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American National Bankshares Inc. Reports Second Quarter 2011 Earnings and Announces Third Quarter Cash Dividend

7/21/2011

Company Release - 07/21/2011 17:47

DANVILLE, VA -- (MARKET WIRE) -- 07/21/11 -- American National Bankshares Inc. (NASDAQ: AMNB)

  • Q2 net income of $1 million and EPS of $0.16 per share
  • One-time merger expenses impact earnings
  • Net interest margin of 3.65%
  • Average shareholders' equity of $111 million represents 13.1% of assets
  • Dividend declared for Q3 2011 of $0.23 per common share

American National Bankshares Inc. (NASDAQ: AMNB) ("American National"), parent company of American National Bank and Trust Company ("American National Bank"), today announced second quarter 2011 net income of $1 million compared to $2 million for the same quarter in 2010. Basic and diluted earnings per share were $0.16 for the 2011 quarter compared to $0.33 for the 2010 quarter. This net income produced returns on average assets and average equity of 0.48% and 3.65%, respectively.

Net income for the first six months of 2011 was $2.8 million compared to $4.2 million for the comparable period of 2010. Basic and diluted earnings per share were $0.45 for the 2011 period compared to $0.69 for the 2010 period.

Earnings for the quarter and six months in 2011 were adversely impacted by one-time merger related expenses, associated with the July 1, 2011, merger between American National and MidCarolina Financial Corporation ("MidCarolina"). Of those expenses, $835,000 was incurred during the second quarter and a total of $1,143,000 was incurred during the six months.

Financial Performance and Overview
Charles H. Majors, President and Chief Executive Officer, stated, "American National had an eventful second quarter 2011, climaxing with the merger with MidCarolina on July 1, 2011. We are delighted with our new partners in North Carolina and believe this represents a quantum step in the corporate history of American National.

"Our lower than usual operating results were not unexpected, given market conditions and one-time costs of the merger. Our income for the second quarter was $1 million, almost a 50% decrease compared to the same quarter in 2010. This reduction was driven by a decline in net interest income and expenses associated with our merger with MidCarolina. The decrease in net interest income reflects continued market-driven competition for loans, declining bond yields, and compression of our net interest margin. The merger related costs, one-time in nature, are an investment in a new and even better American National.

"Trust income was up $77,000 or 9.6% for the 2011 quarter compared to the 2010 quarter, as a result of asset growth and improvement in the stock market.

"Service charge income declined $83,000 or 17.2%, mostly as a result of declining overdraft fee income, a trend we've seen over the past few years and expect to continue.

"Secondary market mortgage income declined $72,000 or 21.0%, because of decreasing volume. We anticipated a continued slowdown in this revenue stream in the remainder of 2011.

"Our noninterest expenses for the 2011 quarter increased $1,154,000 or 19.6%, compared to the 2010 quarter. This was mostly related to $835,000 in merger related expenses.

"During 2010 and into 2011, we have experienced historically low interest rates and an ongoing deleveraging in the economy. Even in this environment, our loan portfolio has declined only by $5.3 million or 1% over the past year.

"We are pleased with the growth in our deposits. They have grown by $28.8 million or 4.6% in the last year. This will help provide needed liquidity as the economy begins to recover and as we move to integrate MidCarolina into American National. We expect that growth to continue during 2011 and plan to make every effort to grow our transaction deposit accounts.

"Our credit quality measurements continue to be strong. We expect some unfavorable changes in the combined metrics as we move into the third quarter and continue the transition with MidCarolina, but we are determined to vigorously preserve, protect and improve asset quality in our Virginia and North Carolina markets.

Majors concluded, "American National is now more than 100 years old. There have been many economic cycles during those decades, some prosperous, some very challenging. Right now Virginia and North Carolina, as well as the entire country, face some serious economic problems, many of which are exacerbated by macro-economic and political circumstances beyond our individual control. But we are building an exemplary community bank for the 21st century. We are doing this with our recent merger with MidCarolina. We are doing this by synthesizing modern technology with traditional core business principles -- safe and sound banking, strong asset quality, abundant capital, and an overarching dedication to our customers and shareholders."

Capital
American National's capital ratios are among the highest in its peer group. For the quarter ended June 30, 2011, average shareholders' equity was 13.06% of average assets and the ratio of tangible equity to tangible assets was 10.65%.

Credit Quality Measurements
Nonperforming assets ($3.4 million of non-accrual loans and $3.5 million of foreclosed real estate) were below industry averages and represented 0.82% of total assets at June 30, 2011, compared to 0.93% at June 30, 2010.

The allowance for loans losses was $8.7 million or 1.70% of loans at June 30, 2011 compared to 1.57% at June 30, 2010.

Net Interest Income
Net interest income decreased to $6,599,000 in the second quarter of 2011 from $6,858,000 in the second quarter of 2010, a decrease of $259,000 or 3.8%. American National has mitigated the impact of the current historically low rate environment by actively managing the cost of its interest bearing liabilities.

For the second quarter, American National's net interest margin has decreased 20 basis points (0.20%) to 3.65% compared to the same quarter in 2010.

For the six month period, the net interest margin has decreased 21 basis points (0.21%) to 3.65%.

Noninterest Income
Noninterest income totaled $1,988,000 in the second quarter of 2011, compared with $2,043,000 in the second quarter of 2010, a decrease of $55,000 or 2.7%. Noninterest income in the 2011 quarter was negatively impacted by decrease in demand for secondary market mortgage loans, related to the overall slowdown in the real estate market. The 2011 quarter was also negatively impacted by a $349,000 write down in other real estate owned.

Noninterest Expense
Noninterest expense totaled $7,028,000 in the second quarter of 2011, compared to $5,874,000 in the second quarter of 2010, an increase of $1,154,000 or 19.6%. The second quarter of 2011 was adversely impacted by $835,000 in merger related expenses.

Dividend Declaration
American National announced today that its Board of Directors has declared a quarterly cash dividend of $0.23 per share, payable September 16, 2011, to shareholders of record of American National's common stock on September 2, 2011.

American National considers the payment of appropriate dividends a vital part of its capital planning and management program. The Company adheres to a dividend policy based on a review of earnings, growth, capital and such other factors that the Board of Directors considers relevant to the dividend decision process.

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 $527 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
---------------------------------------------------------------------------

                                                            June 30
                                                   ------------------------
ASSETS                                                 2011         2010
                                                   -----------  -----------

Cash and due from banks                            $    15,873  $    11,398
Interest-bearing deposits in other banks                23,310       22,705

Securities available for sale, at fair value           231,393      211,574
Securities held to maturity                              2,381        4,823
                                                   -----------  -----------
      Total securities                                 233,774      216,397
                                                   -----------  -----------

Restricted stock, at cost                                3,666        4,362
Loans held for sale                                      2,087        2,879

Loans                                                  514,081      519,416
  Less allowance for loan losses                        (8,744)      (8,135)
                                                   -----------  -----------
      Net Loans                                        505,337      511,281
                                                   -----------  -----------

Premises and equipment, net                             19,129       19,658
Other real estate owned, net                             3,513        3,730
Goodwill                                                22,468       22,468
Core deposit intangibles, net                            1,132        1,509
Accrued interest receivable and other assets            15,727       16,257
                                                   -----------  -----------

      Total assets                                 $   846,016  $   832,644
                                                   ===========  ===========

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
    Demand deposits -- noninterest-bearing         $   115,329  $   100,099
    Demand deposits -- interest-bearing                 95,453       92,771
    Money market deposits                               67,273       81,247
    Savings deposits                                    63,632       64,425
    Time deposits                                      317,263      291,609
                                                   -----------  -----------
      Total deposits                                   658,950      630,151

    Customer repurchase agreements                      50,329       61,665
    Long-term borrowings                                   413        8,563
    Trust preferred capital notes                       20,619       20,619
    Accrued interest payable and other liabilities       4,515        2,886
                                                   -----------  -----------
      Total liabilities                                734,826      723,884
                                                   -----------  -----------

Shareholders' equity:


    Common stock, $1 par, 20,000,000 shares
     authorized, 6,156,563 shares outstanding at
     June 30, 2011 and 6,124,892 shares
     outstanding at June 30, 2010 and                    6,157        6,125
    Capital in excess of par value                      27,670       27,131
    Retained earnings                                   74,810       73,590
    Accumulated other comprehensive income, net          2,553        1,914
                                                   -----------  -----------
      Total shareholders' equity                       111,190      108,760
                                                   -----------  -----------

      Total liabilities and shareholders' equity   $   846,016  $   832,644
                                                   ===========  ===========

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

                                Three Months Ended      Six Months Ended
                                      June 30                June 30
                              ---------------------- ----------------------
                                 2011        2010       2011        2010
                              ----------  ---------- ----------  ----------
  Interest and Dividend
   Income:
      Interest and fees on
       loans                  $    6,618  $    7,071 $   13,297  $   14,226
      Interest and dividends
       on securities:
          Taxable                  1,085       1,275      2,254       2,591
          Tax-exempt                 827         554      1,543       1,020
          Dividends                   26          24         53          47
      Other interest income           14          87         84         178
                              ----------  ---------- ----------  ----------
             Total interest
              and dividend
              income               8,570       9,011     17,231      18,062
                              ----------  ---------- ----------  ----------

  Interest Expense:
      Interest on deposits         1,587       1,647      3,167       3,282
      Interest on short-term
       borrowings                     82          99        162         204
      Interest on long-term
       borrowings                      5          63         58         127
      Interest on trust
       preferred capital
       notes                         297         344        640         687
                              ----------  ---------- ----------  ----------
            Total interest
             expense               1,971       2,153      4,027       4,300
                              ----------  ---------- ----------  ----------

  Net Interest Income              6,599       6,858     13,204      13,762
      Provision for loan
       losses                        336         285        673         570
                              ----------  ---------- ----------  ----------


Net Interest Income After
 Provision for Loan Losses         6,263       6,573     12,531      13,192
                              ----------  ---------- ----------  ----------

  Noninterest Income:
      Trust fees                     878         801      1,806       1,613
      Service charges on
       deposit accounts              400         483        821         962
      Other fees and
       commissions                   338         288        654         566
      Mortgage banking income        271         343        418         589
      Securities gains
       (losses), net                 (19)          4        (18)        (25)
      Other                          120         124        278         262
                              ----------  ---------- ----------  ----------
            Total noninterest
             income                1,988       2,043      3,959       3,967
                              ----------  ---------- ----------  ----------

  Noninterest Expense:
      Salaries                     2,546       2,596      5,031       4,994
      Employee benefits              624         633      1,165       1,273
      Occupancy and equipment        696         698      1,395       1,477
      FDIC assessment                197         199        402         394
      Bank franchise tax             176         168        351         335
      Core deposit intangible
       amortization                   95          95        189         189
      Foreclosed real estate,
       net                           413         281        435         284
      Other                        2,281       1,204      3,839       2,428
                              ----------  ---------- ----------  ----------
            Total noninterest
             expense               7,028       5,874     12,807      11,374
                              ----------  ---------- ----------  ----------

  Income Before Income Taxes       1,223       2,742      3,683       5,785
  Income Taxes                       211         728        893       1,586
                              ----------  ---------- ----------  ----------
    Net Income                $    1,012  $    2,014 $    2,790  $    4,199
                              ==========  ========== ==========  ==========

Net Income Per Common Share:
      Basic                   $     0.16  $     0.33 $     0.45  $     0.69
      Diluted                 $     0.16  $     0.33 $     0.45  $     0.69
  Average Common Shares
   Outstanding:
      Basic                    6,154,396   6,123,790  6,149,029   6,121,615
      Diluted                  6,161,265   6,129,943  6,157,032   6,127,137



American National Bankshares Inc. and Subsidiaries
Financial Highlights

(In thousands, except share, ratio and nonfinancial data, unaudited)
                  2nd Qtr      1st Qtr     2nd Qtr       YTD         YTD
                   2011         2011        2010        2011        2010
                ----------   ----------  ----------  ----------- ----------
EARNINGS
 Interest
  income        $    8,570   $    8,661  $    9,011  $   17,231  $   18,062
 Interest
  expense            1,971        2,056       2,153       4,027       4,300
 Net interest
  income             6,599        6,605       6,858      13,204      13,762
 Provision for
  loan losses          336          337         285         673         570
 Noninterest
  income             1,988        1,971       2,043       3,959       3,967
 Noninterest
  expense            7,028        5,779       5,874      12,807      11,374
 Income taxes          211          682         728         893       1,586
 Net income          1,012        1,778       2,014       2,790       4,199

PER COMMON
 SHARE
 Earnings per
  share - basic $     0.16   $     0.29  $     0.33  $     0.45  $     0.69
 Earnings per
  share -
  diluted             0.16         0.29        0.33        0.45        0.69
 Cash dividends
  declared            0.23         0.23        0.23        0.46        0.46
 Book value per
  share              18.06        17.77       17.76       18.06       17.76
 Book value per
  share -
  tangible (a)       14.23        13.92       13.84       14.23       13.84
 Closing market
  price              18.39        22.51       21.39       18.39       21.39

FINANCIAL
 RATIOS
 Return on
  average
  assets              0.48%        0.85%       0.98%       0.66%       1.03%
 Return on
  average
  equity              3.65         6.51        7.45        5.07        7.79
 Return on
  average
  tangible
  equity (b)          5.00         8.64        9.91        6.79       10.36
 Average equity
  to average
  assets             13.06        13.03       13.21       13.06       13.23
 Net interest
  margin,
  taxable
  equivalent          3.65         3.66        3.85        3.65        3.86
 Efficiency
  ratio              73.00        64.16       60.55       68.59       60.39
 Effective tax
  rate               17.25        27.72       26.55       24.25       27.42

PERIOD-END
 BALANCES
 Securities     $  237,440   $  233,379  $  220,759  $  237,440  $  220,759
 Loans held for
  sale               2,087        1,309       2,879       2,087       2,879
 Loans, net of
  unearned
  income           514,081      516,629     519,416     514,081     519,416
 Goodwill and
  other
  intangibles       23,600       23,694      23,977      23,600      23,977
 Assets            846,016      845,238     832,644     846,016     832,644
 Assets -
  tangible (a)     822,416      821,544     808,667     822,416     808,667
 Deposits          658,950      663,483     630,151     658,950     630,151
 Customer
  repurchase
  agreements        50,329       43,871      61,665      50,329      61,665
 Other short-
  term
  borrowings             -            -           -           -           -
 Long-term
  borrowings        21,032       25,069      29,182      21,032      29,182
 Shareholders'
  equity           111,190      109,372     108,760     111,190     108,760
 Shareholders'
  equity -
  tangible (a)      87,590       85,678      84,783      87,590      84,783

AVERAGE
 BALANCES
 Securities     $  235,725   $  226,595  $  198,289  $  231,185  $  191,530
 Loans held for
  sale               1,984        1,508       3,529       1,747       2,990
 Loans, net of
  unearned
  income           515,161      516,610     519,485     515,882     520,162
 Interest-
  earning
  assets           773,750      765,291     746,879     769,544     742,776
 Goodwill and
  other
  intangibles       23,651       23,750      24,029      23,700      24,077
 Assets            848,783      838,151     818,740     842,882     814,658
 Assets -
  tangible (a)     825,132      814,401     794,711     819,182     790,581
 Interest-
  bearing
  deposits         549,397      542,104     514,963     545,771     511,115
 Deposits          666,325      652,922     615,456     659,661     610,791
 Customer
  repurchase
  agreements        47,220       43,762      62,072      45,500      63,005
 Other short-
  term
  borrowings             -          136           -           -           -
 Long-term
  borrowings        21,062       27,855      29,212      24,439      29,230
 Shareholders'
  equity           110,859      109,224     108,127     110,046     107,814
 Shareholders'
  equity -
  tangible (a)      87,208       85,474      84,098      86,346      83,737

CAPITAL
 Average shares
  outstanding -
  basic          6,154,396    6,143,602   6,123,790   6,149,029   6,121,615
 Average shares
  outstanding -
  diluted        6,161,265    6,152,738   6,129,943   6,157,032   6,127,137
 Shares
  repurchased            -            -           -           -           -
 Average price
  of shares
  repurchased   $        -   $        -  $        -  $        -  $        -

ALLOWANCE FOR
 LOAN LOSSES
 Beginning
  balance       $    8,257   $    8,420  $    8,112  $    8,420  $    8,166
 Provision for
  loan losses          336          337         285         673         570
 Charge-offs          (134)        (571)       (305)       (705)       (732)
 Recoveries            285           71          43         356         131
                ----------   ----------  ----------  ----------  ----------
 Ending balance $    8,744   $    8,257  $    8,135  $    8,744  $    8,135

LOANS
 Construction
  and land
  development   $   35,756   $   36,516  $   40,039  $   35,756  $   40,039
 Commercial
  real estate      208,685      207,502     202,602     208,685     202,602
 Residential
  real estate      114,510      118,603     119,410     114,510     119,410
 Home equity        61,218       61,674      63,992      61,218      63,992
 Commercial and
  industrial        87,449       84,702      86,924      87,449      86,924
 Consumer            6,463        7,632       6,449       6,463       6,449
                ----------   ----------  ----------  ----------  ----------
 Total          $  514,081   $  516,629  $  519,416  $  514,081  $  519,416

NONPERFORMING
 ASSETS AT
 PERIOD-END
 Nonperforming
  loans:
  90 days past
   due          $        -   $        -  $        8  $        -  $        8
  Nonaccrual         3,464        3,417       4,005       3,464       4,005
 Foreclosed
  real estate        3,513        3,532       3,730       3,513       3,730
                ----------   ----------  ----------  ----------  ----------
 Nonperforming
  assets        $    6,977   $    6,949  $    7,743  $    6,977  $    7,743

ASSET QUALITY
 RATIOS
 Annualized net
  chargeoffs to
  average loans      (0.12)%       0.39%       0.20%       0.14%       0.23%
 Nonperforming
  assets to
  total assets        0.82         0.82        0.93        0.82        0.93
 Nonperforming
  loans to
  total loans         0.67         0.66        0.77        0.67        0.77
 Allowance for
  loan losses
  to total
  loans               1.70         1.60        1.57        1.70        1.57
 Allowance for
  loan losses
  to
  nonperforming
  loans             252.42       241.64      202.72      252.42      202.72

OTHER DATA
 Fiduciary
  assets at
  period-end
  (c)           $  368,579   $  380,259  $  342,519  $  368,579  $  342,519
 Retail
  brokerage
  assets at
  period-end
  (c)           $   49,636   $   50,175  $   45,912  $   49,636  $   45,912
 Number full-
  time
  equivalent
  employees (d)        244          242         242         244         242
 Number of full
  service
  offices               18           18          18          18          18
 Number of loan
  production
  offices                1            1           1           1           1
 Number of
  ATM's                 26           26          26          26          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 June 30, 2011 and 2010
                        (in thousands, except rates)

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

                               2011     2010     2011    2010   2011   2010
                             -------- -------- ------- ------- -----  -----
Loans:
 Commercial                  $ 79,595 $ 78,673 $   909 $   939  4.58%  4.79%
 Real estate                  430,872  437,856   5,620   6,033  5.22   5.51
 Consumer                       6,678    6,485     120     137  7.21   8.47
                             -------- -------- ------- ------- -----  -----
  Total loans                 517,145  523,014   6,649   7,109  5.15   5.44
                             -------- -------- ------- ------- -----  -----

Securities:
 Federal agencies              35,919   66,019     256     525  2.85   3.18
 Mortgage-backed & CMO's       56,133   45,651     466     479  3.32   4.20
 State and municipal          137,843   79,622   1,585   1,079  4.60   5.42
 Other                          5,830    6,997      57      61  3.91   3.49
                             -------- -------- ------- ------- -----  -----
  Total securities            235,725  198,289   2,364   2,144  4.01   4.33
                             -------- -------- ------- ------- -----  -----

Deposits in other banks        20,880   25,576      14      87  0.27   1.36
                             -------- -------- ------- ------- -----  -----

 Total interest-earning
  assets                      773,750  746,879   9,027   9,340  4.67   5.00
                                               ------- ------- -----  -----

Non-earning assets             75,033   71,861
                             -------- --------

  Total assets               $848,783 $818,740
                             ======== ========

Deposits:
 Demand                      $ 98,224 $ 96,098      17      21  0.07   0.09
 Money market                  61,714   82,372      67     101  0.44   0.49
 Savings                       63,716   64,561      22      22  0.14   0.14
 Time                         325,743  271,932   1,481   1,503  1.82   2.22
                             -------- -------- ------- ------- -----  -----
  Total deposits              549,397  514,963   1,587   1,647  1.16   1.28

Customer repurchase
 agreements                    47,220   62,072      82      99  0.70   0.64
Other short-term borrowings         -        -       -       -     -      -
Long-term borrowings           21,062   29,212     302     407  5.74   5.57
                             -------- -------- ------- ------- -----  -----

 Total interest-bearing
  liabilities                 617,679  606,247   1,971   2,153  1.28   1.42
                                               ------- ------- -----  -----


Noninterest bearing demand
 deposits                     116,928  100,493
Other liabilities               3,317    3,873
Shareholders' equity          110,859  108,127
                             -------- --------

  Total liabilities and
   shareholders' equity      $848,783 $818,740
                             ======== ========

Interest rate spread                                            3.39%  3.58%
                                                               =====  =====
Net interest margin                                             3.65%  3.85%
                                                               =====  =====

Net interest income (taxable
 equivalent basis)                               7,056   7,187
Less: Taxable equivalent
 adjustment                                        457     329
                                               ------- -------
Net interest income                            $ 6,599 $ 6,858
                                               ======= =======





                         Net Interest Income Analysis
                For the Six Months Ended June 30, 2011 and 2010
                         (in thousands, except rates)

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

                               2011     2010     2011    2010   2011   2010
                             -------- -------- ------- ------- -----  -----
Loans:
 Commercial                  $ 78,765 $ 78,974 $ 1,789 $ 1,892  4.58%  4.83%
 Real estate                  431,775  437,550  11,315  12,128  5.24   5.54
 Consumer                       7,089    6,628     256     271  7.28   8.25
                             -------- -------- ------- ------- -----  -----
  Total loans                 517,629  523,152  13,360  14,291  5.17   5.47
                             -------- -------- ------- ------- -----  -----

Securities:
 Federal agencies              39,612   65,886     579   1,076  2.92   3.27
 Mortgage-backed & CMO's       57,706   44,722     956     980  3.31   4.38
 State and municipal          127,934   73,614   2,993   2,006  4.68   5.45
 Other                          5,933    7,308     115     130  3.88   3.56
                             -------- -------- ------- ------- -----  -----
  Total securities            231,185  191,530   4,643   4,192  4.02   4.38
                             -------- -------- ------- ------- -----  -----

Deposits in other banks        20,730   28,094      84     178  0.82   1.28
                             -------- -------- ------- ------- -----  -----

 Total interest-earning
  assets                      769,544  742,776  18,087  18,661  4.71   5.03
                                               ------- ------- -----  -----

Non-earning assets             73,338   72,882
                             -------- --------

  Total assets               $842,882 $815,658
                             ======== ========

Deposits:
 Demand                      $ 97,465 $ 96,578      35      42  0.07   0.09
 Money market                  62,416   81,595     150     191  0.48   0.47
 Savings                       63,114   63,686      43      44  0.14   0.14
 Time                         322,776  269,256   2,939   3,005  1.84   2.25
                             -------- -------- ------- ------- -----  -----
  Total deposits              545,771  511,115   3,167   3,282  1.17   1.29

Customer repurchase
 agreements                    45,500   63,005     162     204  0.72   0.65
Other short-term borrowings        68        -       -       -  0.47      -
Long-term borrowings           24,439   29,230     698     814  5.71   5.57
                             -------- -------- ------- ------- -----  -----

 Total interest-bearing
  liabilities                 615,778  603,350   4,027   4,300  1.32   1.43
                                               ------- ------- -----  -----


Noninterest bearing demand
 deposits                     113,890   99,676
Other liabilities               3,168    3,818
Shareholders' equity          110,046  107,814
                             -------- --------
  Total liabilities and
   shareholders' equity      $842,882 $814,658
                             ======== ========

Interest rate spread                                            3.39%  3.60%
                                                               =====  =====
Net interest margin                                             3.65%  3.86%
                                                               =====  =====
Net interest income (taxable
 equivalent basis)                              14,060  14,361
Less: Taxable equivalent
 adjustment                                        856     599
                                               ------- -------
Net interest income                            $13,204 $13,762
                                               ======= =======

 

Source: American National Bankshares Inc.

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