SOURCE: American National Bankshares Inc.

American National Bankshares Inc.

October 20, 2016 16:05 ET

American National Bankshares Inc. Reports Third Quarter 2016 Earnings

DANVILLE, VA--(Marketwired - October 20, 2016) - American National Bankshares Inc. ("American National") (NASDAQ: AMNB)

  • Organic loan growth of $102.2 million (10.4%) during last four quarters
  • De novo initiatives in Roanoke and Winston-Salem
  • Q3 2016 net income of $4.0 million and diluted EPS of $0.45
  • Net interest margin of 3.50% for Q3 2016
  • Average shareholders' equity of $203.5 million is 12.67% 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 $3,963,000 for the third quarter of 2016 compared to $4,037,000 for the third quarter of 2015, a $74,000 or 1.8% decrease. Diluted net income per common share was $0.45 for the 2016 quarter compared to $0.47 for the 2015 quarter. Net income for the third quarter of 2016 produced annualized returns on average assets of 0.99%, on average equity of 7.79%, and on average tangible equity of 10.41%.

Net income for the first nine months of 2016 was $12,179,000 compared to $10,432,000 for the comparable period of 2015, a $1,747,000 or 16.7% increase. Basic and diluted net income per common share was $1.41 for the 2016 period compared to $1.20 for the 2015 period.

Financial Performance and Overview
Jeffrey V. Haley, President and Chief Executive Officer, reported, "We are excited about our results for 2016 and even more excited about our prospects for 2017. We recently announced the hiring of a team of bankers in Roanoke and a team of bankers in Winston-Salem. We believe these two de novo efforts will complement our existing organic growth and expand our footprint in North Carolina and Virginia. We anticipate these new initiatives will have a material and positive impact to the bank's balance sheet, especially over the next five quarters.

"In the meantime, the legacy bank is growing well. Loans have increased $102.2 million or 10.4% during the past year. We are encouraged that a combination of active business development and improving local market economic conditions are resulting in this high quality growth. However, the continuing challenge for us in this competitive environment is achieving reasonable risk adjusted yield on lending.

"Deposits, which are needed to fund loans, have grown $79.5 million or 6.5% over the past year. This growth is mostly in non-maturity, core deposits, the heart of our balance sheet. We continue working to grow these core deposits and their affiliated relationships, but the challenge in this ongoing low rate environment is to do so in a cost effective yet competitive manner. Our cost of interest bearing deposits for the third quarter was 0.53%, compared to 0.52% for the 2015 quarter.

"Earnings for the quarter were good, $3,963,000 compared to $4,037,000, a decrease of $74,000 or 1.8%. The major driver for this slight decrease was increased salaries expense, largely related to the de novo Roanoke start up."

Haley concluded, "We believe American National has tremendous growth potential, in our new and our existing markets. We think that the next year can be transformational for us. We believe we can achieve this dynamic change and maintain the same fundamental corporate character, i.e. asset quality and strong capital, that has served the bank so well over the past decade."

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

For the quarter ended September 30, 2016, average shareholders' equity was 12.67% of average assets, compared to 12.95% for the quarter ended September 30, 2015.

Book value per common share was $23.66 at September 30, 2016, compared to $22.81 at September 30, 2015.

Tangible book value per common share was $18.34 at September 30, 2016, compared to $17.32 at September 30, 2015.

Credit Quality Measurements
Non-performing assets ($3,846,000 of non-performing loans and $1,145,000 of other real estate owned) represented 0.31% of total assets at September 30, 2016, compared to 0.44% at September 30, 2015.

Annualized net charge offs to average loans were one basis point (0.01%) for the 2016 third quarter, compared to seven basis points (0.07%) for the same quarter in 2015.

Other real estate owned was $1,145,000 compared to $1,333,000 at September 30, 2015, a decrease of 188,000 or 14.1%.

Acquisition Related Financial Impact
The acquisition 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 tax for American National. The impact of these adjustments is summarized below (dollars in thousands):

     
Acquisition related financial impact    
     
For the quarter ended September 30, 2016 2015
Net interest income $356 $548
Income before Income taxes $143 $248
     
For the nine months ended September 30, 2016 2015
Net interest income $1,709 $2,503
Income before Income taxes $920 $1,602
     

Net Interest Income
Net interest income before the provision for loan losses increased to $12,464,000 in the third quarter of 2016 from $12,061,000 in the third quarter of 2015, an increase of $403,000 or 3.3%.

For the 2016 quarter, the net interest margin was 3.50% compared to 3.64% for the same quarter in 2015, a decrease of 14 basis points (0.14%). 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 third quarter of 2016 was $100,000 compared to zero for the third quarter of 2015.

There has been significant growth in the loans outstanding over the past four quarters. The need for additions to the allowance for loan losses was reduced by improvement in various qualitative factors used in the determination of the allowance, notably asset quality and economic conditions. As noted in the Credit Quality Measurements discussion, non-performing assets, charge-offs, and other real estate owned are all improved over the past year.

The allowance for loan losses as a percentage of total loans was 1.18% at September 30, 2016 compared to 1.29% at September 30, 2015.

Noninterest Income
Noninterest income totaled $3,120,000 in the third quarter of 2016, compared with $3,055,000 in the third quarter of 2015, an increase of $65,000 or 2.1%. Mortgage banking income was the most notable change, as it increased to $512,000, up 36.2% over the prior year quarter.

Noninterest Expense
Noninterest expense totaled $9,867,000 in the third quarter of 2016, compared to $9,388,000 in the third quarter of 2015, an increase of $479,000 or 5.1%. The increase in expenses included compensation and start-up expenses related to the de novo branch in Roanoke.

About American National
American National is a multi-state bank holding company with total assets of approximately $1.6 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 25 banking offices and two loan production offices. American National Bank also manages an additional $780 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 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 share and per share data) 
Unaudited 
          
   September 30  
ASSETS  2016   2015  
          
Cash and due from banks  $37,679   $19,280  
Interest-bearing deposits in other banks   35,138    46,637  
Federal funds sold   -    -  
            
Securities available for sale, at fair value   351,439    358,306  
Restricted stock, at cost   6,006    5,308  
Loans held for sale   4,776    2,998  
            
Loans   1,083,201    980,984  
 Less allowance for loan losses   (12,757 )  (12,611 )
  Net Loans   1,070,444    968,373  
            
Premises and equipment, net   22,846    23,854  
Other real estate owned, net   1,145    1,333  
Goodwill   43,872    44,333  
Core deposit intangibles, net   1,894    2,983  
Bank owned life insurance   17,998    17,491  
Accrued interest receivable and other assets   22,297    21,541  
            
  Total assets  $1,615,534   $1,512,437  
            
            
Liabilities           
 Demand deposits -- noninterest-bearing  $339,797   $305,110  
 Demand deposits -- interest-bearing   196,696    220,562  
 Money market deposits   255,748    191,534  
 Savings deposits   119,476    108,992  
 Time deposits   394,291    400,323  
  Total deposits   1,306,008    1,226,521  
            
 Short-term borrowings:           
  Customer repurchase agreements   44,090    43,579  
  Other short-term borrowings   15,000    -  
 Long-term borrowings   9,974    9,952  
 Junior subordinated debt   27,698    27,597  
 Accrued interest payable and other liabilities   9,051    8,337  
  Total liabilities   1,411,821    1,315,986  
            
Shareholders' equity           
 Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding   -    -  
 Common stock, $1 par, 20,000,000 shares authorized, 8,610,741 shares outstanding at September 30, 2016 and 8,630,329 shares outstanding at September 30, 2015   8,573    8,611  
 Capital in excess of par value   74,839    75,524  
 Retained earnings   117,543    109,030  
 Accumulated other comprehensive income, net   2,758    3,286  
  Total shareholders' equity   203,713    196,451  
            
  Total liabilities and shareholders' equity  $1,615,534   $1,512,437  
            
American National Bankshares Inc.
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
              
   Three Months Ended   Nine Months Ended
   September 30   September 30
   2016  2015   2016  2015
Interest and Dividend Income:             
 Interest and fees on loans  $12,032  $11,474   $35,789  $35,011
 Interest on federal funds sold   -   1    -   6
 Interest and dividends on securities:                 
  Taxable   1,112   1,052    3,346   3,021
  Tax-exempt   767   899    2,407   2,799
  Dividends   74   91    258   258
 Other interest income   78   25    203   123
   Total interest and dividend income   14,063   13,542    42,003   41,218
                  
Interest Expense:                 
 Interest on deposits   1,291   1,205    3,902   3,583
 Interest on short-term borrowings   4   2    6   7
 Interest on long-term borrowings   81   82    243   243
 Interest on junior subordinated debt   223   192    644   564
   Total interest expense   1,599   1,481    4,795   4,397
                  
Net Interest Income   12,464   12,061    37,208   36,821
 Provision for loan losses   100   -    200   700
                  
Net Interest Income After Provision for Loan Losses   12,364   12,061    37,008   36,121
                  
Noninterest Income:                 
 Trust fees   938   1,006    2,829   2,963
 Service charges on deposit accounts   514   521    1,520   1,543
 Other fees and commissions   663   592    1,991   1,787
 Mortgage banking income   512   376    1,169   987
 Securities gains, net   73   6    662   553
 Brokerage fees   209   255    636   681
 Income from Small Business Investment Companies   -   99    238   427
 Other   211   200    739   528
   Total noninterest income   3,120   3,055    9,784   9,469
                  
Noninterest Expense:                 
 Salaries   4,626   4,179    12,872   12,634
 Employee benefits   1,034   1,029    3,203   3,215
 Occupancy and equipment   1,004   1,094    3,162   3,290
 FDIC assessment   138   185    519   565
 Bank franchise tax   257   220    769   675
 Core deposit intangible amortization   213   300    789   901
 Data processing   437   366    1,340   1,311
 Software   301   290    872   850
 Other real estate owned, net   105   (126 )  314   60
 Organizational expenses   23   -    23   -
 Merger related expenses   -   87    -   1,948
 Other   1,729   1,764    5,578   5,628
   Total noninterest expense   9,867   9,388    29,441   31,077
                  
Income Before Income Taxes   5,617   5,728    17,351   14,513
Income Taxes   1,654   1,691    5,172   4,081
Net Income  $3,963  $4,037   $12,179  $10,432
                  
Net Income Per Common Share:                 
 Basic  $0.46  $0.47   $1.41  $1.20
 Diluted  $0.45  $0.47   $1.41  $1.20
Weighted Average Common Shares Outstanding:                 
 Basic   8,702,919   8,668,618    8,641,862   8,698,394
 Diluted   8,712,931   8,676,571    8,650,148   8,706,870
               
American National Bankshares Inc.  
Financial Highlights  
   
(In thousands, except share, ratio and                     
nonfinancial data, unaudited)  3rd Qtr   2nd Qtr   3rd Qtr   YTD   YTD  
   2016   2016   2015   2016   2015  
EARNINGS                     
 Interest income  $14,063   $13,769   $13,542   $42,003   $41,218  
 Interest expense   1,599    1,609    1,481    4,795    4,397  
 Net interest income   12,464    12,160    12,061    37,208    36,821  
 Provision for loan losses   100    50    -    200    700  
 Noninterest income   3,120    3,367    3,055    9,784    9,469  
 Noninterest expense   9,867    9,656    9,388    29,441    31,077  
 Income taxes   1,654    1,733    1,691    5,172    4,081  
 Net income   3,963    4,088    4,037    12,179    10,432  
                           
PER COMMON SHARE                          
 Income per share - basic  $0.46   $0.47   $0.47   $1.41   $1.20  
 Income per share - diluted   0.45    0.47    0.47    1.41    1.20  
 Cash dividends paid   0.24    0.24    0.23    0.72    0.69  
 Book value per share   23.66    23.54    22.81    23.66    22.81  
 Book value per share - tangible (a)   18.34    18.20    17.32    18.34    17.32  
 Closing market price   27.95    25.18    23.45    27.95    23.45  
                           
FINANCIAL RATIOS                          
 Return on average assets   0.99 %  1.03 %  1.07 %  1.03 %  0.91 %
 Return on average equity   7.79    8.11    8.25    8.06    7.09  
 Return on average tangible equity (b)   10.41    10.99    11.42    10.89    9.90  
 Average equity to average assets   12.67    12.67    12.95    12.73    12.90  
 Tangible equity to tangible assets (a)   10.06    10.07    10.18    10.06    10.18  
 Net interest margin, taxable equivalent   3.50    3.45    3.64    3.54    3.69  
 Efficiency ratio (c)   61.25    60.91    61.25    61.18    66.00  
 Effective tax rate   29.45    29.77    29.52    29.81    28.12  
                           
PERIOD-END BALANCES                          
 Securities  $357,445   $368,162   $363,614   $357,445   $363,614  
 Loans held for sale   4,776    4,692    2,998    4,776    2,998  
 Loans, net of unearned income   1,083,201    1,057,959    980,984    1,083,201    980,984  
 Goodwill and other intangibles   45,766    45,979    47,316    45,766    47,316  
 Assets   1,615,534    1,601,651    1,512,437    1,615,534    1,512,437  
 Assets - tangible (a)   1,569,768    1,555,672    1,465,121    1,569,768    1,465,121  
 Deposits   1,306,008    1,298,385    1,226,521    1,306,008    1,226,521  
 Customer repurchase agreements   44,090    53,369    43,579    44,090    43,579  
 Other short-term borrowings   15,000    -    -    15,000    -  
 Long-term borrowings   37,672    37,642    37,549    37,672    37,549  
 Shareholders' equity   203,713    202,704    196,451    203,713    196,451  
 Shareholders' equity - tangible (a)   157,947    156,725    149,135    157,947    149,135  
                           
AVERAGE BALANCES                          
 Securities  $354,780   $361,064   $357,427   $354,287   $350,831  
 Loans held for sale   3,761    2,087    2,873    2,638    2,223  
 Loans, net of unearned income   1,064,606    1,047,993    982,212    1,043,177    969,826  
 Interest-earning assets   1,477,208    1,464,692    1,380,576    1,455,556    1,386,714  
 Goodwill and other intangibles   45,872    46,150    47,446    46,153    47,703  
 Assets   1,605,387    1,592,261    1,511,464    1,583,006    1,520,235  
 Assets - tangible (a)   1,559,515    1,546,111    1,464,018    1,536,853    1,472,532  
 Interest-bearing deposits   973,431    972,385    923,840    965,391    935,893  
 Deposits   1,301,874    1,295,520    1,223,328    1,286,034    1,227,005  
 Customer repurchase agreements   50,013    47,607    45,444    47,353    49,985  
 Other short-term borrowings   1,521    -    57    512    19  
 Long-term borrowings   37,655    37,624    37,531    37,624    37,500  
 Shareholders' equity   203,451    201,685    195,660    201,560    196,135  
 Shareholders' equity - tangible (a)   157,579    155,535    148,214    155,407    148,432  
                           
American National Bankshares Inc.  
Financial Highlights  
                      
(In thousands, except share, ratio and                     
nonfinancial data, unaudited)  3rd Qtr   2nd Qtr   3rd Qtr   YTD   YTD  
   2016   2016   2015   2016   2015  
CAPITAL                          
 Weighted average shares outstanding - basic   8,702,919    8,610,156    8,668,618    8,641,862    8,698,394  
 Weighted average shares outstanding - diluted   8,712,931    8,619,833    8,676,571    8,650,148    8,706,870  
                           
ALLOWANCE FOR LOAN LOSSES                          
 Beginning balance  $12,674   $12,675   $12,793   $12,601   $12,427  
 Provision for loan losses   100    50    -    200    700  
 Charge-offs   (86 )  (119 )  (253 )  (245 )  (883 )
 Recoveries   69    68    71    201    367  
 Ending balance  $12,757   $12,674   $12,611   $12,757   $12,611  
                           
LOANS                          
 Construction and land development  $91,688   $89,451   $68,692   $91,688   $68,692  
 Commercial real estate   454,797    438,164    424,404    454,797    424,404  
 Residential real estate   218,632    216,857    219,415    218,632    219,415  
 Home equity   108,617    107,007    98,249    108,617    98,249  
 Commercial and industrial   204,184    201,381    164,025    204,184    164,025  
 Consumer   5,283    5,099    6,199    5,283    6,199  
 Total  $1,083,201   $1,057,959   $980,984   $1,083,201   $980,984  
                           
NONPERFORMING ASSETS AT PERIOD-END                          
 Nonperforming loans:                          
  90 days past due and accruing  $-   $-   $-   $-   $-  
  Nonaccrual   3,846    3,412    5,360    3,846    5,360  
 Other real estate owned   1,145    1,289    1,333    1,145    1,333  
 Nonperforming assets  $4,991   $4,701   $6,693   $4,991   $6,693  
                           
ASSET QUALITY RATIOS                          
 Allowance for loan losses to total loans   1.18 %  1.20 %  1.29 %  1.18 %  1.29 %
 Allowance for loan losses to nonperforming loans   331.70    371.45    235.28    331.70    235.28  
 Nonperforming assets to total assets   0.31    0.29    0.44    0.31    0.44  
 Nonperforming loans to total loans   0.36    0.32    0.55    0.36    0.55  
 Annualized net charge-offs (recoveries) to average loans   0.01    0.02    0.07    0.01    0.07  
                           
                           
OTHER DATA                          
 Fiduciary assets at period-end (d) (e)  $502,390   $491,517   $486,173   $502,390   $486,173  
 Retail brokerage assets at period-end (d) (e)  $278,089   $269,066   $247,258   $278,089   $247,258  
 Number full-time equivalent employees (f)   309    302    310    309    310  
 Number of full service offices   25    25    25    25    25  
 Number of loan production offices   2    2    2    2    2  
 Number of ATM's   33    33    34    33    34  
                           
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) - Market value.
 (e) - Assets are not owned by the Company and are not reflected in the consolidated balance sheet.
 (f) - Average for quarter.
  
Net Interest Income Analysis  
For the Three Months Ended September 30, 2016 and 2015  
(in thousands, except yields/rates)  
                     
        Interest         
  Average Balance  Income/Expense  Yield/Rate  
                     
  2016  2015  2016  2015  2016   2015  
Loans:                    
 Commercial $200,448  $164,551  $2,022  $1,801  4.01 % 4.34 %
 Real estate  862,740   814,500   9,939   9,557  4.61   4.69  
 Consumer  5,179   6,034   136   150  10.45   9.86  
  Total loans  1,068,367   985,085   12,097   11,508  4.52   4.67  
                         
Securities:                        
 Federal agencies & GSEs  99,375   103,303   428   431  1.72   1.67  
 Mortgage-backed & CMOs  81,945   57,100   411   282  2.01   1.98  
 State and municipal  158,010   180,799   1,370   1,650  3.47   3.65  
 Other  15,450   16,225   132   140  3.42   3.45  
  Total securities  354,780   357,427   2,341   2,503  2.64   2.80  
                         
Federal funds sold  -   76   -   1  0.00   5.22  
Deposits in other banks  54,061   37,988   78   25  0.57   0.26  
                         
 Total interest-earning assets  1,477,208   1,380,576   14,516   14,037  3.93   4.06  
                         
Non-earning assets  128,179   130,888                 
                         
  Total assets $1,605,387  $1,511,464                 
                         
Deposits:                        
 Demand $200,469  $221,700   10   20  0.02   0.04  
 Money market  253,269   191,689   118   63  0.19   0.13  
 Savings  117,737   109,919   9   13  0.03   0.05  
 Time  401,956   400,532   1,154   1,109  1.14   1.10  
  Total deposits  973,431   923,840   1,291   1,205  0.53   0.52  
                         
Customer repurchase agreements  50,013   45,444   1   2  0.01   0.02  
Other short-term borrowings  1,521   57   3   0  0.79   0.35  
Long-term borrowings  37,655   37,531   304   274  3.23   2.92  
 Total interest-bearing liabilities  1,062,620   1,006,872   1,599   1,481  0.60   0.58  
                         
Noninterest bearing demand deposits  328,443   299,488                 
Other liabilities  10,873   9,444                 
Shareholders' equity  203,451   195,660                 
  Total liabilities and shareholders' equity $1,605,387  $1,511,464                 
                         
Interest rate spread                 3.33 % 3.48 %
Net interest margin                 3.50 % 3.64 %
                         
Net interest income (taxable equivalent basis)         12,917   12,556         
Less: Taxable equivalent adjustment          453   495         
Net interest income         $12,464  $12,061         
  
Net Interest Income Analysis  
For the Nine Months Ended September 30, 2016 and 2015  
(in thousands, except yields/rates)  
   
        Interest         
  Average Balance  Income/Expense  Yield/Rate  
                     
  2016  2015  2016  2015  2016   2015  
Loans:                    
 Commercial $196,256  $153,234  $5,852  $5,387  3.98 % 4.70 %
 Real estate  844,276   807,875   29,620   29,117  4.68   4.81  
 Consumer  5,283   10,940   507   595  12.82   7.27  
  Total loans  1,045,815   972,049   35,979   35,099  4.59   4.82  
                         
Securities:                        
 Federal agencies & GSEs  95,967   88,427   1,252   1,000  1.74   1.51  
 Mortgage-backed & CMOs  79,746   61,434   1,235   994  2.06   2.16  
 State and municipal  162,885   185,587   4,336   5,133  3.55   3.69  
 Other  15,689   15,383   410   388  3.48   3.36  
  Total securities  354,287   350,831   7,233   7,515  2.72   2.86  
                         
Federal funds sold  -   6,992   -   6  0.00   0.11  
Deposits in other banks  55,454   56,842   203   123  0.49   0.29  
                         
 Total interest-earning assets  1,455,556   1,386,714   43,415   42,743  3.98   4.11  
                         
Non-earning assets  127,450   133,521                 
                         
  Total assets $1,583,006  $1,520,235                 
                         
Deposits:                        
 Demand $220,419  $223,858   90   60  0.05   0.04  
 Money market  226,780   196,693   284   195  0.17   0.13  
 Savings  117,599   109,008   37   39  0.04   0.05  
 Time  400,593   406,334   3,491   3,289  1.16   1.08  
  Total deposits  965,391   935,893   3,902   3,583  0.54   0.51  
                         
Customer repurchase agreements  47,353   49,985   3   7  0.01   0.02  
Other short-term borrowings  512   19   3   0  0.78   0.35  
Long-term borrowings  37,624   37,500   887   807  3.14   2.87  
 Total interest-bearing liabilities  1,050,880   1,023,397   4,795   4,397  0.61   0.57  
                         
Noninterest bearing demand deposits  320,643   291,112                 
Other liabilities  9,923   9,591                 
Shareholders' equity  201,560   196,135                 
  Total liabilities and shareholders' equity $1,583,006  $1,520,235                 
                         
Interest rate spread                 3.37 % 3.54 %
Net interest margin                 3.54 % 3.69 %
                         
Net interest income (taxable equivalent basis)         38,620   38,346         
Less: Taxable equivalent adjustment          1,412   1,525         
Net interest income         $37,208  $36,821         
                  

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