UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
   
Date of Report (Date of earliest event reported) April 23, 2015
 
AMERICAN NATIONAL BANKSHARES INC.
(Exact name of registrant as specified in its charter)
     
Virginia
0-12820
54-1284688
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
 
628 Main Street, Danville, VA 24541
  (Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: 434-792-5111
 
 
Not Applicable
(Former name or former address, if changed since last report.)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
þ
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))
 
Item 2.02 Results of Operations and Financial Condition
 
On April 23, 2015, American National Bankshares Inc. ("the Company") reports earnings for first quarter 2015.
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits:
 
99.1  April 23, 2015 News Release
 
99.2 Quarterly Balance Sheets, Statements of Income, Net Interest Income Analysis and Selected Financial Data
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 23, 2015                                                                       /s/ William W. Traynham
                      Executive Vice President and Chief Financial Officer


Date:
April 23, 2015
   
Contact:
William W. Traynham, Chief Financial Officer
 
434-773-2242
 
traynhamw@amnb.com
       
Traded:
NASDAQ Global Select Market
Symbol:
AMNB

AMERICAN NATIONAL BANKSHARES INC. REPORTS FIRST QUARTER 2015 EARNINGS

·
Merger with MainStreet BankShares, Inc. ("MainStreet"), parent of Franklin Community Bank, N.A. ("Franklin"), closed January 1, 2015
·
Q1 2015 net income of $3.5 million and diluted EPS of $0.40
·
Net interest margin of 3.73% for Q1 2015
·
Nonperforming assets 0.50% of total assets
·
Average shareholders' equity of $196 million is 12.91% of average assets
 
  Danville, VA -- American National Bankshares Inc. ("American National") (NASDAQ:  AMNB), parent company of American National Bank and Trust Company, today announced first quarter 2015 net income of $3,515,000 compared to $3,450,000 for the first quarter of 2014, a $65,000 or 1.9% increase.  Diluted earnings per share were $0.40 for the 2015 quarter compared to $0.44 for the 2014 quarter. Net income for the first quarter of 2015 produced a return on average assets of 0.93%, a return on average equity of 7.17%, and a return on average tangible equity of 10.02%.
 
  Earnings for the 2015 quarter were favorably impacted by the January 2015 merger between American National and MainStreet Bankshares, Inc.

Financial Performance and Overview
      
         Jeffrey V. Haley, President and Chief Executive Officer, reported, "The lead story for early 2015 is our acquisition of MainStreet and its banking subsidiary, Franklin Community Bank, N.A. This merger closed on January 1, 2015, and it is a wonderful way to start the New Year. We are delighted to welcome the Franklin County bankers and their customers into the American National community bank family and we plan to continue the high quality of service our Franklin customers have come to expect, with even more options in banking products and services.
 
        "The merger with MainStreet has had a substantial impact on our balance sheet.
 
        "At March 31, 2015, American National had $965,902,000 in loans compared to $783,369,000 at March 31, 2014, an increase of $182,533,000 or 23.3%. Of this increase, $112,901,000 or 61.8% relates directly to the MainStreet acquisition.
 
        "Organic loan growth over the past year was $69,632,000 or 8.9%. Organic loan growth over the past quarter was $12,076,000 or 1.4%.
 
        "At March 31, 2015, American National had $1,242,675,000 in deposits compared to $1,051,249,000 at March 31, 2014, an increase of $191,426,000 or 18.2%. Of this increase, $135,568,000 or 70.8% relates directly to the MainStreet acquisition.  The deposit growth was strong in all categories, but notably 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 yet competitive manner. Our cost of interest bearing deposits for the first quarter was 0.52%, compared to 0.60% for the 2014 quarter.
 
        "On the income statement side, our net income for the first quarter was $3,515,000, up from $3,450,000 in the 2014 quarter, an increase of $65,000 or 1.9%.
 
"We had several drivers that impacted quarterly results.
 
"The merger with MainStreet had a significant and positive impact to operating results.
 
"Provision for loan loss increased during the 2015 quarter, related to organic growth in loan volume and our regular review of cash flow expectations on loans acquired with deteriorated credit quality.
 
"Noninterest income was higher in the 2015 quarter by $453,000 or 16.8%, related mostly to the MainStreet merger.
 
"Noninterest expense was higher in the 2015 quarter by $1,624,000 or 19.3%, related mostly to the merger and to merger related, one-time expenses. The one-time merger costs were $359,000 for the quarter."
 
  Haley concluded, "The beginning of a New Year is a great time to reflect on strategy and corporate goals. We continue to believe that community banking is an industry where imagination and flexibility pay long term dividends. For American National, we will continue our focus on high quality organic growth, and at the same time prepare American National for the next appropriate strategic acquisition opportunity that may arise."

Capital
 
American National's capital ratios remain strong and exceed all regulatory requirements.
 
For the quarter ended March 31, 2015, average shareholders' equity was 12.91% of average assets, compared to 13.04% for the quarter ended December 31, 2014, and compared to 13.05% for the quarter ended March 31, 2014.
 
Book value per common share was $22.58 at March 31, 2015, compared to $22.07 at December 31, 2014, and $21.57 at March 31, 2014
 
Tangible book value per common share was $17.09 at March 31, 2015, compared to $16.86 at December 31, 2014, and $16.27 at March 31, 2014.

Credit Quality Measurements
 
Non-performing assets ($5,123,000 of non-performing loans and $2,653,000 of other real estate owned) represented 0.50% of total assets at March 31, 2015, compared to 0.68% at March 31, 2014.
 
Annualized net charge offs to average loans was eight basis points 0.08% for the 2015 first quarter, compared to 1 basis point (0.01%) of net recoveries for the same quarter in 2014.
 
The allowance for loan losses as a percentage of total loans was 1.33% at March 31, 2015 compared to 1.61% at March 31, 2014. The largest driver of this change was the merger with MainStreet, whose loans have been marked to fair value at the merger date and whose related allowance for loan loss was eliminated in the valuation process.
 
Other real estate owned was $2,653,000 at March 31, 2015, compared to $3,233,000 at March 31, 2014, a decrease of $580,000 or 17.9%.

 
 

 
Merger related financial impact
 
The fair value adjustments related to our two recent mergers have had a favorable impact on pretax income for the American National.
 
The July 2011 merger with MidCarolina Financial Corporation ("MidCarolina") continues to have a positive, but declining, impact on net interest income and pretax income. For the first quarter of 2015, the fair value impact to net interest income for this acquisition was $410,000, compared to $605,000 for the comparable quarter in 2014. The net impact to pretax income for the first quarter of 2015 was $184,000, compared to $378,000 for the comparable quarter of 2014.
 
The January 2015 merger with MainStreet was closed at the beginning of this quarter.  For the first quarter of 2015, the fair value impact to net interest income for this acquisition was $703,000. The net impact to pretax income for the first quarter of 2015 was $629,000.

Net Interest Income
 
Net interest income before provision for loan losses increased to $12,378,000 in the first quarter of 2015 from $10,459,000 in first quarter of 2014, an increase of $1,919,000 or 18.3%.
 
For the 2015 quarter, the net interest margin was 3.73% compared to 3.71% for the same quarter in 2014, an increase of two basis points. This increase was driven by higher levels of accretion income and greater volumes of earning assets.

Provision for loan losses
 
Provision expense for the first quarter of 2015 was $600,000 compared to zero for the first quarter of 2014.
 
The need for additional provision expense was driven primarily by an increase in loan volume, the regular quarterly review of expected cash flows on certain purchased credit impaired loans from the MidCarolina merger, and a small uptick in loan charge offs. It was partially mitigated by improving economic conditions and continuing strong asset quality metrics.

Noninterest Income
 
Noninterest income totaled $3,156,000 in the first quarter of 2015, compared with $2,703,000 in the first quarter of 2014, an increase of $453,000 or 16.8%.  The primary driver of the increase was the increase in transaction volume related to the MainStreet merger.

Noninterest Expense
 
Noninterest expense totaled $10,047,000 in the first quarter of 2015, compared to $8,423,000 in the first quarter of 2014, an increase of $1,624,000 or 19.3%.
 
All expense categories were impacted by the MainStreet merger and the integration of Franklin Community Bank into American National's operations.
 
However, one time, merger related expense, related to the MainStreet acquisition, accounted for $359,000 or 22% of the increase. The operational conversion of the Franklin Community Bank was originally anticipated in late first quarter 2015. However, due to logistical issues between technology vendors it has been delayed until mid-May. Consequently, management expects there will be significant additional one time, merger related expense during the second quarter, mostly related to data processing system integration. The expenses in this category are one-time in nature, related directly to effecting the merger transaction, and are comprised of data processing, legal and accounting, investment banking, and change-in-control payments.

About American National
 
As of January 1, 2015, with the closing of the acquisition of MainStreet BankShares, Inc., American National Bankshares Inc. is a multi-state bank holding company with total assets of approximately $1.5 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 27 banking offices and two loan production offices. American National Bank and Trust Company also manages an additional $748 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 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
 
         
   
March 31
 
ASSETS
 
2015
   
2014
 
         
Cash and due from banks
 
$
23,995
   
$
25,880
 
Interest-bearing deposits in other banks
   
75,254
     
45,466
 
Federal funds sold
   
13,616
     
-
 
                 
Securities available for sale, at fair value
   
352,208
     
349,123
 
Restricted stock, at cost
   
5,336
     
4,529
 
Loans held for sale
   
1,936
     
1,389
 
                 
Loans
   
965,902
     
783,369
 
  Less allowance for loan losses
   
(12,844
)
   
(12,614
)
      Net Loans
   
953,058
     
770,755
 
                 
Premises and equipment, net
   
24,371
     
23,359
 
Other real estate owned, net
   
2,653
     
3,233
 
Goodwill
   
44,210
     
39,043
 
Core deposit intangibles, net
   
3,583
     
2,828
 
Bank owned life insurance
   
17,261
     
14,845
 
Accrued interest receivable and other assets
   
22,617
     
19,352
 
                 
      Total assets
 
$
1,540,098
   
$
1,299,802
 
                 
                 
Liabilities
               
   Demand deposits -- noninterest-bearing
 
$
289,818
   
$
218,795
 
   Demand deposits -- interest-bearing
   
229,721
     
170,894
 
   Money market deposits
   
202,706
     
194,528
 
   Savings deposits
   
110,104
     
89,024
 
   Time deposits
   
410,326
     
378,008
 
      Total deposits
   
1,242,675
     
1,051,249
 
                 
   Short-term borrowings:
               
      Customer repurchase agreements
   
53,664
     
34,153
 
      Other short-term borrowings
   
-
     
-
 
   Long-term borrowings
   
9,941
     
9,919
 
   Trust preferred capital notes
   
27,546
     
27,444
 
   Accrued interest payable and other liabilities
   
9,583
     
6,538
 
      Total liabilities
   
1,343,409
     
1,129,303
 
                 
Shareholders' equity
               
   Preferred stock, $5 par, 2,000,000 shares authorized,
               
       none outstanding
   
-
     
-
 
   Common stock, $1 par, 10,000,000 shares authorized,
               
      8,727,696 shares outstanding at March 31, 2015 and
               
       7,905,243 shares outstanding at March 31, 2014
   
8,710
     
7,905
 
   Capital in excess of par value
   
77,612
     
58,202
 
   Retained earnings
   
106,102
     
100,721
 
   Accumulated other comprehensive income, net
   
4,265
     
3,671
 
      Total shareholders' equity
   
196,689
     
170,499
 
                 
      Total liabilities and shareholders' equity
 
$
1,540,098
   
$
1,299,802
 
                 
 
 

 
American National Bankshares Inc. and Subsidiaries
 
Consolidated Statements of Income
 
(Dollars in thousands, except share and per share data)
 
Unaudited
 
         
   
Three Months Ended
 
   
March 31
 
   
2015
   
2014
 
 Interest and Dividend Income:
       
   Interest and fees on loans
 
$
11,770
   
$
9,847
 
   Interest on federal funds sold
   
4
     
-
 
   Interest and dividends on securities:
               
     Taxable
   
975
     
964
 
     Tax-exempt
   
960
     
1,035
 
     Dividends
   
82
     
75
 
   Other interest income
   
48
     
33
 
       Total interest and dividend income
   
13,839
     
11,954
 
                 
Interest Expense:
               
   Interest on deposits
   
1,194
     
1,229
 
   Interest on short-term borrowings
   
3
     
2
 
   Interest on long-term borrowings
   
80
     
80
 
   Interest on trust preferred capital notes
   
184
     
184
 
      Total interest expense
   
1,461
     
1,495
 
                 
 Net Interest Income
   
12,378
     
10,459
 
   Provision for loan losses
   
600
     
-
 
                 
Net Interest Income After Provision
               
    for Loan Losses
   
11,778
     
10,459
 
                 
 Noninterest Income:
               
   Trust fees
   
952
     
1,122
 
   Service charges on deposit accounts
   
497
     
413
 
   Other fees and commissions
   
588
     
444
 
   Mortgage banking income
   
222
     
263
 
   Securities gains, net
   
310
     
39
 
   Other
   
587
     
422
 
      Total noninterest income
   
3,156
     
2,703
 
                 
 Noninterest Expense:
               
   Salaries
   
4,147
     
3,538
 
   Employee benefits
   
1,075
     
975
 
   Occupancy and equipment
   
1,172
     
936
 
   FDIC assessment
   
185
     
164
 
   Bank franchise tax
   
235
     
222
 
   Core deposit intangible amortization
   
301
     
331
 
   Data processing
   
462
     
348
 
   Software
   
283
     
262
 
   Foreclosed real estate, net
   
(5
)
   
16
 
   Merger related expenses
   
359
     
-
 
   Other
   
1,833
     
1,631
 
      Total noninterest expense
   
10,047
     
8,423
 
                 
 Income Before Income Taxes
   
4,887
     
4,739
 
 Income Taxes
   
1,372
     
1,289
 
 Net Income
 
$
3,515
   
$
3,450
 
                 
Net Income Per Common Share:
               
    Basic
 
$
0.40
   
$
0.44
 
    Diluted
 
$
0.40
   
$
0.44
 
Average Common Shares Outstanding:
         
    Basic
   
8,723,633
     
7,904,759
 
    Diluted
   
8,732,679
     
7,917,601
 
 
 

 
American National Bankshares Inc. and Subsidiaries
             
Financial Highlights
                   
(In thousands, except share, ratio and
                 
  nonfinancial data, unaudited)
 
1st Qtr
   
4th Qtr
   
1st Qtr
   
YTD
   
YTD
 
   
2015
   
2014
   
2014
   
2015
   
2014
 
EARNINGS
                   
      Interest income
 
$
13,839
   
$
11,869
   
$
11,954
   
$
13,839
   
$
11,954
 
      Interest expense
   
1,461
     
1,414
     
1,495
     
1,461
     
1,495
 
      Net interest income
   
12,378
     
10,455
     
10,459
     
12,378
     
10,459
 
      Provision for loan losses
   
600
     
250
     
-
     
600
     
-
 
      Noninterest income
   
3,156
     
2,792
     
2,703
     
3,156
     
2,703
 
      Noninterest expense
   
10,047
     
8,943
     
8,423
     
10,047
     
8,423
 
      Income taxes
   
1,372
     
1,164
     
1,289
     
1,372
     
1,289
 
      Net income
   
3,515
     
2,890
     
3,450
     
3,515
     
3,450
 
                                         
PER COMMON SHARE
                                       
      Earnings per share - basic
 
$
0.40
   
$
0.37
   
$
0.44
   
$
0.40
   
$
0.44
 
      Earnings per share - diluted
   
0.40
     
0.37
     
0.44
     
0.40
     
0.44
 
      Cash dividends paid
   
0.23
     
0.23
     
0.23
     
0.23
     
0.23
 
      Book value per share (f)
   
22.58
     
22.07
     
21.57
     
22.58
     
21.57
 
      Book value per share - tangible (a) (f)
   
17.09
     
16.86
     
16.27
     
17.09
     
16.27
 
      Closing market price
   
22.58
     
24.81
     
23.52
     
22.58
     
23.52
 
                                         
FINANCIAL RATIOS
                                       
      Return on average assets
   
0.93
%
   
0.86
%
   
1.06
%
   
0.93
%
   
1.06
%
      Return on average equity
   
7.17
     
6.63
     
8.12
     
7.17
     
8.12
 
      Return on average tangible equity (b)
   
10.02
     
9.12
     
11.54
     
10.02
     
11.54
 
      Average equity to average assets
   
12.91
     
13.04
     
13.05
     
12.91
     
13.05
 
Tangible equity to tangible assets (a)
   
9.98
     
10.16
     
10.23
     
9.98
     
10.23
 
      Efficiency ratio (e)
   
63.90
     
64.60
     
61.82
     
63.90
     
61.82
 
      Effective tax rate
   
28.07
     
28.71
     
27.20
     
28.07
     
27.20
 
                                         
PERIOD-END BALANCES
                                       
      Securities
 
$
357,544
   
$
349,250
   
$
353,652
   
$
357,544
   
$
353,652
 
      Loans held for sale
   
1,936
     
616
     
1,389
     
1,936
     
1,389
 
      Loans, net of unearned income
   
965,902
     
840,925
     
783,369
     
965,902
     
783,369
 
      Goodwill and other intangibles
   
47,793
     
41,088
     
41,871
     
47,793
     
41,871
 
      Assets
   
1,540,098
     
1,346,492
     
1,299,802
     
1,540,098
     
1,299,802
 
      Assets - tangible (a)
   
1,492,305
     
1,305,404
     
1,257,931
     
1,492,305
     
1,257,931
 
      Deposits
   
1,242,675
     
1,075,837
     
1,051,249
     
1,242,675
     
1,051,249
 
      Customer repurchase agreements
   
53,664
     
53,480
     
34,153
     
53,664
     
34,153
 
      Other short-term borrowings
   
-
     
-
     
-
     
-
     
-
 
      Long-term borrowings
   
37,487
     
37,456
     
37,363
     
37,487
     
37,363
 
      Shareholders' equity
   
196,689
     
173,780
     
170,499
     
196,689
     
170,499
 
                                         
AVERAGE BALANCES
                                       
      Securities
 
$
345,800
   
$
331,785
   
$
345,152
   
$
345,800
   
$
345,152
 
      Loans held for sale
   
939
     
982
     
2,032
     
939
     
2,032
 
      Loans, net of unearned income
   
954,882
     
815,271
     
788,419
     
954,882
     
788,419
 
      Interest-earning assets
   
1,382,817
     
1,220,818
     
1,186,904
     
1,382,817
     
1,186,904
 
      Goodwill and other intangibles
   
47,988
     
41,222
     
42,077
     
47,988
     
42,077
 
      Assets
   
1,518,449
     
1,338,240
     
1,302,639
     
1,518,449
     
1,302,639
 
      Assets - tangible (a)
   
1,470,461
     
1,297,018
     
1,260,562
     
1,470,461
     
1,260,562
 
      Interest-bearing deposits
   
938,064
     
816,965
     
830,229
     
938,064
     
830,229
 
      Deposits
   
1,221,037
     
1,069,995
     
1,051,614
     
1,221,037
     
1,051,614
 
      Customer repurchase agreements
   
53,181
     
50,493
     
37,797
     
53,181
     
37,797
 
      Other short-term borrowings
   
-
     
-
     
-
     
-
     
-
 
      Long-term borrowings
   
37,469
     
37,438
     
37,373
     
37,469
     
37,373
 
      Shareholders' equity
   
196,086
     
174,453
     
170,046
     
196,086
     
170,046
 
 
 

American National Bankshares Inc. and Subsidiaries
             
Financial Highlights
                   
(In thousands, except share, ratio and
 
                 
  nonfinancial data, unaudited)
 
1st Qtr
   
4th Qtr
   
1st Qtr
   
YTD
   
YTD
 
   
2015
   
2014
   
2014
   
2015
   
2014
 
CAPITAL
                   
      Weighted average shares outstanding - basic
   
8,723,633
     
7,855,872
     
7,904,759
     
8,723,633
     
7,904,759
 
      Weighted average shares outstanding - diluted
   
8,732,679
     
7,866,111
     
7,917,601
     
8,732,679
     
7,917,601
 
                                         
ALLOWANCE FOR LOAN LOSSES
                                 
      Beginning balance
 
$
12,427
   
$
12,620
   
$
12,600
   
$
12,427
   
$
12,600
 
      Provision for loan losses
   
600
     
250
     
-
     
600
     
-
 
      Charge-offs
   
(309
)
   
(566
)
   
(73
)
   
(309
)
   
(73
)
      Recoveries
   
126
     
123
     
87
     
126
     
87
 
      Ending balance
 
$
12,844
   
$
12,427
   
$
12,614
   
$
12,844
   
$
12,614
 
                                         
LOANS
                                       
      Construction and land development
 
$
68,069
   
$
50,863
   
$
40,458
   
$
68,069
   
$
40,458
 
      Commercial real estate
   
436,562
     
391,472
     
358,362
     
436,562
     
358,362
 
      Residential real estate
   
211,261
     
175,293
     
170,517
     
211,261
     
170,517
 
      Home equity
   
97,811
     
91,075
     
89,081
     
97,811
     
89,081
 
      Commercial and industrial
   
146,280
     
126,981
     
119,042
     
146,280
     
119,042
 
      Consumer
   
5,919
     
5,241
     
5,909
     
5,919
     
5,909
 
      Total
 
$
965,902
   
$
840,925
   
$
783,369
   
$
965,902
   
$
783,369
 
                                         
NONPERFORMING ASSETS AT PERIOD-END
                         
      Nonperforming loans:
                                       
          90 days past due and accruing
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
          Nonaccrual
   
5,123
     
4,112
     
5,557
     
5,123
     
5,557
 
      Other real estate owned
   
2,653
     
2,119
     
3,233
     
2,653
     
3,233
 
      Nonperforming assets
 
$
7,776
   
$
6,231
   
$
8,790
   
$
7,776
   
$
8,790
 
                                         
ASSET QUALITY RATIOS
                                       
      Allowance for loan losses to total loans
   
1.33
%
   
1.48
%
   
1.61
%
   
1.33
%
   
1.61
%
      Allowance for loan losses to
                                       
         nonperforming loans
   
250.71
     
302.21
     
226.99
     
250.71
     
226.99
 
      Nonperforming assets to total assets
   
0.50
     
0.46
     
0.68
     
0.50
     
0.68
 
      Nonperforming loans to total loans
   
0.53
     
0.49
     
0.71
     
0.53
     
0.71
 
Annualized net charge-offs (recoveries)
                         
         to average loans
   
0.08
     
0.22
     
(0.01
)
   
0.08
     
(0.01
)
                                         
                                         
OTHER DATA
                                       
      Fiduciary assets at period-end (c) (g)
 
$
502,779
   
$
450,498
   
$
435,635
   
$
502,779
   
$
435,635
 
      Retail brokerage assets at period-end (c) (g)
 
$
244,725
   
$
210,265
   
$
189,130
   
$
244,725
   
$
189,130
 
      Number full-time equivalent employees (d)
   
318
     
284
     
292
     
318
     
292
 
      Number of full service offices
   
27
     
24
     
25
     
27
     
25
 
      Number of loan production offices
   
2
     
2
     
2
     
2
     
2
 
      Number of ATM's
   
34
     
31
     
31
     
34
     
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.
         
(f) - Unvested restricted stock of 17,761 shares are not included in the calculation.
 
(g) - Assets are not owned by the Company and are not reflected in the consolidated balance sheet.
 
 
 

Net Interest Income Analysis
 
For the Three Months Ended March 31, 2015 and 2014   
 
(in thousands, except rates)          
 
                         
           
Interest
         
   
Average Balance
   
Income/Expense
   
Yield/Rate
 
                         
   
2015
   
2014
   
2015
   
2014
   
2015
   
2014
 
Loans:
                       
Commercial
 
$
139,120
   
$
120,707
   
$
1,826
   
$
1,472
     
5.32
%
   
4.95
%
Real estate
   
801,373
     
664,772
     
9,719
     
8,296
     
4.85
     
4.99
 
Consumer
   
15,328
     
4,972
     
240
     
89
     
6.35
     
7.26
 
Total loans
   
955,821
     
790,451
     
11,785
     
9,857
     
4.94
     
5.00
 
                                                 
Securities:
                                               
Federal agencies & GSEs
   
74,850
     
68,356
     
245
     
178
     
1.31
     
1.04
 
Mortgage-backed & CMOs
   
65,558
     
66,631
     
378
     
403
     
2.31
     
2.42
 
State and municipal
   
190,216
     
193,542
     
1,763
     
1,899
     
3.71
     
3.92
 
Other
   
15,176
     
16,623
     
123
     
127
     
3.24
     
3.06
 
Total securities
   
345,800
     
345,152
     
2,509
     
2,607
     
2.90
     
3.02
 
                                                 
Federal funds sold
   
14,580
     
-
     
4
     
-
     
0.11
     
-
 
Deposits in other banks
   
66,616
     
51,301
     
48
     
33
     
0.29
     
0.26
 
                                                 
Total interest-earning assets
   
1,382,817
     
1,186,904
     
14,346
     
12,497
     
4.16
     
4.22
 
                                                 
Non-earning assets
   
135,632
     
115,735
                                 
                                                 
Total assets
 
$
1,518,449
   
$
1,302,639
                                 
                                                 
Deposits:
                                               
Demand
 
$
212,673
   
$
168,080
     
18
     
22
     
0.03
     
0.05
 
Money market
   
202,935
     
192,871
     
71
     
75
     
0.14
     
0.16
 
Savings
   
107,683
     
86,898
     
12
     
14
     
0.05
     
0.07
 
 Time
   
414,773
     
382,380
     
1,093
     
1,118
     
1.07
     
1.19
 
Total deposits
   
938,064
     
830,229
     
1,194
     
1,229
     
0.52
     
0.60
 
                                                 
Customer repurchase agreements
   
53,181
     
37,797
     
3
     
2
     
0.02
     
0.02
 
Long-term borrowings
   
37,469
     
37,373
     
264
     
264
     
2.82
     
2.83
 
Total interest-bearing
                                               
liabilities
   
1,028,714
     
905,399
     
1,461
     
1,495
     
0.57
     
0.67
 
                                                 
Noninterest bearing demand deposits
   
282,973
     
221,385
                                 
Other liabilities
   
10,676
     
5,809
                                 
Shareholders' equity
   
196,086
     
170,046
                                 
Total liabilities and
                                               
shareholders' equity
 
$
1,518,449
   
$
1,302,639
                                 
                                                 
Interest rate spread
                                   
3.59
%
   
3.55
%
Net interest margin
                                   
3.73
%
   
3.71
%
                                                 
Net interest income (taxable equivalent basis)
     
12,885
     
11,002
                 
Less: Taxable equivalent adjustment
             
507
     
543
                 
Net interest income
                 
$
12,378
   
$
10,459
                 
 
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