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American National Bankshares Inc. Reports First Quarter 2017 Earnings

DANVILLE, VA--(Marketwired - April 20, 2017) -

  • Q1 2017 net income of $4.1 million
  • Diluted EPS $0.47 for Q1 2017
  • Net interest margin of 3.44% for Q1 2017
  • Average shareholders' equity for Q1 of $203.5 million is 11.97% of average assets
  • Loan growth for Q1 2017 of $55.1 million or 4.7%

American National Bankshares Inc. ("American National") (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced net income for the first quarter of 2017 of $4,063,000 compared to $4,128,000 for the first quarter of 2016, a $65,000 or 1.6% decrease. Basic and diluted net income per common share was $0.47 for the first quarter of 2017 compared to $0.48 for the 2016 quarter. Net income for the first quarter of 2017 produced a return on average assets of 0.96%, a return on average equity of 7.99%, and a return on average tangible equity of 10.56%.

Financial Performance and Overview

Jeffrey V. Haley, President and Chief Executive Officer, reported, "This past year, from March 2016 to March 2017, our loan portfolio had growth of $185.4 million (17.9%). During the first quarter of 2017, our loan portfolio grew $55.1 million (4.7%).

"Our primary funding source for loans is deposits, especially core deposits. During the past year, from March 2016 to March 2017, our deposits grew $123.7 million (9.6%). During the first quarter of 2017, our deposits grew $45.5 million (3.3%).

"We're very encouraged by the increasing level of business activity in the bank. In September 2016, we announced our plans to enter two new markets - Roanoke, Virginia, and Winston-Salem, North Carolina. Our strategy was hiring top-notch bankers within those communities. These efforts have paid large dividends, while increasing expenses for the quarter, and have provided significant balance sheet growth, loans and deposits, for American National.

"On the earnings side, our net income for the first quarter of 2017 was $4,063,000, down slightly from $4,128,000 in the first quarter of 2016, a decrease of $65,000 or 1.6%.

"Net interest income was up by $550,000 (4.4%) in the first quarter of 2017 compared to the first quarter of 2016, driven primarily by growth in earning assets.

"Provision for loan losses was up $250,000 in the first quarter of 2017, compared to the first quarter of 2016. The need for additional provision expense was directly related to strong loan growth.

"Noninterest income was down slightly from the prior year quarter, mainly related to lower levels of securities gains and Small Business Investment Corporation ("SBIC") income, which was offset by an increase in mortgage banking income.

"Noninterest expense increased in the 2017 quarter by $523,000 (5.3%). The higher level of expense related mostly to our entry into two new markets in the fourth quarter of 2016."

Haley concluded, "2017 is off to an outstanding start. We are pleased with our balance sheet growth on both the asset and liability side. We acknowledge that rising interest rates and market forces together will likely put continued pressure on our net interest margin going forward. Since the election last year, stock prices for banks, ours included, have been remarkably buoyant. In the near term, preliminary indications are there may be an easing of the regulatory overload that has impaired our industry's ability to grow and generate optimum returns for our shareholders. American National is optimistic about the future of community banking."

Capital

American National's capital ratios remain strong and exceed all regulatory requirements.

For the quarter ended March 31, 2017, average shareholders' equity was 11.97% of average assets, compared to 12.86% for the quarter ended March 31, 2016.

Book value per common share was $23.64 at March 31, 2017, compared to $23.27 at March 31, 2016.

Tangible book value per common share was $18.38 at March 31, 2017, compared to $17.90 at March 31, 2016.

Credit Quality Measurements

Non-performing assets ($1,061,000 of 90 day past due loans, $2,428,000 of non-accrual loans and $1,664,000 of other real estate owned) represented 0.30% of total assets at March 31, 2017, compared to 0.43% at March 31, 2016.

Annualized net charge offs to average loans were zero basis points (0.00%) for the 2017 first quarter, compared to a one basis point (0.01%) net recovery for the same quarter in 2016.

Other real estate owned was $1,664,000 at March 31, 2017, compared to $1,493,000 at March 31, 2016, an increase of $171,000 or 11.4%.

Acquisition related financial impact

The purchase accounting adjustments related to our two most recent acquisitions have had and continue to have a positive impact on net interest income and income before income tax for American National. The impact of the adjustments for the quarters reported is summarized below (dollars in thousands):

                                                                   
Increases to:                      March 31, 2017   March 31, 2016 
                                  ---------------- ----------------
                                                                   
Net Interest Income               $            434 $          1,001
Income Before Income Taxes        $            268 $            713
                                                                   

Net Interest Income

Net interest income before the provision for loan losses increased to $13,134,000 in the first quarter of 2017 from $12,584,000 in the first quarter of 2016, an increase of $550,000 or 4.4%.

For the 2017 quarter, the net interest margin was 3.44% compared to 3.67% for the same quarter in 2016, a decrease of 23 basis points or 6.3%. The decline was mostly driven by lower yield levels on earning assets and reduced accretion income.

For the 2017 quarter, the net interest margin was 3.44% compared to 3.45% for the fourth quarter of 2016, a decrease of one basis point.

Provision for Loan Losses and Allowance for Loan Losses

Provision expense for the first quarter of 2017 was $300,000 compared to $50,000 for the first quarter of 2016, an increase of $250,000.

There was significant growth in the loans outstanding in the first quarter 2017, a net of $55.1 million or 4.7%. The additional provision resulted principally from increased loan volume. It was somewhat mitigated by continued strong asset quality metrics.

The allowance for loan losses as a percentage of total loans was 1.07% at March 31, 2017 compared to 1.23% at March 31, 2016.

Noninterest Income

Noninterest income totaled $3,271,000 in the first quarter of 2017, compared with $3,297,000 in the first quarter of 2016, a decrease of $26,000 or 0.8%.

Mortgage banking income increased $237,000 (81.2%) over the first quarter of 2016, driven by volume.

Securities gains decreased $107,000. Securities sales are used as needed for liquidity purposes

SBIC income decreased $140,000. This is a volatile revenue source.

Noninterest Expense

Noninterest expense totaled $10,441,000 in the first quarter of 2017, compared to $9,918,000 in the first quarter of 2016, an increase of $523,000 or 5.3%. The major factor affecting expense was salaries, which increased $584,000 (13.9%), largely related to the new hires in Roanoke and Winston Salem. Total bank wide full-time equivalent employees were 326 for the first quarter of 2017, compared to 301 for the first quarter of 2016.

Income taxes for the first quarter of 2017 were favorably impacted by a change in accounting for employee stock compensation. The effective tax rate for the quarter was 28%, compared to 30% for the same quarter of 2016.

About American National

American National is a multi-state bank holding company with total assets of approximately $1.7 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 Virginia and North Carolina with 27 banking offices and two loan production offices. American National Bank also manages an additional $812 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; changes in technology and information security; 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.                      
                        Consolidated Balance Sheets                         
          (Dollars in thousands, except share and per share data)           
                                 Unaudited                                  
--------------------------------------------------------------------------- 
                                                                            
                                                         March 31           
                                               ---------------------------- 
ASSETS                                              2017           2016     
                                               -------------  ------------- 
                                                                            
Cash and due from banks                        $      27,418  $      26,345 
Interest-bearing deposits in other banks              67,372         61,186 
                                                                            
Securities available for sale, at fair value         292,567        356,998 
Restricted stock, at cost                              5,492          5,355 
Loans held for sale                                    1,872            785 
                                                                            
Loans                                              1,219,958      1,034,564 
  Less allowance for loan losses                     (13,108)       (12,675)
                                               -------------  ------------- 
    Net Loans                                      1,206,850      1,021,889 
                                               -------------  ------------- 
                                                                            
Premises and equipment, net                           25,658         23,241 
Other real estate owned, net                           1,664          1,493 
Goodwill                                              43,872         43,872 
Core deposit intangibles, net                          1,554          2,395 
Bank owned life insurance                             18,270         17,773 
Accrued interest receivable and other assets          23,216         21,222 
                                               -------------  ------------- 
                                                                            
    Total assets                               $   1,715,805  $   1,582,554 
                                               =============  ============= 
                                                                            
                                                                            
Liabilities                                                                 
  Demand deposits -- noninterest-bearing       $     381,247  $     321,599 
  Demand deposits -- interest-bearing                222,356        231,970 
  Money market deposits                              314,495        218,543 
  Savings deposits                                   126,774        119,286 
  Time deposits                                      371,232        401,033 
                                               -------------  ------------- 
    Total deposits                                 1,416,104      1,292,431 
                                               -------------  ------------- 
                                                                            
                                                                            
  Customer repurchase agreements                      47,776         42,184 
  Long-term borrowings                                 9,985          9,963 
  Junior subordinated debt                            27,749         27,648 
  Accrued interest payable and other                                        
   liabilities                                         9,950          9,885 
                                               -------------  ------------- 
    Total liabilities                              1,511,564      1,382,111 
                                               -------------  ------------- 
                                                                            
Shareholders' equity                                                        
  Preferred stock, $5 par, 2,000,000 shares                                 
   authorized, none outstanding                            -              - 
  Common stock, $1 par, 20,000,000 shares                                   
   authorized, 8,638,744 shares outstanding at                              
   March 31, 2017 and 8,612,658 shares                                      
   outstanding at March 31, 2016 and                   8,591          8,575 
  Capital in excess of par value                      75,445         74,744 
  Retained earnings                                  121,590        113,628 
  Accumulated other comprehensive income                                    
   (loss), net                                        (1,385)         3,496 
                                               -------------  ------------- 
    Total shareholders' equity                       204,241        200,443 
                                               -------------  ------------- 
                                                                            
    Total liabilities and shareholders' equity $   1,715,805  $   1,582,554 
                                               =============  ============= 
                                                                            
                                                                            
                                                                            
                      Consolidated Statements of Income                     
           (Dollars in thousands, except share and per share data)          
                                  Unaudited                                 
----------------------------------------------------------------------------
                                                                            
                                                     Three Months Ended     
                                                          March 31          
                                               -----------------------------
                                                    2017           2016     
                                               -------------- --------------
Interest and Dividend Income:                                               
  Interest and fees on loans                   $       12,704 $       12,115
  Interest and dividends on securities:                                     
    Taxable                                             1,154          1,084
    Tax-exempt                                            635            823
    Dividends                                              79             91
  Other interest income                                   109             58
                                               -------------- --------------
    Total interest and dividend income                 14,681         14,171
                                               -------------- --------------
                                                                            
Interest Expense:                                                           
  Interest on deposits                                  1,200          1,297
  Interest on short-term borrowings                        28              1
  Interest on long-term borrowings                         80             81
  Interest on junior subordinated debt                    239            208
                                               -------------- --------------
    Total interest expense                              1,547          1,587
                                               -------------- --------------
                                                                            
Net Interest Income                                    13,134         12,584
  Provision for loan losses                               300             50
                                               -------------- --------------
                                                                            
Net Interest Income After Provision for Loan                                
 Losses                                                12,834         12,534
                                               -------------- --------------
                                                                            
Noninterest Income:                                                         
  Trust fees                                              912            930
  Service charges on deposit accounts                     484            492
  Other fees and commissions                              712            672
  Mortgage banking income                                 529            292
  Securities gains, net                                   259            366
  Brokerage fees                                          192            204
  Income from Small Business Investment                                     
   Companies                                               26            166
  Other                                                   157            175
                                               -------------- --------------
    Total noninterest income                            3,271          3,297
                                               -------------- --------------
                                                                            
Noninterest Expense:                                                        
  Salaries                                              4,799          4,215
  Employee benefits                                     1,183          1,114
  Occupancy and equipment                               1,068          1,099
  FDIC assessment                                         129            188
  Bank franchise tax                                      256            256
  Core deposit intangible amortization                    165            288
  Data processing                                         487            444
  Software                                                279            297
  Other real estate owned, net                             43            104
  Other                                                 2,032          1,913
                                               -------------- --------------
    Total noninterest expense                          10,441          9,918
                                               -------------- --------------
                                                                            
Income Before Income Taxes                              5,664          5,913
Income Taxes                                            1,601          1,785
                                               -------------- --------------
Net Income                                     $        4,063 $        4,128
                                               ============== ==============
                                                                            
Net Income Per Common Share:                                                
  Basic                                        $         0.47 $         0.48
  Diluted                                      $         0.47 $         0.48
Average Common Shares Outstanding:                                          
  Basic                                             8,633,219      8,611,840
  Diluted                                           8,651,139      8,617,008
                                                                            
                                                                            
American National                                                           
 Bankshares Inc.                                                            
Financial                                                                   
 Highlights                                                                 
                                                                            
  (In thousands,                                                            
   except share,                                                            
   ratio and                                                                
  nonfinancial                                                              
   data,                                                                    
   unaudited)      1st Qtr     4th Qtr     1st Qtr       YTD         YTD    
                    2017        2016        2016        2017        2016    
                 ----------  ----------  ----------  ----------  ---------- 
EARNINGS                                                                    
  Interest                                                                  
   income        $   14,681  $   14,167  $   14,171  $   14,681  $   14,171 
  Interest                                                                  
   expense            1,547       1,521       1,587       1,547       1,587 
  Net interest                                                              
   income            13,134      12,646      12,584      13,134      12,584 
  Provision for                                                             
   loan losses          300          50          50         300          50 
  Noninterest                                                               
   income             3,271       3,721       3,297       3,271       3,297 
  Noninterest                                                               
   expense           10,441      10,360       9,918      10,441       9,918 
  Income taxes        1,601       1,835       1,785       1,601       1,785 
  Net income          4,063       4,122       4,128       4,063       4,128 
                                                                            
PER COMMON SHARE                                                            
  Income per                                                                
   share - basic $     0.47  $     0.48  $     0.48  $     0.47  $     0.48 
  Income per                                                                
   share -                                                                  
   diluted             0.47        0.48        0.48        0.47        0.48 
  Cash dividends                                                            
   paid                0.24        0.24        0.24        0.24        0.24 
  Book value per                                                            
   share              23.64       23.37       23.27       23.64       23.27 
  Book value per                                                            
   share -                                                                  
   tangible (a)       18.38       18.08       17.90       18.38       17.90 
  Closing market                                                            
   price              37.25       34.80       25.33       37.25       25.33 
                                                                            
FINANCIAL RATIOS                                                            
  Return on                                                                 
   average                                                                  
   assets              0.96%       1.00%       1.06%       0.96%       1.06%
  Return on                                                                 
   average                                                                  
   equity              7.99        8.10        8.28        7.99        8.28 
  Return on                                                                 
   average                                                                  
   tangible                                                                 
   equity (b)         10.56       10.73       11.27       10.56       11.27 
  Average equity                                                            
   to average                                                               
   assets             11.97       12.39       12.86       11.97       12.86 
  Tangible                                                                  
   equity to                                                                
   tangible                                                                 
   assets (a)          9.51        9.54       10.04        9.51       10.04 
  Net interest                                                              
   margin,                                                                  
   taxable                                                                  
   equivalent          3.44        3.45        3.67        3.44        3.67 
  Efficiency                                                                
   ratio (c)          62.97       62.32       61.36       62.97       61.36 
  Effective tax                                                             
   rate               28.27       30.80       30.19       28.27       30.19 
                                                                            
PERIOD-END                                                                  
 BALANCES                                                                   
  Securities     $  298,059  $  352,726  $  362,353  $  298,059  $  362,353 
  Loans held for                                                            
   sale               1,872       5,996         785       1,872         785 
  Loans, net of                                                             
   unearned                                                                 
   income         1,219,958   1,164,821   1,034,564   1,219,958   1,034,564 
  Goodwill and                                                              
   other                                                                    
   intangibles       45,426      45,591      46,267      45,426      46,267 
  Assets          1,715,805   1,678,638   1,582,554   1,715,805   1,582,554 
  Assets -                                                                  
   tangible (a)   1,670,379   1,633,047   1,536,287   1,670,379   1,536,287 
  Deposits        1,416,104   1,370,640   1,292,431   1,416,104   1,292,431 
  Customer                                                                  
   repurchase                                                               
   agreements        47,776      39,166      42,184      47,776      42,184 
  Other short-                                                              
   term                                                                     
   borrowings             -      20,000           -           -           - 
  Long-term                                                                 
   borrowings        37,734      37,704      37,611      37,734      37,611 
  Shareholders'                                                             
   equity           204,241     201,380     200,443     204,241     200,443 
  Shareholders'                                                             
   equity -                                                                 
   tangible (a)     158,815     155,789     154,176     158,815     154,176 
                                                                            
AVERAGE BALANCES                                                            
  Securities (d) $  324,588  $  345,035  $  347,290  $  324,588  $  347,290 
  Loans held for                                                            
   sale               2,414       4,758       2,055       2,414       2,055 
  Loans, net of                                                             
   unearned                                                                 
   income         1,195,560   1,110,524   1,016,696   1,195,560   1,016,696 
  Interest-                                                                 
   earning                                                                  
   assets         1,574,460   1,515,597   1,424,808   1,574,460   1,424,808 
  Goodwill and                                                              
   other                                                                    
   intangibles       45,517      45,693      46,441      45,517      46,441 
  Assets          1,699,730   1,643,250   1,551,124   1,699,730   1,551,124 
  Assets -                                                                  
   tangible (a)   1,654,213   1,597,557   1,504,683   1,654,213   1,504,683 
  Interest-                                                                 
   bearing                                                                  
   deposits       1,021,110     986,622     950,271   1,021,110     950,271 
  Deposits        1,392,117   1,345,743   1,260,534   1,392,117   1,260,534 
  Customer                                                                  
   repurchase                                                               
   agreements        45,106      45,281      44,412      45,106      44,412 
  Other short-                                                              
   term                                                                     
   borrowings        11,833       1,087           -      11,833           - 
  Long-term                                                                 
   borrowings        37,717      37,686      37,593      37,717      37,593 
  Shareholders'                                                             
   equity           203,459     203,603     199,525     203,459     199,525 
  Shareholders'                                                             
   equity -                                                                 
   tangible (a)     157,942     157,910     153,084     157,942     153,084 
                                                                            
                                                                            
American National                                                           
 Bankshares Inc.                                                            
Financial                                                                   
 Highlights                                                                 
                                                                            
  (In thousands,                                                            
   except share,                                                            
   ratio and                                                                
  nonfinancial                                                              
   data,                                                                    
   unaudited)      1st Qtr     4th Qtr     1st Qtr       YTD         YTD    
                    2017        2016        2016        2017        2016    
                 ----------  ----------  ----------  ----------  ---------- 
CAPITAL                                                                     
  Average shares                                                            
   outstanding -                                                            
   basic          8,633,219   8,615,700   8,611,840   8,633,219   8,611,840 
  Average shares                                                            
   outstanding -                                                            
   diluted        8,651,139   8,629,777   8,617,008   8,651,139   8,617,008 
                                                                            
ALLOWANCE FOR                                                               
 LOAN LOSSES                                                                
  Beginning                                                                 
   balance       $   12,801  $   12,757  $   12,601  $   12,801  $   12,601 
  Provision for                                                             
   loan losses          300          50          50         300          50 
  Charge-offs           (49)        (81)        (40)        (49)        (40)
  Recoveries             56          75          64          56          64 
                 ----------  ----------  ----------  ----------  ---------- 
  Ending balance $   13,108  $   12,801  $   12,675  $   13,108  $   12,675 
                                                                            
LOANS                                                                       
  Construction                                                              
   and land                                                                 
   development   $  130,691  $  114,258  $   82,711  $  130,691  $   82,711 
  Commercial                                                                
   real estate      538,069     510,960     424,538     538,069     424,538 
  Residential                                                               
   real estate      216,035     215,104     225,737     216,035     225,737 
  Home equity       110,844     110,751     100,019     110,844     100,019 
  Commercial and                                                            
   industrial       219,455     208,717     196,110     219,455     196,110 
  Consumer            4,864       5,031       5,449       4,864       5,449 
                 ----------  ----------  ----------  ----------  ---------- 
  Total          $1,219,958  $1,164,821  $1,034,564  $1,219,958  $1,034,564 
                                                                            
NONPERFORMING                                                               
 ASSETS AT                                                                  
 PERIOD-END                                                                 
  Nonperforming                                                             
   loans:                                                                   
    90 days past                                                            
     due and                                                                
     accruing    $    1,061  $      587  $      371  $    1,061  $      371 
    Nonaccrual        2,428       2,965       4,905       2,428       4,905 
  Other real                                                                
   estate owned       1,664       1,328       1,493       1,664       1,493 
                 ----------  ----------  ----------  ----------  ---------- 
  Nonperforming                                                             
   assets        $    5,153  $    4,880  $    6,769  $    5,153  $    6,769 
                                                                            
ASSET QUALITY                                                               
 RATIOS                                                                     
  Allowance for                                                             
   loan losses                                                              
   to total                                                                 
   loans               1.07%       1.10%       1.23%       1.07%       1.23%
  Allowance for                                                             
   loan losses                                                              
   to                                                                       
  nonperforming                                                             
   loans             375.70      360.39      240.24      375.70      240.24 
  Nonperforming                                                             
   assets to                                                                
   total assets        0.30        0.29        0.43        0.30        0.43 
  Nonperforming                                                             
   loans to                                                                 
   total loans         0.29        0.30        0.51        0.29        0.51 
  Annualized net                                                            
   charge-offs                                                              
   (recoveries)                                                             
  to average                                                                
   loans               0.00        0.00       (0.01)       0.00       (0.01)
                                                                            
                                                                            
OTHER DATA                                                                  
Fiduciary assets                                                            
 at period-end                                                              
 (e) (f)         $  519,901  $  498,767  $  491,257  $  519,901  $  491,257 
Retail brokerage                                                            
 assets at                                                                  
 period-end (e)                                                             
 (f)             $  292,505  $  282,454  $  268,542  $  292,505  $  268,542 
Number full-time                                                            
 equivalent                                                                 
 employees (g)          326         320         301         326         301 
Number of full                                                              
 service offices         27          26          25          27          25 
Number of loan                                                              
 production                                                                 
 offices                  2           2           2           2           2 
Number of ATM's          34          34          33          34          33 
                                                                            
                                                                            
Notes:                                                                      
                                                                            
  (a) - Excludes goodwill and other intangible assets.                      
  (b) - Excludes amortization expense, net of tax, of intangible assets.    
  (c) - 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    
  noninterest income and excluding (i) gains or losses on securities and    
  (ii) gains or losses on sale of premises and equipment.                   
  (d) - Average does not include unrealized gains and losses.               
  (e) - Market value.                                                       
  (f) - Assets are not owned by the Company and are not reflected in the    
  consolidated balance sheet.                                               
  (g) - Average for quarter.                                                
                                                                            
                                                                            
                                  Net Interest Income Analysis              
                       For the Three Months Ended March 31, 2017 and 2016   
                                  (in thousands, except rates)              
                                                                            
                                                                            
                                                 Interest                   
                        Average Balance       Income/Expense    Yield/Rate  
                    ----------------------- ----------------- ------------- 
                                                                            
                        2017        2016      2017     2016   2017    2016  
                    ----------- ----------- -------- -------- ----  ------- 
Loans:                                                                      
  Commercial        $   219,922 $   188,275 $  2,054 $  1,855 3.79%    3.96%
  Real estate           973,215     824,970   10,624   10,090 4.37     4.89 
  Consumer                4,837       5,506       91      231 7.63    16.87 
                    ----------- ----------- -------- -------- ----  ------- 
    Total loans       1,197,974   1,018,751   12,769   12,176 4.27     4.79 
                    ----------- ----------- -------- -------- ----  ------- 
                                                                            
Securities:                                                                 
  Federal agencies                                                          
   & GSEs                96,965      88,283      442      378 1.82     1.71 
  Mortgage-backed &                                                         
   CMOs                  78,054      75,891      413      400 2.12     2.11 
  State and                                                                 
   municipal            131,397     166,187    1,152    1,493 3.51     3.59 
  Other                  18,172      16,929      186      146 4.09     3.45 
                    ----------- ----------- -------- -------- ----  ------- 
    Total                                                                   
     securities         324,588     347,290    2,193    2,417 2.70     2.78 
                    ----------- ----------- -------- -------- ----  ------- 
                                                                            
Deposits in other                                                           
 banks                   51,898      58,767      109       58 0.85     0.40 
                    ----------- ----------- -------- -------- ----  ------- 
                                                                            
  Total interest-                                                           
   earning assets     1,574,460   1,424,808   15,071   14,651 3.84     4.12 
                                                              ----  ------- 
                                                                            
Non-earning assets      125,270     126,316                                 
                    ----------- -----------                                 
                                                                            
    Total assets    $ 1,699,730 $ 1,551,124                                 
                    =========== ===========                                 
                                                                            
Deposits:                                                                   
  Demand            $   215,930 $   231,368       11       36 0.02     0.06 
  Money market          305,639     205,274      241       76 0.32     0.15 
  Savings               124,250     117,650        9       14 0.03     0.05 
  Time                  375,291     395,979      939    1,171 1.01     1.19 
                    ----------- ----------- -------- -------- ----  ------- 
    Total deposits    1,021,110     950,271    1,200    1,297 0.48     0.55 
                                                                            
Customer repurchase                                                         
 agreements              45,106      44,412        1        1 0.01     0.01 
Other short-term                                                            
 borrowings              11,833           -       27        - 0.91        - 
Long-term                                                                   
 borrowings              37,717      37,593      319      289 3.38     3.08 
                    ----------- ----------- -------- -------- ----  ------- 
  Total interest-                                                           
   bearing                                                                  
   liabilities                                                              
                      1,115,766   1,032,276    1,547    1,587 0.56     0.62 
                                            -------- -------- ----  ------- 
                                                                            
Noninterest bearing                                                         
 demand deposits        371,007     310,263                                 
Other liabilities         9,498       9,060                                 
Shareholders'                                                               
 equity                 203,459     199,525                                 
                    ----------- -----------                                 
  Total liabilities                                                         
   and                                                                      
   shareholders'                                                            
   equity                                                                   
                    $ 1,699,730 $ 1,551,124                                 
                    =========== ===========                                 
                                                                            
Interest rate                                                               
 spread                                                       3.28%    3.50%
                                                              ====  ======= 
Net interest margin                                           3.44%    3.67%
                                                              ====  ======= 
                                                                            
Net interest income                                                         
 (taxable                                                                   
 equivalent basis)                            13,524   13,064               
Less: Taxable                                                               
 equivalent                                                                 
 adjustment                                      390      480               
                                            -------- --------               
Net interest income                         $ 13,134 $ 12,584               
                                            ======== ========               
                                                                            

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