American National Bankshares Inc. Reports Second Quarter 2013 Earnings

Marketwired

DANVILLE, VA--(Marketwired - Jul 17, 2013) -  American National Bankshares Inc. ( NASDAQ : AMNB )

  • Q2 net income of $4.2 million and diluted EPS of $0.53
  • Net interest margin of 4.16% for Q2 2013
  • Nonperforming assets 0.88% of total assets
  • Tangible common equity to tangible assets 9.60%

American National Bankshares Inc. ( NASDAQ : AMNB ), parent company of American National Bank and Trust Company, today announced second quarter 2013 net income of $4,210,000 compared to $4,274,000 for the second quarter of 2012, a $64,000 or 1.5% decrease. Diluted earnings per share were $0.53 for the 2013 quarter and $0.54 for the comparable 2012 quarter. This quarterly net income produced for 2013 a return on average assets of 1.29%, a return on average equity of 10.14%, and a return on average tangible equity of 14.66%.

Net income for the first six months of 2013 was $8,361,000 compared to $8,449,000 for the comparable period of 2012, an $88,000 or 1.04% decrease. Diluted earnings per share were $1.06 for the 2013 period compared to $1.08 for the 2012 period.

Earnings for 2013 and 2012 were favorably impacted by the July 2011 merger between American National and MidCarolina Financial Corporation ("MidCarolina").

Financial Performance and Overview

Jeffrey V. Haley, President and Chief Executive Officer, reported, "We are pleased that over the past six months our loan portfolio has seen growth. Loans during the first half of 2013 have increased $5,340,000 or 0.7%.

"For the first year and a half since our merger with MidCarolina, from July 2011 through December 2012, our bank has focused on an asset quality improvement strategy related to our acquired loan portfolio. We believe this strategy has been successful; just in the past year our nonperforming assets as a percent of total assets have declined to 0.88% from 0.99%. 

"Over the past year, there was little change in our balance sheet. At June 30, 2013, American National had $794,045,000 in loans compared to $808,069,000 at June 30, 2012, a decrease of $14,024,000 or 1.7%. We are encouraged by the continuing reduction of this year over year decline and we are looking forward to a focus on growth.

"At June 30, 2013, American National had $1,046,394,000 in deposits compared to $1,042,485,000 at June 30, 2012, an increase of $3,909,000 or 0.4%. We are working to grow core deposits and their affiliated relationships. The challenge in this ongoing low rate environment is to do that in a cost effective and yet competitive manner. Our cost of deposits for the second quarter 2013 was 0.66%, down from 0.81% for the second quarter 2012.

"On the income statement side, our earnings for the second quarter were very strong at $4,210,000. This is only slightly down from the same quarter of 2012. On a diluted per share basis earnings were $0.53 per share for the 2013 quarter compared to $0.54 per share for the 2012 quarter.

"There were a number of factors driving earnings for the quarter.

"The impact of the fair value accounting from the MidCarolina merger continues to be favorable and significant, though decreasing quarter to quarter. We had a pretax benefit of $1,736,000 for the second quarter of 2013, compared to $2,100,000 for the second quarter of 2012. This is mostly related to the acquired loan portfolio and we expect this benefit will continue to accrete rapidly to income.

"Provision expense was $733,000 lower for the 2013 quarter than the comparable 2012 quarter. The need for provision expense has been positively impacted by continued significant loan recoveries and improving asset quality metrics.

"In noninterest income, there was very little change, except during the 2012 quarter we had $160,000 in securities gains.

"In noninterest expense, we realized substantial savings from reductions in full time equivalent employees, which are down 23 over the past year. These reductions were mostly the result of retirements and normal attrition. In addition, the 2012 quarter was favorably impacted by some accounting adjustments related to merger expenses.

Haley concluded, "We are pleased with our second quarter earnings and the beginnings of growth in our balance sheet. We are continuing to seek high quality growth organically and otherwise."

Capital

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

Average shareholders' equity was 12.76% of average assets at June 30, 2013, compared to 12.03% at June 30, 2012.

Book value per common share was $20.70 at June 30, 2013, compared to $20.22 at June 30, 2012.

Tangible book value per common share was $15.25 at June 30, 2013, compared to $14.49 at June 30, 2012.

Tangible common equity to tangible assets was 9.60% at June 30, 2013, compared to 9.11% at June 30, 2012.

Credit Quality Measurements

Non-performing assets, consisting of $5,828,000 of non-performing loans and $5,569,000 of foreclosed real estate, represented 0.88% of total assets at June 30, 2013, compared to 0.99% at June 30, 2012. 

Annualized net recoveries for the second quarter of 2013 were seven basis points (0.07%) of average loans, compared to net charge-offs of 16 basis points (0.16%) for the second quarter of 2012.

Net Interest Income

Net interest income before provision for loan losses decreased to $11,693,000 in the second quarter of 2013 from $12,816,000 in second quarter of 2012, a decrease of $1,123,000 or 8.8%. 

For the 2013 quarter, the net interest margin was 4.16% compared to 4.57% for the same quarter in 2012, a decrease of 41 basis points (0.41%). 

The decline in net interest income and net interest margin was driven by falling yields on earning assets, lower accretion income, and lower levels of outstanding loan balances. It was partially mitigated by reduced cost of interest bearing liabilities.

Provision expense

Provision expense for the second quarter of 2013 was zero compared to $733,000 for the second quarter of 2012.

The allowance for loan losses as a percentage of total loans was 1.60% at June 30, 2013, compared to 1.50% at June 30, 2012. The primary driver of this increase has been renewals of performing acquired loans aggregating approximately $88 million over the past year, which are now part of the regular allowance analysis. It has been mitigated by continuing high asset quality and strong loan recoveries.

Noninterest Income  

Noninterest income totaled $2,686,000 in the second quarter of 2013, compared with $2,800,000 in the second quarter of 2012, a decrease of $114,000 or 4.1%.

The largest factor impacting the change in noninterest income was $1,000 in securities gains in the 2013 quarter compared to $160,000 in securities gains during the 2012 quarter.

Noninterest Expense

Noninterest expense totaled $8,428,000 in the second quarter of 2013, compared to $8,833,000 in the second quarter of 2012, a decrease of $405,000 or 4.6%. 

For the 2013 quarter, there were significant cost reductions in personnel expense. Full time equivalent employees were reduced by 23 (7.3%) over the past year through a combination of retirements and normal attrition.

For the 2012 quarter, there were favorable accounting adjustments to merger related expense accruals.

About American National

American National Bankshares Inc. is a multi-state bank holding company with total assets of approximately $1.3 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving southern and central Virginia and north central North Carolina with 25 banking offices and two loan production offices. American National Bank and Trust Company also manages an additional $586 million of trust, investment and brokerage assets in its Trust and Investment Services Division. Additional information about the company and the bank is available on the bank's website at www.amnb.com .

Shares of American National are traded on the NASDAQ Global Select Market under the symbol "AMNB."

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of federal securities laws. Certain of the statements involve significant risks and uncertainties. The statements herein are based on certain assumptions and analyses by American National and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies or guidelines; significant changes in the economic scenario; significant changes in regulatory requirements; significant changes in securities markets; and changes regarding acquisitions and dispositions. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in American National's most recent Form 10-K report and other documents filed with the Securities and Exchange Commission. American National Bankshares Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

   
American National Bankshares Inc. and Subsidiaries  
Consolidated Balance Sheets  
(Dollars in thousands, except share and per share data)  
Unaudited  
   
    June 30  
ASSETS   2013     2012  
Cash and due from banks   $ 18,994     $ 18,529  
Interest-bearing deposits in other banks     37,720       10,380  
                 
Securities available for sale, at fair value     340,135       334,523  
Restricted stock, at cost     4,880       6,268  
Loans held for sale     4,098       9,215  
                 
Loans     794,045       808,069  
  Less allowance for loan losses     (12,676 )     (12,099 )
    Net loans     781,369       795,970  
                 
Premises and equipment, net     24,269       25,314  
Other real estate owned, net     5,569       4,731  
Goodwill     39,043       39,352  
Core deposit intangibles, net     3,819       5,502  
Bank owned life insurance     14,495       14,030  
Accrued interest receivable and other assets     19,626       27,078  
                 
    Total assets   $ 1,294,017     $ 1,290,892  
                 
                 
Liabilities                
  Demand deposits -- noninterest-bearing   $ 213,123     $ 196,727  
  Demand deposits -- interest-bearing     169,204       149,229  
  Money market deposits     173,696       170,505  
  Savings deposits     84,489       78,842  
  Time deposits     405,882       447,182  
    Total deposits     1,046,394       1,042,485  
                 
  Customer repurchase agreements     41,972       46,113  
  Long-term borrowings     10,015       10,142  
  Trust preferred capital notes     27,368       27,267  
  Accrued interest payable and other liabilities     5,332       6,461  
    Total liabilities     1,131,081       1,132,468  
                 
Shareholders' equity                
  Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding     -       -  
  Common stock, $1 par, 20,000,000 shares authorized, 7,872,250 shares outstanding at June 30, 2013 and 7,836,056 shares outstanding at June 30, 2012     7,872       7,836  
  Capital in excess of par value     57,581       56,825  
  Retained earnings     95,333       86,642  
  Accumulated other comprehensive income, net     2,150       7,121  
    Total shareholders' equity     162,936       158,424  
                 
    Total liabilities and shareholders' equity   $ 1,294,017     $ 1,290,892  
                     
                     
                     
American National Bankshares Inc. and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
 
    Three Months Ended     Six Months Ended
    June 30     June 30
    2013   2012     2013   2012
Interest and Dividend Income:                          
  Interest and fees on loans   $ 11,358   $ 12,683     $ 22,753   $ 25,803
  Interest and dividends on securities:                          
    Taxable     851     1,056       1,729     2,135
    Tax-exempt     1,045     1,077       2,097     2,159
    Dividends     54     52       109     103
  Other interest income     39     18       68     28
      Total interest and dividend income     13,347     14,886       26,756     30,228
                           
Interest Expense:                          
  Interest on deposits     1,369     1,729       2,805     3,566
  Interest on short-term borrowings     14     51       35     94
  Interest on long-term borrowings     82     84       164     168
  Interest on trust preferred capital notes     189     206       377     412
    Total interest expense     1,654     2,070       3,381     4,240
                           
Net Interest Income     11,693     12,816       23,375     25,988
  Provision for loan losses     -     733       294     1,466
                           
                           
Net Interest Income After Provision for Loan Losses     11,693     12,083       23,081     24,522
                           
Noninterest Income:                          
  Trust fees     944     966       1,532     1,848
  Service charges on deposit accounts     429     413       838     901
  Other fees and commissions     463     445       922     902
  Mortgage banking income     531     519       1,249     1,050
  Securities gains, net     1     160       199     160
  Other     318     297       716     1,173
    Total noninterest income     2,686     2,800       5,456     6,034
                           
Noninterest Expense:                          
  Salaries     3,503     3,809       6,942     7,920
  Employee benefits     867     799       1,766     1,877
  Occupancy and equipment     872     1,048       1,788     2,013
  FDIC assessment     161     213       322     446
  Bank franchise tax     185     182       372     365
  Core deposit intangible amortization     421     546       841     1,093
  Foreclosed real estate, net     193     171       436     18
  Merger related expenses     -     (202 )     -     49
  Other     2,226     2,267       4,279     4,979
    Total noninterest expense     8,428     8,833       16,746     18,760
                           
Income Before Income Taxes     5,951     6,050       11,791     11,796
Income Taxes     1,741     1,776       3,430     3,347
Net Income   $ 4,210   $ 4,274     $ 8,361   $ 8,449
                           
Net Income Per Common Share:                          
  Basic   $ 0.54   $ 0.55     $ 1.06   $ 1.08
  Diluted   $ 0.53   $ 0.54     $ 1.06   $ 1.08
Average Common Shares Outstanding:                          
  Basic     7,867,222     7,832,162       7,862,719     7,827,195
  Diluted     7,876,969     7,849,142       7,872,351     7,839,364
                           
                           
                           
    Net Interest Income Analysis  
    For the Three Months Ended June 30, 2013 and 2012  
    (in thousands, except rates)  
                             
            Interest            
    Average Balance   Income/Expense   Yield/Rate  
                             
    2013   2012   2013   2012   2013     2012  
Loans:                                    
  Commercial   $ 132,381   $ 130,697   $ 1,605   $ 1,727   4.86 %   5.30 %
  Real estate     656,995     681,870     9,682     10,859   5.89     6.37  
  Consumer     6,097     7,294     102     139   6.71     7.64  
    Total loans     795,473     819,861     11,389     12,725   5.73     6.21  
                                       
Securities:                                    
  Federal agencies & GSEs     53,349     41,517     126     155   0.94     1.49  
  Mortgage-backed & CMOs     76,999     99,391     338     486   1.76     1.96  
  State and municipal     191,536     182,499     1,927     1,975   4.02     4.33  
  Other     13,362     12,589     95     117   2.84     3.72  
    Total securities     335,246     335,996     2,486     2,733   2.97     3.25  
                                     
Deposits in other banks     46,817     17,630     39     18   0.33     0.41  
                                     
  Total interest-earning assets     1,177,536     1,173,487     13,914     15,476   4.73     5.28  
                                     
Non-earning assets     124,955     134,897                        
                                     
    Total assets   $ 1,302,491   $ 1,308,384                        
                                     
Deposits:                                    
  Demand   $ 164,094   $ 155,550     28     54   0.07     0.14  
  Money market     169,417     172,439     78     127   0.18     0.30  
  Savings     84,471     78,608     17     30   0.08     0.15  
  Time     410,862     448,076     1,246     1,518   1.22     1.36  
    Total deposits     828,844     854,673     1,369     1,729   0.66     0.81  
                                     
Customer repurchase agreements     47,081     48,742     14     49   0.12     0.40  
Other short-term borrowings     -     1,878     -     2   -     0.43  
Long-term borrowings     37,393     37,419     271     290   2.90     3.10  
  Total interest-bearing liabilities     913,318     942,712     1,654     2,070   0.73     0.88  
                                     
Noninterest bearing demand deposits     216,600     199,754                        
Other liabilities     6,423     8,528                        
Shareholders' equity     166,150     157,390                        
                                     
    Total liabilities and shareholders' equity   $ 1,302,491   $ 1,308,384                        
                                     
Interest rate spread                           4.00 %   4.40 %
Net interest margin                           4.16 %   4.57 %
                                     
Net interest income (taxable equivalent basis)                 12,260     13,406            
Less: Taxable equivalent adjustment                 567     590            
Net interest income               $ 11,693   $ 12,816            
                                     
                                     
                                     
...
    Net Interest Income Analysis  
    For the Six Months Ended June 30, 2013 and 2012  
    (in thousands, except rates)  
                             
            Interest            
    Average Balance   Income/Expense   Yield/Rate  
                             
    2013   2012   2013   2012   2013     2012  
Loans:                                    
  Commercial   $ 128,022   $ 137,057   $ 3,195   $ 3,538   5.03 %   5.18 %
  Real estate     659,254     674,964     19,410     21,977   5.89     6.51  
  Consumer     6,100     10,181     212     366   7.01     7.21  
    Total loans     793,376     822,202     22,817     25,881   5.76     6.30  
                                     
Securities:                                    
  Federal agencies & GSEs     49,698     36,178     242     317   0.97     1.75  
  Mortgage-backed & CMOs     78,208     99,255     718     1,015   1.84     2.05  
  State and municipal     190,303     181,683     3,859     3,951
  4.06     4.35     Other     12,612     10,462     190     211   3.01     4.03       Total securities     330,821     327,578     5,009     5,494   3.03     3.35                                         Deposits in other banks     50,299     24,624     68     28   0.27     0.23                                           Total interest-earning assets     1,174,496     1,174,404     27,894     31,403   4.75     5.35                                         Non-earning assets     124,892     135,949                                                                   Total assets   $ 1,299,388   $ 1,310,353                                                               Deposits:                                       Demand   $ 159,351   $ 163,014     60     110   0.08     0.14     Money market     170,940     179,180     171     288   0.20     0.32     Savings     83,589     77,557     37     59   0.09     0.15     Time     412,467     447,720     2,537     3,109   1.24     1.39       Total deposits     826,347     867,471     2,805     3,566   0.68     0.82                                         Customer repurchase agreements     48,679     47,986     35     92   0.14     0.38   Other short-term borrowings     -     997     -     2   -     0.40   Long-term borrowings     37,396     37,420     541     580   2.89     3.10     Total interest-bearing liabilities     912,422     953,874     3,381     4,240   0.75     0.89                                         Noninterest bearing demand deposits     215,463     191,517                         Other liabilities     6,164     8,925                         Shareholders' equity     165,339     156,037                                                                   Total liabilities and shareholders' equity   $ 1,299,388   $ 1,310,353                                                               Interest rate spread                           4.00 %   4.46 % Net interest margin                           4.18 %   4.63 %                                       Net interest income (taxable equivalent basis)                 24,513     27,163             Less: Taxable equivalent adjustment                 1,138     1,175             Net interest income               $ 23,375   $ 25,988                                                                                                                              
American National Bankshares Inc. and Subsidiaries  
Financial Highlights  
   
(In thousands, except share, ratio and nonfinancial data, unaudited)   2nd Qtr   1st Qtr   2nd Qtr   YTD   YTD  
    2013   2013   2012   2013   2012  
EARNINGS                                
  Interest income   $ 13,347   $ 13,409   $ 14,886   $ 26,756   $ 30,228  
  Interest expense     1,654     1,727     2,070     3,381     4,240  
  Net interest income     11,693     11,682     12,816     23,375     25,988  
  Provision for loan losses     -     294     733     294     1,466  
  Noninterest income     2,686     2,770     2,800     5,456     6,034  
  Noninterest expense     8,428     8,318     8,833     16,746     18,760  
  Income taxes     1,741     1,689     1,776     3,430     3,347  
  Net income     4,210     4,151     4,274     8,361     8,449  
                                 
PER COMMON SHARE                                
  Earnings per share - basic   $ 0.54   $ 0.53   $ 0.55   $ 1.06   $ 1.08  
  Earnings per share - diluted     0.53     0.53     0.54     1.06     1.08  
  Cash dividends paid     0.23     0.23     0.23     0.46     0.46  
  Book value per share     20.70     20.99     20.22     20.70     20.22  
  Book value per share - tangible (a)     15.25     15.48     14.49     15.25     14.49  
  Closing market price     23.24     21.56     23.56     23.24     23.56  
                                 
FINANCIAL RATIOS                                
  Return on average assets     1.29 %   1.28 %   1.31 %   1.29 %   1.29 %
  Return on average equity     10.14     10.09     10.86     10.11     10.83  
  Return on average tangible equity (b)     14.66     14.71     16.62     14.68     16.67  
  Average equity to average assets     12.76     12.69     12.03     12.72     11.91  
  Tangible equity to tangible assets (a)     9.60     9.73     9.11     9.60     9.11  
  Net interest margin, taxable equivalent     4.16     4.19     4.57     4.18     4.63  
  Efficiency ratio (e)     57.06     55.74     55.56     55.73     58.15  
  Effective tax rate     29.26     28.92     29.36     29.09     28.38  
                                 
PERIOD-END BALANCES                                
  Securities   $ 345,015   $ 346,052   $ 340,791   $ 345,015   $ 340,791  
  Loans held for sale     4,098     4,395     9,215     4,098     9,215  
  Loans, net of unearned income     794,045     792,513     808,069     794,045     808,069  
  Goodwill and other intangibles     42,862     43,283     44,854     42,862     44,854  
  Assets     1,294,017     1,294,063     1,290,892     1,294,017     1,290,892  
  Assets - tangible (a)     1,251,155     1,250,780     1,246,038     1,251,155     1,246,038  
  Deposits     1,046,394     1,037,748     1,042,485     1,046,394     1,042,485  
  Customer repurchase agreements     41,972     46,666     46,113     41,972     46,113  
  Long-term borrowings     37,383     37,390     37,409     37,383     37,409  
  Shareholders' equity     162,936     165,032     158,424     162,936     158,424  
  Shareholders' equity - tangible (a)     120,074     121,749     113,570     120,074     113,570  
                                 
AVERAGE BALANCES                                
  Securities   $ 335,246   $ 326,348   $ 335,996   $ 330,821   $ 327,578  
  Loans held for sale     4,181     8,910     5,819     6,532     5,659  
  Loans, net of unearned income     791,292     782,346     814,042     786,844     816,543  
  Interest-earning assets     1,177,536     1,171,424     1,173,487     1,174,496     1,174,404  
  Goodwill and other intangibles     43,124     43,552     45,214     43,337     45,263  
  Assets     1,302,491     1,296,250     1,308,384     1,299,388     1,310,353  
  Assets - tangible (a)     1,259,367     1,252,698     1,263,170     1,256,051     1,265,090  
  Interest-bearing deposits     828,844     823,822     854,673     826,347     867,471  
  Deposits     1,045,444     1,038,135     1,054,427     1,041,810     1,058,988  
  Customer repurchase agreements     47,081     50,296     48,742     48,679     47,986  
  Other short-term borrowings     -     -     1,878     -     997  
  Long-term borrowings     37,393     37,399     37,419     37,396     37,420  
  Shareholders' equity     166,150     164,520     157,390     165,339     156,037  
  Shareholders' equity - tangible (a)     123,026     120,968     112,176     122,002     110,774  
                                 
CAPITAL                                
  Average shares outstanding - basic     7,867,222     7,861,991     7,832,162     7,862,719     7,827,195  
  Average shares outstanding - diluted     7,876,969     7,871,508     7,849,142     7,872,351     7,839,364  
                                 
ALLOWANCE FOR LOAN LOSSES                                
  Beginning balance   $ 12,528   $ 12,118   $ 11,691   $ 12,118   $ 10,529  
  Provision for loan losses     -     294     733     294     1,466  
  Charge-offs     (180 )   (287 )   (728 )   (467 )   (1,068 )
  Recoveries     328     403     403     731     1,172  
  Ending balance   $ 12,676   $ 12,528   $ 12,099   $ 12,676   $ 12,099  
                                 
LOANS                                
  Construction and land development   $ 44,029   $ 45,327   $ 50,913   $ 44,029   $ 50,913  
  Commercial real estate     354,323     361,406     354,441     354,323     354,441  
  Residential real estate     168,965     163,920     170,893     168,965     170,893  
  Home equity     89,688     88,356     95,522     89,688     95,522  
  Commercial and industrial     130,721     127,028     128,846     130,721     128,846  
  Consumer     6,319     6,476     7,454     6,319     7,454  
  Total   $ 794,045   $ 792,513   $ 808,069   $ 794,045   $ 808,069  
                                 
NONPERFORMING ASSETS AT PERIOD-END                                
  Nonperforming loans:                                
    90 days past due and accruing   $ -   $ -   $ -   $ -   $ -  
    Nonaccrual     5,828     5,185     7,995     5,828     7,995  
  Foreclosed real estate     5,569     5,822     4,731     5,569     4,731  
  Nonperforming assets   $ 11,397   $ 11,007   $ 12,726   $ 11,397   $ 12,726  
                                 
ASSET QUALITY RATIOS                                
  Allowance for loan losses to total loans     1.60     1.58     1.50     1.60     1.50  
  Allowance for loan losses to                                
  nonperforming loans     217.50     241.62     151.33     217.50     151.33  
  Nonperforming assets to total assets     0.88     0.85     0.99     0.88     0.99  
  Nonperforming loans to total loans     0.73     0.65     0.99     0.73     0.99  
  Annualized net charge-offs (recoveries) to average loans     (0.07 )%   (0.06 )%   0.16 %   (0.07 )%   (0.03 )%
                                 
                                 
OTHER DATA                                
  Fiduciary assets at period-end (c)   $ 417,861   $ 418,413   $ 374,562   $ 417,861   $ 374,562  
  Retail brokerage assets at period-end (c)   $ 167,785   $ 164,961   $ 151,246   $ 167,785   $ 151,246  
  Number full-time equivalent employees (d)     292     292     315     292     315  
  Number of full service offices     25     25     25     25     25  
  Number of loan production offices     2     2     2     2     2  
  Number of ATM's     31     31     31     31     31  
                                 
Notes:
   
(a) - Excludes goodwill and other intangible assets
(b) - Excludes amortization expense, net of tax, of intangible assets
(c) - Market value
(d) - Average for quarter
(e) - The efficiency ratio is calculated by dividing noninterest expense excluding gains or losses on the sale of OREO by net interest income including tax equivalent income on nontaxable loans and securities and excluding (a) gains or losses on securities and (b) gains or losses on sale of premises and equipment.
   

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