DANVILLE, Va., Oct. 19, 2023 (GLOBE NEWSWIRE) -- American National Bankshares Inc. (NASDAQ:AMNB) ("American National" or the "Company") today reported third quarter 2023 earnings of $5.8 million, or $0.54 per diluted common share. These results compare to earnings of $9.3 million, or $0.87 per diluted common share, during the same quarter in the prior year, and earnings of $7.1 million, or $0.67 per diluted common share, for the second quarter of 2023. Earnings for the nine months ended September 30, 2023 were $22.1 million, or $2.08 per diluted common share, compared to $26.4 million, or $2.47 per diluted common share, for the same period of 2022.
President and Chief Executive Officer, Jeffrey V. Haley, commented, "The third quarter was a historic one for American National as we announced our agreement to merge with Atlantic Union Bankshares Corporation subject to shareholder and regulatory approvals. We continue to believe this partnership will provide the combined company with a stronger platform for growth and create enhanced value for our shareholders, customers and employees. I have been so pleased with the level of collaboration from both companies since announcement as we work through our various regulatory approvals and early integration planning."
"We had a solid third quarter from an operating perspective, with revenues and earnings (adjusting for merger expenses) in line with our expectations for the quarter. Strengths included loan growth, continued favorable credit trends, expense management, reduced margin compression from higher rates and growth in fee income over the previous quarter."
Third quarter 2023 highlights include:
- Average loans held for investment grew $30.8 million, or 5.6% annualized, during the third quarter as compared to the previous quarter.
- Average deposits increased by $51.5 million, or 8.0% annualized, during the quarter, while period-end deposits declined $80.7 million, or 12.2% annualized.
- Fully taxable equivalent ("FTE") net interest margin was 2.76% for the quarter, down 12 basis points from 2.88% in the second quarter of 2023 and down 44 basis points from 3.20% in the third quarter of the prior year (non-GAAP).
- Noninterest revenues increased $419 thousand, or 9.6%, when compared to the previous quarter, and increased $14 thousand, or 0.3%, compared to the same quarter in the prior year.
- Noninterest expense increased $2.2 million, or 13.4%, when compared to the previous quarter, and increased $1.9 million, or 11.5%, when compared to the same quarter in the prior year. Excluding non-recurring merger related expenses of $1.7 million recorded during the quarter, increases relative to the prior quarter and same quarter of 2022 were 2.8% and 1.2%, respectively.
- The Company recognized a recovery of credit losses on loans in the third quarter of 2023 of $538 thousand compared to provisions of $268 thousand in the second quarter of 2023 and $615 thousand in the third quarter of the previous year.
- Annualized net recoveries as a percentage of average loans outstanding were (0.06%) for the third quarter of 2023, compared to (0.05%) in the previous quarter and (0.01%) in the same quarter in the prior year.
- Nonperforming assets as a percentage of total assets were 0.12% at September 30, 2023, up from 0.04% at June 30, 2023 and 0.05% at September 30, 2022.
NET INTEREST INCOME
Net interest income for the third quarter of 2023 decreased by $485 thousand, or 2.3%, to $20.7 million compared to $21.1 million for the previous quarter. The third quarter of 2023 compared to the same quarter of 2022 reflected a decrease of $3.3 million, or 13.9%. The FTE net interest margin for the third quarter of 2023 was 2.76%, down from 2.88% in the prior quarter and 3.20% in the same quarter a year ago (non-GAAP). The margin contraction relative to the previous quarter resulted from funding costs increasing more than earning asset yields. The yield on average earning assets increased 15 basis points quarter-over-quarter, while the cost of average interest-bearing liabilities rose 37 basis points due to higher rates paid on interest-bearing deposits and the continued migration of the deposit composition from demand deposits to higher cost money market and time deposits. Similarly, the 82-basis point increase in average earning asset yields was more than offset by the 195-basis point increase in the cost of average interest-bearing liabilities when comparing the third quarter of 2023 to the same quarter of 2022. The cost of interest-bearing deposits increased to 2.04% in the third quarter, compared to 1.59% in the previous quarter and 0.17% in the same quarter of the prior year.
ASSET QUALITY
Nonperforming assets ("NPAs") totaled $3.7 million as of September 30, 2023, up from $1.1 million at June 30, 2023 and $1.4 million at September 30, 2022. NPAs as a percentage of total assets were 0.12% at September 30, 2023, compared to 0.04% at June 30, 2023 and 0.05% at September 30, 2022. The Company recorded a recovery of credit losses for the third quarter of 2023 of $538 thousand compared to provisions of $268 thousand in the previous quarter and $615 thousand in the third quarter of the previous year. The negative provision for the third quarter of 2023 was principally the result of net loan recoveries of $315 thousand and a slight reduction in the quantitative expected loan loss rates partially offset by net loan growth during the quarter.
The allowance for credit losses – loans was $25.1 million at September 30, 2023, compared to $25.3 million at June 30, 2023 and $19.2 million at September 30, 2022. Annualized net recoveries as a percentage of average loans outstanding were 0.06% for the third quarter of 2023 compared to 0.05% in the previous quarter and 0.01% in the same quarter in the prior year. The allowance for credit losses as a percentage of loans held for investment was 1.11% at September 30, 2023, compared to 1.13% at June 30, 2023, and 0.91% at September 30, 2022.
NONINTEREST INCOME
Noninterest income in the third quarter of 2023 increased by $419 thousand, or 9.6%, compared to the prior quarter and increased $14 thousand, or 0.3%, from the same quarter in the prior year. Noninterest income totaled $4.8 million for each of the quarters ended September 30, 2023 and September 30, 2022 compared to $4.4 million for the quarter ended June 30, 2023.
The increase in the third quarter compared to the previous quarter was attributable to higher income from small business investment companies of $345 thousand and growth in mortgage banking income of $96 thousand.
The third quarter of 2023 compared to the same quarter of 2022 reflected increases in interchange fees of $149 thousand and wealth management income of $133 thousand, partially offset by lower income from service charges on deposit accounts of $116 thousand and mortgage banking income of $95 thousand.
NONINTEREST EXPENSE
Noninterest expense for the third quarter of 2023 amounted to $18.3 million, up $2.2 million, or 13.4%, when compared to $16.2 million for the previous quarter and up $1.9 million, or 11.5%, from $16.4 million during the same quarter in the previous year. The increase in the third quarter compared to the previous quarter was driven by merger related expenses totaling $1.7 million and increased incentive accruals of $1.0 million included in salaries and employee benefits.
The third quarter 2023 increase compared to the same quarter of 2022 was principally attributable to merger related expenses of $1.7 million and an increase in FDIC assessments of $127 thousand.
INCOME TAXES
The effective tax rate for the three months ended September 30, 2023 was 24.16%, compared to 21.13% for the prior quarter and 20.92% for the same quarter in the prior year. The increase in the effective tax rate in the third quarter of 2023 was primarily the result of certain non-deductible merger related expenses.
BALANCE SHEET
Total assets at September 30, 2023 were $3.1 billion, a decline of $21.9 million, or 0.7% from June 30, 2023, and an increase of $41.9 million, or 1.4%, from September 30, 2022.
At September 30, 2023, loans held for investment (net of deferred fees and costs) were $2.3 billion, an increase of $29.0 million, or 5.2% annualized, from June 30, 2023. Loans held for investment (net of deferred fees and costs) increased $154.0 million, or 7.3%, from September 30, 2022.
Investment securities available for sale amounted to $543.9 million at September 30, 2023, a decrease of $16.8 million, or 3.0%, from June 30, 2023 and a decrease of $98.0 million, or 15.3%, compared to September 30, 2022. The unrealized loss on available for sale securities was $75.1 million at September 30, 2023 compared to $69.7 million at June 30, 2023 and $73.6 million at September 30, 2022. The increase in unrealized losses relative to the prior quarter was the result of increases in market yields for investment securities. At September 30, 2023, 54% of the market value of the securities portfolio was unencumbered and could be used to provide additional liquidity, if needed.
Deposits amounted to $2.6 billion at September 30, 2023, representing declines of $80.7 million, or 12.2% annualized, from June 30, 2023 and $119.6 million, or 4.4%, compared to September 30, 2022.
Borrowings from the Federal Home Loan Bank of Atlanta ("FHLB") totaled $85.0 million at September 30, 2023 compared to $25.0 million at June 30, 2023. The Company had no FHLB borrowings at September 30, 2022. The Company's remaining credit availability from the FHLB was $677.6 million as of September 30, 2023, $446.5 million of which could be accessed without pledging additional collateral.
The Company continues to be well-capitalized as defined by regulators, with tangible common equity to tangible assets of 7.98% at September 30, 2023 compared to 7.94% at June 30, 2023 and compared to 7.59% at September 30, 2022 (non-GAAP). The Company's preliminary common equity Tier 1, Tier 1, total, and Tier 1 leverage capital ratios were 11.77%, 12.89%, 13.91% and 10.61%, respectively, at September 30, 2023.
ABOUT AMERICAN NATIONAL
American National is a multi-state bank holding company with total assets of approximately $3.1 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 $1.2 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
Certain statements in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding anticipated changes in the interest rate environment, future economic conditions and the impacts of current economic uncertainties, and projections, predictions, expectations, or beliefs about future events or results, or otherwise are not statements of historical fact. Such forward-looking statements are based on certain assumptions as of the time they are made, and are inherently subject to known and unknown risks and uncertainties, some of which cannot be predicted or quantified, that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such statements are often characterized by the use of qualified words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," "intend," "will," "may," "view," "seek to," "opportunity," "potential," "continue," "confidence" or words of similar meaning, or other statements concerning opinions or judgment of our management about future events. Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our existing knowledge of our business and operations, there can be no assurance that actual future results, performance, or achievements of, or trends affecting, us will not differ materially from any projected future results, performance, achievements or trends expressed or implied by such forward-looking statements. Actual future results, performance, achievements or trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to, the following: the businesses of American National and Atlantic Union Bankshares Corporation ("Atlantic Union") may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the expected growth opportunities or cost savings from the merger with Atlantic Union may not be fully realized or may take longer to realize than expected; deposit attrition, operating costs, customer losses and business disruption prior to and following the merger with Atlantic Union, including adverse effects on relationships with employees and customers, may be greater than expected; the regulatory and shareholder approvals required for the merger with Atlantic Union may not be obtained; the level of inflation; financial market volatility including the level of interest rates, could affect the values of financial instruments and the amount of net interest income earned; the ability to maintain adequate liquidity by retaining deposit customers and secondary funding sources, especially if the Company's or banking industry's reputation becomes damaged; the adequacy of the level of the Company's allowance for credit losses, the amount of credit loss provisions required in future periods, and the failure of assumptions underlying the allowance for credit losses; general economic or business conditions, either nationally or in the market areas in which the Company does business, may be less favorable than expected, resulting in deteriorating credit quality, reduced demand for credit, or a weakened ability to generate deposits; competition among financial institutions may increase, and competitors may have greater financial resources and develop products and technology that enable those competitors to compete more successfully than the Company; businesses that the Company is engaged in may be adversely affected by legislative or regulatory changes, including changes in accounting standards and tax laws; the ability to recruit and retain key personnel; cybersecurity threats or attacks, the implementation of new technologies, and the ability to develop and maintain reliable and secure electronic systems; the effects of climate change, natural disasters, and extreme weather events; geopolitical conditions, including acts or threats of terrorism and/or military conflicts, or actions taken by the U.S. or other governments in response to acts of threats or terrorism and/or military conflicts, negatively impacting business and economic conditions in the U.S. and abroad; the impact of health emergencies, epidemics or pandemics; risks related to environmental, social and governance practices; risks associated with mergers, acquisitions, and other expansion activities; and other factors described from time to time in the Company's reports (such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
| Contact: | |
| Jeffrey W. Farrar | |
| Senior Executive Vice President, COO & CFO | |
| (434)773-2274 | |
| [email protected] |
| American National Bankshares Inc. | |||||||
| Consolidated Balance Sheets | |||||||
| (Dollars in thousands, except per share data) | |||||||
| Unaudited | |||||||
| September 30 | |||||||
| 2023 | 2022 | ||||||
| Assets | |||||||
| Cash and due from banks | $ | 34,646 | $ | 35,437 | |||
| Interest-bearing deposits in other banks | 40,622 | 59,541 | |||||
| Securities available for sale, at fair value | 543,915 | 641,884 | |||||
| Restricted stock, at cost | 12,936 | 8,383 | |||||
| Loans held for sale | 1,981 | 2,852 | |||||
| Loans, net of deferred fees and costs | 2,273,455 | 2,119,415 | |||||
| Less allowance for credit losses - loans | (25,124 | ) | (19,189 | ) | |||
| Net Loans | 2,248,331 | 2,100,226 | |||||
| Premises and equipment, net | 32,167 | 34,686 | |||||
| Assets held-for-sale | 1,131 | - | |||||
| Other real estate owned, net | - | 143 | |||||
| Goodwill | 85,048 | 85,048 | |||||
| Core deposit intangibles, net | 2,550 | 3,667 | |||||
| Bank owned life insurance | 30,197 | 29,480 | |||||
| Other assets | 57,734 | 47,973 | |||||
| Total assets | $ | 3,091,258 | $ | 3,049,320 | |||
| Liabilities | |||||||
| Demand deposits -- noninterest-bearing | $ | 848,017 | $ | 1,044,803 | |||
| Demand deposits -- interest-bearing | 484,511 | 509,017 | |||||
| Money market deposits | 659,899 | 612,600 | |||||
| Savings deposits | 214,955 | 282,093 | |||||
| Time deposits | 363,862 | 242,357 | |||||
| Total deposits | 2,571,244 | 2,690,870 | |||||
| Customer repurchase agreements | 60,035 | 625 | |||||
| Other short-term borrowings | 85,000 | - | |||||
| Long-term borrowings | 28,410 | 28,308 | |||||
| Other liabilities | 19,291 | 16,127 | |||||
| Total liabilities | 2,763,980 | 2,735,930 | |||||
| Shareholders' equity | |||||||
| Preferred stock, $5 par value, 2,000,000 shares authorized, | |||||||
| none outstanding | - | - | |||||
| Common stock, $1 par value, 20,000,000 shares authorized, | |||||||
| 10,629,111 shares outstanding at September 30, 2023 and | |||||||
| 10,608,750 shares outstanding at September 30, 2022 | 10,544 | 10,533 | |||||
| Capital in excess of par value | 142,392 | 141,694 | |||||
| Retained earnings | 231,962 | 218,814 | |||||
| Accumulated other comprehensive loss, net | (57,620 | ) | (57,651 | ) | |||
| Total shareholders' equity | 327,278 | 313,390 | |||||
| Total liabilities and shareholders' equity | $ | 3,091,258 | $ | 3,049,320 | |||
| American National Bankshares Inc. | |||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||||
| Unaudited | |||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||
| 9/30/23 | 6/30/23 | 9/30/22 | 9/30/23 | 9/30/22 | |||||||||||||||
| Interest and Dividend Income: | |||||||||||||||||||
| Interest and fees on loans | $ | 27,512 | $ | 26,052 | $ | 21,160 | $ | 78,476 | $ | 59,024 | |||||||||
| Interest and dividends on securities: | |||||||||||||||||||
| Taxable | 2,564 | 2,607 | 2,664 | 7,855 | 7,344 | ||||||||||||||
| Tax-exempt | 24 | 26 | 110 | 115 | 297 | ||||||||||||||
| Dividends | 163 | 196 | 118 | 529 | 347 | ||||||||||||||
| Other interest income | 797 | 550 | 1,099 | 1,818 | 2,076 | ||||||||||||||
| Total interest and dividend income | 31,060 | 29,431 | 25,151 | 88,793 | 69,088 | ||||||||||||||
| Interest Expense: | |||||||||||||||||||
| Interest on deposits | 9,057 | 6,607 | 741 | 19,149 | 1,956 | ||||||||||||||
| Interest on short-term borrowings | 938 | 1,282 | 11 | 3,427 | 26 | ||||||||||||||
| Interest on long-term borrowings | 402 | 394 | 392 | 1,183 | 1,156 | ||||||||||||||
| Total interest expense | 10,397 | 8,283 | 1,144 | 23,759 | 3,138 | ||||||||||||||
| Net Interest Income | 20,663 | 21,148 | 24,007 | 65,034 | 65,950 | ||||||||||||||
| Provision for (recovery of) credit losses | (538 | ) | 268 | 615 | 59 | 438 | |||||||||||||
| Net Interest Income After Provision for | |||||||||||||||||||
| (Recovery of) Credit Losses | 21,201 | 20,880 | 23,392 | 64,975 | 65,512 | ||||||||||||||
| Noninterest Income: | |||||||||||||||||||
| Wealth management income | 1,736 | 1,726 | 1,603 | 5,030 | 4,999 | ||||||||||||||
| Service charges on deposit accounts | 565 | 564 | 681 | 1,685 | 2,079 | ||||||||||||||
| Interchange fees | 1,162 | 1,187 | 1,013 | 3,458 | 2,990 | ||||||||||||||
| Other fees and commissions | 169 | 158 | 233 | 493 | 699 | ||||||||||||||
| Mortgage banking income | 293 | 197 | 388 | 634 | 1,490 | ||||||||||||||
| Securities losses, net | - | - | - | (68 | ) | - | |||||||||||||
| Income from Small Business Investment Companies | 453 | 108 | 501 | 888 | 1,672 | ||||||||||||||
| Income from insurance investments | 128 | 120 | 100 | 594 | 644 | ||||||||||||||
| Losses on premises and equipment, net | - | (8 | ) | (2 | ) | (113 | ) | (82 | ) | ||||||||||
| Other | 268 | 303 | 243 | 900 | 706 | ||||||||||||||
| Total noninterest income | 4,774 | 4,355 | 4,760 | 13,501 | 15,197 | ||||||||||||||
| Noninterest Expense: | |||||||||||||||||||
| Salaries and employee benefits | 9,229 | 8,300 | 9,618 | 26,701 | 26,936 | ||||||||||||||
| Occupancy and equipment | 1,601 | 1,631 | 1,514 | 4,676 | 4,576 | ||||||||||||||
| FDIC assessment | 354 | 492 | 227 | 1,053 | 694 | ||||||||||||||
| Bank franchise tax | 520 | 520 | 488 | 1,550 | 1,452 | ||||||||||||||
| Core deposit intangible amortization | 262 | 272 | 310 | 817 | 960 | ||||||||||||||
| Data processing | 821 | 939 | 818 | 2,611 | 2,446 | ||||||||||||||
| Software | 470 | 476 | 362 | 1,391 | 1,088 | ||||||||||||||
| Other real estate owned, net | (10 | ) | - | 3 | (10 | ) | 4 | ||||||||||||
| Merger related expenses | 1,702 | - | - | 1,702 | - | ||||||||||||||
| Other | 3,394 | 3,552 | 3,108 | 9,683 | 9,096 | ||||||||||||||
| Total noninterest expense | 18,343 | 16,182 | 16,448 | 50,174 | 47,252 | ||||||||||||||
| Income Before Income Taxes | 7,632 | 9,053 | 11,704 | 28,303 | 33,457 | ||||||||||||||
| Income Taxes | 1,844 | 1,913 | 2,448 | 6,218 | 7,062 | ||||||||||||||
| Net Income | $ | 5,788 | $ | 7,140 | $ | 9,256 | $ | 22,085 | $ | 26,395 | |||||||||
| Net Income Per Common Share: | |||||||||||||||||||
| Basic | $ | 0.54 | $ | 0.67 | $ | 0.87 | $ | 2.08 | $ | 2.47 | |||||||||
| Diluted | $ | 0.54 | $ | 0.67 | $ | 0.87 | $ | 2.08 | $ | 2.47 | |||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||||||
| Basic | 10,625,709 | 10,623,571 | 10,640,952 | 10,626,599 | 10,694,096 | ||||||||||||||
| Diluted | 10,625,709 | 10,624,859 | 10,643,073 | 10,627,732 | 10,696,409 | ||||||||||||||
| American National Bankshares Inc. | ||||||||||||||||||||||
| Financial Highlights | ||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||
| (Dollars in thousands, except per share data) | At or for the Nine Months | |||||||||||||||||||||
| 3rd Qtr | 2nd Qtr | 3rd Qtr | Ended September 30, | |||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
| EARNINGS | ||||||||||||||||||||||
| Interest income | $ | 31,060 | $ | 29,431 | $ | 25,151 | $ | 88,793 | $ | 69,088 | ||||||||||||
| Interest expense | 10,397 | 8,283 | 1,144 | 23,759 | 3,138 | |||||||||||||||||
| Net interest income | 20,663 | 21,148 | 24,007 | 65,034 | 65,950 | |||||||||||||||||
| Provision for (recovery of) credit losses | (538 | ) | 268 | 615 | 59 | 438 | ||||||||||||||||
| Noninterest income | 4,774 | 4,355 | 4,760 | 13,501 | 15,197 | |||||||||||||||||
| Noninterest expense | 18,343 | 16,182 | 16,448 | 50,174 | 47,252 | |||||||||||||||||
| Income taxes | 1,844 | 1,913 | 2,448 | 6,218 | 7,062 | |||||||||||||||||
| Net income | 5,788 | 7,140 | 9,256 | 22,085 | 26,395 | |||||||||||||||||
| PER COMMON SHARE | ||||||||||||||||||||||
| Net income per share - basic | $ | 0.54 | $ | 0.67 | $ | 0.87 | $ | 2.08 | $ | 2.47 | ||||||||||||
| Net income per share - diluted | 0.54 | 0.67 | 0.87 | 2.08 | 2.47 | |||||||||||||||||
| Cash dividends paid | 0.30 | 0.30 | 0.28 | 0.90 | 0.84 | |||||||||||||||||
| Book value per share | 30.79 | 30.88 | 29.54 | 30.79 | 29.54 | |||||||||||||||||
| Book value per share - tangible (a) | 22.55 | 22.61 | 21.18 | 22.55 | 21.18 | |||||||||||||||||
| Closing market price | 37.94 | 28.98 | 31.95 | 37.94 | 31.95 | |||||||||||||||||
| FINANCIAL RATIOS | ||||||||||||||||||||||
| Return on average assets | 0.75 | % | 0.93 | % | 1.17 | % | 0.96 | % | 1.08 | % | ||||||||||||
| Return on average common equity | 7.02 | 8.61 | 11.21 | 8.97 | 10.42 | |||||||||||||||||
| Return on average tangible common equity (a) | 9.91 | 12.07 | 15.74 | 12.61 | 14.57 | |||||||||||||||||
| Average common equity to average assets | 10.68 | 10.82 | 10.42 | 10.70 | 10.35 | |||||||||||||||||
| Tangible common equity to tangible assets (a) | 7.98 | 7.94 | 7.59 | 7.98 | 7.59 | |||||||||||||||||
| Net interest margin, taxable equivalent | 2.76 | 2.88 | 3.20 | 2.94 | 2.86 | |||||||||||||||||
| Efficiency ratio (a) | 64.31 | 62.24 | 55.98 | 60.43 | 56.87 | |||||||||||||||||
| Effective tax rate | 24.16 | 21.13 | 20.92 | 21.97 | 21.11 | |||||||||||||||||
| PERIOD-END BALANCES | ||||||||||||||||||||||
| Securities | $ | 556,851 | $ | 570,039 | $ | 650,267 | $ | 556,851 | $ | 650,267 | ||||||||||||
| Loans held for sale | 1,981 | 4,048 | 2,852 | 1,981 | 2,852 | |||||||||||||||||
| Loans, net | 2,273,455 | 2,244,464 | 2,119,415 | 2,273,455 | 2,119,415 | |||||||||||||||||
| Goodwill and other intangibles | 87,598 | 87,860 | 88,715 | 87,598 | 88,715 | |||||||||||||||||
| Assets | 3,091,258 | 3,113,163 | 3,049,320 | 3,091,258 | 3,049,320 | |||||||||||||||||
| Assets - tangible (a) | 3,003,660 | 3,025,303 | 2,960,605 | 3,003,660 | 2,960,605 | |||||||||||||||||
| Interest-bearing deposits | 1,723,227 | 1,767,258 | 1,646,067 | 1,723,227 | 1,646,067 | |||||||||||||||||
| Noninterest bearing demand deposits | 848,017 | 884,658 | 1,044,803 | 848,017 | 1,044,803 | |||||||||||||||||
| Customer repurchase agreements | 60,035 | 62,886 | 625 | 60,035 | 625 | |||||||||||||||||
| Other short-term borrowings | 85,000 | 25,000 | - | 85,000 | - | |||||||||||||||||
| Long-term borrowings | 28,410 | 28,384 | 28,308 | 28,410 | 28,308 | |||||||||||||||||
| Shareholders' equity | 327,278 | 328,090 | 313,390 | 327,278 | 313,390 | |||||||||||||||||
| Shareholders' equity - tangible (a) | 239,680 | 240,230 | 224,675 | 239,680 | 224,675 | |||||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||||
| Securities (b) | $ | 634,313 | $ | 652,439 | $ | 728,535 | $ | 654,737 | $ | 722,025 | ||||||||||||
| Loans held for sale | 2,488 | 1,984 | 3,915 | 1,701 | 3,998 | |||||||||||||||||
| Loans, net | 2,248,675 | 2,217,859 | 2,064,088 | 2,217,898 | 2,012,905 | |||||||||||||||||
| Interest-earning assets | 2,939,234 | 2,912,623 | 3,005,292 | 2,920,781 | 3,083,815 | |||||||||||||||||
| Goodwill and other intangibles | 87,758 | 88,036 | 88,886 | 88,033 | 89,202 | |||||||||||||||||
| Assets | 3,088,231 | 3,065,449 | 3,170,328 | 3,070,314 | 3,260,636 | |||||||||||||||||
| Assets - tangible (a) | 3,000,473 | 2,977,413 | 3,081,442 | 2,982,281 | 3,171,434 | |||||||||||||||||
| Interest-bearing deposits | 1,758,994 | 1,669,076 | 1,723,931 | 1,681,311 | 1,817,581 | |||||||||||||||||
| Noninterest bearing demand deposits | 872,488 | 910,911 | 1,051,585 | 917,113 | 1,027,942 | |||||||||||||||||
| Customer repurchase agreements | 65,550 | 62,419 | 18,719 | 45,071 | 31,858 | |||||||||||||||||
| Other short-term borrowings | 12,935 | 45,934 | - | 52,142 | - | |||||||||||||||||
| Subordinated debt | 28,393 | 28,368 | 28,293 | 28,368 | 28,268 | |||||||||||||||||
| Shareholders' equity | 329,812 | 331,821 | 330,318 | 328,400 | 337,633 | |||||||||||||||||
| Shareholders' equity - tangible (a) | 242,054 | 243,785 | 241,432 | 240,367 | 248,431 | |||||||||||||||||
| American National Bankshares Inc. | ||||||||||||||||||||||
| Financial Highlights | ||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||
| (Dollars in thousands, except per share data) | At or for the Nine Months | |||||||||||||||||||||
| 3rd Qtr | 2nd Qtr | 3rd Qtr | Ended September 30, | |||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
| CAPITAL | ||||||||||||||||||||||
| Weighted average shares outstanding - basic | 10,625,709 | 10,623,571 | 10,640,952 | 10,626,599 | 10,694,096 | |||||||||||||||||
| Weighted average shares outstanding - diluted | 10,625,709 | 10,624,859 | 10,643,073 | 10,627,732 | 10,696,409 | |||||||||||||||||
| COMMON STOCK REPURCHASE PROGRAM | ||||||||||||||||||||||
| Total shares of common stock repurchased | - | 13,688 | 60,104 | 34,131 | 203,709 | |||||||||||||||||
| Average price paid per share of common stock | $ | - | $ | 26.99 | $ | 34.26 | 30.58 | 36.26 | ||||||||||||||
| ALLOWANCE FOR CREDIT LOSSES - LOANS | ||||||||||||||||||||||
| Beginning balance | $ | 25,342 | $ | 24,861 | $ | 18,505 | $ | 19,555 | $ | 18,678 | ||||||||||||
| Day 1 Impact of CECL adoption | - | - | - | 5,192 | - | |||||||||||||||||
| Provision for (recovery of) credit losses | (533 | ) | 219 | 615 | 15 | 438 | ||||||||||||||||
| Charge-offs | (19 | ) | (15 | ) | (31 | ) | (429 | ) | (185 | ) | ||||||||||||
| Recoveries | 334 | 277 | 100 | 791 | 258 | |||||||||||||||||
| Ending balance | $ | 25,124 | $ | 25,342 | $ | 19,189 | $ | 25,124 | $ | 19,189 | ||||||||||||
| LOANS | ||||||||||||||||||||||
| Construction and land development | $ | 269,840 | $ | 240,934 | $ | 210,500 | $ | 269,840 | $ | 210,500 | ||||||||||||
| Commercial real estate - owner occupied | 413,151 | 416,397 | 423,678 | 413,151 | 423,678 | |||||||||||||||||
| Commercial real estate - non-owner occupied | 803,440 | 833,084 | 764,963 | 803,440 | 764,963 | |||||||||||||||||
| Residential real estate | 366,557 | 351,855 | 324,468 | 366,557 | 324,468 | |||||||||||||||||
| Home equity | 91,393 | 93,594 | 93,659 | 91,393 | 93,659 | |||||||||||||||||
| Commercial and industrial | 322,209 | 301,778 | 295,541 | 322,209 | 295,541 | |||||||||||||||||
| Consumer | 6,865 | 6,822 | 6,606 | 6,865 | 6,606 | |||||||||||||||||
| Total | $ | 2,273,455 | $ | 2,244,464 | $ | 2,119,415 | $ | 2,273,455 | $ | 2,119,415 | ||||||||||||
| NONPERFORMING ASSETS AT PERIOD-END | ||||||||||||||||||||||
| Nonperforming loans: | ||||||||||||||||||||||
| 90 days past due and accruing | $ | - | $ | - | $ | 18 | $ | - | $ | 18 | ||||||||||||
| Nonaccrual | 3,740 | 1,024 | 1,171 | 3,740 | 1,171 | |||||||||||||||||
| Other real estate owned and repossessions | - | 80 | 196 | - | 196 | |||||||||||||||||
| Nonperforming assets | $ | 3,740 | $ | 1,104 | $ | 1,385 | $ | 3,740 | $ | 1,385 | ||||||||||||
| ASSET QUALITY RATIOS | ||||||||||||||||||||||
| Allowance for credit losses - loans to total loans | 1.11 | % | 1.13 | % | 0.91 | % | 1.11 | % | 0.91 | % | ||||||||||||
| Allowance for credit losses - loans to | ||||||||||||||||||||||
| nonperforming loans | 671.76 | 2,474.80 | 1,613.88 | 671.76 | 1,613.88 | |||||||||||||||||
| Nonperforming assets to total assets | 0.12 | 0.04 | 0.05 | 0.12 | 0.05 | |||||||||||||||||
| Nonperforming loans to total loans | 0.16 | 0.05 | 0.06 | 0.16 | 0.06 | |||||||||||||||||
| Annualized net charge-offs (recoveries) to average loans | (0.06 | ) | (0.05 | ) | (0.01 | ) | (0.02 | ) | 0.00 | |||||||||||||
| to average loans | ||||||||||||||||||||||
| OTHER DATA | ||||||||||||||||||||||
| Fiduciary assets at period-end (c) (d) | $ | 774,126 | $ | 782,659 | $ | 693,153 | $ | 774,126 | 693,153 | |||||||||||||
| Retail brokerage assets at period-end (c) (d) | $ | 413,956 | $ | 426,565 | $ | 376,891 | $ | 413,956 | 376,891 | |||||||||||||
| Number full-time equivalent employees (e) | 358 | 365 | 363 | 358 | 363 | |||||||||||||||||
| Number of full service offices | 26 | 26 | 26 | 26 | 26 | |||||||||||||||||
| Number of loan production offices | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
| Number of ATMs | 34 | 34 | 34 | 34 | 34 | |||||||||||||||||
| 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 September 30, 2023 and 2022 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||
| Interest | ||||||||||||||||||||||||||
| Average Balance | Income/Expense (a) | Yield/Rate | ||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Total loans (b) | $ | 2,251,163 | $ | 2,068,003 | $ | 27,559 | $ | 21,191 | 4.81 | % | 4.09 | % | ||||||||||||||
| Securities: | ||||||||||||||||||||||||||
| Taxable | 630,034 | 708,076 | 2,727 | 2,782 | 1.73 | 1.56 | ||||||||||||||||||||
| Tax exempt | 4,279 | 20,459 | 30 | 138 | 2.85 | 2.70 | ||||||||||||||||||||
| Total securities | 634,313 | 728,535 | 2,757 | 2,920 | 1.74 | 1.60 | ||||||||||||||||||||
| Deposits in other banks | 53,758 | 208,754 | 797 | 1,099 | 5.88 | 2.09 | ||||||||||||||||||||
| Total interest-earning assets | 2,939,234 | 3,005,292 | 31,113 | 25,210 | 4.17 | 3.35 | ||||||||||||||||||||
| Non-earning assets | 148,997 | 165,036 | ||||||||||||||||||||||||
| Total assets | $ | 3,088,231 | $ | 3,170,328 | ||||||||||||||||||||||
| Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||
| Demand | $ | 489,126 | $ | 522,021 | 983 | 34 | 0.80 | 0.03 | ||||||||||||||||||
| Savings and money market | 923,732 | 950,339 | 5,448 | 368 | 2.34 | 0.15 | ||||||||||||||||||||
| Time | 346,136 | 251,571 | 2,626 | 339 | 3.00 | 0.53 | ||||||||||||||||||||
| Total deposits | 1,758,994 | 1,723,931 | 9,057 | 741 | 2.04 | 0.17 | ||||||||||||||||||||
| Customer repurchase agreements | 65,550 | 18,719 | 759 | 11 | 4.60 | 0.23 | ||||||||||||||||||||
| Other short-term borrowings | 12,935 | - | 179 | - | 5.42 | - | ||||||||||||||||||||
| Long-term borrowings | 28,393 | 28,293 | 402 | 392 | 5.55 | 5.54 | ||||||||||||||||||||
| Total interest-bearing | ||||||||||||||||||||||||||
| liabilities | 1,865,872 | 1,770,943 | 10,397 | 1,144 | 2.21 | 0.26 | ||||||||||||||||||||
| Noninterest bearing demand deposits | 872,488 | 1,051,585 | ||||||||||||||||||||||||
| Other liabilities | 20,059 | 17,482 | ||||||||||||||||||||||||
| Shareholders' equity | 329,812 | 330,318 | ||||||||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||||||||
| shareholders' equity | $ | 3,088,231 | $ | 3,170,328 | ||||||||||||||||||||||
| Interest rate spread | 1.96 | % | 3.09 | % | ||||||||||||||||||||||
| Net interest margin | 2.76 | % | 3.20 | % | ||||||||||||||||||||||
| Net interest income (taxable equivalent basis) | 20,716 | 24,066 | ||||||||||||||||||||||||
| Less: Taxable equivalent adjustment (c) | 53 | 59 | ||||||||||||||||||||||||
| Net interest income | $ | 20,663 | $ | 24,007 | ||||||||||||||||||||||
| 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 and loans held for sale 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. | ||||||||||||||||||||||||||
| Net Interest Income Analysis | ||||||||||||||||||||||||||
| For the Nine Months Ended September 30, 2023 and 2022 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||
| Interest | ||||||||||||||||||||||||||
| Average Balance | Income/Expense (a) | Yield/Rate | ||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Total loans (b) | $ | 2,219,599 | $ | 2,016,903 | $ | 78,612 | $ | 59,122 | 4.68 | % | 3.91 | % | ||||||||||||||
| Securities: | ||||||||||||||||||||||||||
| Taxable | 647,688 | 703,048 | 8,384 | 7,691 | 1.73 | 1.46 | ||||||||||||||||||||
| Tax exempt | 7,049 | 18,977 | 146 | 375 | 2.76 | 2.64 | ||||||||||||||||||||
| Total securities | 654,737 | 722,025 | 8,530 | 8,066 | 1.74 | 1.49 | ||||||||||||||||||||
| Deposits in other banks | 46,445 | 344,887 | 1,818 | 2,076 | 5.23 | 0.80 | ||||||||||||||||||||
| Total interest-earning assets | 2,920,781 | 3,083,815 | 88,960 | 69,264 | 4.03 | 3.00 | ||||||||||||||||||||
| Non-earning assets | 149,533 | 176,821 | ||||||||||||||||||||||||
| Total assets | $ | 3,070,314 | $ | 3,260,636 | ||||||||||||||||||||||
| Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||
| Demand | $ | 480,422 | $ | 531,301 | 1,815 | 107 | 0.51 | 0.03 | ||||||||||||||||||
| Savings and money market | 891,035 | 995,555 | 11,841 | 708 | 1.78 | 0.10 | ||||||||||||||||||||
| Time | 309,854 | 290,725 | 5,493 | 1,141 | 2.37 | 0.52 | ||||||||||||||||||||
| Total deposits | 1,681,311 | 1,817,581 | 19,149 | 1,956 | 1.52 | 0.14 | ||||||||||||||||||||
| Customer repurchase agreements | 45,071 | 31,858 | 1,519 | 26 | 4.50 | 0.11 | ||||||||||||||||||||
| Other short-term borrowings | 52,142 | - | 1,908 | - | 4.83 | - | ||||||||||||||||||||
| Long-term borrowings | 28,368 | 28,268 | 1,183 | 1,156 | 5.50 | 5.45 | ||||||||||||||||||||
| Total interest-bearing | ||||||||||||||||||||||||||
| liabilities | 1,806,892 | 1,877,707 | 23,759 | 3,138 | 1.75 | 0.22 | ||||||||||||||||||||
| Noninterest bearing demand deposits | 917,113 | 1,027,942 | ||||||||||||||||||||||||
| Other liabilities | 17,909 | 17,354 | ||||||||||||||||||||||||
| Shareholders' equity | 328,400 | 337,633 | ||||||||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||||||||
| shareholders' equity | $ | 3,070,314 | $ | 3,260,636 | ||||||||||||||||||||||
| Interest rate spread | 2.28 | % | 2.78 | % | ||||||||||||||||||||||
| Net interest margin | 2.94 | % | 2.86 | % | ||||||||||||||||||||||
| Net interest income (taxable equivalent basis) | 65,201 | 66,126 | ||||||||||||||||||||||||
| Less: Taxable equivalent adjustment (c) | 167 | 176 | ||||||||||||||||||||||||
| Net interest income | $ | 65,034 | $ | 65,950 | ||||||||||||||||||||||
| 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 and loans held for sale 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 Nine Months | |||||||||||||||||||||
| 3rd Qtr | 2nd Qtr | 3rd Qtr | Ended September 30, | |||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
| EFFICIENCY RATIO | ||||||||||||||||||||||
| Noninterest expense | $ | 18,343 | $ | 16,182 | $ | 16,448 | $ | 50,174 | $ | 47,252 | ||||||||||||
| Add: loss on sale of OREO | 13 | - | - | 13 | - | |||||||||||||||||
| Subtract: core deposit intangible amortization | (262 | ) | (272 | ) | (310 | ) | (817 | ) | (960 | ) | ||||||||||||
| Subtract: merger related expenses | (1,702 | ) | - | - | (1,702 | ) | - | |||||||||||||||
| $ | 16,392 | $ | 15,910 | $ | 16,138 | $ | 47,668 | $ | 46,292 | |||||||||||||
| Net interest income | $ | 20,663 | $ | 21,148 | $ | 24,007 | $ | 65,034 | $ | 65,950 | ||||||||||||
| Tax equivalent adjustment | 53 | 51 | 59 | 167 | 176 | |||||||||||||||||
| Noninterest income | 4,774 | 4,355 | 4,760 | 13,501 | 15,197 | |||||||||||||||||
| Add: loss on securities | - | - | - | 68 | - | |||||||||||||||||
| Add: loss on premises and equipment | - | 8 | 2 | 113 | 82 | |||||||||||||||||
| $ | 25,490 | $ | 25,562 | $ | 28,828 | $ | 78,883 | $ | 81,405 | |||||||||||||
| Efficiency ratio | 64.31 | % | 62.24 | % | 55.98 | % | 60.43 | % | 56.87 | % | ||||||||||||
| TAX EQUIVALENT NET INTEREST INCOME | ||||||||||||||||||||||
| Non-GAAP measures: | ||||||||||||||||||||||
| Interest income - loans | $ | 27,559 | $ | 26,096 | $ | 21,191 | $ | 78,612 | $ | 59,122 | ||||||||||||
| Interest income - investments and other | 3,554 | 3,386 | 4,019 | 10,348 | 10,142 | |||||||||||||||||
| Interest expense - deposits | (9,057 | ) | (6,607 | ) | (741 | ) | (19,149 | ) | (1,956 | ) | ||||||||||||
| Interest expense - customer repurchase | ||||||||||||||||||||||
| agreements | (759 | ) | (694 | ) | (11 | ) | (1,519 | ) | (26 | ) | ||||||||||||
| Interest expense - other short-term borrowings | (179 | ) | (588 | ) | - | (1,908 | ) | - | ||||||||||||||
| Interest expense - long-term borrowings | (402 | ) | (394 | ) | (392 | ) | (1,183 | ) | (1,156 | ) | ||||||||||||
| Total net interest income | $ | 20,716 | $ | 21,199 | $ | 24,066 | $ | 65,201 | $ | 66,126 | ||||||||||||
| Less non-GAAP measures: | ||||||||||||||||||||||
| Tax benefit on nontaxable interest - loans | (47 | ) | (44 | ) | (31 | ) | (136 | ) | (98 | ) | ||||||||||||
| Tax benefit on nontaxable interest - securities | (6 | ) | (7 | ) | (28 | ) | (31 | ) | (78 | ) | ||||||||||||
| GAAP measures | $ | 20,663 | $ | 21,148 | $ | 24,007 | $ | 65,034 | $ | 65,950 | ||||||||||||
| NET INTEREST MARGIN | ||||||||||||||||||||||
| Net interest margin (FTE) (non-GAAP) | 2.76 | % | 2.88 | % | 3.20 | % | 2.94 | % | 2.86 | % | ||||||||||||
| Net interest margin (GAAP) | 2.75 | % | 2.87 | % | 3.19 | % | 2.92 | % | 2.84 | % | ||||||||||||
| RETURN ON AVERAGE TANGIBLE EQUITY | ||||||||||||||||||||||
| Return on average equity (GAAP basis) | 7.02 | % | 8.61 | % | 11.21 | % | 8.97 | % | 10.42 | % | ||||||||||||
| Impact of excluding average goodwill | ||||||||||||||||||||||
| and other intangibles | 2.89 | 3.46 | 4.53 | 3.64 | 4.15 | |||||||||||||||||
| Return on average tangible equity | ||||||||||||||||||||||
| (non-GAAP) | 9.91 | % | 12.07 | % | 15.74 | % | 12.61 | % | 14.57 | % | ||||||||||||
| TANGIBLE EQUITY TO TANGIBLE ASSETS | ||||||||||||||||||||||
| Equity to assets ratio (GAAP basis) | 10.59 | % | 10.54 | % | 10.28 | % | 10.59 | % | 10.28 | % | ||||||||||||
| Impact of excluding goodwill and | ||||||||||||||||||||||
| other intangibles | (2.61 | ) | (2.60 | ) | (2.69 | ) | (2.61 | ) | (2.69 | ) | ||||||||||||
| Tangible equity to tangible assets ratio | ||||||||||||||||||||||
| (non-GAAP) | 7.98 | % | 7.94 | % | 7.59 | % | 7.98 | % | 7.59 | % | ||||||||||||
| TANGIBLE BOOK VALUE | ||||||||||||||||||||||
| Book value per share (GAAP basis) | $ | 30.79 | $ | 30.88 | $ | 29.54 | $ | 30.79 | $ | 29.54 | ||||||||||||
| Impact of excluding goodwill and | ||||||||||||||||||||||
| other intangibles | (8.24 | ) | (8.27 | ) | (8.36 | ) | (8.24 | ) | (8.36 | ) | ||||||||||||
| Tangible book value per share | ||||||||||||||||||||||
| (non-GAAP) | $ | 22.55 | $ | 22.61 | $ | 21.18 | $ | 22.55 | $ | 21.18 | ||||||||||||
