American National Bankshares Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(Dollars in thousands, except share and per share data) | ||||||||
Unaudited | ||||||||
June 30 | ||||||||
ASSETS | 2010 | 2009 | ||||||
Cash and due from banks | $ | 11,398 | $ | 13,905 | ||||
Interest-bearing deposits in other banks | 22,705 | 26,879 | ||||||
Securities available for sale, at fair value | 211,574 | 140,344 | ||||||
Securities held to maturity | 4,823 | 6,712 | ||||||
Total securities | 216,397 | 147,056 | ||||||
Restricted stock, at cost | 4,362 | 4,362 | ||||||
Loans held for sale | 2,879 | 10,408 | ||||||
Loans | 519,416 | 557,042 | ||||||
Less allowance for loan losses | (8,135 | ) | (7,934 | ) | ||||
Net Loans | 511,281 | 549,108 | ||||||
Premises and equipment, net | 19,658 | 18,912 | ||||||
Other real estate owned, net | 3,730 | 4,033 | ||||||
Goodwill | 22,468 | 22,468 | ||||||
Core deposit intangibles, net | 1,509 | 1,886 | ||||||
Accrued interest receivable and other assets | 16,257 | 12,466 | ||||||
Total assets | $ | 832,644 | $ | 811,483 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Demand deposits -- noninterest-bearing | $ | 100,099 | $ | 101,449 | ||||
Demand deposits -- interest-bearing | 92,771 | 91,424 | ||||||
Money market deposits | 81,247 | 81,306 | ||||||
Savings deposits | 64,425 | 62,768 | ||||||
Time deposits | 291,609 | 278,284 | ||||||
Total deposits | 630,151 | 615,231 | ||||||
Short-term borrowings: | ||||||||
Customer repurchase agreements | 61,665 | 59,437 | ||||||
Long-term borrowings | 8,563 | 8,712 | ||||||
Trust preferred capital notes | 20,619 | 20,619 | ||||||
Accrued interest payable and other liabilities | 2,886 | 4,866 | ||||||
Total liabilities | 723,884 | 708,865 | ||||||
Shareholders' equity: | ||||||||
Common stock, $1 par, 20,000,000 shares authorized, | ||||||||
6,124,892 shares outstanding at June 30, 2010 and | ||||||||
6,100,330 shares outstanding at June 30, 2009 | 6,125 | 6,100 | ||||||
Capital in excess of par value | 27,131 | 26,772 | ||||||
Retained earnings | 73,590 | 70,682 | ||||||
Accumulated other comprehensive income (loss), net | 1,914 | (936 | ) | |||||
Total shareholders' equity | 108,760 | 102,618 | ||||||
Total liabilities and shareholders' equity | $ | 832,644 | $ | 811,483 |
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 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Interest and Dividend Income: | ||||||||||||||||
Interest and fees on loans | $ | 7,071 | $ | 7,917 | $ | 14,226 | $ | 15,951 | ||||||||
Interest and dividends on securities: | ||||||||||||||||
Taxable | 1,275 | 1,233 | 2,591 | 2,353 | ||||||||||||
Tax-exempt | 554 | 416 | 1,020 | 802 | ||||||||||||
Dividends | 24 | 21 | 47 | 43 | ||||||||||||
Other interest income | 87 | 103 | 178 | 191 | ||||||||||||
Total interest and dividend income | 9,011 | 9,690 | 18,062 | 19,340 | ||||||||||||
Interest Expense: | ||||||||||||||||
Interest on deposits | 1,647 | 2,180 | 3,282 | 4,707 | ||||||||||||
Interest on short-term borrowings | 99 | 177 | 204 | 413 | ||||||||||||
Interest on long-term borrowings | 63 | 80 | 127 | 211 | ||||||||||||
Interest on trust preferred capital notes | 344 | 344 | 687 | 687 | ||||||||||||
Total interest expense | 2,153 | 2,781 | 4,300 | 6,018 | ||||||||||||
Net Interest Income | 6,858 | 6,909 | 13,762 | 13,322 | ||||||||||||
Provision for loan losses | 285 | 492 | 570 | 842 | ||||||||||||
Net Interest Income After Provision | ||||||||||||||||
for Loan Losses | 6,573 | 6,417 | 13,192 | 12,480 | ||||||||||||
Noninterest Income: | ||||||||||||||||
Trust fees | 801 | 767 | 1,613 | 1,525 | ||||||||||||
Service charges on deposit accounts | 483 | 511 | 962 | 1,013 | ||||||||||||
Other fees and commissions | 288 | 251 | 566 | 493 | ||||||||||||
Mortgage banking income | 343 | 568 | 589 | 854 | ||||||||||||
Brokerage fees | 22 | 73 | 43 | 130 | ||||||||||||
Securities gains (losses), net | 4 | 1 | (25 | ) | 1 | |||||||||||
Foreclosed real estate gains (losses), net | (281 | ) | (43 | ) | (284 | ) | (1,222 | ) | ||||||||
Other | 102 | 125 | 219 | 193 | ||||||||||||
Total noninterest income | 1,762 | 2,253 | 3,683 | 2,987 | ||||||||||||
Noninterest Expense: | ||||||||||||||||
Salaries | 2,596 | 2,732 | 4,994 | 5,263 | ||||||||||||
Employee benefits | 633 | 832 | 1,273 | 1,645 | ||||||||||||
Occupancy and equipment | 698 | 724 | 1,477 | 1,464 | ||||||||||||
FDIC assessment | 199 | 564 | 394 | 781 | ||||||||||||
Bank franchise tax | 168 | 160 | 335 | 323 | ||||||||||||
Core deposit intangible amortization | 95 | 95 | 189 | 189 | ||||||||||||
Other | 1,204 | 1,214 | 2,428 | 2,531 | ||||||||||||
Total noninterest expense | 5,593 | 6,321 | 11,090 | 12,196 | ||||||||||||
Income Before Income Taxes | 2,742 | 2,349 | 5,785 | 3,271 | ||||||||||||
Income Taxes | 728 | 643 | 1,586 | 797 | ||||||||||||
Net Income | $ | 2,014 | $ | 1,706 | $ | 4,199 | $ | 2,474 | ||||||||
Net Income Per Common Share: | ||||||||||||||||
Basic | $ | 0.33 | $ | 0.28 | $ | 0.69 | $ | 0.41 | ||||||||
Diluted | $ | 0.33 | $ | 0.28 | $ | 0.69 | $ | 0.41 | ||||||||
Average Common Shares Outstanding: | ||||||||||||||||
Basic | 6,123,790 | 6,096,034 | 6,121,615 | 6,089,055 | ||||||||||||
Diluted | 6,129,943 | 6,097,047 | 6,127,137 | 6,091,291 |
American National Bankshares Inc. and Subsidiaries | ||||||||||||||||||||
Financial Highlights | ||||||||||||||||||||
(In thousands, except share, ratio and | ||||||||||||||||||||
nonfinancial data, unaudited) | 2nd Qtr | 1st Qtr | 2nd Qtr | YTD | YTD | |||||||||||||||
2010 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Interest income | $ | 9,011 | $ | 9,051 | $ | 9,690 | $ | 18,062 | $ | 19,340 | ||||||||||
Interest expense | 2,153 | 2,147 | 2,781 | 4,300 | 6,018 | |||||||||||||||
Net interest income | 6,858 | 6,904 | 6,909 | 13,762 | 13,322 | |||||||||||||||
Provision for loan losses | 285 | 285 | 492 | 570 | 842 | |||||||||||||||
Noninterest income | 1,762 | 1,921 | 2,253 | 3,683 | 2,987 | |||||||||||||||
Noninterest expense | 5,593 | 5,497 | 6,321 | 11,090 | 12,196 | |||||||||||||||
Income taxes | 728 | 858 | 643 | 1,586 | 797 | |||||||||||||||
Net income | 2,014 | 2,185 | 1,706 | 4,199 | 2,474 | |||||||||||||||
PER COMMON SHARE | ||||||||||||||||||||
Earnings per share - basic | $ | 0.33 | $ | 0.36 | $ | 0.28 | $ | 0.69 | $ | 0.41 | ||||||||||
Earnings per share - diluted | 0.33 | 0.36 | 0.28 | 0.69 | 0.41 | |||||||||||||||
Cash dividends declared | 0.23 | 0.23 | 0.23 | 0.46 | 0.46 | |||||||||||||||
Book value per share | 17.76 | 17.50 | 16.82 | 17.76 | 16.82 | |||||||||||||||
Book value per share - tangible (a) | 13.84 | 13.57 | 12.83 | 13.84 | 12.83 | |||||||||||||||
Closing market price | 21.39 | 20.15 | 19.25 | 21.39 | 19.25 | |||||||||||||||
FINANCIAL RATIOS | ||||||||||||||||||||
Return on average assets | 0.98 | % | 1.08 | % | 0.84 | % | 1.03 | % | 0.61 | % | ||||||||||
Return on average equity | 7.45 | 8.14 | 6.63 | 7.79 | 4.81 | |||||||||||||||
Return on average tangible equity (b) | 9.91 | 10.83 | 9.05 | 10.36 | 6.86 | |||||||||||||||
Average equity to average assets | 13.21 | 13.24 | 12.66 | 13.23 | 12.73 | |||||||||||||||
Net interest margin, taxable equivalent | 3.85 | 3.90 | 3.84 | 3.86 | 3.72 | |||||||||||||||
Efficiency ratio | 60.55 | 60.22 | 66.98 | 60.39 | 67.83 | |||||||||||||||
Effective tax rate | 26.55 | 28.20 | 27.37 | 27.42 | 24.37 | |||||||||||||||
PERIOD-END BALANCES | ||||||||||||||||||||
Securities | $ | 220,759 | $ | 201,113 | $ | 151,418 | $ | 220,759 | $ | 151,418 | ||||||||||
Loans held for sale | 2,879 | 2,208 | 10,408 | 2,879 | 10,408 | |||||||||||||||
Loans, net of unearned income | 519,416 | 515,366 | 557,042 | 519,416 | 557,042 | |||||||||||||||
Goodwill and other intangibles | 23,977 | 24,071 | 24,354 | 23,977 | 24,354 | |||||||||||||||
Assets | 832,644 | 810,654 | 811,483 | 832,644 | 811,483 | |||||||||||||||
Assets - tangible (a) | 808,667 | 786,583 | 787,129 | 808,667 | 787,129 | |||||||||||||||
Deposits | 630,151 | 609,621 | 615,231 | 630,151 | 615,231 | |||||||||||||||
Customer repurchase agreements | 61,665 | 60,372 | 59,437 | 61,665 | 59,437 | |||||||||||||||
Other short-term borrowings | - | - | - | - | - | |||||||||||||||
Long-term borrowings | 29,182 | 29,219 | 29,331 | 29,182 | 29,331 | |||||||||||||||
Shareholders' equity | 108,760 | 107,182 | 102,618 | 108,760 | 102,618 | |||||||||||||||
Shareholders' equity - tangible (a) | 84,783 | 83,111 | 78,264 | 84,783 | 78,264 | |||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Securities | $ | 198,289 | $ | 184,696 | $ | 147,576 | $ | 191,530 | $ | 142,847 | ||||||||||
Loans held for sale | 3,529 | 2,444 | 7,787 | 2,990 | 5,405 | |||||||||||||||
Loans, net of unearned income | 519,485 | 520,847 | 562,654 | 520,162 | 566,476 | |||||||||||||||
Interest-earning assets | 746,879 | 736,183 | 744,899 | 742,776 | 739,965 | |||||||||||||||
Goodwill and other intangibles | 24,029 | 24,125 | 24,406 | 24,077 | 24,456 | |||||||||||||||
Assets | 818,740 | 810,620 | 812,404 | 814,658 | 808,071 | |||||||||||||||
Assets - tangible (a) | 794,711 | 786,495 | 787,998 | 790,581 | 783,615 | |||||||||||||||
Interest-bearing deposits | 514,963 | 507,209 | 513,876 | 511,115 | 512,357 | |||||||||||||||
Deposits | 615,456 | 606,085 | 612,134 | 610,791 | 608,105 | |||||||||||||||
Customer repurchase agreements | 62,072 | 63,947 | 60,876 | 63,005 | 58,477 | |||||||||||||||
Other short-term borrowings | - | - | 1,553 | - | 1,811 | |||||||||||||||
Long-term borrowings | 29,212 | 29,248 | 30,460 | 29,230 | 32,418 | |||||||||||||||
Shareholders' equity | 108,127 | 107,336 | 102,862 | 107,814 | 102,854 | |||||||||||||||
Shareholders' equity - tangible (a) | 84,098 | 83,211 | 78,456 | 83,737 | 78,398 | |||||||||||||||
CAPITAL | ||||||||||||||||||||
Average shares outstanding - basic | 6,123,790 | 6,119,415 | 6,096,034 | 6,096,034 | 6,089,055 | |||||||||||||||
Average shares outstanding - diluted | 6,129,943 | 6,124,306 | 6,097,047 | 6,097,047 | 6,091,291 | |||||||||||||||
Shares repurchased | - | - | - | - | 7,600 | |||||||||||||||
Average price of shares repurchased | $ | - | $ | - | $ | - | $ | - | $ | 15.92 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Beginning balance | $ | 8,112 | $ | 8,166 | $ | 7,836 | $ | 8,166 | $ | 7,824 | ||||||||||
Provision for loan losses | 285 | 285 | 492 | 570 | 842 | |||||||||||||||
Charge-offs | (305 | ) | (427 | ) | (422 | ) | (732 | ) | (798 | ) | ||||||||||
Recoveries | 43 | 88 | 28 | 131 | 66 | |||||||||||||||
Ending balance | $ | 8,135 | $ | 8,112 | $ | 7,934 | $ | 8,135 | $ | 7,934 | ||||||||||
LOANS | ||||||||||||||||||||
Construction and land development | $ | 40,039 | $ | 39,421 | $ | 50,930 | $ | 40,039 | $ | 50,930 | ||||||||||
Commercial real estate | 202,602 | 205,642 | 210,832 | 202,602 | 210,832 | |||||||||||||||
Residential real estate | 119,410 | 119,776 | 128,835 | 119,410 | 128,835 | |||||||||||||||
Home equity | 63,992 | 63,302 | 61,818 | 63,992 | 61,818 | |||||||||||||||
Commercial and industrial | 86,924 | 80,331 | 96,978 | 86,924 | 96,978 | |||||||||||||||
Consumer | 6,449 | 6,894 | 7,649 | 6,449 | 7,649 | |||||||||||||||
Total | $ | 519,416 | $ | 515,366 | $ | 557,042 | $ | 519,416 | $ | 557,042 | ||||||||||
NONPERFORMING ASSETS AT PERIOD-END | ||||||||||||||||||||
Nonperforming loans: | ||||||||||||||||||||
90 days past due | $ | 8 | $ | - | $ | - | $ | 8 | $ | - | ||||||||||
Nonaccrual | 4,005 | 3,436 | 2,745 | 4,005 | 2,745 | |||||||||||||||
Foreclosed real estate | 3,730 | 3,815 | 4,033 | 3,730 | 4,033 | |||||||||||||||
Nonperforming assets | $ | 7,743 | $ | 7,251 | $ | 6,778 | $ | 7,743 | $ | 6,778 | ||||||||||
ASSET QUALITY RATIOS | ||||||||||||||||||||
Annualized net chargeoffs to average loans | 0.20 | % | 0.26 | % | 0.28 | % | 0.23 | % | 0.26 | % | ||||||||||
Nonperforming assets to total assets | 0.93 | 0.89 | 0.84 | 0.93 | 0.84 | |||||||||||||||
Nonperforming loans to total loans | 0.77 | 0.67 | 0.49 | 0.77 | 0.49 | |||||||||||||||
Allowance for loan losses to total loans | 1.57 | 1.57 | 1.42 | 1.57 | 1.42 | |||||||||||||||
Allowance for loan losses to | ||||||||||||||||||||
nonperforming loans | 202.72 | 236.09 | 289.03 | 202.72 | 289.03 | |||||||||||||||
OTHER DATA | ||||||||||||||||||||
Fiduciary assets at period-end (c) | $ | 342,519 | $ | 363,205 | $ | 333,754 | $ | 342,519 | $ | 333,754 | ||||||||||
Retail brokerage assets at period-end (c) | $ | 45,912 | $ | 51,848 | $ | 89,016 | $ | 45,912 | $ | 89,016 | ||||||||||
Number full-time equivalent employees (d) | 242 | 235 | 255 | 242 | 255 | |||||||||||||||
Number of full service offices | 19 | 18 | 19 | 19 | 19 | |||||||||||||||
Number of loan production offices | 1 | 1 | 2 | 1 | 2 | |||||||||||||||
Number of ATM's | 26 | 26 | 24 | 26 | 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 June 30, 2010 and 2009 | ||||||||||||||||||||||||
(in thousands, except rates) | ||||||||||||||||||||||||
Interest | ||||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | $ | 78,673 | $ | 91,701 | $ | 939 | $ | 1,100 | 4.79 | % | 4.80 | % | ||||||||||||
Real estate | 437,856 | 470,859 | 6,033 | 6,669 | 5.51 | 5.67 | ||||||||||||||||||
Consumer | 6,485 | 7,881 | 137 | 175 | 8.47 | 8.88 | ||||||||||||||||||
Total loans | 523,014 | 570,441 | 7,109 | 7,944 | 5.44 | 5.57 | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Federal agencies | 66,019 | 46,225 | 525 | 525 | 3.18 | 4.54 | ||||||||||||||||||
Mortgage-backed & CMO's | 45,651 | 41,382 | 479 | 550 | 4.20 | 5.32 | ||||||||||||||||||
State and municipal | 79,622 | 51,718 | 1,079 | 731 | 5.42 | 5.65 | ||||||||||||||||||
Other | 6,997 | 8,251 | 61 | 72 | 3.49 | 3.49 | ||||||||||||||||||
Total securities | 198,289 | 147,576 | 2,144 | 1,878 | 4.33 | 5.09 | ||||||||||||||||||
Deposits in other banks | 25,576 | 26,882 | 87 | 103 | 1.36 | 1.53 | ||||||||||||||||||
Total interest-earning assets | 746,879 | 744,899 | 9,340 | 9,925 | 5.00 | 5.33 | ||||||||||||||||||
Non-earning assets | 71,861 | 67,505 | ||||||||||||||||||||||
Total assets | $ | 818,740 | $ | 812,404 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 96,098 | $ | 92,447 | 21 | 42 | 0.09 | 0.18 | ||||||||||||||||
Money market | 82,372 | 78,143 | 101 | 148 | 0.49 | 0.76 | ||||||||||||||||||
Savings | 64,561 | 62,557 | 22 | 37 | 0.14 | 0.24 | ||||||||||||||||||
Time | 271,932 | 280,729 | 1,503 | 1,953 | 2.22 | 2.78 | ||||||||||||||||||
Total deposits | 514,963 | 513,876 | 1,647 | 2,180 | 1.28 | 1.70 | ||||||||||||||||||
Customer repurchase agreements | 62,072 | 60,876 | 99 | 176 | 0.64 | 1.16 | ||||||||||||||||||
Other short-term borrowings | - | 1,553 | - | 1 | - | 0.26 | ||||||||||||||||||
Long-term borrowings | 29,212 | 30,460 | 407 | 424 | 5.57 | 5.57 | ||||||||||||||||||
Total interest-bearing | ||||||||||||||||||||||||
liabilities | 606,247 | 606,765 | 2,153 | 2,781 | 1.42 | 1.83 | ||||||||||||||||||
Noninterest bearing | ||||||||||||||||||||||||
demand deposits | 100,493 | 98,258 | ||||||||||||||||||||||
Other liabilities | 3,873 | 4,519 | ||||||||||||||||||||||
Shareholders' equity | 108,127 | 102,862 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 818,740 | $ | 812,404 | ||||||||||||||||||||
Interest rate spread | 3.58 | % | 3.50 | % | ||||||||||||||||||||
Net interest margin | 3.85 | % | 3.84 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis) | 7,187 | 7,144 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment | 329 | 235 | ||||||||||||||||||||||
Net interest income | $ | 6,858 | $ | 6,909 |
American National Bankshares Inc. and Subsidiaries | ||||||||||||||||||||||||
Net Interest Income Analysis | ||||||||||||||||||||||||
For the Six Months Ended June 30, 2010 and 2009 | ||||||||||||||||||||||||
(in thousands, except rates) | ||||||||||||||||||||||||
Interest | ||||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | $ | 78,974 | $ | 93,887 | $ | 1,892 | $ | 2,200 | 4.83 | % | 4.69 | % | ||||||||||||
Real estate | 437,550 | 470,106 | 12,128 | 13,448 | 5.54 | 5.72 | ||||||||||||||||||
Consumer | 6,628 | 7,888 | 271 | 353 | 8.25 | 8.95 | ||||||||||||||||||
Total loans | 523,152 | 571,881 | 14,291 | 16,001 | 5.47 | 5.60 | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Federal agencies | 65,886 | 45,997 | 1,076 | 1,046 | 3.27 | 4.55 | ||||||||||||||||||
Mortgage-backed & CMO's | 44,722 | 42,962 | 980 | 1,112 | 4.38 | 5.18 | ||||||||||||||||||
State and municipal | 73,614 | 47,247 | 2,006 | 1,335 | 5.45 | 5.65 | ||||||||||||||||||
Other | 7,308 | 6,641 | 130 | 105 | 3.56 | 3.16 | ||||||||||||||||||
Total securities | 191,530 | 142,847 | 4,192 | 3,598 | 4.38 | 5.04 | ||||||||||||||||||
Deposits in other banks | 28,094 | 25,237 | 178 | 191 | 1.28 | 1.51 | ||||||||||||||||||
Total interest-earning assets | 742,776 | 739,965 | 18,661 | 19,790 | 5.03 | 5.35 | ||||||||||||||||||
Non-earning assets | 71,882 | 68,106 | ||||||||||||||||||||||
Total assets | $ | 814,658 | $ | 808,071 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 96,578 | $ | 102,397 | 42 | 232 | 0.09 | 0.45 | ||||||||||||||||
Money market | 81,595 | 71,433 | 191 | 346 | 0.47 | 0.97 | ||||||||||||||||||
Savings | 63,686 | 61,927 | 44 | 77 | 0.14 | 0.25 | ||||||||||||||||||
Time | 269,256 | 276,600 | 3,005 | 4,052 | 2.25 | 2.93 | ||||||||||||||||||
Total deposits | 511,115 | 512,357 | 3,282 | 4,707 | 1.29 | 1.84 | ||||||||||||||||||
Customer repurchase agreements | 63,005 | 58,477 | 204 | 409 | 0.65 | 1.40 | ||||||||||||||||||
Other short-term borrowings | - | 1,811 | - | 4 | - | 0.44 | ||||||||||||||||||
Long-term borrowings | 29,230 | 32,418 | 814 | 898 | 5.57 | 5.54 | ||||||||||||||||||
Total interest-bearing | ||||||||||||||||||||||||
liabilities | 603,350 | 605,063 | 4,300 | 6,018 | 1.43 | 1.99 | ||||||||||||||||||
Noninterest bearing | ||||||||||||||||||||||||
demand deposits | 99,676 | 95,748 | ||||||||||||||||||||||
Other liabilities | 3,818 | 4,406 | ||||||||||||||||||||||
Shareholders' equity | 107,814 | 102,854 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 814,658 | $ | 808,071 | ||||||||||||||||||||
Interest rate spread | 3.60 | % | 3.36 | % | ||||||||||||||||||||
Net interest margin | 3.86 | % | 3.72 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis) | 14,361 | 13,772 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment | 599 | 450 | ||||||||||||||||||||||
Net interest income | $ | 13,762 | $ | 13,322 |