized,none outstanding - -
Common stock, $1 par, 20,000,000 shares
authorized,8,609,160 shares outstanding at June
30, 2016 and8,688,480 shares outstanding at
June 30, 2015 8,572 8,671
Capital in excess of par value 74,753 76,826
Retained earnings 115,648 106,984
Accumulated other comprehensive income, net 3,731 2,402
----------- -----------
Total shareholders' equity 202,704 194,883
----------- -----------
Total liabilities and shareholders' equity $ 1,601,651 $ 1,524,356
=========== ===========
American National Bankshares Inc.
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30 June 30
----------------------- -----------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Interest and Dividend
Income:
Interest and fees on loans $ 11,642 $ 11,767 $ 23,757 $ 23,537
Interest on federal funds
sold - 1 - 5
Interest and dividends on
securities:
Taxable 1,150 994 2,234 1,969
Tax-exempt 817 940 1,640 1,900
Dividends 93 85 184 167
Other interest income 67 50 125 98
----------- ----------- ----------- -----------
Total interest and
dividend income 13,769 13,837 27,940 27,676
----------- ----------- ----------- -----------
Interest Expense:
Interest on deposits 1,314 1,184 2,611 2,378
Interest on short-term
borrowings 1 2 2 5
Interest on long-term
borrowings 81 81 162 161
Interest on junior
subordinated debt 213 188 421 372
----------- ----------- ----------- -----------
Total interest expense 1,609 1,455 3,196 2,916
----------- ----------- ----------- -----------
Net Interest Income 12,160 12,382 24,744 24,760
Provision for loan losses 50 100 100 700
----------- ----------- ----------- -----------
Net Interest Income After
Provision for Loan Losses 12,110 12,282 24,644 24,060
----------- ----------- ----------- -----------
Noninterest Income:
Trust fees 961 1,005 1,891 1,957
Service charges on deposit
accounts 514 525 1,006 1,022
Other fees and commissions 656 607 1,328 1,195
Mortgage banking income 365 389 657 611
Securities gains, net 222 237 588 547
Brokerage fees 223 211 427 426
Income from Small Business
Investment Companies 72 94 238 328
Other 354 190 529 328
----------- ----------- ----------- -----------
Total noninterest
income 3,367 3,258 6,664 6,414
----------- ----------- ----------- -----------
Noninterest Expense:
Salaries 4,031 4,308 8,246 8,455
Employee benefits 1,055 1,111 2,169 2,186
Occupancy and equipment 1,059 1,024 2,158 2,196
FDIC assessment 193 195 381 380
Bank franchise tax 256 220 512 455
Core deposit intangible
amortization 288 300 576 601
Data processing 459 483 903 945
Software 274 277 571 560
Other real estate owned,
net 76 133 209 186
Merger related expenses - 1,502 - 1,861
Other 1,965 2,089 3,849 3,864
----------- ----------- ----------- -----------
Total noninterest
expense 9,656 11,642 19,574 21,689
----------- ----------- ----------- -----------
Income Before Income Taxes 5,821 3,898 11,734 8,785
Income Taxes 1,733 1,018 3,518 2,390
----------- ----------- ----------- -----------
Net Income $ 4,088 $ 2,880 $ 8,216 $ 6,395
=========== =========== =========== ===========
Net Income Per Common Share:
Basic $ 0.47 $ 0.33 $ 0.95 $ 0.73
Diluted $ 0.47 $ 0.33 $ 0.95 $ 0.73
Weighted Average Common
Shares Outstanding:
Basic 8,610,156 8,707,504 8,610,998 8,713,528
Diluted 8,619,833 8,715,934 8,616,873 8,722,266
American
National
Bankshares Inc.
Financial
Highlights
(In thousands,
except share,
ratio and
nonfinancial
data,
unaudited) 2nd Qtr 1st Qtr 2nd Qtr YTD YTD
2016 2016 2015 2016 2015
---------- ---------- ---------- ---------- ----------
EARNINGS
Interest
income $ 13,769 $ 14,171 $ 13,837 $ 27,940 $ 27,676
Interest
expense 1,609 1,587 1,455 3,196 2,916
Net interest
income 12,160 12,584 12,382 24,744 24,760
Provision for
loan losses 50 50 100 100 700
Noninterest
income 3,367 3,297 3,258 6,664 6,414
Noninterest
expense 9,656 9,918 11,642 19,574 21,689
Income taxes 1,733 1,785 1,018 3,518 2,390
Net income 4,088 4,128 2,880 8,216 6,395
PER COMMON SHARE
Income per
share - basic $ 0.47 $ 0.48 $ 0.33 $ 0.95 $ 0.73
Income per
share -
diluted 0.47 0.48 0.33 0.95 0.73
Cash dividends
paid 0.24 0.24 0.23 0.48 0.46
Book value per
share 23.54 23.27 22.43 23.54 22.43
Book value per
share -
tangible (a) 18.20 17.90 16.96 18.20 16.96
Closing market
price 25.18 25.33 23.81 25.18 23.81
FINANCIAL RATIOS
Return on
average
assets 1.03% 1.06% 0.75% 1.05% 0.84%
Return on
average
equity 8.11 8.28 5.86 8.19 6.51
Return on
average
tangible
equity (b) 10.99 11.27 8.26 11.13 9.14
Average equity
to average
assets 12.67 12.86 12.85 12.76 12.88
Tangible
equity to
tangible
assets (a) 10.07 10.04 9.98 10.07 9.98
Net interest
margin,
taxable
equivalent 3.45 3.67 3.69 3.56 3.71
Efficiency
ratio (c) 60.91 61.36 72.76 61.14 68.36
Effective tax
rate 29.77 30.19 26.12 29.98 27.21
PERIOD-END
BALANCES
Securities $ 368,162 $ 362,353 $ 361,176 $ 368,162 $ 361,176
Loans held for
sale 4,692 785 2,720 4,692 2,720
Loans, net of
unearned
income 1,057,959 1,034,564 982,905 1,057,959 982,905
Goodwill and
other
intangibles 45,979 46,267 47,493 45,979 47,493
Assets 1,601,651 1,582,554 1,524,356 1,601,651 1,524,356
Assets -
tangible (a) 1,555,672 1,536,287 1,476,863 1,555,672 1,476,863
Deposits 1,298,385 1,292,431 1,234,018 1,298,385 1,234,018
Customer
repurchase
agreements 53,369 42,184 50,123 53,369 50,123
Long-term
borrowings 37,642 37,611 37,518 37,642 37,518
Shareholders'
equity 202,704 200,443 194,883 202,704 194,883
Shareholders'
equity -
tangible (a) 156,725 154,176 147,390 156,725 147,390
AVERAGE BALANCES
Securities $ 361,064 $ 347,290 $ 349,813 $ 354,038 $ 347,816
Loans held for
sale 2,087 2,055 2,836 2,071 1,893
Loans, net of
unearned
income 1,047,993 1,016,696 972,083 1,032,345 963,530
Interest-
earning
assets 1,464,692 1,424,808 1,397,448 1,444,611 1,390,172
Goodwill and
other
intangibles 46,150 46,441 47,682 46,296 47,834
Assets 1,592,261 1,551,124 1,530,867 1,571,692 1,524,693
Assets -
tangible (a) 1,546,111 1,504,683 1,483,185 1,525,396 1,476,859
Interest-
bearing
deposits 972,385 950,271 945,931 961,328 942,019
Deposits 1,295,520 1,260,534 1,236,626 1,278,027 1,228,874
Customer
repurchase
agreements 47,607 44,412 51,417 46,008 52,294
Long-term
borrowings 37,624 37,593 37,499 37,609 37,484
Shareholders'
equity 201,685 199,525 196,663 200,605 196,376
Shareholders'
equity -
tangible (a) 155,535 153,084 148,981 154,309 148,542
American
National
Bankshares Inc.
Financial
Highlights
(In thousands,
except share,
ratio and
nonfinancial
data,
unaudited) 2nd Qtr 1st Qtr 2nd Qtr YTD YTD
2016 2016 2015 2016 2015
---------- ---------- ---------- ---------- ----------
CAPITAL
Weighted
average
shares
outstanding -
basic 8,610,156 8,608,728 8,707,504 8,610,998 8,713,528
Weighted
average
shares
outstanding -
diluted 8,619,833 8,613,896 8,715,934 8,616,873 8,722,266
ALLOWANCE FOR
LOAN LOSSES
Beginning
balance $ 12,675 $ 12,601 $ 12,844 $ 12,601 $ 12,427
Provision for
loan losses 50 50 100 100 700
Charge-offs (119) (40) (321) (159) (630)
Recoveries 68 64 170 132 296
---------- ---------- ---------- ---------- ----------
Ending balance $ 12,674 $ 12,675 $ 12,793 $ 12,674 $ 12,793
LOANS
Construction
and land
development $ 89,451 $ 82,711 $ 66,543 $ 89,451 $ 66,543
Commercial
real estate 438,164 427,824 432,315 438,164 432,315
Residential
real estate 216,857 222,451 220,778 216,857 220,778
Home equity 107,007 100,019 97,866 107,007 97,866
Commercial and
industrial 201,381 196,110 159,015 201,381 159,015
Consumer 5,099 5,449 6,388 5,099 6,388
---------- ---------- ---------- ---------- ----------
Total $1,057,959 $1,034,564 $ 982,905 $1,057,959 $ 982,905
NONPERFORMING
ASSETS AT
PERIOD-END
Nonperforming
loans:
90 days past
due and
accruing $ - $ - $ - $ - $ -
Nonaccrual 3,412 5,276 3,772 3,412 3,772
Other real
estate owned 1,289 1,493 2,113 1,289 2,113
---------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 4,701 $ 6,769 $ 5,885 $ 4,701 $ 5,885
ASSET QUALITY
RATIOS
Allowance for
loan losses
to total
loans 1.20% 1.23% 1.30% 1.20% 1.30%
Allowance for
loan losses
tononperformi
ng loans 371.45 240.24 339.16 371.45 339.16
Nonperforming
assets to
total assets 0.29 0.43 0.39 0.29 0.39
Nonperforming
loans to
total loans 0.32 0.51 0.38 0.32 0.38
Annualized net
charge-offs
(recoveries)t
o average
loans 0.02 (0.01) 0.06 0.01 0.07
OTHER DATA
Fiduciary
assets at
period-end
(d) (e) $ 491,517 $ 491,257 $ 509,289 $ 491,517 $ 509,289
Retail
brokerage
assets at
period-end
(d) (e) $ 269,066 $ 268,542 $ 257,306 $ 269,066 $ 257,306
Number full-
time
equivalent
employees (f) 302 301 322 302 322
Number of full
service
offices 25 25 27 25 27
Number of loan
production
offices 2 2 2 2 2
Number of
ATM's 33 33 34 33 34
Notes:
(a) - Excludes goodwill and other intangible assets.
(b) - Excludes amortization expense, net of tax, of intangible assets.
(c) - The efficiency ratio is calculated by dividing noninterest
expense excluding gains or losses on the sale of OREO by net interest
income including tax equivalent income on nontaxable loans and
securities and noninterest income and excluding (i) gains or losses on
securities and (ii) gains or losses on sale of premises and equipment.
(d) - Market value.
(e) - Assets are not owned by the Company and are not reflected in the
consolidated balance sheet.
(f) - Average for quarter.
Net Interest Income Analysis
For the Three Months Ended June 30, 2016 and 2015
(in thousands, except yields/rates)
Interest
Average Balance Income/Expense Yield/Rate
--------------------- --------------------- --------------
2016 2015 2016 2015 2016 2015
---------- ---------- ---------- ---------- ------ ------
Loans:
Commercial $ 200,000 $ 155,752 $ 1,976 $ 1,760 3.97% 4.53%
Real estate 844,914 807,605 9,591 9,841 4.54 4.87
Consumer 5,166 11,562 140 205 10.90 7.11
---------- ---------- ---------- ---------- ------ ------
Total loans 1,050,080 974,919 11,707 11,806 4.46 4.85
---------- ---------- ---------- ---------- ------ ------
Securities:
Federal
agencies &
GSEs 100,205 86,815 446 324 1.78 1.49
Mortgage-
backed & CMOs 81,379 61,738 425 334 2.09 2.16
State and
municipal 164,788 185,848 1,472 1,720 3.57 3.70
Other 14,692 15,412 130 125 3.54 3.24
---------- ---------- ---------- ---------- ------ ------
Total
securities 361,064 349,813 2,473 2,503 2.74 2.86
---------- ---------- ---------- ---------- ------ ------
Federal funds
sold - 6,480 - 1 0.00 0.06
Deposits in
other banks 53,548 66,236 66 50 0.50 0.30
---------- ---------- ---------- ---------- ------ ------
Total
interest-
earning
assets 1,464,692 1,397,448 14,246 14,360 3.89 4.11
---------- ---------- ------ ------
Non-earning
assets 127,569 133,419
---------- ----------
Total assets $1,592,261 $1,530,867
========== ==========
Deposits:
Demand $ 229,639 $ 237,102 43 22 0.08 0.04
Money market 221,508 195,578 91 61 0.17 0.13
Savings 117,408 109,397 14 14 0.05 0.05
Time 403,830 403,854 1,166 1,087 1.16 1.08
---------- ---------- ---------- ---------- ------ ------
Total
deposits 972,385 945,931 1,314 1,184 0.54 0.50
Customer
repurchase
agreements 47,607 51,417 1 2 0.01 0.02
Long-term
borrowings 37,624 37,499 294 269 3.13 2.87
---------- ---------- ---------- ---------- ------ ------
Total
interest-
bearing
liabilities 1,057,616 1,034,847 1,609 1,455 0.61 0.56
---------- ---------- ------ ------
Noninterest
bearing demand
deposits 323,135 290,695
Other
liabilities 9,825 8,662
Shareholders'
equity 201,685 196,663
---------- ----------
Total
liabilities
and
share-
holders'
equity $1,592,261 $1,530,867
========== ==========
Interest rate
spread 3.28% 3.55%
====== ======
Net interest
margin 3.45% 3.69%
====== ======
Net interest
income (taxable
equivalent
basis) 12,637 12,905
Less: Taxable
equivalent
adjustment 478 523
---------- ----------
Net interest
income $ 12,159 $ 12,382
========== ==========
Net Interest Income Analysis
For the Six Months Ended June 30, 2016 and 2015
(in thousands, except yields/rates)
Interest
Average Balance Income/Expense Yield/Rate
--------------------- --------------------- --------------
2016 2015 2016 2015 2016 2015
---------- ---------- ---------- ---------- ------ ------
Loans:
Commercial $ 194,137 $ 147,482 $ 3,830 $ 3,586 3.99% 4.90%
Real estate 834,943 804,507 19,681 19,560 4.71 4.86
Consumer 5,336 13,434 371 445 14.06 6.68
---------- ---------- ---------- ---------- ------ ------
Total loans 1,034,416 965,423 23,882 23,591 4.63 4.89
---------- ---------- ---------- ---------- ------ ------
Securities:
Federal
agencies &
GSEs 94,244 80,866 824 569 1.75 1.41
Mortgage-
backed & CMOs 78,635 63,637 825 712 2.10 2.24
State and
municipal 165,349 188,020 2,964 3,483 3.59 3.70
Other 15,810 15,293 278 248 3.52 3.24
---------- ---------- ---------- ---------- ------ ------
Total
securities 354,038 347,816 4,891 5,012 2.76 2.88
---------- ---------- ---------- ---------- ------ ------
Federal funds
sold - 10,508 - 5 0.00 0.10
Deposits in
other banks 56,157 66,425 125 98 0.45 0.30
---------- ---------- ---------- ---------- ------ ------
Total
interest-
earning
assets 1,444,611 1,390,172 28,898 28,706 4.01 4.13
---------- ---------- ------ ------
Non-earning
assets 127,081 134,521
---------- ----------
Total assets $1,571,692 $1,524,693
========== ==========
Deposits:
Demand $ 230,504 $ 224,955 80 40 0.07 0.04
Money market 213,391 199,236 166 132 0.16 0.13
Savings 117,529 108,545 28 26 0.05 0.05
Time 399,904 409,283 2,337 2,180 1.18 1.07
---------- ---------- ---------- ---------- ------ ------
Total
deposits 961,328 942,019 2,611 2,378 0.55 0.51
Customer
repurchase
agreements 46,008 52,294 2 5 0.01 0.02
Long-term
borrowings 37,609 37,484 583 533 3.10 2.84
---------- ---------- ---------- ---------- ------ ------
Total
interest-
bearing
liabilities 1,044,945 1,031,797 3,196 2,916 0.62 0.57
---------- ---------- ------ ------
Noninterest
bearing demand
deposits 316,699 286,855
Other
liabilities 9,443 9,665
Shareholders'
equity 200,605 196,376
---------- ----------
Total
liabilities
and
share
holders'
equity $1,571,692 $1,524,693
========== ==========
Interest rate
spread 3.39% 3.56%
====== ======
Net interest
margin 3.56% 3.71%
====== ======
Net interest
income (taxable
equivalent
basis) 25,702 25,790
Less: Taxable
equivalent
adjustment 958 1,030
---------- ----------
Net interest
income $ 24,744 $ 24,760
========== ==========
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