DANVILLE, Va., July 21, 2022 (GLOBE NEWSWIRE) -- American National Bankshares Inc. (NASDAQ: AMNB) (“American National” or the “Company”) today reported second quarter 2022 earnings of $8.1 million, or $0.76 per diluted common share. Those results compare to earnings of $10.8 million, or $0.99 per diluted common share, during the same quarter in the prior year, and earnings of $9.0 million, or $0.84 per diluted common share, for the first quarter of 2022. Earnings for the six months ended June 30, 2022 were $17.1 million, or $1.60 per diluted common share, compared to $22.1 million, or $2.01 diluted common share, for the same period of 2021.
President and Chief Executive Officer, Jeffrey V. Haley, commented, “Core earnings remained solid during the quarter, with strong growth in net interest income reflecting our earnings capacity in a rising rate environment and offsetting some pressure on our fee based lines of business. Operating expenses remained stable, and we saw a return to a more normalized level of provision expense primarily associated with our loan growth. Asset quality remains strong and while we do not see any deterioration at this time, we are maintaining a watchful eye on a slowing economy.
“We continue to focus on adding talent and investing in the business. We successfully implemented several major projects during the quarter, including contactless debit cards and a new treasury management platform. Many other projects are in flight to further our digital offerings and better serve our customers.
“Looking forward, we should continue to benefit from rising rates in the short term, which should mitigate expected pressures on fee-based revenues and operating costs. Our history of exceptional credit quality should serve us well if we do experience an economic downturn.”
Second quarter 2022 highlights include:
- Earnings produced a return on average tangible common equity of 13.87% for the second quarter of 2022, compared to 14.14% in the previous quarter and 17.30% for the same quarter in the prior year (non-GAAP).
- Net interest income increased $1.0 million, or 5.1%, when compared to the previous quarter, and decreased $281 thousand, or 1.3%, when compared to the same quarter in 2021.
- Fully taxable equivalent (“FTE”) net interest margin was 2.76% for the quarter, up from 2.63% in the first quarter of 2022 and down from 3.00% in the same quarter of the prior year (non-GAAP).
- Noninterest revenues decreased $763 thousand, or 13.6%, when compared to the previous quarter, and decreased $305 thousand, or 5.9%, compared to the same quarter in the prior year.
- Noninterest expense increased $106 thousand, or less than 1%, when compared to the previous quarter, and increased $818 thousand, or 5.6%, when compared to the same quarter in the prior year.
- Average loans held for investment, excluding U.S. Small Business Administration Paycheck Protection Program (“PPP”) loans, grew $44.5 million, or 9.1% annualized, during the second quarter as compared to the previous quarter of $44.5 million, or 9.5% annualized.
- The Company recognized a provision for loan losses in the second quarter of 2022 of $581 thousand compared to negative provisions of $758 thousand in the first quarter of 2022 and $1.4 million in the second quarter of 2021. Annualized net charge-offs (recoveries) as a percentage of average loans outstanding were 0.01% for the second quarter of 2022, compared to (0.01%) in the previous quarter and the same quarter in the prior year.
- Nonperforming assets as a percentage of total assets were 0.05% at June 30, 2022, down from 0.06% at March 31, 2022, and down from 0.07% at June 30, 2021.
NET INTEREST INCOME
Net interest income for the second quarter of 2022 increased by $1.0 million, or 5.1%, to $21.5 million compared to $20.5 million for the first quarter of 2022. The second quarter of 2022 compared to the same quarter of 2021 reflected a decrease of $281 thousand, or 1.3%. The FTE net interest margin for the quarter was 2.76%, up from 2.63% in the prior quarter but down from 3.00% in the same quarter a year ago (non-GAAP). The margin expansion relative to the previous quarter was the product of a shift in the earning assets mix resulting from excess deposits in other banks being deployed into the loan and investment portfolios as well as higher yields on securities and deposits in other banks due to the increase in interest rates. The decrease in margin from second quarter 2021 was attributable to significantly more PPP related income in 2021, partially offset by lower interest expense.
The Company’s FTE net interest margin includes the impact of acquisition accounting fair value adjustments. During the second quarter of 2022, net accretion related to acquisition accounting amounted to $336 thousand compared to $566 thousand in the prior quarter and $875 thousand for the same quarter in 2021. Estimated remaining net accretion from acquisitions for the periods indicated is as follows (dollars in thousands):
| For the years ending (estimated): | |||
| 2022 | $ 436 | ||
| 2023 | 719 | ||
| 2024 | 420 | ||
| 2025 | 298 | ||
| 2026 | 185 | ||
| Thereafter | 225 | ||
ASSET QUALITY
Nonperforming assets (“NPAs”) totaled $1.6 million as of June 30, 2022, down from $2.0 million at March 31, 2022, and down substantially from $2.4 million at June 30, 2021. NPAs as a percentage of total assets were 0.05% at June 30, 2022, compared to 0.06% at March 31, 2022 and 0.07% at June 30, 2021. The Company recorded a provision for loan losses for the second quarter of 2022 of $581 thousand compared to a recovery of provision of $758 thousand in the previous quarter and a recovery of provision of $1.4 million in the second quarter of the previous year. The provision expense for the second quarter of 2022 was a function of continued loan growth during the period and a slight increase in specific reserves. The increased provision expense as compared to the previous quarter and same quarter in 2021 was associated with downward adjustments in qualitative factors during those previous periods as the economy improved.
The allowance for loan losses was $18.5 million at June 30, 2022, compared to $18.0 million at March 31, 2022 and $20.1 million at June 30, 2021. Annualized net charge-offs (recoveries) as a percentage of average loans outstanding were 0.01% for the second quarter of 2022, compared to (0.01%) in both the previous quarter of 2022 and in the same quarter in the prior year. The allowance as a percentage of loans held for investment was 0.91% at June 30, 2022, compared to 0.90% at March 31, 2022, and 1.05% at June 30, 2021. Excluding PPP loans, the allowance as a percentage of loans was 0.91% at June 30, 2022 and March 31, 2022, compared to 1.11% at June 30, 2021.
NONINTEREST INCOME
Noninterest income decreased $763 thousand, or 13.6%, to $4.8 million for the quarter ended June 30, 2022 from $5.6 million in the prior quarter and decreased $305 thousand, or 5.9%, from the same quarter in the prior year. Mortgage banking and insurance were the primary contributors to this decline, with mortgage banking revenues contracting $244 thousand, or 36.3%, and income from insurance investments contracting $350 thousand, or 78.3%. Lower originations because of higher mortgage rates impacted mortgage banking income, and the decrease in income from insurance investments reflects a nonrecurring dividend of $350 thousand received in the first quarter of 2022.
The second quarter of 2022 compared to the second quarter of 2021 reflected a significant decrease in mortgage banking income, partially offset by growth in trust and brokerage fees, service charges on deposits, income from Small Business Investment Corporations and decreased losses on premises and equipment.
NONINTEREST EXPENSE
Noninterest expense for the second quarter of 2022 amounted to $15.5 million, up $106 thousand, or less than a 1% increase, when compared to $15.3 million for the previous quarter and up $818 thousand, or 5.6%, from $14.6 million during the same quarter in the previous year. The increase in the second quarter compared to the first quarter of 2022 was due to increased salary and benefits and other operational expenses.
The second quarter 2022 increase compared to the same quarter of 2021 was primarily due to increased salary and employee benefits expenses including incentive accruals, bank franchise taxes, data processing and other operational expenses.
INCOME TAXES
The effective tax rate for the three months ended June 30, 2022 was 20.90%, compared to 21.49% for the prior quarter and 21.00% for the same quarter in the prior year. The effective tax rate fluctuations are attributable to changes in pre-tax earnings and the levels of permanent tax differences.
BALANCE SHEET
Total assets at June 30, 2022 were $3.2 billion, a decrease of $112.5 million from March 31, 2022 and an increase of $32.1 million from June 30, 2021. The decrease from the previous quarter is due to lower interest bearing deposits in other banks resulting from a decrease in deposits, partially offset by the increase in loans, net during the period.
At June 30, 2022, loans held for investment (net of deferred fees and costs) were $2.0 billion, an increase of $42.8 million, or 8.6%, annualized from March 31, 2022. Loans held for investment, excluding PPP loans, increased $220.5 million, or 12.2%, from June 30, 2021.
Investment securities available for sale amounted to $668.8 million at June 30, 2022, a decrease of $17.4 million, or 2.5%, compared to March 31, 2022, and growth of $113.3 million, or 20.4%, compared to June 30, 2021.
Deposits amounted to $2.8 billion at June 30, 2022, a decrease of $95.9 million, or 13.1% annualized, from March 31, 2022 and growth of $60.6 million, or 2.2%, compared to June 30, 2021.
The Company continues to be well-capitalized as defined by regulators, with tangible common equity to tangible assets of 7.58% at June 30, 2022 compared to 7.54% at March 31, 2022 and compared to 8.27% at June 30, 2021 (non-GAAP). The Company’s common equity Tier 1, Tier 1, total, and Tier 1 leverage capital ratios were 12.02%, 13.24%, 14.06% and 9.42%, respectively, at June 30, 2022.
ABOUT AMERICAN NATIONAL
American National is a multi-state bank holding company with total assets of approximately $3.2 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 26 banking offices. American National Bank also manages an additional $1.1 billion of trust, investment and brokerage assets in its Wealth Division. Additional information about American National and American National Bank is available on American National's website at www.amnb.com.
NON-GAAP FINANCIAL MEASURES
This release contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States (“GAAP”). American National’s management uses these non-GAAP financial measures in its analysis of American National’s performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that are infrequent in nature. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of American National’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. For a reconciliation of non-GAAP financial measures, see “Reconciliation of Non-GAAP Financial Measures” at the end of this release.
FORWARD-LOOKING STATEMENTS
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. American National intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. American National’s ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors that could have a material effect on the operations and future prospects of American National include but are not limited to: (1) the impacts of the ongoing COVID-19 pandemic and the associated efforts to limit the spread of the virus; (2) expected revenue synergies and cost savings from acquisitions and depositions; (3) changes in interest rates, general economic conditions, legislation and regulation, and monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury, Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System; (4) the quality and composition of the loan and securities portfolios, demand for loan products, deposit flows, competition, and demand for financial services in American National’s market areas; (5) the adequacy of the level of the allowance for loan losses, the amount of loan loss provisions required in future quarters, and the failure of assumptions underlying the allowance for loan losses; (6) cybersecurity threats or attacks, the implementation of new technologies, and the ability to develop and maintain secure and reliable electronic systems; (7) accounting principles, policies, and guidelines; and (8) other risk factors detailed from time to time in filings made by American National with the Securities and Exchange Commission. American National undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.
| American National Bankshares Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Dollars in thousands, except per share data) | ||||||||
| Unaudited | ||||||||
| June 30 | ||||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 34,409 | $ | 38,237 | ||||
| Interest-bearing deposits in other banks | 307,164 | 502,300 | ||||||
| Securities available for sale, at fair value | 668,765 | 555,444 | ||||||
| Restricted stock, at cost | 8,495 | 8,035 | ||||||
| Loans held for sale | 5,227 | 13,807 | ||||||
| Loans, net of deferred fees and costs | 2,030,818 | 1,914,371 | ||||||
| Less allowance for loan losses | (18,505 | ) | (20,097 | ) | ||||
| Net Loans | 2,012,313 | 1,894,274 | ||||||
| Premises and equipment, net | 34,878 | 37,478 | ||||||
| Other real estate owned, net | 143 | 213 | ||||||
| Goodwill | 85,048 | 85,048 | ||||||
| Core deposit intangibles, net | 3,977 | 5,339 | ||||||
| Bank owned life insurance | 29,318 | 28,791 | ||||||
| Other assets | 43,991 | 32,618 | ||||||
| Total assets | $ | 3,233,728 | $ | 3,201,584 | ||||
| Liabilities | ||||||||
| Demand deposits -- noninterest-bearing | $ | 1,047,931 | $ | 959,574 | ||||
| Demand deposits -- interest-bearing | 544,323 | 482,586 | ||||||
| Money market deposits | 702,159 | 700,670 | ||||||
| Savings deposits | 275,945 | 241,746 | ||||||
| Time deposits | 259,989 | 385,174 | ||||||
| Total deposits | 2,830,347 | 2,769,750 | ||||||
| Customer repurchase agreements | 32,038 | 35,440 | ||||||
| Long-term borrowings | 28,283 | 28,181 | ||||||
| Other liabilities | 15,629 | 20,580 | ||||||
| Total liabilities | 2,906,297 | 2,853,951 | ||||||
| Shareholders' equity | ||||||||
| Preferred stock, $5 par value, 2,000,000 shares authorized, | ||||||||
| none outstanding | - | - | ||||||
| Common stock, $1 par value, 20,000,000 shares authorized, | ||||||||
| 10,663,599 shares outstanding at June 30, 2022 and | ||||||||
| 10,875,756 shares outstanding at June 30, 2021 | 10,588 | 10,811 | ||||||
| Capital in excess of par value | 143,337 | 150,947 | ||||||
| Retained earnings | 212,524 | 185,843 | ||||||
| Accumulated other comprehensive (loss) income, net | (39,018 | ) | 32 | |||||
| Total shareholders' equity | 327,431 | 347,633 | ||||||
| Total liabilities and shareholders' equity | $ | 3,233,728 | $ | 3,201,584 | ||||
| American National Bankshares Inc. | |||||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||||||
| Unaudited | |||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
| 6/30/22 | 3/31/22 | 6/30/21 | 6/30/22 | 6/30/21 | |||||||||||||||||
| Interest and Dividend Income: | |||||||||||||||||||||
| Interest and fees on loans | $ | 19,076 | $ | 18,788 | $ | 21,087 | $ | 37,864 | $ | 43,360 | |||||||||||
| Interest and dividends on securities: | |||||||||||||||||||||
| Taxable | 2,441 | 2,239 | 1,769 | 4,680 | 3,401 | ||||||||||||||||
| Tax-exempt | 97 | 90 | 96 | 187 | 199 | ||||||||||||||||
| Dividends | 116 | 113 | 117 | 229 | 236 | ||||||||||||||||
| Other interest income | 800 | 177 | 98 | 977 | 175 | ||||||||||||||||
| Total interest and dividend income | 22,530 | 21,407 | 23,167 | 43,937 | 47,371 | ||||||||||||||||
| Interest Expense: | |||||||||||||||||||||
| Interest on deposits | 646 | 569 | 922 | 1,215 | 2,209 | ||||||||||||||||
| Interest on short-term borrowings | 9 | 6 | 5 | 15 | 16 | ||||||||||||||||
| Interest on long-term borrowings | 385 | 379 | 469 | 764 | 952 | ||||||||||||||||
| Total interest expense | 1,040 | 954 | 1,396 | 1,994 | 3,177 | ||||||||||||||||
| Net Interest Income | 21,490 | 20,453 | 21,771 | 41,943 | 44,194 | ||||||||||||||||
| (Recovery of) provision for loan losses | 581 | (758 | ) | (1,352 | ) | (177 | ) | (1,352 | ) | ||||||||||||
| Net Interest Income After (Recovery of) Provision | |||||||||||||||||||||
| for Loan Losses | 20,909 | 21,211 | 23,123 | 42,120 | 45,546 | ||||||||||||||||
| Noninterest Income: | |||||||||||||||||||||
| Trust and brokerage fees | 1,587 | 1,809 | 1,490 | 3,396 | 2,914 | ||||||||||||||||
| Service charges on deposit accounts | 709 | 689 | 630 | 1,398 | 1,252 | ||||||||||||||||
| Interchange fees | 996 | 981 | 1,178 | 1,977 | 2,064 | ||||||||||||||||
| Other fees and commissions | 200 | 266 | 180 | 466 | 433 | ||||||||||||||||
| Mortgage banking income | 429 | 673 | 1,142 | 1,102 | 2,460 | ||||||||||||||||
| Income from Small Business Investment Companies | 678 | 493 | 591 | 1,171 | 1,019 | ||||||||||||||||
| Income from insurance investments | 97 | 447 | 141 | 544 | 929 | ||||||||||||||||
| Gains (losses) on premises and equipment, net | (84 | ) | 4 | (432 | ) | (80 | ) | (481 | ) | ||||||||||||
| Other | 225 | 238 | 222 | 463 | 474 | ||||||||||||||||
| Total noninterest income | 4,837 | 5,600 | 5,142 | 10,437 | 11,064 | ||||||||||||||||
| Noninterest Expense: | |||||||||||||||||||||
| Salaries and employee benefits | 8,720 | 8,598 | 8,178 | 17,318 | 15,696 | ||||||||||||||||
| Employee benefits | - | - | - | ||||||||||||||||||
| Occupancy and equipment | 1,520 | 1,542 | 1,502 | 3,062 | 3,035 | ||||||||||||||||
| FDIC assessment | 228 | 239 | 226 | 467 | 450 | ||||||||||||||||
| Bank franchise tax | 488 | 476 | 443 | 964 | 881 | ||||||||||||||||
| Core deposit intangible amortization | 320 | 330 | 371 | 650 | 752 | ||||||||||||||||
| Data processing | 781 | 847 | 698 | 1,628 | 1,476 | ||||||||||||||||
| Software | 363 | 363 | 338 | 726 | 667 | ||||||||||||||||
| Other real estate owned, net | 2 | (1 | ) | 10 | 1 | 127 | |||||||||||||||
| Other | 3,033 | 2,955 | 2,871 | 5,988 | 5,618 | ||||||||||||||||
| Total noninterest expense | 15,455 | 15,349 | 14,637 | 30,804 | 28,702 | ||||||||||||||||
| Income Before Income Taxes | 10,291 | 11,462 | 13,628 | 21,753 | 27,908 | ||||||||||||||||
| Income Taxes | 2,151 | 2,463 | 2,862 | 4,614 | 5,853 | ||||||||||||||||
| Net Income | $ | 8,140 | $ | 8,999 | $ | 10,766 | $ | 17,139 | $ | 22,055 | |||||||||||
| Net Income Per Common Share: | |||||||||||||||||||||
| Basic | $ | 0.76 | $ | 0.84 | $ | 0.99 | $ | 1.60 | $ | 2.02 | |||||||||||
| Diluted | $ | 0.76 | $ | 0.84 | $ | 0.99 | $ | 1.60 | $ | 2.01 | |||||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||||||||
| Basic | 10,688,294 | 10,754,287 | 10,919,333 | 10,721,108 | 10,945,256 | ||||||||||||||||
| Diluted | 10,690,496 | 10,756,902 | 10,923,156 | 10,723,517 | 10,949,523 | ||||||||||||||||
| American National Bankshares Inc. | |||||||||||||||||||||||||
| Financial Highlights | |||||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | At or for the Six Months | ||||||||||||||||||||||||
| 2nd Qtr | 1st Qtr | 2nd Qtr | Ended June 30, | ||||||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
| EARNINGS | |||||||||||||||||||||||||
| Interest income | $ | 22,530 | $ | 21,407 | $ | 23,167 | $ | 43,937 | $ | 47,371 | |||||||||||||||
| Interest expense | 1,040 | 954 | 1,396 | 1,994 | 3,177 | ||||||||||||||||||||
| Net interest income | 21,490 | 20,453 | 21,771 | 41,943 | 44,194 | ||||||||||||||||||||
| (Recovery of) provision for loan losses | 581 | (758 | ) | (1,352 | ) | (177 | ) | (1,352 | ) | ||||||||||||||||
| Noninterest income | 4,837 | 5,600 | 5,142 | 10,437 | 11,064 | ||||||||||||||||||||
| Noninterest expense | 15,455 | 15,349 | 14,637 | 30,804 | 28,702 | ||||||||||||||||||||
| Income taxes | 2,151 | 2,463 | 2,862 | 4,614 | 5,853 | ||||||||||||||||||||
| Net income | 8,140 | 8,999 | 10,766 | 17,139 | 22,055 | ||||||||||||||||||||
| PER COMMON SHARE | |||||||||||||||||||||||||
| Net income per share - basic | $ | 0.76 | $ | 0.84 | $ | 0.99 | $ | 1.60 | $ | 2.02 | |||||||||||||||
| Net income per share - diluted | 0.76 | 0.84 | 0.99 | 1.60 | 2.01 | ||||||||||||||||||||
| Cash dividends paid | 0.28 | 0.28 | 0.27 | 0.56 | 0.54 | ||||||||||||||||||||
| Book value per share | 30.71 | 31.27 | 31.96 | 30.71 | 31.96 | ||||||||||||||||||||
| Book value per share - tangible (a) | 22.36 | 22.94 | 23.65 | 22.36 | 23.65 | ||||||||||||||||||||
| Closing market price | 34.61 | 37.68 | 31.09 | 34.61 | 31.09 | ||||||||||||||||||||
| FINANCIAL RATIOS | |||||||||||||||||||||||||
| Return on average assets | 0.99 | % | 1.08 | % | 1.38 | % | 1.04 | % | 1.44 | % | |||||||||||||||
| Return on average common equity | 9.83 | 10.24 | 12.44 | 10.04 | 12.81 | ||||||||||||||||||||
| Return on average tangible common equity (a) | 13.87 | 14.14 | 17.30 | 14.01 | 17.87 | ||||||||||||||||||||
| Average common equity to average assets | 10.06 | 10.59 | 11.10 | 10.32 | 11.20 | ||||||||||||||||||||
| Tangible common equity to tangible assets (a) | 7.58 | 7.54 | 8.27 | 7.58 | 8.27 | ||||||||||||||||||||
| Net interest margin, taxable equivalent | 2.76 | 2.63 | 3.00 | 2.70 | 3.10 | ||||||||||||||||||||
| Efficiency ratio (a) | 57.18 | 57.53 | 52.06 | 57.35 | 49.84 | ||||||||||||||||||||
| Effective tax rate | 20.90 | 21.49 | 21.00 | 21.21 | 20.97 | ||||||||||||||||||||
| PERIOD-END BALANCES | |||||||||||||||||||||||||
| Securities | $ | 677,260 | $ | 694,660 | $ | 563,479 | $ | 677,260 | $ | 563,479 | |||||||||||||||
| Loans held for sale | 5,227 | 2,524 | 13,807 | 5,227 | 13,807 | ||||||||||||||||||||
| Loans, net | 2,030,818 | 1,988,008 | 1,914,371 | 2,030,818 | 1,914,371 | ||||||||||||||||||||
| Goodwill and other intangibles | 89,025 | 89,345 | 90,387 | 89,025 | 90,387 | ||||||||||||||||||||
| Assets | 3,233,728 | 3,346,238 | 3,201,584 | 3,233,728 | 3,201,584 | ||||||||||||||||||||
| Assets - tangible (a) | 3,144,703 | 3,256,893 | 3,111,197 | 3,144,703 | 3,111,197 | ||||||||||||||||||||
| Deposits | 2,830,347 | 2,926,207 | 2,769,750 | 2,830,347 | 2,769,750 | ||||||||||||||||||||
| Customer repurchase agreements | 32,038 | 38,527 | 35,440 | 32,038 | 35,440 | ||||||||||||||||||||
| Long-term borrowings | 28,283 | 28,257 | 28,181 | 28,283 | 28,181 | ||||||||||||||||||||
| Shareholders' equity | 327,431 | 335,074 | 347,633 | 327,431 | 347,633 | ||||||||||||||||||||
| Shareholders' equity - tangible (a) | 238,406 | 245,729 | 257,246 | 238,406 | 257,246 | ||||||||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||||||||
| Securities (b) | $ | 726,472 | $ | 710,873 | $ | 512,981 | $ | 718,716 | $ | 486,020 | |||||||||||||||
| Loans held for sale | 3,759 | 4,324 | 15,883 | 4,040 | 13,573 | ||||||||||||||||||||
| Loans, net | 2,006,970 | 1,966,586 | 1,947,797 | 1,986,890 | 1,978,312 | ||||||||||||||||||||
| Interest-earning assets | 3,120,925 | 3,126,561 | 2,909,216 | 3,123,728 | 2,862,016 | ||||||||||||||||||||
| Goodwill and other intangibles | 89,200 | 89,525 | 90,577 | 89,362 | 90,775 | ||||||||||||||||||||
| Assets | 3,292,913 | 3,320,314 | 3,118,687 | 3,306,538 | 3,073,073 | ||||||||||||||||||||
| Assets - tangible (a) | 3,203,713 | 3,230,789 | 3,028,110 | 3,217,176 | 2,982,298 | ||||||||||||||||||||
| Interest-bearing deposits | 1,849,664 | 1,880,873 | 1,761,203 | 1,865,182 | 1,750,867 | ||||||||||||||||||||
| Deposits | 2,881,318 | 2,880,893 | 2,677,101 | 2,881,106 | 2,630,081 | ||||||||||||||||||||
| Customer repurchase agreements | 35,766 | 41,337 | 37,591 | 38,536 | 40,651 | ||||||||||||||||||||
| Long-term borrowings | 28,268 | 28,241 | 35,584 | 28,255 | 35,612 | ||||||||||||||||||||
| Shareholders' equity | 331,276 | 351,539 | 346,210 | 341,352 | 344,232 | ||||||||||||||||||||
| Shareholders' equity - tangible (a) | 242,076 | 262,014 | 255,633 | 251,990 | 253,457 | ||||||||||||||||||||
| American National Bankshares Inc. | |||||||||||||||||||||||||
| Financial Highlights | |||||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | At or for the Six Months | ||||||||||||||||||||||||
| 2nd Qtr | 1st Qtr | 2nd Qtr | Ended June 30, | ||||||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
| CAPITAL | |||||||||||||||||||||||||
| Weighted average shares outstanding - basic | 10,688,294 | 10,754,287 | 10,919,333 | 10,721,108 | 10,945,256 | ||||||||||||||||||||
| Weighted average shares outstanding - diluted | 10,690,496 | 10,756,902 | 10,923,156 | 10,723,517 | 10,949,523 | ||||||||||||||||||||
| COMMON STOCK REPURCHASE PROGRAM | |||||||||||||||||||||||||
| Weighted average shares outstanding - basic | Total shares of common stock repurchased | 54,676 | 88,929 | 93,212 | 143,605 | 147,235 | |||||||||||||||||||
| Weighted average shares outstanding - diluted | Average price paid per share of common stock | $ | 35.32 | $ | 38.18 | $ | 34.73 | $ | 37.09 | $ | 32.81 | ||||||||||||||
| ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||
| Beginning balance | $ | 17,988 | $ | 18,678 | $ | 21,416 | $ | 18,678 | $ | 21,403 | |||||||||||||||
| (Recovery of) provision for loan losses | 581 | (758 | ) | (1,352 | ) | (177 | ) | (1,352 | ) | ||||||||||||||||
| Charge-offs | (117 | ) | (37 | ) | (29 | ) | (154 | ) | (51 | ) | |||||||||||||||
| Recoveries | 53 | 105 | 62 | 158 | 97 | ||||||||||||||||||||
| Ending balance | $ | 18,505 | $ | 17,988 | $ | 20,097 | $ | 18,505 | $ | 20,097 | |||||||||||||||
| LOANS | |||||||||||||||||||||||||
| Construction and land development | $ | 174,361 | $ | 148,276 | $ | 133,592 | $ | 174,361 | $ | 133,592 | |||||||||||||||
| Commercial real estate - owner occupied | 403,478 | 402,306 | 384,095 | 403,478 | 384,095 | ||||||||||||||||||||
| Commercial real estate - non-owner occupied | 749,174 | 752,817 | 650,862 | 749,174 | 650,862 | ||||||||||||||||||||
| Residential real estate | 310,110 | 295,949 | 264,680 | 310,110 | 264,680 | ||||||||||||||||||||
| Home equity | 95,352 | 89,593 | 100,835 | 95,352 | 100,835 | ||||||||||||||||||||
| Commercial and industrial | 291,445 | 291,697 | 372,759 | 291,445 | 372,759 | ||||||||||||||||||||
| Consumer | 6,898 | 7,370 | 7,548 | 6,898 | 7,548 | ||||||||||||||||||||
| Total | $ | 2,030,818 | $ | 1,988,008 | $ | 1,914,371 | $ | 2,030,818 | $ | 1,914,371 | |||||||||||||||
| NONPERFORMING ASSETS AT PERIOD-END | |||||||||||||||||||||||||
| Nonperforming loans: | |||||||||||||||||||||||||
| 90 days past due and accruing | $ | 90 | $ | 71 | $ | 125 | $ | 90 | $ | 125 | |||||||||||||||
| Nonaccrual | 1,385 | 1,762 | 2,057 | 1385 | 2,057 | ||||||||||||||||||||
| Other real estate owned and repossessions | 143 | 143 | 213 | 143 | 213 | ||||||||||||||||||||
| Nonperforming assets | $ | 1,618 | $ | 1,976 | $ | 2,395 | $ | 1,618 | $ | 2,395 | |||||||||||||||
| ASSET QUALITY RATIOS | |||||||||||||||||||||||||
| Allowance for loan losses to total loans | 0.91 | % | 0.90 | % | 1.05 | % | 0.91 | % | 1.05 | % | |||||||||||||||
| Allowance for loan losses to | |||||||||||||||||||||||||
| nonperforming loans | 1,254.58 | 981.34 | 921.04 | 1,254.58 | 921.04 | ||||||||||||||||||||
| Nonperforming assets to total assets | 0.05 | 0.06 | 0.07 | 0.05 | 0.07 | ||||||||||||||||||||
| Nonperforming loans to total loans | 0.07 | 0.09 | 0.11 | 0.07 | 0.11 | ||||||||||||||||||||
| Annualized net recoveries to average loans | 0.01 | (0.01 | ) | (0.01 | ) | 0.00 | 0.00 | ||||||||||||||||||
| to average loans | |||||||||||||||||||||||||
| OTHER DATA | |||||||||||||||||||||||||
| Fiduciary assets at period-end (c) (d) | $ | 709,264 | $ | 727,022 | $ | 697,528 | $ | 709,264 | $ | 697,528 | |||||||||||||||
| Retail brokerage assets at period-end (c) (d) | $ | 370,493 | $ | 405,742 | $ | 392,881 | $ | 370,493 | $ | 392,881 | |||||||||||||||
| Number full-time equivalent employees (e) | 345 | 338 | 340 | 345 | 340 | ||||||||||||||||||||
| Number of full service offices | 26 | 26 | 26 | 26 | 26 | ||||||||||||||||||||
| Number of loan production offices | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||
| Number of ATMs | 36 | 36 | 36 | 36 | 36 | ||||||||||||||||||||
| Notes: | |||||||||||||||||||||||||
| (a) - This financial measure is not calculated in accordance with GAAP. For a reconciliation of | |||||||||||||||||||||||||
| non-GAAP financial measures, see "Reconciliation of Non-GAAP Financial Measures" at the end | |||||||||||||||||||||||||
| of this release. | |||||||||||||||||||||||||
| (b) - Average does not include unrealized gains and losses. | |||||||||||||||||||||||||
| (c) - Market value. | |||||||||||||||||||||||||
| (d) - Assets are not owned by American National and are not reflected in the consolidated balance | |||||||||||||||||||||||||
| sheet. | |||||||||||||||||||||||||
| (e) - Average for quarter. | |||||||||||||||||||||||||
| American National Bankshares Inc. | ||||||||||||||||||||
| Net Interest Income Analysis | ||||||||||||||||||||
| For the Three Months Ended June 30, 2022 and 2021 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Unaudited | ||||||||||||||||||||
| Interest | ||||||||||||||||||||
| Average Balance | Income/Expense (a) | Yield/Rate | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
| Loans: | ||||||||||||||||||||
| Commercial | $ | 289,092 | $ | 391,871 | $ | 2,473 | $ | 4,458 | 3.43 | % | 4.56 | % | ||||||||
| Real estate | 1,715,073 | 1,564,747 | 16,538 | 16,551 | 3.86 | 4.23 | ||||||||||||||
| Consumer | 6,564 | 7,062 | 98 | 112 | 5.99 | 6.36 | ||||||||||||||
| Total loans (b) | 2,010,729 | 1,963,680 | 19,109 | 21,121 | 3.80 | 4.30 | ||||||||||||||
| Securities: | ||||||||||||||||||||
| U.S. Treasury | 152,234 | 41,840 | 349 | 114 | 0.92 | 1.09 | ||||||||||||||
| Federal agencies & GSEs | 107,363 | 102,730 | 323 | 298 | 1.20 | 1.16 | ||||||||||||||
| Mortgage-backed & CMOs | 360,418 | 281,820 | 1,280 | 961 | 1.42 | 1.36 | ||||||||||||||
| State and municipal | 68,172 | 62,204 | 342 | 323 | 2.01 | 2.08 | ||||||||||||||
| Other | 38,285 | 24,387 | 385 | 311 | 4.02 | 5.10 | ||||||||||||||
| Total securities | 726,472 | 512,981 | 2,679 | 2,007 | 1.48 | 1.56 | ||||||||||||||
| Deposits in other banks | 383,724 | 432,555 | 800 | 98 | 0.84 | 0.09 | ||||||||||||||
| Total interest-earning assets | 3,120,925 | 2,909,216 | 22,588 | 23,226 | 2.90 | 3.20 | ||||||||||||||
| Non-earning assets | 171,988 | 209,471 | ||||||||||||||||||
| Total assets | $ | 3,292,913 | $ | 3,118,687 | ||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand | $ | 546,412 | $ | 468,684 | 36 | 37 | 0.03 | 0.03 | ||||||||||||
| Money market | 744,653 | 701,957 | 225 | 215 | 0.12 | 0.12 | ||||||||||||||
| Savings | 275,957 | 239,887 | 8 | 6 | 0.01 | 0.01 | ||||||||||||||
| Time | 282,642 | 350,675 | 377 | 664 | 0.54 | 0.76 | ||||||||||||||
| Total deposits | 1,849,664 | 1,761,203 | 646 | 922 | 0.14 | 0.21 | ||||||||||||||
| Customer repurchase agreements | 35,766 | 37,591 | 8 | 5 | 0.09 | 0.05 | ||||||||||||||
| Long-term borrowings | 28,268 | 35,584 | 377 | 469 | 5.33 | 5.27 | ||||||||||||||
| Total interest-bearing | ||||||||||||||||||||
| liabilities | 1,913,698 | 1,834,378 | 1,031 | 1,396 | 0.22 | 0.30 | ||||||||||||||
| Noninterest bearing demand deposits | 1,031,654 | 915,898 | ||||||||||||||||||
| Other liabilities | 16,285 | 22,201 | ||||||||||||||||||
| Shareholders' equity | 331,276 | 346,210 | ||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||
| shareholders' equity | $ | 3,292,913 | $ | 3,118,687 | ||||||||||||||||
| Interest rate spread | 2.68 | % | 2.90 | % | ||||||||||||||||
| Net interest margin | 2.76 | % | 3.00 | % | ||||||||||||||||
| Net interest income (taxable equivalent basis) | 21,557 | 21,830 | ||||||||||||||||||
| Less: Taxable equivalent adjustment (c) | 58 | 59 | ||||||||||||||||||
| Net interest income | $ | 21,499 | $ | 21,771 | ||||||||||||||||
| Notes: | ||||||||||||||||||||
| (a) - Interest income includes net accretion/amortization of acquired loan fair value adjustments and the net accretion/ | ||||||||||||||||||||
| amortization of deferred loan fees and costs. | ||||||||||||||||||||
| (b) - Nonaccrual loans are included in the average balances. | ||||||||||||||||||||
| (c) - A tax rate of 21% was used in adjusting interest on tax-exempt assets to a fully taxable equivalent basis. | ||||||||||||||||||||
| Net Interest Income Analysis | ||||||||||||||||||||
| For the Six Months Ended June 30, 2022 and 2021 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Unaudited | ||||||||||||||||||||
| Interest | ||||||||||||||||||||
| Average Balance | Income/Expense (a) | Yield/Rate | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
| Loans: | ||||||||||||||||||||
| Commercial | $ | 289,569 | $ | 428,073 | $ | 5,105 | $ | 10,249 | 3.56 | % | 4.83 | % | ||||||||
| Real estate | 1,694,825 | 1,556,465 | 32,616 | 32,941 | 3.85 | 4.23 | ||||||||||||||
| Consumer | 6,536 | 7,347 | 210 | 238 | 6.48 | 6.53 | ||||||||||||||
| Total loans (b) | 1,990,930 | 1,991,885 | 37,931 | 43,428 | 3.81 | 4.37 | ||||||||||||||
| Securities: | ||||||||||||||||||||
| U.S. Treasury | 149,632 | 28,645 | 672 | 126 | 0.90 | 0.88 | ||||||||||||||
| Federal agencies & GSEs | 106,141 | 104,026 | 616 | 602 | 1.16 | 1.16 | ||||||||||||||
| Mortgage-backed & CMOs | 360,997 | 269,977 | 2,487 | 1,934 | 1.38 | 1.43 | ||||||||||||||
| State and municipal | 67,850 | 60,359 | 673 | 637 | 1.98 | 2.11 | ||||||||||||||
| Other | 34,096 | 23,013 | 697 | 588 | 4.09 | 5.11 | ||||||||||||||
| Total securities | 718,716 | 486,020 | 5,145 | 3,887 | 1.43 | 1.60 | ||||||||||||||
| Deposits in other banks | 414,082 | 384,111 | 977 | 175 | 0.48 | 0.09 | ||||||||||||||
| Total interest-earning assets | 3,123,728 | 2,862,016 | 44,053 | 47,490 | 2.82 | 3.32 | ||||||||||||||
| Non-earning assets | 182,810 | 211,057 | ||||||||||||||||||
| Total assets | $ | 3,306,538 | $ | 3,073,073 | ||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand | $ | 536,018 | $ | 459,867 | 73 | 77 | 0.03 | 0.03 | ||||||||||||
| Money market | 748,498 | 693,002 | 326 | 491 | 0.09 | 0.14 | ||||||||||||||
| Savings | 270,040 | 233,680 | 15 | 13 | 0.01 | 0.01 | ||||||||||||||
| Time | 310,626 | 364,318 | 801 | 1,628 | 0.52 | 0.90 | ||||||||||||||
| Total deposits | 1,865,182 | 1,750,867 | 1,215 | 2,209 | 0.13 | 0.25 | ||||||||||||||
| Customer repurchase agreements | 38,536 | 40,651 | 15 | 16 | 0.08 | 0.08 | ||||||||||||||
| Long-term borrowings | 28,255 | 35,612 | 764 | 952 | 5.41 | 5.35 | ||||||||||||||
| Total interest-bearing | ||||||||||||||||||||
| liabilities | 1,931,973 | 1,827,130 | 1,994 | 3,177 | 0.21 | 0.35 | ||||||||||||||
| Noninterest bearing demand deposits | 1,015,924 | 879,214 | ||||||||||||||||||
| Other liabilities | 17,289 | 22,497 | ||||||||||||||||||
| Shareholders' equity | 341,352 | 344,232 | ||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||
| shareholders' equity | $ | 3,306,538 | $ | 3,073,073 | ||||||||||||||||
| Interest rate spread | 2.61 | % | 2.97 | % | ||||||||||||||||
| Net interest margin | 2.70 | % | 3.10 | % | ||||||||||||||||
| Net interest income (taxable equivalent basis) | 42,059 | 44,313 | ||||||||||||||||||
| Less: Taxable equivalent adjustment (c) | 116 | 119 | ||||||||||||||||||
| Net interest income | $ | 41,943 | $ | 44,194 | ||||||||||||||||
| Notes: | ||||||||||||||||||||
| (a) - Interest income includes net accretion/amortization of acquired loan fair value adjustments and the net accretion/ | ||||||||||||||||||||
| amortization of deferred loan fees and costs. | ||||||||||||||||||||
| (b) - Nonaccrual loans are included in the average balances. | ||||||||||||||||||||
| (c) - A tax rate of 21% was used in adjusting interest on tax-exempt assets to a fully taxable equivalent basis. | ||||||||||||||||||||
| American National Bankshares Inc. | |||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | At or for the Six Months | ||||||||||||||||||||||||
| 2nd Qtr | 1st Qtr | 2nd Qtr | Ended June 30, | ||||||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
| EFFICIENCY RATIO | |||||||||||||||||||||||||
| Noninterest expense | $ | 15,455 | $ | 15,349 | $ | 14,637 | $ | 30,804 | $ | 28,702 | |||||||||||||||
| Subtract: loss on sale of OREO | - | - | - | - | (111 | ) | |||||||||||||||||||
| Subtract: core deposit intangible amortization | (320 | ) | (330 | ) | (371 | ) | (650 | ) | (752 | ) | |||||||||||||||
| $ | 15,135 | $ | 15,019 | $ | 14,266 | $ | 30,154 | $ | 27,839 | ||||||||||||||||
| Net interest income | $ | 21,490 | $ | 20,453 | $ | 21,771 | $ | 41,943 | $ | 44,194 | |||||||||||||||
| Tax equivalent adjustment | 58 | 58 | 59 | 116 | 119 | ||||||||||||||||||||
| Noninterest income | 4,837 | 5,600 | 5,142 | 10,437 | 11,064 | ||||||||||||||||||||
| Add/subtract: (gain)/loss on fixed assets | 84 | (4 | ) | 432 | 80 | 481 | |||||||||||||||||||
| $ | 26,469 | $ | 26,107 | $ | 27,404 | $ | 52,576 | $ | 55,858 | ||||||||||||||||
| Efficiency ratio | 57.18 | % | 57.53 | % | 52.06 | % | 57.35 | % | 49.84 | % | |||||||||||||||
| TAX EQUIVALENT NET INTEREST INCOME | |||||||||||||||||||||||||
| Non-GAAP measures: | |||||||||||||||||||||||||
| Interest income - loans | $ | 19,109 | $ | 18,822 | $ | 21,121 | $ | 37,931 | $ | 43,428 | |||||||||||||||
| Interest income - investments and other | 3,479 | 2,643 | 2,105 | 6,122 | 4,062 | ||||||||||||||||||||
| Interest expense - deposits | (646 | ) | (569 | ) | (922 | ) | (1,215 | ) | (2,209 | ) | |||||||||||||||
| Interest expense - customer repurchase | |||||||||||||||||||||||||
| agreements | (8 | ) | (6 | ) | (5 | ) | (14 | ) | (16 | ) | |||||||||||||||
| Interest expense - long-term borrowings | (377 | ) | (379 | ) | (469 | ) | (756 | ) | (952 | ) | |||||||||||||||
| Total net interest income | $ | 21,557 | $ | 20,511 | $ | 21,830 | $ | 42,068 | $ | 44,313 | |||||||||||||||
| Less non-GAAP measures: | |||||||||||||||||||||||||
| Tax benefit on nontaxable interest - loans | (34 | ) | (34 | ) | (34 | ) | (68 | ) | (68 | ) | |||||||||||||||
| Tax benefit on nontaxable interest - securities | (24 | ) | (24 | ) | (25 | ) | (48 | ) | (51 | ) | |||||||||||||||
| GAAP measures | $ | 21,499 | $ | 20,453 | $ | 21,771 | $ | 41,952 | $ | 44,194 | |||||||||||||||
| RETURN ON AVERAGE TANGIBLE EQUITY | |||||||||||||||||||||||||
| Return on average equity (GAAP basis) | 9.83 | % | 10.24 | % | 12.44 | % | 10.04 | % | 12.81 | % | |||||||||||||||
| Impact of excluding average goodwill | |||||||||||||||||||||||||
| and other intangibles | 4.04 | 3.90 | 4.86 | 3.97 | 5.06 | ||||||||||||||||||||
| Return on average tangible equity | |||||||||||||||||||||||||
| (non-GAAP) | 13.87 | % | 14.14 | % | 17.30 | % | 14.01 | % | 17.87 | % | |||||||||||||||
| TANGIBLE EQUITY TO TANGIBLE ASSETS | |||||||||||||||||||||||||
| Equity to assets ratio (GAAP basis) | 10.13 | % | 10.01 | % | 10.86 | % | 10.13 | % | 10.86 | % | |||||||||||||||
| Impact of excluding goodwill and | |||||||||||||||||||||||||
| other intangibles | (2.55 | ) | (2.47 | ) | (2.59 | ) | (2.55 | ) | (2.59 | ) | |||||||||||||||
| Tangible equity to tangible assets ratio | |||||||||||||||||||||||||
| (non-GAAP) | 7.58 | % | 7.54 | % | 8.27 | % | 7.58 | % | 8.27 | % | |||||||||||||||
| TANGIBLE BOOK VALUE | |||||||||||||||||||||||||
| Book value per share (GAAP basis) | $ | 30.71 | $ | 31.27 | $ | 31.96 | $ | 30.71 | $ | 31.96 | |||||||||||||||
| Impact of excluding goodwill and | |||||||||||||||||||||||||
| other intangibles | (8.35 | ) | (8.33 | ) | (8.31 | ) | (8.35 | ) | (8.31 | ) | |||||||||||||||
| Tangible book value per share | |||||||||||||||||||||||||
| (non-GAAP) | $ | 22.36 | $ | 22.94 | $ | 23.65 | $ | 22.36 | $ | 23.65 | |||||||||||||||
| ADJUSTED LOAN LOSS ALLOWANCE | |||||||||||||||||||||||||
| Allowance for loan losses | $ | 18,505 | $ | 17,988 | $ | 20,097 | $ | 18,505 | $ | 20,097 | |||||||||||||||
| Credit discount on purchased loans | 3,741 | 4,001 | 6,055 | 3,741 | 6,055 | ||||||||||||||||||||
| Adjusted loan loss allowance | $ | 22,246 | $ | 21,989 | $ | 26,152 | $ | 22,246 | $ | 26,152 | |||||||||||||||
| Total loans, net | $ | 2,030,818 | $ | 1,988,008 | $ | 1,914,371 | $ | 2,030,818 | $ | 1,914,371 | |||||||||||||||
| Subtract: PPP loans, net | (116 | ) | (689 | ) | (104,143 | ) | (116 | ) | (104,143 | ) | |||||||||||||||
| Total loans less PPP loans, net | $ | 2,030,702 | $ | 1,987,319 | $ | 1,810,228 | $ | 2,030,702 | $ | 1,810,228 | |||||||||||||||
| Adjusted loan loss allowance to | |||||||||||||||||||||||||
| total loans less PPP loans, net | 1.10 | % | 1.11 | % | 1.44 | % | 1.10 | % | 1.44 | % | |||||||||||||||
| Allowance for loan losses to | |||||||||||||||||||||||||
| total loans less PPP loans, net | 0.91 | % | 0.91 | % | 1.11 | % | 0.91 | % | 1.11 | % | |||||||||||||||
Contact:
Jeffrey W. Farrar
Executive Vice President, COO & CFO
(434)773-2274
farrarj@amnb.com
