American National Bankshares Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(Dollars in thousands, except share and per share data) | ||||||||
Unaudited | ||||||||
September 30 | ||||||||
ASSETS | 2010 | 2009 | ||||||
Cash and due from banks | $ | 10,860 | $ | 17,451 | ||||
Interest-bearing deposits in other banks | 16,338 | 8,892 | ||||||
Securities available for sale, at fair value | 209,434 | 177,591 | ||||||
Securities held to maturity | 4,501 | 6,540 | ||||||
Total securities | 213,935 | 184,131 | ||||||
Restricted stock, at cost | 4,161 | 4,362 | ||||||
Loans held for sale | 3,952 | 3,840 | ||||||
Loans | 519,421 | 539,188 | ||||||
Less allowance for loan losses | (8,542 | ) | (8,260 | ) | ||||
Net Loans | 510,879 | 530,928 | ||||||
Premises and equipment, net | 20,142 | 19,390 | ||||||
Other real estate owned, net | 3,987 | 4,558 | ||||||
Goodwill | 22,468 | 22,468 | ||||||
Core deposit intangibles, net | 1,415 | 1,792 | ||||||
Accrued interest receivable and other assets | 16,080 | 12,534 | ||||||
Total assets | $ | 824,217 | $ | 810,346 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Demand deposits -- noninterest-bearing | $ | 101,578 | $ | 105,100 | ||||
Demand deposits -- interest-bearing | 91,301 | 92,012 | ||||||
Money market deposits | 53,388 | 71,424 | ||||||
Savings deposits | 62,841 | 62,420 | ||||||
Time deposits | 316,522 | 265,339 | ||||||
Total deposits | 625,630 | 596,295 | ||||||
Short-term borrowings: | ||||||||
Customer repurchase agreements | 54,285 | 71,339 | ||||||
Other short-term borrowings | - | 4,000 | ||||||
Long-term borrowings | 8,525 | 8,675 | ||||||
Trust preferred capital notes | 20,619 | 20,619 | ||||||
Accrued interest payable and other liabilities | 4,290 | 4,513 | ||||||
Total liabilities | 713,349 | 705,441 | ||||||
Shareholders' equity: | ||||||||
Common stock, $1 par, 20,000,000 shares authorized, | ||||||||
6,126,374 shares outstanding at September 30, 2010 and | ||||||||
6,107,327 shares outstanding at September 30, 2009 | 6,126 | 6,107 | ||||||
Capital in excess of par value | 27,200 | 26,900 | ||||||
Retained earnings | 74,409 | 71,445 | ||||||
Accumulated other comprehensive income (loss), net | 3,133 | 453 | ||||||
Total shareholders' equity | 110,868 | 104,905 | ||||||
Total liabilities and shareholders' equity | $ | 824,217 | $ | 810,346 |
American National Bankshares Inc. and Subsidiaries | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
(Dollars in thousands, except share and per share data) | ||||||||||||||||
Unaudited | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Interest and Dividend Income: | ||||||||||||||||
Interest and fees on loans | $ | 6,994 | $ | 7,666 | $ | 21,220 | $ | 23,617 | ||||||||
Interest and dividends on securities: | ||||||||||||||||
Taxable | 1,253 | 1,241 | 3,844 | 3,594 | ||||||||||||
Tax-exempt | 621 | 434 | 1,641 | 1,236 | ||||||||||||
Dividends | 24 | 27 | 71 | 70 | ||||||||||||
Other interest income | 90 | 96 | 268 | 287 | ||||||||||||
Total interest and dividend income | 8,982 | 9,464 | 27,044 | 28,804 | ||||||||||||
Interest Expense: | ||||||||||||||||
Interest on deposits | 1,722 | 1,921 | 5,004 | 6,628 | ||||||||||||
Interest on short-term borrowings | 93 | 135 | 297 | 548 | ||||||||||||
Interest on long-term borrowings | 65 | 65 | 192 | 276 | ||||||||||||
Interest on trust preferred capital notes | 343 | 343 | 1,030 | 1,030 | ||||||||||||
Total interest expense | 2,223 | 2,464 | 6,523 | 8,482 | ||||||||||||
Net Interest Income | 6,759 | 7,000 | 20,521 | 20,322 | ||||||||||||
Provision for loan losses | 435 | 492 | 1,005 | 1,334 | ||||||||||||
Net Interest Income After Provision | ||||||||||||||||
for Loan Losses | 6,324 | 6,508 | 19,516 | 18,988 | ||||||||||||
Noninterest Income: | ||||||||||||||||
Trust fees | 842 | 813 | 2,455 | 2,338 | ||||||||||||
Service charges on deposit accounts | 478 | 536 | 1,440 | 1,549 | ||||||||||||
Other fees and commissions | 290 | 257 | 856 | 750 | ||||||||||||
Mortgage banking income | 428 | 361 | 1,017 | 1,215 | ||||||||||||
Securities gains, net | 67 | 1 | 42 | 2 | ||||||||||||
Foreclosed real estate gains (losses), net | 5 | - | (279 | ) | (1,222 | ) | ||||||||||
Other | 136 | 151 | 398 | 474 | ||||||||||||
Total noninterest income | 2,246 | 2,119 | 5,929 | 5,106 | ||||||||||||
Noninterest Expense: | ||||||||||||||||
Salaries | 2,596 | 2,471 | 7,590 | 7,734 | ||||||||||||
Employee benefits | 564 | 806 | 1,837 | 2,451 | ||||||||||||
Occupancy and equipment | 732 | 701 | 2,209 | 2,165 | ||||||||||||
FDIC assessment | 203 | 203 | 597 | 984 | ||||||||||||
Bank franchise tax | 168 | 160 | 503 | 483 | ||||||||||||
Core deposit intangible amortization | 94 | 94 | 283 | 283 | ||||||||||||
Other | 1,179 | 1,163 | 3,607 | 3,694 | ||||||||||||
Total noninterest expense | 5,536 | 5,598 | 16,626 | 17,794 | ||||||||||||
Income Before Income Taxes | 3,034 | 3,029 | 8,819 | 6,300 | ||||||||||||
Income Taxes | 806 | 862 | 2,392 | 1,659 | ||||||||||||
Net Income | $ | 2,228 | $ | 2,167 | $ | 6,427 | $ | 4,641 | ||||||||
Net Income Per Common Share: | ||||||||||||||||
Basic | $ | 0.36 | $ | 0.36 | $ | 1.05 | $ | 0.76 | ||||||||
Diluted | $ | 0.36 | $ | 0.35 | $ | 1.05 | $ | 0.76 | ||||||||
Average Common Shares Outstanding: | ||||||||||||||||
Basic | 6,125,359 | 6,104,505 | 6,122,876 | 6,094,261 | ||||||||||||
Diluted | 6,131,129 | 6,111,913 | 6,128,481 | 6,098,221 |
American National Bankshares Inc. and Subsidiaries | ||||||||||||||||||||
Financial Highlights | ||||||||||||||||||||
(In thousands, except share, ratio and | ||||||||||||||||||||
nonfinancial data, unaudited) | 3rd Qtr | 2nd Qtr | 3rd Qtr | YTD | YTD | |||||||||||||||
2010 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Interest income | $ | 8,982 | $ | 9,011 | $ | 9,464 | $ | 27,044 | $ | 28,804 | ||||||||||
Interest expense | 2,223 | 2,153 | 2,464 | 6,523 | 8,482 | |||||||||||||||
Net interest income | 6,759 | 6,858 | 7,000 | 20,521 | 20,322 | |||||||||||||||
Provision for loan losses | 435 | 285 | 492 | 1,005 | 1,334 | |||||||||||||||
Noninterest income | 2,246 | 1,762 | 2,119 | 5,929 | 5,106 | |||||||||||||||
Noninterest expense | 5,536 | 5,593 | 5,598 | 16,626 | 17,794 | |||||||||||||||
Income taxes | 806 | 728 | 862 | 2,392 | 1,659 | |||||||||||||||
Net income | 2,228 | 2,014 | 2,167 | 6,427 | 4,641 | |||||||||||||||
PER COMMON SHARE | ||||||||||||||||||||
Earnings per share - basic | $ | 0.36 | $ | 0.33 | $ | 0.36 | $ | 1.05 | $ | 0.76 | ||||||||||
Earnings per share - diluted | 0.36 | 0.33 | 0.35 | 1.05 | 0.76 | |||||||||||||||
Cash dividends declared | 0.23 | 0.23 | 0.23 | 0.69 | 0.69 | |||||||||||||||
Book value per share | 18.10 | 17.76 | 17.18 | 18.10 | 17.18 | |||||||||||||||
Book value per share - tangible (a) | 14.20 | 13.84 | 13.20 | 14.20 | 13.20 | |||||||||||||||
Closing market price | 21.94 | 21.39 | 21.82 | 21.94 | 21.82 | |||||||||||||||
FINANCIAL RATIOS | ||||||||||||||||||||
Return on average assets | 1.07 | % | 0.98 | % | 1.07 | % | 1.04 | % | 0.77 | % | ||||||||||
Return on average equity | 8.11 | 7.45 | 8.38 | 7.90 | 6.00 | |||||||||||||||
Return on average tangible equity (b) | 10.69 | 9.91 | 11.30 | 10.47 | 8.22 | |||||||||||||||
Average equity to average assets | 13.14 | 13.21 | 12.77 | 13.20 | 12.74 | |||||||||||||||
Net interest margin, taxable equivalent | 3.74 | 3.85 | 3.91 | 3.82 | 3.79 | |||||||||||||||
Efficiency ratio | 59.54 | 60.55 | 59.77 | 60.10 | 65.07 | |||||||||||||||
Effective tax rate | 26.57 | 26.55 | 28.46 | 27.12 | 26.33 | |||||||||||||||
PERIOD-END BALANCES | ||||||||||||||||||||
Securities | $ | 218,096 | $ | 220,759 | $ | 188,493 | $ | 218,096 | $ | 188,493 | ||||||||||
Loans held for sale | 3,952 | 2,879 | 3,840 | 3,952 | 3,840 | |||||||||||||||
Loans, net of unearned income | 519,421 | 519,416 | 539,188 | 519,421 | 539,188 | |||||||||||||||
Goodwill and other intangibles | 23,883 | 23,977 | 24,260 | 23,883 | 24,260 | |||||||||||||||
Assets | 824,217 | 832,644 | 810,346 | 824,217 | 810,346 | |||||||||||||||
Assets - tangible (a) | 800,334 | 808,667 | 786,086 | 800,334 | 786,086 | |||||||||||||||
Deposits | 625,630 | 630,151 | 596,295 | 625,630 | 596,295 | |||||||||||||||
Customer repurchase agreements | 54,285 | 61,665 | 71,339 | 54,285 | 71,339 | |||||||||||||||
Other short-term borrowings | - | - | 4,000 | - | 4,000 | |||||||||||||||
Long-term borrowings | 29,144 | 29,182 | 29,294 | 29,144 | 29,294 | |||||||||||||||
Shareholders' equity | 110,868 | 108,760 | 104,905 | 110,868 | 104,905 | |||||||||||||||
Shareholders' equity - tangible (a) | 86,985 | 84,783 | 80,645 | 86,985 | 80,645 | |||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Securities | $ | 214,532 | $ | 198,289 | $ | 159,314 | $ | 199,282 | $ | 148,415 | ||||||||||
Loans held for sale | 4,991 | 3,529 | 6,540 | 3,664 | 5,788 | |||||||||||||||
Loans, net of unearned income | 519,101 | 519,485 | 547,075 | 519,805 | 559,938 | |||||||||||||||
Interest-earning assets | 762,742 | 746,879 | 741,194 | 749,505 | 740,399 | |||||||||||||||
Goodwill and other intangibles | 23,935 | 24,029 | 24,314 | 24,029 | 24,408 | |||||||||||||||
Assets | 836,033 | 818,740 | 810,064 | 821,861 | 808,761 | |||||||||||||||
Assets - tangible (a) | 812,098 | 794,711 | 785,750 | 797,832 | 784,353 | |||||||||||||||
Interest-bearing deposits | 530,191 | 514,963 | 503,793 | 517,543 | 509,470 | |||||||||||||||
Deposits | 633,692 | 615,456 | 606,134 | 618,508 | 607,440 | |||||||||||||||
Customer repurchase agreements | 59,126 | 62,072 | 65,341 | 61,698 | 60,790 | |||||||||||||||
Other short-term borrowings | 92 | - | 460 | 31 | 1,355 | |||||||||||||||
Long-term borrowings | 29,174 | 29,212 | 29,325 | 29,211 | 31,376 | |||||||||||||||
Shareholders' equity | 109,885 | 108,127 | 103,411 | 108,512 | 103,060 | |||||||||||||||
Shareholders' equity - tangible (a) | 85,950 | 84,098 | 79,097 | 84,483 | 78,652 |
CAPITAL | ||||||||||||||||||||
Average shares outstanding - basic | 6,125,359 | 6,123,790 | 6,104,505 | 6,122,876 | 6,094,261 | |||||||||||||||
Average shares outstanding - diluted | 6,131,129 | 6,129,943 | 6,111,913 | 6,128,481 | 6,098,221 | |||||||||||||||
Shares repurchased | - | - | - | - | 7,600 | |||||||||||||||
Average price of shares repurchased | $ | - | $ | - | $ | - | $ | - | $ | 15.92 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Beginning balance | $ | 8,135 | $ | 8,112 | $ | 7,934 | $ | 8,166 | $ | 7,824 | ||||||||||
Provision for loan losses | 435 | 285 | 492 | 1,005 | 1,334 | |||||||||||||||
Charge-offs | (137 | ) | (305 | ) | (318 | ) | (869 | ) | (1,116 | ) | ||||||||||
Recoveries | 109 | 43 | 152 | 240 | 218 | |||||||||||||||
Ending balance | $ | 8,542 | $ | 8,135 | $ | 8,260 | $ | 8,542 | $ | 8,260 | ||||||||||
LOANS | ||||||||||||||||||||
Construction and land development | $ | 42,602 | $ | 40,039 | $ | 46,175 | $ | 42,602 | $ | 46,175 | ||||||||||
Commercial real estate | 206,142 | 202,602 | 209,470 | 206,142 | 209,470 | |||||||||||||||
Residential real estate | 118,554 | 119,410 | 126,392 | 118,554 | 126,392 | |||||||||||||||
Home equity | 64,847 | 63,992 | 62,519 | 64,847 | 62,519 | |||||||||||||||
Commercial and industrial | 80,818 | 86,924 | 87,226 | 80,818 | 87,226 | |||||||||||||||
Consumer | 6,458 | 6,449 | 7,406 | 6,458 | 7,406 | |||||||||||||||
Total | $ | 519,421 | $ | 519,416 | $ | 539,188 | $ | 519,421 | $ | 539,188 | ||||||||||
NONPERFORMING ASSETS AT PERIOD-END | ||||||||||||||||||||
Nonperforming loans: | ||||||||||||||||||||
90 days past due | $ | - | $ | 8 | $ | - | $ | - | $ | - | ||||||||||
Nonaccrual | 3,910 | 4,005 | 3,106 | 3,910 | 3,106 | |||||||||||||||
Foreclosed real estate | 3,987 | 3,730 | 4,558 | 3,987 | 4,558 | |||||||||||||||
Nonperforming assets | $ | 7,897 | $ | 7,743 | $ | 7,664 | $ | 7,897 | $ | 7,664 | ||||||||||
ASSET QUALITY RATIOS | ||||||||||||||||||||
Annualized net chargeoffs to average loans | 0.02 | % | 0.20 | % | 0.12 | % | 0.16 | % | 0.21 | % | ||||||||||
Nonperforming assets to total assets | 0.96 | 0.93 | 0.95 | 0.96 | 0.95 | |||||||||||||||
Nonperforming loans to total loans | 0.75 | 0.77 | 0.58 | 0.75 | 0.58 | |||||||||||||||
Allowance for loan losses to total loans | 1.64 | 1.57 | 1.53 | 1.64 | 1.53 | |||||||||||||||
Allowance for loan losses to | ||||||||||||||||||||
nonperforming loans | 218.47 | 202.72 | 265.94 | 218.47 | 265.94 | |||||||||||||||
OTHER DATA | ||||||||||||||||||||
Fiduciary assets at period-end (c) | $ | 370,016 | $ | 342,519 | $ | 354,860 | $ | 370,016 | $ | 354,860 | ||||||||||
Retail brokerage assets at period-end (c) | $ | 47,507 | $ | 45,912 | $ | 63,893 | $ | 47,507 | $ | 63,893 | ||||||||||
Number full-time equivalent employees (d) | 242 | 242 | 246 | 242 | 246 | |||||||||||||||
Number of full service offices | 18 | 18 | 19 | 18 | 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 |
Net Interest Income Analysis | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2010 and 2009 | ||||||||||||||||||||||||
(in thousands, except rates) | ||||||||||||||||||||||||
Interest | ||||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | $ | 76,618 | $ | 85,894 | $ | 934 | $ | 1,027 | 4.84 | % | 4.78 | % | ||||||||||||
Real estate | 441,069 | 460,253 | 5,968 | 6,508 | 5.41 | 5.66 | ||||||||||||||||||
Consumer | 6,405 | 7,468 | 126 | 158 | 7.80 | 8.46 | ||||||||||||||||||
Total loans | 524,092 | 553,615 | 7,028 | 7,693 | 5.36 | 5.56 | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Federal agencies | 60,079 | 56,706 | 459 | 538 | 3.06 | 3.80 | ||||||||||||||||||
Mortgage-backed & CMO's | 53,839 | 37,609 | 493 | 506 | 3.66 | 5.38 | ||||||||||||||||||
State and municipal | 94,419 | 56,665 | 1,217 | 798 | 5.16 | 5.63 | ||||||||||||||||||
Other | 6,195 | 8,334 | 55 | 80 | 3.55 | 3.84 | ||||||||||||||||||
Total securities | 214,532 | 159,314 | 2,224 | 1,922 | 4.15 | 4.83 | ||||||||||||||||||
Deposits in other banks | 24,118 | 28,265 | 90 | 96 | 1.48 | 1.36 | ||||||||||||||||||
Total interest-earning assets | 762,742 | 741,194 | 9,342 | 9,711 | 4.89 | 5.24 | ||||||||||||||||||
Non-earning assets | 73,291 | 68,870 | ||||||||||||||||||||||
Total assets | $ | 836,033 | $ | 810,064 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 90,731 | $ | 94,869 | 16 | 31 | 0.07 | 0.13 | ||||||||||||||||
Money market | 70,011 | 76,416 | 94 | 107 | 0.53 | 0.56 | ||||||||||||||||||
Savings | 63,562 | 62,985 | 22 | 38 | 0.14 | 0.24 | ||||||||||||||||||
Time | 305,887 | 269,523 | 1,590 | 1,745 | 2.06 | 2.59 | ||||||||||||||||||
Total deposits | 530,191 | 503,793 | 1,722 | 1,921 | 1.29 | 1.53 | ||||||||||||||||||
Customer repurchase agreements | 59,126 | 65,341 | 93 | 134 | 0.62 | 0.82 | ||||||||||||||||||
Other short-term borrowings | 92 | 460 | - | 1 | 0.43 | 0.87 | ||||||||||||||||||
Long-term borrowings | 29,174 | 29,325 | 408 | 408 | 5.59 | 5.57 | ||||||||||||||||||
Total interest-bearing | ||||||||||||||||||||||||
liabilities | 618,583 | 598,919 | 2,223 | 2,464 | 1.43 | 1.65 | ||||||||||||||||||
Noninterest bearing demand deposits | 103,501 | 102,341 | ||||||||||||||||||||||
Other liabilities | 4,064 | 5,393 | ||||||||||||||||||||||
Shareholders' equity | 109,885 | 103,411 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 836,033 | $ | 810,064 | ||||||||||||||||||||
Interest rate spread | 3.46 | % | 3.59 | % | ||||||||||||||||||||
Net interest margin | 3.74 | % | 3.91 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis) | 7,119 | 7,247 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment | 360 | 247 | ||||||||||||||||||||||
Net interest income | $ | 6,759 | $ | 7,000 | ||||||||||||||||||||
Net Interest Income Analysis | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2010 and 2009 | ||||||||||||||||||||||||
(in thousands, except rates) | ||||||||||||||||||||||||
Interest | ||||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | $ | 78,180 | $ | 91,193 | $ | 2,826 | $ | 3,227 | 4.83 | % | 4.72 | % | ||||||||||||
Real estate | 438,736 | 466,787 | 18,096 | 19,956 | 5.50 | 5.70 | ||||||||||||||||||
Consumer | 6,553 | 7,746 | 397 | 511 | 8.10 | 8.80 | ||||||||||||||||||
Total loans | 523,469 | 565,726 | 21,319 | 23,694 | 5.43 | 5.58 | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Federal agencies | 63,929 | 49,606 | 1,535 | 1,584 | 3.20 | 4.26 | ||||||||||||||||||
Mortgage-backed & CMO's | 47,795 | 41,158 | 1,473 | 1,618 | 4.11 | 5.24 | ||||||||||||||||||
State and municipal | 80,625 | 50,439 | 3,223 | 2,133 | 5.33 | 5.64 | ||||||||||||||||||
Other | 6,933 | 7,212 | 185 | 185 | 3.56 | 3.42 | ||||||||||||||||||
Total securities | 199,282 | 148,415 | 6,416 | 5,520 | 4.29 | 4.96 | ||||||||||||||||||
Deposits in other banks | 26,754 | 26,258 | 268 | 287 | 1.34 | 1.46 | ||||||||||||||||||
Total interest-earning assets | 749,505 | 740,399 | 28,003 | 29,501 | 4.98 | 5.31 | ||||||||||||||||||
Non-earning assets | 72,356 | 68,362 | ||||||||||||||||||||||
Total assets | $ | 821,861 | $ | 808,761 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 94,607 | $ | 99,860 | 58 | 263 | 0.08 | 0.35 | ||||||||||||||||
Money market | 77,691 | 73,112 | 285 | 453 | 0.49 | 0.83 | ||||||||||||||||||
Savings | 63,644 | 62,284 | 66 | 115 | 0.14 | 0.25 | ||||||||||||||||||
Time | 281,601 | 274,214 | 4,595 | 5,797 | 2.18 | 2.82 | ||||||||||||||||||
Total deposits | 517,543 | 509,470 | 5,004 | 6,628 | 1.29 | 1.73 | ||||||||||||||||||
Customer repurchase agreements | 61,698 | 60,790 | 297 | 543 | 0.64 | 1.19 | ||||||||||||||||||
Other short-term borrowings | 31 | 1,355 | - | 5 | 0.43 | 0.49 | ||||||||||||||||||
Long-term borrowings | 29,211 | 31,376 | 1,222 | 1,306 | 5.58 | 5.55 | ||||||||||||||||||
Total interest-bearing | ||||||||||||||||||||||||
liabilities | 608,483 | 602,991 | 6,523 | 8,482 | 1.43 | 1.88 | ||||||||||||||||||
Noninterest bearing demand deposits | 100,965 | 97,970 | ||||||||||||||||||||||
Other liabilities | 3,901 | 4,740 | ||||||||||||||||||||||
Shareholders' equity | 108,512 | 103,060 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 821,861 | $ | 808,761 | ||||||||||||||||||||
Interest rate spread | 3.55 | % | 3.43 | % | ||||||||||||||||||||
Net interest margin | 3.82 | % | 3.79 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis) | 21,480 | 21,019 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment | 959 | 697 | ||||||||||||||||||||||
Net interest income | $ | 20,521 | $ | 20,322 | ||||||||||||||||||||