American National Bankshares Inc. Reports Fourth Quarter 2016 Earnings
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DANVILLE, VA -- (Marketwired) -- 01/19/17 --
- 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. TraynhamChief Financial Officer 434-773-2242 [email protected]
Source: American National Bankshares Inc.
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