American National Bankshares Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(Dollars in thousands, except per share data) | ||||||||
Unaudited | ||||||||
September 30 | ||||||||
ASSETS | 2017 | 2016 | ||||||
Cash and due from banks | $ | 26,949 | $ | 37,679 | ||||
Interest-bearing deposits in other banks | 76,271 | 35,138 | ||||||
Securities available for sale, at fair value | 272,205 | 351,439 | ||||||
Restricted stock, at cost | 5,509 | 6,006 | ||||||
Loans held for sale | 3,386 | 4,776 | ||||||
Loans | 1,295,154 | 1,083,201 | ||||||
Less allowance for loan losses | (13,858 | ) | (12,757 | ) | ||||
Net Loans | 1,281,296 | 1,070,444 | ||||||
Premises and equipment, net | 25,923 | 22,846 | ||||||
Other real estate owned, net | 2,101 | 1,145 | ||||||
Goodwill | 43,872 | 43,872 | ||||||
Core deposit intangibles, net | 1,271 | 1,894 | ||||||
Bank owned life insurance | 18,491 | 17,998 | ||||||
Accrued interest receivable and other assets | 23,267 | 22,297 | ||||||
Total assets | $ | 1,780,541 | $ | 1,615,534 | ||||
Liabilities | ||||||||
Demand deposits -- noninterest-bearing | $ | 402,100 | $ | 339,797 | ||||
Demand deposits -- interest-bearing | 225,279 | 196,696 | ||||||
Money market deposits | 336,752 | 255,748 | ||||||
Savings deposits | 124,025 | 119,476 | ||||||
Time deposits | 392,049 | 394,291 | ||||||
Total deposits | 1,480,205 | 1,306,008 | ||||||
Short-term borrowings: | ||||||||
Customer repurchase agreements | 43,240 | 44,090 | ||||||
Other short-term borrowings | — | 15,000 | ||||||
Long-term borrowings | 9,996 | 9,974 | ||||||
Junior subordinated debt | 27,800 | 27,698 | ||||||
Accrued interest payable and other liabilities | 9,086 | 9,051 | ||||||
Total liabilities | 1,570,327 | 1,411,821 | ||||||
Shareholders' equity | ||||||||
Preferred stock, $5 par, 2,000,000 shares authorized, | ||||||||
none outstanding | — | — | ||||||
Common stock, $1 par, 20,000,000 shares authorized, | ||||||||
8,647,345 shares outstanding at September 30, 2017 and | ||||||||
8,610,741 shares outstanding at September 30, 2016 | 8,600 | 8,573 | ||||||
Capital in excess of par value | 75,943 | 74,839 | ||||||
Retained earnings | 126,507 | 117,543 | ||||||
Accumulated other comprehensive income (loss), net | (836 | ) | 2,758 | |||||
Total shareholders' equity | 210,214 | 203,713 | ||||||
Total liabilities and shareholders' equity | $ | 1,780,541 | $ | 1,615,534 |
American National Bankshares Inc. | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Unaudited | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest and Dividend Income: | ||||||||||||||||
Interest and fees on loans | $ | 14,394 | $ | 12,032 | $ | 40,850 | $ | 35,789 | ||||||||
Interest and dividends on securities: | ||||||||||||||||
Taxable | 1,108 | 1,112 | 3,395 | 3,346 | ||||||||||||
Tax-exempt | 460 | 767 | 1,604 | 2,407 | ||||||||||||
Dividends | 77 | 74 | 240 | 258 | ||||||||||||
Other interest income | 235 | 78 | 469 | 203 | ||||||||||||
Total interest and dividend income | 16,274 | 14,063 | 46,558 | 42,003 | ||||||||||||
Interest Expense: | ||||||||||||||||
Interest on deposits | 1,529 | 1,291 | 4,081 | 3,902 | ||||||||||||
Interest on short-term borrowings | 52 | 4 | 94 | 6 | ||||||||||||
Interest on long-term borrowings | 82 | 81 | 243 | 243 | ||||||||||||
Interest on junior subordinated debt | 273 | 223 | 756 | 644 | ||||||||||||
Total interest expense | 1,936 | 1,599 | 5,174 | 4,795 | ||||||||||||
Net Interest Income | 14,338 | 12,464 | 41,384 | 37,208 | ||||||||||||
Provision for loan losses | 440 | 100 | 1,090 | 200 | ||||||||||||
Net Interest Income After Provision | ||||||||||||||||
for Loan Losses | 13,898 | 12,364 | 40,294 | 37,008 | ||||||||||||
Noninterest Income: | ||||||||||||||||
Trust fees | 1,098 | 938 | 2,918 | 2,829 | ||||||||||||
Service charges on deposit accounts | 513 | 514 | 1,498 | 1,520 | ||||||||||||
Other fees and commissions | 727 | 663 | 2,172 | 1,991 | ||||||||||||
Mortgage banking income | 612 | 512 | 1,603 | 1,169 | ||||||||||||
Securities gains, net | — | 73 | 590 | 661 | ||||||||||||
Brokerage fees | 219 | 209 | 603 | 636 | ||||||||||||
Income from Small Business Investment Companies | 86 | — | 118 | 238 | ||||||||||||
Gains (losses) on premises and equipment, net | 337 | (1 | ) | 337 | (9 | ) | ||||||||||
Other | 212 | 212 | 584 | 749 | ||||||||||||
Total noninterest income | 3,804 | 3,120 | 10,423 | 9,784 | ||||||||||||
Noninterest Expense: | ||||||||||||||||
Salaries | 5,072 | 4,626 | 14,604 | 12,872 | ||||||||||||
Employee benefits | 1,112 | 1,034 | 3,425 | 3,203 | ||||||||||||
Occupancy and equipment | 1,151 | 1,004 | 3,367 | 3,162 | ||||||||||||
FDIC assessment | 138 | 138 | 401 | 519 | ||||||||||||
Bank franchise tax | 276 | 257 | 795 | 769 | ||||||||||||
Core deposit intangible amortization | 80 | 213 | 448 | 789 | ||||||||||||
Data processing | 475 | 437 | 1,464 | 1,340 | ||||||||||||
Software | 303 | 301 | 853 | 872 | ||||||||||||
Other real estate owned, net | 62 | 105 | 173 | 314 | ||||||||||||
Other | 2,041 | 1,752 | 6,332 | 5,601 | ||||||||||||
Total noninterest expense | 10,710 | 9,867 | 31,862 | 29,441 | ||||||||||||
Income Before Income Taxes | 6,992 | 5,617 | 18,855 | 17,351 | ||||||||||||
Income Taxes | 2,205 | 1,654 | 5,726 | 5,172 | ||||||||||||
Net Income | $ | 4,787 | $ | 3,963 | $ | 13,129 | $ | 12,179 | ||||||||
Net Income Per Common Share: | ||||||||||||||||
Basic | $ | 0.55 | $ | 0.46 | $ | 1.52 | $ | 1.41 | ||||||||
Diluted | $ | 0.55 | $ | 0.46 | $ | 1.52 | $ | 1.41 | ||||||||
Average Common Shares Outstanding: | ||||||||||||||||
Basic | 8,644,310 | 8,608,323 | 8,639,433 | 8,610,100 | ||||||||||||
Diluted | 8,663,246 | 8,618,335 | 8,657,891 | 8,618,386 |
American National Bankshares Inc. | |||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
3rd Qtr | 2nd Qtr | 3rd Qtr | YTD | YTD | |||||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
EARNINGS | |||||||||||||||||||||||
Interest income | $ | 16,274 | $ | 15,603 | $ | 14,063 | $ | 46,558 | $ | 42,003 | |||||||||||||
Interest expense | 1,936 | 1,691 | 1,599 | 5,174 | 4,795 | ||||||||||||||||||
Net interest income | 14,338 | 13,912 | 12,464 | 41,384 | 37,208 | ||||||||||||||||||
Provision for loan losses | 440 | 350 | 100 | 1,090 | 200 | ||||||||||||||||||
Noninterest income | 3,804 | 3,348 | 3,120 | 10,423 | 9,784 | ||||||||||||||||||
Noninterest expense | 10,710 | 10,711 | 9,867 | 31,862 | 29,441 | ||||||||||||||||||
Income taxes | 2,205 | 1,920 | 1,654 | 5,726 | 5,172 | ||||||||||||||||||
Net income | 4,787 | 4,279 | 3,963 | 13,129 | 12,179 | ||||||||||||||||||
PER COMMON SHARE | |||||||||||||||||||||||
Income per share - basic | $ | 0.55 | $ | 0.50 | $ | 0.46 | $ | 1.52 | $ | 1.41 | |||||||||||||
Income per share - diluted | 0.55 | 0.49 | 0.46 | 1.52 | 1.41 | ||||||||||||||||||
Cash dividends paid | 0.24 | 0.24 | 0.24 | 0.72 | 0.72 | ||||||||||||||||||
Book value per share | 24.31 | 23.96 | 23.66 | 24.31 | 23.66 | ||||||||||||||||||
Book value per share - tangible (a) | 19.09 | 18.72 | 18.34 | 19.09 | 18.34 | ||||||||||||||||||
Closing market price | 41.20 | 36.95 | 27.95 | 41.20 | 27.95 | ||||||||||||||||||
FINANCIAL RATIOS | |||||||||||||||||||||||
Return on average assets | 1.08 | % | 0.99 | % | 0.99 | % | 1.01 | % | 1.03 | % | |||||||||||||
Return on average equity | 9.16 | 8.28 | 7.79 | 8.48 | 8.06 | ||||||||||||||||||
Return on average tangible equity (b) | 11.81 | 10.93 | 10.41 | 11.11 | 10.89 | ||||||||||||||||||
Average equity to average assets | 11.79 | 11.91 | 12.67 | 11.89 | 12.73 | ||||||||||||||||||
Tangible equity to tangible assets (a) | 9.51 | 9.41 | 10.06 | 9.51 | 10.06 | ||||||||||||||||||
Net interest margin, taxable equivalent | 3.56 | 3.54 | 3.50 | 3.51 | 3.54 | ||||||||||||||||||
Efficiency ratio (c) | 59.14 | 61.76 | 61.25 | 61.23 | 61.18 | ||||||||||||||||||
Effective tax rate | 31.54 | 30.97 | 29.45 | 30.37 | 29.81 | ||||||||||||||||||
PERIOD-END BALANCES | |||||||||||||||||||||||
Securities | $ | 277,714 | $ | 286,004 | $ | 357,445 | $ | 277,714 | $ | 357,445 | |||||||||||||
Loans held for sale | 3,386 | 2,379 | 4,776 | 3,386 | 4,776 | ||||||||||||||||||
Loans, net of unearned income | 1,295,154 | 1,288,693 | 1,083,201 | 1,295,154 | 1,083,201 | ||||||||||||||||||
Goodwill and other intangibles | 45,143 | 45,223 | 45,766 | 45,143 | 45,766 | ||||||||||||||||||
Assets | 1,780,541 | 1,764,473 | 1,615,534 | 1,780,541 | 1,615,534 | ||||||||||||||||||
Assets - tangible (a) | 1,735,398 | 1,719,250 | 1,569,768 | 1,735,398 | 1,569,768 | ||||||||||||||||||
Deposits | 1,480,205 | 1,462,841 | 1,306,008 | 1,480,205 | 1,306,008 | ||||||||||||||||||
Customer repurchase agreements | 43,240 | 48,282 | 44,090 | 43,240 | 44,090 | ||||||||||||||||||
Other short-term borrowings | — | — | 15,000 | — | 15,000 | ||||||||||||||||||
Long-term borrowings | 37,796 | 37,766 | 37,672 | 37,796 | 37,672 | ||||||||||||||||||
Shareholders' equity | 210,214 | 207,053 | 203,713 | 210,214 | 203,713 | ||||||||||||||||||
Shareholders' equity - tangible (a) | 165,071 | 161,830 | 157,947 | 165,071 | 157,947 | ||||||||||||||||||
American National Bankshares Inc. | |||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
3rd Qtr | 2nd Qtr | 3rd Qtr | YTD | YTD | |||||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
AVERAGE BALANCES | |||||||||||||||||||||||
Securities (d) | $ | 281,246 | $ | 295,863 | $ | 354,780 | $ | 300,407 | $ | 354,287 | |||||||||||||
Loans held for sale | 3,607 | 2,426 | 3,761 | 2,820 | 2,638 | ||||||||||||||||||
Loans, net of unearned income | 1,291,822 | 1,258,346 | 1,064,606 | 1,248,929 | 1,043,177 | ||||||||||||||||||
Interest-earning assets | 1,646,241 | 1,610,132 | 1,477,208 | 1,610,541 | 1,455,556 | ||||||||||||||||||
Goodwill and other intangibles | 45,191 | 45,337 | 45,872 | 45,347 | 46,153 | ||||||||||||||||||
Assets | 1,773,636 | 1,736,686 | 1,605,387 | 1,736,955 | 1,583,006 | ||||||||||||||||||
Assets - tangible (a) | 1,728,445 | 1,691,349 | 1,559,515 | 1,691,608 | 1,536,853 | ||||||||||||||||||
Interest-bearing deposits | 1,066,827 | 1,047,828 | 973,431 | 1,045,422 | 965,391 | ||||||||||||||||||
Deposits | 1,468,523 | 1,433,852 | 1,301,874 | 1,431,777 | 1,286,034 | ||||||||||||||||||
Customer repurchase agreements | 48,461 | 49,239 | 50,013 | 47,614 | 47,353 | ||||||||||||||||||
Other short-term borrowings | — | — | 1,521 | 3,902 | 512 | ||||||||||||||||||
Long-term borrowings | 37,780 | 37,748 | 37,655 | 37,748 | 37,624 | ||||||||||||||||||
Shareholders' equity | 209,026 | 206,774 | 203,451 | 206,440 | 201,560 | ||||||||||||||||||
Shareholders' equity - tangible (a) | 163,835 | 161,437 | 157,579 | 161,093 | 155,407 | ||||||||||||||||||
CAPITAL | |||||||||||||||||||||||
Average common shares outstanding - basic | 8,644,310 | 8,640,648 | 8,608,323 | 8,639,433 | 8,610,100 | ||||||||||||||||||
Average common shares outstanding - | |||||||||||||||||||||||
diluted | 8,663,246 | 8,659,165 | 8,618,335 | 8,657,891 | 8,618,386 | ||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||
Beginning balance | $ | 13,632 | $ | 13,108 | $ | 12,674 | $ | 12,801 | $ | 12,601 | |||||||||||||
Provision for loan losses | 440 | 350 | 100 | 1,090 | 200 | ||||||||||||||||||
Charge-offs | (277 | ) | (85 | ) | (86 | ) | (411 | ) | (245 | ) | |||||||||||||
Recoveries | 63 | 259 | 69 | 378 | 201 | ||||||||||||||||||
Ending balance | $ | 13,858 | $ | 13,632 | $ | 12,757 | $ | 13,858 | $ | 12,757 | |||||||||||||
LOANS | |||||||||||||||||||||||
Construction and land development | $ | 137,869 | $ | 132,322 | $ | 91,688 | $ | 137,869 | $ | 91,688 | |||||||||||||
Commercial real estate | 602,434 | 590,093 | 454,797 | 602,434 | 454,797 | ||||||||||||||||||
Residential real estate | 209,201 | 211,305 | 218,632 | 209,201 | 218,632 | ||||||||||||||||||
Home equity | 110,926 | 113,580 | 108,617 | 110,926 | 108,617 | ||||||||||||||||||
Commercial and industrial | 230,484 | 236,418 | 204,184 | 230,484 | 204,184 | ||||||||||||||||||
Consumer | 4,240 | 4,975 | 5,283 | 4,240 | 5,283 | ||||||||||||||||||
Total | $ | 1,295,154 | $ | 1,288,693 | $ | 1,083,201 | $ | 1,295,154 | $ | 1,083,201 | |||||||||||||
NONPERFORMING ASSETS AT PERIOD-END | |||||||||||||||||||||||
Nonperforming loans: | |||||||||||||||||||||||
90 days past due and accruing | $ | 538 | $ | 1,611 | $ | 320 | $ | 538 | $ | 320 | |||||||||||||
Nonaccrual | 2,498 | 2,117 | 3,526 | 2,498 | 3,526 | ||||||||||||||||||
Other real estate owned | 2,101 | 1,686 | 1,145 | 2,101 | 1,145 | ||||||||||||||||||
Nonperforming assets | $ | 5,137 | $ | 5,414 | $ | 4,991 | $ | 5,137 | $ | 4,991 |
American National Bankshares Inc. | |||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
3rd Qtr | 2nd Qtr | 3rd Qtr | YTD | YTD | |||||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
ASSET QUALITY RATIOS | |||||||||||||||||||||||
Allowance for loan losses to total loans | 1.07 | % | 1.06 | % | 1.18 | % | 1.07 | % | 1.18 | % | |||||||||||||
Allowance for loan losses to | |||||||||||||||||||||||
nonperforming loans | 456.46 | 365.67 | 331.70 | 456.46 | 331.70 | ||||||||||||||||||
Nonperforming assets to total assets | 0.29 | 0.31 | 0.31 | 0.29 | 0.31 | ||||||||||||||||||
Nonperforming loans to total loans | 0.23 | 0.29 | 0.36 | 0.23 | 0.36 | ||||||||||||||||||
Annualized net charge-offs (recoveries) | |||||||||||||||||||||||
to average loans | 0.07 | (0.06 | ) | 0.01 | — | 0.01 | |||||||||||||||||
OTHER DATA | |||||||||||||||||||||||
Fiduciary assets at period-end (e) (f) | $ | 517,294 | $ | 520,861 | $ | 502,390 | $ | 517,294 | $ | 502,390 | |||||||||||||
Retail brokerage assets at period-end (e) (f) | $ | 307,281 | $ | 297,463 | $ | 278,089 | $ | 307,281 | $ | 278,089 | |||||||||||||
Number full-time equivalent employees (g) | 335 | 328 | 309 | 335 | 309 | ||||||||||||||||||
Number of full service offices | 26 | 27 | 25 | 26 | 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 September 30, 2017 and 2016 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial | $ | 233,455 | $ | 200,448 | $ | 2,282 | $ | 2,022 | 3.88 | % | 4.01 | % | |||||||||||||
Real estate | 1,057,326 | 862,740 | 12,102 | 9,939 | 4.58 | 4.61 | |||||||||||||||||||
Consumer | 4,648 | 5,179 | 92 | 136 | 7.85 | 10.45 | |||||||||||||||||||
Total loans | 1,295,429 | 1,068,367 | 14,476 | 12,097 | 4.46 | 4.52 | |||||||||||||||||||
Securities: | |||||||||||||||||||||||||
Federal agencies & GSEs | 92,822 | 99,375 | 445 | 428 | 1.92 | 1.72 | |||||||||||||||||||
Mortgage-backed & CMOs | 77,663 | 81,945 | 399 | 411 | 2.06 | 2.01 | |||||||||||||||||||
State and municipal | 95,861 | 158,010 | 862 | 1,370 | 3.60 | 3.47 | |||||||||||||||||||
Other | 14,900 | 15,450 | 170 | 132 | 4.56 | 3.42 | |||||||||||||||||||
Total securities | 281,246 | 354,780 | 1,876 | 2,341 | 2.67 | 2.64 | |||||||||||||||||||
Deposits in other banks | 69,566 | 54,061 | 235 | 78 | 1.34 | 0.57 | |||||||||||||||||||
Total interest-earning assets | 1,646,241 | 1,477,208 | 16,587 | 14,516 | 4.03 | 3.93 | |||||||||||||||||||
Non-earning assets | 127,395 | 128,179 | |||||||||||||||||||||||
Total assets | $ | 1,773,636 | $ | 1,605,387 | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||
Demand | $ | 215,486 | $ | 200,469 | 11 | 10 | 0.02 | 0.02 | |||||||||||||||||
Money market | 336,501 | 253,269 | 463 | 118 | 0.55 | 0.19 | |||||||||||||||||||
Savings | 124,949 | 117,737 | 9 | 9 | 0.03 | 0.03 | |||||||||||||||||||
Time | 389,891 | 401,956 | 1,046 | 1,154 | 1.06 | 1.14 | |||||||||||||||||||
Total deposits | 1,066,827 | 973,431 | 1,529 | 1,291 | 0.57 | 0.53 | |||||||||||||||||||
Customer repurchase agreements | 48,461 | 50,013 | 53 | 1 | 0.43 | 0.01 | |||||||||||||||||||
Other short-term borrowings | — | 1,521 | — | 3 | — | 0.79 | |||||||||||||||||||
Long-term borrowings | 37,780 | 37,655 | 354 | 304 | 3.75 | 3.23 | |||||||||||||||||||
Total interest-bearing | |||||||||||||||||||||||||
liabilities | 1,153,068 | 1,062,620 | 1,936 | 1,599 | 0.67 | 0.60 | |||||||||||||||||||
Noninterest bearing demand deposits | 401,696 | 328,443 | |||||||||||||||||||||||
Other liabilities | 9,846 | 10,873 | |||||||||||||||||||||||
Shareholders' equity | 209,026 | 203,451 | |||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||
shareholders' equity | $ | 1,773,636 | $ | 1,605,387 | |||||||||||||||||||||
Interest rate spread | 3.36 | % | 3.33 | % | |||||||||||||||||||||
Net interest margin | 3.56 | % | 3.50 | % | |||||||||||||||||||||
Net interest income (taxable equivalent basis) | 14,651 | 12,917 | |||||||||||||||||||||||
Less: Taxable equivalent adjustment | 313 | 453 | |||||||||||||||||||||||
Net interest income | $ | 14,338 | $ | 12,464 |
Net Interest Income Analysis | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017 and 2016 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||
Average Balance | Income/Expense | Yield/Rate | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial | $ | 227,739 | $ | 196,256 | $ | 6,577 | $ | 5,852 | 3.86 | % | 3.98 | % | |||||||||||||
Real estate | 1,019,185 | 844,276 | 34,228 | 29,620 | 4.48 | 4.68 | |||||||||||||||||||
Consumer | 4,825 | 5,283 | 272 | 507 | 7.54 | 12.82 | |||||||||||||||||||
Total loans | 1,251,749 | 1,045,815 | 41,077 | 35,979 | 4.38 | 4.59 | |||||||||||||||||||
Securities: | |||||||||||||||||||||||||
Federal agencies & GSEs | 95,360 | 95,967 | 1,340 | 1,252 | 1.87 | 1.74 | |||||||||||||||||||
Mortgage-backed & CMOs | 78,572 | 79,746 | 1,224 | 1,235 | 2.08 | 2.06 | |||||||||||||||||||
State and municipal | 110,328 | 162,885 | 2,952 | 4,336 | 3.57 | 3.55 | |||||||||||||||||||
Other | 16,147 | 15,689 | 536 | 410 | 4.43 | 3.48 | |||||||||||||||||||
Total securities | 300,407 | 354,287 | 6,052 | 7,233 | 2.69 | 2.72 | |||||||||||||||||||
Deposits in other banks | 58,385 | 55,454 | 469 | 203 | 1.07 | 0.49 | |||||||||||||||||||
Total interest-earning assets | 1,610,541 | 1,455,556 | 47,598 | 43,415 | 3.94 | 3.98 | |||||||||||||||||||
Non-earning assets | 126,414 | 127,450 | |||||||||||||||||||||||
Total assets | $ | 1,736,955 | $ | 1,583,006 | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||
Demand | $ | 217,052 | $ | 220,419 | 32 | 90 | 0.02 | 0.05 | |||||||||||||||||
Money market | 321,738 | 226,780 | 1,046 | 284 | 0.43 | 0.17 | |||||||||||||||||||
Savings | 124,780 | 117,599 | 28 | 37 | 0.03 | 0.04 | |||||||||||||||||||
Time | 381,852 | 400,593 | 2,975 | 3,491 | 1.04 | 1.16 | |||||||||||||||||||
Total deposits | 1,045,422 | 965,391 | 4,081 | 3,902 | 0.52 | 0.54 | |||||||||||||||||||
Customer repurchase agreements | 47,614 | 47,353 | 68 | 3 | 0.19 | 0.01 | |||||||||||||||||||
Other short-term borrowings | 3,902 | 512 | 27 | 3 | 0.92 | 0.78 | |||||||||||||||||||
Long-term borrowings | 37,748 | 37,624 | 998 | 887 | 3.53 | 3.14 | |||||||||||||||||||
Total interest-bearing | |||||||||||||||||||||||||
liabilities | 1,134,686 | 1,050,880 | 5,174 | 4,795 | 0.61 | 0.61 | |||||||||||||||||||
Noninterest bearing demand deposits | 386,355 | 320,643 | |||||||||||||||||||||||
Other liabilities | 9,474 | 9,923 | |||||||||||||||||||||||
Shareholders' equity | 206,440 | 201,560 | |||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||
shareholders' equity | $ | 1,736,955 | $ | 1,583,006 | |||||||||||||||||||||
Interest rate spread | 3.33 | % | 3.37 | % | |||||||||||||||||||||
Net interest margin | 3.51 | % | 3.54 | % | |||||||||||||||||||||
Net interest income (taxable equivalent basis) | 42,424 | 38,620 | |||||||||||||||||||||||
Less: Taxable equivalent adjustment | 1,040 | 1,412 | |||||||||||||||||||||||
Net interest income | $ | 41,384 | $ | 37,208 |