SOURCE: American National Bankshares Inc.

American National Bankshares Inc.

July 20, 2017 16:05 ET

American National Bankshares Inc. Reports Second Quarter 2017 Earnings

DANVILLE, VA--(Marketwired - July 20, 2017) -

  • Loan growth of $230.7 million (21.8%) during last four quarters
  • Q2 2017 net income of $4.3 million and diluted EPS of $0.49
  • Net interest margin of 3.54% for Q2 2017
  • Average shareholders' equity of $206.8 million is 11.91% of average assets

American National Bankshares Inc. ("American National") (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced net income of $4,279,000 compared to $4,088,000 for the second quarter of 2016, a $191,000 or 4.7% increase. Basic net income per common share was $0.50 for the 2017 quarter compared to $0.47 for the 2016 quarter. Diluted net income per common share was $0.49 for the 2017 quarter compared to $0.47 for the 2016 quarter. Net income for the second quarter of 2017 produced annualized return on average assets of 0.99%, on average equity of 8.28%, and on average tangible equity of 10.93%.

Net income for the first six months of 2017 was $8,342,000 compared to $8,216,000 for the comparable period of 2016, a $126,000 or 1.5% increase. Basic net income per common share was $0.97 for the 2017 period compared to $0.95 for the 2016 period. Diluted net income per common share was $0.96 for the 2017 period compared to $0.95 for the 2016 period.

Financial Performance and Overview

Jeffrey V. Haley, President and Chief Executive Officer, reported, "We are pleased to report continued strong growth in our balance sheet. Over the past year, loans have increased $230.7 million or 21.8%. In the past six months, loans have increased $123.9 million or 10.6%. We are very encouraged that active business development and improving local economic conditions are resulting in this high quality growth. However, the continuing challenge for us, in this hyper-competitive environment, is achieving reasonable risk adjusted yield on our lending.

"Loans require liquidity. Deposits have grown $164.5 million or 12.7% over the past year. In the past six months, deposits have grown $92.2 million or 6.7%. This growth is mostly in non-maturity, core deposits, the heart of our balance sheet. We continue striving to grow these core deposits and their affiliated relationships, but, like the asset side of the balance sheet, the challenge is to do that in a cost effective yet competitive manner. Our cost of interest bearing deposits for the second quarter was 0.52%, compared to 0.54% for the 2016 quarter.

"On the earnings side, net income for the second quarter was $4,279,000 compared to $4,088,000, an increase of $191,000 or 4.7%.

"Net interest income was up by $1,752,000 (14.4%) in the second quarter of 2017 compared to the second quarter of 2016, driven primarily by growth in loans.

"Provision for loan losses was up $300,000 in the second quarter of 2017, compared to the second quarter of 2016. The need for additional provision expense directly related to continued strong loan growth.

"Noninterest expense increased in the 2017 quarter by $1,055,000 (10.9%). The higher level of expense primarily related to our entry into two new markets in the fourth quarter of 2016."

Haley concluded, "We are delighted with our balance sheet growth in loans and deposits over the past year. Slightly less than half our growth has been in our new markets, Roanoke and Winston-Salem. We expect growth will continue, but at a somewhat reduced pace. We acknowledge that rising interest rates and hyper-competitive market forces together will put continued pressure on our net interest margin. We are enthusiastic about our ability to manage these challenges and prevail in the community bank marketplace. American National Bank continues to be optimistic about the future of community banking."

Capital

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

For the quarter ended June 30, 2017, average shareholders' equity was 11.91% of average assets, compared to 12.67% for the quarter ended June 30, 2016.

Book value per common share was $23.96 at June 30, 2017, compared to $23.54 at June 30, 2016.

Tangible book value per common share was $18.72 at June 30, 2017, compared to $18.20 at June 30, 2016.

Credit Quality Measurements

Non-performing assets represented 0.31% of total assets at June 30, 2017, compared to 0.29% at June 30, 2016.

Annualized net recoveries to average loans were six basis points (0.06%) for the second quarter compared to net charge offs of two basis points (0.02%) for the same quarter in 2016.

Other real estate owned was $1,686,000 compared to $1,289,000 at June 30, 2016, an increase of $397,000 or 30.8%.

Acquisition Related Financial Impact

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

     
Increases to:      
       
For the quarter ended June 30,   2017   2016
Net Interest Income  $595  $352
Income Before Income Taxes  $392  $64
         
For the six months ended June 30,   2017   2016
Net Interest Income  $1,029  $1,353
Income Before Income Taxes  $661  $777
       

During the second quarter of 2017, the Company received a substantial payoff and a pay-down of two purchased credit impaired loans that resulted in $220,000 in cash-basis accretion income.

Net Interest Income

Net interest income before the provision for loan losses increased to $13,912,000 in the second quarter of 2017 from $12,160,000 in the second quarter of 2016, an increase of $1,752,000 or 14.4%.

For the 2017 quarter, the net interest margin was 3.54% compared to 3.45% for the same quarter in 2016, an increase of nine basis points (0.09%). The increase in net interest income related to higher volumes of earning assets.

Provision for Loan Losses and Allowance for Loan Losses

Provision expense for the second quarter of 2017 was $350,000 compared to $50,000 for the second quarter of 2016.

The allowance for loan losses as a percentage of total loans was 1.06% at June 30, 2017 compared to 1.20% at June 30, 2016.

There was significant growth in loans outstanding in the second quarter 2017, a net of $68.7 million or 5.6%. The need for additions to the allowance for loan losses was mitigated by improvement in various qualitative factors used in the determination of the allowance, notably national and local economic conditions and continued favorable asset quality metrics.

Noninterest Income

Noninterest income totaled $3,348,000 in the second quarter of 2017, compared with $3,367,000 in the second quarter of 2016, a decrease of $19,000 or 0.6%. There was little net change in total revenue during the quarter.

Noninterest Expense

Noninterest expense totaled $10,711,000 in the second quarter of 2017, compared to $9,656,000 in the second quarter of 2016, an increase of $1,055,000 or 10.9%. The major driver of the increase was salaries related to the de novo operations in Roanoke and Winston-Salem. Overall salaries expense increased $702,000 or 17.4%. Total full time equivalent employees were 328 at the end of the second quarter of 2017, compared to 302 at the end of the comparable quarter of 2016.

About American National

American National is a multi-state bank holding company with total assets of approximately $1.8 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 Virginia and North Carolina with 27 banking offices and two loan production offices. American National Bank also manages an additional $818 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; changes in technology and information security; 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 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  $0.50   $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    18.20    18.72    18.20  
 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  
                           
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  
                           
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  
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  
                           
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    375.70    371.45    365.67    371.45  
 Nonperforming assets to total assets   0.31    0.30    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 )  0.00    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, 2017 and 2016  
(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   10.90  
  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  3.60   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   0.50  
                          
 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, 2017 and 2016  
(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   2.10  
 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  0.50   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   3.10  
 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         
                   

Contact Information