American National Bankshares Inc. Reports Third Quarter 2016 Earnings
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DANVILLE, VA -- (Marketwired) -- 10/20/16 -- American National Bankshares Inc. ("American National") (NASDAQ: AMNB)
- Organic loan growth of $102.2 million (10.4%) during last four quarters
- De novo initiatives in Roanoke and Winston-Salem
- Q3 2016 net income of $4.0 million and diluted EPS of $0.45
- Net interest margin of 3.50% for Q3 2016
- Average shareholders' equity of $203.5 million is 12.67% 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 $3,963,000 for the third quarter of 2016 compared to $4,037,000 for the third quarter of 2015, a $74,000 or 1.8% decrease. Diluted net income per common share was $0.45 for the 2016 quarter compared to $0.47 for the 2015 quarter. Net income for the third quarter of 2016 produced annualized returns on average assets of 0.99%, on average equity of 7.79%, and on average tangible equity of 10.41%.
Net income for the first nine months of 2016 was $12,179,000 compared to $10,432,000 for the comparable period of 2015, a $1,747,000 or 16.7% increase. Basic and diluted net income per common share was $1.41 for the 2016 period compared to $1.20 for the 2015 period.
Financial Performance and Overview
Jeffrey V. Haley, President and Chief Executive Officer, reported, "We are excited about our results for 2016 and even more excited about our prospects for 2017. We recently announced the hiring of a team of bankers in Roanoke and a team of bankers in Winston-Salem. We believe these two de novo efforts will complement our existing organic growth and expand our footprint in North Carolina and Virginia. We anticipate these new initiatives will have a material and positive impact to the bank's balance sheet, especially over the next five quarters.
"In the meantime, the legacy bank is growing well. Loans have increased $102.2 million or 10.4% during the past year. We are encouraged that a combination of active business development and improving local market economic conditions are resulting in this high quality growth. However, the continuing challenge for us in this competitive environment is achieving reasonable risk adjusted yield on lending.
"Deposits, which are needed to fund loans, have grown $79.5 million or 6.5% over the past year. 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 so in a cost effective yet competitive manner. Our cost of interest bearing deposits for the third quarter was 0.53%, compared to 0.52% for the 2015 quarter.
"Earnings for the quarter were good, $3,963,000 compared to $4,037,000, a decrease of $74,000 or 1.8%. The major driver for this slight decrease was increased salaries expense, largely related to the de novo Roanoke start up."
Haley concluded, "We believe American National has tremendous growth potential, in our new and our existing markets. We think that the next year can be transformational for us. We believe we can achieve this dynamic change and maintain the same fundamental corporate character, i.e. asset quality and strong capital, that has served the bank so well over the past decade."
Capital
American National's capital ratios remain strong and exceed all regulatory requirements.
For the quarter ended September 30, 2016, average shareholders' equity was 12.67% of average assets, compared to 12.95% for the quarter ended September 30, 2015.
Book value per common share was $23.66 at September 30, 2016, compared to $22.81 at September 30, 2015.
Tangible book value per common share was $18.34 at September 30, 2016, compared to $17.32 at September 30, 2015.
Credit Quality Measurements
Non-performing assets ($3,846,000 of non-performing loans and $1,145,000 of other real estate owned) represented 0.31% of total assets at September 30, 2016, compared to 0.44% at September 30, 2015.
Annualized net charge offs to average loans were one basis point (0.01%) for the 2016 third quarter, compared to seven basis points (0.07%) for the same quarter in 2015.
Other real estate owned was $1,145,000 compared to $1,333,000 at September 30, 2015, a decrease of 188,000 or 14.1%.
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 these adjustments is summarized below (dollars in thousands):
Acquisition related financial impact
For the quarter ended September 30, 2016 2015
------------ ------------
Net interest income $356 $548
Income before Income taxes $143 $248
For the nine months ended September 30, 2016 2015
------------ ------------
Net interest income $1,709 $2,503
Income before Income taxes $920 $1,602
Net Interest Income
Net interest income before the provision for loan losses increased to $12,464,000 in the third quarter of 2016 from $12,061,000 in the third quarter of 2015, an increase of $403,000 or 3.3%.
For the 2016 quarter, the net interest margin was 3.50% compared to 3.64% for the same quarter in 2015, a decrease of 14 basis points (0.14%). 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 third quarter of 2016 was $100,000 compared to zero for the third quarter of 2015.
There has been significant growth in the loans outstanding over the past four quarters. 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 economic conditions. As noted in the Credit Quality Measurements discussion, non-performing assets, charge-offs, and other real estate owned are all improved over the past year.
The allowance for loan losses as a percentage of total loans was 1.18% at September 30, 2016 compared to 1.29% at September 30, 2015.
Noninterest Income
Noninterest income totaled $3,120,000 in the third quarter of 2016, compared with $3,055,000 in the third quarter of 2015, an increase of $65,000 or 2.1%. Mortgage banking income was the most notable change, as it increased to $512,000, up 36.2% over the prior year quarter.
Noninterest Expense
Noninterest expense totaled $9,867,000 in the third quarter of 2016, compared to $9,388,000 in the third quarter of 2015, an increase of $479,000 or 5.1%. The increase in expenses included compensation and start-up expenses related to the de novo branch in Roanoke.
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 $780 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
----------------------------------------------------------------------------
September 30
----------------------------
ASSETS 2016 2015
------------- -------------
Cash and due from banks $ 37,679 $ 19,280
Interest-bearing deposits in other banks 35,138 46,637
Federal funds sold - -
Securities available for sale, at fair value 351,439 358,306
Restricted stock, at cost 6,006 5,308
Loans held for sale 4,776 2,998
Loans 1,083,201 980,984
Less allowance for loan losses (12,757) (12,611)
------------- -------------
Net Loans 1,070,444 968,373
------------- -------------
Premises and equipment, net 22,846 23,854
Other real estate owned, net 1,145 1,333
Goodwill 43,872 44,333
Core deposit intangibles, net 1,894 2,983
Bank owned life insurance 17,998 17,491
Accrued interest receivable and other assets 22,297 21,541
------------- -------------
Total assets $ 1,615,534 $ 1,512,437
============= =============
Liabilities
Demand deposits -- noninterest-bearing $ 339,797 $ 305,110
Demand deposits -- interest-bearing 196,696 220,562
Money market deposits 255,748 191,534
Savings deposits 119,476 108,992
Time deposits 394,291 400,323
------------- -------------
Total deposits 1,306,008 1,226,521
------------- -------------
Short-term borrowings:
Customer repurchase agreements 44,090 43,579
Other short-term borrowings 15,000 -
Long-term borrowings 9,974 9,952
Junior subordinated debt 27,698 27,597
Accrued interest payable and other
liabilities 9,051 8,337
------------- -------------
Total liabilities 1,411,821 1,315,986
------------- -------------
Shareholders' equity
Preferred stock, $5 par, 2,000,000 shares
authorized, none outstanding - -
Common stock, $1 par, 20,000,000 shares
authorized, 8,610,741 shares outstanding at
September 30, 2016 and 8,630,329 shares
outstanding at September 30, 2015 8,573 8,611
Capital in excess of par value 74,839 75,524
Retained earnings 117,543 109,030
Accumulated other comprehensive income, net 2,758 3,286
------------- -------------
Total shareholders' equity 203,713 196,451
------------- -------------
Total liabilities and shareholders' equity $ 1,615,534 $ 1,512,437
============= =============
American National Bankshares Inc.
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
----------------------------------------------------------------------------
Three Months Ended Nine Months Ended
September 30 September 30
--------------------- ---------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
Interest and Dividend Income:
Interest and fees on loans $ 12,032 $ 11,474 $ 35,789 $ 35,011
Interest on federal funds
sold - 1 - 6
Interest and dividends on
securities:
Taxable 1,112 1,052 3,346 3,021
Tax-exempt 767 899 2,407 2,799
Dividends 74 91 258 258
Other interest income 78 25 203 123
---------- ---------- ---------- ----------
Total interest and
dividend income 14,063 13,542 42,003 41,218
---------- ---------- ---------- ----------
Interest Expense:
Interest on deposits 1,291 1,205 3,902 3,583
Interest on short-term
borrowings 4 2 6 7
Interest on long-term
borrowings 81 82 243 243
Interest on junior
subordinated debt 223 192 644 564
---------- ---------- ---------- ----------
Total interest expense 1,599 1,481 4,795 4,397
---------- ---------- ---------- ----------
Net Interest Income 12,464 12,061 37,208 36,821
Provision for loan losses 100 - 200 700
---------- ---------- ---------- ----------
Net Interest Income After
Provision for Loan Losses 12,364 12,061 37,008 36,121
---------- ---------- ---------- ----------
Noninterest Income:
Trust fees 938 1,006 2,829 2,963
Service charges on deposit
accounts 514 521 1,520 1,543
Other fees and commissions 663 592 1,991 1,787
Mortgage banking income 512 376 1,169 987
Securities gains, net 73 6 662 553
Brokerage fees 209 255 636 681
Income from Small Business
Investment Companies - 99 238 427
Other 211 200 739 528
---------- ---------- ---------- ----------
Total noninterest income 3,120 3,055 9,784 9,469
---------- ---------- ---------- ----------
Noninterest Expense:
Salaries 4,626 4,179 12,872 12,634
Employee benefits 1,034 1,029 3,203 3,215
Occupancy and equipment 1,004 1,094 3,162 3,290
FDIC assessment 138 185 519 565
Bank franchise tax 257 220 769 675
Core deposit intangible
amortization 213 300 789 901
Data processing 437 366 1,340 1,311
Software 301 290 872 850
Other real estate owned, net 105 (126) 314 60
Organizational expenses 23 - 23 -
Merger related expenses - 87 - 1,948
Other 1,729 1,764 5,578 5,628
---------- ---------- ---------- ----------
Total noninterest expense 9,867 9,388 29,441 31,077
---------- ---------- ---------- ----------
Income Before Income Taxes 5,617 5,728 17,351 14,513
Income Taxes 1,654 1,691 5,172 4,081
---------- ---------- ---------- ----------
Net Income $ 3,963 $ 4,037 $ 12,179 $ 10,432
========== ========== ========== ==========
Net Income Per Common Share:
Basic $ 0.46 $ 0.47 $ 1.41 $ 1.20
Diluted $ 0.45 $ 0.47 $ 1.41 $ 1.20
Weighted Average Common Shares
Outstanding:
Basic 8,702,919 8,668,618 8,641,862 8,698,394
Diluted 8,712,931 8,676,571 8,650,148 8,706,870
American National Bankshares Inc.
Financial Highlights
(In thousands,
except share,
ratio and
nonfinancial
data,
unaudited) 3rd Qtr 2nd Qtr 3rd Qtr YTD YTD
2016 2016 2015 2016 2015
---------- ---------- ---------- ---------- ----------
EARNINGS
Interest
income $ 14,063 $ 13,769 $ 13,542 $ 42,003 $ 41,218
Interest
expense 1,599 1,609 1,481 4,795 4,397
Net interest
income 12,464 12,160 12,061 37,208 36,821
Provision for
loan losses 100 50 - 200 700
Noninterest
income 3,120 3,367 3,055 9,784 9,469
Noninterest
expense 9,867 9,656 9,388 29,441 31,077
Income taxes 1,654 1,733 1,691 5,172 4,081
Net income 3,963 4,088 4,037 12,179 10,432
PER COMMON SHARE
Income per
share - basic $ 0.46 $ 0.47 $ 0.47 $ 1.41 $ 1.20
Income per
share -
diluted 0.45 0.47 0.47 1.41 1.20
Cash dividends
paid 0.24 0.24 0.23 0.72 0.69
Book value per
share 23.66 23.54 22.81 23.66 22.81
Book value per
share -
tangible (a) 18.34 18.20 17.32 18.34 17.32
Closing market
price 27.95 25.18 23.45 27.95 23.45
FINANCIAL RATIOS
Return on
average
assets 0.99% 1.03% 1.07% 1.03% 0.91%
Return on
average
equity 7.79 8.11 8.25 8.06 7.09
Return on
average
tangible
equity (b) 10.41 10.99 11.42 10.89 9.90
Average equity
to average
assets 12.67 12.67 12.95 12.73 12.90
Tangible
equity to
tangible
assets (a) 10.06 10.07 10.18 10.06 10.18
Net interest
margin,
taxable
equivalent 3.50 3.45 3.64 3.54 3.69
Efficiency
ratio (c) 61.25 60.91 61.25 61.18 66.00
Effective tax
rate 29.45 29.77 29.52 29.81 28.12
PERIOD-END
BALANCES
Securities $ 357,445 $ 368,162 $ 363,614 $ 357,445 $ 363,614
Loans held for
sale 4,776 4,692 2,998 4,776 2,998
Loans, net of
unearned
income 1,083,201 1,057,959 980,984 1,083,201 980,984
Goodwill and
other
intangibles 45,766 45,979 47,316 45,766 47,316
Assets 1,615,534 1,601,651 1,512,437 1,615,534 1,512,437
Assets -
tangible (a) 1,569,768 1,555,672 1,465,121 1,569,768 1,465,121
Deposits 1,306,008 1,298,385 1,226,521 1,306,008 1,226,521
Customer
repurchase
agreements 44,090 53,369 43,579 44,090 43,579
Other short-
term
borrowings 15,000 - - 15,000 -
Long-term
borrowings 37,672 37,642 37,549 37,672 37,549
Shareholders'
equity 203,713 202,704 196,451 203,713 196,451
Shareholders'
equity -
tangible (a) 157,947 156,725 149,135 157,947 149,135
AVERAGE BALANCES
Securities $ 354,780 $ 361,064 $ 357,427 $ 354,287 $ 350,831
Loans held for
sale 3,761 2,087 2,873 2,638 2,223
Loans, net of
unearned
income 1,064,606 1,047,993 982,212 1,043,177 969,826
Interest-
earning
assets 1,477,208 1,464,692 1,380,576 1,455,556 1,386,714
Goodwill and
other
intangibles 45,872 46,150 47,446 46,153 47,703
Assets 1,605,387 1,592,261 1,511,464 1,583,006 1,520,235
Assets -
tangible (a) 1,559,515 1,546,111 1,464,018 1,536,853 1,472,532
Interest-
bearing
deposits 973,431 972,385 923,840 965,391 935,893
Deposits 1,301,874 1,295,520 1,223,328 1,286,034 1,227,005
Customer
repurchase
agreements 50,013 47,607 45,444 47,353 49,985
Other short-
term
borrowings 1,521 - 57 512 19
Long-term
borrowings 37,655 37,624 37,531 37,624 37,500
Shareholders'
equity 203,451 201,685 195,660 201,560 196,135
Shareholders'
equity -
tangible (a) 157,579 155,535 148,214 155,407 148,432
American National Bankshares Inc.
Financial Highlights
(In thousands,
except share,
ratio and
nonfinancial
data, unaudited) 3rd Qtr 2nd Qtr 3rd Qtr YTD YTD
2016 2016 2015 2016 2015
---------- ---------- ---------- ---------- ----------
CAPITAL
Weighted
average
shares
outstanding -
basic 8,702,919 8,610,156 8,668,618 8,641,862 8,698,394
Weighted
average
shares
outstanding -
diluted 8,712,931 8,619,833 8,676,571 8,650,148 8,706,870
ALLOWANCE FOR
LOAN LOSSES
Beginning
balance $ 12,674 $ 12,675 $ 12,793 $ 12,601 $ 12,427
Provision for
loan losses 100 50 - 200 700
Charge-offs (86) (119) (253) (245) (883)
Recoveries 69 68 71 201 367
---------- ---------- ---------- ---------- ----------
Ending balance $ 12,757 $ 12,674 $ 12,611 $ 12,757 $ 12,611
LOANS
Construction
and land
development $ 91,688 $ 89,451 $ 68,692 $ 91,688 $ 68,692
Commercial
real estate 454,797 438,164 424,404 454,797 424,404
Residential
real estate 218,632 216,857 219,415 218,632 219,415
Home equity 108,617 107,007 98,249 108,617 98,249
Commercial and
industrial 204,184 201,381 164,025 204,184 164,025
Consumer 5,283 5,099 6,199 5,283 6,199
---------- ---------- ---------- ---------- ----------
Total $1,083,201 $1,057,959 $ 980,984 $1,083,201 $ 980,984
NONPERFORMING
ASSETS AT
PERIOD-END
Nonperforming
loans:
90 days past
due and
accruing $ - $ - $ - $ - $ -
Nonaccrual 3,846 3,412 5,360 3,846 5,360
Other real
estate owned 1,145 1,289 1,333 1,145 1,333
---------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 4,991 $ 4,701 $ 6,693 $ 4,991 $ 6,693
ASSET QUALITY
RATIOS
Allowance for
loan losses
to total
loans 1.18% 1.20% 1.29% 1.18% 1.29%
Allowance for
loan losses
to
nonperforming
loans 331.70 371.45 235.28 331.70 235.28
Nonperforming
assets to
total assets 0.31 0.29 0.44 0.31 0.44
Nonperforming
loans to
total loans 0.36 0.32 0.55 0.36 0.55
Annualized net
charge-offs
(recoveries)
to average
loans 0.01 0.02 0.07 0.01 0.07
OTHER DATA
Fiduciary
assets at
period-end
(d) (e) $ 502,390 $ 491,517 $ 486,173 $ 502,390 $ 486,173
Retail
brokerage
assets at
period-end
(d) (e) $ 278,089 $ 269,066 $ 247,258 $ 278,089 $ 247,258
Number full-
time
equivalent
employees (f) 309 302 310 309 310
Number of full
service
offices 25 25 25 25 25
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 September 30, 2016 and 2015
(in thousands, except yields/rates)
Interest
Average Balance Income/Expense Yield/Rate
--------------------- ------------------- --------------
2016 2015 2016 2015 2016 2015
---------- ---------- --------- --------- ------ ------
Loans:
Commercial $ 200,448 $ 164,551 $ 2,022 $ 1,801 4.01% 4.34%
Real estate 862,740 814,500 9,939 9,557 4.61 4.69
Consumer 5,179 6,034 136 150 10.45 9.86
---------- ---------- --------- --------- ------ ------
Total loans 1,068,367 985,085 12,097 11,508 4.52 4.67
---------- ---------- --------- --------- ------ ------
Securities:
Federal agencies
& GSEs 99,375 103,303 428 431 1.72 1.67
Mortgage-backed &
CMOs 81,945 57,100 411 282 2.01 1.98
State and
municipal 158,010 180,799 1,370 1,650 3.47 3.65
Other 15,450 16,225 132 140 3.42 3.45
---------- ---------- --------- --------- ------ ------
Total
securities 354,780 357,427 2,341 2,503 2.64 2.80
---------- ---------- --------- --------- ------ ------
Federal funds sold - 76 - 1 0.00 5.22
Deposits in other
banks 54,061 37,988 78 25 0.57 0.26
---------- ---------- --------- --------- ------ ------
Total interest-
earning assets 1,477,208 1,380,576 14,516 14,037 3.93 4.06
--------- --------- ------ ------
Non-earning assets 128,179 130,888
---------- ----------
Total assets $1,605,387 $1,511,464
========== ==========
Deposits:
Demand $ 200,469 $ 221,700 10 20 0.02 0.04
Money market 253,269 191,689 118 63 0.19 0.13
Savings 117,737 109,919 9 13 0.03 0.05
Time 401,956 400,532 1,154 1,109 1.14 1.10
---------- ---------- --------- --------- ------ ------
Total deposits 973,431 923,840 1,291 1,205 0.53 0.52
Customer repurchase
agreements 50,013 45,444 1 2 0.01 0.02
Other short-term
borrowings 1,521 57 3 0 0.79 0.35
Long-term
borrowings 37,655 37,531 304 274 3.23 2.92
---------- ---------- --------- --------- ------ ------
Total interest-
bearing
liabilities 1,062,620 1,006,872 1,599 1,481 0.60 0.58
--------- --------- ------ ------
Noninterest bearing
demand deposits 328,443 299,488
Other liabilities 10,873 9,444
Shareholders'
equity 203,451 195,660
---------- ----------
Total
liabilities
and
shareholders'
equity $1,605,387 $1,511,464
========== ==========
Interest rate
spread 3.33% 3.48%
====== ======
Net interest margin 3.50% 3.64%
====== ======
Net interest income
(taxable
equivalent basis) 12,917 12,556
Less: Taxable
equivalent
adjustment 453 495
--------- ---------
Net interest income $ 12,464 $ 12,061
========= =========
Net Interest Income Analysis
For the Nine Months Ended September 30, 2016 and 2015
(in thousands, except yields/rates)
Interest
Average Balance Income/Expense Yield/Rate
--------------------- ------------------- --------------
2016 2015 2016 2015 2016 2015
---------- ---------- --------- --------- ------ ------
Loans:
Commercial $ 196,256 $ 153,234 $ 5,852 $ 5,387 3.98% 4.70%
Real estate 844,276 807,875 29,620 29,117 4.68 4.81
Consumer 5,283 10,940 507 595 12.82 7.27
---------- ---------- --------- --------- ------ ------
Total loans 1,045,815 972,049 35,979 35,099 4.59 4.82
---------- ---------- --------- --------- ------ ------
Securities:
Federal agencies
& GSEs 95,967 88,427 1,252 1,000 1.74 1.51
Mortgage-backed &
CMOs 79,746 61,434 1,235 994 2.06 2.16
State and
municipal 162,885 185,587 4,336 5,133 3.55 3.69
Other 15,689 15,383 410 388 3.48 3.36
---------- ---------- --------- --------- ------ ------
Total
securities 354,287 350,831 7,233 7,515 2.72 2.86
---------- ---------- --------- --------- ------ ------
Federal funds sold - 6,992 - 6 0.00 0.11
Deposits in other
banks 55,454 56,842 203 123 0.49 0.29
---------- ---------- --------- --------- ------ ------
Total interest-
earning assets 1,455,556 1,386,714 43,415 42,743 3.98 4.11
--------- --------- ------ ------
Non-earning assets 127,450 133,521
---------- ----------
Total assets $1,583,006 $1,520,235
========== ==========
Deposits:
Demand $ 220,419 $ 223,858 90 60 0.05 0.04
Money market 226,780 196,693 284 195 0.17 0.13
Savings 117,599 109,008 37 39 0.04 0.05
Time 400,593 406,334 3,491 3,289 1.16 1.08
---------- ---------- --------- --------- ------ ------
Total deposits 965,391 935,893 3,902 3,583 0.54 0.51
Customer repurchase
agreements 47,353 49,985 3 7 0.01 0.02
Other short-term
borrowings 512 19 3 0 0.78 0.35
Long-term
borrowings 37,624 37,500 887 807 3.14 2.87
--------- ---------- --------- --------- ------ ------
Total interest-
bearing
liabilities 1,050,880 1,023,397 4,795 4,397 0.61 0.57
--------- --------- ------ ------
Noninterest bearing
demand deposits 320,643 291,112
Other liabilities 9,923 9,591
Shareholders'
equity 201,560 196,135
---------- ----------
Total
liabilities
and
shareholders'
equity $1,583,006 $1,520,235
========== ==========
Interest rate
spread 3.37% 3.54%
====== ======
Net interest margin 3.54% 3.69%
====== ======
Net interest income
(taxable
equivalent basis) 38,620 38,346
Less: Taxable
equivalent
adjustment 1,412 1,525
--------- ---------
Net interest income $ 37,208 $ 36,821
========= =========
Contact: William W. TraynhamChief Financial Officer 434-773-2242 [email protected]
Source: American National Bankshares Inc.
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