American National Bankshares Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(Dollars in thousands, except share and per share data) | ||||||||
Unaudited | ||||||||
December 31 | ||||||||
ASSETS | 2010 | 2009 | ||||||
Cash and due from banks | $ | 9,547 | $ | 13,250 | ||||
Interest-bearing deposits in other banks | 8,967 | 10,693 | ||||||
Securities available for sale, at fair value | 228,295 | 188,795 | ||||||
Securities held to maturity | 3,334 | 6,529 | ||||||
Total securities | 231,629 | 195,324 | ||||||
Restricted stock, at cost | 4,062 | 4,362 | ||||||
Loans held for sale | 3,135 | 2,490 | ||||||
Loans | 520,781 | 527,991 | ||||||
Less allowance for loan losses | (8,420 | ) | (8,166 | ) | ||||
Net Loans | 512,361 | 519,825 | ||||||
Premises and equipment, net | 19,509 | 19,195 | ||||||
Other real estate owned, net | 3,716 | 3,414 | ||||||
Goodwill | 22,468 | 22,468 | ||||||
Core deposit intangibles, net | 1,320 | 1,698 | ||||||
Accrued interest receivable and other assets | 16,950 | 16,254 | ||||||
Total assets | $ | 833,664 | $ | 808,973 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Demand deposits -- noninterest-bearing | $ | 105,240 | $ | 101,735 | ||||
Demand deposits -- interest-bearing | 90,012 | 97,025 | ||||||
Money market deposits | 59,891 | 75,554 | ||||||
Savings deposits | 62,522 | 61,873 | ||||||
Time deposits | 322,433 | 268,086 | ||||||
Total deposits | 640,098 | 604,273 | ||||||
Short-term borrowings: | ||||||||
Customer repurchase agreements | 47,084 | 65,929 | ||||||
Other short-term borrowings | 6,110 | - | ||||||
Long-term borrowings | 8,488 | 8,638 | ||||||
Trust preferred capital notes | 20,619 | 20,619 | ||||||
Accrued interest payable and other liabilities | 3,178 | 3,125 | ||||||
Total liabilities | 725,577 | 702,584 | ||||||
Shareholders' equity: | ||||||||
Common stock, $1 par, 20,000,000 shares authorized, | ||||||||
6,127,735 shares outstanding at December 31, 2010 and | ||||||||
6,110,335 shares outstanding at December 31, 2009 | 6,128 | 6,110 | ||||||
Capital in excess of par value | 27,268 | 26,962 | ||||||
Retained earnings | 74,850 | 72,208 | ||||||
Accumulated other comprehensive income (loss), net | (159 | ) | 1,109 | |||||
Total shareholders' equity | 108,087 | 106,389 | ||||||
Total liabilities and shareholders' equity | $ | 833,664 | $ | 808,973 | ||||
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 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Interest and Dividend Income: | ||||||||||||||||
Interest and fees on loans | $ | 6,960 | $ | 7,445 | $ | 28,180 | $ | 31,062 | ||||||||
Interest and dividends on securities: | ||||||||||||||||
Taxable | 1,198 | 1,259 | 5,042 | 4,853 | ||||||||||||
Tax-exempt | 647 | 437 | 2,288 | 1,673 | ||||||||||||
Dividends | 24 | 25 | 95 | 95 | ||||||||||||
Other interest income | 92 | 91 | 360 | 378 | ||||||||||||
Total interest and dividend income | 8,921 | 9,257 | 35,965 | 38,061 | ||||||||||||
Interest Expense: | ||||||||||||||||
Interest on deposits | 1,704 | 1,771 | 6,708 | 8,399 | ||||||||||||
Interest on short-term borrowings | 85 | 127 | 382 | 675 | ||||||||||||
Interest on long-term borrowings | 64 | 66 | 256 | 342 | ||||||||||||
Interest on trust preferred capital notes | 343 | 343 | 1,373 | 1,373 | ||||||||||||
Total interest expense | 2,196 | 2,307 | 8,719 | 10,789 | ||||||||||||
Net Interest Income | 6,725 | 6,950 | 27,246 | 27,272 | ||||||||||||
Provision for loan losses | 485 | 328 | 1,490 | 1,662 | ||||||||||||
Net Interest Income After Provision | ||||||||||||||||
for Loan Losses | 6,240 | 6,622 | 25,756 | 25,610 | ||||||||||||
Noninterest Income: | ||||||||||||||||
Trust fees | 936 | 815 | 3,391 | 3,153 | ||||||||||||
Service charges on deposit accounts | 457 | 536 | 1,897 | 2,085 | ||||||||||||
Other fees and commissions | 307 | 264 | 1,163 | 1,014 | ||||||||||||
Mortgage banking income | 543 | 390 | 1,560 | 1,605 | ||||||||||||
Securities gains, net | 84 | 1 | 126 | 3 | ||||||||||||
Foreclosed real estate (losses), net | (304 | ) | (253 | ) | (583 | ) | (1,475 | ) | ||||||||
Other | 579 | 184 | 977 | 658 | ||||||||||||
Total noninterest income | 2,602 | 1,937 | 8,531 | 7,043 | ||||||||||||
Noninterest Expense: | ||||||||||||||||
Salaries | 2,789 | 2,314 | 10,379 | 10,048 | ||||||||||||
Employee benefits | 618 | 750 | 2,455 | 3,201 | ||||||||||||
Occupancy and equipment | 725 | 762 | 2,934 | 2,927 | ||||||||||||
FDIC assessment | 206 | 202 | 803 | 1,186 | ||||||||||||
Bank franchise tax | 167 | 159 | 670 | 642 | ||||||||||||
Core deposit intangible amortization | 94 | 94 | 377 | 377 | ||||||||||||
Other | 1,603 | 1,243 | 5,210 | 4,937 | ||||||||||||
Total noninterest expense | 6,202 | 5,524 | 22,828 | 23,318 | ||||||||||||
Income Before Income Taxes | 2,640 | 3,035 | 11,459 | 9,335 | ||||||||||||
Income Taxes | 789 | 866 | 3,181 | 2,525 | ||||||||||||
Net Income | $ | 1,851 | $ | 2,169 | $ | 8,278 | $ | 6,810 | ||||||||
Net Income Per Common Share: | ||||||||||||||||
Basic | $ | 0.30 | $ | 0.36 | $ | 1.35 | $ | 1.12 | ||||||||
Diluted | $ | 0.30 | $ | 0.35 | $ | 1.35 | $ | 1.12 | ||||||||
Average Common Shares Outstanding: | ||||||||||||||||
Basic | 6,126,817 | 6,108,340 | 6,123,870 | 6,097,810 | ||||||||||||
Diluted | 6,141,123 | 6,116,800 | 6,131,650 | 6,102,895 | ||||||||||||
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 | |||||||||||||||
2010 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Interest income | $ | 8,921 | $ | 8,982 | $ | 9,257 | $ | 35,965 | $ | 38,061 | ||||||||||
Interest expense | 2,196 | 2,223 | 2,307 | 8,719 | 10,789 | |||||||||||||||
Net interest income | 6,725 | 6,759 | 6,950 | 27,246 | 27,272 | |||||||||||||||
Provision for loan losses | 485 | 435 | 328 | 1,490 | 1,662 | |||||||||||||||
Noninterest income | 2,602 | 2,246 | 1,937 | 8,531 | 7,043 | |||||||||||||||
Noninterest expense | 6,202 | 5,536 | 5,524 | 22,828 | 23,318 | |||||||||||||||
Income taxes | 789 | 806 | 866 | 3,181 | 2,525 | |||||||||||||||
Net income | 1,851 | 2,228 | 2,169 | 8,278 | 6,810 | |||||||||||||||
PER COMMON SHARE | ||||||||||||||||||||
Earnings per share - basic | $ | 0.30 | $ | 0.36 | $ | 0.36 | $ | 1.35 | $ | 1.12 | ||||||||||
Earnings per share - diluted | 0.30 | 0.36 | 0.35 | 1.35 | 1.12 | |||||||||||||||
Cash dividends declared | 0.23 | 0.23 | 0.23 | 0.92 | 0.92 | |||||||||||||||
Book value per share | 17.64 | 18.10 | 17.41 | 17.64 | 17.41 | |||||||||||||||
Book value per share - tangible (a) | 13.76 | 14.20 | 13.46 | 13.76 | 13.46 | |||||||||||||||
Closing market price | 23.55 | 21.94 | 21.90 | 23.55 | 21.90 | |||||||||||||||
FINANCIAL RATIOS | ||||||||||||||||||||
Return on average assets | 0.88 | % | 1.07 | % | 1.07 | % | 1.00 | % | 0.84 | % | ||||||||||
Return on average equity | 6.69 | 8.11 | 8.24 | 7.59 | 6.57 | |||||||||||||||
Return on average tangible equity (b) | 8.83 | 10.69 | 11.03 | 10.05 | 8.94 | |||||||||||||||
Average equity to average assets | 13.12 | 13.14 | 12.93 | 13.18 | 12.79 | |||||||||||||||
Net interest margin, taxable equivalent | 3.67 | 3.74 | 3.88 | 3.78 | 3.81 | |||||||||||||||
Efficiency ratio | 65.70 | 59.54 | 58.79 | 61.53 | 63.46 | |||||||||||||||
Effective tax rate | 29.89 | 26.57 | 28.53 | 27.76 | 27.05 | |||||||||||||||
PERIOD-END BALANCES | ||||||||||||||||||||
Securities | $ | 235,691 | $ | 218,096 | $ | 199,686 | $ | 235,691 | $ | 199,686 | ||||||||||
Loans held for sale | 3,135 | 3,952 | 2,490 | 3,135 | 2,490 | |||||||||||||||
Loans, net of unearned income | 520,781 | 519,421 | 527,991 | 520,781 | 527,991 | |||||||||||||||
Goodwill and other intangibles | 23,788 | 23,883 | 24,166 | 23,788 | 24,166 | |||||||||||||||
Assets | 833,664 | 824,217 | 808,973 | 833,664 | 808,973 | |||||||||||||||
Assets - tangible (a) | 809,876 | 800,334 | 784,807 | 809,876 | 784,807 | |||||||||||||||
Deposits | 640,098 | 625,630 | 604,273 | 640,098 | 604,273 | |||||||||||||||
Customer repurchase agreements | 47,084 | 54,285 | 65,929 | 47,084 | 65,929 | |||||||||||||||
Other short-term borrowings | 6,110 | - | - | 6,110 | - | |||||||||||||||
Long-term borrowings | 29,107 | 29,144 | 29,257 | 29,107 | 29,257 | |||||||||||||||
Shareholders' equity | 108,087 | 110,868 | 106,389 | 108,087 | 106,389 | |||||||||||||||
Shareholders' equity - tangible (a) | 84,299 | 86,985 | 82,223 | 84,299 | 82,223 | |||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Securities | $ | 215,208 | $ | 214,532 | $ | 167,546 | $ | 203,296 | $ | 153,237 | ||||||||||
Loans held for sale | 5,629 | 4,991 | 4,394 | 4,159 | 5,436 | |||||||||||||||
Loans, net of unearned income | 521,832 | 519,101 | 540,103 | 520,315 | 553,831 | |||||||||||||||
Interest-earning assets | 770,649 | 762,742 | 744,007 | 754,833 | 741,308 | |||||||||||||||
Goodwill and other intangibles | 23,844 | 23,935 | 24,217 | 23,982 | 24,360 | |||||||||||||||
Assets | 843,922 | 836,033 | 814,232 | 827,422 | 810,140 | |||||||||||||||
Assets - tangible (a) | 820,078 | 812,098 | 790,015 | 803,440 | 785,780 | |||||||||||||||
Interest-bearing deposits | 537,662 | 530,191 | 499,725 | 522,614 | 507,014 | |||||||||||||||
Deposits | 647,526 | 633,692 | 604,506 | 625,822 | 606,700 | |||||||||||||||
Customer repurchase agreements | 52,068 | 59,126 | 70,014 | 59,270 | 63,115 | |||||||||||||||
Other short-term borrowings | 251 | 92 | 91 | 87 | 1,037 | |||||||||||||||
Long-term borrowings | 29,136 | 29,174 | 29,287 | 29,192 | 30,849 | |||||||||||||||
Shareholders' equity | 110,688 | 109,885 | 105,302 | 109,060 | 103,625 | |||||||||||||||
Shareholders' equity - tangible (a) | 86,844 | 85,950 | 81,085 | 85,078 | 79,265 | |||||||||||||||
CAPITAL | ||||||||||||||||||||
Average shares outstanding - basic | 6,126,817 | 6,125,359 | 6,108,340 | 6,123,870 | 6,097,810 | |||||||||||||||
Average shares outstanding - diluted | 6,141,123 | 6,131,129 | 6,116,800 | 6,131,650 | 6,102,895 | |||||||||||||||
Shares repurchased | - | - | - | - | 7,600 | |||||||||||||||
Average price of shares repurchased | $ | - | $ | - | $ | - | $ | - | $ | 15.92 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Beginning balance | $ | 8,542 | $ | 8,135 | $ | 8,260 | $ | 8,166 | $ | 7,824 | ||||||||||
Provision for loan losses | 485 | 435 | 328 | 1,490 | 1,662 | |||||||||||||||
Charge-offs | (662 | ) | (137 | ) | (485 | ) | (1,531 | ) | (1,601 | ) | ||||||||||
Recoveries | 55 | 109 | 63 | 295 | 281 | |||||||||||||||
Ending balance | $ | 8,420 | $ | 8,542 | $ | 8,166 | $ | 8,420 | $ | 8,166 | ||||||||||
LOANS | ||||||||||||||||||||
Construction and land development | $ | 37,168 | $ | 42,602 | $ | 40,371 | $ | 37,168 | $ | 40,371 | ||||||||||
Commercial real estate | 210,393 | 206,142 | 208,066 | 210,393 | 208,066 | |||||||||||||||
Residential real estate | 119,398 | 118,554 | 121,639 | 119,398 | 121,639 | |||||||||||||||
Home equity | 61,064 | 64,847 | 64,678 | 61,064 | 64,678 | |||||||||||||||
Commercial and industrial | 85,051 | 80,818 | 86,312 | 85,051 | 86,312 | |||||||||||||||
Consumer | 7,707 | 6,458 | 6,925 | 7,707 | 6,925 | |||||||||||||||
Total | $ | 520,781 | $ | 519,421 | $ | 527,991 | $ | 520,781 | $ | 527,991 | ||||||||||
NONPERFORMING ASSETS AT PERIOD-END | ||||||||||||||||||||
Nonperforming loans: | ||||||||||||||||||||
90 days past due | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Nonaccrual | 2,597 | 3,910 | 3,642 | 2,597 | 3,642 | |||||||||||||||
Foreclosed real estate | 3,716 | 3,987 | 3,414 | 3,716 | 3,414 | |||||||||||||||
Nonperforming assets | $ | 6,313 | $ | 7,897 | $ | 7,056 | $ | 6,313 | $ | 7,056 | ||||||||||
ASSET QUALITY RATIOS | ||||||||||||||||||||
Annualized net chargeoffs to average loans | 0.47 | % | 0.02 | % | 0.31 | % | 0.24 | % | 0.24 | % | ||||||||||
Nonperforming assets to total assets | 0.76 | 0.96 | 0.87 | 0.76 | 0.87 | |||||||||||||||
Nonperforming loans to total loans | 0.50 | 0.75 | 0.69 | 0.50 | 0.69 | |||||||||||||||
Allowance for loan losses to total loans | 1.62 | 1.64 | 1.55 | 1.62 | 1.55 | |||||||||||||||
Allowance for loan losses to nonperforming loans | 324.22 | 218.47 | 224.22 | 324.22 | 224.22 | |||||||||||||||
OTHER DATA | ||||||||||||||||||||
Fiduciary assets at period-end (c) | $ | 368,018 | $ | 370,016 | $ | 358,124 | $ | 368,018 | $ | 358,124 | ||||||||||
Retail brokerage assets at period-end (c) | $ | 49,311 | $ | 47,507 | $ | 54,696 | $ | 49,311 | $ | 54,696 | ||||||||||
Number full-time equivalent employees (d) | 242 | 242 | 238 | 242 | 238 | |||||||||||||||
Number of full service offices | 18 | 18 | 18 | 18 | 18 | |||||||||||||||
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 December 31, 2010 and 2009 | ||||||||||||||||||||||||
(in thousands, except yields and rates) | ||||||||||||||||||||||||
Interest | Average | |||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | $ | 75,012 | $ | 80,712 | $ | 900 | $ | 986 | 4.76 | % | 4.89 | % | ||||||||||||
Real estate | 445,017 | 452,136 | 5,949 | 6,338 | 5.35 | 5.61 | ||||||||||||||||||
Consumer | 7,432 | 7,255 | 144 | 148 | 7.69 | 8.16 | ||||||||||||||||||
Total loans | 527,461 | 540,103 | 6,993 | 7,472 | 5.30 | 5.53 | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Federal agencies & GSE | 48,184 | 61,858 | 382 | 555 | 3.17 | 3.59 | ||||||||||||||||||
Mortgage-backed & CMO's | 57,251 | 38,002 | 484 | 482 | 3.38 | 5.07 | ||||||||||||||||||
State and municipal | 103,692 | 59,358 | 1,255 | 839 | 4.84 | 5.65 | ||||||||||||||||||
Other | 6,081 | 8,328 | 55 | 76 | 3.62 | 3.65 | ||||||||||||||||||
Total securities | 215,208 | 167,546 | 2,176 | 1,952 | 4.04 | 4.66 | ||||||||||||||||||
Deposits in other banks | 27,980 | 36,358 | 92 | 91 | 1.30 | 1.00 | ||||||||||||||||||
Total interest-earning assets | 770,649 | 744,007 | 9,261 | 9,515 | 4.80 | 5.12 | ||||||||||||||||||
Non-earning assets | 73,273 | 70,225 | ||||||||||||||||||||||
Total assets | $ | 843,922 | $ | 814,232 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 93,133 | $ | 94,764 | 18 | 27 | 0.08 | 0.11 | ||||||||||||||||
Money market | 60,500 | 72,342 | 86 | 74 | 0.56 | 0.41 | ||||||||||||||||||
Savings | 63,010 | 62,026 | 22 | 33 | 0.14 | 0.21 | ||||||||||||||||||
Time | 321,019 | 270,593 | 1,578 | 1,637 | 1.95 | 2.42 | ||||||||||||||||||
Total deposits | 537,662 | 499,725 | 1,704 | 1,771 | 1.26 | 1.42 | ||||||||||||||||||
Customer repurchase agreements | 52,068 | 70,014 | 85 | 127 | 0.65 | 0.73 | ||||||||||||||||||
Other short-term borrowings | 251 | 91 | 0 | 0 | 0.14 | 0.39 | ||||||||||||||||||
Long-term borrowings | 29,136 | 29,287 | 407 | 409 | 5.59 | 5.59 | ||||||||||||||||||
Total interest-bearing liabilities | 619,117 | 599,117 | 2,196 | 2,307 | 1.41 | 1.54 | ||||||||||||||||||
Noninterest bearing demand deposits | 109,864 | 104,781 | ||||||||||||||||||||||
Other liabilities | 4,253 | 5,032 | ||||||||||||||||||||||
Shareholders' equity | 110,688 | 105,302 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 843,922 | $ | 814,232 | ||||||||||||||||||||
Interest rate spread | 3.39 | % | 3.58 | % | ||||||||||||||||||||
Net interest margin | 3.67 | % | 3.88 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis) | 7,065 | 7,208 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment | 340 | 258 | ||||||||||||||||||||||
Net interest income | $ | 6,725 | $ | 6,950 | ||||||||||||||||||||
Net Interest Income Analysis | ||||||||||||||||||||||||
For the Years Ended 2010 and 2009 | ||||||||||||||||||||||||
(in thousands, except yields and rates) | ||||||||||||||||||||||||
Interest | Average | |||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | ||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | $ | 77,382 | $ | 88,551 | $ | 3,726 | $ | 4,213 | 4.82 | % | 4.76 | % | ||||||||||||
Real estate | 440,318 | 463,093 | 24,045 | 26,294 | 5.46 | 5.68 | ||||||||||||||||||
Consumer | 6,774 | 7,623 | 541 | 659 | 7.99 | 8.64 | ||||||||||||||||||
Total loans | 524,474 | 559,267 | 28,312 | 31,166 | 5.40 | 5.57 | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Federal agencies & GSE | 59,960 | 52,694 | 1,917 | 2,139 | 3.20 | 4.06 | ||||||||||||||||||
Mortgage-backed & CMO's | 50,178 | 40,363 | 1,957 | 2,100 | 3.90 | 5.20 | ||||||||||||||||||
State and municipal | 86,439 | 52,687 | 4,478 | 2,972 | 5.18 | 5.64 | ||||||||||||||||||
Other | 6,719 | 7,493 | 240 | 261 | 3.57 | 3.48 | ||||||||||||||||||
Total securities | 203,296 | 153,237 | 8,592 | 7,472 | 4.23 | 4.88 | ||||||||||||||||||
Deposits in other banks | 27,063 | 28,804 | 360 | 378 | 1.33 | 1.31 | ||||||||||||||||||
Total interest-earning assets | 754,833 | 741,308 | 37,264 | 39,016 | 4.94 | 5.26 | ||||||||||||||||||
Non-earning assets | 72,589 | 68,832 | ||||||||||||||||||||||
Total assets | $ | 827,422 | $ | 810,140 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 94,236 | $ | 98,576 | 76 | 290 | 0.08 | 0.29 | ||||||||||||||||
Money market | 73,358 | 72,918 | 371 | 527 | 0.51 | 0.72 | ||||||||||||||||||
Savings | 63,484 | 62,219 | 88 | 148 | 0.14 | 0.24 | ||||||||||||||||||
Time | 291,536 | 273,301 | 6,173 | 7,434 | 2.12 | 2.72 | ||||||||||||||||||
Total deposits | 522,614 | 507,014 | 6,708 | 8,399 | 1.28 | 1.66 | ||||||||||||||||||
Customer repurchase agreements | 59,270 | 63,115 | 382 | 670 | 0.64 | 1.06 | ||||||||||||||||||
Other short-term borrowings | 87 | 1,037 | 0 | 5 | 0.42 | 0.48 | ||||||||||||||||||
Long-term borrowings | 29,192 | 30,849 | 1,629 | 1,715 | 5.58 | 5.56 | ||||||||||||||||||
Total interest-bearing liabilities | 611,163 | 602,015 | 8,719 | 10,789 | 1.43 | 1.79 | ||||||||||||||||||
Noninterest bearing demand deposits | 103,208 | 99,686 | ||||||||||||||||||||||
Other liabilities | 3,991 | 4,814 | ||||||||||||||||||||||
Shareholders' equity | 109,060 | 103,625 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 827,422 | $ | 810,140 | ||||||||||||||||||||
Interest rate spread | 3.51 | % | 3.47 | % | ||||||||||||||||||||
Net interest margin | 3.78 | % | 3.81 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis) | 28,545 | 28,227 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment | 1,299 | 955 | ||||||||||||||||||||||
Net interest income | $ | 27,246 | $ | 27,272 | ||||||||||||||||||||