AMER NAT BKSHS 
By DANVILLE, VA -- (Marketwired) -- 01/23/14 -- American National Bankshares Inc. (NASDAQ: AMNB)
- Q4 net income of $3.1 million and diluted EPS of $0.40
- Net interest margin of 4.00% for Q4 2013
- Nonperforming assets 0.65% of total assets
- Average shareholders' equity of $168 million is 12.67% of average assets
American National Bankshares Inc. (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced fourth quarter 2013 net income of $3,143,000 compared to $3,918,000 for the fourth quarter of 2012, a $775,000 or 19.8% decrease. Diluted earnings per share were $0.40 for the 2013 quarter compared to $0.50 for the 2012 quarter. Net income for the fourth quarter of 2013 produced a return on average assets of 0.95%, a return on average equity of 7.50%, and a return on average tangible equity of 10.86%.
Net income for 2013 was $15,747,000 compared to $16,006,000 for 2012, a $259,000 or 1.6% decrease. Diluted earnings per share were $2.00 for 2013 compared to $2.04 for 2012.
Earnings for 2013 and 2012 were favorably impacted by the July 2011 merger between American National and MidCarolina Financial Corporation ("MidCarolina").
Financial Performance and Overview
Jeffrey V. Haley, President and Chief Executive Officer, reported, "American National had an excellent year in 2013.
"Our balance sheet grew, on a percentage basis, as we anticipated a year ago, in the low single digits.
"At December 31, 2013, American National had $794,671,000 in loans compared to $788,705,000 at December 31, 2012, an increase of $5,966,000 or 0.8%.
"At December 31, 2013, American National had $1,057,675,000 in deposits compared to $1,027,667,000 at December 31, 2012, an increase of $30,008,000 or 2.9%. The deposit growth was strong in non-maturity (core) deposits. We are continuously attempting to grow core deposits and their affiliated relationships, but the challenge in this ongoing low rate environment is to do that in a cost effective and competitive manner. Our cost of deposits for the fourth quarter was 0.63%, compared to 0.75% for the 2012 quarter.
"On the income statement side, our net income for the fourth quarter was $3,143,000. This is down from $3,918,000 in the same quarter of 2012. Income for the quarter was adversely impacted by an expected reduction in accretion income and some unusual factors: our benefits cost increased roughly $300,000, because of pension settlement charges and an uptick in health insurance, and we recognized large valuation charges of $627,000 on some foreclosed real estate.
"Our net income for 2013 was excellent, $15,747,000. This is down slightly from $16,006,000 for 2012. A large portion of our earnings were driven by the July 2011 merger with MidCarolina. Approximately $1,345,000 of pretax income for the fourth quarter of 2013 and $6,265,000 for the year was directly related to various ongoing fair value adjustments, the vast majority of which results from the loan portfolio purchase discount.
"We want our investors to understand that the favorable earnings impact of the merger and the related fair value accounting is unwinding rapidly quarter to quarter and year to year. We are now two and a half years from the merger date. This decline is normal in the context of current rules for merger accounting.
"It's not just about numbers. Behind our numbers and financial metrics are the decisions and actions of a cadre of highly talented employees. This past year we were especially pleased and fortunate to add two new strategic hires to American National: Gregg Strader and Michelle Gaydica. Gregg Strader, a former executive with Iberia Bank, with wide ranging experience in strategic matters, has assumed the key executive leadership role of Chief Banking Officer. Michelle Gaydica brings a variety and wealth of community banking experience to us and will lead our Retail strategic efforts. We believe these two new people, along with our many other valued associates, are integral parts of the infrastructure we are building for the future of American National."
Haley concluded, "I am an optimist about American National. We're all aware of the many challenges, economic, regulatory, technological, and operational facing our industry. But, nevertheless, there are and will continue to be opportunities for banks with strong capital, superior asset quality and a culture of imagination. In the meantime, we are continuing our quest for high quality organic growth, which we anticipate will be in the low single digit percentage range this year, and, at the same time, preparing American National for appropriate strategic acquisition opportunities that may arise."
Capital
American National's capital ratios remain strong and exceed all regulatory requirements.
For the quarter ended December 31, 2013, average shareholders' equity was 12.67% of average assets, compared to 12.60% at December 31, 2012.
Book value per common share was $21.23 at December 31, 2013, compared to $20.80 at December 31, 2012.
Tangible book value per common share was $15.89 at December 31, 2013, compared to $15.23 at December 31, 2012.
Credit Quality Measurements
Non-performing assets ($5,071,000 of non-performing loans and $3,422,000 of foreclosed real estate) represented 0.65% of total assets at December 31, 2013, compared to 0.90% at December 31, 2012.
Annualized net charge offs to average loans were four basis points (0.04%) for the 2013 fourth quarter, compared to 11 basis points (0.11%) for the same quarter in 2012.
Net recoveries to average loans were two basis points (0.02%) for 2013 compared to net charge offs of seven basis points (0.07%) for 2012.
The allowance for loan losses as a percentage of total loans was 1.59% at December 31, 2013 compared to 1.54% at December 31, 2012. The primary driver of this increase has been renewals of performing acquired loans aggregating approximately $40 million over the past year, which are now part of the regular allowance analysis. In addition, American National has had strong loan recoveries during 2013.
Other real estate owned was $3,422,000 at December 31, 2013, compared to $4,660,000 at December 31, 2012. The current level of other real estate is the lowest level in the past four years for American National.
Net Interest Income
Net interest income before provision for loan losses decreased to $11,505,000 in the fourth quarter of 2013 from $12,177,000 in fourth quarter of 2012, a decrease of $672,000 or 5.5%.
For the 2013 quarter, the net interest margin was 4.00% compared to 4.37% for the same quarter in 2012, a decrease of 37 basis points (0.37%). This decline was driven by falling yields on earning assets, impacted by lower rates and volumes and lower levels of accretion income, and was partially mitigated by reduced cost of interest bearing liabilities.
Provision expense
Provision expense for the fourth quarter of 2013 was zero compared to $334,000 for the fourth quarter of 2012.
The need for additional provision expense has been positively impacted by unusually strong loan recoveries and strong asset quality metrics.
Noninterest Income
Noninterest income totaled $2,604,000 in the fourth quarter of 2013, compared with $2,686,000 in the fourth quarter of 2012, a decrease of $82,000 or 3.1%. The decrease was primarily the result of lower mortgage banking income, but was partially mitigated by improved trust income.
Noninterest Expense
Noninterest expense totaled $9,904,000 in the fourth quarter of 2013, compared to $9,003,000 in the fourth quarter of 2012, an increase of $901,000 or 10.0%. The largest driver of this increase was a fourth quarter increase in foreclosed real estate expense, which totaled $744,000 or 83.6% of the change. Most of this increase related to property valuation write-downs of $627,000 resulting from recently updated appraisals.
About American National
American National Bankshares Inc. is a multi-state bank holding company with total assets of approximately $1.3 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving southern and central Virginia and north central North Carolina with 25 banking offices and two loan production offices. American National Bank and Trust Company also manages an additional $628 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."
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
December 31
--------------------------
ASSETS 2013 2012
------------ ------------
Cash and due from banks $ 19,808 $ 20,435
Interest-bearing deposits in other banks 47,873 27,007
Securities available for sale, at fair value 346,124 335,246
Restricted stock, at cost 4,889 5,287
Loans held for sale 2,760 13,852
Loans 794,671 788,705
Less allowance for loan losses (12,600) (12,118)
------------ ------------
Net Loans 782,071 776,587
------------ ------------
Premises and equipment, net 23,674 24,543
Other real estate owned, net 3,422 6,193
Goodwill 39,043 39,043
Core deposit intangibles, net 3,159 4,660
Bank owned life insurance 14,746 14,289
Accrued interest receivable and other assets 19,943 16,545
------------ ------------
Total assets $ 1,307,512 $ 1,283,687
============ ============
Liabilities
Demand deposits -- noninterest-bearing $ 229,347 $ 217,275
Demand deposits -- interest-bearing 167,736 153,578
Money market deposits 185,270 166,111
Savings deposits 85,724 81,135
Time deposits 389,598 409,568
------------ ------------
Total deposits 1,057,675 1,027,667
Short-term borrowings:
Customer repurchase agreements 39,478 49,942
Other short-term borrowings - -
Long-term borrowings 9,951 10,079
Trust preferred capital notes 27,419 27,317
Accrued interest payable and other liabilities 5,438 5,436
------------ ------------
Total liabilities 1,139,961 1,120,441
------------ ------------
Shareholders' equity
Preferred stock, $5 par, 2,000,000 shares
authorized, none outstanding - -
Common stock, $1 par, 20,000,000 shares
authorized, 7,890,697 shares outstanding at
December 31, 2013 and 7,846,912 shares
outstanding at December 31, 2012 7,891 7,847
Capital in excess of par value 58,050 57,211
Retained earnings 99,090 90,591
Accumulated other comprehensive income, net 2,520 7,597
------------ ------------
Total shareholders' equity 167,551 163,246
------------ ------------
Total liabilities and shareholders' equity $ 1,307,512 $ 1,283,687
============ ============
American National Bankshares Inc. and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
Three Months Ended Twelve Months Ended
December 31 December 31
---------------------- ----------------------
2013 2012 2013 2012
---------- ---------- ---------- ----------
Interest and Dividend Income:
Interest and fees on loans $ 10,964 $ 11,965 $ 44,817 $ 49,189
Interest and dividends on
securities:
Taxable 956 914 3,530 4,044
Tax-exempt 1,060 1,062 4,213 4,280
Dividends 69 58 245 213
Other interest income 45 33 151 80
---------- ---------- ---------- ----------
Total interest and
dividend income 13,094 14,032 52,956 57,806
---------- ---------- ---------- ----------
Interest Expense:
Interest on deposits 1,317 1,552 5,460 6,843
Interest on short-term
borrowings 2 23 40 150
Interest on long-term
borrowings 83 83 329 335
Interest on trust preferred
capital notes 187 197 754 813
---------- ---------- ---------- ----------
Total interest expense 1,589 1,855 6,583 8,141
---------- ---------- ---------- ----------
Net Interest Income 11,505 12,177 46,373 49,665
Provision for loan losses - 334 294 2,133
---------- ---------- ---------- ----------
Net Interest Income After
Provision for Loan Losses 11,505 11,843 46,079 47,532
---------- ---------- ---------- ----------
Noninterest Income:
Trust fees 1,080 929 3,689 3,703
Service charges on deposit
accounts 460 442 1,750 1,757
Other fees and commissions 471 445 1,864 1,768
Mortgage banking income 295 569 2,008 2,234
Securities gains (losses),
net (11) (2) 192 158
Other 309 303 1,324 1,790
---------- ---------- ---------- ----------
Total noninterest
income 2,604 2,686 10,827 11,410
---------- ---------- ---------- ----------
Noninterest Expense:
Salaries 3,507 3,932 14,059 15,785
Employee benefits 1,226 947 3,848 3,604
Occupancy and equipment 893 1,009 3,614 3,951
FDIC assessment 162 162 647 692
Bank franchise tax 186 152 745 690
Core deposit intangible
amortization 330 421 1,501 1,935
Foreclosed real estate, net 842 98 1,523 528
Other 2,758 2,282 9,168 9,458
---------- ---------- ---------- ----------
Total noninterest
expense 9,904 9,003 35,105 36,643
---------- ---------- ---------- ----------
Income Before Income Taxes 4,205 5,526 21,801 22,299
Income Taxes 1,062 1,608 6,054 6,293
---------- ---------- ---------- ----------
Net Income $ 3,143 $ 3,918 $ 15,747 $ 16,006
========== ========== ========== ==========
Net Income Per Common Share:
Basic $ 0.40 $ 0.50 $ 2.00 $ 2.04
Diluted $ 0.40 $ 0.50 $ 2.00 $ 2.04
Average Common Shares
Outstanding:
Basic 7,887,811 7,844,545 7,872,870 7,834,351
Diluted 7,901,198 7,854,083 7,884,561 7,845,652
Net Interest Income Analysis
For the Three Months Ended December 31, 2013 and 2012
(in thousands, except rates)
Interest
Average Balance Income/Expense Yield/Rate
----------------------- ----------------- ----------
2013 2012 2013 2012 2013 2012
----------- ----------- -------- -------- ---- ----
Loans:
Commercial $ 118,431 $ 122,697 $ 1,376 $ 1,506 4.61% 4.87%
Real estate 670,720 671,180 9,498 10,368 5.66 6.18
Consumer 5,525 6,269 87 120 6.25 7.59
----------- ----------- -------- -------- ---- ----
Total loans 794,676 800,146 10,961 11,994 5.51 5.99
----------- ----------- -------- -------- ---- ----
Securities:
Federal agencies 66,613 35,728 164 110 0.98 1.23
Mortgage-backed &
CMO's 70,821 85,623 402 419 2.27 1.96
State and municipal 196,643 187,545 1,946 1,945 3.96 4.15
Other 16,897 11,822 124 103 2.94 3.49
----------- ----------- -------- -------- ---- ----
Total securities 350,974 320,718 2,636 2,577 3.00 3.21
----------- ----------- -------- -------- ---- ----
Deposits in other banks 60,408 46,342 45 33 0.30 0.28
----------- ----------- -------- -------- ---- ----
Total interest-
earning assets 1,206,058 1,167,206 13,642 14,604 4.52 5.00
-------- -------- ---- ----
Non-earning assets 116,184 129,503
----------- -----------
Total assets $ 1,322,242 $ 1,296,709
=========== ===========
Deposits:
Demand $ 163,809 $ 145,539 26 36 0.06 0.10
Money market 186,391 169,647 84 107 0.18 0.25
Savings 85,061 79,492 17 23 0.08 0.11
Time 394,492 426,608 1,190 1,386 1.20 1.29
----------- ----------- -------- -------- ---- ----
Total deposits 829,753 821,286 1,317 1,552 0.63 0.75
Customer repurchase
agreements 47,220 45,510 2 23 0.02 0.20
Long-term borrowings 37,380 37,406 270 280 2.89 2.99
----------- ----------- -------- -------- ---- ----
Total interest-
bearing liabilities 914,355 904,204 1,589 1,855 0.69 0.81
-------- -------- ---- ----
Noninterest bearing
demand deposits 234,167 221,906
Other liabilities 6,175 7,215
Shareholders' equity 167,545 163,384
----------- -----------
Total liabilities
and shareholders'
equity $ 1,322,242 $ 1,296,709
=========== ===========
Interest rate spread 3.83% 4.19%
==== ====
Net interest margin 4.00% 4.37%
==== ====
Net interest income
(taxable equivalent
basis) 12,053 12,749
Less: Taxable
equivalent adjustment 548 572
-------- --------
Net interest income $ 11,505 $ 12,177
======== ========
Net Interest Income Analysis
For the Years Ended December 31, 2013 and 2012
(in thousands, except yields and rates)
Interest
Average Balance Income/Expense Yield/Rate
----------------------- ----------------- ----------
2013 2012 2013 2012 2013 2012
----------- ----------- -------- -------- ---- ----
Loans:
Commercial $ 125,283 $ 128,031 $ 6,082 $ 6,642 4.85% 5.19%
Real estate 663,224 677,314 38,425 42,088 5.79 6.21
Consumer 5,847 8,359 403 605 6.89 7.24
----------- ----------- -------- -------- ---- ----
Total loans 794,354 813,704 44,910 49,335 5.65 6.06
----------- ----------- -------- -------- ---- ----
Securities:
Federal agencies 55,435 36,066 532 545 0.96 1.51
Mortgage-backed &
CMO's 74,909 94,183 1,442 1,906 1.93 2.02
State and municipal 193,254 182,939 7,750 7,829 4.01 4.28
Other 15,007 11,654 430 435 2.87 3.73
----------- ----------- -------- -------- ---- ----
Total securities 338,605 324,842 10,154 10,715 3.00 3.30
----------- ----------- -------- -------- ---- ----
Deposits in other banks 53,857 32,080 151 80 0.28 0.25
----------- ----------- -------- -------- ---- ----
Total interest-
earning assets 1,186,816 1,170,626 55,215 60,130 4.65 5.14
-------- -------- ---- ----
Non-earning assets 120,338 132,455
----------- -----------
Total assets $ 1,307,154 $ 1,303,081
=========== ===========
Deposits:
Demand $ 161,602 $ 142,296 111 190 0.07 0.13
Money market 178,235 174,027 338 521 0.19 0.30
Savings 84,162 78,358 71 111 0.08 0.14
Time 405,213 443,549 4,940 6,021 1.22 1.36
----------- ----------- -------- -------- ---- ----
Total deposits 829,212 838,230 5,460 6,843 0.66 0.82
Customer repurchase
agreements 47,816 46,939 40 148 0.08 0.32
Other short-term
borrowings 1 496 0 2 0.40 0.42
Long-term borrowings 37,437 37,415 1,083 1,148 2.89 3.07
----------- ----------- -------- -------- ---- ----
Total interest-
bearing liabilities 914,466 923,080 6,583 8,141 0.72 0.88
-------- -------- ---- ----
Noninterest bearing
demand deposits 220,980 213,129
Other liabilities 6,370 8,025
Shareholders' equity 165,338 158,847
----------- -----------
Total liabilities
and shareholders'
equity $ 1,307,154 $ 1,303,081
=========== ===========
Interest rate spread 3.93% 4.26%
==== ====
Net interest margin 4.10% 4.44%
==== ====
Net interest income (taxable
equivalent basis) 48,632 51,989
Less: Taxable
equivalent adjustment 2,259 2,324
-------- --------
Net interest income $ 46,373 $ 49,665
======== ========
American National Bankshares Inc. and Subsidiaries
Financial Highlights
(In thousands, except
share, ratio and
nonfinancial data,
unaudited) 4th Qtr 3rd Qtr 4th Qtr YTD YTD
2013 2013 2012 2013 2012
---------- ---------- ---------- ---------- ----------
EARNINGS
Interest income $ 13,094 $ 13,106 $ 14,032 $ 52,956 $ 57,806
Interest expense 1,589 1,613 1,855 6,583 8,141
Net interest income 11,505 11,493 12,177 46,373 49,665
Provision for loan
losses - - 334 294 2,133
Noninterest income 2,604 2,767 2,686 10,827 11,410
Noninterest expense 9,904 8,455 9,003 35,105 36,643
Income taxes 1,062 1,562 1,608 6,054 6,293
Net income 3,143 4,243 3,918 15,747 16,006
PER COMMON SHARE
Earnings per share
- basic $ 0.40 $ 0.54 $ 0.50 $ 2.00 $ 2.04
Earnings per share
- diluted 0.40 0.54 0.50 2.00 2.04
Cash dividends paid 0.23 0.23 0.23 0.92 0.92
Book value per
share 21.23 21.03 20.80 21.23 20.80
Book value per
share - tangible
(a) 15.89 15.63 15.23 15.89 15.23
Closing market
price 26.25 23.20 20.19 26.25 20.19
FINANCIAL RATIOS
Return on average
assets 0.95% 1.30% 1.21% 1.20% 1.23%
Return on average
equity 7.50 10.40 9.59 9.52 10.08
Return on average
tangible equity
(b) 10.86 14.90 14.12 13.75 15.25
Average equity to
average assets 12.67 12.48 12.60 12.65 12.19
Tangible equity to
tangible assets
(a) 9.91 9.62 9.64 9.91 9.64
Net interest
margin, taxable
equivalent 4.00 4.06 4.37 4.10 4.44
Efficiency ratio 72.76 57.43 58.36 57.57 58.23
Effective tax rate 22.77 26.91 29.10 28.22 28.22
PERIOD-END BALANCES
Securities $ 351,013 $ 352,502 $ 340,533 $ 351,013 $ 340,533
Loans held for sale 2,760 3,919 13,852 2,760 13,852
Loans, net of
unearned income 794,671 798,996 788,705 794,671 788,705
Goodwill and other
intangibles 42,202 42,532 43,703 42,202 43,703
Assets 1,307,512 1,324,185 1,283,687 1,307,512 1,283,687
Assets - tangible
(a) 1,265,310 1,281,653 1,239,984 1,265,310 1,239,984
Deposits 1,057,675 1,071,083 1,027,667 1,057,675 1,027,667
Customer repurchase
agreements 39,478 44,026 49,942 39,478 49,942
Long-term
borrowings 37,370 37,377 37,396 37,370 37,396
Shareholders'
equity 167,551 165,826 163,246 167,551 163,246
Shareholders'
equity - tangible
(a) 125,349 123,294 119,543 125,349 119,543
AVERAGE BALANCES
Securities $ 350,974 $ 339,582 $ 320,718 $ 338,605 $ 324,842
Loans held for sale 1,669 5,109 10,535 4,948 7,533
Loans, net of
unearned income 793,007 790,846 789,611 789,406 806,171
Interest-earning
assets 1,206,058 1,189,844 1,167,206 1,186,816 1,170,626
Goodwill and other
intangibles 42,404 42,731 43,970 42,949 44,762
Assets 1,322,242 1,307,347 1,296,709 1,307,154 1,303,081
Assets - tangible
(a) 1,279,838 1,264,616 1,252,739 1,264,205 1,258,319
Interest-bearing
deposits 829,753 834,305 821,286 829,212 838,230
Deposits 1,063,920 1,053,124 1,043,192 1,050,192 1,051,359
Customer repurchase
agreements 47,220 46,712 45,510 37,437 46,939
Other short-term
borrowings - - 2 1 496
Long-term
borrowings 37,380 37,388 37,406 37,437 37,415
Shareholders'
equity 167,545 163,130 163,384 165,338 158,847
Shareholders'
equity - tangible
(a) 125,141 120,399 119,414 122,389 114,085
American National Bankshares Inc. and Subsidiaries
Financial Highlights
(In thousands,
except share,
ratio and
nonfinancial data,
unaudited) 4th Qtr 3rd Qtr 4th Qtr YTD YTD
2013 2013 2012 2013 2012
---------- ---------- ---------- ---------- ----------
CAPITAL
Average shares
outstanding -
basic 7,887,811 7,877,901 7,844,545 7,872,870 7,834,351
Average shares
outstanding -
diluted 7,901,198 7,892,015 7,854,083 7,884,561 7,845,652
ALLOWANCE FOR LOAN
LOSSES
Beginning balance $ 12,684 $ 12,676 $ 11,998 $ 12,118 $ 10,529
Provision for
loan losses 0 - 334 294 2,133
Charge-offs (208) (162) (404) (837) (2,086)
Recoveries 124 170 190 1,025 1,542
---------- ---------- ---------- ---------- ----------
Ending balance $ 12,600 $ 12,684 $ 12,118 $ 12,600 $ 12,118
LOANS
Construction and
land development $ 41,822 $ 43,386 $ 48,812 $ 41,822 $ 48,812
Commercial real
estate 364,616 361,968 355,433 364,616 355,433
Residential real
estate 171,917 173,695 161,033 171,917 161,033
Home equity 87,797 89,154 91,313 87,797 91,313
Commercial and
industrial 122,553 124,504 126,192 122,553 126,192
Consumer 5,966 6,289 5,922 5,966 5,922
---------- ---------- ---------- ---------- ----------
Total $ 794,671 $ 798,996 $ 788,705 $ 794,671 $ 788,705
NONPERFORMING
ASSETS AT PERIOD-
END
Nonperforming
loans:
90 days past
due and
accruing $ - $ - $ - $ - $ -
Nonaccrual 5,071 4,647 5,316 5,071 5,316
Foreclosed real
estate 3,422 4,215 6,193 3,422 6,193
---------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 8,493 $ 8,862 $ 11,509 $ 8,493 $ 11,509
ASSET QUALITY
RATIOS
Allowance for
loan losses to
total loans 1.59 1.59 1.54 1.59 1.54
Allowance for
loan losses to
nonperforming
loans 248.47 272.95 227.95 248.47 227.95
Nonperforming
assets to total
assets 0.65 0.67 0.90 0.65 0.90
Nonperforming
loans to total
loans 0.64 0.58 0.67 0.64 0.67
Annualized net
charge-offs
(recoveries) to
average loans 0.04% 0.00% 0.11% (0.02)% 0.07%
OTHER DATA
Fiduciary assets
at period-end
(c) $ 442,583 $ 430,853 $ 386,210 $ 442,583 $ 386,210
Retail brokerage
assets at
period-end (c) $ 185,810 $ 175,856 $ 155,079 $ 186 $ 155,079
Number full-time
equivalent
employees (d) 290 290 307 290 307
Number of full
service offices 25 25 25 25 25
Number of loan
production
offices 2 2 2 2 2
Number of ATM's 31 31 31 31 31
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
(e) - 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
excluding (a) gains or losses on securities and (b) gains or losses on
sale of premises and equipment.
Source: American National Bankshares Inc.
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