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American National Bankshares Inc. Reports Third Quarter 2011 Earnings

10/26/2011

Company Release - 10/26/2011 19:05

 

DANVILLE, VA -- (MARKET WIRE) -- 10/26/11 -- American National Bankshares Inc. (NASDAQ: AMNB)

  • First quarter post-merger with MidCarolina of combined operation
  • Q3 net income of $4.1 million and diluted EPS of $0.52 per share
  • Net interest margin of 4.41%
  • Average shareholders' equity of $149 million represents 11.40% of average assets

American National Bankshares Inc. (NASDAQ: AMNB) ("American National"), parent company of American National Bank and Trust Company ("American National Bank"), today announced third quarter 2011 net income available to common shareholders ("net income") of $4,078,000, compared to $2,228,000 for the same quarter in 2010. Basic and diluted earnings per share were $0.52 for the 2011 quarter, compared to $0.36 for the 2010 quarter. This net income produced returns on average assets and average equity of 1.26% and 11.08%, respectively.

Net income for the first nine months of 2011 was $6,868,000, compared to $6,427,000 for the comparable period of 2010. Basic and diluted earnings per share were $1.02 for the 2011 period, compared to $1.05 for the 2010 period.

Earnings for the quarter and nine months in 2011 were favorably impacted by the July 1, 2011, merger between American National and MidCarolina Financial Corporation ("MidCarolina"). Unless otherwise noted, most of the material changes between periods are related to the merger.

Financial Performance and Overview
Charles H. Majors, President and Chief Executive Officer, stated, "July 1, 2011, was the first day of our third quarter and a monumental day in the history of American National. We consummated the merger with MidCarolina and overnight grew our community bank from $800 million to $1.3 billion in assets. In that same moment we added significantly to the depth and breadth of our market footprint, our pool of talented bankers and staff, and our ability to serve customers.

"Building and growing a community bank for the 21st century is not an easy or simple mission, but we start from a base of over a century of safe, sound and prudent banking in our home Virginia market. We are delighted to grow that base with our new partners in North Carolina and eagerly anticipate the myriad of business opportunities they will bring the combined bank over the coming years.

"We are pleased with earnings for the first quarter of the merged bank. However, the accounting rules that govern business combinations are complex and esoteric. The short version is that they require the assets and liabilities of the acquired company, in our case MidCarolina, to be valued at 'fair value'. Most of the assets and liabilities of a community bank are financial in nature and the fair value process, in today's economic environment, can result in significant fair value adjustments that are effectively purchase discounts.

"Much of this fair value discount will be added to our earnings over the next few years. The first indication of this is our earnings, under generally accepting accounting principles ('GAAP'), for the third quarter were $4,078,000, compared to $2,228,000 for the same quarter in 2010, an 83% increase.

"If those earnings are adjusted to remove the impact of the merger (the fair value impact and the merger related costs), our third quarter earnings would have been $3,326,000 compared to $2,228,000 for the same quarter of 2010, a 49% increase. The accountants would call this a 'non-GAAP' measure.

"This fair value accounting impact to income is front end loaded and will reduce rapidly in size during the next several years over the life of these assets, which are mostly loans. However, the merger is immediately accretive to earnings, even without any benefit from fair value accounting.

Majors concluded, "This was a remarkable quarter for American National. But, as we hope everyone understands, we are building and growing a community bank not just for the next few quarters, but for the new century, and we are optimistic that America National's best years are ahead of us."

Capital
American National's capital ratios remain strong and well over all regulatory requirements. For the quarter ended September 30, 2011, average shareholders' equity was 11.40% of average assets and the ratio of average tangible equity to average tangible assets was 8.29%.

Book value per common share was $19.40 at September 30, 2011, compared to $18.10 for the same date in 2010.

Tangible book value per common share was $13.65 at September 30, 2011, compared to $14.20 for the same date in 2010.

Credit Quality Measurements
Nonperforming assets ($13.5 million of non-accrual loans and $5.9 million of foreclosed real estate) represented 1.48% of total assets at September 30, 2011, compared to 0.96% at September 30, 2010.

Annualized net charge offs to average loans were nine basis points (0.09%) for the September 2011 quarter, compared to two basis points (0.02%) for the same quarter in 2010.

Net Interest Income
Net interest income before provision for loan losses increased to $12,343,000 in the third quarter of 2011 from $6,759,000 in the third quarter of 2010, an improvement of $5,584,000 or 82.6%.

For the third quarter, American National's net interest margin increased 67 basis points (0.67%) to 4.41% compared to the same quarter in 2010.

For the nine month period, the net interest margin increased 16 basis points (0.16%) to 3.98% compared to the same period in 2010.

Noninterest Income
Noninterest income totaled $2,698,000 in the third quarter of 2011, compared with $2,241,000 in the third quarter of 2010, an increase of $457,000 or 20.4%. Approximately 60% of this gain was attributable to increases in trust income and a gain on the sale of real estate in Danville. The remainder of the increase was related to the merger.

Noninterest Expense
Noninterest expense totaled $8,564,000 in the third quarter of 2011, compared to $5,531,000 in the third quarter of 2010, an increase of $3,033,000 or 54.8%. The third quarter of 2011 was negatively impacted by $390,000 in merger related expenses.

About American National
American National Bankshares Inc. is a multi-state bank holding company with total assets of approximately $1.3 billion following the July 1, 2011, completion of the MidCarolina merger. 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. The banking offices in Alamance and Guilford counties in North Carolina operate as MidCarolina Bank, a division of American National Bank. American National Bank and Trust Company also manages an additional $490 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 Bankshares Inc. 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. and Subsidiaries
                        Consolidated Balance Sheets
          (Dollars in thousands, except share and per share data)
                                 Unaudited

                                                     September 30
                                          ---------------------------------
                  ASSETS                        2011             2010
                                          ---------------- ----------------

Cash and due from banks                   $         23,450 $         10,860
Interest-bearing deposits in other banks            30,086           16,338

Securities available for sale, at fair
 value                                             311,517          209,434
Securities held to maturity                          2,383            4,501
                                          ---------------- ----------------
    Total securities                               313,900          213,935
                                          ---------------- ----------------

Restricted stock, at cost                            6,404            4,161
Loans held for sale                                  3,359            3,952

Loans                                              817,858          519,421
  Less allowance for loan losses                    (9,086)          (8,542)
                                          ---------------- ----------------
    Net Loans                                      808,772          510,879
                                          ---------------- ----------------

Premises and equipment, net                         26,263           20,142
Other real estate owned, net                         5,920            3,987
Goodwill                                            37,709           22,468
Core deposit intangibles, net                        7,142            1,415
Accrued interest receivable and other
 assets                                             42,134           16,080
                                          ---------------- ----------------

    Total assets                          $      1,305,139 $        824,217
                                          ================ ================

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
  Demand deposits -- noninterest-bearing  $        170,398 $        101,578
  Demand deposits -- interest-bearing              188,480           91,301
  Money market deposits                            199,172           53,388
  Savings deposits                                  72,428           62,841
  Time deposits                                    433,999          316,522
                                          ---------------- ----------------
    Total deposits                               1,064,477          625,630

  Short-term borrowings:
    Customer repurchase agreements                  43,758           54,285
  Long-term borrowings                              10,238            8,525
  Trust preferred capital notes                     27,190           20,619
  Accrued interest payable and other
   liabilities                                       8,115            4,290
                                          ---------------- ----------------
    Total liabilities                            1,153,778          713,349
                                          ---------------- ----------------

Shareholders' equity:
  Preferred stock, $5 par, 2,000,000
   shares authorized, 1,000,000 shares
   outstanding at September 30, 2011 and
   none outstanding at September 30, 2010            5,000                -
  Common stock, $1 par, 20,000,000 shares
   authorized, 7,802,976 shares
   outstanding at September 30, 2011 and
   6,126,374 shares outstanding at
   September 30, 2010                                7,803            6,126
  Capital in excess of par value                    56,094           27,200
  Retained earnings                                 77,092           74,409
  Accumulated other comprehensive income,
   net                                               5,372            3,133
                                          ---------------- ----------------
    Total shareholders' equity                     151,361          110,868
                                          ---------------- ----------------

    Total liabilities and shareholders'
     equity                               $      1,305,139 $        824,217
                                          ================ ================

 



 

             American National Bankshares Inc. and Subsidiaries
                      Consolidated Statements of Income
           (Dollars in thousands, except share and per share data)
                                  Unaudited

                             Three Months Ended        Nine Months Ended
                                September 30              September 30
                         ------------------------- -------------------------
                             2011         2010         2011         2010
                         ------------ ------------ ------------ ------------
Interest and Dividend
 Income:
  Interest and fees on
   loans                 $     12,510 $      6,994 $     25,807 $     21,220
  Interest and dividends
   on securities:
    Taxable                     1,192        1,253        3,446        3,844
    Tax-exempt                  1,014          621        2,557        1,641
    Dividends                      35           24           88           71
  Other interest income            28           90          112          268
                         ------------ ------------ ------------ ------------
    Total interest and
     dividend income           14,779        8,982       32,010       27,044
                         ------------ ------------ ------------ ------------

Interest Expense:
  Interest on deposits          2,079        1,722        5,246        5,004
  Interest on short-term
   borrowings                      82           93          244          297
  Interest on long-term
   borrowings                      86           65          144          192
  Interest on trust
   preferred capital
   notes                          189          343          829        1,030
                         ------------ ------------ ------------ ------------
    Total interest
     expense                    2,436        2,223        6,463        6,523
                         ------------ ------------ ------------ ------------

Net Interest Income            12,343        6,759       25,547       20,521
  Provision for loan
   losses                         525          435        1,198        1,005
                         ------------ ------------ ------------ ------------

Net Interest Income After
 Provision for Loan
 Losses                        11,818        6,324       24,349       19,516
                         ------------ ------------ ------------ ------------

Noninterest Income:
  Trust fees                      921          842        2,727        2,455
  Service charges on
   deposit accounts               575          478        1,396        1,440
  Other fees and
   commissions                    429          290        1,083          856
  Mortgage banking income         374          428          792        1,017
  Securities gains
   (losses), net                    -           67          (18)          42
  Other                           399          136          677          398
                         ------------ ------------ ------------ ------------
    Total noninterest
     income                     2,698        2,241        6,657        6,208
                         ------------ ------------ ------------ ------------

Noninterest Expense:
  Salaries                      3,676        2,596        8,707        7,590
  Employee benefits               731          564        1,896        1,837
  Occupancy and equipment         916          732        2,311        2,209
  FDIC assessment                  94          203          496          597
  Bank franchise tax              206          168          557          503
  Core deposit intangible
   amortization                   546           94          735          283
  Foreclosed real estate,
   net                           (261)          (5)         174          279
  Merger related expenses         390            -        1,534            -
  Other                         2,266        1,179        4,961        3,607
                         ------------ ------------ ------------ ------------
    Total noninterest
     expense                    8,564        5,531       21,371       16,905
                         ------------ ------------ ------------ ------------

Income Before Income
 Taxes                          5,952        3,034        9,635        8,819
Income Taxes                    1,823          806        2,716        2,392
                         ------------ ------------ ------------ ------------
Net Income                      4,129        2,228        6,919        6,427
Dividends on preferred
 stock                             51            -           51            -
                         ------------ ------------ ------------ ------------
Net income available to
 common shareholders     $      4,078 $      2,228 $      6,868 $      6,427
                         ============ ============ ============ ============

Net Income Per Common
 Share:
    Basic                $       0.52 $       0.36 $       1.02 $       1.05
    Diluted              $       0.52 $       0.36 $       1.02 $       1.05
Average Common Shares
 Outstanding:
    Basic                   7,800,614    6,125,359    6,705,607    6,122,876
    Diluted                 7,806,668    6,131,129    6,712,960    6,128,481

 



 

American National Bankshares Inc. and Subsidiaries
Financial Highlights


(In thousands,
 except share, ratio
 and nonfinancial
 data, unaudited)     3rd Qtr    2nd Qtr     3rd Qtr      YTD        YTD
                       2011       2011        2010       2011       2010
                    ---------- ----------  ---------- ---------- ----------
EARNINGS
 Interest income    $   14,779 $    8,570  $    8,982 $   32,010 $   27,044
 Interest expense        2,436      1,971       2,223      6,463      6,523
 Net interest income    12,343      6,599       6,759     25,547     20,521
 Provision for loan
  losses                   525        336         435      1,198      1,005
 Noninterest income      2,698      1,988       2,241      6,657      6,208
 Noninterest expense     8,564      7,028       5,531     21,371     16,905
 Income taxes            1,823        211         806      2,716      2,392
 Net income              4,129      1,012       2,228      6,919      6,427

PER COMMON SHARE
 Earnings per share
  - basic           $     0.52 $     0.16  $     0.36 $     1.02 $     1.05
 Earnings per share
  - diluted               0.52       0.16        0.36       1.02       1.05
 Cash dividends
  declared                0.23       0.23        0.23       0.69       0.69
 Book value per
  share                  19.40      18.06       18.10      19.40      18.10
 Book value per
  share - tangible
  (a)                    13.65      14.23       14.20      13.65      14.20
 Closing market
  price                  18.00      18.39       21.94      18.00      21.94

FINANCIAL RATIOS
 Return on average
  assets                  1.26%      0.48%       1.07%      0.92%      1.04%
 Return on average
  equity                 11.08       3.65        8.11       7.49       7.90
 Return on average
  tangible equity
  (b)                    17.24       5.00       10.69      10.73      10.47
 Average equity to
  average assets         11.40      13.06       13.14      12.33      13.20
 Net interest
  margin, taxable
  equivalent              4.41       3.65        3.74       3.98       3.82
 Efficiency ratio        57.03      73.00       59.54      63.24      60.10
 Effective tax rate      30.63      17.25       26.57      28.19      27.12

PERIOD-END BALANCES
 Securities         $  320,304 $  237,440  $  218,096 $  320,304 $  218,096
 Loans held for sale     3,359      2,087       3,952      3,359      3,952
 Loans, net of
  unearned income      817,858    514,081     519,421    817,858    519,421
 Goodwill and other
  intangibles           44,851     23,600      23,883     44,851     23,883
 Assets              1,305,139    846,016     824,217  1,305,139    824,217
 Assets - tangible
  (a)                1,260,288    822,416     800,334  1,260,288    800,334
 Deposits            1,064,477    658,950     625,630  1,064,477    625,630
 Customer repurchase
  agreements            43,758     50,329      54,285     43,758     54,285
 Other short-term
  borrowings                 -          -           -          -          -
 Long-term
  borrowings            37,428     21,032      29,144     37,428     29,144
 Shareholders'
  equity               151,361    111,190     110,868    151,361    110,868
 Shareholders'
  equity - tangible
  (a)                  106,510     87,590      86,985    106,510     86,985

AVERAGE BALANCES
 Securities         $  296,095 $  235,725  $  214,532 $  253,059 $  199,282
 Loans held for sale     2,641      1,984       4,991      2,048      3,664
 Loans, net of
  unearned income      827,720    515,161     519,101    619,812    519,805
 Interest-earning
  assets             1,171,982    773,750     762,742    904,023    749,505
 Goodwill and other
  intangibles           44,437     23,651      23,935     30,688     24,029
 Assets              1,306,796    848,783     836,033    999,219    821,861
 Assets - tangible
  (a)                1,262,359    825,132     812,098    968,531    797,832
 Interest-bearing
  deposits             896,873    549,397     530,191    664,091    517,543
 Deposits            1,067,491    666,325     633,692    797,099    618,508
 Customer repurchase
  agreements            45,356     47,220      59,126     45,452     61,698
 Other short-term
  borrowings                 2          -          92         45         31
 Long-term
  borrowings            37,439     21,062      29,174     28,820     29,211
 Shareholders'
  equity               149,033    110,859     109,885    123,184    108,512
 Shareholders'
  equity - tangible
  (a)                  104,596     87,208      85,950     92,496     84,483

CAPITAL
 Average shares
  outstanding -
  basic              7,800,614  6,154,396   6,125,359  6,705,607  6,122,876
 Average shares
  outstanding -
  diluted            7,806,668  6,161,265   6,131,129  6,712,960  6,128,481
 Shares repurchased          -          -           -          -          -
 Average price of
  shares repurchased$        - $        -  $        - $        - $        -

ALLOWANCE FOR LOAN
 LOSSES
 Beginning balance  $    8,744 $    8,257  $    8,135 $    8,420 $    8,166
 Provision for loan
  losses                   525        336         435      1,198      1,005
 Charge-offs              (252)      (134)       (137)      (957)      (869)
 Recoveries                 69        285         109        425        240
                    ---------- ----------  ---------- ---------- ----------
 Ending balance     $    9,086 $    8,744  $    8,542 $    9,086 $    8,542

LOANS
 Construction and
  land development  $   57,111 $   35,756  $   42,602 $   57,111 $   42,602
 Commercial real
  estate               346,715    208,685     206,142    346,715    206,142
 Residential real
  estate               174,493    114,510     118,554    174,493    118,554
 Home equity            99,727     61,218      64,847     99,727     64,847
 Commercial and
  industrial           131,704     87,449      80,818    131,704     80,818
 Consumer                8,108      6,463       6,458      8,108      6,458
                    ---------- ----------  ---------- ---------- ----------
 Total              $  817,858 $  514,081  $  519,421 $  817,858 $  519,421

NONPERFORMING ASSETS
 AT PERIOD-END
 Nonperforming
  loans:
   90 days past due $        - $        -  $        - $        - $        -
   Nonaccrual           13,455      3,464       3,910     13,455      3,910
 Foreclosed real
  estate                 5,920      3,513       3,987      5,920      3,987
                    ---------- ----------  ---------- ---------- ----------
 Nonperforming
  assets            $   19,375 $    6,977  $    7,897 $   19,375 $    7,897

ASSET QUALITY RATIOS
 Annualized net
  chargeoffs to
  average loans           0.09%     (0.12)%      0.02%      0.11%      0.16%
 Nonperforming
  assets to total
  assets                  1.48       0.82        0.96       1.48       0.96
 Nonperforming loans
  to total loans          1.65       0.67        0.75       1.65       0.75
 Allowance for loan
  losses to total
  loans                   1.11       1.70        1.64       1.11       1.64
 Allowance for loan
  losses to
 nonperforming loans     67.53     252.42      218.47      67.53     218.47

OTHER DATA
 Fiduciary assets at
  period-end (c)    $  340,941 $  368,579  $  370,016 $  340,941 $  370,016
 Retail brokerage
  assets at period-
  end (c)           $  149,284 $   49,636  $   47,507 $  149,284 $   47,507
 Number full-time
  equivalent
  employees (d)            306        244         242        306        242
 Number of full
  service offices           25         18          18         25         18
 Number of loan
  production offices         1          1           1          1          1
 Number of ATM's            31         26          26         31         26




Notes:

(a) - Excludes goodwill and other intangible assets
(b) - Excludes amortization expense, net of tax, of intangible assets
(c) - Market value
(d) - Average for quarter

 



 

                                  Net Interest Income Analysis
                     For the Three Months Ended September 30, 2011 and 2010
                                  (in thousands, except rates)
                                           Unaudited

                                                 Interest
                       Average Balance        Income/Expense     Yield/Rate
                    --------------------- --------------------- -----------

                       2011       2010       2011       2010     2011  2010
                    ---------- ---------- ---------- ---------- -----  ----
Loans:
  Commercial        $  136,204 $   76,618 $    1,603 $      934  4.67% 4.84%
  Real estate          685,628    441,069     10,778      5,968  6.29  5.41
  Consumer               8,529      6,405        163        126  7.58  7.80
                    ---------- ---------- ---------- ---------- -----  ----
    Total loans        830,361    524,092     12,544      7,028  6.04  5.36
                    ---------- ---------- ---------- ---------- -----  ----

Securities:
  Federal agencies      32,448     60,079        186        459  2.29  3.06
  Mortgage-backed &
   CMO's                87,785     53,839        615        493  2.80  3.66
  State and
   municipal           168,134     94,419      1,896      1,217  4.51  5.16
  Other                  7,728      6,195         78         55  4.04  3.55
                    ---------- ---------- ---------- ---------- -----  ----
    Total securities   296,095    214,532      2,775      2,224  3.75  4.15
                    ---------- ---------- ---------- ---------- -----  ----

Deposits in other
 banks                  45,526     24,118         28         90  0.24  1.48
                    ---------- ---------- ---------- ---------- -----  ----

  Total interest-
   earning assets    1,171,982    762,742     15,347      9,342  5.23  4.89
                                          ---------- ---------- -----  ----

Non-earning assets     134,814     73,291
                    ---------- ----------

    Total assets    $1,306,796 $  836,033
                    ========== ==========

Deposits:
  Demand            $  171,744 $   90,731        132         16  0.30  0.07
  Money market         208,962     70,011        232         94  0.44  0.53
  Savings               72,088     63,562         26         22  0.14  0.14
  Time                 444,079    305,887      1,689      1,590  1.51  2.06
                    ---------- ---------- ---------- ---------- -----  ----
    Total deposits     896,873    530,191      2,079      1,722  0.92  1.29

Customer repurchase
 agreements             45,356     59,126         82         93  0.72  0.62
Other short-term
 borrowings                  2         92          0          0  0.75  0.43
Long-term borrowings    37,439     29,174        275        408  2.94  5.59
                    ---------- ---------- ---------- ---------- -----  ----
  Total interest-
   bearing
   liabilities         979,670    618,583      2,436      2,223  0.99  1.43
                                          ---------- ---------- -----  ----

Noninterest bearing
demand deposits        170,618    103,501
Other liabilities        7,475      4,064
Shareholders' equity   149,033    109,885
                    ---------- ----------
    Total
     liabilities and
     shareholders'
     equity         $1,306,796 $  836,033
                    ========== ==========

Interest rate spread                                             4.24% 3.46%
                                                                =====  ====
Net interest margin                                              4.41% 3.74%
                                                                =====  ====

Net interest income
 (taxable equivalent
 basis)                                       12,911      7,119
Less: Taxable
 equivalent
 adjustment                                      568        360
                                          ---------- ----------
Net interest income                       $   12,343 $    6,759
                                          ========== ==========

 



 

                        Net Interest Income Analysis
           For the Nine Months Ended September 30, 2011 and 2010
                        (in thousands, except rates)
                                 Unaudited
                                                Interest
                      Average Balance        Income/Expense     Yield/Rate
                   --------------------- --------------------- ------------

                      2011       2010       2011       2010     2011   2010
                   ---------- ---------- ---------- ---------- -----  -----
Loans:
  Commercial       $   98,121 $   78,180 $    3,392 $    2,826  4.62%  4.83%
  Real estate         516,165    438,736     22,093     18,096  5.71   5.50
  Consumer              7,574      6,553        419        397  7.40   8.10
                   ---------- ---------- ---------- ---------- -----  -----
    Total loans       621,860    523,469     25,904     21,319  5.56   5.43
                   ---------- ---------- ---------- ---------- -----  -----

Securities:
  Federal agencies     37,197     63,929        765      1,535  2.74   3.20
  Mortgage-backed &
   CMO's               67,843     47,795      1,571      1,473  3.09   4.11
  State and
   municipal          141,481     80,625      4,889      3,223  4.61   5.33
  Other                 6,538      6,933        193        185  3.94   3.56
                   ---------- ---------- ---------- ---------- -----  -----
    Total
     securities       253,059    199,282      7,418      6,416  3.91   4.29
                   ---------- ---------- ---------- ---------- -----  -----

Deposits in other
 banks                 29,104     26,754        112        268  0.51   1.34
                   ---------- ---------- ---------- ---------- -----  -----

  Total interest-
   earning assets     904,023    749,505     33,434     28,003  4.93   4.98
                                         ---------- ---------- -----  -----

Non-earning assets     95,196     72,356
                   ---------- ----------

    Total assets   $  999,219 $  821,861
                   ========== ==========

Deposits:
  Demand           $  122,497 $   94,607        167         58  0.18   0.08
  Money market        111,801     77,691        382        285  0.46   0.49
  Savings              66,138     63,644         69         66  0.14   0.14
  Time                363,655    281,601      4,628      4,595  1.70   2.18
                   ---------- ---------- ---------- ---------- -----  -----
    Total deposits    664,091    517,543      5,246      5,004  1.06   1.29

Customer repurchase
 agreements            45,452     61,698        244        297  0.72   0.64
Other short-term
 borrowings                45         31          0          0  0.47   0.43
Long-term
 borrowings            28,820     29,211        973      1,222  4.50   5.58
                   ---------- ---------- ---------- ---------- -----  -----
  Total interest-
   bearing
   liabilities        738,408    608,483      6,463      6,523  1.17   1.43
                                         ---------- ---------- -----  -----

Noninterest bearing
 demand deposits      133,008    100,965
Other liabilities       4,619      3,901
Shareholders'
 equity               123,184    108,512
                   ---------- ----------
  Total liabilities
   and
   shareholders'
   equity            $999,219   $821,861
                   ========== ==========

Interest rate
 spread                                                         3.76%  3.55%
                                                               =====  =====
Net interest margin                                             3.98%  3.82%
                                                               =====  =====

Net interest income
 (taxable
 equivalent basis)                           26,971     21,480
Less: Taxable
 equivalent
 adjustment                                   1,424        959
                                         ---------- ----------
Net interest income                      $   25,547 $   20,521
                                         ========== ==========

 

Source: American National Bankshares Inc.

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