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American National Bankshares Inc. Reports Fourth Quarter 2016 Earnings

/EINPresswire.com/ -- DANVILLE, VA--(Marketwired - January 19, 2017) -

  • 2016 Loan growth $159 million or 15.8%
  • Roanoke and Winston-Salem operations begin
  • Q4 2016 net income of $4.1 million
  • Net interest margin of 3.45% for Q4 2016
  • Average shareholders' equity for Q4 of $203.6 million is 12.39% of average assets

American National Bankshares Inc. ("American National") (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced net income for the fourth quarter of 2016 of $4,122,000 compared to $4,607,000 for the fourth quarter of 2015, a $485,000 or 10.5% decrease. Basic and diluted net income per common share was $0.48 for the fourth quarter of 2016 compared to $0.53 for 2015. Net income for the fourth quarter of 2016 produced a return on average assets of 1.00%, a return on average equity of 8.10%, and a return on average tangible equity of 10.73%.

Net income for the year ended December 31, 2016 was $16,301,000 compared to $15,039,000 for 2015, a $1,262,000 or 8.4% increase. Basic and diluted net income per common share was $1.89 for the 2016 period compared to $1.73 for the 2015 period.

Financial Performance and Overview

Jeffrey V. Haley, President and Chief Executive Officer, reported, "In 2016 we saw loan portfolio growth of $159 million or 15.8%. This increase was the result of vigorous and continuing business development activity and improvement in the local and regional economies. We are delighted to report that the growth was broad based.

"This organic growth has been developing for some time. In 2015, we had a very exciting year with the acquisition of Franklin Community Bank. In 2016, we decided to keep the momentum going, not by acquiring a bank, but by acquiring a team of exceptional bankers. Further, we elected to do this in not one, but two contiguous markets. In September 2016, we announced our de novo efforts in Roanoke, Virginia and Winston-Salem, North Carolina.

"Early results for the de novo operations are very encouraging. Loan production and deposit production are ahead of expectations and represent a significant part of our organic growth. We expect continued strong growth for the next several quarters.

"Loans don't exist in isolation and deposit growth is equally critical to the health of our balance sheet. Overall deposits are up $108 million or 8.6% over the prior year. Our focus continues to be in developing more core deposit account relationships.

"Net income for 2016 was $16.3 million or $1.89 per diluted share, an increase of $1.3 million or 8.4%.

"A lot of factors impacted earnings in 2016, but the major drivers include the following:

"Provision for loan losses was $250,000 compared to $950,000 for the prior year, a $700,000 decrease.

"The net impact of the de novo operations at year end was $1.2 million to expense, mostly related to additional personnel.

"This was offset by a reduction in non-recurring merger related expense of $2.0 million recorded in 2015.

"American National has a long and enviable legacy of strong capital. We are working to deploy this capital more effectively and efficiently, while still maintaining that fundamental legacy strength. Over the past two years, we have had substantial organic balance sheet growth, the acquisition of Franklin, and the two de novo operations. We intend to continue making the best possible use of our capital to maximize shareholder return, while maintaining capital ratios that are well above regulatory requirements."

Haley concluded, "To put it succinctly, we had a really good year in 2016. We think our efforts in 2015 and 2016 have set us up for a very good 2017 and an outstanding 2018."

Capital

American National's capital ratios remain strong and exceed all regulatory requirements.

For the quarter ended December 31, 2016, average shareholders' equity was 12.39% of average assets, compared to 12.88% for the quarter ended December 31, 2015.

Book value per common share was $23.37 at December 31, 2016, compared to $22.95 at December 31, 2015.

Tangible book value per common share was $18.08 at December 31, 2016, compared to $17.55 at December 31, 2015.

Credit Quality Measurements

Non-performing assets ($3,552,000 of non-performing loans and $1,328,000 of other real estate owned) represented 0.29% of total assets at December 31, 2016, compared to 0.48% at December 31, 2015.

Annualized net charge offs to average loans were zero basis points for the 2016 fourth quarter, compared to eleven basis points (0.11%) for the same quarter in 2015.

Other real estate owned was $1,328,000 at December 31, 2016, compared to $2,184,000 at December 31, 2015, a decrease of 856,000 or 39.2%.

Merger related financial impact

The acquisition adjustments related to our two recent mergers 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 December 31,   2016   2015
Net interest income   $ 427   $ 819
Income before Income taxes   $ 252   $ 519
         
For the quarter ended December 31,   2016   2015
Net interest income   $ 2,136   $ 3,322
Income before Income taxes   $ 1,172   $ 2,121
         

Net Interest Income

Net interest income before the provision for loan losses increased to $12,646,000 in the fourth quarter of 2016 from $12,444,000 in the fourth quarter of 2015, an increase of $202,000 or 1.6%.

For the 2016 quarter, the net interest margin was 3.45% compared to 3.68% for the same quarter in 2015, a decrease of 0.23%. The decrease in net interest margin was driven by lower yields on earning assets and reduced levels of accretion income.

Provision for Loan Losses and Allowance for Loan Losses

Provision expense for the fourth quarter of 2016 was $50,000 compared to $250,000 for the fourth quarter of 2015, a decrease of $200,000.

The allowance for loan losses as a percentage of total loans was 1.10% at December 31, 2016 compared to 1.25% at December 31, 2015. There was significant growth in the loans outstanding in the fourth quarter, a net of $81.6 million. The need for additional loan loss provision was mitigated by continued high asset quality, low charge offs, and improvement in various qualitative factors, notably economic, political and legal, used in the determination of the allowance.

Noninterest Income

Noninterest income totaled $3,721,000 in the fourth quarter of 2016, compared with $3,818,000 in the fourth quarter of 2015, a decrease of $97,000 or 2.5%. Trust fees showed a very small decrease of $10,000 (1.0%); revenue for this category is directly impacted by changes in the equity markets. Securities gains showed a $139,000 decrease from the fourth quarter of 2015. Secondary market mortgage income showed an increase of $211,000 (63.4%), related to higher mortgage volume.

Noninterest Expense

Noninterest expense totaled $10,360,000 in the fourth quarter of 2016, compared to $9,466,000 in the fourth quarter of 2015, an increase of $894,000 or 9.4%.

The major driver of this increase is the addition of 19 FTEs in Roanoke and Winston-Salem. Salaries expense for the quarter increased $776,000 or 19.8%, primarily related to the de novos.

About American National

American National Bankshares Inc. is a multi-state bank holding company with total assets of approximately $1.7 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 southern and central Virginia and north central North Carolina with 26 banking offices and two loan production offices. American National Bank and Trust Company also manages an additional $781 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 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  
             
    December 31  
ASSETS   2016     2015  
                 
Cash and due from banks   $ 20,268     $ 19,352  
Interest-bearing deposits in other banks     32,939       75,985  
Federal funds sold     -       -  
                 
Securities available for sale, at fair value     346,502       340,349  
Restricted stock, at cost     6,224       5,312  
Loans held for sale     5,996       3,266  
                 
Loans     1,164,821       1,005,525  
  Less allowance for loan losses     (12,801 )     (12,601 )
    Net Loans     1,152,020       992,924  
                 
Premises and equipment, net     25,439       23,567  
Other real estate owned, net     1,328       2,184  
Goodwill     43,872       43,872  
Core deposit intangibles, net     1,719       2,683  
Bank owned life insurance     18,163       17,658  
Accrued interest receivable and other assets     24,168       20,447  
                 
    Total assets   $ 1,678,638     $ 1,547,599  
                 
                 
Liabilities                
  Demand deposits -- noninterest-bearing   $ 378,600     $ 322,442  
  Demand deposits -- interest-bearing     209,430       227,030  
  Money market deposits     283,035       200,495  
  Savings deposits     120,720       115,383  
  Time deposits     378,855       397,310  
    Total deposits     1,370,640       1,262,660  
                 
  Short-term borrowings:                
    Customer repurchase agreements     39,166       40,611  
    Other short-term borrowings     20,000       -  
  Long-term borrowings     9,980       9,958  
  Junior subordinated debt     27,724       27,622  
  Accrued interest payable and other liabilities     9,748       8,913  
    Total liabilities     1,477,258       1,349,764  
                 
Shareholders' equity                
  Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding    
-
     
-
 
           
  Common stock, $1 par, 20,000,000 shares authorized, 8,618,051 shares outstanding at December 31, 2016 and 8,622,007 shares outstanding at December 31, 2015    

8,578
     

8,605
 
           
           
  Capital in excess of par value     75,076       75,375  
  Retained earnings     119,600       111,565  
  Accumulated other comprehensive income (loss), net     (1,874 )     2,290  
    Total shareholders' equity     201,380       197,835  
                 
    Total liabilities and shareholders' equity   $ 1,678,638     $ 1,547,599  
                 
                 
 
American National Bankshares Inc.
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
                 
    Three Months Ended   Twelve Months Ended
    December 31   December 31
    2016   2015   2016   2015
Interest and Dividend Income:                        
  Interest and fees on loans   $ 12,182   $ 11,849   $ 47,971   $ 46,860
  Interest on federal funds sold     -     -     -     6
  Interest and dividends on securities:                        
    Taxable     1,108     1,051     4,454     4,072
    Tax-exempt     728     882     3,135     3,681
    Dividends     76     88     334     346
  Other interest income     73     81     276     204
    Total interest and dividend income     14,167     13,951     56,170     55,169
                         
Interest Expense:                        
  Interest on deposits     1,201     1,228     5,103     4,811
  Interest on short-term borrowings     4     2     10     9
  Interest on long-term borrowings     82     81     325     324
  Interest on junior subordinated debt     234     196     878     760
    Total interest expense     1,521     1,507     6,316     5,904
                         
Net Interest Income     12,646     12,444     49,854     49,265
  Provision for loan losses     50     250     250     950
                         
Net Interest Income After Provision                        
  for Loan Losses     12,596     12,194     49,604     48,315
                         
Noninterest Income:                        
  Trust fees     962     972     3,791     3,935
  Service charges on deposit accounts     528     523     2,048     2,066
  Other fees and commissions     689     590     2,680     2,377
  Mortgage banking income     544     333     1,713     1,320
  Securities gains, net     175     314     836     867
  Brokerage fees     207     265     843     946
  Income from Small Business Investment Companies     225     485     463     912
  Other     391     336     1,131     864
    Total noninterest income     3,721     3,818     13,505     13,287
                         
Noninterest Expense:                        
  Salaries     4,696     3,920     17,568     16,554
  Employee benefits     1,061     1,096     4,264     4,311
  Occupancy and equipment     1,084     1,135     4,246     4,425
  FDIC assessment     128     185     647     750
  Bank franchise tax     226     223     995     898
  Core deposit intangible amortization     175     300     964     1,201
  Data processing     488     414     1,828     1,725
  Software     271     308     1,143     1,158
  Other real estate owned, net     22     39     336     99
  Merger related expenses     -     50     -     1,998
  Other     2,209     1,796     7,810     7,424
    Total noninterest expense     10,360     9,466     39,801     40,543
                         
Income Before Income Taxes     5,957     6,546     23,308     21,059
Income Taxes     1,835     1,939     7,007     6,020
Net Income   $ 4,122   $ 4,607   $ 16,301   $ 15,039
                         
Net Income Per Common Share:                        
  Basic   $ 0.48   $ 0.53   $ 1.89   $ 1.73
  Diluted   $ 0.48   $ 0.53   $ 1.89   $ 1.73
Weighted Average Common Shares Outstanding:                        
  Basic     8,615,700     8,627,414     8,611,507     8,680,502
  Diluted     8,629,777     8,633,778     8,621,241     8,688,450
                           
                           
American National Bankshares Inc.                            
Financial Highlights                            
 (In thousands, except share, ratio and
nonfinancial data, unaudited)   
                           
                           
4th Qtr     3rd Qtr     4th Qtr     YTD     YTD  
    2016     2016     2015     2016     2015  
EARNINGS                                        
  Interest income   $ 14,167     $ 14,063     $ 13,951     $ 56,170     $ 55,169  
  Interest expense     1,521       1,599       1,507       6,316       5,904  
  Net interest income     12,646       12,464       12,444       49,854       49,265  
  Provision for loan losses     50       100       250       250       950  
  Noninterest income     3,721       3,120       3,818       13,505       13,287  
  Noninterest expense     10,360       9,867       9,466       39,801       40,543  
  Income taxes     1,835       1,654       1,939       7,007       6,020  
  Net income     4,122       3,963       4,607       16,301       15,039  
                                         
PER COMMON SHARE                                        
  Income per share - basic   $ 0.48     $ 0.46     $ 0.53     $ 1.89     $ 1.73  
  Income per share - diluted     0.48       0.46       0.53       1.89       1.73  
  Cash dividends paid     0.24       0.24       0.24       0.96       0.93  
  Book value per share     23.37       23.66       22.95       23.37       22.95  
  Book value per share - tangible (a)     18.08       18.34       17.55       18.08       17.55  
  Closing market price     34.80       27.95       25.61       34.80       25.61  
                                         
FINANCIAL RATIOS                                        
  Return on average assets     1.00 %     0.99 %     1.20 %     1.02 %     0.99 %
  Return on average equity     8.10       7.79       9.32       8.07       7.65  
  Return on average tangible equity (b)     10.73       10.41       12.77       10.85       10.62  
  Average equity to average assets     12.39       12.67       12.88       12.64       12.90  
  Tangible equity to tangible assets (a)     9.54       10.06       10.08       9.54       10.08  
  Net interest margin, taxable equivalent     3.45       3.50       3.68       3.52       3.69  
  Efficiency ratio (c)     62.32       61.25       57.52       61.47       63.81  
  Effective tax rate     30.80       29.45       29.62       30.06       28.59  
                                         
PERIOD-END BALANCES                                        
  Securities   $ 352,726     $ 357,445     $ 345,661     $ 352,726     $ 345,661  
  Loans held for sale     5,996       4,776       3,266       5,996       3,266  
  Loans, net of unearned income     1,164,821       1,083,201       1,005,525       1,164,821       1,005,525  
  Goodwill and other intangibles     45,591       45,766       46,555       45,591       46,555  
  Assets     1,678,638       1,615,534       1,547,599       1,678,638       1,547,599  
  Assets - tangible (a)     1,633,047       1,569,768       1,501,044       1,633,047       1,501,044  
  Deposits     1,370,640       1,306,008       1,262,660       1,370,640       1,262,660  
  Customer repurchase agreements     39,166       44,090       40,611       39,166       40,611  
  Other short-term borrowings     20,000       15,000       -       20,000       -  
  Long-term borrowings     37,704       37,672       37,580       37,704       37,580  
  Shareholders' equity     201,380       203,713       197,835       201,380       197,835  
  Shareholders' equity - tangible (a)     155,789       157,947       151,280       155,789       151,280  
                                         
AVERAGE BALANCES                                        
  Securities (d)   $ 345,035     $ 354,780     $ 344,025     $ 351,961     $ 349,116  
  Loans held for sale     4,758       3,761       3,446       3,171       2,531  
  Loans, net of unearned income     1,110,524       1,064,606       983,725       1,060,106       973,329  
  Interest-earning assets     1,515,597       1,477,208       1,405,645       1,470,648       1,391,486  
  Goodwill and other intangibles     45,693       45,872       47,193       46,037       47,575  
  Assets     1,643,250       1,605,387       1,534,247       1,598,149       1,523,766  
  Assets - tangible (a)     1,597,557       1,559,515       1,487,054       1,552,112       1,476,191  
  Interest-bearing deposits     986,622       973,431       931,223       970,728       934,716  
  Deposits     1,345,743       1,301,874       1,247,612       1,301,043       1,232,199  
  Customer repurchase agreements     45,281       50,013       42,524       46,832       48,105  
  Other short-term borrowings     1,087       1,521       -       656       14  
  Long-term borrowings     37,686       37,655       37,561       37,640       37,515  
  Shareholders' equity     203,603       203,451       197,658       202,074       196,518  
  Shareholders' equity - tangible (a)     157,910       157,579       150,465       156,037       148,943  

                               
American National Bankshares Inc.                          
Financial Highlights                          
                           
(In thousands, except share, ratio and
nonfinancial data, unaudited)
                             
4th Qtr     3rd Qtr     4th Qtr     YTD     YTD  
    2016     2016     2015     2016     2015  
CAPITAL                                        
  Weighted average shares outstanding - basic     8,615,700       8,608,323       8,627,414       8,611,507       8,680,502  
  Weighted average shares outstanding - diluted     8,629,777       8,618,335       8,633,778       8,621,241       8,688,450  
                                         
ALLOWANCE FOR LOAN LOSSES                                        
  Beginning balance   $ 12,757     $ 12,674     $ 12,611     $ 12,601     $ 12,427  
  Provision for loan losses     50       100       250       250       950  
  Charge-offs     (81 )     (86 )     (317 )     (326 )     (1,200 )
  Recoveries     75       69       57       276       424  
  Ending balance   $ 12,801     $ 12,757     $ 12,601     $ 12,801     $ 12,601  
                                         
LOANS                                        
  Construction and land development   $ 114,258     $ 91,688     $ 72,968     $ 114,258     $ 72,968  
  Commercial real estate     510,960       454,797       430,186       510,960       430,186  
  Residential real estate     215,104       218,632       220,434       215,104       220,434  
  Home equity     110,751       108,617       98,449       110,751       98,449  
  Commercial and industrial     208,717       204,184       177,481       208,717       177,481  
  Consumer     5,031       5,283       6,007       5,031       6,007  
  Total   $ 1,164,821     $ 1,083,201     $ 1,005,525     $ 1,164,821     $ 1,005,525  
                                         
NONPERFORMING ASSETS AT PERIOD-END                                        
  Nonperforming loans:                                        
    90 days past due and accruing   $ 587     $ 320     $ 91     $ 587     $ 91  
    Nonaccrual     2,965       3,526       5,114       2,965       5,114  
  Other real estate owned     1,328       1,145       2,184       1,328       2,184  
  Nonperforming assets   $ 4,880     $ 4,991     $ 7,389     $ 4,880     $ 7,389  
                                         
ASSET QUALITY RATIOS                                        
  Allowance for loan losses to total loans     1.10 %     1.18 %     1.25 %     1.10 %     1.25 %
  Allowance for loan losses to                                        
  nonperforming loans     360.39       331.70       242.09       360.39       242.09  
  Nonperforming assets to total assets     0.29       0.31       0.48       0.29       0.48  
  Nonperforming loans to total loans     0.30       0.36       0.52       0.30       0.52  
  Annualized net charge-offs (recoveries) to average loans    
0.00
     
0.01
     
0.11
     
0.00
     
0.08
 
                                         
                                         
OTHER DATA                                        
  Fiduciary assets at period-end (e) (f)   $ 498,767     $ 502,390     $ 491,681     $ 498,767     $ 491,681  
  Retail brokerage assets at period-end (e) (f)   $ 282,454     $ 278,089     $ 257,546     $ 282,454     $ 257,546  
  Number full-time equivalent employees (g)     320       309       303       320       303  
  Number of full service offices     26       25       25       26       25  
  Number of loan production offices     2       2       2       2       2  
  Number of ATM's     33       33       33       33       33  
                                         
                                         
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) - Average does not include unrealized gains and losses.
(e) - Market value.
(f) - Assets are not owned by the Company and are not reflected in the consolidated balance sheet.
(g) - Average for quarter.
 
   
Net Interest Income Analysis  
For the Three Months Ended December 31, 2016 and 2015  
(in thousands, except rates)  
Unaudited  
                             
            Interest            
    Average Balance   Income/Expense   Yield/Rate  
                             
    2016   2015   2016   2015   2016     2015  
Loans:                                    
  Commercial   $ 204,489   $ 166,771   $ 2,003   $ 1,506   3.90 %   3.58 %
  Real estate     905,721     814,502     10,143     10,245   4.48     5.03  
  Consumer     5,072     5,898     98     135   7.69     9.08  
    Total loans     1,115,282     987,171     12,244     11,886   4.39     4.81  
                                     
Securities:                                    
  Federal agencies & GSEs     96,134     88,255     423     364   1.76     1.65  
  Mortgage-backed & CMOs     79,643     62,652     400     352   2.01     2.25  
  State and municipal     152,518     176,148     1,311     1,613   3.44     3.66  
  Other     16,740     16,970     150     144   3.58     3.39  
    Total securities     345,035     344,025     2,284     2,473   2.65     2.88  
                                     
Federal funds sold     -     -     -     -   0.00     0.00  
Deposits in other banks     55,280     74,449     73     81   0.53     0.43  
                                     
    Total interest-earning assets     1,515,597     1,405,645     14,601     14,440   3.85     4.11  
                                     
Non-earning assets     127,653     128,602                        
                                     
    Total assets   $ 1,643,250   $ 1,534,247                        
                                     
Deposits:                                    
  Demand   $ 204,910   $ 223,724     10     22   0.02     0.04  
  Money market     276,435     197,230     148     65   0.21     0.13  
  Savings     119,770     111,742     9     14   0.03     0.05  
  Time     385,507     398,527     1,034     1,127   1.07     1.12  
    Total deposits     986,622     931,223     1,201     1,228   0.48     0.52  
                                     
Customer repurchase agreements     45,281     42,524     2     2   0.02     0.02  
Other short-term borrowings     1,087     -     2     -   0.74     0.00  
Long-term borrowings     37,686     37,561     316     277   3.35     2.95  
  Total interest-bearing                                    
    liabilities     1,070,676     1,011,308     1,521     1,507   0.57     0.59  
                                     
Noninterest bearing demand deposits     359,121     316,389                        
Other liabilities     9,850     8,892                        
Shareholders' equity     203,603     197,658                        
  Total liabilities and                                    
    shareholders' equity   $ 1,643,250   $ 1,534,247                        
                                     
Interest rate spread                           3.28 %   3.52 %
Net interest margin                           3.45 %   3.68 %
                                     
Net interest income (taxable equivalent basis)                 13,080     12,933            
Less: Taxable equivalent adjustment                 434     489            
Net interest income               $ 12,646   $ 12,444            
                                     
Net Interest Income Analysis
For the Years Ended December 31, 2016 and 2015
(in thousands, except yields and rates)
Unaudited
                         
            Interest        
    Average Balance   Income/Expense   Yield/Rate
                         
    2016   2015   2016   2015   2016   2015
Loans:                                
  Commercial   $ 198,326   $ 156,646   $ 7,856   $ 6,893   3.96 %   4.40 %
  Real estate     859,721     809,545     39,763     39,362   4.63   4.86
  Consumer     5,230     9,669     605     730   11.57   7.55
    Total loans     1,063,277     975,860     48,224     46,985   4.54   4.81
                                 
Securities:                                
  Federal agencies & GSEs     96,009     88,384     1,674     1,364   1.74   1.54
  Mortgage-backed & CMOs     79,720     61,741     1,635     1,346   2.05   2.18
  State and municipal     160,279     183,208     5,647     6,746   3.52   3.68
  Other     15,953     15,783     560     532   3.51   3.37
    Total securities     351,961     349,116     9,516     9,988   2.70   2.86
                                 
Federal funds sold     -     5,230     -     6   0.00   0.11
Deposits in other banks     55,410     61,280     276     204   0.50   0.33
                                 
  Total interest-earning assets     1,470,648     1,391,486     58,016     57,183   3.94   4.11
                                 
Non-earning assets     127,501     132,280                    
                                 
    Total assets   $ 1,598,149   $ 1,523,766                    
                                 
Deposits:                                
  Demand   $ 216,521   $ 223,825     99     82   0.05   0.04
  Money market     239,262     196,828     432     260   0.18   0.13
  Savings     118,144     109,697     47     53   0.04   0.05
  Time     396,801     404,366     4,525     4,416   1.14   1.09
    Total deposits     970,728     934,716     5,103     4,811   0.53   0.51
                                 
Customer repurchase agreements     46,832     48,105     5     9   0.01   0.02
Other short-term borrowings     656     14     5     -   0.76   0.36
Long-term borrowings     37,640     37,515     1,203     1,084   3.20   2.89
  Total interest-bearing                                
    liabilities     1,055,856     1,020,350     6,316     5,904   0.60   0.58
                                 
Noninterest bearing demand deposits     330,315     297,483                    
Other liabilities     9,904     9,415                    
Shareholders' equity     202,074     196,518                    
  Total liabilities and                                
    shareholders' equity   $ 1,598,149   $ 1,523,766                    
                                 
Interest rate spread                           3.34 %   3.53 %
Net interest margin                           3.52 %   3.69 %
                                 
Net interest income (taxable equivalent basis)                 51,700     51,279        
Less: Taxable equivalent adjustment                 1,846     2,014        
Net interest income               $ 49,854   $ 49,265        
                                 

Contact:
William W. Traynham
Chief Financial Officer

434-773-2242
traynhamw@amnb.com


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