From the Wires
American National Bankshares Inc. Reports Fourth Quarter 2012 Earnings
Jan. 24, 2013 04:15 PM
DANVILLE, VA -- (Marketwire) -- 01/24/13 -- American National Bankshares Inc. (NASDAQ: AMNB)
- Q4 net income of $3.9 million and diluted EPS of $0.50
- Net interest margin of 4.37% for Q4 2012
- Nonperforming assets 0.90% of total assets
- Average shareholders' equity of $163 million is 12.60% of average assets
American National Bankshares Inc. (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced fourth quarter 2012 net income available to common shareholders of $3,918,000 compared to $4,600,000 for the fourth quarter of 2011, a $682,000 or 14.8% decrease. Diluted earnings per share were $0.50 for the 2012 quarter compared to $0.59 for the 2011 quarter. This quarterly net income produced for 2012 a return on average assets of 1.21%, a return on average equity of 9.59%, and a return on average tangible equity of 14.12%.
Net income available to common shareholders for 2012 was $16,006,000 compared to $11,468,000 for 2011, a $4,538,000 or 39.6% increase. Basic and diluted earnings per share were $2.04 for 2012 compared to $1.64 for the 2011.
Earnings for all of 2012 and for the second half of 2011 were favorably impacted by the July 2011 merger between American National and MidCarolina Financial Corporation ("MidCarolina").
Financial Performance and Overview
Jeffrey V. Haley, President and Chief Executive Officer, reported, "American National had a very successful 2012.
"Our balance sheet did not change much during the year. At December 31, 2012, American National had $788,705,000 in loans compared to $824,758,000 at December 31, 2011, a decrease of $36,053,000 or 4.4%. Loan volume in our Virginia market was basically unchanged. The decline in loans was the result of 18 months of a deliberate strategy to reduce the problem and criticized loan balances brought over from the MidCarolina merger. We believe this strategy has been successful; our nonperforming assets have declined to 0.9% from 1.46% over the past four quarters. We also believe it is materially complete and we are anticipating loan growth, albeit single digit, in the upcoming year.
"At December 31, 2012, American National had $1,027,667,000 in deposits compared to $1,058,754,000 at December 31, 2011, a decrease of $31,087,000 or 2.9%. This is mostly the result of a planned strategy to reduce wholesale funding since the MidCarolina merger. We are continuously attempting to grow core deposits and their affiliated relationships, but the challenge in this ongoing low rate environment is to do that in a cost effective and competitive manner. Our cost of deposits for the fourth quarter is 0.75%, down from 0.88% for the 2011 quarter.
"On the income statement side, our earnings for the fourth quarter were good, $3,918,000. This is down from $4,600,000 for the same quarter of 2011. Most of this decrease has been driven by the reduction of accretion income in addition to the declining yields in earning assets. Loans yielded 5.99% in the 2012 quarter, compared to 7.22% in the 2011 quarter. Investment yields declined also, earning 3.21% in the 2012 quarter, compared to 3.51% in the 2011 quarter. Our net interest margin was 4.37% for the 2012 quarter compared to 5.27% for the 2011 quarter.
"Our earnings for 2012 were very good, $16,006.000. This is up from $11,468,000 for 2011. A large portion of our earnings were driven by the July 2011 merger with MidCarolina. Approximately $1,910,000 of pretax income for the fourth quarter of 2012 and $7,555,000 for the year was directly related to various ongoing MidCarolina merger related, fair value adjustments, the vast majority of which results from the loan portfolio purchase discount. This fiscal impact was larger than we expected because during 2012 our credit improvement efforts resulted in favorable resolutions, in the form of payoffs, of several major problem loans that accounted for $2,300,000 or 30% of the $7,555,000 merger accounting impact for the year.
"What we want our investors to understand is that the favorable earnings impact of the merger and the related fair value accounting is decreasing rapidly quarter to quarter. This is normal in the context of current rules for merger accounting.
"Looking forward, while we wait to find the right strategic opportunity for the bank, we are constantly looking for ways to improve non-interest income and control non-interest expense. We have seen some positive results this year with mortgage banking and trust. We have moved to an outsourced technology model, which we expect will generate cost savings and improve risk management. We are reducing personnel and related expense through attrition and retirements."
Haley concluded, "The current operating environment for community banking is challenging in all areas: economic, regulatory, technological, and operational. But, nevertheless, in this situation there are and will continue to be opportunities for banks with strong capital, superior asset quality and a culture of imagination. We are continuing our quest for high quality organic growth and, at the same time, preparing American National for appropriate strategic acquisition opportunities that may arise."
Capital
American National's capital ratios remain strong and exceed all regulatory requirements.
For the quarter ended December 31, 2012, average shareholders' equity was 12.60% of average assets.
Book value per common share was $20.80 at December 31, 2012, compared to $19.58 at December 31, 2011.
Tangible book value per common share was $15.23 at December 31, 2012, compared to $13.75 at December 31, 2011.
Credit Quality Measurements
Non-performing assets ($5,316,000 of non-performing loans and $6,193,000 of foreclosed real estate) represented 0.90% of total assets at December 31, 2012, compared to 1.46% at December 31, 2011.
Annualized net charge offs to average loans were 11 basis points (0.11%) for the 2012 fourth quarter, compared to 26 basis points (0.26%) for the same quarter in 2011.
The allowance for loan losses as a percentage of total loans was 1.54% at December 31, 2012 compared to 1.28% at December 31, 2011.
Net Interest Income
Net interest income before provision for loan losses decreased to $12,177,000 in the fourth quarter of 2012 from $14,860,000 in fourth quarter of 2011, a decrease of $2,683,000 or 18.06%.
For the 2012 quarter, the net interest margin was 4.37% compared to 5.27% for the same quarter in 2011, a decrease of 90 basis points (0.90%). This decline was driven by falling yields on earning assets, impacted by rates and lower levels of accretion income, and only partially mitigated by reduced costs of interest bearing liabilities.
Noninterest Income
Noninterest income totaled $2,686,000 in the fourth quarter of 2012, compared with $2,587,000 in the fourth quarter of 2011, an increase of $99,000 or 3.8%. This increase was primarily the result of increased mortgage banking and trust income.
Noninterest Expense
Noninterest expense totaled $9,003,000 in the fourth quarter of 2012, compared to $8,629,000 in the fourth quarter of 2011, an increase of $374,000 or 4.3%. Most of this increase was related to personnel and benefits costs and the resolution of various other real estate owned properties.
About American National
American National Bankshares Inc. is a multi-state bank holding company with total assets of approximately $1.3 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 25 banking offices and two loan production offices. American National Bank and Trust Company also manages an additional $541 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 Bankshares Inc. 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. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share and per share data)
Unaudited
December 31
------------------------
ASSETS 2012 2011
----------- -----------
Cash and due from banks $ 20,435 $ 22,561
Interest-bearing deposits in other banks 27,007 6,332
Securities available for sale, at fair value 335,246 333,366
Restricted stock, at cost 5,287 6,019
Loans held for sale 13,852 6,330
Loans 788,705 824,758
Less allowance for loan losses (12,118) (10,529)
----------- -----------
Net Loans 776,587 814,229
----------- -----------
Premises and equipment, net 24,543 25,674
Other real estate owned, net 6,193 5,353
Goodwill 39,043 38,899
Core deposit intangibles, net 4,660 6,595
Bank owned life insurance 13,487 13,058
Accrued interest receivable and other assets 17,347 26,290
----------- -----------
Total assets $ 1,283,687 $ 1,304,706
=========== ===========
Liabilities
Demand deposits -- noninterest-bearing $ 217,275 $ 179,148
Demand deposits -- interest-bearing 153,578 189,212
Money market deposits 166,111 182,347
Savings deposits 81,135 74,193
Time deposits 409,568 433,854
----------- -----------
Total deposits 1,027,667 1,058,754
Short-term borrowings:
Customer repurchase agreements 49,942 45,575
Other short-term borrowings - 3,000
Long-term borrowings 10,079 10,206
Trust preferred capital notes 27,317 27,212
Accrued interest payable and other liabilities 5,436 7,130
----------- -----------
Total liabilities 1,120,441 1,151,877
----------- -----------
Shareholders' equity
Preferred stock, $5 par, 2,000,000 shares
authorized, none outstanding - -
Common stock, $1 par, 20,000,000 shares
authorized, 7,846,912 shares outstanding at
December 31, 2012 and 7,806,869 shares
outstanding at December 31, 2011 7,847 7,807
Capital in excess of par value 57,211 56,395
Retained earnings 90,591 81,797
Accumulated other comprehensive income, net 7,597 6,830
----------- -----------
Total shareholders' equity 163,246 152,829
----------- -----------
Total liabilities and shareholders' equity $ 1,283,687 $ 1,304,706
=========== ===========
American National Bankshares Inc. and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
Three Months Ended Twelve Months Ended
December 31 December 31
---------------------- ---------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Interest and Dividend Income:
Interest and fees on loans $ 11,965 $ 14,881 $ 49,189 $ 40,688
Interest and dividends on
securities:
Taxable 914 1,149 4,044 4,595
Tax-exempt 1,062 1,089 4,280 3,646
Dividends 58 43 213 131
Other interest income 33 15 80 127
---------- ---------- ---------- ----------
Total interest and
dividend income 14,032 17,177 57,806 49,187
---------- ---------- ---------- ----------
Interest Expense:
Interest on deposits 1,552 1,957 6,843 7,203
Interest on short-term
borrowings 23 81 150 325
Interest on long-term
borrowings 83 85 335 229
Interest on trust preferred
capital notes 197 194 813 1,023
---------- ---------- ---------- ----------
Total interest expense 1,855 2,317 8,141 8,780
---------- ---------- ---------- ----------
Net Interest Income 12,177 14,860 49,665 40,407
Provision for loan losses 334 1,972 2,133 3,170
---------- ---------- ---------- ----------
Net Interest Income After
Provision for Loan Losses 11,843 12,888 47,532 37,237
---------- ---------- ---------- ----------
Noninterest Income:
Trust fees 929 834 3,703 3,561
Service charges on deposit
accounts 442 567 1,757 1,963
Other fees and commissions 445 427 1,768 1,510
Mortgage banking income 569 470 2,234 1,262
Securities gains (losses),
net (2) 17 158 (1)
Other 303 272 1,790 949
---------- ---------- ---------- ----------
Total noninterest
income 2,686 2,587 11,410 9,244
---------- ---------- ---------- ----------
Noninterest Expense:
Salaries 3,932 3,702 15,785 12,409
Employee benefits 947 785 3,604 2,681
Occupancy and equipment 1,009 888 3,951 3,199
FDIC assessment 162 155 692 651
Bank franchise tax 152 206 690 763
Core deposit intangible
amortization 421 548 1,935 1,282
Foreclosed real estate, net 98 (194) 528 296
Merger related expenses - 73 19 1,607
Other 2,282 2,466 9,439 7,112
---------- ---------- ---------- ----------
Total noninterest
expense 9,003 8,629 36,643 30,000
---------- ---------- ---------- ----------
Income Before Income Taxes 5,526 6,846 22,299 16,481
Income Taxes 1,608 2,194 6,293 4,910
---------- ---------- ---------- ----------
Net Income 3,918 4,652 16,006 11,571
Dividends on preferred stock - 52 - 103
---------- ---------- ---------- ----------
Net income available to
common shareholders $ 3,918 $ 4,600 $ 16,006 $ 11,468
========== ========== ========== ==========
Net Income Per Common Share:
Basic $ 0.50 $ 0.59 $ 2.04 $ 1.64
Diluted $ 0.50 $ 0.59 $ 2.04 $ 1.64
Average Common Shares
Outstanding:
Basic 7,844,545 7,804,245 7,834,351 6,982,524
Diluted 7,854,083 7,811,243 7,845,652 6,989,877
American National Bankshares Inc. and Subsidiaries
Financial Highlights
(In thousands,
except share,
ratio and
nonfinancial
data,
unaudited)
4th Qtr 3rd Qtr 4th Qtr YTD YTD
2012 2012 2011 2012 2011
---------- ---------- ---------- ---------- ----------
EARNINGS
Interest
income $ 14,032 $ 13,546 $ 17,177 $ 57,806 $ 49,187
Interest
expense 1,855 2,046 2,317 8,141 8,780
Net interest
income 12,177 11,500 14,860 49,665 40,407
Provision for
loan losses 334 333 1,972 2,133 3,170
Noninterest
income 2,686 2,690 2,587 11,410 9,244
Noninterest
expense 9,003 8,880 8,629 36,643 30,000
Income taxes 1,608 1,338 2,194 6,293 4,910
Net income 3,918 3,639 4,652 16,006 11,571
PER COMMON SHARE
Earnings per
share - basic $ 0.50 $ 0.46 $ 0.59 $ 2.04 $ 1.64
Earnings per
share -
diluted 0.50 0.46 0.59 2.04 1.64
Cash dividends
declared 0.23 0.23 0.23 0.92 0.92
Book value per
share 20.80 20.66 19.58 20.80 19.58
Book value per
share -
tangible (a) 15.23 15.03 13.75 15.23 13.75
Closing market
price 20.19 22.59 19.49 20.19 19.49
FINANCIAL RATIOS
Return on
average
assets 1.21% 1.12% 1.42% 1.23% 1.07%
Return on
average
equity 9.59 9.11 12.28 10.08 8.88
Return on
average
tangible
equity (b) 14.12 13.69 18.77 15.25 12.97
Average equity
to average
assets 12.60 12.32 11.59 12.19 12.10
Net interest
margin,
taxable
equivalent 4.37 4.14 5.27 4.44 4.35
Efficiency
ratio 58.36 62.00 49.57 58.23 58.48
Effective tax
rate 29.10 26.88 32.05 28.22 29.79
PERIOD-END
BALANCES
Securities $ 340,533 $ 333,278 $ 339,385 $ 340,533 $ 339,385
Loans held for
sale 13,852 8,118 6,330 13,852 6,330
Loans, net of
unearned
income 788,705 797,818 824,758 788,705 824,758
Goodwill and
other
intangibles 43,703 44,124 44,640 43,703 45,494
Assets 1,283,687 1,305,707 1,304,522 1,283,687 1,304,706
Assets -
tangible (a) 1,239,984 1,261,583 1,259,882 1,239,984 1,259,212
Deposits 1,027,667 1,052,427 1,058,754 1,027,667 1,058,754
Customer
repurchase
agreements 49,942 45,761 45,575 49,942 45,575
Long-term
borrowings 37,396 37,403 37,418 37,396 37,418
Shareholders'
equity 163,246 162,045 152,829 163,246 152,829
Shareholders'
equity -
tangible (a) 119,543 117,921 108,189 119,543 107,335
AVERAGE BALANCES
Securities $ 320,718 $ 323,555 $ 322,018 $ 324,842 $ 270,441
Loans held for
sale 10,535 8,237 5,989 7,533 3,042
Loans, net of
unearned
income 789,611 802,213 819,688 806,171 671,724
Interest-
earning
assets 1,167,206 1,166,572 1,172,965 1,170,626 974,601
Goodwill and
other
intangibles 43,970 44,561 44,455 44,762 34,158
Assets 1,296,709 1,297,698 1,306,699 1,303,081 1,077,094
Assets -
tangible (a) 1,252,739 1,253,137 1,262,244 1,258,319 1,042,936
Interest-
bearing
deposits 821,286 839,902 886,551 838,230 720,163
Deposits 1,043,192 1,044,434 1,060,013 1,051,359 863,367
Customer
repurchase
agreements 45,510 46,297 49,257 46,939 46,411
Other short-
term
borrowings 2 - 130 496 66
Long-term
borrowings 37,406 37,413 37,434 37,415 30,991
Shareholders'
equity 163,384 159,868 151,496 158,847 130,320
Shareholders'
equity -
tangible (a) 119,414 115,307 107,041 114,085 96,162
American National Bankshares Inc. and Subsidiaries
Financial Highlights
(In thousands,
except share,
ratio and
nonfinancial
data,
unaudited)
4th Qtr 3rd Qtr 4th Qtr YTD YTD
2012 2012 2011 2012 2011
---------- ---------- ---------- ---------- ----------
CAPITAL
Average shares
outstanding -
basic 7,844,545 7,838,314 7,804,245 7,834,351 6,982,524
Average shares
outstanding -
diluted 7,854,083 7,855,537 7,811,243 7,845,652 6,989,877
ALLOWANCE FOR
LOAN LOSSES
Beginning
balance $ 11,998 $ 12,099 $ 9,086 $ 10,529 $ 8,420
Provision for
loan losses 334 333 1,972 2,133 3,170
Charge-offs (404) (614) (906) (2,086) (1,863)
Recoveries 190 180 377 1,542 802
---------- ---------- ---------- ---------- ----------
Ending balance $ 12,118 $ 11,998 $ 10,529 $ 12,118 $ 10,529
LOANS
Construction
and land
development $ 48,812 $ 50,688 $ 54,433 $ 48,812 $ 54,433
Commercial
real estate 355,433 356,692 351,961 355,433 351,961
Residential
real estate 161,033 162,404 179,812 161,033 179,812
Home equity 91,313 95,008 96,195 91,313 96,195
Commercial and
industrial 126,192 126,339 134,166 126,192 134,166
Consumer 5,922 6,687 8,191 5,922 8,191
---------- ---------- ---------- ---------- ----------
Total $ 788,705 $ 797,818 $ 824,758 $ 788,705 $ 824,758
NONPERFORMING
ASSETS AT
PERIOD-END
Nonperforming
loans:
90 days past
due $ - $ - $ 197 $ - $ 197
Nonaccrual 5,316 7,815 13,520 5,316 13,520
Foreclosed
real estate 6,193 6,259 5,353 6,193 5,353
---------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 11,509 $ 14,074 $ 19,070 $ 11,509 $ 19,070
ASSET QUALITY
RATIOS
Annualized net
chargeoffs to
average loans 0.11% 0.22% 0.26% 0.07% 0.16%
Nonperforming
assets to
total assets 0.90 1.08 1.46 0.90 1.46
Nonperforming
loans to
total loans 0.67 0.98 1.66 0.67 1.66
Allowance for
loan losses
to total
loans 1.54 1.50 1.28 1.54 1.28
Allowance for
loan losses
to
nonperforming
loans 227.95 153.53 76.76 227.95 76.76
OTHER DATA
Fiduciary
assets at
period-end
(c) $ 386,210 $ 391,055 $ 355,202 $ 386,210 $ 355,202
Retail
brokerage
assets at
period-end
(c) $ 155,079 $ 154,632 $ 140,688 $ 155,079 $ 140,688
Number full-
time
equivalent
employees (d) 307 318 315 307 315
Number of full
service
offices 25 25 25 25 25
Number of loan
production
offices 2 2 2 2 2
Number of
ATM's 31 31 31 31 31
Notes:
(a) - Excludes goodwill and other intangible assets
(b) - Excludes amortization expense, net of tax, of intangible assets
(c) - Market value
(d) - Average for quarter
Net Interest Income Analysis
For the Three Months Ended December 31, 2012 and 2011
(in thousands, except rates)
Interest
Average Balance Income/Expense Yield/Rate
--------------------- ----------------- ----------------
2012 2011 2012 2011 2012 2011
---------- ---------- -------- -------- ------- -------
Loans:
Commercial $ 122,697 $ 134,836 $ 1,506 $ 1,555 4.87% 4.58%
Real estate 671,180 682,631 10,368 13,205 6.18 7.74
Consumer 6,269 8,210 120 156 7.59 7.54
---------- ---------- -------- -------- ------- -------
Total loans 800,146 825,677 11,994 14,916 5.99 7.22
---------- ---------- -------- -------- ------- -------
Securities:
Federal agencies 35,728 33,427 110 181 1.23 2.17
Mortgage-backed
& CMO's 85,623 99,817 419 577 1.96 2.31
State and
municipal 187,545 180,254 1,945 1,983 4.15 4.40
Other 11,822 8,520 103 86 3.49 4.04
---------- ---------- -------- -------- ------- -------
Total
securities 320,718 322,018 2,577 2,827 3.21 3.51
---------- ---------- -------- -------- ------- -------
Deposits in other
banks 46,342 25,270 33 15 0.28 0.24
---------- ---------- -------- -------- ------- -------
Total interest-
earning assets 1,167,206 1,172,965 14,604 17,758 5.00 6.05
-------- -------- ------- -------
Non-earning assets 129,503 133,728
---------- ----------
Total assets $1,296,709 $1,306,693
========== ==========
Deposits:
Demand $ 145,539 $ 180,874 36 123 0.10 0.27
Money market 169,647 195,534 107 190 0.25 0.39
Savings 79,492 73,674 23 29 0.11 0.16
Time 426,608 436,469 1,386 1,615 1.29 1.47
---------- ---------- -------- -------- ------- -------
Total deposits 821,286 886,551 1,552 1,957 0.75 0.88
Customer
repurchase
agreements 45,510 49,257 23 81 0.20 0.65
Other short-term
borrowings 2 130 0 0 0.75 0.43
Long-term
borrowings 37,406 37,434 280 279 2.99 2.98
---------- ---------- -------- -------- ------- -------
Total interest-
bearing
liabilities 904,204 973,372 1,855 2,317 0.81 0.95
-------- -------- ------- -------
Noninterest
bearing demand
deposits 221,906 173,462
Other liabilities 7,215 8,369
Shareholders'
equity 163,384 151,490
---------- ----------
Total
liabilities
and
shareholders'
equity $1,296,709 $1,306,693
========== ==========
Interest rate
spread 4.19% 5.10%
======= =======
Net interest
margin 4.37% 5.27%
======= =======
Net interest
income (taxable
equivalent basis) 12,749 15,441
Less: Taxable
equivalent
adjustment 572 581
-------- --------
Net interest
income $ 12,177 $ 14,860
======== ========
Net Interest Income Analysis
For the Years Ended December 31, 2012 and 2011
(in thousands, except yields and rates)
Interest
Average Balance Income/Expense Yield/Rate
--------------------- ----------------- ----------------
2012 2011 2012 2011 2012 2011
---------- ---------- -------- -------- ------- -------
Loans:
Commercial $ 128,031 $ 107,376 $ 6,642 $ 4,947 5.19% 4.61%
Real estate 677,314 559,656 42,088 35,298 6.21 6.31
Consumer 8,359 7,734 605 575 7.24 7.43
---------- ---------- -------- -------- ------- -------
Total loans 813,704 674,766 49,335 40,820 6.06 6.05
---------- ---------- -------- -------- ------- -------
Securities:
Federal agencies 36,066 36,247 545 946 1.51 2.61
Mortgage-backed
& CMO's 94,183 75,902 1,906 2,148 2.02 2.83
State and
municipal 182,939 151,254 7,829 6,872 4.28 4.54
Other 11,654 7,038 435 279 3.73 3.96
---------- ---------- -------- -------- ------- -------
Total
securities 324,842 270,441 10,715 10,245 3.30 3.79
---------- ---------- -------- -------- ------- -------
Deposits in other
banks 32,080 29,394 80 127 0.25 0.43
---------- ---------- -------- -------- ------- -------
Total interest-
earning assets 1,170,626 974,601 60,130 51,192 5.14 5.25
-------- -------- ------- -------
Non-earning assets 132,455 102,493
---------- ----------
Total assets $1,303,081 $1,077,094
========== ==========
Deposits:
Demand $ 142,296 $ 137,211 190 290 0.13 0.21
Money market 174,027 132,906 521 572 0.30 0.43
Savings 78,358 68,038 111 98 0.14 0.14
Time 443,549 382,008 6,021 6,243 1.36 1.63
---------- ---------- -------- -------- ------- -------
Total deposits 838,230 720,163 6,843 7,203 0.82 1.00
Customer
repurchase
agreements 46,939 46,411 148 325 0.32 0.70
Other short-term
borrowings 496 66 2 0 0.42 0.45
Long-term
borrowings 37,415 30,991 1,148 1,252 3.07 4.04
---------- ---------- -------- -------- ------- -------
Total interest-
bearing
liabilities 923,080 797,631 8,141 8,780 0.88 1.10
-------- -------- ------- -------
Noninterest
bearing demand
deposits 213,129 143,204
Other liabilities 8,025 5,939
Shareholders'
equity 158,847 130,320
---------- ----------
Total
liabilities and
shareholders'
equity $1,303,081 $1,077,094
========== ==========
Interest rate
spread 4.26% 4.15%
======= =======
Net interest
margin 4.44% 4.35%
======= =======
Net interest
income (taxable
equivalent basis) 51,989 42,412
Less: Taxable
equivalent
adjustment 2,324 2,005
-------- --------
Net interest
income $ 49,665 $ 40,407
======== ========
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