American National Bankshares Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(Dollars in thousands, except per share data) | ||||||||
Unaudited | ||||||||
June 30 | ||||||||
ASSETS | 2017 | 2016 | ||||||
Cash and due from banks | $ | 23,765 | $ | 21,625 | ||||
Interest-bearing deposits in other banks | 62,164 | 51,716 | ||||||
Securities available for sale, at fair value | 280,503 | 362,800 | ||||||
Restricted stock, at cost | 5,501 | 5,362 | ||||||
Loans held for sale | 2,379 | 4,692 | ||||||
Loans | 1,288,693 | 1,057,959 | ||||||
Less allowance for loan losses | (13,632 | ) | (12,674 | ) | ||||
Net Loans | 1,275,061 | 1,045,285 | ||||||
Premises and equipment, net | 26,265 | 22,878 | ||||||
Other real estate owned, net | 1,686 | 1,289 | ||||||
Goodwill | 43,872 | 43,872 | ||||||
Core deposit intangibles, net | 1,351 | 2,107 | ||||||
Bank owned life insurance | 18,381 | 17,885 | ||||||
Accrued interest receivable and other assets | 23,545 | 22,140 | ||||||
Total assets | $ | 1,764,473 | $ | 1,601,651 | ||||
Liabilities | ||||||||
Demand deposits -- noninterest-bearing | $ | 390,603 | $ | 321,442 | ||||
Demand deposits -- interest-bearing | 218,714 | 205,440 | ||||||
Money market deposits | 339,106 | 252,118 | ||||||
Savings deposits | 125,237 | 116,047 | ||||||
Time deposits | 389,181 | 403,338 | ||||||
Total deposits | 1,462,841 | 1,298,385 | ||||||
Short-term borrowings: | ||||||||
Customer repurchase agreements | 48,282 | 53,369 | ||||||
Long-term borrowings | 9,991 | 9,969 | ||||||
Junior subordinated debt | 27,775 | 27,673 | ||||||
Accrued interest payable and other liabilities | 8,531 | 9,551 | ||||||
Total liabilities | 1,557,420 | 1,398,947 | ||||||
Shareholders' equity | ||||||||
Preferred stock, $5 par, 2,000,000 shares authorized, | ||||||||
none outstanding | — | — | ||||||
Common stock, $1 par, 20,000,000 shares authorized, | ||||||||
8,642,913 shares outstanding at June 30, 2017 and | ||||||||
8,609,160 shares outstanding at June 30, 2016 and | 8,595 | 8,572 | ||||||
Capital in excess of par value | 75,691 | 74,753 | ||||||
Retained earnings | 123,795 | 115,648 | ||||||
Accumulated other comprehensive income (loss), net | (1,028 | ) | 3,731 | |||||
Total shareholders' equity | 207,053 | 202,704 | ||||||
Total liabilities and shareholders' equity | $ | 1,764,473 | $ | 1,601,651 |
American National Bankshares Inc. | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Unaudited | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest and Dividend Income: | ||||||||||||||||
Interest and fees on loans | $ | 13,752 | $ | 11,642 | $ | 26,456 | $ | 23,757 | ||||||||
Interest and dividends on securities: | ||||||||||||||||
Taxable | 1,133 | 1,150 | 2,287 | 2,234 | ||||||||||||
Tax-exempt | 509 | 817 | 1,144 | 1,640 | ||||||||||||
Dividends | 84 | 93 | 163 | 184 | ||||||||||||
Other interest income | 125 | 67 | 234 | 125 | ||||||||||||
Total interest and dividend income | 15,603 | 13,769 | 30,284 | 27,940 | ||||||||||||
Interest Expense: | ||||||||||||||||
Interest on deposits | 1,352 | 1,314 | 2,552 | 2,611 | ||||||||||||
Interest on short-term borrowings | 14 | 1 | 42 | 2 | ||||||||||||
Interest on long-term borrowings | 81 | 81 | 161 | 162 | ||||||||||||
Interest on junior subordinated debt | 244 | 213 | 483 | 421 | ||||||||||||
Total interest expense | 1,691 | 1,609 | 3,238 | 3,196 | ||||||||||||
Net Interest Income | 13,912 | 12,160 | 27,046 | 24,744 | ||||||||||||
Provision for loan losses | 350 | 50 | 650 | 100 | ||||||||||||
Net Interest Income After Provision | ||||||||||||||||
for Loan Losses | 13,562 | 12,110 | 26,396 | 24,644 | ||||||||||||
Noninterest Income: | ||||||||||||||||
Trust fees | 908 | 961 | 1,820 | 1,891 | ||||||||||||
Service charges on deposit accounts | 501 | 514 | 985 | 1,006 | ||||||||||||
Other fees and commissions | 733 | 656 | 1,445 | 1,328 | ||||||||||||
Mortgage banking income | 462 | 365 | 991 | 657 | ||||||||||||
Securities gains, net | 331 | 222 | 590 | 588 | ||||||||||||
Brokerage fees | 192 | 223 | 384 | 427 | ||||||||||||
Income from Small Business Investment Companies | 6 | 72 | 32 | 238 | ||||||||||||
Other | 215 | 354 | 372 | 529 | ||||||||||||
Total noninterest income | 3,348 | 3,367 | 6,619 | 6,664 | ||||||||||||
Noninterest Expense: | ||||||||||||||||
Salaries | 4,733 | 4,031 | 9,532 | 8,246 | ||||||||||||
Employee benefits | 1,130 | 1,055 | 2,313 | 2,169 | ||||||||||||
Occupancy and equipment | 1,148 | 1,059 | 2,216 | 2,158 | ||||||||||||
FDIC assessment | 134 | 193 | 263 | 381 | ||||||||||||
Bank franchise tax | 263 | 256 | 519 | 512 | ||||||||||||
Core deposit intangible amortization | 203 | 288 | 368 | 576 | ||||||||||||
Data processing | 502 | 459 | 989 | 903 | ||||||||||||
Software | 271 | 274 | 550 | 571 | ||||||||||||
Other real estate owned, net | 68 | 76 | 111 | 209 | ||||||||||||
Other | 2,259 | 1,965 | 4,291 | 3,849 | ||||||||||||
Total noninterest expense | 10,711 | 9,656 | 21,152 | 19,574 | ||||||||||||
Income Before Income Taxes | 6,199 | 5,821 | 11,863 | 11,734 | ||||||||||||
Income Taxes | 1,920 | 1,733 | 3,521 | 3,518 | ||||||||||||
Net Income | $ | 4,279 | $ | 4,088 | $ | 8,342 | $ | 8,216 | ||||||||
Net Income Per Common Share: | ||||||||||||||||
Basic | $ | 0.50 | $ | 0.47 | $ | 0.97 | $ | 0.95 | ||||||||
Diluted | $ | 0.49 | $ | 0.47 | $ | 0.96 | $ | 0.95 | ||||||||
Average Common Shares Outstanding: | ||||||||||||||||
Basic | 8,640,648 | 8,610,156 | 8,636,954 | 8,610,998 | ||||||||||||
Diluted | 8,659,165 | 8,619,833 | 8,655,173 | 8,616,873 |
American National Bankshares Inc. | |||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
2nd Qtr | 1st Qtr | 2nd Qtr | YTD | YTD | |||||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
EARNINGS | |||||||||||||||||||||||
Interest income | $ | 15,603 | $ | 14,681 | $ | 13,769 | $ | 30,284 | $ | 27,940 | |||||||||||||
Interest expense | 1,691 | 1,547 | 1,609 | 3,238 | 3,196 | ||||||||||||||||||
Net interest income | 13,912 | 13,134 | 12,160 | 27,046 | 24,744 | ||||||||||||||||||
Provision for loan losses | 350 | 300 | 50 | 650 | 100 | ||||||||||||||||||
Noninterest income | 3,348 | 3,271 | 3,367 | 6,619 | 6,664 | ||||||||||||||||||
Noninterest expense | 10,711 | 10,441 | 9,656 | 21,152 | 19,574 | ||||||||||||||||||
Income taxes | 1,920 | 1,601 | 1,733 | 3,521 | 3,518 | ||||||||||||||||||
Net income | 4,279 | 4,063 | 4,088 | 8,342 | 8,216 | ||||||||||||||||||
PER COMMON SHARE | |||||||||||||||||||||||
Income per share - basic | $ | 0.5 | $ | 0.47 | $ | 0.47 | $ | 0.97 | $ | 0.95 | |||||||||||||
Income per share - diluted | 0.49 | 0.47 | 0.47 | 0.96 | 0.95 | ||||||||||||||||||
Cash dividends paid | 0.24 | 0.24 | 0.24 | 0.48 | 0.48 | ||||||||||||||||||
Book value per share | 23.96 | 23.64 | 23.54 | 23.96 | 23.54 | ||||||||||||||||||
Book value per share - tangible (a) | 18.72 | 18.38 | 18.2 | 18.72 | 18.2 | ||||||||||||||||||
Closing market price | 36.95 | 37.25 | 25.18 | 36.95 | 25.18 | ||||||||||||||||||
FINANCIAL RATIOS | |||||||||||||||||||||||
Return on average assets | 0.99 | % | 0.96 | % | 1.03 | % | 0.97 | % | 1.05 | % | |||||||||||||
Return on average equity | 8.28 | 7.99 | 8.11 | 8.13 | 8.19 | ||||||||||||||||||
Return on average tangible equity (b) | 10.93 | 10.56 | 10.99 | 10.75 | 11.13 | ||||||||||||||||||
Average equity to average assets | 11.91 | 11.97 | 12.67 | 11.94 | 12.76 | ||||||||||||||||||
Tangible equity to tangible assets (a) | 9.41 | 9.51 | 10.07 | 9.41 | 10.07 | ||||||||||||||||||
Net interest margin, taxable equivalent | 3.54 | 3.44 | 3.45 | 3.49 | 3.56 | ||||||||||||||||||
Efficiency ratio (c) | 61.76 | 62.97 | 60.91 | 62.35 | 61.14 | ||||||||||||||||||
Effective tax rate | 30.97 | 28.27 | 29.77 | 29.68 | 29.98 | ||||||||||||||||||
PERIOD-END BALANCES | |||||||||||||||||||||||
Securities | $ | 286,004 | $ | 298,059 | $ | 368,162 | $ | 286,004 | $ | 368,162 | |||||||||||||
Loans held for sale | 2,379 | 1,872 | 4,692 | 2,379 | 4,692 | ||||||||||||||||||
Loans, net of unearned income | 1,288,693 | 1,219,958 | 1,057,959 | 1,288,693 | 1,057,959 | ||||||||||||||||||
Goodwill and other intangibles | 45,223 | 45,426 | 45,979 | 45,223 | 45,979 | ||||||||||||||||||
Assets | 1,764,473 | 1,715,805 | 1,601,651 | 1,764,473 | 1,601,651 | ||||||||||||||||||
Assets - tangible (a) | 1,719,250 | 1,670,379 | 1,555,672 | 1,719,250 | 1,555,672 | ||||||||||||||||||
Deposits | 1,462,841 | 1,416,104 | 1,298,385 | 1,462,841 | 1,298,385 | ||||||||||||||||||
Customer repurchase agreements | 48,282 | 47,776 | 53,369 | 48,282 | 53,369 | ||||||||||||||||||
Long-term borrowings | 37,766 | 37,734 | 37,642 | 37,766 | 37,642 | ||||||||||||||||||
Shareholders' equity | 207,053 | 204,241 | 202,704 | 207,053 | 202,704 | ||||||||||||||||||
Shareholders' equity - tangible (a) | 161,830 | 158,815 | 156,725 | 161,830 | 156,725 | ||||||||||||||||||
American National Bankshares Inc. | |||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
2nd Qtr | 1st Qtr | 2nd Qtr | YTD | YTD | |||||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
AVERAGE BALANCES | |||||||||||||||||||||||
Securities (d) | $ | 295,863 | $ | 324,588 | $ | 361,064 | $ | 310,146 | $ | 354,038 | |||||||||||||
Loans held for sale | 2,426 | 2,414 | 2,087 | 2,420 | 2,071 | ||||||||||||||||||
Loans, net of unearned income | 1,258,346 | 1,195,560 | 1,047,993 | 1,227,127 | 1,032,345 | ||||||||||||||||||
Interest-earning assets | 1,610,132 | 1,574,460 | 1,464,692 | 1,592,395 | 1,444,611 | ||||||||||||||||||
Goodwill and other intangibles | 45,337 | 45,517 | 46,150 | 45,427 | 46,296 | ||||||||||||||||||
Assets | 1,736,686 | 1,699,730 | 1,592,261 | 1,718,310 | 1,571,692 | ||||||||||||||||||
Assets - tangible (a) | 1,691,349 | 1,654,213 | 1,546,111 | 1,672,883 | 1,525,396 | ||||||||||||||||||
Interest-bearing deposits | 1,047,828 | 1,021,110 | 972,385 | 1,034,542 | 961,328 | ||||||||||||||||||
Deposits | 1,433,852 | 1,392,117 | 1,295,520 | 1,413,100 | 1,278,027 | ||||||||||||||||||
Customer repurchase agreements | 49,239 | 45,106 | 47,607 | 47,184 | 46,008 | ||||||||||||||||||
Other short-term borrowings | — | 11,833 | — | 5,884 | — | ||||||||||||||||||
Long-term borrowings | 37,748 | 37,717 | 37,624 | 37,733 | 37,609 | ||||||||||||||||||
Shareholders' equity | 206,774 | 203,459 | 201,685 | 205,126 | 200,605 | ||||||||||||||||||
Shareholders' equity - tangible (a) | 161,437 | 157,942 | 155,535 | 159,699 | 154,309 | ||||||||||||||||||
CAPITAL | |||||||||||||||||||||||
Average common shares outstanding - basic | 8,640,648 | 8,633,219 | 8,610,156 | 8,636,954 | 8,610,998 | ||||||||||||||||||
Average common shares outstanding - | |||||||||||||||||||||||
diluted | 8,659,165 | 8,651,139 | 8,619,833 | 8,655,173 | 8,616,873 | ||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||
Beginning balance | $ | 13,108 | $ | 12,801 | $ | 12,675 | $ | 12,801 | $ | 12,601 | |||||||||||||
Provision for loan losses | 350 | 300 | 50 | 650 | 100 | ||||||||||||||||||
Charge-offs | (85 | ) | (49 | ) | (119 | ) | (134 | ) | (158 | ) | |||||||||||||
Recoveries | 259 | 56 | 68 | 315 | 131 | ||||||||||||||||||
Ending balance | $ | 13,632 | $ | 13,108 | $ | 12,674 | $ | 13,632 | $ | 12,674 | |||||||||||||
LOANS | |||||||||||||||||||||||
Construction and land development | $ | 132,322 | $ | 130,691 | $ | 89,451 | $ | 132,322 | $ | 89,451 | |||||||||||||
Commercial real estate | 590,093 | 538,069 | 438,164 | 590,093 | 438,164 | ||||||||||||||||||
Residential real estate | 211,305 | 216,035 | 216,857 | 211,305 | 216,857 | ||||||||||||||||||
Home equity | 113,580 | 110,844 | 107,007 | 113,580 | 107,007 | ||||||||||||||||||
Commercial and industrial | 236,418 | 219,455 | 201,381 | 236,418 | 201,381 | ||||||||||||||||||
Consumer | 4,975 | 4,864 | 5,099 | 4,975 | 5,099 | ||||||||||||||||||
Total | $ | 1,288,693 | $ | 1,219,958 | $ | 1,057,959 | $ | 1,288,693 | $ | 1,057,959 | |||||||||||||
NONPERFORMING ASSETS AT PERIOD-END | |||||||||||||||||||||||
Nonperforming loans: | |||||||||||||||||||||||
90 days past due and accruing | 1,611 | 1,061 | 166 | 1,611 | 166 | ||||||||||||||||||
Nonaccrual | 2,117 | 2,428 | 3,246 | 2,117 | 3,246 | ||||||||||||||||||
Other real estate owned | 1,686 | 1,664 | 1,289 | 1,686 | 1,289 | ||||||||||||||||||
Nonperforming assets | $ | 5,414 | $ | 5,153 | $ | 4,701 | $ | 5,414 | $ | 4,701 | |||||||||||||
American National Bankshares Inc. | |||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
2nd Qtr | 1st Qtr | 2nd Qtr | YTD | YTD | |||||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
ASSET QUALITY RATIOS | |||||||||||||||||||||||
Allowance for loan losses to total loans | 1.06 | % | 1.07 | % | 1.20 | % | 1.06 | % | 1.20 | % | |||||||||||||
Allowance for loan losses to | |||||||||||||||||||||||
nonperforming loans | 365.67 | 375.7 | 371.45 | 365.67 | 371.45 | ||||||||||||||||||
Nonperforming assets to total assets | 0.31 | 0.3 | 0.29 | 0.31 | 0.29 | ||||||||||||||||||
Nonperforming loans to total loans | 0.29 | 0.29 | 0.32 | 0.29 | 0.32 | ||||||||||||||||||
Annualized net charge-offs (recoveries) | |||||||||||||||||||||||
to average loans | (0.06 | ) | — | 0.02 | (0.03 | ) | 0.01 | ||||||||||||||||
OTHER DATA | |||||||||||||||||||||||
Fiduciary assets at period-end (e) (f) | $ | 520,861 | $ | 519,901 | $ | 491,517 | $ | 520,861 | $ | 491,517 | |||||||||||||
Retail brokerage assets at period-end (e) (f) | $ | 297,463 | $ | 292,505 | $ | 269,066 | $ | 297,463 | $ | 269,066 | |||||||||||||
Number full-time equivalent employees (g) | 328 | 326 | 302 | 328 | 302 | ||||||||||||||||||
Number of full service offices | 27 | 27 | 25 | 27 | 25 | ||||||||||||||||||
Number of loan production offices | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||
Number of ATM's | 34 | 34 | 33 | 34 | 33 | ||||||||||||||||||
Notes: | |||||||||||||||||||||||
(a) - Excludes goodwill and other intangible assets. | |||||||||||||||||||||||
(b) - Excludes amortization expense, net of tax, of intangible assets. | |||||||||||||||||||||||
(c) - The efficiency ratio is calculated by dividing noninterest expense excluding gains or losses on the sale of OREO by | |||||||||||||||||||||||
net interest income including tax equivalent income on nontaxable loans and securities and noninterest income and | |||||||||||||||||||||||
excluding (i) gains or losses on securities and (ii) gains or losses on sale of premises and equipment. | |||||||||||||||||||||||
(d) - Average does not include unrealized gains and losses. | |||||||||||||||||||||||
(e) - Market value. | |||||||||||||||||||||||
(f) - Assets are not owned by the Company and are not reflected in the consolidated balance sheet. | |||||||||||||||||||||||
(g) - Average for quarter. |
Net Interest Income Analysis | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2016 and 2015 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial | $ | 229,690 | $ | 200,000 | $ | 2,241 | $ | 1,976 | 3.91 | % | 3.97 | % | |||||||||||||
Real estate | 1,026,010 | 844,914 | 11,502 | 9,591 | 4.48 | 4.54 | |||||||||||||||||||
Consumer | 5,072 | 5,166 | 89 | 140 | 7.04 | 10.9 | |||||||||||||||||||
Total loans | 1,260,772 | 1,050,080 | 13,832 | 11,707 | 4.39 | 4.46 | |||||||||||||||||||
Securities: | |||||||||||||||||||||||||
Federal agencies & GSEs | 96,339 | 100,205 | 454 | 446 | 1.89 | 1.78 | |||||||||||||||||||
Mortgage-backed & CMOs | 80,003 | 81,379 | 412 | 425 | 2.06 | 2.09 | |||||||||||||||||||
State and municipal | 104,115 | 164,788 | 938 | 1,472 | 3.6 | 3.57 | |||||||||||||||||||
Other | 15,406 | 14,692 | 179 | 130 | 4.65 | 3.54 | |||||||||||||||||||
Total securities | 295,863 | 361,064 | 1,983 | 2,473 | 2.68 | 2.74 | |||||||||||||||||||
Deposits in other banks | 53,497 | 53,548 | 125 | 67 | 0.94 | 0.5 | |||||||||||||||||||
Total interest-earning assets | 1,610,132 | 1,464,692 | 15,940 | 14,247 | 3.96 | 3.89 | |||||||||||||||||||
Non-earning assets | 126,554 | 127,569 | |||||||||||||||||||||||
Total assets | $ | 1,736,686 | $ | 1,592,261 | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||
Demand | $ | 219,743 | $ | 229,639 | 11 | 43 | 0.02 | 0.08 | |||||||||||||||||
Money market | 322,737 | 221,508 | 342 | 91 | 0.43 | 0.17 | |||||||||||||||||||
Savings | 125,134 | 117,408 | 9 | 14 | 0.03 | 0.05 | |||||||||||||||||||
Time | 380,214 | 403,830 | 990 | 1,166 | 1.04 | 1.16 | |||||||||||||||||||
Total deposits | 1,047,828 | 972,385 | 1,352 | 1,314 | 0.52 | 0.54 | |||||||||||||||||||
Customer repurchase agreements | 49,239 | 47,607 | 14 | 1 | 0.11 | 0.01 | |||||||||||||||||||
Long-term borrowings | 37,748 | 37,624 | 325 | 294 | 3.44 | 3.13 | |||||||||||||||||||
Total interest-bearing | |||||||||||||||||||||||||
liabilities | 1,134,815 | 1,057,616 | 1,691 | 1,609 | 0.60 | 0.61 | |||||||||||||||||||
Noninterest bearing demand deposits | 386,024 | 323,135 | |||||||||||||||||||||||
Other liabilities | 9,073 | 9,825 | |||||||||||||||||||||||
Shareholders' equity | 206,774 | 201,685 | |||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||
shareholders' equity | $ | 1,736,686 | $ | 1,592,261 | |||||||||||||||||||||
Interest rate spread | 3.36 | % | 3.28 | % | |||||||||||||||||||||
Net interest margin | 3.54 | % | 3.45 | % | |||||||||||||||||||||
Net interest income (taxable equivalent basis) | 14,249 | 12,638 | |||||||||||||||||||||||
Less: Taxable equivalent adjustment | 337 | 478 | |||||||||||||||||||||||
Net interest income | $ | 13,912 | $ | 12,160 |
Net Interest Income Analysis | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2016 and 2015 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial | $ | 224,833 | $ | 194,137 | $ | 4,294 | $ | 3,830 | 3.85 | % | 3.99 | % | |||||||||||||
Real estate | 999,484 | 834,943 | 22,126 | 19,681 | 4.43 | 4.71 | |||||||||||||||||||
Consumer | 5,230 | 5,336 | 181 | 371 | 6.98 | 14.06 | |||||||||||||||||||
Total loans | 1,229,547 | 1,034,416 | 26,601 | 23,882 | 4.33 | 4.63 | |||||||||||||||||||
Securities: | |||||||||||||||||||||||||
Federal agencies & GSEs | 96,651 | 94,244 | 896 | 824 | 1.85 | 1.75 | |||||||||||||||||||
Mortgage-backed & CMOs | 79,033 | 78,635 | 825 | 825 | 2.09 | 2.1 | |||||||||||||||||||
State and municipal | 117,681 | 165,349 | 2,090 | 2,964 | 3.55 | 3.59 | |||||||||||||||||||
Other | 16,781 | 15,810 | 365 | 278 | 4.35 | 3.52 | |||||||||||||||||||
Total securities | 310,146 | 354,038 | 4,176 | 4,891 | 2.69 | 2.76 | |||||||||||||||||||
Deposits in other banks | 52,702 | 56,157 | 234 | 125 | 0.90 | 0.45 | |||||||||||||||||||
Total interest-earning assets | 1,592,395 | 1,444,611 | 31,011 | 28,898 | 3.90 | 4.01 | |||||||||||||||||||
Non-earning assets | 125,915 | 127,081 | |||||||||||||||||||||||
Total assets | $ | 1,718,310 | $ | 1,571,692 | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||
Demand | $ | 217,847 | $ | 230,504 | 21 | 80 | 0.02 | 0.07 | |||||||||||||||||
Money market | 314,235 | 213,391 | 583 | 166 | 0.37 | 0.16 | |||||||||||||||||||
Savings | 124,694 | 117,529 | 19 | 28 | 0.03 | 0.05 | |||||||||||||||||||
Time | 377,766 | 399,904 | 1,929 | 2,337 | 1.03 | 1.18 | |||||||||||||||||||
Total deposits | 1,034,542 | 961,328 | 2,552 | 2,611 | 0.5 | 0.55 | |||||||||||||||||||
Customer repurchase agreements | 47,184 | 46,008 | 15 | 2 | 0.06 | 0.01 | |||||||||||||||||||
Other short-term borrowings | 5,884 | — | 27 | — | 0.92 | — | |||||||||||||||||||
Long-term borrowings | 37,733 | 37,609 | 644 | 583 | 3.41 | 3.1 | |||||||||||||||||||
Total interest-bearing | |||||||||||||||||||||||||
liabilities | 1,125,343 | 1,044,945 | 3,238 | 3,196 | 0.58 | 0.62 | |||||||||||||||||||
Noninterest bearing demand deposits | 378,558 | 316,699 | |||||||||||||||||||||||
Other liabilities | 9,283 | 9,443 | |||||||||||||||||||||||
Shareholders' equity | 205,126 | 200,605 | |||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||
shareholders' equity | $ | 1,718,310 | $ | 1,571,692 | |||||||||||||||||||||
Interest rate spread | 3.32 | % | 3.39 | % | |||||||||||||||||||||
Net interest margin | 3.49 | % | 3.56 | % | |||||||||||||||||||||
Net interest income (taxable equivalent basis) | 27,773 | 25,702 | |||||||||||||||||||||||
Less: Taxable equivalent adjustment | 727 | 958 | |||||||||||||||||||||||
Net interest income | $ | 27,046 | $ | 24,744 |