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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American National Bankshares Inc | NASDAQ:AMNB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.76 | 43.68 | 51.84 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
March 31, 2019
.
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
TO
.
|
VIRGINIA
|
|
54-1284688
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
628 Main Street, Danville, Virginia
|
|
24541
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
AMNB
|
Nasdaq Global Select Market
|
|
Yes
|
x
|
No
|
o
|
|
Yes
|
x
|
No
|
o
|
Large accelerated filer
o
|
Accelerated filer
x
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
|
Yes
|
o
|
No
|
x
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Index
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Page
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American National Bankshares Inc.
|
|||||||
Consolidated Balance Sheets
|
|||||||
(Dollars in thousands, except per share data)
|
|||||||
Assets
|
(Unaudited)
March 31, 2019 |
|
(*) December 31, 2018
|
||||
Cash and due from banks
|
$
|
28,912
|
|
|
$
|
29,587
|
|
Interest-bearing deposits in other banks
|
41,949
|
|
|
34,668
|
|
||
|
|
|
|
||||
Equity securities, at fair value
|
2,069
|
|
|
1,830
|
|
||
Securities available for sale, at fair value
|
324,289
|
|
|
332,653
|
|
||
Restricted stock, at cost
|
5,299
|
|
|
5,247
|
|
||
Loans held for sale
|
1,252
|
|
|
640
|
|
||
|
|
|
|
||||
Loans, net of unearned income
|
1,360,063
|
|
|
1,357,476
|
|
||
Less allowance for loan losses
|
(12,806
|
)
|
|
(12,805
|
)
|
||
Net loans
|
1,347,257
|
|
|
1,344,671
|
|
||
|
|
|
|
||||
Premises and equipment, net
|
26,663
|
|
|
26,675
|
|
||
Other real estate owned, net of valuation allowance of $108 in 2019 and $109 in 2018
|
646
|
|
|
869
|
|
||
Goodwill
|
43,872
|
|
|
43,872
|
|
||
Core deposit intangibles, net
|
871
|
|
|
926
|
|
||
Bank owned life insurance
|
19,047
|
|
|
18,941
|
|
||
Accrued interest receivable and other assets
|
26,278
|
|
|
22,287
|
|
||
Total assets
|
$
|
1,868,404
|
|
|
$
|
1,862,866
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
||
Demand deposits -- noninterest bearing
|
$
|
425,579
|
|
|
$
|
435,828
|
|
Demand deposits -- interest bearing
|
242,802
|
|
|
234,621
|
|
||
Money market deposits
|
379,668
|
|
|
401,461
|
|
||
Savings deposits
|
135,289
|
|
|
132,360
|
|
||
Time deposits
|
376,452
|
|
|
361,957
|
|
||
Total deposits
|
1,559,790
|
|
|
1,566,227
|
|
||
|
|
|
|
||||
Customer repurchase agreements
|
35,945
|
|
|
35,243
|
|
||
Junior subordinated debt
|
27,953
|
|
|
27,927
|
|
||
Accrued interest payable and other liabilities
|
15,243
|
|
|
10,927
|
|
||
Total liabilities
|
1,638,931
|
|
|
1,640,324
|
|
||
|
|
|
|
||||
Shareholders' equity
|
|
|
|
|
|
||
Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding
|
—
|
|
|
—
|
|
||
Common stock, $1 par, 20,000,000 shares authorized, 8,756,569 shares outstanding at March 31, 2019 and 8,720,337 shares outstanding at December 31, 2018
|
8,705
|
|
|
8,668
|
|
||
Capital in excess of par value
|
78,738
|
|
|
78,172
|
|
||
Retained earnings
|
145,351
|
|
|
141,537
|
|
||
Accumulated other comprehensive loss, net
|
(3,321
|
)
|
|
(5,835
|
)
|
||
Total shareholders' equity
|
229,473
|
|
|
222,542
|
|
||
Total liabilities and shareholders' equity
|
$
|
1,868,404
|
|
|
$
|
1,862,866
|
|
American National Bankshares Inc.
|
|||||||
Consolidated Statements of Income
|
|||||||
(Dollars in thousands, except per share data) (Unaudited)
|
|||||||
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Interest and Dividend Income:
|
|
|
|
||||
Interest and fees on loans
|
$
|
15,638
|
|
|
$
|
14,657
|
|
Interest and dividends on securities:
|
|
|
|
|
|
||
Taxable
|
1,821
|
|
|
1,324
|
|
||
Tax-exempt
|
287
|
|
|
419
|
|
||
Dividends
|
84
|
|
|
80
|
|
||
Other interest income
|
266
|
|
|
188
|
|
||
Total interest and dividend income
|
18,096
|
|
|
16,668
|
|
||
Interest Expense:
|
|
|
|
|
|
||
Interest on deposits
|
2,472
|
|
|
1,825
|
|
||
Interest on short-term borrowings
|
172
|
|
|
10
|
|
||
Interest on junior subordinated debt
|
384
|
|
|
290
|
|
||
Total interest expense
|
3,028
|
|
|
2,125
|
|
||
Net Interest Income
|
15,068
|
|
|
14,543
|
|
||
Provision for (recovery of) loan losses
|
16
|
|
|
(44
|
)
|
||
Net Interest Income After Provision for Loan Losses
|
15,052
|
|
|
14,587
|
|
||
Noninterest Income:
|
|
|
|
|
|
||
Trust fees
|
914
|
|
|
929
|
|
||
Service charges on deposit accounts
|
594
|
|
|
612
|
|
||
Other fees and commissions
|
708
|
|
|
642
|
|
||
Mortgage banking income
|
406
|
|
|
450
|
|
||
Securities gains, net
|
323
|
|
|
121
|
|
||
Brokerage fees
|
147
|
|
|
222
|
|
||
Income from Small Business Investment Companies
|
168
|
|
|
155
|
|
||
Other
|
191
|
|
|
202
|
|
||
Total noninterest income
|
3,451
|
|
|
3,333
|
|
||
Noninterest Expense:
|
|
|
|
|
|
||
Salaries
|
4,664
|
|
|
4,997
|
|
||
Employee benefits
|
1,230
|
|
|
1,175
|
|
||
Occupancy and equipment
|
1,084
|
|
|
1,128
|
|
||
FDIC assessment
|
125
|
|
|
146
|
|
||
Bank franchise tax
|
290
|
|
|
281
|
|
||
Core deposit intangible amortization
|
55
|
|
|
77
|
|
||
Data processing
|
532
|
|
|
422
|
|
||
Software
|
324
|
|
|
305
|
|
||
Other real estate owned, net
|
13
|
|
|
30
|
|
||
Merger related expense
|
451
|
|
|
—
|
|
||
Other
|
2,161
|
|
|
2,141
|
|
||
Total noninterest expense
|
10,929
|
|
|
10,702
|
|
||
Income Before Income Taxes
|
7,574
|
|
|
7,218
|
|
||
Income Taxes
|
1,571
|
|
|
1,406
|
|
||
Net Income
|
$
|
6,003
|
|
|
$
|
5,812
|
|
|
|
|
|
Net Income Per Common Share:
|
|
|
|
|
|
||
Basic
|
$
|
0.69
|
|
|
$
|
0.67
|
|
Diluted
|
$
|
0.69
|
|
|
$
|
0.67
|
|
Weighted Average Common Shares Outstanding:
|
|
|
|
|
|
||
Basic
|
8,745,174
|
|
|
8,669,728
|
|
||
Diluted
|
8,745,723
|
|
|
8,687,351
|
|
American National Bankshares Inc.
|
|||||||
Consolidated Statements of Comprehensive Income
|
|||||||
(Dollars in thousands) (Unaudited)
|
|||||||
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
6,003
|
|
|
$
|
5,812
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
|
||
|
|
|
|
||||
Unrealized gains (losses) on securities available for sale
|
3,969
|
|
|
(3,734
|
)
|
||
Tax effect
|
(889
|
)
|
|
861
|
|
||
|
|
|
|
||||
Reclassification adjustment for gains on sales of securities available for sale
|
(4
|
)
|
|
(8
|
)
|
||
Tax effect
|
1
|
|
|
2
|
|
||
|
|
|
|
||||
Unrealized losses on cash flow hedges
|
(725
|
)
|
|
—
|
|
||
Tax effect
|
162
|
|
|
—
|
|
||
|
|
|
|
||||
Other comprehensive income (loss)
|
2,514
|
|
|
(2,879
|
)
|
||
|
|
|
|
||||
Comprehensive income
|
$
|
8,517
|
|
|
$
|
2,933
|
|
|
American National Bankshares Inc.
|
|||||||||||||||||||
Consolidated Statements of Changes in Shareholders' Equity
|
|||||||||||||||||||
Three Months Ended March 31, 2019 and 2018
|
|||||||||||||||||||
(Dollars in thousands, except per share data) (Unaudited)
|
|||||||||||||||||||
|
Common
Stock
|
|
Capital in
Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Shareholders'
Equity
|
||||||||||
Balance, December 31, 2017
|
$
|
8,604
|
|
|
$
|
76,179
|
|
|
$
|
127,010
|
|
|
$
|
(3,076
|
)
|
|
$
|
208,717
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
—
|
|
|
—
|
|
|
5,812
|
|
|
—
|
|
|
5,812
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,879
|
)
|
|
(2,879
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Reclassification for ASU 2016-01 adoption
|
—
|
|
|
—
|
|
|
650
|
|
|
(650
|
)
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options exercised (3,300 shares)
|
3
|
|
|
82
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Vesting of restricted stock (10,101 shares)
|
10
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity based compensation (21,186 shares)
|
4
|
|
|
274
|
|
|
—
|
|
|
—
|
|
|
278
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends paid, $0.25 per share
|
—
|
|
|
—
|
|
|
(2,173
|
)
|
|
—
|
|
|
(2,173
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance, March 31, 2018
|
$
|
8,621
|
|
|
$
|
76,525
|
|
|
$
|
131,299
|
|
|
$
|
(6,605
|
)
|
|
$
|
209,840
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance, December 31, 2018
|
$
|
8,668
|
|
|
$
|
78,172
|
|
|
$
|
141,537
|
|
|
$
|
(5,835
|
)
|
|
$
|
222,542
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
—
|
|
|
—
|
|
|
6,003
|
|
|
—
|
|
|
6,003
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,514
|
|
|
2,514
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options exercised (13,200 shares)
|
13
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
290
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Vesting of restricted stock (20,285 shares)
|
20
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity based compensation (23,032 shares)
|
4
|
|
|
309
|
|
|
—
|
|
|
—
|
|
|
313
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends paid, $0.25 per share
|
—
|
|
|
—
|
|
|
(2,189
|
)
|
|
—
|
|
|
(2,189
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance, March 31, 2019
|
$
|
8,705
|
|
|
$
|
78,738
|
|
|
$
|
145,351
|
|
|
$
|
(3,321
|
)
|
|
$
|
229,473
|
|
American National Bankshares Inc.
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Dollars in thousands) (Unaudited)
|
|||||||
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net income
|
$
|
6,003
|
|
|
$
|
5,812
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Provision for (recovery of) loan losses
|
16
|
|
|
(44
|
)
|
||
Depreciation
|
405
|
|
|
466
|
|
||
Net accretion of acquisition accounting adjustments
|
(255
|
)
|
|
(427
|
)
|
||
Core deposit intangible amortization
|
55
|
|
|
77
|
|
||
Net amortization of securities
|
312
|
|
|
430
|
|
||
Net gain on sale or call of securities available for sale
|
(4
|
)
|
|
(8
|
)
|
||
Net change in fair value of equity securities
|
(319
|
)
|
|
(113
|
)
|
||
Gain on sale of loans held for sale
|
(406
|
)
|
|
(450
|
)
|
||
Proceeds from sales of loans held for sale
|
15,366
|
|
|
17,947
|
|
||
Originations of loans held for sale
|
(15,572
|
)
|
|
(17,650
|
)
|
||
Net gain on other real estate owned
|
(8
|
)
|
|
(6
|
)
|
||
Valuation allowance on other real estate owned
|
6
|
|
|
—
|
|
||
Net gain on sale of premises and equipment
|
—
|
|
|
(3
|
)
|
||
Equity based compensation expense
|
313
|
|
|
278
|
|
||
Earnings on bank owned life insurance
|
(106
|
)
|
|
(106
|
)
|
||
Deferred income tax expense (benefit)
|
222
|
|
|
(2
|
)
|
||
Net change in interest receivable
|
76
|
|
|
286
|
|
||
Net change in other assets
|
(602
|
)
|
|
(644
|
)
|
||
Net change in interest payable
|
51
|
|
|
24
|
|
||
Net change in other liabilities
|
(873
|
)
|
|
59
|
|
||
Net cash provided by operating activities
|
4,680
|
|
|
5,926
|
|
||
|
|
|
|
||||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||
Proceeds from sales of equity securities
|
80
|
|
|
—
|
|
||
Proceeds from sales of securities available for sale
|
—
|
|
|
22,066
|
|
||
Proceeds from maturities, calls and paydowns of securities available for sale
|
18,586
|
|
|
9,824
|
|
||
Purchases of securities available for sale
|
(6,565
|
)
|
|
(27,272
|
)
|
||
Net change in restricted stock
|
(52
|
)
|
|
889
|
|
||
Net (increase) decrease in loans
|
(2,321
|
)
|
|
14,840
|
|
||
Proceeds from sale of premises and equipment
|
—
|
|
|
24
|
|
||
Purchases of premises and equipment
|
(393
|
)
|
|
(345
|
)
|
||
Proceeds from sales of other real estate owned
|
225
|
|
|
47
|
|
||
Net cash provided by investing activities
|
9,560
|
|
|
20,073
|
|
||
|
|
|
|
||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||
Net change in demand, money market, and savings deposits
|
(20,932
|
)
|
|
26,591
|
|
||
Net change in time deposits
|
14,495
|
|
|
(2,066
|
)
|
||
Net change in customer repurchase agreements
|
702
|
|
|
(260
|
)
|
||
Net change in other short-term borrowings
|
—
|
|
|
(24,000
|
)
|
||
Common stock dividends paid
|
(2,189
|
)
|
|
(2,173
|
)
|
||
Proceeds from exercise of stock options
|
290
|
|
|
85
|
|
||
Net cash used in financing activities
|
(7,634
|
)
|
|
(1,823
|
)
|
||
|
|
|
|
||||
Net Increase in Cash and Cash Equivalents
|
6,606
|
|
|
24,176
|
|
||
|
|
|
|
||||
Cash and Cash Equivalents at Beginning of Period
|
64,255
|
|
|
52,477
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
70,861
|
|
|
$
|
76,653
|
|
|
March 31, 2019
|
||||||||||||||
|
Amortized
Cost |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair Value |
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Federal agencies and GSEs
|
$
|
132,087
|
|
|
$
|
905
|
|
|
$
|
2,020
|
|
|
$
|
130,972
|
|
Mortgage-backed and CMOs
|
108,999
|
|
|
725
|
|
|
1,247
|
|
|
108,477
|
|
||||
State and municipal
|
77,560
|
|
|
609
|
|
|
199
|
|
|
77,970
|
|
||||
Corporate
|
6,799
|
|
|
75
|
|
|
4
|
|
|
6,870
|
|
||||
Total securities available for sale
|
$
|
325,445
|
|
|
$
|
2,314
|
|
|
$
|
3,470
|
|
|
$
|
324,289
|
|
|
December 31, 2018
|
||||||||||||||
|
Amortized
Cost |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair Value |
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Federal agencies and GSEs
|
$
|
137,070
|
|
|
$
|
442
|
|
|
$
|
3,473
|
|
|
$
|
134,039
|
|
Mortgage-backed and CMOs
|
113,883
|
|
|
385
|
|
|
2,401
|
|
|
111,867
|
|
||||
State and municipal
|
80,022
|
|
|
411
|
|
|
531
|
|
|
79,902
|
|
||||
Corporate
|
6,799
|
|
|
68
|
|
|
22
|
|
|
6,845
|
|
||||
Total securities available for sale
|
$
|
337,774
|
|
|
$
|
1,306
|
|
|
$
|
6,427
|
|
|
$
|
332,653
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
FRB stock
|
$
|
3,631
|
|
|
$
|
3,621
|
|
FHLB stock
|
1,668
|
|
|
1,626
|
|
||
Total restricted stock
|
$
|
5,299
|
|
|
$
|
5,247
|
|
|
Total
|
|
Less than 12 Months
|
|
12 Months or More
|
||||||||||||||||||
|
Fair
Value |
|
Unrealized
Loss |
|
Fair
Value |
|
Unrealized
Loss |
|
Fair
Value |
|
Unrealized
Loss |
||||||||||||
Federal agencies and GSEs
|
$
|
90,268
|
|
|
$
|
2,020
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90,268
|
|
|
$
|
2,020
|
|
Mortgage-backed and CMOs
|
78,494
|
|
|
1,247
|
|
|
244
|
|
|
1
|
|
|
78,250
|
|
|
1,246
|
|
||||||
State and municipal
|
28,916
|
|
|
199
|
|
|
2,250
|
|
|
2
|
|
|
26,666
|
|
|
197
|
|
||||||
Corporate
|
495
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
495
|
|
|
4
|
|
||||||
Total
|
$
|
198,173
|
|
|
$
|
3,470
|
|
|
$
|
2,494
|
|
|
$
|
3
|
|
|
$
|
195,679
|
|
|
$
|
3,467
|
|
|
Total
|
|
Less than 12 Months
|
|
12 Months or More
|
||||||||||||||||||
|
Fair
Value |
|
Unrealized
Loss |
|
Fair
Value |
|
Unrealized
Loss |
|
Fair
Value |
|
Unrealized
Loss |
||||||||||||
Federal agencies and GSEs
|
$
|
103,797
|
|
|
$
|
3,473
|
|
|
$
|
14,982
|
|
|
$
|
8
|
|
|
$
|
88,815
|
|
|
$
|
3,465
|
|
Mortgage-backed and CMOs
|
86,852
|
|
|
2,401
|
|
|
5,473
|
|
|
15
|
|
|
81,379
|
|
|
2,386
|
|
||||||
State and municipal
|
39,755
|
|
|
531
|
|
|
7,199
|
|
|
18
|
|
|
32,556
|
|
|
513
|
|
||||||
Corporate
|
484
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
484
|
|
|
22
|
|
||||||
Total
|
$
|
230,888
|
|
|
$
|
6,427
|
|
|
$
|
27,654
|
|
|
$
|
41
|
|
|
$
|
203,234
|
|
|
$
|
6,386
|
|
|
Three Months Ended March 31, 2019
|
||
Realized gains (losses):
|
|
||
Gross realized gains
|
$
|
—
|
|
Gross realized losses
|
—
|
|
|
Net realized gains
|
$
|
—
|
|
Proceeds from sales of securities
|
$
|
—
|
|
|
|
||
|
Three Months Ended March 31, 2018
|
||
Realized gains (losses):
|
|
||
Gross realized gains
|
$
|
105
|
|
Gross realized losses
|
(97
|
)
|
|
Net realized gains
|
$
|
8
|
|
Proceeds from sales of securities
|
$
|
22,066
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Commercial
|
$
|
289,301
|
|
|
$
|
285,972
|
|
Commercial real estate:
|
|
|
|
|
|
||
Construction and land development
|
93,759
|
|
|
97,240
|
|
||
Commercial real estate
|
659,133
|
|
|
655,800
|
|
||
Residential real estate:
|
|
|
|
|
|
||
Residential
|
212,665
|
|
|
209,438
|
|
||
Home equity
|
99,979
|
|
|
103,933
|
|
||
Consumer
|
5,226
|
|
|
5,093
|
|
||
Total loans
|
$
|
1,360,063
|
|
|
$
|
1,357,476
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Outstanding principal balance
|
$
|
60,069
|
|
|
$
|
63,619
|
|
Carrying amount
|
55,492
|
|
|
58,886
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Outstanding principal balance
|
$
|
23,150
|
|
|
$
|
24,500
|
|
Carrying amount
|
19,339
|
|
|
20,611
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Balance at January 1
|
$
|
4,633
|
|
|
$
|
4,890
|
|
Accretion
|
(530
|
)
|
|
(2,362
|
)
|
||
Reclassification from nonaccretable difference
|
117
|
|
|
956
|
|
||
Other changes, net*
|
42
|
|
|
1,149
|
|
||
|
$
|
4,262
|
|
|
$
|
4,633
|
|
|
30- 59 Days
Past Due |
|
60-89 Days
Past Due |
|
90 Days +
Past Due and Still Accruing |
|
Non-
Accrual Loans |
|
Total
Past Due |
|
Current
|
|
Total
Loans |
||||||||||||||
Commercial
|
$
|
1,002
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
1,039
|
|
|
$
|
288,262
|
|
|
$
|
289,301
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
93,733
|
|
|
93,759
|
|
|||||||
Commercial real estate
|
305
|
|
|
—
|
|
|
—
|
|
|
221
|
|
|
526
|
|
|
658,607
|
|
|
659,133
|
|
|||||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential
|
382
|
|
|
89
|
|
|
197
|
|
|
750
|
|
|
1,418
|
|
|
211,247
|
|
|
212,665
|
|
|||||||
Home equity
|
84
|
|
|
91
|
|
|
—
|
|
|
76
|
|
|
251
|
|
|
99,728
|
|
|
99,979
|
|
|||||||
Consumer
|
19
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
21
|
|
|
5,205
|
|
|
5,226
|
|
|||||||
Total
|
$
|
1,792
|
|
|
$
|
181
|
|
|
$
|
197
|
|
|
$
|
1,111
|
|
|
$
|
3,281
|
|
|
$
|
1,356,782
|
|
|
$
|
1,360,063
|
|
|
30- 59 Days
Past Due |
|
60-89 Days
Past Due |
|
90 Days +
Past Due and Still Accruing |
|
Non-
Accrual Loans |
|
Total
Past Due |
|
Current
|
|
Total
Loans |
||||||||||||||
Commercial
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
83
|
|
|
$
|
103
|
|
|
$
|
285,869
|
|
|
$
|
285,972
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
27
|
|
|
97,213
|
|
|
97,240
|
|
|||||||
Commercial real estate
|
42
|
|
|
—
|
|
|
—
|
|
|
197
|
|
|
239
|
|
|
655,561
|
|
|
655,800
|
|
|||||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential
|
456
|
|
|
157
|
|
|
72
|
|
|
659
|
|
|
1,344
|
|
|
208,094
|
|
|
209,438
|
|
|||||||
Home equity
|
126
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
250
|
|
|
103,683
|
|
|
103,933
|
|
|||||||
Consumer
|
21
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
5,069
|
|
|
5,093
|
|
|||||||
Total
|
$
|
665
|
|
|
$
|
160
|
|
|
$
|
72
|
|
|
$
|
1,090
|
|
|
$
|
1,987
|
|
|
$
|
1,355,489
|
|
|
$
|
1,357,476
|
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
—
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate
|
362
|
|
|
360
|
|
|
—
|
|
|
369
|
|
|
7
|
|
|||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
634
|
|
|
634
|
|
|
—
|
|
|
640
|
|
|
7
|
|
|||||
Home equity
|
47
|
|
|
47
|
|
|
—
|
|
|
48
|
|
|
2
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
1,043
|
|
|
$
|
1,041
|
|
|
$
|
—
|
|
|
$
|
1,071
|
|
|
$
|
16
|
|
With a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
59
|
|
|
$
|
55
|
|
|
$
|
53
|
|
|
$
|
57
|
|
|
$
|
1
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
171
|
|
|
171
|
|
|
9
|
|
|
176
|
|
|
2
|
|
|||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
230
|
|
|
$
|
226
|
|
|
$
|
62
|
|
|
$
|
233
|
|
|
$
|
3
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
59
|
|
|
$
|
55
|
|
|
$
|
53
|
|
|
$
|
71
|
|
|
$
|
1
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate
|
362
|
|
|
360
|
|
|
—
|
|
|
369
|
|
|
7
|
|
|||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
805
|
|
|
805
|
|
|
9
|
|
|
816
|
|
|
9
|
|
|||||
Home equity
|
47
|
|
|
47
|
|
|
—
|
|
|
48
|
|
|
2
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
1,273
|
|
|
$
|
1,267
|
|
|
$
|
62
|
|
|
$
|
1,304
|
|
|
$
|
19
|
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
28
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
44
|
|
|
$
|
14
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate
|
376
|
|
|
373
|
|
|
—
|
|
|
542
|
|
|
36
|
|
|||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
646
|
|
|
646
|
|
|
—
|
|
|
875
|
|
|
29
|
|
|||||
Home equity
|
49
|
|
|
49
|
|
|
—
|
|
|
108
|
|
|
10
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||
|
$
|
1,099
|
|
|
$
|
1,096
|
|
|
$
|
—
|
|
|
$
|
1,571
|
|
|
$
|
89
|
|
With a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
62
|
|
|
$
|
58
|
|
|
$
|
55
|
|
|
$
|
354
|
|
|
$
|
40
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|||||
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
173
|
|
|
173
|
|
|
9
|
|
|
342
|
|
|
9
|
|
|||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
128
|
|
|
1
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
235
|
|
|
$
|
231
|
|
|
$
|
64
|
|
|
$
|
863
|
|
|
$
|
50
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
90
|
|
|
$
|
86
|
|
|
$
|
55
|
|
|
$
|
398
|
|
|
$
|
54
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|||||
Commercial real estate
|
376
|
|
|
373
|
|
|
—
|
|
|
560
|
|
|
36
|
|
|||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
819
|
|
|
819
|
|
|
9
|
|
|
1,217
|
|
|
38
|
|
|||||
Home equity
|
49
|
|
|
49
|
|
|
—
|
|
|
236
|
|
|
11
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||
|
$
|
1,334
|
|
|
$
|
1,327
|
|
|
$
|
64
|
|
|
$
|
2,434
|
|
|
$
|
139
|
|
|
|
|
|
Loans Modified as a TDR for the
|
|||||||||
|
|
Three Months Ended March 31, 2018
|
|||||||||
Loan Type
|
|
Number of Contracts
|
|
Pre-Modification
Outstanding Recorded Investment |
|
Post-Modification
Outstanding Recorded Investment |
|||||
Commercial
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Construction and land development
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Home Equity
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Residential real estate
|
|
1
|
|
|
11
|
|
|
11
|
|
||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total
|
|
1
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
|
Commercial
|
|
Construction and Land Development
|
|
Commercial
Real Estate Other |
|
Residential
|
|
Home
Equity |
||||||||||
Pass
|
$
|
285,940
|
|
|
$
|
91,200
|
|
|
$
|
651,835
|
|
|
$
|
207,747
|
|
|
$
|
99,640
|
|
Special Mention
|
1,768
|
|
|
—
|
|
|
3,911
|
|
|
1,152
|
|
|
—
|
|
|||||
Substandard
|
1,593
|
|
|
2,559
|
|
|
3,387
|
|
|
3,766
|
|
|
339
|
|
|||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
289,301
|
|
|
$
|
93,759
|
|
|
$
|
659,133
|
|
|
$
|
212,665
|
|
|
$
|
99,979
|
|
|
Consumer
|
||
Performing
|
$
|
5,224
|
|
Nonperforming
|
2
|
|
|
Total
|
$
|
5,226
|
|
|
Commercial
|
|
Construction and Land Development
|
|
Commercial
Real Estate Other |
|
Residential
|
|
Home
Equity |
||||||||||
Pass
|
$
|
285,092
|
|
|
$
|
93,000
|
|
|
$
|
647,519
|
|
|
$
|
204,261
|
|
|
$
|
103,541
|
|
Special Mention
|
154
|
|
|
1,840
|
|
|
4,403
|
|
|
1,685
|
|
|
—
|
|
|||||
Substandard
|
726
|
|
|
2,400
|
|
|
3,878
|
|
|
3,492
|
|
|
392
|
|
|||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
285,972
|
|
|
$
|
97,240
|
|
|
$
|
655,800
|
|
|
$
|
209,438
|
|
|
$
|
103,933
|
|
|
Consumer
|
||
Performing
|
$
|
5,093
|
|
Nonperforming
|
—
|
|
|
Total
|
$
|
5,093
|
|
|
Three Months Ended
March 31, 2019 |
|
Year Ended December 31, 2018
|
|
Three Months Ended
March 31, 2018 |
||||||
Allowance for Loan Losses
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
12,805
|
|
|
$
|
13,603
|
|
|
$
|
13,603
|
|
Provision for (recovery of) loan losses
|
16
|
|
|
(103
|
)
|
|
(44
|
)
|
|||
Charge-offs
|
(69
|
)
|
|
(1,020
|
)
|
|
(44
|
)
|
|||
Recoveries
|
54
|
|
|
325
|
|
|
60
|
|
|||
Balance, end of period
|
$
|
12,806
|
|
|
$
|
12,805
|
|
|
$
|
13,575
|
|
|
|
|
|
|
|
||||||
Reserve for Unfunded Lending Commitments
|
|
|
|
|
|
|
|
|
|||
Balance, beginning of period
|
$
|
217
|
|
|
$
|
206
|
|
|
$
|
206
|
|
Provision for unfunded commitments
|
12
|
|
|
11
|
|
|
5
|
|
|||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance, end of period
|
$
|
229
|
|
|
$
|
217
|
|
|
$
|
211
|
|
|
Commercial
|
|
Commercial
Real Estate |
|
Residential
Real Estate |
|
Consumer
|
|
Total
|
||||||||||
Allowance for Loan Losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2018:
|
$
|
2,537
|
|
|
$
|
7,246
|
|
|
$
|
2,977
|
|
|
$
|
45
|
|
|
$
|
12,805
|
|
Provision for (recovery of) loan losses
|
246
|
|
|
(199
|
)
|
|
(32
|
)
|
|
1
|
|
|
16
|
|
|||||
Charge-offs
|
(11
|
)
|
|
(6
|
)
|
|
(20
|
)
|
|
(32
|
)
|
|
(69
|
)
|
|||||
Recoveries
|
7
|
|
|
—
|
|
|
13
|
|
|
34
|
|
|
54
|
|
|||||
Balance at March 31, 2019:
|
$
|
2,779
|
|
|
$
|
7,041
|
|
|
$
|
2,938
|
|
|
$
|
48
|
|
|
$
|
12,806
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at March 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for Loan Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Individually evaluated for impairment
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
62
|
|
Collectively evaluated for impairment
|
2,726
|
|
|
7,003
|
|
|
2,769
|
|
|
48
|
|
|
12,546
|
|
|||||
Acquired impaired loans
|
—
|
|
|
38
|
|
|
160
|
|
|
—
|
|
|
198
|
|
|||||
Total
|
$
|
2,779
|
|
|
$
|
7,041
|
|
|
$
|
2,938
|
|
|
$
|
48
|
|
|
$
|
12,806
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Individually evaluated for impairment
|
$
|
59
|
|
|
$
|
362
|
|
|
$
|
852
|
|
|
$
|
—
|
|
|
$
|
1,273
|
|
Collectively evaluated for impairment
|
288,846
|
|
|
742,900
|
|
|
302,494
|
|
|
5,211
|
|
|
1,339,451
|
|
|||||
Acquired impaired loans
|
396
|
|
|
9,630
|
|
|
9,298
|
|
|
15
|
|
|
19,339
|
|
|||||
Total
|
$
|
289,301
|
|
|
$
|
752,892
|
|
|
$
|
312,644
|
|
|
$
|
5,226
|
|
|
$
|
1,360,063
|
|
|
Commercial
|
|
Commercial
Real Estate |
|
Residential
Real Estate |
|
Consumer
|
|
Total
|
||||||||||
Allowance for Loan Losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2017:
|
$
|
2,413
|
|
|
$
|
8,321
|
|
|
$
|
2,825
|
|
|
$
|
44
|
|
|
$
|
13,603
|
|
Provision for (recovery of) loan losses
|
842
|
|
|
(1,074
|
)
|
|
89
|
|
|
40
|
|
|
(103
|
)
|
|||||
Charge-offs
|
(787
|
)
|
|
(11
|
)
|
|
(86
|
)
|
|
(136
|
)
|
|
(1,020
|
)
|
|||||
Recoveries
|
69
|
|
|
10
|
|
|
149
|
|
|
97
|
|
|
325
|
|
|||||
Balance at December 31, 2018:
|
$
|
2,537
|
|
|
$
|
7,246
|
|
|
$
|
2,977
|
|
|
$
|
45
|
|
|
$
|
12,805
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for Loan Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Individually evaluated for impairment
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
64
|
|
Collectively evaluated for impairment
|
2,482
|
|
|
7,211
|
|
|
2,822
|
|
|
45
|
|
|
12,560
|
|
|||||
Acquired impaired loans
|
—
|
|
|
35
|
|
|
146
|
|
|
—
|
|
|
181
|
|
|||||
Total
|
$
|
2,537
|
|
|
$
|
7,246
|
|
|
$
|
2,977
|
|
|
$
|
45
|
|
|
$
|
12,805
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Individually evaluated for impairment
|
$
|
90
|
|
|
$
|
376
|
|
|
$
|
868
|
|
|
$
|
—
|
|
|
$
|
1,334
|
|
Collectively evaluated for impairment
|
285,431
|
|
|
742,365
|
|
|
302,657
|
|
|
5,078
|
|
|
1,335,531
|
|
|||||
Acquired impaired loans
|
451
|
|
|
10,299
|
|
|
9,846
|
|
|
15
|
|
|
20,611
|
|
|||||
Total
|
$
|
285,972
|
|
|
$
|
753,040
|
|
|
$
|
313,371
|
|
|
$
|
5,093
|
|
|
$
|
1,357,476
|
|
|
Goodwill
|
|
Intangibles
|
||||
Balance at December 31, 2018
|
$
|
43,872
|
|
|
$
|
926
|
|
Additions
|
—
|
|
|
—
|
|
||
Amortization
|
—
|
|
|
(55
|
)
|
||
Impairment
|
—
|
|
|
—
|
|
||
Balance at March 31, 2019
|
$
|
43,872
|
|
|
$
|
871
|
|
|
March 31, 2019
|
||
Lease liabilities
|
$
|
4,238
|
|
Right-of-use assets
|
$
|
4,237
|
|
Weighted average remaining lease term
|
9.25 years
|
|
|
Weighted average discount rate
|
3.22
|
%
|
|
Three Months Ended March 31, 2019
|
||
Lease cost
(dollars in thousands)
|
|
||
Operating lease cost
|
$
|
211
|
|
Short-term lease cost
|
1
|
|
|
Total lease cost
|
212
|
|
|
|
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
209
|
|
Lease payments due
(dollars in thousands)
|
As of March 31, 2019
|
||
Nine months ending December 31, 2019
|
$
|
592
|
|
Twelve months ending December 31, 2020
|
667
|
|
|
Twelve months ending December 31, 2021
|
656
|
|
|
Twelve months ending December 31, 2022
|
632
|
|
|
Twelve months ending December 31, 2023
|
529
|
|
|
Twelve months ending December 31, 2024
|
211
|
|
|
Thereafter
|
1,677
|
|
|
Total undiscounted cash flows
|
$
|
4,964
|
|
Discount
|
(726
|
)
|
|
Lease liabilities
|
$
|
4,238
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Customer repurchase agreements
|
$
|
35,945
|
|
|
$
|
35,243
|
|
|
Issuing Entity
|
Date Issued
|
|
Interest Rate
|
|
Maturity Date
|
|
Principal Amount
|
|||||||
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|||||||||
AMNB Trust I
|
4/7/2006
|
|
Libor plus
|
1.35%
|
|
6/30/2036
|
|
$
|
20,619
|
|
|
$
|
20,619
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
MidCarolina Trust I
|
10/29/2002
|
|
Libor plus
|
3.45%
|
|
11/7/2032
|
|
4,391
|
|
|
4,377
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
MidCarolina Trust II
|
12/3/2003
|
|
Libor plus
|
2.95%
|
|
10/7/2033
|
|
2,943
|
|
|
2,931
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
$
|
27,953
|
|
|
$
|
27,927
|
|
|
March 31, 2019
|
|||||||||||||||||
|
Notional Amount
|
|
Positions
|
|
Assets
|
|
Liabilities
|
|
Cash Collateral Pledged
|
|||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate swaps:
|
|
|
|
|
|
|
|
|
|
|||||||||
Variable-rate to fixed-rate swaps with counterparty
|
$
|
28,500
|
|
|
3
|
|
|
$
|
—
|
|
|
$
|
1,529
|
|
|
$
|
1,500
|
|
|
December 31, 2018
|
|||||||||||||||||
|
Notional Amount
|
|
Positions
|
|
Assets
|
|
Liabilities
|
|
Cash Collateral Pledged
|
|||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate swaps:
|
|
|
|
|
|
|
|
|
|
|||||||||
Variable-rate to fixed-rate swaps with counterparty
|
$
|
28,500
|
|
|
3
|
|
|
$
|
—
|
|
|
$
|
804
|
|
|
$
|
650
|
|
|
Option
Shares |
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Contractual Term |
|
Aggregate
Intrinsic Value ($000) |
|||||
Outstanding at December 31, 2018
|
13,200
|
|
|
$
|
21.97
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(13,200
|
)
|
|
21.97
|
|
|
|
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|||
Expired
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding and exercisable at March 31, 2019
|
—
|
|
|
$
|
—
|
|
|
0.00 years
|
|
$
|
—
|
|
Restricted Stock
|
Shares
|
|
Weighted Average Grant Date Value Per Share
|
|||
Nonvested at December 31, 2018
|
52,798
|
|
|
$
|
31.71
|
|
Granted
|
18,926
|
|
|
32.33
|
|
|
Vested
|
(20,285
|
)
|
|
23.12
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Nonvested at March 31, 2019
|
51,439
|
|
|
$
|
35.33
|
|
|
Three Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Shares
|
|
Per
Share Amount |
|
Shares
|
|
Per
Share Amount |
||||||
Basic earnings per share
|
8,745,174
|
|
|
$
|
0.69
|
|
|
8,669,728
|
|
|
$
|
0.67
|
|
Effect of dilutive securities - stock options
|
549
|
|
|
—
|
|
|
17,623
|
|
|
—
|
|
||
Diluted earnings per share
|
8,745,723
|
|
|
$
|
0.69
|
|
|
8,687,351
|
|
|
$
|
0.67
|
|
|
Components of Net Periodic Benefit Cost
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
58
|
|
|
51
|
|
||
Expected return on plan assets
|
(68
|
)
|
|
(64
|
)
|
||
Recognized loss due to settlement
|
26
|
|
|
25
|
|
||
Recognized net actuarial loss
|
65
|
|
|
68
|
|
||
Net periodic cost
|
$
|
81
|
|
|
$
|
80
|
|
Level 1 –
|
Valuation is based on quoted prices in active markets for identical assets and liabilities.
|
Level 2 –
|
Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.
|
Level 3 –
|
Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.
|
|
Fair Value Measurements at March 31, 2019 Using
|
||||||||||||||
|
Balance at March 31,
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||||
Description
|
2019
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Federal agencies and GSEs
|
$
|
130,972
|
|
|
$
|
—
|
|
|
$
|
130,972
|
|
|
$
|
—
|
|
Mortgage-backed and CMOs
|
108,477
|
|
|
—
|
|
|
108,477
|
|
|
—
|
|
||||
State and municipal
|
77,970
|
|
|
—
|
|
|
77,970
|
|
|
—
|
|
||||
Corporate
|
6,870
|
|
|
—
|
|
|
6,870
|
|
|
—
|
|
||||
Total securities available for sale
|
$
|
324,289
|
|
|
$
|
—
|
|
|
$
|
324,289
|
|
|
$
|
—
|
|
Equity securities
|
$
|
2,069
|
|
|
$
|
—
|
|
|
$
|
2,069
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative - cash flow hedges
|
$
|
1,529
|
|
|
$
|
—
|
|
|
$
|
1,529
|
|
|
$
|
—
|
|
|
Fair Value Measurements at December 31, 2018 Using
|
||||||||||||||
|
Balance at December 31,
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||||
Description
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Federal agencies and GSEs
|
$
|
134,039
|
|
|
$
|
—
|
|
|
$
|
134,039
|
|
|
$
|
—
|
|
Mortgage-backed and CMOs
|
111,867
|
|
|
—
|
|
|
111,867
|
|
|
—
|
|
||||
State and municipal
|
79,902
|
|
|
—
|
|
|
79,902
|
|
|
—
|
|
||||
Corporate
|
6,845
|
|
|
—
|
|
|
6,845
|
|
|
—
|
|
||||
Total securities available for sale
|
$
|
332,653
|
|
|
$
|
—
|
|
|
$
|
332,653
|
|
|
$
|
—
|
|
Equity securities
|
$
|
1,830
|
|
|
$
|
—
|
|
|
$
|
1,830
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative - cash flow hedges
|
$
|
804
|
|
|
$
|
—
|
|
|
$
|
804
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements at March 31, 2019 Using
|
||||||||||||||
|
Balance at March 31,
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||||
Description
|
2019
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Loans held for sale
|
$
|
1,252
|
|
|
$
|
—
|
|
|
$
|
1,252
|
|
|
$
|
—
|
|
Impaired loans, net of valuation allowance
|
168
|
|
|
—
|
|
|
—
|
|
|
168
|
|
||||
Other real estate owned, net
|
646
|
|
|
—
|
|
|
—
|
|
|
646
|
|
|
Fair Value Measurements at December 31, 2018 Using
|
||||||||||||||
|
Balance at December 31,
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||||
Description
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Loans held for sale
|
$
|
640
|
|
|
$
|
—
|
|
|
$
|
640
|
|
|
$
|
—
|
|
Impaired loans, net of valuation allowance
|
171
|
|
|
—
|
|
|
—
|
|
|
171
|
|
||||
Other real estate owned, net
|
869
|
|
|
—
|
|
|
—
|
|
|
869
|
|
Assets
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Rate |
|
|
|
|
|
|
|
Impaired loans
|
|
Discounted appraised value
|
|
Selling cost
|
|
8.00%
|
|
|
Discounted cash flow analysis
|
|
Market rate for borrower (discount rate)
|
|
3.25% - 9.80%
|
|
|
|
|
|
|
|
Other real estate owned, net
|
|
Discounted appraised value
|
|
Selling cost
|
|
8.00%
|
|
|
Fair Value Measurements at March 31, 2019 Using
|
||||||||||||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
Fair Value
|
||||||||||
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
70,861
|
|
|
$
|
70,861
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
70,861
|
|
Equity securities
|
2,069
|
|
|
|
|
2,069
|
|
|
|
|
2,069
|
|
|||||||
Securities available for sale
|
324,289
|
|
|
—
|
|
|
324,289
|
|
|
—
|
|
|
324,289
|
|
|||||
Restricted stock
|
5,299
|
|
|
—
|
|
|
5,299
|
|
|
—
|
|
|
5,299
|
|
|||||
Loans held for sale
|
1,252
|
|
|
—
|
|
|
1,252
|
|
|
—
|
|
|
1,252
|
|
|||||
Loans, net of allowance
|
1,347,257
|
|
|
—
|
|
|
—
|
|
|
1,337,337
|
|
|
1,337,337
|
|
|||||
Bank owned life insurance
|
19,047
|
|
|
—
|
|
|
19,047
|
|
|
—
|
|
|
19,047
|
|
|||||
Accrued interest receivable
|
5,373
|
|
|
—
|
|
|
5,373
|
|
|
—
|
|
|
5,373
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
1,559,790
|
|
|
$
|
—
|
|
|
$
|
1,561,355
|
|
|
$
|
—
|
|
|
$
|
1,561,355
|
|
Repurchase agreements
|
35,945
|
|
|
—
|
|
|
35,945
|
|
|
—
|
|
|
35,945
|
|
|||||
Junior subordinated debt
|
27,953
|
|
|
—
|
|
|
—
|
|
|
23,307
|
|
|
23,307
|
|
|||||
Accrued interest payable
|
846
|
|
|
—
|
|
|
846
|
|
|
—
|
|
|
846
|
|
|||||
Derivative - cash flow hedges
|
1,529
|
|
|
—
|
|
|
1,529
|
|
|
—
|
|
|
1,529
|
|
|
Fair Value Measurements at December 31, 2018 Using
|
||||||||||||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
Fair Value
|
||||||||||
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
64,255
|
|
|
$
|
64,255
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
64,255
|
|
Equity securities
|
1,830
|
|
|
|
|
1,830
|
|
|
|
|
1,830
|
|
|||||||
Securities available for sale
|
332,653
|
|
|
—
|
|
|
332,653
|
|
|
—
|
|
|
332,653
|
|
|||||
Restricted stock
|
5,247
|
|
|
—
|
|
|
5,247
|
|
|
—
|
|
|
5,247
|
|
|||||
Loans held for sale
|
640
|
|
|
—
|
|
|
640
|
|
|
—
|
|
|
640
|
|
|||||
Loans, net of allowance
|
1,344,671
|
|
|
—
|
|
|
—
|
|
|
1,334,236
|
|
|
1,334,236
|
|
|||||
Bank owned life insurance
|
18,941
|
|
|
—
|
|
|
18,941
|
|
|
—
|
|
|
18,941
|
|
|||||
Accrued interest receivable
|
5,449
|
|
|
—
|
|
|
5,449
|
|
|
—
|
|
|
5,449
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
1,566,227
|
|
|
$
|
—
|
|
|
$
|
1,570,721
|
|
|
$
|
—
|
|
|
$
|
1,570,721
|
|
Repurchase agreements
|
35,243
|
|
|
—
|
|
|
35,243
|
|
|
—
|
|
|
35,243
|
|
|||||
Junior subordinated debt
|
27,927
|
|
|
—
|
|
|
—
|
|
|
22,577
|
|
|
22,577
|
|
|||||
Accrued interest payable
|
795
|
|
|
—
|
|
|
795
|
|
|
—
|
|
|
795
|
|
|||||
Derivative - cash flow hedges
|
804
|
|
|
—
|
|
|
804
|
|
|
—
|
|
|
804
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
|
Community
Banking |
|
Trust and
Investment Services |
|
Other
|
|
Intersegment
Eliminations |
|
Total
|
||||||||||
Interest income
|
$
|
17,999
|
|
|
$
|
—
|
|
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
18,096
|
|
Interest expense
|
2,644
|
|
|
—
|
|
|
384
|
|
|
—
|
|
|
3,028
|
|
|||||
Noninterest income
|
2,060
|
|
|
1,061
|
|
|
330
|
|
|
—
|
|
|
3,451
|
|
|||||
Income (loss) before income taxes
|
7,520
|
|
|
480
|
|
|
(426
|
)
|
|
—
|
|
|
7,574
|
|
|||||
Net income (loss)
|
5,997
|
|
|
380
|
|
|
(374
|
)
|
|
—
|
|
|
6,003
|
|
|||||
Depreciation and amortization
|
458
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
460
|
|
|||||
Total assets
|
1,857,272
|
|
|
—
|
|
|
259,009
|
|
|
(247,877
|
)
|
|
1,868,404
|
|
|||||
Goodwill
|
43,872
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,872
|
|
|||||
Capital expenditures
|
386
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
393
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
|
Community
Banking |
|
Trust and
Investment Services |
|
Other
|
|
Intersegment
Eliminations |
|
Total
|
||||||||||
Interest income
|
$
|
16,580
|
|
|
$
|
—
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
16,668
|
|
Interest expense
|
1,835
|
|
|
—
|
|
|
290
|
|
|
—
|
|
|
2,125
|
|
|||||
Noninterest income
|
2,063
|
|
|
1,151
|
|
|
119
|
|
|
—
|
|
|
3,333
|
|
|||||
Income (loss) before income taxes
|
7,026
|
|
|
453
|
|
|
(261
|
)
|
|
—
|
|
|
7,218
|
|
|||||
Net income (loss)
|
5,653
|
|
|
365
|
|
|
(206
|
)
|
|
—
|
|
|
5,812
|
|
|||||
Depreciation and amortization
|
540
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
543
|
|
|||||
Total assets
|
1,807,991
|
|
|
—
|
|
|
237,802
|
|
|
(228,219
|
)
|
|
1,817,574
|
|
|||||
Goodwill
|
43,872
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,872
|
|
|||||
Capital expenditures
|
345
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
345
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Supplemental Schedule of Cash and Cash Equivalents:
|
|
|
|
||||
Cash and due from banks
|
$
|
28,912
|
|
|
$
|
18,772
|
|
Interest-bearing deposits in other banks
|
41,949
|
|
|
57,881
|
|
||
Cash and Cash Equivalents
|
$
|
70,861
|
|
|
$
|
76,653
|
|
|
|
|
|
|
|
||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
||
Cash paid for:
|
|
|
|
|
|
||
Interest on deposits and borrowed funds
|
$
|
2,978
|
|
|
$
|
2,101
|
|
Income taxes
|
—
|
|
|
—
|
|
||
Noncash investing and financing activities:
|
|
|
|
|
|
||
Transfer of loans to other real estate owned
|
—
|
|
|
532
|
|
||
Increase in operating lease right-of-use asset upon adoption of ASU 2016-02
|
4,413
|
|
|
—
|
|
||
Increase in operating lease liability upon adoption of ASU 2016-02
|
4,413
|
|
|
—
|
|
||
Unrealized gains (losses) on securities available for sale
|
3,965
|
|
|
(3,742
|
)
|
||
Unrealized losses on cash flow hedges
|
(725
|
)
|
|
—
|
|
For the Three Months Ended
|
Net Unrealized Gains (Losses) on Securities
|
|
Unrealized Losses on Cash Flow Hedges
|
|
Adjustments Related to Pension Benefits
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2017
|
$
|
(796
|
)
|
|
$
|
—
|
|
|
$
|
(2,280
|
)
|
|
$
|
(3,076
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized losses on securities available for sale, net of tax, $(861)
|
(2,873
|
)
|
|
—
|
|
|
—
|
|
|
(2,873
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustment for realized gains on securities, net of tax, $(2)
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Reclassification for ASU 2016-01 adoption
|
(650
|
)
|
|
—
|
|
|
—
|
|
|
(650
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Balance at March 31, 2018
|
$
|
(4,325
|
)
|
|
$
|
—
|
|
|
$
|
(2,280
|
)
|
|
$
|
(6,605
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2018
|
$
|
(3,973
|
)
|
|
$
|
(624
|
)
|
|
$
|
(1,238
|
)
|
|
$
|
(5,835
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized gains on securities available for sale, net of tax, $889
|
3,080
|
|
|
—
|
|
|
—
|
|
|
3,080
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustment for realized gains on securities, net of tax, $(1)
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Unrealized losses on cash flow hedges, net of tax, $(162)
|
—
|
|
|
(563
|
)
|
|
—
|
|
|
(563
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Balance at March 31, 2019
|
$
|
(896
|
)
|
|
$
|
(1,187
|
)
|
|
$
|
(1,238
|
)
|
|
$
|
(3,321
|
)
|
|
For the Three Months Ended March 31, 2019
|
Amount Reclassified from AOCI
|
|
Affected Line Item in the Statement of Where Net Income is Presented
|
||
Details about AOCI Components
|
|
|
|
||
Available for sale securities:
|
|
|
|
||
Realized gain on call of securities
|
$
|
4
|
|
|
Securities gains, net
|
|
(1
|
)
|
|
Income taxes
|
|
Total reclassifications
|
$
|
3
|
|
|
Net of tax
|
For the Three Months Ended March 31, 2018
|
Amount Reclassified from AOCI
|
|
Affected Line Item in the Statement of Where Net Income is Presented
|
||
Details about AOCI Components
|
|
|
|
||
Available for sale securities:
|
|
|
|
||
Realized gain on sale of securities
|
$
|
8
|
|
|
Securities gains, net
|
|
(2
|
)
|
|
Income taxes
|
|
|
$
|
6
|
|
|
Net of tax
|
Reclassification for ASU 2016-01 adoption
|
$
|
650
|
|
|
*
|
Total reclassifications
|
$
|
656
|
|
|
|
|
|
•
|
financial market volatility, including the level of interest rates, could affect the values of financial instruments and the amount of net interest income earned;
|
•
|
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;
|
•
|
cybersecurity threats or attacks, the implementation of new technologies, and the ability to develop and maintain reliable electronic systems;
|
•
|
the ability to retain key personnel;
|
•
|
the failure of assumptions underlying the allowance for loan losses; and
|
•
|
risks associated with mergers and acquisitions and other expansion activities.
|
•
|
cost savings from the merger with HomeTown may not be fully realized or realized within the expected timeframe;
|
•
|
the businesses of the Company and/or HomeTown may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected;
|
•
|
revenues following the merger may be lower than expected; and
|
•
|
customer and employee relationships and business operations may be disrupted by the merger.
|
•
|
The present value of expected future cash flows discounted at the loan's effective interest rate. The effective interest rate on a loan is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs and any premium or discount existing at the origination or acquisition of the loan);
|
•
|
The loan's observable market price, or
|
•
|
The fair value of the collateral, net of estimated costs to dispose, if the loan is collateral dependent.
|
SUMMARY INCOME STATEMENT
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
Three Months Ended March 31,
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
Interest income
|
$
|
18,096
|
|
|
$
|
16,668
|
|
|
$
|
1,428
|
|
|
8.6
|
%
|
Interest expense
|
(3,028
|
)
|
|
(2,125
|
)
|
|
(903
|
)
|
|
42.5
|
|
|||
Net interest income
|
15,068
|
|
|
14,543
|
|
|
525
|
|
|
3.6
|
|
|||
Provision for (recovery of) loan losses
|
(16
|
)
|
|
44
|
|
|
(60
|
)
|
|
(136.4
|
)
|
|||
Noninterest income
|
3,451
|
|
|
3,333
|
|
|
118
|
|
|
3.5
|
|
|||
Noninterest expense
|
(10,929
|
)
|
|
(10,702
|
)
|
|
(227
|
)
|
|
2.1
|
|
|||
Income tax expense
|
(1,571
|
)
|
|
(1,406
|
)
|
|
(165
|
)
|
|
11.7
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Net income
|
$
|
6,003
|
|
|
$
|
5,812
|
|
|
$
|
191
|
|
|
3.3
|
|
|
|
Net Interest Income Analysis (dollars in thousands)
|
||||||||||||||||||||
|
Three Months Ended March 31,
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Average Balance
|
|
Income/Expense
|
|
Yield/Rate
|
||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
265,578
|
|
|
$
|
258,552
|
|
|
$
|
2,891
|
|
|
$
|
2,444
|
|
|
4.41
|
%
|
|
3.83
|
%
|
Real estate
|
1,083,800
|
|
|
1,077,243
|
|
|
12,716
|
|
|
12,189
|
|
|
4.69
|
|
|
4.53
|
|
||||
Consumer
|
4,973
|
|
|
4,300
|
|
|
75
|
|
|
76
|
|
|
6.12
|
|
|
7.17
|
|
||||
Total loans
|
1,354,351
|
|
|
1,340,095
|
|
|
15,682
|
|
|
14,709
|
|
|
4.64
|
|
|
4.40
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal agencies and GSEs
|
139,465
|
|
|
103,199
|
|
|
850
|
|
|
517
|
|
|
2.44
|
|
|
2.00
|
|
||||
Mortgage-backed and CMOs
|
111,701
|
|
|
108,826
|
|
|
693
|
|
|
600
|
|
|
2.48
|
|
|
2.21
|
|
||||
State and municipal
|
78,597
|
|
|
86,336
|
|
|
538
|
|
|
634
|
|
|
2.74
|
|
|
2.94
|
|
||||
Other securities
|
14,071
|
|
|
14,422
|
|
|
178
|
|
|
175
|
|
|
5.06
|
|
|
4.85
|
|
||||
Total securities
|
343,834
|
|
|
312,783
|
|
|
2,259
|
|
|
1,926
|
|
|
2.63
|
|
|
2.46
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits in other banks
|
38,702
|
|
|
45,573
|
|
|
266
|
|
|
188
|
|
|
2.79
|
|
|
1.67
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest-earning assets
|
1,736,887
|
|
|
1,698,451
|
|
|
18,207
|
|
|
16,823
|
|
|
4.20
|
|
|
3.97
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-earning assets
|
126,325
|
|
|
119,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
1,863,212
|
|
|
$
|
1,818,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Demand
|
$
|
238,430
|
|
|
$
|
232,383
|
|
|
14
|
|
|
11
|
|
|
0.02
|
|
|
0.02
|
|
||
Money market
|
395,704
|
|
|
410,171
|
|
|
1,153
|
|
|
783
|
|
|
1.18
|
|
|
0.77
|
|
||||
Savings
|
134,060
|
|
|
130,708
|
|
|
10
|
|
|
9
|
|
|
0.03
|
|
|
0.03
|
|
||||
Time
|
363,410
|
|
|
383,860
|
|
|
1,295
|
|
|
1,022
|
|
|
1.45
|
|
|
1.08
|
|
||||
Total deposits
|
1,131,604
|
|
|
1,157,122
|
|
|
2,472
|
|
|
1,825
|
|
|
0.89
|
|
|
0.64
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Customer repurchase agreements
|
42,705
|
|
|
12,247
|
|
|
171
|
|
|
1
|
|
|
1.62
|
|
|
0.03
|
|
||||
Other short-term borrowings
|
61
|
|
|
2,183
|
|
|
1
|
|
|
9
|
|
|
6.56
|
|
|
1.65
|
|
||||
Long-term borrowings
|
27,937
|
|
|
27,836
|
|
|
384
|
|
|
290
|
|
|
5.50
|
|
|
4.17
|
|
||||
Total interest-bearing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
liabilities
|
1,202,307
|
|
|
1,199,388
|
|
|
3,028
|
|
|
2,125
|
|
|
1.02
|
|
|
0.72
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing demand deposits
|
419,809
|
|
|
400,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other liabilities
|
16,419
|
|
|
9,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shareholders' equity
|
224,677
|
|
|
209,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
shareholders' equity
|
$
|
1,863,212
|
|
|
$
|
1,818,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate spread
|
|
|
|
|
|
|
|
|
|
|
|
|
3.18
|
%
|
|
3.25
|
%
|
||||
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
3.50
|
%
|
|
3.46
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (taxable equivalent basis)
|
|
|
|
|
15,179
|
|
|
14,698
|
|
|
|
|
|
|
|
||||||
Less: Taxable equivalent adjustment
|
|
|
|
|
|
|
111
|
|
|
155
|
|
|
|
|
|
|
|
||||
Net interest income
|
|
|
|
|
|
|
$
|
15,068
|
|
|
$
|
14,543
|
|
|
|
|
|
|
|
Changes in Net Interest Income (Rate/Volume Analysis)
|
|||||||||||
(in thousands)
|
|||||||||||
|
Three Months Ended March 31,
|
||||||||||
|
2019 vs. 2018
|
||||||||||
|
|
|
Change
|
||||||||
|
Increase
|
|
Attributable to
|
||||||||
Interest income
|
(Decrease)
|
|
Rate
|
|
Volume
|
||||||
Loans:
|
|
|
|
|
|
||||||
Commercial
|
$
|
447
|
|
|
$
|
379
|
|
|
$
|
68
|
|
Real estate
|
527
|
|
|
452
|
|
|
75
|
|
|||
Consumer
|
(1
|
)
|
|
(12
|
)
|
|
11
|
|
|||
Total loans
|
973
|
|
|
819
|
|
|
154
|
|
|||
Securities:
|
|
|
|
|
|
|
|
|
|||
Federal agencies and GSEs
|
333
|
|
|
127
|
|
|
206
|
|
|||
Mortgage-backed and CMOs
|
93
|
|
|
77
|
|
|
16
|
|
|||
State and municipal
|
(96
|
)
|
|
(41
|
)
|
|
(55
|
)
|
|||
Other securities
|
3
|
|
|
7
|
|
|
(4
|
)
|
|||
Total securities
|
333
|
|
|
170
|
|
|
163
|
|
|||
Deposits in other banks
|
78
|
|
|
110
|
|
|
(32
|
)
|
|||
Total interest income
|
1,384
|
|
|
1,099
|
|
|
285
|
|
|||
|
|
|
|
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|||
Deposits:
|
|
|
|
|
|
|
|
|
|||
Demand
|
3
|
|
|
3
|
|
|
—
|
|
|||
Money market
|
370
|
|
|
399
|
|
|
(29
|
)
|
|||
Savings
|
1
|
|
|
1
|
|
|
—
|
|
|||
Time
|
273
|
|
|
330
|
|
|
(57
|
)
|
|||
Total deposits
|
647
|
|
|
733
|
|
|
(86
|
)
|
|||
Customer repurchase agreements
|
170
|
|
|
162
|
|
|
8
|
|
|||
Other short-term borrowings
|
(8
|
)
|
|
7
|
|
|
(15
|
)
|
|||
Long-term borrowings
|
94
|
|
|
93
|
|
|
1
|
|
|||
Total interest expense
|
903
|
|
|
995
|
|
|
(92
|
)
|
|||
Net interest income (taxable equivalent basis)
|
$
|
481
|
|
|
$
|
104
|
|
|
$
|
377
|
|
|
|
|
Three Months Ended March 31,
|
|||||||||||||
|
(Dollars in thousands)
|
|||||||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
Noninterest income:
|
|
|
|
|
|
|
|
|||||||
Trust fees
|
$
|
914
|
|
|
$
|
929
|
|
|
$
|
(15
|
)
|
|
(1.6
|
)%
|
Service charges on deposit accounts
|
594
|
|
|
612
|
|
|
(18
|
)
|
|
(2.9
|
)
|
|||
Other fees and commissions
|
708
|
|
|
642
|
|
|
66
|
|
|
10.3
|
|
|||
Mortgage banking income
|
406
|
|
|
450
|
|
|
(44
|
)
|
|
(9.8
|
)
|
|||
Securities gains, net
|
323
|
|
|
121
|
|
|
202
|
|
|
166.9
|
|
|||
Brokerage fees
|
147
|
|
|
222
|
|
|
(75
|
)
|
|
(33.8
|
)
|
|||
Income from SBICs
|
168
|
|
|
155
|
|
|
13
|
|
|
8.4
|
|
|||
Other
|
191
|
|
|
202
|
|
|
(11
|
)
|
|
(5.4
|
)
|
|||
Total noninterest income
|
$
|
3,451
|
|
|
$
|
3,333
|
|
|
$
|
118
|
|
|
3.5
|
|
|
|
Three Months Ended March 31,
|
|||||||||||||
|
(Dollars in thousands)
|
|||||||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
Noninterest Expense
|
|
|
|
|
|
|
|
|||||||
Salaries
|
$
|
4,664
|
|
|
$
|
4,997
|
|
|
$
|
(333
|
)
|
|
(6.7
|
)%
|
Employee benefits
|
1,230
|
|
|
1,175
|
|
|
55
|
|
|
4.7
|
|
|||
Occupancy and equipment
|
1,084
|
|
|
1,128
|
|
|
(44
|
)
|
|
(3.9
|
)
|
|||
FDIC assessment
|
125
|
|
|
146
|
|
|
(21
|
)
|
|
(14.4
|
)
|
|||
Bank franchise tax
|
290
|
|
|
281
|
|
|
9
|
|
|
3.2
|
|
|||
Core deposit intangible amortization
|
55
|
|
|
77
|
|
|
(22
|
)
|
|
(28.6
|
)
|
|||
Data processing
|
532
|
|
|
422
|
|
|
110
|
|
|
26.1
|
|
|||
Software
|
324
|
|
|
305
|
|
|
19
|
|
|
6.2
|
|
|||
Other real estate owned, net
|
13
|
|
|
30
|
|
|
(17
|
)
|
|
(56.7
|
)
|
|||
Merger related expenses
|
451
|
|
|
—
|
|
|
451
|
|
|
100.0
|
|
|||
Other
|
2,161
|
|
|
2,141
|
|
|
20
|
|
|
0.9
|
|
|||
Total noninterest expense
|
$
|
10,929
|
|
|
$
|
10,702
|
|
|
$
|
227
|
|
|
2.1
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Efficiency Ratio
|
|
|
|
||||
Noninterest expense
|
$
|
10,929
|
|
|
$
|
10,702
|
|
Add/subtract: loss/(gain) on sale of OREO
|
2
|
|
|
5
|
|
||
Subtract: core deposit intangible amortization
|
(55
|
)
|
|
(77
|
)
|
||
Subtract merger related expense
|
(451
|
)
|
|
—
|
|
||
|
$
|
10,425
|
|
|
$
|
10,630
|
|
|
|
|
|
||||
Net interest income
|
$
|
15,068
|
|
|
$
|
14,543
|
|
Tax equivalent adjustment
|
111
|
|
|
155
|
|
||
Noninterest income
|
3,451
|
|
|
3,333
|
|
||
Add/subtract: (gain)/loss on securities
|
(323
|
)
|
|
(121
|
)
|
||
Add/subtract: (gain)/loss on fixed assets
|
—
|
|
|
(3
|
)
|
||
|
$
|
18,307
|
|
|
$
|
17,907
|
|
|
|
|
|
||||
Efficiency ratio
|
56.95
|
%
|
|
59.36
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Reconciliation of Net Interest Income to Tax-Equivalent Net Interest Income
|
|
|
|
||||
Non-GAAP measures:
|
|
|
|
||||
Interest income - loans
|
$
|
15,682
|
|
|
$
|
14,709
|
|
Interest income - investments and other
|
2,525
|
|
|
2,114
|
|
||
Interest expense - deposits
|
(2,472
|
)
|
|
(1,825
|
)
|
||
Interest expense - customer repurchase agreements
|
(171
|
)
|
|
(1
|
)
|
||
Interest expense - other short-term borrowings
|
(1
|
)
|
|
(9
|
)
|
||
Interest expense - long-term borrowings
|
(384
|
)
|
|
(290
|
)
|
||
Total net interest income
|
$
|
15,179
|
|
|
$
|
14,698
|
|
Less non-GAAP measures:
|
|
|
|
||||
Tax benefit realized on non-taxable interest income - loans
|
$
|
(44
|
)
|
|
$
|
(52
|
)
|
Tax benefit realized on non-taxable interest income - municipal securities
|
(67
|
)
|
|
(103
|
)
|
||
GAAP measures
|
$
|
15,068
|
|
|
$
|
14,543
|
|
|
|
|
March 31, 2019
|
||
|
Income Statement Effect
|
|
Accretion (Amortization) Three Months Ended
|
||
Interest income/(expense):
|
|
|
|
||
Acquired performing loans
|
Income
|
|
$
|
77
|
|
Acquired impaired loans
|
Income
|
|
204
|
|
|
Junior subordinated debt
|
Expense
|
|
(26
|
)
|
|
Net interest income
|
|
|
255
|
|
|
|
|
|
|
||
Noninterest (expense):
|
|
|
|
||
Amortization of core deposit intangible
|
Expense
|
|
(55
|
)
|
|
|
|
|
|
||
Change in pretax income
|
|
|
$
|
200
|
|
|
|
|
March 31, 2018
|
||
|
Income Statement Effect
|
|
Accretion (Amortization) Three Months Ended
|
||
Interest income/(expense):
|
|
|
|
||
Acquired performing loans
|
Income
|
|
$
|
104
|
|
Acquired impaired loans
|
Income
|
|
348
|
|
|
Junior subordinated debt
|
Expense
|
|
(25
|
)
|
|
Net interest income
|
|
|
427
|
|
|
|
|
|
|
||
Noninterest (expense):
|
|
|
|
||
Amortization of core deposit intangible
|
Expense
|
|
(77
|
)
|
|
|
|
|
|
||
Change in pretax income
|
|
|
$
|
350
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Commercial
|
$
|
289,301
|
|
|
$
|
285,972
|
|
Commercial real estate:
|
|
|
|
|
|
||
Construction and land development
|
93,759
|
|
|
97,240
|
|
||
Commercial real estate
|
659,133
|
|
|
655,800
|
|
||
Residential real estate:
|
|
|
|
|
|
||
Residential
|
212,665
|
|
|
209,438
|
|
||
Home equity
|
99,979
|
|
|
103,933
|
|
||
Consumer
|
5,226
|
|
|
5,093
|
|
||
Total loans
|
$
|
1,360,063
|
|
|
$
|
1,357,476
|
|
Summary of Loan Loss Experience
|
|||||||
|
Three Months Ended March 31, 2019
|
|
Year Ended December 31, 2018
|
||||
Balance at beginning of period
|
$
|
12,805
|
|
|
$
|
13,603
|
|
|
|
|
|
||||
Charge-offs:
|
|
|
|
|
|
||
Construction and land development
|
—
|
|
|
—
|
|
||
Commercial real estate
|
6
|
|
|
11
|
|
||
Residential real estate
|
20
|
|
|
—
|
|
||
Home equity
|
—
|
|
|
86
|
|
||
Total real estate
|
26
|
|
|
97
|
|
||
Commercial and industrial
|
11
|
|
|
787
|
|
||
Consumer
|
32
|
|
|
136
|
|
||
Total charge-offs
|
69
|
|
|
1,020
|
|
||
|
|
|
|
||||
Recoveries:
|
|
|
|
|
|
||
Construction and land development
|
—
|
|
|
4
|
|
||
Commercial real estate
|
—
|
|
|
6
|
|
||
Residential real estate
|
5
|
|
|
45
|
|
||
Home equity
|
8
|
|
|
104
|
|
||
Total real estate
|
13
|
|
|
159
|
|
||
Commercial and industrial
|
7
|
|
|
69
|
|
||
Consumer
|
34
|
|
|
97
|
|
||
Total recoveries
|
54
|
|
|
325
|
|
||
|
|
|
|
||||
Net charge-offs
|
15
|
|
|
695
|
|
||
Provision for (recovery of) loan losses
|
16
|
|
|
(103
|
)
|
||
Balance at end of period
|
$
|
12,806
|
|
|
$
|
12,805
|
|
Asset Quality Ratios
|
|||||
|
March 31, 2019
|
|
December 31, 2018
|
||
Allowance to loans
|
0.94
|
%
|
|
0.94
|
%
|
ASC 450 (FAS 5) ALLL to ASC 450 loans
|
0.96
|
|
|
0.97
|
|
Net charge-offs to allowance
(1)
|
0.47
|
|
|
5.43
|
|
Net charge-offs to average loans
(1)
|
0.00
|
|
|
0.05
|
|
Nonperforming assets to total assets
|
0.10
|
|
|
0.11
|
|
Nonperforming loans to loans
|
0.10
|
|
|
0.09
|
|
Provision to net charge-offs
(1)
|
106.67
|
|
|
(14.82
|
)
|
Provision to average loans
(1)
|
0.00
|
|
|
(0.01
|
)
|
Allowance to nonperforming loans
|
979.05
|
|
|
1,101.98
|
|
Nonperforming Assets
|
|||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||
Nonaccrual loans:
|
|
|
|
||||
Real estate
|
$
|
1,073
|
|
|
$
|
1,007
|
|
Commercial
|
37
|
|
|
83
|
|
||
Consumer
|
1
|
|
|
—
|
|
||
Total nonaccrual loans
|
1,111
|
|
|
1,090
|
|
||
|
|
|
|
||||
Loans past due 90 days and accruing interest:
|
|
|
|
|
|
||
Real estate
|
197
|
|
|
72
|
|
||
Total past due 90 days and accruing interest
|
197
|
|
|
72
|
|
||
|
|
|
|
||||
Total nonperforming loans
|
1,308
|
|
|
1,162
|
|
||
|
|
|
|
||||
Other real estate owned
|
646
|
|
|
869
|
|
||
|
|
|
|
||||
Total nonperforming assets
|
$
|
1,954
|
|
|
$
|
2,031
|
|
Impaired Loans
|
|||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||
Accruing
|
$
|
829
|
|
|
$
|
848
|
|
Nonaccruing
|
444
|
|
|
486
|
|
||
Total impaired loans
|
$
|
1,273
|
|
|
$
|
1,334
|
|
Other Real Estate Owned
|
|||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||
Construction and land development
|
$
|
59
|
|
|
$
|
78
|
|
1-4 family residential
|
514
|
|
|
719
|
|
||
Commercial real estate
|
73
|
|
|
72
|
|
||
|
$
|
646
|
|
|
$
|
869
|
|
|
Percentage
At March 31, 2019 |
|
Percentage
At December 31, 2018 |
||||||||
Risk-Based Capital Ratios:
|
Company
|
|
Bank
|
|
Company
|
|
Bank
|
||||
|
|
|
|
|
|
|
|
||||
Common equity tier 1 capital ratio
|
12.82
|
%
|
|
13.87
|
%
|
|
12.55
|
%
|
|
13.68
|
%
|
Tier 1 capital ratio
|
14.73
|
|
|
13.87
|
|
|
14.46
|
|
|
13.68
|
|
Total capital ratio
|
15.61
|
|
|
14.77
|
|
|
15.35
|
|
|
14.57
|
|
|
|
|
|
|
|
|
|
||||
Leverage Capital Ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tier 1 leverage ratio
|
11.84
|
|
|
11.15
|
|
|
11.62
|
|
|
10.99
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Commitments to extend credit
|
$
|
386,773
|
|
|
$
|
362,586
|
|
Standby letters of credit
|
11,930
|
|
|
15,555
|
|
||
Mortgage loan rate-lock commitments
|
11,243
|
|
|
9,710
|
|
|
|
3.2
|
Bylaws of American National Bankshares Inc., as amended (incorporated by reference to Exhibit 3.2 to American National Bankshares Inc.'s Current Report on Form 8-K filed on April 4, 2019).
|
10.1
|
Employment Agreement between American National Bank and Trust Company and Susan K. Still (incorporated by reference to Exhibit 10.1 to American National Bankshares Inc.'s Pre-Effective Amendment No. 1 to Form S-4 Registration Statement filed on February 6, 2019; SEC file no. 333-228810).
|
10.2
|
HomeTown Bank 2005 Stock Option Plan (incorporated by reference to Exhibit 4.0 to American National Bankshares Inc.'s Post-Effective Amendment No. 1 on Form S-8 to Form S-4 Registration Statement filed on April 1, 2019; SEC file no. 333-228810).
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of
March 31, 2019
and
December 31, 2018
, (ii) the Consolidated Statements of Income for the
three
months ended
March 31, 2019
and
March 31, 2018
, (iii) the Consolidated Statements of Comprehensive Income for the
three
months ended
March 31, 2019
and
March 31, 2018
, (iv) the Consolidated Statements of Changes in Shareholders' Equity for the
three
months ended
March 31, 2019
and
March 31, 2018
, (v) the Consolidated Statements of Cash Flows for the
three
months ended
March 31, 2019
and
March 31, 2018
, and (vi) the Notes to the Consolidated Financial Statements (furnished herewith).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Jeffrey V. Haley
|
|
|
|
Jeffrey V. Haley
|
|
|
|
President and Chief Executive Officer
|
|
Date - May 8, 2019
|
|
(principal executive officer)
|
|
|
|
|
|
|
By:
|
/s/ William W. Traynham
|
|
|
|
William W. Traynham
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
Date - May 8, 2019
|
|
(principal financial officer)
|
|
|
|
|
|
|
By:
|
/s/ Cathy W. Liles
|
|
|
|
Cathy W. Liles
|
|
|
|
Senior Vice President and
|
|
|
|
Chief Accounting Officer
|
|
Date - May 8, 2019
|
|
(principal accounting officer)
|
|
1 Year American National Banksh... Chart |
1 Month American National Banksh... Chart |
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