SOURCE: American National Bankshares Inc.

American National Bankshares Inc.

January 19, 2017 16:18 ET

American National Bankshares Inc. Reports Fourth Quarter 2016 Earnings

DANVILLE, VA--(Marketwired - January 19, 2017) -

  • 2016 Loan growth $159 million or 15.8%
  • Roanoke and Winston-Salem operations begin
  • Q4 2016 net income of $4.1 million
  • Net interest margin of 3.45% for Q4 2016
  • Average shareholders' equity for Q4 of $203.6 million is 12.39% of average assets

American National Bankshares Inc. ("American National") (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced net income for the fourth quarter of 2016 of $4,122,000 compared to $4,607,000 for the fourth quarter of 2015, a $485,000 or 10.5% decrease. Basic and diluted net income per common share was $0.48 for the fourth quarter of 2016 compared to $0.53 for 2015. Net income for the fourth quarter of 2016 produced a return on average assets of 1.00%, a return on average equity of 8.10%, and a return on average tangible equity of 10.73%.

Net income for the year ended December 31, 2016 was $16,301,000 compared to $15,039,000 for 2015, a $1,262,000 or 8.4% increase. Basic and diluted net income per common share was $1.89 for the 2016 period compared to $1.73 for the 2015 period.

Financial Performance and Overview

Jeffrey V. Haley, President and Chief Executive Officer, reported, "In 2016 we saw loan portfolio growth of $159 million or 15.8%. This increase was the result of vigorous and continuing business development activity and improvement in the local and regional economies. We are delighted to report that the growth was broad based.

"This organic growth has been developing for some time. In 2015, we had a very exciting year with the acquisition of Franklin Community Bank. In 2016, we decided to keep the momentum going, not by acquiring a bank, but by acquiring a team of exceptional bankers. Further, we elected to do this in not one, but two contiguous markets. In September 2016, we announced our de novo efforts in Roanoke, Virginia and Winston-Salem, North Carolina.

"Early results for the de novo operations are very encouraging. Loan production and deposit production are ahead of expectations and represent a significant part of our organic growth. We expect continued strong growth for the next several quarters.

"Loans don't exist in isolation and deposit growth is equally critical to the health of our balance sheet. Overall deposits are up $108 million or 8.6% over the prior year. Our focus continues to be in developing more core deposit account relationships.

"Net income for 2016 was $16.3 million or $1.89 per diluted share, an increase of $1.3 million or 8.4%.

"A lot of factors impacted earnings in 2016, but the major drivers include the following:

"Provision for loan losses was $250,000 compared to $950,000 for the prior year, a $700,000 decrease.

"The net impact of the de novo operations at year end was $1.2 million to expense, mostly related to additional personnel.

"This was offset by a reduction in non-recurring merger related expense of $2.0 million recorded in 2015.

"American National has a long and enviable legacy of strong capital. We are working to deploy this capital more effectively and efficiently, while still maintaining that fundamental legacy strength. Over the past two years, we have had substantial organic balance sheet growth, the acquisition of Franklin, and the two de novo operations. We intend to continue making the best possible use of our capital to maximize shareholder return, while maintaining capital ratios that are well above regulatory requirements."

Haley concluded, "To put it succinctly, we had a really good year in 2016. We think our efforts in 2015 and 2016 have set us up for a very good 2017 and an outstanding 2018."

Capital

American National's capital ratios remain strong and exceed all regulatory requirements.

For the quarter ended December 31, 2016, average shareholders' equity was 12.39% of average assets, compared to 12.88% for the quarter ended December 31, 2015.

Book value per common share was $23.37 at December 31, 2016, compared to $22.95 at December 31, 2015.

Tangible book value per common share was $18.08 at December 31, 2016, compared to $17.55 at December 31, 2015.

Credit Quality Measurements

Non-performing assets ($3,552,000 of non-performing loans and $1,328,000 of other real estate owned) represented 0.29% of total assets at December 31, 2016, compared to 0.48% at December 31, 2015.

Annualized net charge offs to average loans were zero basis points for the 2016 fourth quarter, compared to eleven basis points (0.11%) for the same quarter in 2015.

Other real estate owned was $1,328,000 at December 31, 2016, compared to $2,184,000 at December 31, 2015, a decrease of 856,000 or 39.2%.

Merger related financial impact

The acquisition adjustments related to our two recent mergers continue to have a positive impact on net interest income and income before income tax for American National. The impact of the adjustments is summarized below (dollars in thousands):

     
Acquisition related financial impact
    
     
For the quarter ended December 31,  2016 2015
Net interest income $ 427 $ 819
Income before Income taxes $ 252 $ 519
     
For the quarter ended December 31,  2016 2015
Net interest income $ 2,136 $ 3,322
Income before Income taxes $ 1,172 $ 2,121
     

Net Interest Income

Net interest income before the provision for loan losses increased to $12,646,000 in the fourth quarter of 2016 from $12,444,000 in the fourth quarter of 2015, an increase of $202,000 or 1.6%.

For the 2016 quarter, the net interest margin was 3.45% compared to 3.68% for the same quarter in 2015, a decrease of 0.23%. The decrease in net interest margin was driven by lower yields on earning assets and reduced levels of accretion income.

Provision for Loan Losses and Allowance for Loan Losses

Provision expense for the fourth quarter of 2016 was $50,000 compared to $250,000 for the fourth quarter of 2015, a decrease of $200,000.

The allowance for loan losses as a percentage of total loans was 1.10% at December 31, 2016 compared to 1.25% at December 31, 2015. There was significant growth in the loans outstanding in the fourth quarter, a net of $81.6 million. The need for additional loan loss provision was mitigated by continued high asset quality, low charge offs, and improvement in various qualitative factors, notably economic, political and legal, used in the determination of the allowance.

Noninterest Income

Noninterest income totaled $3,721,000 in the fourth quarter of 2016, compared with $3,818,000 in the fourth quarter of 2015, a decrease of $97,000 or 2.5%. Trust fees showed a very small decrease of $10,000 (1.0%); revenue for this category is directly impacted by changes in the equity markets. Securities gains showed a $139,000 decrease from the fourth quarter of 2015. Secondary market mortgage income showed an increase of $211,000 (63.4%), related to higher mortgage volume.

Noninterest Expense

Noninterest expense totaled $10,360,000 in the fourth quarter of 2016, compared to $9,466,000 in the fourth quarter of 2015, an increase of $894,000 or 9.4%.

The major driver of this increase is the addition of 19 FTEs in Roanoke and Winston-Salem. Salaries expense for the quarter increased $776,000 or 19.8%, primarily related to the de novos.

About American National

American National Bankshares Inc. is a multi-state bank holding company with total assets of approximately $1.7 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving southern and central Virginia and north central North Carolina with 26 banking offices and two loan production offices. American National Bank and Trust Company also manages an additional $781 million of trust, investment and brokerage assets in its Trust and Investment Services Division. Additional information about the company and the bank is available on the bank's website at www.amnb.com.

Shares of American National are traded on the NASDAQ Global Select Market under the symbol "AMNB."

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. Certain of the statements involve significant risks and uncertainties. The statements herein are based on certain assumptions and analyses by American National and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies or guidelines; significant changes in the economic scenario; significant changes in regulatory requirements; significant changes in securities markets; and changes regarding acquisitions and dispositions. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in American National's most recent Form 10-K report and other documents filed with the Securities and Exchange Commission. American National does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

  
American National Bankshares Inc.  
Consolidated Balance Sheets  
(Dollars in thousands, except share and per share data)  
Unaudited  
          
   December 31  
ASSETS  2016   2015  
            
Cash and due from banks  $20,268   $19,352  
Interest-bearing deposits in other banks   32,939    75,985  
Federal funds sold   -    -  
            
Securities available for sale, at fair value   346,502    340,349  
Restricted stock, at cost   6,224    5,312  
Loans held for sale   5,996    3,266  
            
Loans   1,164,821    1,005,525  
 Less allowance for loan losses   (12,801 )  (12,601 )
  Net Loans   1,152,020    992,924  
            
Premises and equipment, net   25,439    23,567  
Other real estate owned, net   1,328    2,184  
Goodwill   43,872    43,872  
Core deposit intangibles, net   1,719    2,683  
Bank owned life insurance   18,163    17,658  
Accrued interest receivable and other assets   24,168    20,447  
            
  Total assets  $1,678,638   $1,547,599  
            
            
Liabilities           
 Demand deposits -- noninterest-bearing  $378,600   $322,442  
 Demand deposits -- interest-bearing   209,430    227,030  
 Money market deposits   283,035    200,495  
 Savings deposits   120,720    115,383  
 Time deposits   378,855    397,310  
  Total deposits   1,370,640    1,262,660  
            
 Short-term borrowings:           
  Customer repurchase agreements   39,166    40,611  
  Other short-term borrowings   20,000    -  
 Long-term borrowings   9,980    9,958  
 Junior subordinated debt   27,724    27,622  
 Accrued interest payable and other liabilities   9,748    8,913  
  Total liabilities   1,477,258    1,349,764  
            
Shareholders' equity           
 Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding   
-
   
-
 
        
 Common stock, $1 par, 20,000,000 shares authorized, 8,618,051 shares outstanding at December 31, 2016 and 8,622,007 shares outstanding at December 31, 2015   

8,578
   

8,605
 
        
        
 Capital in excess of par value   75,076    75,375  
 Retained earnings   119,600    111,565  
 Accumulated other comprehensive income (loss), net   (1,874 )  2,290  
  Total shareholders' equity   201,380    197,835  
            
  Total liabilities and shareholders' equity  $1,678,638   $1,547,599  
            
            
 
American National Bankshares Inc.
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
             
   Three Months Ended  Twelve Months Ended
   December 31  December 31
   2016  2015  2016  2015
Interest and Dividend Income:                
 Interest and fees on loans  $12,182  $11,849  $47,971  $46,860
 Interest on federal funds sold   -   -   -   6
 Interest and dividends on securities:                
  Taxable   1,108   1,051   4,454   4,072
  Tax-exempt   728   882   3,135   3,681
  Dividends   76   88   334   346
 Other interest income   73   81   276   204
  Total interest and dividend income   14,167   13,951   56,170   55,169
                 
Interest Expense:                
 Interest on deposits   1,201   1,228   5,103   4,811
 Interest on short-term borrowings   4   2   10   9
 Interest on long-term borrowings   82   81   325   324
 Interest on junior subordinated debt   234   196   878   760
  Total interest expense   1,521   1,507   6,316   5,904
                 
Net Interest Income   12,646   12,444   49,854   49,265
 Provision for loan losses   50   250   250   950
                 
Net Interest Income After Provision                
 for Loan Losses   12,596   12,194   49,604   48,315
                 
Noninterest Income:                
 Trust fees   962   972   3,791   3,935
 Service charges on deposit accounts   528   523   2,048   2,066
 Other fees and commissions   689   590   2,680   2,377
 Mortgage banking income   544   333   1,713   1,320
 Securities gains, net   175   314   836   867
 Brokerage fees   207   265   843   946
 Income from Small Business Investment Companies   225   485   463   912
 Other   391   336   1,131   864
  Total noninterest income   3,721   3,818   13,505   13,287
                 
Noninterest Expense:                
 Salaries   4,696   3,920   17,568   16,554
 Employee benefits   1,061   1,096   4,264   4,311
 Occupancy and equipment   1,084   1,135   4,246   4,425
 FDIC assessment   128   185   647   750
 Bank franchise tax   226   223   995   898
 Core deposit intangible amortization   175   300   964   1,201
 Data processing   488   414   1,828   1,725
 Software   271   308   1,143   1,158
 Other real estate owned, net   22   39   336   99
 Merger related expenses   -   50   -   1,998
 Other   2,209   1,796   7,810   7,424
  Total noninterest expense   10,360   9,466   39,801   40,543
                 
Income Before Income Taxes   5,957   6,546   23,308   21,059
Income Taxes   1,835   1,939   7,007   6,020
Net Income  $4,122  $4,607  $16,301  $15,039
                 
Net Income Per Common Share:                
 Basic  $0.48  $0.53  $1.89  $1.73
 Diluted  $0.48  $0.53  $1.89  $1.73
Weighted Average Common Shares Outstanding:                
 Basic   8,615,700   8,627,414   8,611,507   8,680,502
 Diluted   8,629,777   8,633,778   8,621,241   8,688,450
              
              
American National Bankshares Inc.               
Financial Highlights               
 (In thousands, except share, ratio and
nonfinancial data, unaudited)   
              
              
4th Qtr  3rd Qtr  4th Qtr  YTD  YTD 
  2016  2016  2015  2016  2015 
EARNINGS                    
 Interest income $14,167  $14,063  $13,951  $56,170  $55,169 
 Interest expense  1,521   1,599   1,507   6,316   5,904 
 Net interest income  12,646   12,464   12,444   49,854   49,265 
 Provision for loan losses  50   100   250   250   950 
 Noninterest income  3,721   3,120   3,818   13,505   13,287 
 Noninterest expense  10,360   9,867   9,466   39,801   40,543 
 Income taxes  1,835   1,654   1,939   7,007   6,020 
 Net income  4,122   3,963   4,607   16,301   15,039 
                     
PER COMMON SHARE                    
 Income per share - basic $0.48  $0.46  $0.53  $1.89  $1.73 
 Income per share - diluted  0.48   0.46   0.53   1.89   1.73 
 Cash dividends paid  0.24   0.24   0.24   0.96   0.93 
 Book value per share  23.37   23.66   22.95   23.37   22.95 
 Book value per share - tangible (a)  18.08   18.34   17.55   18.08   17.55 
 Closing market price  34.80   27.95   25.61   34.80   25.61 
                     
FINANCIAL RATIOS                    
 Return on average assets  1.00%  0.99%  1.20%  1.02%  0.99%
 Return on average equity  8.10   7.79   9.32   8.07   7.65 
 Return on average tangible equity (b)  10.73   10.41   12.77   10.85   10.62 
 Average equity to average assets  12.39   12.67   12.88   12.64   12.90 
 Tangible equity to tangible assets (a)  9.54   10.06   10.08   9.54   10.08 
 Net interest margin, taxable equivalent  3.45   3.50   3.68   3.52   3.69 
 Efficiency ratio (c)  62.32   61.25   57.52   61.47   63.81 
 Effective tax rate  30.80   29.45   29.62   30.06   28.59 
                     
PERIOD-END BALANCES                    
 Securities $352,726  $357,445  $345,661  $352,726  $345,661 
 Loans held for sale  5,996   4,776   3,266   5,996   3,266 
 Loans, net of unearned income  1,164,821   1,083,201   1,005,525   1,164,821   1,005,525 
 Goodwill and other intangibles  45,591   45,766   46,555   45,591   46,555 
 Assets  1,678,638   1,615,534   1,547,599   1,678,638   1,547,599 
 Assets - tangible (a)  1,633,047   1,569,768   1,501,044   1,633,047   1,501,044 
 Deposits  1,370,640   1,306,008   1,262,660   1,370,640   1,262,660 
 Customer repurchase agreements  39,166   44,090   40,611   39,166   40,611 
 Other short-term borrowings  20,000   15,000   -   20,000   - 
 Long-term borrowings  37,704   37,672   37,580   37,704   37,580 
 Shareholders' equity  201,380   203,713   197,835   201,380   197,835 
 Shareholders' equity - tangible (a)  155,789   157,947   151,280   155,789   151,280 
                     
AVERAGE BALANCES                    
 Securities (d) $345,035  $354,780  $344,025  $351,961  $349,116 
 Loans held for sale  4,758   3,761   3,446   3,171   2,531 
 Loans, net of unearned income  1,110,524   1,064,606   983,725   1,060,106   973,329 
 Interest-earning assets  1,515,597   1,477,208   1,405,645   1,470,648   1,391,486 
 Goodwill and other intangibles  45,693   45,872   47,193   46,037   47,575 
 Assets  1,643,250   1,605,387   1,534,247   1,598,149   1,523,766 
 Assets - tangible (a)  1,597,557   1,559,515   1,487,054   1,552,112   1,476,191 
 Interest-bearing deposits  986,622   973,431   931,223   970,728   934,716 
 Deposits  1,345,743   1,301,874   1,247,612   1,301,043   1,232,199 
 Customer repurchase agreements  45,281   50,013   42,524   46,832   48,105 
 Other short-term borrowings  1,087   1,521   -   656   14 
 Long-term borrowings  37,686   37,655   37,561   37,640   37,515 
 Shareholders' equity  203,603   203,451   197,658   202,074   196,518 
 Shareholders' equity - tangible (a)  157,910   157,579   150,465   156,037   148,943 

                      
American National Bankshares Inc.                  
Financial Highlights                  
                   
(In thousands, except share, ratio and
nonfinancial data, unaudited)
                    
4th Qtr   3rd Qtr   4th Qtr   YTD   YTD  
   2016   2016   2015   2016   2015  
CAPITAL                          
 Weighted average shares outstanding - basic   8,615,700    8,608,323    8,627,414    8,611,507    8,680,502  
 Weighted average shares outstanding - diluted   8,629,777    8,618,335    8,633,778    8,621,241    8,688,450  
                           
ALLOWANCE FOR LOAN LOSSES                          
 Beginning balance  $12,757   $12,674   $12,611   $12,601   $12,427  
 Provision for loan losses   50    100    250    250    950  
 Charge-offs   (81 )  (86 )  (317 )  (326 )  (1,200 )
 Recoveries   75    69    57    276    424  
 Ending balance  $12,801   $12,757   $12,601   $12,801   $12,601  
                           
LOANS                          
 Construction and land development  $114,258   $91,688   $72,968   $114,258   $72,968  
 Commercial real estate   510,960    454,797    430,186    510,960    430,186  
 Residential real estate   215,104    218,632    220,434    215,104    220,434  
 Home equity   110,751    108,617    98,449    110,751    98,449  
 Commercial and industrial   208,717    204,184    177,481    208,717    177,481  
 Consumer   5,031    5,283    6,007    5,031    6,007  
 Total  $1,164,821   $1,083,201   $1,005,525   $1,164,821   $1,005,525  
                           
NONPERFORMING ASSETS AT PERIOD-END                          
 Nonperforming loans:                          
  90 days past due and accruing  $587   $320   $91   $587   $91  
  Nonaccrual   2,965    3,526    5,114    2,965    5,114  
 Other real estate owned   1,328    1,145    2,184    1,328    2,184  
 Nonperforming assets  $4,880   $4,991   $7,389   $4,880   $7,389  
                           
ASSET QUALITY RATIOS                          
 Allowance for loan losses to total loans   1.10 %  1.18 %  1.25 %  1.10 %  1.25 %
 Allowance for loan losses to                          
 nonperforming loans   360.39    331.70    242.09    360.39    242.09  
 Nonperforming assets to total assets   0.29    0.31    0.48    0.29    0.48  
 Nonperforming loans to total loans   0.30    0.36    0.52    0.30    0.52  
 Annualized net charge-offs (recoveries) to average loans   
0.00
   
0.01
   
0.11
   
0.00
   
0.08
 
                           
                           
OTHER DATA                          
 Fiduciary assets at period-end (e) (f)  $498,767   $502,390   $491,681   $498,767   $491,681  
 Retail brokerage assets at period-end (e) (f)  $282,454   $278,089   $257,546   $282,454   $257,546  
 Number full-time equivalent employees (g)   320    309    303    320    303  
 Number of full service offices   26    25    25    26    25  
 Number of loan production offices   2    2    2    2    2  
 Number of ATM's   33    33    33    33    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 December 31, 2016 and 2015  
(in thousands, except rates)  
Unaudited  
                      
         Interest         
   Average Balance  Income/Expense  Yield/Rate  
                      
   2016  2015  2016  2015  2016   2015  
Loans:                         
 Commercial  $204,489  $166,771  $2,003  $1,506  3.90 % 3.58 %
 Real estate   905,721   814,502   10,143   10,245  4.48   5.03  
 Consumer   5,072   5,898   98   135  7.69   9.08  
  Total loans   1,115,282   987,171   12,244   11,886  4.39   4.81  
                          
Securities:                         
 Federal agencies & GSEs   96,134   88,255   423   364  1.76   1.65  
 Mortgage-backed & CMOs   79,643   62,652   400   352  2.01   2.25  
 State and municipal   152,518   176,148   1,311   1,613  3.44   3.66  
 Other   16,740   16,970   150   144  3.58   3.39  
  Total securities   345,035   344,025   2,284   2,473  2.65   2.88  
                          
Federal funds sold   -   -   -   -  0.00   0.00  
Deposits in other banks   55,280   74,449   73   81  0.53   0.43  
                          
  Total interest-earning assets   1,515,597   1,405,645   14,601   14,440  3.85   4.11  
                          
Non-earning assets   127,653   128,602                 
                          
  Total assets  $1,643,250  $1,534,247                 
                          
Deposits:                         
 Demand  $204,910  $223,724   10   22  0.02   0.04  
 Money market   276,435   197,230   148   65  0.21   0.13  
 Savings   119,770   111,742   9   14  0.03   0.05  
 Time   385,507   398,527   1,034   1,127  1.07   1.12  
  Total deposits   986,622   931,223   1,201   1,228  0.48   0.52  
                          
Customer repurchase agreements   45,281   42,524   2   2  0.02   0.02  
Other short-term borrowings   1,087   -   2   -  0.74   0.00  
Long-term borrowings   37,686   37,561   316   277  3.35   2.95  
 Total interest-bearing                         
  liabilities   1,070,676   1,011,308   1,521   1,507  0.57   0.59  
                          
Noninterest bearing demand deposits   359,121   316,389                 
Other liabilities   9,850   8,892                 
Shareholders' equity   203,603   197,658                 
 Total liabilities and                         
  shareholders' equity  $1,643,250  $1,534,247                 
                          
Interest rate spread                  3.28 % 3.52 %
Net interest margin                  3.45 % 3.68 %
                          
Net interest income (taxable equivalent basis)          13,080   12,933         
Less: Taxable equivalent adjustment           434   489         
Net interest income          $12,646  $12,444         
                   
Net Interest Income Analysis
For the Years Ended December 31, 2016 and 2015
(in thousands, except yields and rates)
Unaudited
                   
         Interest      
   Average Balance  Income/Expense  Yield/Rate
                   
   2016  2015  2016  2015  2016  2015
Loans:                      
 Commercial  $198,326  $156,646  $7,856  $6,893  3.96 %  4.40 %
 Real estate   859,721   809,545   39,763   39,362  4.63  4.86
 Consumer   5,230   9,669   605   730  11.57  7.55
  Total loans   1,063,277   975,860   48,224   46,985  4.54  4.81
                       
Securities:                      
 Federal agencies & GSEs   96,009   88,384   1,674   1,364  1.74  1.54
 Mortgage-backed & CMOs   79,720   61,741   1,635   1,346  2.05  2.18
 State and municipal   160,279   183,208   5,647   6,746  3.52  3.68
 Other   15,953   15,783   560   532  3.51  3.37
  Total securities   351,961   349,116   9,516   9,988  2.70  2.86
                       
Federal funds sold   -   5,230   -   6  0.00  0.11
Deposits in other banks   55,410   61,280   276   204  0.50  0.33
                       
 Total interest-earning assets   1,470,648   1,391,486   58,016   57,183  3.94  4.11
                       
Non-earning assets   127,501   132,280              
                       
  Total assets  $1,598,149  $1,523,766              
                       
Deposits:                      
 Demand  $216,521  $223,825   99   82  0.05  0.04
 Money market   239,262   196,828   432   260  0.18  0.13
 Savings   118,144   109,697   47   53  0.04  0.05
 Time   396,801   404,366   4,525   4,416  1.14  1.09
  Total deposits   970,728   934,716   5,103   4,811  0.53  0.51
                       
Customer repurchase agreements   46,832   48,105   5   9  0.01  0.02
Other short-term borrowings   656   14   5   -  0.76  0.36
Long-term borrowings   37,640   37,515   1,203   1,084  3.20  2.89
 Total interest-bearing                      
  liabilities   1,055,856   1,020,350   6,316   5,904  0.60  0.58
                       
Noninterest bearing demand deposits   330,315   297,483              
Other liabilities   9,904   9,415              
Shareholders' equity   202,074   196,518              
 Total liabilities and                      
  shareholders' equity  $1,598,149  $1,523,766              
                       
Interest rate spread                  3.34 %  3.53 %
Net interest margin                  3.52 %  3.69 %
                       
Net interest income (taxable equivalent basis)          51,700   51,279      
Less: Taxable equivalent adjustment           1,846   2,014      
Net interest income          $49,854  $49,265      
                       

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