Attached files
American National Bankshares Inc. and Subsidiaries
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Consolidated Balance Sheets
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(Dollars in thousands, except share and per share data)
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Unaudited
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December 31
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ASSETS
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2012
|
2011
|
||||||
Cash and due from banks
|
$ | 20,435 | $ | 22,561 | ||||
Interest-bearing deposits in other banks
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27,007 | 6,332 | ||||||
Securities available for sale, at fair value
|
335,246 | 333,366 | ||||||
Restricted stock, at cost
|
5,287 | 6,019 | ||||||
Loans held for sale
|
13,852 | 6,330 | ||||||
Loans
|
788,705 | 824,758 | ||||||
Less allowance for loan losses
|
(12,118 | ) | (10,529 | ) | ||||
Net Loans
|
776,587 | 814,229 | ||||||
Premises and equipment, net
|
24,543 | 25,674 | ||||||
Other real estate owned, net
|
6,193 | 5,353 | ||||||
Goodwill
|
39,043 | 38,899 | ||||||
Core deposit intangibles, net
|
4,660 | 6,595 | ||||||
Bank owned life insurance
|
13,487 | 13,058 | ||||||
Accrued interest receivable and other assets
|
17,347 | 26,290 | ||||||
Total assets
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$ | 1,283,687 | $ | 1,304,706 | ||||
Liabilities
|
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Demand deposits -- noninterest-bearing
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$ | 217,275 | $ | 179,148 | ||||
Demand deposits -- interest-bearing
|
153,578 | 189,212 | ||||||
Money market deposits
|
166,111 | 182,347 | ||||||
Savings deposits
|
81,135 | 74,193 | ||||||
Time deposits
|
409,568 | 433,854 | ||||||
Total deposits
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1,027,667 | 1,058,754 | ||||||
Short-term borrowings:
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Customer repurchase agreements
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49,942 | 45,575 | ||||||
Other short-term borrowings
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- | 3,000 | ||||||
Long-term borrowings
|
10,079 | 10,206 | ||||||
Trust preferred capital notes
|
27,317 | 27,212 | ||||||
Accrued interest payable and other liabilities
|
5,436 | 7,130 | ||||||
Total liabilities
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1,120,441 | 1,151,877 | ||||||
Shareholders' equity
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Preferred stock, $5 par, 2,000,000 shares authorized,
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none outstanding
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- | - | ||||||
Common stock, $1 par, 20,000,000 shares authorized,
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7,846,912 shares outstanding at December 31, 2012 and
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7,806,869 shares outstanding at December 31, 2011
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7,847 | 7,807 | ||||||
Capital in excess of par value
|
57,211 | 56,395 | ||||||
Retained earnings
|
90,591 | 81,797 | ||||||
Accumulated other comprehensive income, net
|
7,597 | 6,830 | ||||||
Total shareholders' equity
|
163,246 | 152,829 | ||||||
Total liabilities and shareholders' equity
|
$ | 1,283,687 | $ | 1,304,706 | ||||
American National Bankshares Inc. and Subsidiaries
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Consolidated Statements of Income
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(Dollars in thousands, except share and per share data)
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Unaudited
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Three Months Ended
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Twelve Months Ended
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December 31
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December 31
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2012
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2011
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2012
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2011
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Interest and Dividend Income:
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Interest and fees on loans
|
$ | 11,965 | $ | 14,881 | $ | 49,189 | $ | 40,688 | ||||||||
Interest and dividends on securities:
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Taxable
|
914 | 1,149 | 4,044 | 4,595 | ||||||||||||
Tax-exempt
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1,062 | 1,089 | 4,280 | 3,646 | ||||||||||||
Dividends
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58 | 43 | 213 | 131 | ||||||||||||
Other interest income
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33 | 15 | 80 | 127 | ||||||||||||
Total interest and dividend income
|
14,032 | 17,177 | 57,806 | 49,187 | ||||||||||||
Interest Expense:
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Interest on deposits
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1,552 | 1,957 | 6,843 | 7,203 | ||||||||||||
Interest on short-term borrowings
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23 | 81 | 150 | 325 | ||||||||||||
Interest on long-term borrowings
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83 | 85 | 335 | 229 | ||||||||||||
Interest on trust preferred capital notes
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197 | 194 | 813 | 1,023 | ||||||||||||
Total interest expense
|
1,855 | 2,317 | 8,141 | 8,780 | ||||||||||||
Net Interest Income
|
12,177 | 14,860 | 49,665 | 40,407 | ||||||||||||
Provision for loan losses
|
334 | 1,972 | 2,133 | 3,170 | ||||||||||||
Net Interest Income After Provision
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for Loan Losses
|
11,843 | 12,888 | 47,532 | 37,237 | ||||||||||||
Noninterest Income:
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Trust fees
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929 | 834 | 3,703 | 3,561 | ||||||||||||
Service charges on deposit accounts
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442 | 567 | 1,757 | 1,963 | ||||||||||||
Other fees and commissions
|
445 | 427 | 1,768 | 1,510 | ||||||||||||
Mortgage banking income
|
569 | 470 | 2,234 | 1,262 | ||||||||||||
Securities gains (losses), net
|
(2 | ) | 17 | 158 | (1 | ) | ||||||||||
Other
|
303 | 272 | 1,790 | 949 | ||||||||||||
Total noninterest income
|
2,686 | 2,587 | 11,410 | 9,244 | ||||||||||||
Noninterest Expense:
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Salaries
|
3,932 | 3,702 | 15,785 | 12,409 | ||||||||||||
Employee benefits
|
947 | 785 | 3,604 | 2,681 | ||||||||||||
Occupancy and equipment
|
1,009 | 888 | 3,951 | 3,199 | ||||||||||||
FDIC assessment
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162 | 155 | 692 | 651 | ||||||||||||
Bank franchise tax
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152 | 206 | 690 | 763 | ||||||||||||
Core deposit intangible amortization
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421 | 548 | 1,935 | 1,282 | ||||||||||||
Foreclosed real estate, net
|
98 | (194 | ) | 528 | 296 | |||||||||||
Merger related expenses
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- | 73 | 19 | 1,607 | ||||||||||||
Other
|
2,282 | 2,466 | 9,439 | 7,112 | ||||||||||||
Total noninterest expense
|
9,003 | 8,629 | 36,643 | 30,000 | ||||||||||||
Income Before Income Taxes
|
5,526 | 6,846 | 22,299 | 16,481 | ||||||||||||
Income Taxes
|
1,608 | 2,194 | 6,293 | 4,910 | ||||||||||||
Net Income
|
3,918 | 4,652 | 16,006 | 11,571 | ||||||||||||
Dividends on preferred stock
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- | 52 | - | 103 | ||||||||||||
Net income available to common shareholders
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$ | 3,918 | $ | 4,600 | $ | 16,006 | $ | 11,468 | ||||||||
Net Income Per Common Share:
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Basic
|
$ | 0.50 | $ | 0.59 | $ | 2.04 | $ | 1.64 | ||||||||
Diluted
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$ | 0.50 | $ | 0.59 | $ | 2.04 | $ | 1.64 | ||||||||
Average Common Shares Outstanding:
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Basic
|
7,844,545 | 7,804,245 | 7,834,351 | 6,982,524 | ||||||||||||
Diluted
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7,854,083 | 7,811,243 | 7,845,652 | 6,989,877 |
American National Bankshares Inc. and Subsidiaries
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Financial Highlights
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(In thousands, except share, ratio and
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nonfinancial data, unaudited)
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4th Qtr
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3rd Qtr
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4th Qtr
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YTD
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YTD
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2012
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2012
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2011
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2012
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2011
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EARNINGS
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Interest income
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$ | 14,032 | $ | 13,546 | $ | 17,177 | $ | 57,806 | $ | 49,187 | ||||||||||
Interest expense
|
1,855 | 2,046 | 2,317 | 8,141 | 8,780 | |||||||||||||||
Net interest income
|
12,177 | 11,500 | 14,860 | 49,665 | 40,407 | |||||||||||||||
Provision for loan losses
|
334 | 333 | 1,972 | 2,133 | 3,170 | |||||||||||||||
Noninterest income
|
2,686 | 2,690 | 2,587 | 11,410 | 9,244 | |||||||||||||||
Noninterest expense
|
9,003 | 8,880 | 8,629 | 36,643 | 30,000 | |||||||||||||||
Income taxes
|
1,608 | 1,338 | 2,194 | 6,293 | 4,910 | |||||||||||||||
Net income
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3,918 | 3,639 | 4,652 | 16,006 | 11,571 | |||||||||||||||
PER COMMON SHARE
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Earnings per share - basic
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$ | 0.50 | $ | 0.46 | $ | 0.59 | $ | 2.04 | $ | 1.64 | ||||||||||
Earnings per share - diluted
|
0.50 | 0.46 | 0.59 | 2.04 | 1.64 | |||||||||||||||
Cash dividends declared
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0.23 | 0.23 | 0.23 | 0.92 | 0.92 | |||||||||||||||
Book value per share
|
20.80 | 20.66 | 19.58 | 20.80 | 19.58 | |||||||||||||||
Book value per share - tangible (a)
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15.23 | 15.03 | 13.75 | 15.23 | 13.75 | |||||||||||||||
Closing market price
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20.19 | 22.59 | 19.49 | 20.19 | 19.49 | |||||||||||||||
FINANCIAL RATIOS
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Return on average assets
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1.21 | % | 1.12 | % | 1.42 | % | 1.23 | % | 1.07 | |||||||||||
Return on average equity
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9.59 | 9.11 | 12.28 | 10.08 | 8.88 | |||||||||||||||
Return on average tangible equity (b)
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14.12 | 13.69 | 18.77 | 15.25 | 12.97 | |||||||||||||||
Average equity to average assets
|
12.60 | 12.32 | 11.59 | 12.19 | 12.10 | |||||||||||||||
Net interest margin, taxable equivalent
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4.37 | 4.14 | 5.27 | 4.44 | 4.35 | |||||||||||||||
Efficiency ratio
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58.36 | 62.00 | 49.57 | 58.23 | 58.48 | |||||||||||||||
Effective tax rate
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29.10 | 26.88 | 32.05 | 28.22 | 29.79 | |||||||||||||||
PERIOD-END BALANCES
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Securities
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$ | 340,533 | $ | 333,278 | $ | 339,385 | $ | 340,533 | $ | 339,385 | ||||||||||
Loans held for sale
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13,852 | 8,118 | 6,330 | 13,852 | 6,330 | |||||||||||||||
Loans, net of unearned income
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788,705 | 797,818 | 824,758 | 788,705 | 824,758 | |||||||||||||||
Goodwill and other intangibles
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43,703 | 44,124 | 44,640 | 43,703 | 45,494 | |||||||||||||||
Assets
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1,283,687 | 1,305,707 | 1,304,522 | 1,283,687 | 1,304,706 | |||||||||||||||
Assets - tangible (a)
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1,239,984 | 1,261,583 | 1,259,882 | 1,239,984 | 1,259,212 | |||||||||||||||
Deposits
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1,027,667 | 1,052,427 | 1,058,754 | 1,027,667 | 1,058,754 | |||||||||||||||
Customer repurchase agreements
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49,942 | 45,761 | 45,575 | 49,942 | 45,575 | |||||||||||||||
Long-term borrowings
|
37,396 | 37,403 | 37,418 | 37,396 | 37,418 | |||||||||||||||
Shareholders' equity
|
163,246 | 162,045 | 152,829 | 163,246 | 152,829 | |||||||||||||||
Shareholders' equity - tangible (a)
|
119,543 | 117,921 | 108,189 | 119,543 | 107,335 | |||||||||||||||
AVERAGE BALANCES
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Securities
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$ | 320,718 | $ | 323,555 | $ | 322,018 | $ | 324,842 | $ | 270,441 | ||||||||||
Loans held for sale
|
10,535 | 8,237 | 5,989 | 7,533 | 3,042 | |||||||||||||||
Loans, net of unearned income
|
789,611 | 802,213 | 819,688 | 806,171 | 671,724 | |||||||||||||||
Interest-earning assets
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1,167,206 | 1,166,572 | 1,172,965 | 1,170,626 | 974,601 | |||||||||||||||
Goodwill and other intangibles
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43,970 | 44,561 | 44,455 | 44,762 | 34,158 | |||||||||||||||
Assets
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1,296,709 | 1,297,698 | 1,306,699 | 1,303,081 | 1,077,094 | |||||||||||||||
Assets - tangible (a)
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1,252,739 | 1,253,137 | 1,262,244 | 1,258,319 | 1,042,936 | |||||||||||||||
Interest-bearing deposits
|
821,286 | 839,902 | 886,551 | 838,230 | 720,163 | |||||||||||||||
Deposits
|
1,043,192 | 1,044,434 | 1,060,013 | 1,051,359 | 863,367 | |||||||||||||||
Customer repurchase agreements
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45,510 | 46,297 | 49,257 | 46,939 | 46,411 | |||||||||||||||
Other short-term borrowings
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2 | - | 130 | 496 | 66 | |||||||||||||||
Long-term borrowings
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37,406 | 37,413 | 37,434 | 37,415 | 30,991 | |||||||||||||||
Shareholders' equity
|
163,384 | 159,868 | 151,496 | 158,847 | 130,320 | |||||||||||||||
Shareholders' equity - tangible (a)
|
119,414 | 115,307 | 107,041 | 114,085 | 96,162 |
American National Bankshares Inc. and Subsidiaries
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Financial Highlights
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(In thousands, except share, ratio and
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nonfinancial data, unaudited)
|
4th Qtr
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3rd Qtr
|
4th Qtr
|
YTD
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YTD
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2012
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2012
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2011
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2012
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2011
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CAPITAL
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Average shares outstanding - basic
|
7,844,545 | 7,838,314 | 7,804,245 | 7,834,351 | 6,982,524 | |||||||||||||||
Average shares outstanding - diluted
|
7,854,083 | 7,855,537 | 7,811,243 | 7,845,652 | 6,989,877 | |||||||||||||||
ALLOWANCE FOR LOAN LOSSES
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Beginning balance
|
$ | 11,998 | $ | 12,099 | $ | 9,086 | $ | 10,529 | $ | 8,420 | ||||||||||
Provision for loan losses
|
334 | 333 | 1,972 | 2,133 | 3,170 | |||||||||||||||
Charge-offs
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(404 | ) | (614 | ) | (906 | ) | (2,086 | ) | (1,863 | ) | ||||||||||
Recoveries
|
190 | 180 | 377 | 1,542 | 802 | |||||||||||||||
Ending balance
|
$ | 12,118 | $ | 11,998 | $ | 10,529 | $ | 12,118 | $ | 10,529 | ||||||||||
LOANS
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Construction and land development
|
$ | 48,812 | $ | 50,688 | $ | 54,433 | $ | 48,812 | $ | 54,433 | ||||||||||
Commercial real estate
|
355,433 | 356,692 | 351,961 | 355,433 | 351,961 | |||||||||||||||
Residential real estate
|
161,033 | 162,404 | 179,812 | 161,033 | 179,812 | |||||||||||||||
Home equity
|
91,313 | 95,008 | 96,195 | 91,313 | 96,195 | |||||||||||||||
Commercial and industrial
|
126,192 | 126,339 | 134,166 | 126,192 | 134,166 | |||||||||||||||
Consumer
|
5,922 | 6,687 | 8,191 | 5,922 | 8,191 | |||||||||||||||
Total
|
$ | 788,705 | $ | 797,818 | $ | 824,758 | $ | 788,705 | $ | 824,758 | ||||||||||
NONPERFORMING ASSETS AT PERIOD-END
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Nonperforming loans:
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90 days past due
|
$ | - | $ | - | $ | 197 | $ | - | $ | 197 | ||||||||||
Nonaccrual
|
5,316 | 7,815 | 13,520 | 5,316 | 13,520 | |||||||||||||||
Foreclosed real estate
|
6,193 | 6,259 | 5,353 | 6,193 | 5,353 | |||||||||||||||
Nonperforming assets
|
$ | 11,509 | $ | 14,074 | $ | 19,070 | $ | 11,509 | $ | 19,070 | ||||||||||
ASSET QUALITY RATIOS
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Annualized net chargeoffs to average loans
|
0.11 | % | 0.22 | % | 0.26 | % | 0.07 | % | 0.16 | |||||||||||
Nonperforming assets to total assets
|
0.90 | 1.08 | 1.46 | 0.90 | 1.46 | |||||||||||||||
Nonperforming loans to total loans
|
0.67 | 0.98 | 1.66 | 0.67 | 1.66 | |||||||||||||||
Allowance for loan losses to total loans
|
1.54 | 1.50 | 1.28 | 1.54 | 1.28 | |||||||||||||||
Allowance for loan losses to
|
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nonperforming loans
|
227.95 | 153.53 | 76.76 | 227.95 | 76.76 | |||||||||||||||
OTHER DATA
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Fiduciary assets at period-end (c)
|
$ | 386,210 | $ | 391,055 | $ | 355,202 | $ | 386,210 | $ | 355,202 | ||||||||||
Retail brokerage assets at period-end (c)
|
$ | 155,079 | $ | 154,632 | $ | 140,688 | $ | 155,079 | $ | 140,688 | ||||||||||
Number full-time equivalent employees (d)
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307 | 318 | 315 | 307 | 315 | |||||||||||||||
Number of full service offices
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25 | 25 | 25 | 25 | 25 | |||||||||||||||
Number of loan production offices
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2 | 2 | 2 | 2 | 2 | |||||||||||||||
Number of ATM's
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31 | 31 | 31 | 31 | 31 | |||||||||||||||
Notes:
|
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(a) - Excludes goodwill and other intangible assets
|
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(b) - Excludes amortization expense, net of tax, of intangible assets
|
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(c) - Market value
|
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(d) - Average for quarter
|
Net Interest Income Analysis | ||||||||||||||||||||||||
For the Three Months Ended December 31, 2012 and 2011 | ||||||||||||||||||||||||
(in thousands, except rates) | ||||||||||||||||||||||||
Interest
|
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Average Balance
|
Income/Expense
|
Yield/Rate
|
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2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
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Loans:
|
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Commercial
|
$ | 122,697 | $ | 134,836 | $ | 1,506 | $ | 1,555 | 4.87 | % | 4.58 | % | ||||||||||||
Real estate
|
671,180 | 682,631 | 10,368 | 13,205 | 6.18 | 7.74 | ||||||||||||||||||
Consumer
|
6,269 | 8,210 | 120 | 156 | 7.59 | 7.54 | ||||||||||||||||||
Total loans
|
800,146 | 825,677 | 11,994 | 14,916 | 5.99 | 7.22 | ||||||||||||||||||
Securities:
|
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Federal agencies
|
35,728 | 33,427 | 110 | 181 | 1.23 | 2.17 | ||||||||||||||||||
Mortgage-backed & CMO's
|
85,623 | 99,817 | 419 | 577 | 1.96 | 2.31 | ||||||||||||||||||
State and municipal
|
187,545 | 180,254 | 1,945 | 1,983 | 4.15 | 4.40 | ||||||||||||||||||
Other
|
11,822 | 8,520 | 103 | 86 | 3.49 | 4.04 | ||||||||||||||||||
Total securities
|
320,718 | 322,018 | 2,577 | 2,827 | 3.21 | 3.51 | ||||||||||||||||||
Deposits in other banks
|
46,342 | 25,270 | 33 | 15 | 0.28 | 0.24 | ||||||||||||||||||
Total interest-earning assets
|
1,167,206 | 1,172,965 | 14,604 | 17,758 | 5.00 | 6.05 | ||||||||||||||||||
Non-earning assets
|
129,503 | 133,728 | ||||||||||||||||||||||
Total assets
|
$ | 1,296,709 | $ | 1,306,693 | ||||||||||||||||||||
Deposits:
|
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Demand
|
$ | 145,539 | $ | 180,874 | 36 | 123 | 0.10 | 0.27 | ||||||||||||||||
Money market
|
169,647 | 195,534 | 107 | 190 | 0.25 | 0.39 | ||||||||||||||||||
Savings
|
79,492 | 73,674 | 23 | 29 | 0.11 | 0.16 | ||||||||||||||||||
Time
|
426,608 | 436,469 | 1,386 | 1,615 | 1.29 | 1.47 | ||||||||||||||||||
Total deposits
|
821,286 | 886,551 | 1,552 | 1,957 | 0.75 | 0.88 | ||||||||||||||||||
Customer repurchase agreements
|
45,510 | 49,257 | 23 | 81 | 0.20 | 0.65 | ||||||||||||||||||
Other short-term borrowings
|
2 | 130 | 0 | 0 | 0.75 | 0.43 | ||||||||||||||||||
Long-term borrowings
|
37,406 | 37,434 | 280 | 279 | 2.99 | 2.98 | ||||||||||||||||||
Total interest-bearing
|
||||||||||||||||||||||||
liabilities
|
904,204 | 973,372 | 1,855 | 2,317 | 0.81 | 0.95 | ||||||||||||||||||
Noninterest bearing
|
||||||||||||||||||||||||
demand deposits
|
221,906 | 173,462 | ||||||||||||||||||||||
Other liabilities
|
7,215 | 8,369 | ||||||||||||||||||||||
Shareholders' equity
|
163,384 | 151,490 | ||||||||||||||||||||||
Total liabilities and
|
||||||||||||||||||||||||
shareholders' equity
|
$ | 1,296,709 | $ | 1,306,693 | ||||||||||||||||||||
Interest rate spread
|
4.19 | % | 5.10 | % | ||||||||||||||||||||
Net interest margin
|
4.37 | % | 5.27 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis)
|
12,749 | 15,441 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment
|
572 | 581 | ||||||||||||||||||||||
Net interest income
|
$ | 12,177 | $ | 14,860 |
Net Interest Income Analysis | ||||||||||||||||||||||||
For the Years Ended December 31, 2012 and 2011 | ||||||||||||||||||||||||
(in thousands, except yields and rates) | ||||||||||||||||||||||||
Interest
|
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Average Balance
|
Income/Expense
|
Yield/Rate
|
||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Commercial
|
$ | 128,031 | $ | 107,376 | $ | 6,642 | $ | 4,947 | 5.19 | % | 4.61 | % | ||||||||||||
Real estate
|
677,314 | 559,656 | 42,088 | 35,298 | 6.21 | 6.31 | ||||||||||||||||||
Consumer
|
8,359 | 7,734 | 605 | 575 | 7.24 | 7.43 | ||||||||||||||||||
Total loans
|
813,704 | 674,766 | 49,335 | 40,820 | 6.06 | 6.05 | ||||||||||||||||||
Securities:
|
||||||||||||||||||||||||
Federal agencies
|
36,066 | 36,247 | 545 | 946 | 1.51 | 2.61 | ||||||||||||||||||
Mortgage-backed & CMO's
|
94,183 | 75,902 | 1,906 | 2,148 | 2.02 | 2.83 | ||||||||||||||||||
State and municipal
|
182,939 | 151,254 | 7,829 | 6,872 | 4.28 | 4.54 | ||||||||||||||||||
Other
|
11,654 | 7,038 | 435 | 279 | 3.73 | 3.96 | ||||||||||||||||||
Total securities
|
324,842 | 270,441 | 10,715 | 10,245 | 3.30 | 3.79 | ||||||||||||||||||
Deposits in other banks
|
32,080 | 29,394 | 80 | 127 | 0.25 | 0.43 | ||||||||||||||||||
Total interest-earning assets
|
1,170,626 | 974,601 | 60,130 | 51,192 | 5.14 | 5.25 | ||||||||||||||||||
Non-earning assets
|
132,455 | 102,493 | ||||||||||||||||||||||
Total assets
|
$ | 1,303,081 | $ | 1,077,094 | ||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand
|
$ | 142,296 | $ | 137,211 | 190 | 290 | 0.13 | 0.21 | ||||||||||||||||
Money market
|
174,027 | 132,906 | 521 | 572 | 0.30 | 0.43 | ||||||||||||||||||
Savings
|
78,358 | 68,038 | 111 | 98 | 0.14 | 0.14 | ||||||||||||||||||
Time
|
443,549 | 382,008 | 6,021 | 6,243 | 1.36 | 1.63 | ||||||||||||||||||
Total deposits
|
838,230 | 720,163 | 6,843 | 7,203 | 0.82 | 1.00 | ||||||||||||||||||
Customer repurchase agreements
|
46,939 | 46,411 | 148 | 325 | 0.32 | 0.70 | ||||||||||||||||||
Other short-term borrowings
|
496 | 66 | 2 | 0 | 0.42 | 0.45 | ||||||||||||||||||
Long-term borrowings
|
37,415 | 30,991 | 1,148 | 1,252 | 3.07 | 4.04 | ||||||||||||||||||
Total interest-bearing
|
||||||||||||||||||||||||
liabilities
|
923,080 | 797,631 | 8,141 | 8,780 | 0.88 | 1.10 | ||||||||||||||||||
Noninterest bearing
|
||||||||||||||||||||||||
demand deposits
|
213,129 | 143,204 | ||||||||||||||||||||||
Other liabilities
|
8,025 | 5,939 | ||||||||||||||||||||||
Shareholders' equity
|
158,847 | 130,320 | ||||||||||||||||||||||
Total liabilities and
|
||||||||||||||||||||||||
shareholders' equity
|
$ | 1,303,081 | $ | 1,077,094 | ||||||||||||||||||||
Interest rate spread
|
4.26 | % | 4.15 | % | ||||||||||||||||||||
Net interest margin
|
4.44 | % | 4.35 | % | ||||||||||||||||||||
Net interest income (taxable equivalent basis)
|
51,989 | 42,412 | ||||||||||||||||||||||
Less: Taxable equivalent adjustment
|
2,324 | 2,005 | ||||||||||||||||||||||
Net interest income
|
$ | 49,665 | $ | 40,407 |