President and Chief Executive Officer,
First quarter 2022 highlights include:
- Average loans held for investment, excluding
U.S. Small Business Administration Paycheck Protection Program (“PPP”) loans, grew$45.4 million , or 9.5% annualized, during the first quarter as compared to the previous quarter. - Earnings produced a return on average tangible common equity of 14.14% for the first quarter of 2022, compared to 17.63% in the previous quarter and 18.45% for the same quarter in the prior year (non-GAAP).
- Average deposits declined 4.6% annualized during the quarter but increased 11.6% over the same quarter of 2021; the cost of interest-bearing deposits decreased to 0.12% in the first quarter, compared to 0.14% in the previous quarter and 0.30% in the same quarter of the prior year.
- Fully taxable equivalent (“FTE”) net interest margin was 2.63% for the quarter, down from 2.93% in the fourth quarter of 2021 and from 3.20% in the same quarter of the prior year (non-GAAP).
- Noninterest revenues increased
$756 thousand , or 15.6%, when compared to the previous quarter, and decreased$322 thousand , or 5.4%, compared to the same quarter in the prior year. - Noninterest expense decreased
$114 thousand , or less than 1%, when compared to the previous quarter, and increased$1.3 million , or 9.1%, when compared to the same quarter in the prior year. - The Company recognized a negative provision for loan losses in the first quarter of 2022 of
$758 thousand compared to a negative provision of$2.0 million in the fourth quarter of 2021 and no provision expense or recovery in the first quarter of 2021. Annualized net charge-offs (recoveries) as a percentage of average loans outstanding were (0.01%) for the first quarter of 2022, compared to none in the previous quarter or in the same quarter in the prior year. - Nonperforming assets as a percentage of total assets were 0.06% at
March 31, 2022 , down from 0.07% atDecember 31, 2021 , and down from 0.10% atMarch 31, 2021 .
NET INTEREST INCOME
Net interest income for the first quarter of 2022 decreased by
The Company’s FTE net interest margin includes the impact of acquisition accounting fair value adjustments. During the first quarter of 2022, net accretion related to acquisition accounting amounted to
For the years ending (estimated): | |||
2022 | $ 725 | ||
2023 | 732 | ||
2024 | 434 | ||
2025 | 292 | ||
2026 | 177 | ||
Thereafter | 246 |
ASSET QUALITY
Nonperforming assets (“NPAs”) totaled
The allowance for loan losses was
NONINTEREST INCOME
Noninterest income increased
The first quarter of 2022 compared to the first quarter of 2021 reflected a significant decrease in mortgage banking income of
NONINTEREST EXPENSE
Noninterest expense for the first quarter of 2022 amounted to
The first quarter 2022 increase compared to the same quarter of 2021, was primarily due to increased salary and employee benefits expenses including annual salary adjustments and incentive accruals, and reduced loan origination deferral costs. The first quarter of 2021 reflected a reduction in salaries and benefits expense associated with the deferral of
INCOME TAXES
The effective tax rate for the three months ended
BALANCE SHEET
Total assets at
At
Investment securities available for sale amounted to
Deposits amounted to
The Company continues to be well-capitalized as defined by regulators, with tangible common equity to tangible assets of 7.54% at
ABOUT AMERICAN NATIONAL
American National is a multi-state bank holding company with total assets of approximately
NON-GAAP FINANCIAL MEASURES
This release contains financial information determined by methods other than in accordance with generally accepted accounting principles in
FORWARD-LOOKING STATEMENTS
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. American National intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. American National’s ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors that could have a material effect on the operations and future prospects of American National include but are not limited to: (1) the impacts of the ongoing COVID-19 pandemic and the associated efforts to limit the spread of the virus; (2) expected revenue synergies and cost savings from acquisitions and depositions; (3) changes in interest rates, general economic conditions, legislation and regulation, and monetary and fiscal policies of the
Consolidated Balance Sheets | |||||||
(Dollars in thousands, except per share data) | |||||||
Unaudited | |||||||
2022 | 2021 | ||||||
Assets | |||||||
Cash and due from banks | $ | 34,506 | $ | 33,266 | |||
Interest-bearing deposits in other banks | 452,562 | 383,984 | |||||
Securities available for sale, at fair value | 686,176 | 482,143 | |||||
Restricted stock, at cost | 8,484 | 8,024 | |||||
Loans held for sale | 2,524 | 17,929 | |||||
Loans, net of deferred fees and costs | 1,988,008 | 1,978,640 | |||||
Less allowance for loan losses | (17,988 | ) | (21,416 | ) | |||
Net Loans | 1,970,020 | 1,957,224 | |||||
Premises and equipment, net | 35,383 | 39,336 | |||||
Other real estate owned, net | 143 | 443 | |||||
85,048 | 85,048 | ||||||
Core deposit intangibles, net | 4,297 | 5,710 | |||||
Bank owned life insurance | 29,159 | 28,635 | |||||
Other assets | 37,936 | 31,690 | |||||
Total assets | $ | 3,346,238 | $ | 3,073,432 | |||
Liabilities | |||||||
Demand deposits -- noninterest-bearing | $ | 1,024,778 | $ | 907,721 | |||
Demand deposits -- interest-bearing | 539,252 | 455,457 | |||||
Money market deposits | 759,782 | 688,051 | |||||
Savings deposits | 271,384 | 236,518 | |||||
Time deposits | 331,011 | 344,787 | |||||
Total deposits | 2,926,207 | 2,632,534 | |||||
Customer repurchase agreements | 38,527 | 39,205 | |||||
Long-term borrowings | 28,257 | 35,656 | |||||
Other liabilities | 18,173 | 24,244 | |||||
Total liabilities | 3,011,164 | 2,731,639 | |||||
Shareholders' equity | |||||||
Preferred stock, | |||||||
none outstanding | - | - | |||||
Common stock, | |||||||
10,713,958 shares outstanding at | |||||||
10,958,171 shares outstanding at | 10,638 | 10,894 | |||||
Capital in excess of par value | 144,848 | 153,651 | |||||
Retained earnings | 207,373 | 178,015 | |||||
Accumulated other comprehensive loss, net | (27,785 | ) | (767 | ) | |||
Total shareholders' equity | 335,074 | 341,793 | |||||
Total liabilities and shareholders' equity | $ | 3,346,238 | $ | 3,073,432 | |||
Consolidated Statements of Income | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||
Unaudited | |||||||||||
For the Three Months Ended | |||||||||||
Interest and Dividend Income: | |||||||||||
Interest and fees on loans | $ | 18,788 | $ | 21,706 | $ | 22,273 | |||||
Interest and dividends on securities: | |||||||||||
Taxable | 2,239 | 2,012 | 1,632 | ||||||||
Tax-exempt | 90 | 92 | 103 | ||||||||
Dividends | 113 | 115 | 119 | ||||||||
Other interest income | 177 | 223 | 77 | ||||||||
Total interest and dividend income | 21,407 | 24,148 | 24,204 | ||||||||
Interest Expense: | |||||||||||
Interest on deposits | 569 | 655 | 1,287 | ||||||||
Interest on short-term borrowings | 6 | 3 | 11 | ||||||||
Interest on long-term borrowings | 379 | 386 | 483 | ||||||||
Total interest expense | 954 | 1,044 | 1,781 | ||||||||
Net Interest Income | 20,453 | 23,104 | 22,423 | ||||||||
(Recovery of) provision for loan losses | (758 | ) | (1,955 | ) | - | ||||||
Net Interest Income After (Recovery of) Provision | |||||||||||
for Loan Losses | 21,211 | 25,059 | 22,423 | ||||||||
Noninterest Income: | |||||||||||
Trust and brokerage fees | 1,809 | 1,529 | 1,424 | ||||||||
Service charges on deposit accounts | 689 | 695 | 622 | ||||||||
Interchange fees | 981 | 1,127 | 889 | ||||||||
Other fees and commissions | 266 | 182 | 250 | ||||||||
Mortgage banking income | 673 | 746 | 1,318 | ||||||||
Securities gains, net | - | 35 | - | ||||||||
Income from Small Business Investment Companies | 493 | 462 | 428 | ||||||||
Income from insurance investments | 447 | 137 | 788 | ||||||||
Gains (losses) on premises and equipment, net | 4 | (297 | ) | (49 | ) | ||||||
Other | 238 | 228 | 252 | ||||||||
Total noninterest income | 5,600 | 4,844 | 5,922 | ||||||||
Noninterest Expense: | |||||||||||
Salaries and employee benefits | 8,598 | 8,461 | 7,518 | ||||||||
Occupancy and equipment | 1,542 | 1,484 | 1,533 | ||||||||
239 | 220 | 224 | |||||||||
Bank franchise tax | 476 | 446 | 438 | ||||||||
Core deposit intangible amortization | 330 | 351 | 381 | ||||||||
Data processing | 847 | 734 | 778 | ||||||||
Software | 363 | 357 | 329 | ||||||||
Other real estate owned, net | (1 | ) | (17 | ) | 117 | ||||||
Other | 2,955 | 3,427 | 2,747 | ||||||||
Total noninterest expense | 15,349 | 15,463 | 14,065 | ||||||||
Income Before Income Taxes | 11,462 | 14,440 | 14,280 | ||||||||
Income Taxes | 2,463 | 3,147 | 2,991 | ||||||||
Net Income | $ | 8,999 | $ | 11,293 | $ | 11,289 | |||||
Net Income Per Common Share: | |||||||||||
Basic | $ | 0.84 | $ | 1.05 | $ | 1.03 | |||||
Diluted | $ | 0.84 | $ | 1.05 | $ | 1.03 | |||||
Weighted Average Common Shares Outstanding: | |||||||||||
Basic | 10,754,287 | 10,774,268 | 10,971,466 | ||||||||
Diluted | 10,756,902 | 10,776,970 | 10,976,177 | ||||||||
Financial Highlights | ||||||||||||
Unaudited | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
1st Qtr | 4th Qtr | 1st Qtr | ||||||||||
2022 | 2021 | 2021 | ||||||||||
EARNINGS | ||||||||||||
Interest income | $ | 21,407 | $ | 24,148 | $ | 24,204 | ||||||
Interest expense | 954 | 1,044 | 1,781 | |||||||||
Net interest income | 20,453 | 23,104 | 22,423 | |||||||||
(Recovery of) provision for loan losses | (758 | ) | (1,955 | ) | - | |||||||
Noninterest income | 5,600 | 4,844 | 5,922 | |||||||||
Noninterest expense | 15,349 | 15,463 | 14,065 | |||||||||
Income taxes | 2,463 | 3,147 | 2,991 | |||||||||
Net income | 8,999 | 11,293 | 11,289 | |||||||||
PER COMMON SHARE | ||||||||||||
Net income per share - basic | $ | 0.84 | $ | 1.05 | $ | 1.03 | ||||||
Net income per share - diluted | 0.84 | 1.05 | 1.03 | |||||||||
Cash dividends paid | 0.28 | 0.28 | 0.27 | |||||||||
Book value per share | 31.27 | 32.95 | 31.19 | |||||||||
Book value per share - tangible (a) | 22.94 | 24.62 | 22.91 | |||||||||
Closing market price | 37.68 | 37.68 | 33.07 | |||||||||
FINANCIAL RATIOS | ||||||||||||
Return on average assets | 1.08 | % | 1.35 | % | 1.49 | % | ||||||
Return on average common equity | 10.24 | 12.82 | 13.19 | |||||||||
Return on average tangible common equity (a) | 14.14 | 17.63 | 18.45 | |||||||||
Average common equity to average assets | 10.59 | 10.50 | 11.31 | |||||||||
Tangible common equity to tangible assets (a) | 7.54 | 8.17 | 8.42 | |||||||||
Net interest margin, taxable equivalent | 2.63 | 2.93 | 3.20 | |||||||||
Efficiency ratio (a) | 57.53 | 53.46 | 47.70 | |||||||||
Effective tax rate | 21.49 | 21.79 | 20.95 | |||||||||
PERIOD-END BALANCES | ||||||||||||
Securities | $ | 694,660 | $ | 700,523 | $ | 490,167 | ||||||
Loans held for sale | 2,524 | 8,481 | 17,929 | |||||||||
Loans, net | 1,988,008 | 1,946,580 | 1,978,640 | |||||||||
89,345 | 89,675 | 90,758 | ||||||||||
Assets | 3,346,238 | 3,334,597 | 3,073,432 | |||||||||
Assets - tangible (a) | 3,256,893 | 3,244,922 | 2,982,674 | |||||||||
Deposits | 2,926,207 | 2,890,353 | 2,632,534 | |||||||||
Customer repurchase agreements | 38,527 | 41,128 | 39,205 | |||||||||
Long-term borrowings | 28,257 | 28,232 | 35,656 | |||||||||
Shareholders' equity | 335,074 | 354,792 | 341,793 | |||||||||
Shareholders' equity - tangible (a) | 245,729 | 265,117 | 251,035 | |||||||||
AVERAGE BALANCES | ||||||||||||
Securities (b) | $ | 710,873 | $ | 654,595 | $ | 458,760 | ||||||
Loans held for sale | 4,324 | 8,121 | 11,237 | |||||||||
Loans, net | 1,966,586 | 1,943,238 | 2,009,166 | |||||||||
Interest-earning assets | 3,126,561 | 3,154,730 | 2,814,291 | |||||||||
89,525 | 89,855 | 90,976 | ||||||||||
Assets | 3,320,314 | 3,357,223 | 3,026,952 | |||||||||
Assets - tangible (a) | 3,230,789 | 3,267,368 | 2,935,976 | |||||||||
Interest-bearing deposits | 1,880,873 | 1,868,695 | 1,740,418 | |||||||||
Deposits | 2,880,893 | 2,914,381 | 2,582,539 | |||||||||
Customer repurchase agreements | 41,337 | 39,645 | 43,746 | |||||||||
Long-term borrowings | 28,241 | 28,218 | 35,640 | |||||||||
Shareholders' equity | 351,539 | 352,395 | 342,231 | |||||||||
Shareholders' equity - tangible (a) | 262,014 | 262,540 | 251,255 | |||||||||
Financial Highlights | ||||||||||||
Unaudited | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
1st Qtr | 4th Qtr | 1st Qtr | ||||||||||
2022 | 2021 | 2021 | ||||||||||
CAPITAL | ||||||||||||
Weighted average shares outstanding - basic | 10,754,287 | 10,774,268 | 10,971,466 | |||||||||
Weighted average shares outstanding - diluted | 10,756,902 | 10,776,970 | 10,976,177 | |||||||||
COMMON STOCK REPURCHASE PROGRAM | ||||||||||||
Total shares of common stock repurchased | 88,929 | 16,580 | 54,023 | |||||||||
Average price paid per share of common stock | $ | 38.18 | $ | 37.12 | $ | 29.51 | ||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||
Beginning balance | $ | 18,678 | $ | 20,630 | $ | 21,403 | ||||||
(Recovery of) provision for loan losses | (758 | ) | (1,955 | ) | - | |||||||
Charge-offs | (37 | ) | (76 | ) | (22 | ) | ||||||
Recoveries | 105 | 79 | 35 | |||||||||
Ending balance | $ | 17,988 | $ | 18,678 | $ | 21,416 | ||||||
LOANS | ||||||||||||
Construction and land development | $ | 148,276 | $ | 134,221 | $ | 159,801 | ||||||
Commercial real estate - owner occupied | 402,306 | 391,517 | 364,549 | |||||||||
Commercial real estate - non-owner occupied | 752,817 | 731,034 | 628,742 | |||||||||
Residential real estate | 295,949 | 289,757 | 266,595 | |||||||||
Home equity | 89,593 | 93,203 | 100,643 | |||||||||
Commercial and industrial | 291,697 | 299,773 | 447,109 | |||||||||
Consumer | 7,370 | 7,075 | 11,201 | |||||||||
Total | $ | 1,988,008 | $ | 1,946,580 | $ | 1,978,640 | ||||||
NONPERFORMING ASSETS AT PERIOD-END | ||||||||||||
Nonperforming loans: | ||||||||||||
90 days past due and accruing | $ | 71 | $ | 216 | $ | 162 | ||||||
Nonaccrual | 1,762 | 2,006 | 2,323 | |||||||||
Other real estate owned and repossessions | 143 | 143 | 443 | |||||||||
Nonperforming assets | $ | 1,976 | $ | 2,365 | $ | 2,928 | ||||||
ASSET QUALITY RATIOS | ||||||||||||
Allowance for loan losses to total loans | 0.90 | % | 0.96 | % | 1.08 | % | ||||||
Allowance for loan losses to | ||||||||||||
nonperforming loans | 981.34 | 840.59 | 861.81 | |||||||||
Nonperforming assets to total assets | 0.06 | 0.07 | 0.10 | |||||||||
Nonperforming loans to total loans | 0.09 | 0.11 | 0.13 | |||||||||
Annualized net recoveries to average loans | (0.01 | ) | (0.00 | ) | (0.00 | ) | ||||||
OTHER DATA | ||||||||||||
Fiduciary assets at period-end (c) (d) | $ | 727,022 | $ | 752,410 | $ | 666,653 | ||||||
Retail brokerage assets at period-end (c) (d) | $ | 405,742 | $ | 418,850 | $ | 382,419 | ||||||
Number full-time equivalent employees (e) | 338 | 346 | 340 | |||||||||
Number of full service offices | 26 | 26 | 26 | |||||||||
Number of loan production offices | 1 | 1 | 1 | |||||||||
Number of ATMs | 36 | 36 | 36 | |||||||||
Notes: | ||||||||||||
(a) - This financial measure is not calculated in accordance with GAAP. For a reconciliation of non-GAAP financial measures, see "Reconciliation of Non-GAAP Financial Measures" at the end of this release. | ||||||||||||
(b) - Average does not include unrealized gains and losses. | ||||||||||||
(c) - Market value. | ||||||||||||
(d) - Assets are not owned by American National and are not reflected in the consolidated balance sheet. | ||||||||||||
(e) - Average for quarter. | ||||||||||||
Net Interest Income Analysis | ||||||||||||||||
For the Three Months Ended | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Unaudited | ||||||||||||||||
Interest | ||||||||||||||||
Average Balance | Income/Expense (a) | Yield/Rate | ||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||
Loans: | ||||||||||||||||
Commercial | $ | 290,051 | $ | 464,677 | $ | 2,632 | $ | 5,790 | 3.68 | % | 5.05 | % | ||||
Real estate | 1,674,350 | 1,548,091 | 16,078 | 16,390 | 3.84 | 4.23 | ||||||||||
Consumer | 6,509 | 7,635 | 112 | 127 | 6.98 | 6.75 | ||||||||||
Total loans (b) | 1,970,910 | 2,020,403 | 18,822 | 22,307 | 3.83 | 4.43 | ||||||||||
Securities: | ||||||||||||||||
147,001 | 15,303 | 323 | 12 | 0.88 | 0.31 | |||||||||||
Federal agencies & GSEs | 104,905 | 105,337 | 293 | 305 | 1.12 | 1.16 | ||||||||||
Mortgage-backed & CMOs | 361,583 | 258,003 | 1,207 | 973 | 1.34 | 1.51 | ||||||||||
State and municipal | 67,524 | 58,493 | 331 | 315 | 1.96 | 2.15 | ||||||||||
Other | 29,860 | 21,624 | 312 | 275 | 4.18 | 5.09 | ||||||||||
Total securities | 710,873 | 458,760 | 2,466 | 1,880 | 1.39 | 1.64 | ||||||||||
Deposits in other banks | 444,778 | 335,128 | 177 | 77 | 0.16 | 0.09 | ||||||||||
Total interest-earning assets | 3,126,561 | 2,814,291 | 21,465 | 24,264 | 2.75 | 3.46 | ||||||||||
Non-earning assets | 193,753 | 212,661 | ||||||||||||||
Total assets | $ | 3,320,314 | $ | 3,026,952 | ||||||||||||
Deposits: | ||||||||||||||||
Demand | $ | 525,508 | $ | 450,953 | 37 | 40 | 0.03 | 0.04 | ||||||||
Money market | 752,386 | 683,948 | 101 | 276 | 0.05 | 0.16 | ||||||||||
Savings | 264,057 | 227,404 | 7 | 7 | 0.01 | 0.01 | ||||||||||
Time | 338,922 | 378,113 | 424 | 964 | 0.51 | 1.03 | ||||||||||
Total deposits | 1,880,873 | 1,740,418 | 569 | 1,287 | 0.12 | 0.30 | ||||||||||
Customer repurchase agreements | 41,337 | 43,746 | 6 | 11 | 0.06 | 0.10 | ||||||||||
Long-term borrowings | 28,241 | 35,640 | 379 | 483 | 5.37 | 5.42 | ||||||||||
Total interest-bearing | ||||||||||||||||
liabilities | 1,950,451 | 1,819,804 | 954 | 1,781 | 0.20 | 0.40 | ||||||||||
Noninterest bearing demand deposits | 1,000,020 | 842,121 | ||||||||||||||
Other liabilities | 18,304 | 22,796 | ||||||||||||||
Shareholders' equity | 351,539 | 342,231 | ||||||||||||||
Total liabilities and | ||||||||||||||||
shareholders' equity | $ | 3,320,314 | $ | 3,026,952 | ||||||||||||
Interest rate spread | 2.55 | % | 3.06 | % | ||||||||||||
Net interest margin | 2.63 | % | 3.20 | % | ||||||||||||
Net interest income (taxable equivalent basis) | 20,511 | 22,483 | ||||||||||||||
Less: Taxable equivalent adjustment (c) | 58 | 60 | ||||||||||||||
Net interest income | $ | 20,453 | $ | 22,423 | ||||||||||||
Notes: | ||||||||||||||||
(a) - Interest income includes net accretion/amortization of acquired loan fair value adjustments and the net accretion/amortization of deferred loan fees and costs. | ||||||||||||||||
(b) - Nonaccrual loans are included in the average balances. | ||||||||||||||||
(c) - A tax rate of 21% was used in adjusting interest on tax-exempt assets to a fully taxable equivalent basis. | ||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||
Unaudited | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
1st Qtr | 4th Qtr | 1st Qtr | ||||||||||
2022 | 2021 | 2021 | ||||||||||
EFFICIENCY RATIO | ||||||||||||
Noninterest expense | $ | 15,349 | $ | 15,463 | $ | 14,065 | ||||||
Subtract: loss on sale of OREO | - | - | (111 | ) | ||||||||
Subtract: core deposit intangible amortization | (330 | ) | (351 | ) | (381 | ) | ||||||
$ | 15,019 | $ | 15,112 | $ | 13,573 | |||||||
Net interest income | $ | 20,453 | $ | 23,104 | $ | 22,423 | ||||||
Tax equivalent adjustment | 58 | 60 | 60 | |||||||||
Noninterest income | 5,600 | 4,844 | 5,922 | |||||||||
Subtract: gain on securities | - | (35 | ) | - | ||||||||
Add/subtract: (gain)/loss on fixed assets | (4 | ) | 297 | 49 | ||||||||
$ | 26,107 | $ | 28,270 | $ | 28,454 | |||||||
Efficiency ratio | 57.53 | % | 53.46 | % | 47.70 | % | ||||||
TAX EQUIVALENT NET INTEREST INCOME | ||||||||||||
Non-GAAP measures: | ||||||||||||
Interest income - loans | $ | 18,822 | $ | 21,742 | $ | 22,307 | ||||||
Interest income - investments and other | 2,643 | 2,466 | 1,957 | |||||||||
Interest expense - deposits | (569 | ) | (655 | ) | (1,287 | ) | ||||||
Interest expense - customer repurchase | ||||||||||||
agreements | (6 | ) | (3 | ) | (11 | ) | ||||||
Interest expense - long-term borrowings | (379 | ) | (386 | ) | (483 | ) | ||||||
Total net interest income | $ | 20,511 | $ | 23,164 | $ | 22,483 | ||||||
Less non-GAAP measures: | ||||||||||||
Tax benefit on nontaxable interest - loans | (34 | ) | (36 | ) | (34 | ) | ||||||
Tax benefit on nontaxable interest - securities | (24 | ) | (24 | ) | (26 | ) | ||||||
GAAP measures | $ | 20,453 | $ | 23,104 | $ | 22,423 | ||||||
RETURN ON AVERAGE TANGIBLE EQUITY | ||||||||||||
Return on average equity (GAAP basis) | 10.24 | % | 12.82 | % | 13.19 | % | ||||||
Impact of excluding average goodwill | ||||||||||||
and other intangibles | 3.90 | 4.81 | 5.26 | |||||||||
Return on average tangible equity | ||||||||||||
(non-GAAP) | 14.14 | % | 17.63 | % | 18.45 | % | ||||||
TANGIBLE EQUITY TO TANGIBLE ASSETS | ||||||||||||
Equity to assets ratio (GAAP basis) | 10.01 | % | 10.64 | % | 11.12 | % | ||||||
Impact of excluding goodwill and | ||||||||||||
other intangibles | (2.47 | ) | (2.47 | ) | (2.70 | ) | ||||||
Tangible equity to tangible assets ratio | ||||||||||||
(non-GAAP) | 7.54 | % | 8.17 | % | 8.42 | % | ||||||
TANGIBLE BOOK VALUE | ||||||||||||
Book value per share (GAAP basis) | $ | 31.27 | $ | 32.95 | $ | 31.19 | ||||||
Impact of excluding goodwill and | ||||||||||||
other intangibles | (8.33 | ) | (8.33 | ) | (8.28 | ) | ||||||
Tangible book value per share | ||||||||||||
(non-GAAP) | $ | 22.94 | $ | 24.62 | $ | 22.91 | ||||||
ADJUSTED LOAN LOSS ALLOWANCE | ||||||||||||
Allowance for loan losses | $ | 17,988 | $ | 18,678 | $ | 21,416 | ||||||
Credit discount on purchased loans | 4,001 | 4,474 | 6,528 | |||||||||
Adjusted loan loss allowance | $ | 21,989 | $ | 23,152 | $ | 27,944 | ||||||
Total loans, net | $ | 1,988,008 | $ | 1,946,580 | $ | 1,978,640 | ||||||
Subtract: PPP loans, net | (689 | ) | (12,239 | ) | (183,783 | ) | ||||||
Total loans less PPP loans, net | $ | 1,987,319 | $ | 1,934,341 | $ | 1,794,857 | ||||||
Adjusted loan loss allowance to | ||||||||||||
total loans less PPP loans, net | 1.11 | % | 1.20 | % | 1.56 | % | ||||||
Allowance for loan losses to | ||||||||||||
total loans less PPP loans, net | 0.91 | % | 0.97 | % | 1.19 | % | ||||||
Contact: | |
Executive Vice President, COO & CFO | |
(434)773-2274 | |
farrarj@amnb.com |
Source:
2022 GlobeNewswire, Inc., source