American National Bankshares Inc. Reports Fourth Quarter and Year End 2013 Earnings

Marketwired

DANVILLE, VA--(Marketwired - Jan 23, 2014) -  American National Bankshares Inc. (NASDAQ: AMNB)

  • Q4 net income of $3.1 million and diluted EPS of $0.40
  • Net interest margin of 4.00% for Q4 2013
  • Nonperforming assets 0.65% of total assets
  • Average shareholders' equity of $168 million is 12.67% of average assets

American National Bankshares Inc. (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced fourth quarter 2013 net income of $3,143,000 compared to $3,918,000 for the fourth quarter of 2012, a $775,000 or 19.8% decrease. Diluted earnings per share were $0.40 for the 2013 quarter compared to $0.50 for the 2012 quarter. Net income for the fourth quarter of 2013 produced a return on average assets of 0.95%, a return on average equity of 7.50%, and a return on average tangible equity of 10.86%.

Net income for 2013 was $15,747,000 compared to $16,006,000 for 2012, a $259,000 or 1.6% decrease. Diluted earnings per share were $2.00 for 2013 compared to $2.04 for 2012.

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

Financial Performance and Overview
Jeffrey V. Haley, President and Chief Executive Officer, reported, "American National had an excellent year in 2013. 

"Our balance sheet grew, on a percentage basis, as we anticipated a year ago, in the low single digits.

"At December 31, 2013, American National had $794,671,000 in loans compared to $788,705,000 at December 31, 2012, an increase of $5,966,000 or 0.8%.

"At December 31, 2013, American National had $1,057,675,000 in deposits compared to $1,027,667,000 at December 31, 2012, an increase of $30,008,000 or 2.9%. The deposit growth was strong in non-maturity (core) deposits. We are continuously attempting to grow core deposits and their affiliated relationships, but the challenge in this ongoing low rate environment is to do that in a cost effective and competitive manner. Our cost of deposits for the fourth quarter was 0.63%, compared to 0.75% for the 2012 quarter.

"On the income statement side, our net income for the fourth quarter was $3,143,000. This is down from $3,918,000 in the same quarter of 2012. Income for the quarter was adversely impacted by an expected reduction in accretion income and some unusual factors: our benefits cost increased roughly $300,000, because of pension settlement charges and an uptick in health insurance, and we recognized large valuation charges of $627,000 on some foreclosed real estate.

"Our net income for 2013 was excellent, $15,747,000. This is down slightly from $16,006,000 for 2012. A large portion of our earnings were driven by the July 2011 merger with MidCarolina. Approximately $1,345,000 of pretax income for the fourth quarter of 2013 and $6,265,000 for the year was directly related to various ongoing fair value adjustments, the vast majority of which results from the loan portfolio purchase discount.

"We want our investors to understand that the favorable earnings impact of the merger and the related fair value accounting is unwinding rapidly quarter to quarter and year to year. We are now two and a half years from the merger date. This decline is normal in the context of current rules for merger accounting.

"It's not just about numbers. Behind our numbers and financial metrics are the decisions and actions of a cadre of highly talented employees. This past year we were especially pleased and fortunate to add two new strategic hires to American National: Gregg Strader and Michelle Gaydica. Gregg Strader, a former executive with Iberia Bank, with wide ranging experience in strategic matters, has assumed the key executive leadership role of Chief Banking Officer. Michelle Gaydica brings a variety and wealth of community banking experience to us and will lead our Retail strategic efforts. We believe these two new people, along with our many other valued associates, are integral parts of the infrastructure we are building for the future of American National."

Haley concluded, "I am an optimist about American National. We're all aware of the many challenges, economic, regulatory, technological, and operational facing our industry. But, nevertheless, there are and will continue to be opportunities for banks with strong capital, superior asset quality and a culture of imagination. In the meantime, we are continuing our quest for high quality organic growth, which we anticipate will be in the low single digit percentage range this year, and, at the same time, preparing American National for appropriate strategic acquisition opportunities that may arise." 

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

For the quarter ended December 31, 2013, average shareholders' equity was 12.67% of average assets, compared to 12.60% at December 31, 2012.

Book value per common share was $21.23 at December 31, 2013, compared to $20.80 at December 31, 2012.

Tangible book value per common share was $15.89 at December 31, 2013, compared to $15.23 at December 31, 2012.

Credit Quality Measurements
Non-performing assets ($5,071,000 of non-performing loans and $3,422,000 of foreclosed real estate) represented 0.65% of total assets at December 31, 2013, compared to 0.90% at December 31, 2012. 

Annualized net charge offs to average loans were four basis points (0.04%) for the 2013 fourth quarter, compared to 11 basis points (0.11%) for the same quarter in 2012.

Net recoveries to average loans were two basis points (0.02%) for 2013 compared to net charge offs of seven basis points (0.07%) for 2012.

The allowance for loan losses as a percentage of total loans was 1.59% at December 31, 2013 compared to 1.54% at December 31, 2012. The primary driver of this increase has been renewals of performing acquired loans aggregating approximately $40 million over the past year, which are now part of the regular allowance analysis. In addition, American National has had strong loan recoveries during 2013.

Other real estate owned was $3,422,000 at December 31, 2013, compared to $4,660,000 at December 31, 2012. The current level of other real estate is the lowest level in the past four years for American National.

Net Interest Income
Net interest income before provision for loan losses decreased to $11,505,000 in the fourth quarter of 2013 from $12,177,000 in fourth quarter of 2012, a decrease of $672,000 or 5.5%. 

For the 2013 quarter, the net interest margin was 4.00% compared to 4.37% for the same quarter in 2012, a decrease of 37 basis points (0.37%). This decline was driven by falling yields on earning assets, impacted by lower rates and volumes and lower levels of accretion income, and was partially mitigated by reduced cost of interest bearing liabilities.

Provision expense
Provision expense for the fourth quarter of 2013 was zero compared to $334,000 for the fourth quarter of 2012.

The need for additional provision expense has been positively impacted by unusually strong loan recoveries and strong asset quality metrics.

Noninterest Income
Noninterest income totaled $2,604,000 in the fourth quarter of 2013, compared with $2,686,000 in the fourth quarter of 2012, a decrease of $82,000 or 3.1%. The decrease was primarily the result of lower mortgage banking income, but was partially mitigated by improved trust income.

Noninterest Expense
Noninterest expense totaled $9,904,000 in the fourth quarter of 2013, compared to $9,003,000 in the fourth quarter of 2012, an increase of $901,000 or 10.0%. The largest driver of this increase was a fourth quarter increase in foreclosed real estate expense, which totaled $744,000 or 83.6% of the change. Most of this increase related to property valuation write-downs of $627,000 resulting from recently updated appraisals.

About American National
American National Bankshares Inc. is a multi-state bank holding company with total assets of approximately $1.3 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving southern and central Virginia and north central North Carolina with 25 banking offices and two loan production offices. American National Bank and Trust Company also manages an additional $628 million of trust, investment and brokerage assets in its Trust and Investment Services Division. Additional information about the company and the bank is available on the bank's website at www.amnb.com.

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

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  
             
    December 31  
ASSETS   2013     2012  
             
Cash and due from banks   $ 19,808     $ 20,435  
Interest-bearing deposits in other banks     47,873       27,007  
                 
Securities available for sale, at fair value     346,124       335,246  
Restricted stock, at cost     4,889       5,287  
Loans held for sale     2,760       13,852  
                 
Loans     794,671       788,705  
  Less allowance for loan losses     (12,600 )     (12,118 )
    Net Loans     782,071       776,587  
                 
Premises and equipment, net     23,674       24,543  
Other real estate owned, net     3,422       6,193  
Goodwill     39,043       39,043  
Core deposit intangibles, net     3,159       4,660  
Bank owned life insurance     14,746       14,289  
Accrued interest receivable and other assets     19,943       16,545  
                 
    Total assets   $ 1,307,512     $ 1,283,687  
                 
                 
Liabilities                
  Demand deposits -- noninterest-bearing   $ 229,347     $ 217,275  
  Demand deposits -- interest-bearing     167,736       153,578  
  Money market deposits     185,270       166,111  
  Savings deposits     85,724       81,135  
  Time deposits     389,598       409,568  
    Total deposits     1,057,675       1,027,667  
                 
  Short-term borrowings:                
    Customer repurchase agreements     39,478       49,942  
    Other short-term borrowings     -       -  
  Long-term borrowings     9,951       10,079  
  Trust preferred capital notes     27,419       27,317  
  Accrued interest payable and other liabilities     5,438       5,436  
    Total liabilities     1,139,961       1,120,441  
                 
Shareholders' equity                
  Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding     -       -  
  Common stock, $1 par, 20,000,000 shares authorized, 7,890,697 shares outstanding at December 31, 2013 and 7,846,912 shares outstanding at December 31, 2012     7,891       7,847  
  Capital in excess of par value     58,050       57,211  
  Retained earnings     99,090       90,591  
  Accumulated other comprehensive income, net     2,520       7,597  
    Total shareholders' equity     167,551       163,246  
                   
    Total liabilities and shareholders' equity   $ 1,307,512     $ 1,283,687  
                 
                 
                 
American National Bankshares Inc. and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited
                     
    Three Months Ended     Twelve Months Ended
    December 31     December 31
    2013     2012     2013   2012
Interest and Dividend Income:                    
  Interest and fees on loans   $ 10,964     $ 11,965     $ 44,817   $ 49,189
  Interest and dividends on securities:                            
    Taxable     956       914       3,530     4,044
    Tax-exempt     1,060       1,062       4,213     4,280
    Dividends     69       58       245     213
  Other interest income     45       33       151     80
      Total interest and dividend income     13,094       14,032       52,956     57,806
                             
Interest Expense:                            
  Interest on deposits     1,317       1,552       5,460     6,843
  Interest on short-term borrowings     2       23       40     150
  Interest on long-term borrowings     83       83       329     335
  Interest on trust preferred capital notes     187       197       754     813
      Total interest expense     1,589       1,855       6,583     8,141
                             
Net Interest Income     11,505       12,177       46,373     49,665
  Provision for loan losses     -       334       294     2,133
                             
Net Interest Income After Provision for Loan Losses     11,505       11,843       46,079     47,532
                             
Noninterest Income:                            
  Trust fees     1,080       929       3,689     3,703
  Service charges on deposit accounts     460       442       1,750     1,757
  Other fees and commissions     471       445       1,864     1,768
  Mortgage banking income     295       569       2,008     2,234
  Securities gains (losses), net     (11 )     (2 )     192     158
  Other     309       303       1,324     1,790
      Total noninterest income     2,604       2,686       10,827     11,410
                             
Noninterest Expense:                            
  Salaries     3,507       3,932       14,059     15,785
  Employee benefits     1,226       947       3,848     3,604
  Occupancy and equipment     893       1,009       3,614     3,951
  FDIC assessment     162       162       647     692
  Bank franchise tax     186       152       745     690
  Core deposit intangible amortization     330       421       1,501     1,935
  Foreclosed real estate, net     842       98       1,523     528
  Other     2,758       2,282       9,168     9,458
      Total noninterest expense     9,904       9,003       35,105     36,643
                             
Income Before Income Taxes     4,205       5,526       21,801     22,299
Income Taxes     1,062       1,608       6,054     6,293
Net Income   $ 3,143     $ 3,918     $ 15,747   $ 16,006
                             
Net Income Per Common Share:                            
  Basic   $ 0.40     $ 0.50     $ 2.00   $ 2.04
  Diluted   $ 0.40     $ 0.50     $ 2.00   $ 2.04
Average Common Shares Outstanding:                            
  Basic     7,887,811       7,844,545       7,872,870     7,834,351
  Diluted     7,901,198       7,854,083       7,884,561     7,845,652
                               
                               
                               
 Net Interest Income Analysis 
 For the Three Months Ended December 31, 2013 and 2012 
 (in thousands, except rates) 
                           
          Interest            
  Average Balance   Income/Expense   Yield/Rate  
                           
  2013   2012   2013   2012   2013     2012  
Loans:                                  
  Commercial $ 118,431   $ 122,697   $ 1,376   $ 1,506   4.61 %   4.87 %
  Real estate   670,720     671,180     9,498     10,368   5.66     6.18  
  Consumer   5,525     6,269     87     120   6.25     7.59  
    Total loans   794,676     800,146     10,961     11,994   5.51     5.99  
                                   
Securities:                                  
  Federal agencies   66,613     35,728     164     110   0.98     1.23  
  Mortgage-backed & CMO's   70,821     85,623     402     419   2.27     1.96  
  State and municipal   196,643     187,545     1,946     1,945   3.96     4.15  
  Other   16,897     11,822     124     103   2.94     3.49  
    Total securities   350,974     320,718     2,636     2,577   3.00     3.21  
                                   
Deposits in other banks   60,408     46,342     45     33   0.30     0.28  
                                   
  Total interest-earning assets   1,206,058     1,167,206     13,642     14,604   4.52     5.00  
                                   
Non-earning assets   116,184     129,503                        
                                   
    Total assets $ 1,322,242   $ 1,296,709                        
                                   
Deposits:                                  
  Demand $ 163,809   $ 145,539     26     36   0.06     0.10  
  Money market   186,391     169,647     84     107   0.18     0.25  
  Savings   85,061     79,492     17     23   0.08     0.11  
  Time   394,492     426,608     1,190     1,386   1.20     1.29  
    Total deposits   829,753     821,286     1,317     1,552   0.63     0.75  
                                   
Customer repurchase agreements   47,220     45,510     2     23   0.02     0.20  
Long-term borrowings   37,380     37,406     270     280   2.89     2.99  
  Total interest-bearing liabilities   914,355     904,204     1,589     1,855   0.69     0.81  
                                   
                                   
Noninterest bearing demand deposits   234,167     221,906                        
Other liabilities   6,175     7,215                        
Shareholders' equity   167,545     163,384                        
                                   
    Total liabilities and shareholders' equity $ 1,322,242   $ 1,296,709                        
                                   
Interest rate spread                         3.83 %   4.19 %
Net interest margin                         4.00 %   4.37 %
                                   
Net interest income (taxable equivalent basis)               12,053     12,749            
Less: Taxable equivalent adjustment               548     572            
Net interest income             $ 11,505   $ 12,177            
                                   
                                   
                                   
...
Net Interest Income Analysis  
For the Years Ended December 31, 2013 and 2012  
(in thousands, except yields and rates)  
   
       Interest      
  Average Balance   Income/Expense   Yield/Rate  
                           
  2013   2012   2013   2012   2013     2012  
Loans:                          
  Commercial $ 125,283   $ 128,031   $ 6,082   $ 6,642   4.85 %   5.19 %
  Real estate   663,224     677,314     38,425     42,088   5.79     6.21  
  Consumer   5,847     8,359     403     605   6.89     7.24  
    Total loans   794,354     813,704     44,910     49,335   5.65     6.06  
                                   
Securities:                                  
  Federal agencies   55,435     36,066     532     545   0.96     1.51  
  Mortgage-backed & CMO's   74,909     94,183     1,442     1,906   1.93     2.02  
  State and municipal   193,254     182,939     7,750    7,829   4.01     4.28  
  Other   15,007     11,654     430     435   2.87     3.73  
    Total securities   338,605     324,842     10,154     10,715   3.00     3.30  
                                   
Deposits in other banks   53,857     32,080     151     80   0.28     0.25  
                                   
  Total interest-earning assets   1,186,816     1,170,626     55,215     60,130   4.65     5.14  
                                   
Non-earning assets   120,338     132,455                        
                                   
    Total assets $ 1,307,154   $ 1,303,081                        
                                   
Deposits:                                  
  Demand $ 161,602   $ 142,296     111     190   0.07     0.13  
  Money market   178,235     174,027     338     521   0.19     0.30  
  Savings   84,162     78,358     71     111   0.08     0.14  
  Time   405,213     443,549     4,940     6,021   1.22     1.36  
    Total deposits   829,212     838,230     5,460     6,843   0.66     0.82  
                                   
Customer repurchase agreements   47,816     46,939     40     148   0.08     0.32  
Other short-term borrowings   1     496     0     2   0.40     0.42  
Long-term borrowings   37,437     37,415     1,083     1,148   2.89     3.07  
                                   
  Total interest-bearing liabilities   914,466     923,080     6,583     8,141   0.72     0.88  
                                   
                                   
Noninterest bearing demand deposits   220,980     213,129                        
Other liabilities   6,370     8,025                        
Shareholders' equity   165,338     158,847                        
                                   
    Total liabilities and shareholders' equity $ 1,307,154   $ 1,303,081                        
                                   
Interest rate spread                         3.93 %   4.26 %
Net interest margin                         4.10 %   4.44 %
                                   
Net interest income (taxable equivalent basis)           48,632     51,989            
Less: Taxable equivalent adjustment               2,259     2,324            
                                   
Net interest income             $ 46,373   $ 49,665            
                                   
                                   
                                   
American National Bankshares Inc. and Subsidiaries  
Financial Highlights  
   
(In thousands, except share, ratio and nonfinancial data, unaudited) 4th Qtr   3rd Qtr   4th Qtr   YTD   YTD  
  2013   2013   2012   2013   2012  
EARNINGS                    
  Interest income $ 13,094   $ 13,106   $ 14,032   $ 52,956   $ 57,806  
  Interest expense   1,589     1,613     1,855     6,583     8,141  
  Net interest income   11,505     11,493     12,177     46,373     49,665  
  Provision for loan losses   -     -     334     294     2,133  
  Noninterest income   2,604     2,767     2,686     10,827     11,410  
  Noninterest expense   9,904     8,455     9,003     35,105     36,643  
  Income taxes   1,062     1,562     1,608     6,054     6,293  
  Net income   3,143     4,243     3,918     15,747     16,006  
                               
PER COMMON SHARE                              
  Earnings per share - basic $ 0.40   $ 0.54   $ 0.50   $ 2.00   $ 2.04  
  Earnings per share - diluted   0.40     0.54     0.50     2.00     2.04  
  Cash dividends paid   0.23     0.23     0.23     0.92     0.92  
  Book value per share   21.23     21.03     20.80     21.23     20.80  
  Book value per share - tangible (a)   15.89     15.63     15.23     15.89     15.23  
  Closing market price   26.25     23.20     20.19     26.25     20.19  
                               
FINANCIAL RATIOS                              
  Return on average assets   0.95 %   1.30 %   1.21 %   1.20 %   1.23 %
  Return on average equity   7.50     10.40     9.59     9.52     10.08  
  Return on average tangible equity (b)   10.86     14.90     14.12     13.75     15.25  
  Average equity to average assets   12.67     12.48     12.60     12.65     12.19  
  Tangible equity to tangible assets (a)   9.91     9.62     9.64     9.91     9.64  
  Net interest margin, taxable equivalent   4.00     4.06     4.37     4.10     4.44  
  Efficiency ratio   72.76     57.43     58.36     57.57     58.23  
  Effective tax rate   22.77     26.91     29.10     28.22     28.22  
                               
PERIOD-END BALANCES                              
  Securities $ 351,013   $ 352,502   $ 340,533   $ 351,013   $ 340,533  
  Loans held for sale   2,760     3,919     13,852     2,760     13,852  
  Loans, net of unearned income   794,671     798,996     788,705     794,671     788,705  
  Goodwill and other intangibles   42,202     42,532     43,703     42,202     43,703  
  Assets   1,307,512     1,324,185     1,283,687     1,307,512     1,283,687  
  Assets - tangible (a)   1,265,310     1,281,653     1,239,984     1,265,310     1,239,984  
  Deposits   1,057,675     1,071,083     1,027,667     1,057,675     1,027,667  
  Customer repurchase agreements   39,478     44,026     49,942     39,478     49,942  
  Long-term borrowings   37,370     37,377     37,396     37,370     37,396  
  Shareholders' equity   167,551     165,826     163,246     167,551     163,246  
  Shareholders' equity - tangible (a)   125,349     123,294     119,543     125,349     119,543  
                               
AVERAGE BALANCES                              
  Securities $ 350,974   $ 339,582   $ 320,718   $ 338,605   $ 324,842  
  Loans held for sale   1,669     5,109     10,535     4,948     7,533  
  Loans, net of unearned income   793,007     790,846     789,611     789,406     806,171  
  Interest-earning assets   1,206,058     1,189,844     1,167,206     1,186,816     1,170,626  
  Goodwill and other intangibles   42,404     42,731     43,970     42,949     44,762  
  Assets   1,322,242     1,307,347     1,296,709     1,307,154     1,303,081  
  Assets - tangible (a)   1,279,838     1,264,616     1,252,739     1,264,205     1,258,319  
  Interest-bearing deposits   829,753     834,305     821,286     829,212     838,230  
  Deposits   1,063,920     1,053,124     1,043,192     1,050,192     1,051,359  
  Customer repurchase agreements   47,220     46,712     45,510     37,437     46,939  
  Other short-term borrowings   -     -     2     1     496  
  Long-term borrowings   37,380     37,388     37,406     37,437     37,415  
  Shareholders' equity   167,545     163,130     163,384     165,338     158,847  
  Shareholders' equity - tangible (a)   125,141     120,399     119,414     122,389     114,085  
                               
                               
American National Bankshares Inc. and Subsidiaries  
Financial Highlights  
   
(In thousands, except share, ratio and nonfinancial data, unaudited)   4th Qtr   3rd Qtr   4th Qtr   YTD   YTD  
    2013   2013   2012   2013   2012  
CAPITAL                                
  Average shares outstanding - basic     7,887,811     7,877,901     7,844,545     7,872,870     7,834,351  
  Average shares outstanding - diluted     7,901,198     7,892,015     7,854,083     7,884,561     7,845,652  
                                 
ALLOWANCE FOR LOAN LOSSES                                
  Beginning balance   $ 12,684   $ 12,676   $ 11,998   $ 12,118   $ 10,529  
  Provision for loan losses     0     -     334     294     2,133  
  Charge-offs     (208 )   (162 )   (404 )   (837 )   (2,086 )
  Recoveries     124     170     190     1,025     1,542  
  Ending balance   $ 12,600   $ 12,684   $ 12,118   $ 12,600   $ 12,118  
                                 
LOANS                                
  Construction and land development   $ 41,822   $ 43,386   $ 48,812   $ 41,822   $ 48,812  
  Commercial real estate     364,616     361,968     355,433     364,616     355,433  
  Residential real estate     171,917     173,695     161,033     171,917     161,033  
  Home equity     87,797     89,154     91,313     87,797     91,313  
  Commercial and industrial     122,553     124,504     126,192     122,553     126,192  
  Consumer     5,966     6,289     5,922     5,966     5,922  
  Total   $ 794,671   $ 798,996   $ 788,705   $ 794,671   $ 788,705  
                                 
NONPERFORMING ASSETS AT PERIOD-END                                
  Nonperforming loans:                                
    90 days past due and accruing   $ -   $ -   $ -   $ -   $ -  
    Nonaccrual     5,071     4,647     5,316     5,071     5,316  
  Foreclosed real estate     3,422     4,215     6,193     3,422     6,193  
  Nonperforming assets   $ 8,493   $ 8,862   $ 11,509   $ 8,493   $ 11,509  
                                 
ASSET QUALITY RATIOS                                
  Allowance for loan losses to total loans     1.59     1.59     1.54     1.59     1.54  
  Allowance for loan losses to nonperforming loans     248.47     272.95     227.95     248.47     227.95  
  Nonperforming assets to total assets     0.65     0.67     0.90     0.65     0.90  
  Nonperforming loans to total loans     0.64     0.58     0.67     0.64     0.67  
  Annualized net charge-offs (recoveries) to average loans     0.04 %   0.00 %   0.11 %   (0.02 )%   0.07 %
                                 
                                 
OTHER DATA                                
  Fiduciary assets at period-end (c)   $ 442,583   $ 430,853   $ 386,210   $ 442,583   $ 386,210  
  Retail brokerage assets at period-end (c)   $ 185,810   $ 175,856   $ 155,079   $ 186   $ 155,079  
  Number full-time equivalent employees (d)     290     290     307     290     307  
  Number of full service offices     25     25     25     25     25  
  Number of loan production offices     2     2     2     2     2  
  Number of ATM's     31     31     31     31     31  
                                 
Notes:  
   
(a) - Excludes goodwill and other intangible assets  
(b) - Excludes amortization expense, net of tax, of intangible assets  
(c) - Market value  
(d) - Average for quarter  
(e) - The efficiency ratio is calculated by dividing noninterest expense excluding gains or losses on the sale of OREO by net interest income including tax equivalent income on nontaxable loans and securities and excluding (a) gains or losses on securities and (b) gains or losses on sale of premises and equipment.  
   
   
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