American National Bankshares Inc. and Subsidiaries | ||||||
Consolidated Balance Sheets | ||||||
(Dollars in thousands, except share data) | ||||||
Unaudited | ||||||
June 30 | ||||||
ASSETS | 2008 | 2007 | ||||
Cash and due from banks | $ | 20,082 | $ | 21,735 | ||
Interest-bearing deposits in other banks | 8,265 | 17,053 | ||||
Securities available for sale, at fair value | 136,632 | 121,083 | ||||
Securities held to maturity | 9,828 | 13,148 | ||||
Total securities | 146,460 | 134,231 | ||||
Loans held for sale | 2,200 | 2,306 | ||||
Loans, net of unearned income | 568,830 | 551,744 | ||||
Less allowance for loan losses | (7,932 | ) | (7,493 | ) | ||
Net Loans | 560,898 | 544,251 | ||||
Premises and equipment, net | 13,659 | 12,899 | ||||
Goodwill | 22,468 | 22,468 | ||||
Core deposit intangibles, net | 2,264 | 2,641 | ||||
Accrued interest receivable and other assets | 14,399 | 13,553 | ||||
Total assets | $ | 790,695 | $ | 771,137 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Liabilities: | ||||||
Demand deposits -- noninterest-bearing | $ | 98,005 | $ | 107,206 | ||
Demand deposits -- interest-bearing | 105,809 | 110,482 | ||||
Money market deposits | 52,772 | 50,749 | ||||
Savings deposits | 61,469 | 66,948 | ||||
Time deposits | 251,189 | 260,359 | ||||
Total deposits | 569,244 | 595,744 | ||||
Repurchase agreements | 57,973 | 43,615 | ||||
FHLB borrowings | 37,488 | 10,012 | ||||
Trust preferred capital notes | 20,619 | 20,619 | ||||
Accrued interest payable and other liabilities | 3,475 | 3,898 | ||||
Total liabilities | 688,799 | 673,888 | ||||
Shareholders' equity: | ||||||
Common stock, $1 par, 10,000,000 shares authorized, | ||||||
6,097,862 shares outstanding at June 30, 2008 and | ||||||
6,145,617 shares outstanding at June 30, 2007 | 6,098 | 6,146 | ||||
Capital in excess of par value | 26,463 | 26,422 | ||||
Retained earnings | 70,233 | 67,122 | ||||
Accumulated other comprehensive income (loss), net | (898 | ) | (2,441 | ) | ||
Total shareholders' equity | 101,896 | 97,249 | ||||
Total liabilities and shareholders' equity | $ | 790,695 | $ | 771,137 | ||
American National Bankshares Inc. and Subsidiaries | ||||||||||||
Consolidated Statements of Income | ||||||||||||
(Dollars in thousands, except share and per share data) | ||||||||||||
Unaudited | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30 | June 30 | |||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||
Interest and Dividend Income: | ||||||||||||
Interest and fees on loans | $ | 8,987 | $ | 10,408 | $ | 18,431 | $ | 20,487 | ||||
Interest and dividends on securities: | ||||||||||||
Taxable | 1,234 | 1,028 | 2,465 | 2,164 | ||||||||
Tax-exempt | 420 | 420 | 852 | 843 | ||||||||
Dividends | 73 | 82 | 150 | 171 | ||||||||
Other interest income | 74 | 168 | 150 | 339 | ||||||||
Total interest and dividend income | 10,788 | 12,106 | 22,048 | 24,004 | ||||||||
Interest Expense: | ||||||||||||
Interest on deposits | 3,116 | 3,860 | 6,698 | 7,643 | ||||||||
Interest on repurchase agreements | 339 | 449 | 790 | 875 | ||||||||
Interest on other borrowings | 259 | 170 | 418 | 376 | ||||||||
Interest on trust preferred capital notes | 344 | 344 | 687 | 687 | ||||||||
Total interest expense | 4,058 | 4,823 | 8,593 | 9,581 | ||||||||
Net Interest Income | 6,730 | 7,283 | 13,455 | 14,423 | ||||||||
Provision for loan losses | 600 | - | 740 | 303 | ||||||||
Net Interest Income After Provision | ||||||||||||
for Loan Losses | 6,130 | 7,283 | 12,715 | 14,120 | ||||||||
Noninterest Income: | ||||||||||||
Trust fees | 916 | 924 | 1,796 | 1,803 | ||||||||
Service charges on deposit accounts | 601 | 625 | 1,166 | 1,247 | ||||||||
Other fees and commissions | 226 | 198 | 429 | 398 | ||||||||
Mortgage banking income | 200 | 329 | 395 | 519 | ||||||||
Brokerage fees | 101 | 159 | 244 | 248 | ||||||||
Securities gains (losses), net | (138 | ) | 64 | (108 | ) | 89 | ||||||
Impairment of securities | (255 | ) | - | (255 | ) | - | ||||||
Other | 190 | 132 | 309 | 339 | ||||||||
Total noninterest income | 1,841 | 2,431 | 3,976 | 4,643 | ||||||||
Noninterest Expense: | ||||||||||||
Salaries | 2,481 | 2,514 | 4,950 | 4,904 | ||||||||
Employee benefits | 777 | 737 | 1,524 | 1,385 | ||||||||
Occupancy and equipment | 928 | 850 | 1,894 | 1,679 | ||||||||
Bank franchise tax | 173 | 165 | 350 | 333 | ||||||||
Core deposit intangible amortization | 95 | 95 | 189 | 189 | ||||||||
Other | 1,189 | 1,087 | 2,185 | 2,128 | ||||||||
Total noninterest expense | 5,643 | 5,448 | 11,092 | 10,618 | ||||||||
Income Before Income Taxes | 2,328 | 4,266 | 5,599 | 8,145 | ||||||||
Income Taxes | 519 | 1,235 | 1,485 | 2,410 | ||||||||
Net Income | $ | 1,809 | $ | 3,031 | $ | 4,114 | $ | 5,735 | ||||
Net Income Per Common Share: | ||||||||||||
Basic | $ | 0.30 | $ | 0.49 | $ | 0.67 | $ | 0.93 | ||||
Diluted | $ | 0.30 | $ | 0.49 | $ | 0.67 | $ | 0.93 | ||||
Average Common Shares Outstanding: | ||||||||||||
Basic | 6,098,184 | 6,150,216 | 6,103,008 | 6,153,496 | ||||||||
Diluted | 6,108,536 | 6,177,165 | 6,114,911 | 6,181,107 | ||||||||
Financial Highlights | ||||||||||||||||||||
American National Bankshares Inc. and Subsidiaries | ||||||||||||||||||||
(Dollars in thousands, except share data, unaudited) | ||||||||||||||||||||
2nd Qtr | 1st Qtr | 2nd Qtr | YTD | YTD | ||||||||||||||||
2008 | 2008 | 2007 | 2008 | 2007 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Interest income | $ | 10,788 | $ | 11,260 | $ | 12,106 | $ | 22,048 | $ | 24,004 | ||||||||||
Interest expense | 4,058 | 4,535 | 4,823 | 8,593 | 9,581 | |||||||||||||||
Net interest income | 6,730 | 6,725 | 7,283 | 13,455 | 14,423 | |||||||||||||||
Provision for loan losses | 600 | 140 | - | 740 | 303 | |||||||||||||||
Noninterest income | 1,841 | 2,135 | 2,431 | 3,976 | 4,643 | |||||||||||||||
Noninterest expense | 5,643 | 5,449 | 5,448 | 11,092 | 10,618 | |||||||||||||||
Income taxes | 519 | 966 | 1,235 | 1,485 | 2,410 | |||||||||||||||
Net income | 1,809 | 2,305 | 3,031 | 4,114 | 5,735 | |||||||||||||||
PER COMMON SHARE | ||||||||||||||||||||
Earnings per share - basic | $ | 0.30 | $ | 0.38 | $ | 0.49 | $ | 0.67 | $ | 0.93 | ||||||||||
Earnings per share - diluted | 0.30 | 0.38 | 0.49 | 0.67 | 0.93 | |||||||||||||||
Cash dividends declared | 0.23 | 0.23 | 0.23 | 0.46 | 0.45 | |||||||||||||||
Book value per share | 16.71 | 16.86 | 15.82 | 16.71 | 15.82 | |||||||||||||||
Book value per share - tangible (a) | 12.65 | 12.79 | 11.74 | 12.65 | 11.74 | |||||||||||||||
Closing market price | 18.25 | 21.26 | 22.50 | 18.25 | 22.50 | |||||||||||||||
FINANCIAL RATIOS | ||||||||||||||||||||
Return on average assets | 0.92 | % | 1.18 | % | 1.57 | % | 1.05 | % | 1.48 | % | ||||||||||
Return on average equity | 7.06 | 9.01 | 12.47 | 8.03 | 11.89 | |||||||||||||||
Return on average tangible equity (b) | 9.69 | 12.24 | 17.20 | 10.96 | 16.47 | |||||||||||||||
Average equity to average assets | 12.99 | 13.12 | 12.61 | 13.05 | 12.45 | |||||||||||||||
Net interest margin, taxable equivalent | 3.83 | 3.88 | 4.26 | 3.86 | 4.19 | |||||||||||||||
Efficiency ratio | 61.40 | 60.09 | 55.18 | 60.75 | 54.65 | |||||||||||||||
Effective tax rate | 22.29 | 29.53 | 28.95 | 26.52 | 29.59 | |||||||||||||||
PERIOD END BALANCES | ||||||||||||||||||||
Securities | $ | 146,460 | $ | 160,675 | $ | 134,231 | $ | 146,460 | $ | 134,231 | ||||||||||
Loans held for sale | 2,200 | 1,681 | 2,306 | 2,200 | 2,306 | |||||||||||||||
Loans, net of unearned income | 568,830 | 554,667 | 551,744 | 568,830 | 551,744 | |||||||||||||||
Goodwill and other intangibles | 24,732 | 24,826 | 25,109 | 24,732 | 25,109 | |||||||||||||||
Assets | 790,695 | 785,049 | 771,137 | 790,695 | 771,137 | |||||||||||||||
Assets - tangible (a) | 765,963 | 760,223 | 746,028 | 765,963 | 746,028 | |||||||||||||||
Deposits | 569,244 | 581,539 | 595,744 | 569,244 | 595,744 | |||||||||||||||
Repurchase agreements | 57,973 | 58,179 | 43,615 | 57,973 | 43,615 | |||||||||||||||
Borrowings | 58,107 | 36,744 | 30,631 | 58,107 | 30,631 | |||||||||||||||
Shareholders' equity | 101,896 | 102,873 | 97,249 | 101,896 | 97,249 | |||||||||||||||
Shareholders' equity - tangible (a) | 77,164 | 78,047 | 72,140 | 77,164 | 72,140 | |||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Securities | $ | 150,247 | $ | 151,699 | $ | 143,106 | $ | 150,973 | $ | 150,004 | ||||||||||
Loans held for sale | 2,206 | 1,614 | 2,890 | 1,910 | 2,113 | |||||||||||||||
Loans, net of unearned income | 564,769 | 553,971 | 547,420 | 559,370 | 545,140 | |||||||||||||||
Interest-earning assets | 725,789 | 717,508 | 706,285 | 721,741 | 710,321 | |||||||||||||||
Goodwill and other intangibles | 24,785 | 24,864 | 25,146 | 24,825 | 25,193 | |||||||||||||||
Assets | 789,412 | 780,204 | 770,710 | 784,772 | 774,667 | |||||||||||||||
Assets - tangible (a) | 764,627 | 755,340 | 745,564 | 759,947 | 749,474 | |||||||||||||||
Interest-bearing deposits | 476,207 | 486,198 | 487,322 | 481,203 | 490,546 | |||||||||||||||
Deposits | 576,167 | 583,410 | 588,346 | 579,789 | 591,723 | |||||||||||||||
Repurchase agreements | 53,535 | 54,624 | 46,032 | 54,079 | 46,142 | |||||||||||||||
Borrowings | 52,012 | 33,870 | 33,884 | 42,941 | 35,294 | |||||||||||||||
Shareholders' equity | 102,511 | 102,342 | 97,183 | 102,410 | 96,434 | |||||||||||||||
Shareholders' equity - tangible (a) | 77,726 | 77,478 | 72,037 | 77,585 | 71,241 | |||||||||||||||
CAPITAL | ||||||||||||||||||||
Average shares outstanding - basic | 6,098,184 | 6,107,832 | 6,150,216 | 6,103,008 | 6,153,496 | |||||||||||||||
Average shares outstanding - diluted | 6,108,536 | 6,121,285 | 6,177,165 | 6,114,911 | 6,181,107 | |||||||||||||||
Shares repurchased | 2,400 | 28,800 | 12,700 | 31,200 | 24,300 | |||||||||||||||
Average price of shares repurchased | $ | 21.43 | $ | 20.80 | $ | 22.66 | $ | 20.85 | $ | 22.89 |
Financial Highlights | ||||||||||||||||||||
American National Bankshares Inc. and Subsidiaries | ||||||||||||||||||||
(Dollars in thousands, except per sahre data, unaudited) | ||||||||||||||||||||
2nd Qtr | 1st Qtr | 2nd Qtr | YTD | YTD | ||||||||||||||||
2008 | 2008 | 2007 | 2008 | 2007 | ||||||||||||||||
LOANS | ||||||||||||||||||||
Construction and land development | $ | 66,740 | $ | 72,001 | $ | 73,596 | $ | 66,740 | $ | 73,596 | ||||||||||
Commercial real estate | 201,102 | 198,698 | 196,426 | 201,102 | 196,426 | |||||||||||||||
Residential real estate | 140,024 | 138,384 | 129,032 | 140,024 | 129,032 | |||||||||||||||
Home equity | 52,773 | 48,958 | 48,136 | 52,773 | 48,136 | |||||||||||||||
Commercial and industrial | 99,603 | 87,199 | 93,763 | 99,603 | 93,763 | |||||||||||||||
Consumer | 8,588 | 9,427 | 10,791 | 8,588 | 10,791 | |||||||||||||||
Total | $ | 568,830 | $ | 554,667 | $ | 551,744 | $ | 568,830 | $ | 551,744 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Beginning balance | $ | 7,425 | $ | 7,395 | $ | 7,590 | $ | 7,395 | $ | 7,264 | ||||||||||
Provision for loan losses | 600 | 140 | - | 740 | 303 | |||||||||||||||
Charge-offs | (203 | ) | (170 | ) | (155 | ) | (373 | ) | (204 | ) | ||||||||||
Recoveries | 110 | 60 | 58 | 170 | 130 | |||||||||||||||
Ending balance | $ | 7,932 | $ | 7,425 | $ | 7,493 | $ | 7,932 | $ | 7,493 | ||||||||||
NONPERFORMING ASSETS AT PERIOD-END | ||||||||||||||||||||
Nonperforming loans: | ||||||||||||||||||||
90 days past due | $ | 172 | $ | - | $ | - | $ | 172 | $ | - | ||||||||||
Nonaccrual | 6,216 | 2,772 | 3,192 | 6,216 | 3,192 | |||||||||||||||
Foreclosed real estate | 558 | 550 | 85 | 558 | 85 | |||||||||||||||
Nonperforming assets | $ | 6,946 | $ | 3,322 | $ | 3,277 | $ | 6,946 | $ | 3,277 | ||||||||||
ASSET QUALITY RATIOS | ||||||||||||||||||||
Net chargeoffs (recveries) to average loans | 0.07 | % | 0.08 | % | 0.07 | % | 0.07 | % | 0.03 | % | ||||||||||
Nonperfomring assets to total assets (c) | 0.88 | 0.42 | 0.42 | 0.88 | 0.42 | |||||||||||||||
Nonperforming loans to total loans (c) | 1.12 | 0.50 | 0.58 | 1.12 | 0.58 | |||||||||||||||
Allowance for loan losses to total loans (c) | 1.39 | 1.34 | 1.36 | 1.39 | 1.36 | |||||||||||||||
Allowance for loan losses to | ||||||||||||||||||||
nonperforming loans (c) | 1.24 | X | 2.68 | X | 2.35 | X | 1.24 | X | 2.35 | X | ||||||||||
OTHER DATA | ||||||||||||||||||||
Fiduciary assets at period-end (d) | $ | 377,008 | $ | 386,375 | $ | 406,135 | $ | 377,008 | $ | 406,135 | ||||||||||
Retail brokerage assets at period-end (d) | $ | 94,472 | $ | 89,927 | $ | 89,684 | $ | 94,472 | $ | 89,684 | ||||||||||
Number full time-time equivalent employees | 261 | 258 | 257 | 261 | 257 | |||||||||||||||
Number of full sevice offices | 20 | 19 | 19 | 20 | 19 | |||||||||||||||
Number of loan production offices | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Number of ATM's | 23 | 23 | 23 | 23 | 23 | |||||||||||||||
Notes: | ||||||||||||||||||||
(a) - Excludes goodwill and other intangible assets | ||||||||||||||||||||
(b) - Excludes amortization expense, net of tax, of intangible assets | ||||||||||||||||||||
(c) - Balance sheet amounts used in calculations are based on period-end balances | ||||||||||||||||||||
(d) - Market value |
Net Interest Income Analysis | ||||||||||||||||||
For the Three Months Ended June 30, 2008 and 2007 | ||||||||||||||||||
(in thousands, except rates) | ||||||||||||||||||
Interest | ||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||
Loans: | ||||||||||||||||||
Commercial | $ | 90,648 | $ | 91,852 | $ | 1,342 | $ | 1,819 | 5.92 | % | 7.92 | % | ||||||
Real estate | 467,424 | 448,024 | 7,468 | 8,364 | 6.39 | 7.47 | ||||||||||||
Consumer | 8,903 | 10,434 | 197 | 247 | 8.85 | 9.47 | ||||||||||||
Total loans | 566,975 | 550,310 | 9,007 | 10,430 | 6.35 | 7.58 | ||||||||||||
Securities: | ||||||||||||||||||
Federal agencies | 45,708 | 68,991 | 551 | 748 | 4.82 | 4.34 | ||||||||||||
Mortgage-backed & CMO's | 50,357 | 20,501 | 642 | 247 | 5.10 | 4.82 | ||||||||||||
State and municipal | 47,201 | 45,623 | 652 | 628 | 5.53 | 5.51 | ||||||||||||
Other | 6,981 | 7,991 | 90 | 116 | 5.16 | 5.81 | ||||||||||||
Total securities | 150,247 | 143,106 | 1,935 | 1,739 | 5.15 | 4.86 | ||||||||||||
Deposits in other banks | 8,567 | 12,869 | 74 | 168 | 3.46 | 5.22 | ||||||||||||
Total interest-earning assets | 725,789 | 706,285 | 11,016 | 12,337 | 6.07 | 6.99 | ||||||||||||
Non-earning assets | 63,623 | 64,425 | ||||||||||||||||
Total assets | $ | 789,412 | $ | 770,710 | ||||||||||||||
Deposits: | ||||||||||||||||||
Demand | $ | 107,154 | $ | 111,064 | 160 | 416 | 0.60 | 1.50 | ||||||||||
Money market | 51,124 | 52,279 | 239 | 356 | 1.87 | 2.72 | ||||||||||||
Savings | 62,648 | 67,716 | 84 | 230 | 0.54 | 1.36 | ||||||||||||
Time | 255,281 | 256,263 | 2,633 | 2,858 | 4.13 | 4.46 | ||||||||||||
Total deposits | 476,207 | 487,322 | 3,116 | 3,860 | 2.62 | 3.17 | ||||||||||||
Repurchase agreements | 53,535 | 46,032 | 339 | 449 | 2.53 | 3.90 | ||||||||||||
Other borrowings | 52,012 | 33,884 | 603 | 514 | 4.64 | 6.07 | ||||||||||||
Total interest-bearing | ||||||||||||||||||
liabilities | 581,754 | 567,238 | 4,058 | 4,823 | 2.79 | 3.40 | ||||||||||||
Noninterest bearing | ||||||||||||||||||
demand deposits | 99,960 | 101,024 | ||||||||||||||||
Other liabilities | 5,187 | 5,265 | ||||||||||||||||
Shareholders' equity | 102,511 | 97,183 | ||||||||||||||||
Total liabilities and | ||||||||||||||||||
shareholders' equity | $ | 789,412 | $ | 770,710 | ||||||||||||||
Interest rate spread | 3.28 | % | 3.59 | % | ||||||||||||||
Net interest margin | 3.83 | % | 4.26 | % | ||||||||||||||
Net interest income (taxable equivalent basis) | 6,958 | 7,514 | ||||||||||||||||
Less: Taxable equivalent adjustment | 228 | 231 | ||||||||||||||||
Net interest income | $ | 6,730 | $ | 7,283 | ||||||||||||||
Net Interest Income Analysis | ||||||||||||||||||
For the Six Months Ended June 30, 2008 and 2007 | ||||||||||||||||||
(in thousands, except rates) | ||||||||||||||||||
Interest | ||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||
Loans: | ||||||||||||||||||
Commercial | $ | 88,140 | $ | 90,415 | $ | 2,796 | $ | 3,512 | 6.34 | % | 7.77 | % | ||||||
Real estate | 463,927 | 446,448 | 15,257 | 16,529 | 6.58 | 7.40 | ||||||||||||
Consumer | 9,213 | 10,390 | 414 | 489 | 8.99 | 9.41 | ||||||||||||
Total loans | 561,280 | 547,253 | 18,467 | 20,530 | 6.58 | 7.50 | ||||||||||||
Securities: | ||||||||||||||||||
Federal agencies | 47,886 | 75,587 | 1,148 | 1,605 | 4.79 | 4.25 | ||||||||||||
Mortgage-backed & CMO's | 48,881 | 20,253 | 1,245 | 488 | 5.09 | 4.82 | ||||||||||||
State and municipal | 47,524 | 45,792 | 1,308 | 1,262 | 5.50 | 5.51 | ||||||||||||
Other | 6,682 | 8,372 | 189 | 245 | 5.66 | 5.85 | ||||||||||||
Total securities | 150,973 | 150,004 | 3,890 | 3,600 | 5.15 | 4.80 | ||||||||||||
Deposits in other banks | 9,488 | 13,064 | 150 | 339 | 3.16 | 5.19 | ||||||||||||
Total interest-earning assets | 721,741 | 710,321 | 22,507 | 24,469 | 6.24 | 6.89 | ||||||||||||
Non-earning assets | 63,031 | 64,346 | ||||||||||||||||
Total assets | $ | 784,772 | $ | 774,667 | ||||||||||||||
Deposits: | ||||||||||||||||||
Demand | $ | 107,574 | $ | 110,592 | 385 | 840 | 0.72 | 1.52 | ||||||||||
Money market | 51,222 | 52,210 | 533 | 705 | 2.08 | 2.70 | ||||||||||||
Savings | 62,916 | 68,318 | 200 | 465 | 0.64 | 1.36 | ||||||||||||
Time | 259,491 | 259,426 | 5,580 | 5,633 | 4.30 | 4.34 | ||||||||||||
Total deposits | 481,203 | 490,546 | 6,698 | 7,643 | 2.78 | 3.12 | ||||||||||||
Repurchase agreements | 54,079 | 46,142 | 790 | 875 | 2.92 | 3.79 | ||||||||||||
Other borrowings | 42,941 | 35,294 | 1,105 | 1,063 | 5.15 | 6.02 | ||||||||||||
Total interest-bearing | ||||||||||||||||||
liabilities | 578,223 | 571,982 | 8,593 | 9,581 | 2.97 | 3.35 | ||||||||||||
Noninterest bearing | ||||||||||||||||||
demand deposits | 98,586 | 101,177 | ||||||||||||||||
Other liabilities | 5,553 | 5,074 | ||||||||||||||||
Shareholders' equity | 102,410 | 96,434 | ||||||||||||||||
Total liabilities and | ||||||||||||||||||
shareholders' equity | $ | 784,772 | $ | 774,667 | ||||||||||||||
Interest rate spread | 3.27 | % | 3.54 | % | ||||||||||||||
Net interest margin | 3.86 | % | 4.19 | % | ||||||||||||||
Net interest income (taxable equivalent basis) | 13,914 | 14,888 | ||||||||||||||||
Less: Taxable equivalent adjustment | 459 | 465 | ||||||||||||||||
Net interest income | $ | 13,455 | $ | 14,423 | ||||||||||||||