American National Bankshares Inc. Reports Second Quarter 2017 Earnings
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DANVILLE, VA -- (Marketwired) -- 07/20/17 --
- Loan growth of $230.7 million (21.8%) during last four quarters
- Q2 2017 net income of $4.3 million and diluted EPS of $0.49
- Net interest margin of 3.54% for Q2 2017
- Average shareholders' equity of $206.8 million is 11.91% of average assets
American National Bankshares Inc. ("American National") (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced net income of $4,279,000 compared to $4,088,000 for the second quarter of 2016, a $191,000 or 4.7% increase. Basic net income per common share was $0.50 for the 2017 quarter compared to $0.47 for the 2016 quarter. Diluted net income per common share was $0.49 for the 2017 quarter compared to $0.47 for the 2016 quarter. Net income for the second quarter of 2017 produced annualized return on average assets of 0.99%, on average equity of 8.28%, and on average tangible equity of 10.93%.
Net income for the first six months of 2017 was $8,342,000 compared to $8,216,000 for the comparable period of 2016, a $126,000 or 1.5% increase. Basic net income per common share was $0.97 for the 2017 period compared to $0.95 for the 2016 period. Diluted net income per common share was $0.96 for the 2017 period compared to $0.95 for the 2016 period.
Financial Performance and Overview
Jeffrey V. Haley, President and Chief Executive Officer, reported, "We are pleased to report continued strong growth in our balance sheet. Over the past year, loans have increased $230.7 million or 21.8%. In the past six months, loans have increased $123.9 million or 10.6%. We are very encouraged that active business development and improving local economic conditions are resulting in this high quality growth. However, the continuing challenge for us, in this hyper-competitive environment, is achieving reasonable risk adjusted yield on our lending.
"Loans require liquidity. Deposits have grown $164.5 million or 12.7% over the past year. In the past six months, deposits have grown $92.2 million or 6.7%. This growth is mostly in non-maturity, core deposits, the heart of our balance sheet. We continue striving to grow these core deposits and their affiliated relationships, but, like the asset side of the balance sheet, the challenge is to do that in a cost effective yet competitive manner. Our cost of interest bearing deposits for the second quarter was 0.52%, compared to 0.54% for the 2016 quarter.
"On the earnings side, net income for the second quarter was $4,279,000 compared to $4,088,000, an increase of $191,000 or 4.7%.
"Net interest income was up by $1,752,000 (14.4%) in the second quarter of 2017 compared to the second quarter of 2016, driven primarily by growth in loans.
"Provision for loan losses was up $300,000 in the second quarter of 2017, compared to the second quarter of 2016. The need for additional provision expense directly related to continued strong loan growth.
"Noninterest expense increased in the 2017 quarter by $1,055,000 (10.9%). The higher level of expense primarily related to our entry into two new markets in the fourth quarter of 2016."
Haley concluded, "We are delighted with our balance sheet growth in loans and deposits over the past year. Slightly less than half our growth has been in our new markets, Roanoke and Winston-Salem. We expect growth will continue, but at a somewhat reduced pace. We acknowledge that rising interest rates and hyper-competitive market forces together will put continued pressure on our net interest margin. We are enthusiastic about our ability to manage these challenges and prevail in the community bank marketplace. American National Bank continues to be optimistic about the future of community banking."
Capital
American National's capital ratios remain strong and exceed all regulatory requirements.
For the quarter ended June 30, 2017, average shareholders' equity was 11.91% of average assets, compared to 12.67% for the quarter ended June 30, 2016.
Book value per common share was $23.96 at June 30, 2017, compared to $23.54 at June 30, 2016.
Tangible book value per common share was $18.72 at June 30, 2017, compared to $18.20 at June 30, 2016.
Credit Quality Measurements
Non-performing assets represented 0.31% of total assets at June 30, 2017, compared to 0.29% at June 30, 2016.
Annualized net recoveries to average loans were six basis points (0.06%) for the second quarter compared to net charge offs of two basis points (0.02%) for the same quarter in 2016.
Other real estate owned was $1,686,000 compared to $1,289,000 at June 30, 2016, an increase of $397,000 or 30.8%.
Acquisition Related Financial Impact
The purchase 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 taxes for American National. The impact of the adjustments is summarized below (dollars in thousands):
Increases to:
For the quarter ended June 30, 2017 2016
---------------------------------------------- -------------- --------------
Net Interest Income $ 595 $ 352
Income Before Income Taxes $ 392 $ 64
For the six months ended June 30, 2017 2016
---------------------------------------------- -------------- --------------
Net Interest Income $ 1,029 $ 1,353
Income Before Income Taxes $ 661 $ 777
During the second quarter of 2017, the Company received a substantial payoff and a pay-down of two purchased credit impaired loans that resulted in $220,000 in cash-basis accretion income.
Net Interest Income
Net interest income before the provision for loan losses increased to $13,912,000 in the second quarter of 2017 from $12,160,000 in the second quarter of 2016, an increase of $1,752,000 or 14.4%.
For the 2017 quarter, the net interest margin was 3.54% compared to 3.45% for the same quarter in 2016, an increase of nine basis points (0.09%). The increase in net interest income related to higher volumes of earning assets.
Provision for Loan Losses and Allowance for Loan Losses
Provision expense for the second quarter of 2017 was $350,000 compared to $50,000 for the second quarter of 2016.
The allowance for loan losses as a percentage of total loans was 1.06% at June 30, 2017 compared to 1.20% at June 30, 2016.
There was significant growth in loans outstanding in the second quarter 2017, a net of $68.7 million or 5.6%. The need for additions to the allowance for loan losses was mitigated by improvement in various qualitative factors used in the determination of the allowance, notably national and local economic conditions and continued favorable asset quality metrics.
Noninterest Income
Noninterest income totaled $3,348,000 in the second quarter of 2017, compared with $3,367,000 in the second quarter of 2016, a decrease of $19,000 or 0.6%. There was little net change in total revenue during the quarter.
Noninterest Expense
Noninterest expense totaled $10,711,000 in the second quarter of 2017, compared to $9,656,000 in the second quarter of 2016, an increase of $1,055,000 or 10.9%. The major driver of the increase was salaries related to the de novo operations in Roanoke and Winston-Salem. Overall salaries expense increased $702,000 or 17.4%. Total full time equivalent employees were 328 at the end of the second quarter of 2017, compared to 302 at the end of the comparable quarter of 2016.
About American National
American National is a multi-state bank holding company with total assets of approximately $1.8 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 27 banking offices and two loan production offices. American National Bank also manages an additional $818 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; 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 per share data)
Unaudited
---------------------------------------------------------------------------
June 30
--------------------------------------
ASSETS 2017 2016
------------------ ------------------
Cash and due from banks $ 23,765 $ 21,625
Interest-bearing deposits in other
banks 62,164 51,716
Securities available for sale, at
fair value 280,503 362,800
Restricted stock, at cost 5,501 5,362
Loans held for sale 2,379 4,692
Loans 1,288,693 1,057,959
Less allowance for loan losses (13,632) (12,674)
------------------ ------------------
Net Loans 1,275,061 1,045,285
------------------ ------------------
Premises and equipment, net 26,265 22,878
Other real estate owned, net 1,686 1,289
Goodwill 43,872 43,872
Core deposit intangibles, net 1,351 2,107
Bank owned life insurance 18,381 17,885
Accrued interest receivable and
other assets 23,545 22,140
------------------ ------------------
Total assets $ 1,764,473 $ 1,601,651
================== ==================
Liabilities
Demand deposits -- noninterest-
bearing $ 390,603 $ 321,442
Demand deposits -- interest-
bearing 218,714 205,440
Money market deposits 339,106 252,118
Savings deposits 125,237 116,047
Time deposits 389,181 403,338
------------------ ------------------
Total deposits 1,462,841 1,298,385
------------------ ------------------
Short-term borrowings:
Customer repurchase agreements 48,282 53,369
Long-term borrowings 9,991 9,969
Junior subordinated debt 27,775 27,673
Accrued interest payable and other
liabilities 8,531 9,551
------------------ ------------------
Total liabilities 1,557,420 1,398,947
------------------ ------------------
Shareholders' equity
Preferred stock, $5 par, 2,000,000
shares authorized, none
outstanding - -
Common stock, $1 par, 20,000,000
shares authorized, 8,642,913
shares outstanding at June 30,
2017 and 8,609,160 shares
outstanding at June 30, 2016 and 8,595 8,572
Capital in excess of par value 75,691 74,753
Retained earnings 123,795 115,648
Accumulated other comprehensive
income (loss), net (1,028) 3,731
------------------ ------------------
Total shareholders' equity 207,053 202,704
------------------ ------------------
Total liabilities and
shareholders' equity $ 1,764,473 $ 1,601,651
================== ==================
American National Bankshares Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share data)
Unaudited
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30 June 30
----------------------- -----------------------
2017 2016 2017 2016
----------- ----------- ----------- -----------
Interest and Dividend
Income:
Interest and fees on loans $ 13,752 $ 11,642 $ 26,456 $ 23,757
Interest and dividends on
securities:
Taxable 1,133 1,150 2,287 2,234
Tax-exempt 509 817 1,144 1,640
Dividends 84 93 163 184
Other interest income 125 67 234 125
----------- ----------- ----------- -----------
Total interest and
dividend income 15,603 13,769 30,284 27,940
----------- ----------- ----------- -----------
Interest Expense:
Interest on deposits 1,352 1,314 2,552 2,611
Interest on short-term
borrowings 14 1 42 2
Interest on long-term
borrowings 81 81 161 162
Interest on junior
subordinated debt 244 213 483 421
----------- ----------- ----------- -----------
Total interest expense 1,691 1,609 3,238 3,196
----------- ----------- ----------- -----------
Net Interest Income 13,912 12,160 27,046 24,744
Provision for loan losses 350 50 650 100
----------- ----------- ----------- -----------
Net Interest Income After
Provision
for Loan Losses 13,562 12,110 26,396 24,644
----------- ----------- ----------- -----------
Noninterest Income:
Trust fees 908 961 1,820 1,891
Service charges on deposit
accounts 501 514 985 1,006
Other fees and commissions 733 656 1,445 1,328
Mortgage banking income 462 365 991 657
Securities gains, net 331 222 590 588
Brokerage fees 192 223 384 427
Income from Small Business
Investment Companies 6 72 32 238
Other 215 354 372 529
----------- ----------- ----------- -----------
Total noninterest income 3,348 3,367 6,619 6,664
----------- ----------- ----------- -----------
Noninterest Expense:
Salaries 4,733 4,031 9,532 8,246
Employee benefits 1,130 1,055 2,313 2,169
Occupancy and equipment 1,148 1,059 2,216 2,158
FDIC assessment 134 193 263 381
Bank franchise tax 263 256 519 512
Core deposit intangible
amortization 203 288 368 576
Data processing 502 459 989 903
Software 271 274 550 571
Other real estate owned,
net 68 76 111 209
Other 2,259 1,965 4,291 3,849
----------- ----------- ----------- -----------
Total noninterest
expense 10,711 9,656 21,152 19,574
----------- ----------- ----------- -----------
Income Before Income Taxes 6,199 5,821 11,863 11,734
Income Taxes 1,920 1,733 3,521 3,518
----------- ----------- ----------- -----------
Net Income $ 4,279 $ 4,088 $ 8,342 $ 8,216
=========== =========== =========== ===========
Net Income Per Common Share:
Basic $ 0.50 $ 0.47 $ 0.97 $ 0.95
Diluted $ 0.49 $ 0.47 $ 0.96 $ 0.95
Average Common Shares
Outstanding:
Basic 8,640,648 8,610,156 8,636,954 8,610,998
Diluted 8,659,165 8,619,833 8,655,173 8,616,873
American National Bankshares Inc.
Financial Highlights
Unaudited
(Dollars in thousands, except per share data)
2nd Qtr 1st Qtr 2nd Qtr YTD YTD
2017 2017 2016 2017 2016
---------- ---------- ---------- ---------- ----------
EARNINGS
Interest income $ 15,603 $ 14,681 $ 13,769 $ 30,284 $ 27,940
Interest
expense 1,691 1,547 1,609 3,238 3,196
Net interest
income 13,912 13,134 12,160 27,046 24,744
Provision for
loan losses 350 300 50 650 100
Noninterest
income 3,348 3,271 3,367 6,619 6,664
Noninterest
expense 10,711 10,441 9,656 21,152 19,574
Income taxes 1,920 1,601 1,733 3,521 3,518
Net income 4,279 4,063 4,088 8,342 8,216
PER COMMON SHARE
Income per
share - basic $ 0.50 $ 0.47 $ 0.47 $ 0.97 $ 0.95
Income per
share -
diluted 0.49 0.47 0.47 0.96 0.95
Cash dividends
paid 0.24 0.24 0.24 0.48 0.48
Book value per
share 23.96 23.64 23.54 23.96 23.54
Book value per
share -
tangible (a) 18.72 18.38 18.20 18.72 18.20
Closing market
price 36.95 37.25 25.18 36.95 25.18
FINANCIAL RATIOS
Return on
average assets 0.99% 0.96% 1.03% 0.97% 1.05%
Return on
average equity 8.28 7.99 8.11 8.13 8.19
Return on
average
tangible
equity (b) 10.93 10.56 10.99 10.75 11.13
Average equity
to average
assets 11.91 11.97 12.67 11.94 12.76
Tangible equity
to tangible
assets (a) 9.41 9.51 10.07 9.41 10.07
Net interest
margin,
taxable
equivalent 3.54 3.44 3.45 3.49 3.56
Efficiency
ratio (c) 61.76 62.97 60.91 62.35 61.14
Effective tax
rate 30.97 28.27 29.77 29.68 29.98
PERIOD-END
BALANCES
Securities $ 286,004 $ 298,059 $ 368,162 $ 286,004 $ 368,162
Loans held for
sale 2,379 1,872 4,692 2,379 4,692
Loans, net of
unearned
income 1,288,693 1,219,958 1,057,959 1,288,693 1,057,959
Goodwill and
other
intangibles 45,223 45,426 45,979 45,223 45,979
Assets 1,764,473 1,715,805 1,601,651 1,764,473 1,601,651
Assets -
tangible (a) 1,719,250 1,670,379 1,555,672 1,719,250 1,555,672
Deposits 1,462,841 1,416,104 1,298,385 1,462,841 1,298,385
Customer
repurchase
agreements 48,282 47,776 53,369 48,282 53,369
Long-term
borrowings 37,766 37,734 37,642 37,766 37,642
Shareholders'
equity 207,053 204,241 202,704 207,053 202,704
Shareholders'
equity -
tangible (a) 161,830 158,815 156,725 161,830 156,725
AVERAGE BALANCES
Securities (d) $ 295,863 $ 324,588 $ 361,064 $ 310,146 $ 354,038
Loans held for
sale 2,426 2,414 2,087 2,420 2,071
Loans, net of
unearned
income 1,258,346 1,195,560 1,047,993 1,227,127 1,032,345
Interest-
earning assets 1,610,132 1,574,460 1,464,692 1,592,395 1,444,611
Goodwill and
other
intangibles 45,337 45,517 46,150 45,427 46,296
Assets 1,736,686 1,699,730 1,592,261 1,718,310 1,571,692
Assets -
tangible (a) 1,691,349 1,654,213 1,546,111 1,672,883 1,525,396
Interest-
bearing
deposits 1,047,828 1,021,110 972,385 1,034,542 961,328
Deposits 1,433,852 1,392,117 1,295,520 1,413,100 1,278,027
Customer
repurchase
agreements 49,239 45,106 47,607 47,184 46,008
Other short-
term
borrowings - 11,833 - 5,884 -
Long-term
borrowings 37,748 37,717 37,624 37,733 37,609
Shareholders'
equity 206,774 203,459 201,685 205,126 200,605
Shareholders'
equity -
tangible (a) 161,437 157,942 155,535 159,699 154,309
American National Bankshares Inc.
Financial Highlights
Unaudited
(Dollars in thousands, except per share data)
2nd Qtr 1st Qtr 2nd Qtr YTD YTD
2017 2017 2016 2017 2016
---------- ---------- ---------- ---------- ----------
CAPITAL
Average common
shares
outstanding -
basic 8,640,648 8,633,219 8,610,156 8,636,954 8,610,998
Average common
shares
outstanding -
diluted 8,659,165 8,651,139 8,619,833 8,655,173 8,616,873
ALLOWANCE FOR
LOAN LOSSES
Beginning
balance $ 13,108 $ 12,801 $ 12,675 $ 12,801 $ 12,601
Provision for
loan losses 350 300 50 650 100
Charge-offs (85) (49) (119) (134) (158)
Recoveries 259 56 68 315 131
---------- ---------- ---------- ---------- ----------
Ending balance $ 13,632 $ 13,108 $ 12,674 $ 13,632 $ 12,674
LOANS
Construction
and land
development $ 132,322 $ 130,691 $ 89,451 $ 132,322 $ 89,451
Commercial real
estate 590,093 538,069 438,164 590,093 438,164
Residential
real estate 211,305 216,035 216,857 211,305 216,857
Home equity 113,580 110,844 107,007 113,580 107,007
Commercial and
industrial 236,418 219,455 201,381 236,418 201,381
Consumer 4,975 4,864 5,099 4,975 5,099
---------- ---------- ---------- ---------- ----------
Total $1,288,693 $1,219,958 $1,057,959 $1,288,693 $1,057,959
NONPERFORMING
ASSETS AT
PERIOD-END
Nonperforming
loans:
90 days past
due and
accruing $ 1,611 $ 1,061 $ 166 $ 1,611 $ 166
Nonaccrual 2,117 2,428 3,246 2,117 3,246
Other real
estate owned 1,686 1,664 1,289 1,686 1,289
---------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 5,414 $ 5,153 $ 4,701 $ 5,414 $ 4,701
ASSET QUALITY
RATIOS
Allowance for
loan losses to
total loans 1.06% 1.07% 1.20% 1.06% 1.20%
Allowance for
loan losses to
nonperforming
loans 365.67 375.70 371.45 365.67 371.45
Nonperforming
assets to
total assets 0.31 0.30 0.29 0.31 0.29
Nonperforming
loans to total
loans 0.29 0.29 0.32 0.29 0.32
Annualized net
charge-offs
(recoveries)
to average
loans (0.06) 0.00 0.02 (0.03) 0.01
OTHER DATA
Fiduciary
assets at
period-end (e)
(f) $ 520,861 $ 519,901 $ 491,517 $ 520,861 $ 491,517
Retail
brokerage
assets at
period-end (e)
(f) $ 297,463 $ 292,505 $ 269,066 $ 297,463 $ 269,066
Number full-
time
equivalent
employees (g) 328 326 302 328 302
Number of full
service
offices 27 27 25 27 25
Number of loan
production
offices 2 2 2 2 2
Number of ATM's 34 34 33 34 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 June 30, 2017 and 2016
(Dollars in thousands)
Unaudited
Interest
Average Balance Income/Expense Yield/Rate
--------------------- --------------- --------------
2017 2016 2017 2016 2017 2016
---------- ---------- ------- ------- ------ ------
Loans:
Commercial $ 229,690 $ 200,000 $ 2,241 $ 1,976 3.91% 3.97%
Real estate 1,026,010 844,914 11,502 9,591 4.48 4.54
Consumer 5,072 5,166 89 140 7.04 10.90
---------- ---------- ------- ------- ------ ------
Total loans 1,260,772 1,050,080 13,832 11,707 4.39 4.46
---------- ---------- ------- ------- ------ ------
Securities:
Federal agencies &
GSEs 96,339 100,205 454 446 1.89 1.78
Mortgage-backed &
CMOs 80,003 81,379 412 425 2.06 2.09
State and municipal 104,115 164,788 938 1,472 3.60 3.57
Other 15,406 14,692 179 130 4.65 3.54
---------- ---------- ------- ------- ------ ------
Total securities 295,863 361,064 1,983 2,473 2.68 2.74
---------- ---------- ------- ------- ------ ------
Deposits in other
banks 53,497 53,548 125 67 0.94 0.50
---------- ---------- ------- ------- ------ ------
Total interest-
earning assets 1,610,132 1,464,692 15,940 14,247 3.96 3.89
------- ------- ------ ------
Non-earning assets 126,554 127,569
---------- ----------
Total assets $1,736,686 $1,592,261
========== ==========
Deposits:
Demand $ 219,743 $ 229,639 11 43 0.02 0.08
Money market 322,737 221,508 342 91 0.43 0.17
Savings 125,134 117,408 9 14 0.03 0.05
Time 380,214 403,830 990 1,166 1.04 1.16
---------- ---------- ------- ------- ------ ------
Total deposits 1,047,828 972,385 1,352 1,314 0.52 0.54
Customer repurchase
agreements 49,239 47,607 14 1 0.11 0.01
Long-term borrowings 37,748 37,624 325 294 3.44 3.13
---------- ---------- ------- ------- ------ ------
Total interest-
bearing liabilities 1,134,815 1,057,616 1,691 1,609 0.60 0.61
------- ------- ------ ------
Noninterest bearing
demand deposits 386,024 323,135
Other liabilities 9,073 9,825
Shareholders' equity 206,774 201,685
---------- ----------
Total liabilities
and shareholders'
equity $1,736,686 $1,592,261
========== ==========
Interest rate spread 3.36% 3.28%
====== ======
Net interest margin 3.54% 3.45%
====== ======
Net interest income
(taxable equivalent
basis) 14,249 12,638
Less: Taxable
equivalent adjustment 337 478
------- -------
Net interest income $13,912 $12,160
======= =======
Net Interest Income Analysis
For the Six Months Ended June 30, 2017 and 2016
(Dollars in thousands)
Unaudited
Interest
Average Balance Income/Expense Yield/Rate
--------------------- --------------- --------------
2017 2016 2017 2016 2017 2016
---------- ---------- ------- ------- ------ ------
Loans:
Commercial $ 224,833 $ 194,137 $ 4,294 $ 3,830 3.85% 3.99%
Real estate 999,484 834,943 22,126 19,681 4.43 4.71
Consumer 5,230 5,336 181 371 6.98 14.06
---------- ---------- ------- ------- ------ ------
Total loans 1,229,547 1,034,416 26,601 23,882 4.33 4.63
---------- ---------- ------- ------- ------ ------
Securities:
Federal agencies &
GSEs 96,651 94,244 896 824 1.85 1.75
Mortgage-backed &
CMOs 79,033 78,635 825 825 2.09 2.10
State and municipal 117,681 165,349 2,090 2,964 3.55 3.59
Other 16,781 15,810 365 278 4.35 3.52
---------- ---------- ------- ------- ------ ------
Total securities 310,146 354,038 4,176 4,891 2.69 2.76
---------- ---------- ------- ------- ------ ------
Deposits in other
banks 52,702 56,157 234 125 0.90 0.45
---------- ---------- ------- ------- ------ ------
Total interest-
earning assets 1,592,395 1,444,611 31,011 28,898 3.90 4.01
------- ------- ------ ------
Non-earning assets 125,915 127,081
---------- ----------
Total assets $1,718,310 $1,571,692
========== ==========
Deposits:
Demand $ 217,847 $ 230,504 21 80 0.02 0.07
Money market 314,235 213,391 583 166 0.37 0.16
Savings 124,694 117,529 19 28 0.03 0.05
Time 377,766 399,904 1,929 2,337 1.03 1.18
---------- ---------- ------- ------- ------ ------
Total deposits 1,034,542 961,328 2,552 2,611 0.50 0.55
Customer repurchase
agreements 47,184 46,008 15 2 0.06 0.01
Other short-term
borrowings 5,884 - 27 - 0.92 -
Long-term borrowings 37,733 37,609 644 583 3.41 3.10
---------- ---------- ------- ------- ------ ------
Total interest-
bearing liabilities 1,125,343 1,044,945 3,238 3,196 0.58 0.62
------- ------- ------ ------
Noninterest bearing
demand deposits 378,558 316,699
Other liabilities 9,283 9,443
Shareholders' equity 205,126 200,605
---------- ----------
Total liabilities and
shareholders' equity $1,718,310 $1,571,692
========== ==========
Interest rate spread 3.32% 3.39%
====== ======
Net interest margin 3.49% 3.56%
====== ======
Net interest income
(taxable equivalent
basis) 27,773 25,702
Less: Taxable
equivalent adjustment 727 958
------- -------
Net interest income $27,046 $24,744
======= =======
Contact:William W. TraynhamChief Financial [email protected]
Source: American National Bankshares Inc.
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