American National Bankshares Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(Dollars in thousands, except share and per share data) | ||||||||
Unaudited | ||||||||
December 31 | ||||||||
ASSETS | 2009 | 2008 | ||||||
Cash and due from banks | $ | 13,250 | $ | 15,909 | ||||
Interest-bearing deposits in other banks | 10,693 | 8,189 | ||||||
Securities available for sale, at fair value | 193,157 | 133,695 | ||||||
Securities held to maturity | 6,529 | 7,121 | ||||||
Total securities | 199,686 | 140,816 | ||||||
Loans held for sale | 2,490 | 1,764 | ||||||
Loans | 527,991 | 571,110 | ||||||
Less allowance for loan losses | (8,166 | ) | (7,824 | ) | ||||
Net Loans | 519,825 | 563,286 | ||||||
Premises and equipment, net | 19,195 | 17,129 | ||||||
Other real estate owned | 3,414 | 4,311 | ||||||
Goodwill | 22,468 | 22,468 | ||||||
Core deposit intangibles, net | 1,698 | 2,075 | ||||||
Accrued interest receivable and other assets | 16,254 | 13,237 | ||||||
Total assets | $ | 808,973 | $ | 789,184 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Demand deposits -- noninterest-bearing | $ | 101,735 | $ | 95,703 | ||||
Demand deposits -- interest-bearing | 97,025 | 116,132 | ||||||
Money market deposits | 75,554 | 56,615 | ||||||
Savings deposits | 61,873 | 59,624 | ||||||
Time deposits | 268,086 | 261,064 | ||||||
Total deposits | 604,273 | 589,138 | ||||||
Short-term borrowings: | ||||||||
Customer repurchase agreements | 65,929 | 51,741 | ||||||
Other short-term borrowings | - | 7,850 | ||||||
Long-term borrowings | 8,638 | 13,787 | ||||||
Trust preferred capital notes | 20,619 | 20,619 | ||||||
Accrued interest payable and other liabilities | 3,125 | 3,749 | ||||||
Total liabilities | 702,584 | 686,884 | ||||||
Shareholders' equity: | ||||||||
Common stock, $1 par, 10,000,000 shares authorized, | ||||||||
6,110,335 shares outstanding at December 31, 2009 and | ||||||||
6,085,628 shares outstanding at December 31, 2008 | 6,110 | 6,086 | ||||||
Capital in excess of par value | 26,962 | 26,491 | ||||||
Retained earnings | 72,208 | 71,090 | ||||||
Accumulated other comprehensive income (loss), net | 1,109 | (1,367 | ) | |||||
Total shareholders' equity | 106,389 | 102,300 | ||||||
Total liabilities and shareholders' equity | $ | 808,973 | $ | 789,184 |
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 | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Interest and Dividend Income: | ||||||||||||||||
Interest and fees on loans | $ | 7,445 | $ | 8,594 | $ | 31,062 | $ | 35,941 | ||||||||
Interest and dividends on securities: | ||||||||||||||||
Taxable | 1,259 | 1,151 | 4,853 | 4,795 | ||||||||||||
Tax-exempt | 437 | 381 | 1,673 | 1,621 | ||||||||||||
Dividends | 25 | 23 | 95 | 214 | ||||||||||||
Other interest income | 91 | 76 | 378 | 301 | ||||||||||||
Total interest and dividend income | 9,257 | 10,225 | 38,061 | 42,872 | ||||||||||||
Interest Expense: | ||||||||||||||||
Interest on deposits | 1,771 | 2,737 | 8,399 | 12,280 | ||||||||||||
Interest on short-term borrowings | 127 | 289 | 675 | 1,629 | ||||||||||||
Interest on long-term borrowings | 66 | 134 | 342 | 557 | ||||||||||||
Interest on trust preferred capital notes | 343 | 343 | 1,373 | 1,373 | ||||||||||||
Total interest expense | 2,307 | 3,503 | 10,789 | 15,839 | ||||||||||||
Net Interest Income | 6,950 | 6,722 | 27,272 | 27,033 | ||||||||||||
Provision for loan losses | 328 | 600 | 1,662 | 1,620 | ||||||||||||
Net Interest Income After Provision | ||||||||||||||||
for Loan Losses | 6,622 | 6,122 | 25,610 | 25,413 | ||||||||||||
Noninterest Income: | ||||||||||||||||
Trust fees | 815 | 770 | 3,153 | 3,467 | ||||||||||||
Service charges on deposit accounts | 536 | 555 | 2,085 | 2,324 | ||||||||||||
Other fees and commissions | 264 | 235 | 1,014 | 857 | ||||||||||||
Mortgage banking income | 390 | 155 | 1,605 | 788 | ||||||||||||
Brokerage fees | 32 | 61 | 185 | 431 | ||||||||||||
Securities gains (losses), net | 1 | - | 3 | (195 | ) | |||||||||||
Impairment of securities | - | - | - | (255 | ) | |||||||||||
Net loss on foreclosed real estate | (253 | ) | (13 | ) | (1,475 | ) | (20 | ) | ||||||||
Other | 152 | 112 | 473 | 516 | ||||||||||||
Total noninterest income | 1,937 | 1,875 | 7,043 | 7,913 | ||||||||||||
Noninterest Expense: | ||||||||||||||||
Salaries | 2,314 | 2,376 | 10,048 | 9,792 | ||||||||||||
Employee benefits | 750 | 789 | 3,201 | 3,001 | ||||||||||||
Occupancy and equipment | 762 | 681 | 2,927 | 2,788 | ||||||||||||
FDIC assessment | 202 | 92 | 1,186 | 180 | ||||||||||||
Bank franchise tax | 159 | 172 | 642 | 694 | ||||||||||||
Core deposit intangible amortization | 94 | 94 | 377 | 377 | ||||||||||||
Other | 1,243 | 1,343 | 4,937 | 5,292 | ||||||||||||
Total noninterest expense | 5,524 | 5,547 | 23,318 | 22,124 | ||||||||||||
Income Before Income Taxes | 3,035 | 2,450 | 9,335 | 11,202 | ||||||||||||
Income Taxes | 866 | 767 | 2,525 | 3,181 | ||||||||||||
Net Income | $ | 2,169 | $ | 1,683 | $ | 6,810 | $ | 8,021 | ||||||||
Net Income Per Common Share: | ||||||||||||||||
Basic | $ | 0.36 | $ | 0.28 | $ | 1.12 | $ | 1.32 | ||||||||
Diluted | $ | 0.35 | $ | 0.28 | $ | 1.12 | $ | 1.31 | ||||||||
Average Common Shares Outstanding: | ||||||||||||||||
Basic | 6,108,340 | 6,086,868 | 6,097,810 | 6,096,649 | ||||||||||||
Diluted | 6,116,800 | 6,090,844 | 6,102,895 | 6,105,154 |
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 | |||||||||||||||
2009 | 2009 | 2008 | 2009 | 2008 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Interest income | $ | 9,257 | $ | 9,464 | $ | 10,225 | $ | 38,061 | $ | 42,872 | ||||||||||
Interest expense | 2,307 | 2,464 | 3,503 | 10,789 | 15,839 | |||||||||||||||
Net interest income | 6,950 | 7,000 | 6,722 | 27,272 | 27,033 | |||||||||||||||
Provision for loan losses | 328 | 492 | 600 | 1,662 | 1,620 | |||||||||||||||
Noninterest income | 1,937 | 2,119 | 1,875 | 7,043 | 7,913 | |||||||||||||||
Noninterest expense | 5,524 | 5,598 | 5,547 | 23,318 | 22,124 | |||||||||||||||
Income taxes | 866 | 862 | 767 | 2,525 | 3,181 | |||||||||||||||
Net income | 2,169 | 2,167 | 1,683 | 6,810 | 8,021 | |||||||||||||||
PER COMMON SHARE | ||||||||||||||||||||
Earnings per share - basic | $ | 0.36 | $ | 0.36 | $ | 0.28 | $ | 1.12 | $ | 1.32 | ||||||||||
Earnings per share - diluted | 0.35 | 0.35 | 0.28 | 1.12 | 1.31 | |||||||||||||||
Cash dividends declared | 0.23 | 0.23 | 0.23 | 0.92 | 0.92 | |||||||||||||||
Book value per share | 17.41 | 17.18 | 16.81 | 17.41 | 16.81 | |||||||||||||||
Book value per share - tangible (a) | 13.46 | 13.20 | 12.78 | 13.46 | 12.78 | |||||||||||||||
Closing market price | 21.90 | 21.82 | 17.00 | 21.90 | 17.00 | |||||||||||||||
FINANCIAL RATIOS | ||||||||||||||||||||
Return on average assets | 1.07 | % | 1.07 | % | 0.86 | % | 0.84 | % | 1.02 | % | ||||||||||
Return on average equity | 8.24 | 8.38 | 6.53 | 6.57 | 7.79 | |||||||||||||||
Return on average tangible equity (b) | 11.03 | 11.30 | 8.90 | 8.94 | 10.60 | |||||||||||||||
Average equity to average assets | 12.93 | 12.77 | 13.13 | 12.79 | 13.10 | |||||||||||||||
Net interest margin, taxable equivalent | 3.88 | 3.91 | 3.85 | 3.81 | 3.87 | |||||||||||||||
Efficiency ratio | 58.79 | 59.77 | 62.36 | 63.46 | 60.83 | |||||||||||||||
Effective tax rate | 28.53 | 28.46 | 31.31 | 27.05 | 28.40 | |||||||||||||||
PERIOD-END BALANCES | ||||||||||||||||||||
Securities | $ | 199,686 | $ | 188,493 | $ | 140,816 | $ | 199,686 | $ | 140,816 | ||||||||||
Loans held for sale | 2,490 | 3,840 | 1,764 | 2,490 | 1,764 | |||||||||||||||
Loans, net of unearned income | 527,991 | 539,188 | 571,110 | 527,991 | 571,110 | |||||||||||||||
Goodwill and other intangibles | 24,166 | 24,260 | 24,543 | 24,166 | 24,543 | |||||||||||||||
Assets | 808,973 | 810,346 | 789,184 | 808,973 | 789,184 | |||||||||||||||
Assets - tangible (a) | 784,807 | 786,086 | 764,641 | 784,807 | 764,641 | |||||||||||||||
Deposits | 604,273 | 596,295 | 589,138 | 604,273 | 589,138 | |||||||||||||||
Customer repurchase agreements | 65,929 | 71,339 | 51,741 | 65,929 | 51,741 | |||||||||||||||
Other short-term borrowings | - | 4,000 | 7,850 | - | 7,850 | |||||||||||||||
Long-term borrowings | 29,257 | 29,294 | 34,406 | 29,257 | 34,406 | |||||||||||||||
Shareholders' equity | 106,389 | 104,905 | 102,300 | 106,389 | 102,300 | |||||||||||||||
Shareholders' equity - tangible (a) | 82,223 | 80,645 | 77,757 | 82,223 | 77,757 | |||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Securities | $ | 167,546 | $ | 159,314 | $ | 137,947 | $ | 153,237 | $ | 145,371 | ||||||||||
Loans held for sale | 4,394 | 6,540 | 1,669 | 5,436 | 1,869 | |||||||||||||||
Loans, net of unearned income | 540,103 | 547,075 | 571,081 | 553,831 | 565,530 | |||||||||||||||
Interest-earning assets | 744,007 | 741,194 | 720,197 | 741,308 | 722,009 | |||||||||||||||
Goodwill and other intangibles | 24,217 | 24,314 | 24,600 | 24,360 | 24,736 | |||||||||||||||
Assets | 814,232 | 810,064 | 785,182 | 810,140 | 785,868 | |||||||||||||||
Assets - tangible (a) | 790,015 | 785,750 | 760,582 | 785,780 | 761,132 | |||||||||||||||
Interest-bearing deposits | 499,725 | 503,793 | 491,701 | 507,014 | 483,544 | |||||||||||||||
Deposits | 604,506 | 606,134 | 590,196 | 606,700 | 581,701 | |||||||||||||||
Customer repurchase agreements | 70,014 | 65,341 | 49,868 | 63,115 | 52,264 | |||||||||||||||
Other short-term borrowings | 91 | 460 | 3,788 | 1,037 | 9,818 | |||||||||||||||
Long-term borrowings | 29,287 | 29,325 | 34,436 | 30,849 | 34,235 | |||||||||||||||
Shareholders' equity | 105,302 | 103,411 | 103,126 | 103,625 | 102,917 | |||||||||||||||
Shareholders' equity - tangible (a) | 81,085 | 79,097 | 78,526 | 79,265 | 78,181 | |||||||||||||||
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 | |||||||||||||||
2009 | 2009 | 2008 | 2009 | 2008 | ||||||||||||||||
CAPITAL | ||||||||||||||||||||
Average shares outstanding - basic | 6,108,340 | 6,104,505 | 6,086,868 | 6,097,810 | 6,096,649 | |||||||||||||||
Average shares outstanding - diluted | 6,116,800 | 6,111,913 | 6,090,844 | 6,102,895 | 6,105,154 | |||||||||||||||
Shares repurchased | - | - | 7,100 | 7,600 | 46,150 | |||||||||||||||
Average price of shares repurchased | $ | - | $ | - | $ | 16.40 | $ | 15.92 | $ | 19.58 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Beginning balance | $ | 8,260 | $ | 7,934 | $ | 8,083 | $ | 7,824 | $ | 7,395 | ||||||||||
Provision for loan losses | 328 | 492 | 600 | 1,662 | 1,620 | |||||||||||||||
Charge-offs | (485 | ) | (318 | ) | (1,012 | ) | (1,601 | ) | (1,564 | ) | ||||||||||
Recoveries | 63 | 152 | 153 | 281 | 373 | |||||||||||||||
Ending balance | $ | 8,166 | $ | 8,260 | $ | 7,824 | $ | 8,166 | $ | 7,824 | ||||||||||
LOANS | ||||||||||||||||||||
Construction and land development | $ | 40,371 | $ | 46,175 | $ | 63,361 | $ | 40,371 | $ | 63,361 | ||||||||||
Commercial real estate | 208,066 | 209,470 | 207,160 | 208,066 | 207,160 | |||||||||||||||
Residential real estate | 121,639 | 126,392 | 136,480 | 121,639 | 136,480 | |||||||||||||||
Home equity | 64,678 | 62,519 | 57,170 | 64,678 | 57,170 | |||||||||||||||
Commercial and industrial | 86,312 | 87,226 | 98,546 | 86,312 | 98,546 | |||||||||||||||
Consumer | 6,925 | 7,406 | 8,393 | 6,925 | 8,393 | |||||||||||||||
Total | $ | 527,991 | $ | 539,188 | $ | 571,110 | $ | 527,991 | $ | 571,110 | ||||||||||
NONPERFORMING ASSETS AT PERIOD-END | ||||||||||||||||||||
Nonperforming loans: | ||||||||||||||||||||
90 days past due | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Nonaccrual | 3,642 | 3,106 | 2,845 | 3,642 | 2,845 | |||||||||||||||
Foreclosed real estate | 3,414 | 4,558 | 4,311 | 3,414 | 4,311 | |||||||||||||||
Nonperforming assets | $ | 7,056 | $ | 7,664 | $ | 7,156 | $ | 7,056 | $ | 7,156 | ||||||||||
ASSET QUALITY RATIOS | ||||||||||||||||||||
Annualized net chargeoffs to average loans | 0.31 | % | 0.12 | % | 0.60 | % | 0.24 | % | 0.21 | % | ||||||||||
Nonperforming assets to total assets | 0.87 | 0.95 | 0.91 | 0.87 | 0.91 | |||||||||||||||
Nonperforming loans to total loans | 0.69 | 0.58 | 0.50 | 0.69 | 0.50 | |||||||||||||||
Allowance for loan losses to total loans | 1.55 | 1.53 | 1.37 | 1.55 | 1.37 | |||||||||||||||
Allowance for loan losses to | ||||||||||||||||||||
nonperforming loans | 224.22 | 265.94 | 275.01 | 224.22 | 275.01 | |||||||||||||||
OTHER DATA | ||||||||||||||||||||
Fiduciary assets at period-end (c) | $ | 358,124 | $ | 354,860 | $ | 326,614 | $ | 358,124 | $ | 326,614 | ||||||||||
Retail brokerage assets at period-end (c) | $ | 54,696 | $ | 63,893 | $ | 84,348 | $ | 54,696 | $ | 84,348 | ||||||||||
Number full-time equivalent employees (d) | 238 | 246 | 258 | 238 | 258 | |||||||||||||||
Number of full service offices | 19 | 19 | 20 | 19 | 20 | |||||||||||||||
Number of loan production offices | 2 | 2 | 1 | 2 | 1 | |||||||||||||||
Number of ATM's | 24 | 24 | 24 | 24 | 24 | |||||||||||||||
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 | ||||||||||||||||||||
N/A - Percentage change is not applicable or not meaningful | ||||||||||||||||||||
American National Bankshares Inc. and Subsidiaries | ||||||||||||||||||||||||
Net Interest Income Analysis | ||||||||||||||||||||||||
For the Three Months Ended December 31, 2009 and 2008 | ||||||||||||||||||||||||
(in thousands, except yields and rates) | ||||||||||||||||||||||||
Interest | Average | |||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | $ | 80,712 | $ | 93,548 | $ | 986 | $ | 1,296 | 4.89 | % | 5.54 | % | ||||||||||||
Real estate | 452,136 | 470,968 | 6,338 | 7,132 | 5.61 | 6.06 | ||||||||||||||||||
Consumer | 7,255 | 8,234 | 148 | 189 | 8.16 | 9.18 | ||||||||||||||||||
Total loans | 540,103 | 572,750 | 7,472 | 8,617 | 5.53 | 6.02 | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Federal agencies and GSE | 61,858 | 43,373 | 555 | 533 | 3.59 | 4.92 | ||||||||||||||||||
Mortgage-backed & CMO's | 38,002 | 46,237 | 482 | 581 | 5.07 | 5.03 | ||||||||||||||||||
State and municipal | 59,358 | 43,180 | 839 | 595 | 5.65 | 5.51 | ||||||||||||||||||
Other | 8,328 | 5,157 | 76 | 34 | 3.65 | 2.64 | ||||||||||||||||||
Total securities | 167,546 | 137,947 | 1,952 | 1,743 | 4.66 | 5.05 | ||||||||||||||||||
Deposits in other banks | 36,358 | 9,500 | 91 | 76 | 1.00 | 3.20 | ||||||||||||||||||
Total interest-earning assets | 744,007 | 720,197 | 9,515 | 10,436 | 5.12 | 5.80 | ||||||||||||||||||
Non-earning assets | 70,225 | 64,985 | ||||||||||||||||||||||
Total assets | $ | 814,232 | $ | 785,182 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 94,764 | $ | 112,556 | 27 | 203 | 0.11 | 0.72 | ||||||||||||||||
Money market | 72,342 | 57,514 | 74 | 232 | 0.41 | 1.61 | ||||||||||||||||||
Savings | 62,026 | 60,169 | 33 | 55 | 0.21 | 0.37 | ||||||||||||||||||
Time | 270,593 | 261,462 | 1,637 | 2,247 | 2.42 | 3.44 | ||||||||||||||||||
Total deposits | 499,725 | 491,701 | 1,771 | 2,737 | 1.42 | 2.23 | ||||||||||||||||||
Customer repurchase agreements | 70,014 | 49,868 | 127 | 274 | 0.73 | 2.20 | ||||||||||||||||||
Other short-term borrowings | 91 | 6,788 | 0 | 15 | 0.39 | 0.88 | ||||||||||||||||||
Long-term borrowings | 29,287 | 34,436 | 409 | 477 | 5.59 | 5.54 | ||||||||||||||||||
Total interest-bearing liabilites | 599,117 | 582,793 | 2,307 | 3,503 | 1.54 | 2.40 | ||||||||||||||||||
Noninterest bearing demand deposits | 104,781 | 98,495 | ||||||||||||||||||||||
Other liabilities | 5,032 | 768 | ||||||||||||||||||||||
Shareholders' equity | 105,302 | 103,126 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 814,232 | $ | 785,182 | ||||||||||||||||||||
Interest rate spread | 3.58 | % | 3.40 | % | ||||||||||||||||||||
Net interest margin | 3.88 | % | 3.85 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis) | 7,208 | 6,933 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment | 258 | 211 | ||||||||||||||||||||||
Net interest income | $ | 6,950 | $ | 6,722 |
American National Bankshares Inc. and Subsidiaries | ||||||||||||||||||||||||
Net Interest Income Analysis | ||||||||||||||||||||||||
For the Years Ended 2009 and 2008 | ||||||||||||||||||||||||
(in thousands, except yields and rates) | ||||||||||||||||||||||||
Interest | Average | |||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | $ | 88,551 | $ | 91,117 | $ | 4,213 | $ | 5,515 | 4.76 | % | 6.05 | % | ||||||||||||
Real estate | 463,093 | 467,508 | 26,294 | 29,712 | 5.68 | 6.36 | ||||||||||||||||||
Consumer | 7,623 | 8,774 | 659 | 795 | 8.64 | 9.06 | ||||||||||||||||||
Total loans | 559,267 | 567,399 | 31,166 | 36,022 | 5.57 | 6.35 | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Federal agencies and GSE | 52,694 | 45,660 | 2,139 | 2,215 | 4.06 | 4.85 | ||||||||||||||||||
Mortgage-backed & CMO's | 40,363 | 47,997 | 2,100 | 2,433 | 5.20 | 5.07 | ||||||||||||||||||
State and municipal | 52,687 | 45,573 | 2,972 | 2,505 | 5.64 | 5.50 | ||||||||||||||||||
Other | 7,493 | 6,141 | 261 | 277 | 3.48 | 4.51 | ||||||||||||||||||
Total securities | 153,237 | 145,371 | 7,472 | 7,430 | 4.88 | 5.11 | ||||||||||||||||||
Deposits in other banks | 28,804 | 9,239 | 378 | 301 | 1.31 | 3.26 | ||||||||||||||||||
Total interest-earning assets | 741,308 | 722,009 | 39,016 | 43,753 | 5.26 | 6.06 | ||||||||||||||||||
Non-earning assets | 68,832 | 63,859 | ||||||||||||||||||||||
Total assets | $ | 810,140 | $ | 785,868 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 98,576 | $ | 109,492 | 290 | 803 | 0.29 | 0.73 | ||||||||||||||||
Money market | 72,918 | 53,659 | 527 | 1,011 | 0.72 | 1.88 | ||||||||||||||||||
Savings | 62,219 | 61,620 | 148 | 331 | 0.24 | 0.54 | ||||||||||||||||||
Time | 273,301 | 258,773 | 7,434 | 10,135 | 2.72 | 3.92 | ||||||||||||||||||
Total deposits | 507,014 | 483,544 | 8,399 | 12,280 | 1.66 | 2.54 | ||||||||||||||||||
Customer repurchase agreements | 63,115 | 52,264 | 670 | 1,377 | 1.06 | 2.63 | ||||||||||||||||||
Other short-term borrowings | 1,037 | 9,818 | 5 | 252 | 0.48 | 2.57 | ||||||||||||||||||
Long-term borrowings | 30,849 | 34,235 | 1,715 | 1,930 | 5.56 | 5.64 | ||||||||||||||||||
Total interest-bearing liabilites | 602,015 | 579,861 | 10,789 | 15,839 | 1.79 | 2.73 | ||||||||||||||||||
Noninterest bearing demand deposits | 99,686 | 98,157 | ||||||||||||||||||||||
Other liabilities | 4,814 | 4,933 | ||||||||||||||||||||||
Shareholders' equity | 103,625 | 102,917 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 810,140 | $ | 785,868 | ||||||||||||||||||||
Interest rate spread | 3.47 | % | 3.33 | % | ||||||||||||||||||||
Net interest margin | 3.81 | % | 3.87 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis) | 28,227 | 27,914 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment | 955 | 881 | ||||||||||||||||||||||
Net interest income | $ | 27,272 | $ | 27,033 |