American National Bankshares Inc.
01/25/2022 | Press release | Distributed by Public on 01/25/2022 12:04
REPORTS FOURTH QUARTER AND FULL YEAR 2021 EARNINGS - Form 8-K
REPORTS FOURTH QUARTER AND FULL YEAR 2021 EARNINGS
Danville, VA, January 20, 2022 - American National Bankshares Inc. (NASDAQ: AMNB) ("American National" or the "Company") today reported fourth quarter 2021 earnings of $11.3 million, or $1.05 per diluted common share. Those results compare to $8.8 million, or $0.80 per diluted common share, during the same quarter in the prior year, and net income of $10.2 million, or $0.94 per diluted common share, recognized for the third quarter of 2021. Earnings for the twelve months ended December 31, 2021 were $43.5 million, or $4.00 per diluted common share, compared to $30.0 million, or $2.73 per diluted common share for the same period of 2020.
President and Chief Executive Officer Jeffrey V. Haley commented, "American National finished 2021 on a positive note with strong earnings for the fourth quarter and the full year. Core loan growth for the quarter was 6.6% annualized in spite of some significant paydown activity, and deposit growth continued to exceed expectations. Business activity and our local economies remain fairly robust in spite of factors associated with elevated inflation, supply chain issues and the ongoing pandemic."
"I am so proud and appreciative of the efforts of our employees, the support of our customers and our shareholders over the past year. We had a very successful year financially, but also achieved many other milestones as we continue to build the Company for future success."
Fourth quarter 2021 highlights include:
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● |
Average loans held for investment, excluding U.S. Small Business Administration Paycheck Protection Program ("PPP") loans, grew $69.0 million, or 14.9% annualized, during the fourth quarter compared to growth of $39.5 million, or 8.7% annualized, in the third quarter of this year and compared to a decrease of $13.6 million, or 3.0% annualized, in the fourth quarter of the prior year. |
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● |
Earnings produced a return on average tangible common equity of 17.63% for the fourth quarter of 2021, compared to 16.01% in the previous quarter and 14.90% for the same quarter in the prior year (non-GAAP). |
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● |
Average deposits grew 5.3% during the quarter and 14.9% over the same quarter of 2020; the cost of interest-bearing deposits decreased to 0.14% in the fourth quarter, compared to 0.17% in the previous quarter and 0.43% in the same quarter of the prior year. |
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● |
Fully taxable equivalent ("FTE") net interest margin was 2.93% for the quarter, down from 3.09% in the third quarter of 2021 and from 3.22% in the same quarter of the prior year (non-GAAP). |
|
● |
Noninterest revenues decreased $279 thousand, or 5.4%, when compared to the previous quarter, and increased $623 thousand, or 14.8%, compared to the same quarter in the prior year. |
|
● |
Noninterest expense increased $620 thousand, or 4.2%, when compared to the previous quarter, and increased $804 thousand, or 5.5%, when compared to the same quarter in the prior year. |
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● |
The Company recognized a negative provision for loan losses in the fourth quarter of 2021 of $2.0 million compared to a provision expense of $482 thousand in the third quarter of 2021 and $585 thousand in the fourth quarter of 2020. Annualized net charge-offs (recoveries) as a percentage of average loans outstanding were (0.00%) for the fourth quarter 2021, (0.01%) for the third quarter of 2021 and 0.05% for the fourth quarter of 2020. |
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● |
Nonperforming assets as a percentage of total assets were 0.07% at December 31, 2021, up from 0.06% at September 30, 2021 but down from 0.12% at December 31, 2020. |
SMALL BUSINESS ADMINISTRATION'S PPP
The Company has processed a total of $364.2 million in PPP loans, with total remaining outstanding net PPP loans of $12.2 million at December 31, 2021, down from $37.2 million at September 30, 2021. These quarter-end balances are net of $24.9 million of loans forgiven in the fourth quarter of 2021 compared to $66.9 million forgiven in the third quarter. Total PPP fees recognized in net interest income during the fourth quarter of 2021 were $919,000 compared to the prior quarter's $2.4 million. The interest income from the outstanding PPP portfolio generated $68,000 and $169,000, respectively, in the fourth and third quarters of 2021.
NET INTEREST INCOME
Net interest income for the fourth quarter of 2021 was stable compared to the third quarter at $23.1 million. The fourth quarter of 2021 compared to the same quarter of 2020 reflected an increase of $958 thousand, or 4.3%. The FTE net interest margin for the quarter was 2.93%, down from 3.09% in the prior quarter and 3.22% in the same quarter a year ago (non-GAAP). The reduction in PPP income was offset by additional accretion income on purchased loans, higher interest income associated with higher average balances on loans and growth in investment income in the fourth quarter compared to the third quarter of 2021. The increase in net interest income from the same quarter in the prior year was attributable to the same factors as well as the significantly lower rate environment in 2021, which reduced interest expense on deposits $1.2 million, or 64.0%.
The Company's FTE net interest margin includes the impact of acquisition accounting fair value adjustments. During the fourth quarter of 2021, net accretion related to acquisition accounting amounted to $2.1 million compared to $1.3 million in the prior quarter of 2021 and $1.2 million for the same quarter in 2020. Net accretion for the twelve months ended December 31, 2021 amounted to $5.2 million, compared to $3.8 million for the same period in 2020. Estimated remaining net accretion from acquisitions for the periods indicated is as follows (dollars in thousands):
For the years ending (estimated):
|
2022 |
$ | 1,100 | ||
|
2023 |
690 | |||
|
2024 |
429 | |||
|
2025 |
292 | |||
|
2026 |
171 | |||
|
Thereafter |
234 |
ASSET QUALITY
Nonperforming assets ("NPAs") totaled $2.4 million as of December 31, 2021, up slightly from $2.1 million at September 30, 2021, and down significantly from $3.7 million at December 31, 2020. NPAs as a percentage of total assets were 0.07% at December 31, 2021, compared to 0.06% at September 30, 2021 and 0.12% at December 31, 2020.
The Company recorded a negative provision for the fourth quarter of 2021 of $2.0 million compared to the recognition of a provision of $482 thousand in the third quarter and $585 thousand in the fourth quarter in the previous year. The fourth quarter of 2021 negative provision compared to the third quarter of 2021 and the fourth quarter of 2020 was the result of continued improvement in economic conditions, ongoing low charge-off and deliquency rates, and overlal strong asset quality metrics. In addition, the third quarter provision was higher due to significant loan growth during the period. The allowance for loan losses was $18.7 million at December 31, 2021, compared to $20.6 million at September 30, 2021 and $21.4 million at December 31, 2020. Annualized net charge-offs (recoveries) as a percentage of average loans outstanding were (0.00%) for the fourth quarter of 2021, compared to (0.01%) in the previous quarter and 0.05% for the same quarter in the prior year. The allowance as a percentage of loans held for investment was 0.96% at December 31, 2021, compared to 1.06% at September 30, 2021, and 1.06% at December 31, 2020. Excluding PPP loans, the allowance as a percentage of loans decreased to 0.97% at December 31, 2021, compared to 1.08% at September 30, 2021 and 1.19% at December 31, 2020.
NONINTEREST INCOME
Noninterest income decreased $279 thousand, or 5.4%, to $4.8 million for the quarter ended December 31, 2021 from $5.1 million in the prior quarter and increased $623 thousand, or 14.8%, from the same quarter in the prior year. The fourth quarter of 2021 decrease from the prior quarter was the result of increase write-downs on premises and equipment, net of $190 thousand or 178% and a decrease in mortgage banking income of $243 thousand or 24.6%. The increased expense was partially offset by an increase in other fees and commissions of $162 thousand, or 14.1%, in the fourth quarter compared to the third quarter of 2021.
The fourth quarter of 2021 compared to the fourth quarter of 2020 reflected significant growth in trust fees of $240 thousand, or 23.4%, other fees and commissions of $272 thousand, or 26.2%, income from small business investment companies of $226 thousand, or 95.8%, offset by a $296 thousand, or 28.4%, decrease in mortgage banking income.
NONINTEREST EXPENSE
Noninterest expense for the fourth quarter of 2021 amounted to $15.5 million, up $620 thousand, or 4.2%, when compared to the $14.8 million for the previous quarter and up $804 thousand, or 5.5%, from $14.7 million during the same quarter in the previous year. The increase in the fourth quarter compared to the third quarter of 2021 was due to higher compensation costs associated primarily with incentive accrual adjustments, and in other expenses which included $150,000 in additional charitable contributions. Fourth quarter 2021 increases compared to the same quarter of 2020 were primarily due to increased compensation costs and expense seasonality.
INCOME TAXES
The effective tax rate for the three months ended December 31, 2021 was 21.80%, compared to 21.05% for the prior quarter and 20.94% for the same quarter in the prior year. The effective tax rate was relatively consistent among the periods, with slight increases in the 2021 periods atttributable to changes in pre-tax earnings and the levels of permanent tax differences.
BALANCE SHEET
Total assets at December 31, 2021 were $3.3 billion, an increase of $45.5 million from September 30, 2021 and $284.6 million from December 31, 2020. The growth over the previous quarter and over the same quarter of 2020 is the result of continued core deposit growth, deployment of excess liquidity into investments, and loan growth.
At December 31, 2021, loans held for investment (net of deferred fees and costs) were $1.9 billion, an increase of $6.2 million, or 1.3%, annualized from September 30, 2021. This increase is net of $25.9 million of PPP loans forgiven during the fourth quarter of 2021. Loans held for investment increased $130.6 million, or 7.2%, from December 31, 2020 excluding PPP loans.
Investment securities available for sale amounted to $692.5 million at December 31, 2021, with growth of $48.6 million, or 7.5%, compared to September 30, 2021, and growth of $226.4 million, or 48.6%, compared to December 31, 2020.
Deposits amounted to $2.9 billion at December 31, 2021, with growth of $28.3 million, or 4.0%, annualized from September 30, 2021 and $279.0 million, or 10.7%, compared to December 31, 2020. The growth over the same quarter and prior quarter of 2020 is a result of continued higher than average cash balances being maintained by customers.
The Company continues to be well-capitalized as defined by regulators, with tangible common equity to tangible assets of 8.17% at December 31, 2021 as compared to 8.14% at September 30, 2021 and compared to 8.34% at December 31, 2020. The Company's common equity Tier 1, Tier 1, total, and Tier 1 leverage capital ratios were 12.43%, 13.73%, 14.61% and 9.13%, respectively, at December 31, 2021.
ABOUT AMERICAN NATIONAL
American National is a multi-state bank holding company with total assets of approximately $3.3 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving 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
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. American National intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. American National's ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors that could have a material effect on the operations and future prospects of American National include but are not limited to: (1) the impacts of the ongoing COVID-19 pandemic and the associated efforts to limit the spread of the virus; (2) expected revenue synergies and cost savings from acquisitions and depositions; (3) changes in interest rates, general economic conditions, legislation and regulation, and monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury, Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System; (4) the quality and composition of the loan and securities portfolios, demand for loan products, deposit flows, competition, and demand for financial services in American National's market areas; (5) the adequacy of the level of the allowance for loan losses, the amount of loan loss provisions required in future quarters, and the failure of assumptions underlying the allowance for loan losses; (6) cybersecurity threats or attacks, the implementation of new technologies, and the ability to develop and maintain secure and reliable electronic systems; (7) accounting principles, policies, and guidelines; and (8) other risk factors detailed from time to time in filings made by American National with the Securities and Exchange Commission. American National undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.
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American National Bankshares Inc. |
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Consolidated Balance Sheets |
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(Dollars in thousands, except per share data) |
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December 31, |
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2021 |
2020 |
|||||||
| (Unaudited) | (Audited) | |||||||
|
Assets |
||||||||
|
Cash and due from banks |
$ | 23,095 | $ | 30,767 | ||||
|
Interest-bearing deposits in other banks |
487,773 | 343,603 | ||||||
|
Securities available for sale, at fair value |
692,467 | 466,091 | ||||||
|
Restricted stock, at cost |
8,056 | 8,715 | ||||||
|
Loans held for sale |
8,481 | 15,591 | ||||||
|
Loans, net of deferred fees and costs |
1,946,580 | 2,015,056 | ||||||
|
Less allowance for loan losses |
(18,678 | ) | (21,403 | ) | ||||
|
Net Loans |
1,927,902 | 1,993,653 | ||||||
|
Premises and equipment, net |
35,564 | 39,723 | ||||||
|
Other real estate owned, net |
143 | 958 | ||||||
|
Goodwill |
85,048 | 85,048 | ||||||
|
Core deposit intangibles, net |
4,627 | 6,091 | ||||||
|
Bank owned life insurance |
29,107 | 28,482 | ||||||
|
Other assets |
32,334 | 31,288 | ||||||
|
Total assets |
$ | 3,334,597 | $ | 3,050,010 | ||||
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Liabilities |
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Demand deposits -- noninterest-bearing |
$ | 1,009,081 | $ | 830,094 | ||||
|
Demand deposits -- interest-bearing |
547,878 | 501,283 | ||||||
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Money market deposits |
719,498 | 666,122 | ||||||
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Savings deposits |
259,193 | 217,405 | ||||||
|
Time deposits |
354,703 | 396,426 | ||||||
|
Total deposits |
2,890,353 | 2,611,330 | ||||||
|
Customer repurchase agreements |
41,128 | 42,551 | ||||||
|
Long-term borrowings |
28,232 | 35,630 | ||||||
|
Other liabilities |
20,092 | 22,605 | ||||||
|
Total liabilities |
2,979,805 | 2,712,116 | ||||||
|
Shareholders' equity |
||||||||
|
Preferred stock, $5 par value, 2,000,000 shares authorized, none outstanding |
- | - | ||||||
|
Common stock, $1 par value, 20,000,000 shares authorized, 10,766,967 shares outstanding at December 31, 2021 and 10,982,367 shares outstanding at December 31, 2020 |
10,710 | 10,926 | ||||||
|
Capital in excess of par value |
147,777 | 154,850 | ||||||
|
Retained earnings |
201,380 | 169,681 | ||||||
|
Accumulated other comprehensive income (loss), net |
(5,075 | ) | 2,437 | |||||
|
Total shareholders' equity |
354,792 | 337,894 | ||||||
|
Total liabilities and shareholders' equity |
$ | 3,334,597 | $ | 3,050,010 |
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American National Bankshares Inc. |
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Consolidated Statements of Income |
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(Dollars in thousands, except per share data) |
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For the Three Months Ended |
For the Twelve Months Ended |
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|
12/31/21 |
9/30/21 |
12/31/20 |
12/31/21 |
12/31/20 |
||||||||||||||||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
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Interest and Dividend Income: |
||||||||||||||||||||
|
Interest and fees on loans |
$ | 21,706 | $ | 21,974 | $ | 22,654 | $ | 87,040 | $ | 87,700 | ||||||||||
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Interest and dividends on securities: |
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Taxable |
2,012 | 1,896 | 1,536 | 7,309 | 6,764 | |||||||||||||||
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Tax-exempt |
92 | 94 | 103 | 385 | 433 | |||||||||||||||
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Dividends |
115 | 112 | 121 | 464 | 503 | |||||||||||||||
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Other interest income |
223 | 201 | 84 | 598 | 440 | |||||||||||||||
|
Total interest and dividend income |
24,148 | 24,277 | 24,498 | 95,796 | 95,840 | |||||||||||||||
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Interest Expense: |
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Interest on deposits |
655 | 781 | 1,821 | 3,645 | 9,729 | |||||||||||||||
|
Interest on short-term borrowings |
3 | 3 | 22 | 22 | 259 | |||||||||||||||
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Interest on long-term borrowings |
386 | 400 | 509 | 1,738 | 2,032 | |||||||||||||||
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Total interest expense |
1,044 | 1,184 | 2,352 | 5,405 | 12,020 | |||||||||||||||
|
Net Interest Income |
23,104 | 23,093 | 22,146 | 90,391 | 83,820 | |||||||||||||||
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(Recovery of) Provision for loan losses |
(1,955 | ) | 482 | 585 | (2,825 | ) | 8,916 | |||||||||||||
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Net Interest Income After (Recovery of) Provision for Loan Losses |
25,059 | 22,611 | 21,561 | 93,216 | 74,904 | |||||||||||||||
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Noninterest Income: |
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Trust fees |
1,265 | 1,311 | 1,025 | 5,022 | 4,044 | |||||||||||||||
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Service charges on deposit accounts |
695 | 664 | 677 | 2,611 | 2,557 | |||||||||||||||
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Other fees and commissions |
1,309 | 1,147 | 1,037 | 4,953 | 3,925 | |||||||||||||||
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Mortgage banking income |
746 | 989 | 1,042 | 4,195 | 3,514 | |||||||||||||||
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Securities gains, net |
35 | - | - | 35 | 814 | |||||||||||||||
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Brokerage fees |
264 | 265 | 192 | 997 | 745 | |||||||||||||||
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Income from Small Business Investment Companies |
462 | 491 | 236 | 1,972 | 270 | |||||||||||||||
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Income (loss) from insurance investments |
137 | 132 | (58 | ) | 1,199 | 321 | ||||||||||||||
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Losses on premises and equipment, net |
(297 | ) | (107 | ) | (13 | ) | (885 | ) | (110 | ) | ||||||||||
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Other |
228 | 231 | 83 | 932 | 763 | |||||||||||||||
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Total noninterest income |
4,844 | 5,123 | 4,221 | 21,031 | 16,843 | |||||||||||||||
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Noninterest Expense: |
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Salaries and employee benefits |
8,461 | 8,185 | 8,225 | 32,342 | 29,765 | |||||||||||||||
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Occupancy and equipment |
1,484 | 1,513 | 1,470 | 6,032 | 5,586 | |||||||||||||||
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FDIC assessment |
220 | 194 | 206 | 864 | 639 | |||||||||||||||
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Bank franchise tax |
446 | 440 | 425 | 1,767 | 1,702 | |||||||||||||||
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Core deposit intangible amortization |
351 | 361 | 391 | 1,464 | 1,637 | |||||||||||||||
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Data processing |
734 | 748 | 764 | 2,958 | 3,017 | |||||||||||||||
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Software |
357 | 344 | 342 | 1,368 | 1,454 | |||||||||||||||
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Other real estate owned, net |
(17 | ) | 21 | 26 | 131 | 60 | ||||||||||||||
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Other |
3,427 | 3,037 | 2,810 | 12,082 | 10,705 | |||||||||||||||
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Total noninterest expense |
15,463 | 14,843 | 14,659 | 59,008 | 54,565 | |||||||||||||||
|
Income Before Income Taxes |
14,440 | 12,891 | 11,123 | 55,239 | 37,182 | |||||||||||||||
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Income Taxes |
3,147 | 2,713 | 2,329 | 11,713 | 7,137 | |||||||||||||||
|
Net Income |
$ | 11,293 | $ | 10,178 | $ | 8,794 | $ | 43,526 | $ | 30,045 | ||||||||||
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Net Income Per Common Share: |
||||||||||||||||||||
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Basic |
$ | 1.05 | $ | 0.94 | $ | 0.80 | $ | 4.00 | $ | 2.74 | ||||||||||
|
Diluted |
$ | 1.05 | $ | 0.94 | $ | 0.80 | $ | 4.00 | $ | 2.73 | ||||||||||
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Weighted Average Common Shares Outstanding: |
||||||||||||||||||||
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Basic |
10,774,268 | 10,833,875 | 10,975,349 | 10,873,817 | 10,981,623 | |||||||||||||||
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Diluted |
10,776,970 | 10,836,293 | 10,978,931 | 10,877,231 | 10,985,790 |
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American National Bankshares Inc. |
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Financial Highlights |
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(Dollars in thousands, except per share data) |
At or for the Twelve Months |
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4th Qtr |
3rd Qtr |
4th Qtr |
Ended December 31, |
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|
2021 |
2021 |
2020 |
2021 |
2020 |
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| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||
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EARNINGS |
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Interest income |
$ | 24,148 | $ | 24,277 | $ | 24,498 | $ | 95,796 | $ | 95,840 | ||||||||||
|
Interest expense |
1,044 | 1,184 | 2,352 | 5,405 | 12,020 | |||||||||||||||
|
Net interest income |
23,104 | 23,093 | 22,146 | 90,391 | 83,820 | |||||||||||||||
|
(Recovery of) Provision for loan losses |
(1,955 | ) | 482 | 585 | (2,825 | ) | 8,916 | |||||||||||||
|
Noninterest income |
4,844 | 5,123 | 4,221 | 21,031 | 16,843 | |||||||||||||||
|
Noninterest expense |
15,463 | 14,843 | 14,659 | 59,008 | 54,565 | |||||||||||||||
|
Income taxes |
3,147 | 2,713 | 2,329 | 11,713 | 7,137 | |||||||||||||||
|
Net income |
11,293 | 10,178 | 8,794 | 43,526 | 30,045 | |||||||||||||||
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PER COMMON SHARE |
||||||||||||||||||||
|
Net income per share - basic |
$ | 1.05 | $ | 0.94 | $ | 0.80 | $ | 4.00 | $ | 2.74 | ||||||||||
|
Net income per share - diluted |
1.05 | 0.94 | 0.80 | 4.00 | 2.73 | |||||||||||||||
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Cash dividends paid |
0.28 | 0.27 | 0.27 | 1.09 | 1.08 | |||||||||||||||
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Book value per share |
32.95 | 32.51 | 30.77 | 32.95 | 30.77 | |||||||||||||||
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Book value per share - tangible (a) |
24.62 | 24.16 | 22.47 | 24.62 | 22.47 | |||||||||||||||
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Closing market price |
37.68 | 33.04 | 26.21 | 37.68 | 26.21 | |||||||||||||||
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FINANCIAL RATIOS |
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Return on average assets |
1.35 | % | 1.27 | % | 1.18 | % | 1.37 | % | 1.08 | % | ||||||||||
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Return on average common equity |
12.82 | 11.58 | 10.48 | 12.50 | 9.12 | |||||||||||||||
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Return on average tangible common equity (a) |
17.63 | 16.01 | 14.90 | 17.34 | 13.19 | |||||||||||||||
|
Average common equity to average assets |
10.50 | 10.99 | 11.30 | 10.96 | 11.88 | |||||||||||||||
|
Tangible common equity to tangible assets (a) |
8.17 | 8.14 | 8.34 | 8.17 | 8.34 | |||||||||||||||
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Net interest margin, taxable equivalent |
2.93 | 3.09 | 3.22 | 3.05 | 3.30 | |||||||||||||||
|
Efficiency ratio (a) |
53.46 | 51.03 | 53.92 | 51.05 | 52.80 | |||||||||||||||
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Effective tax rate |
21.79 | 21.05 | 20.94 | 21.20 | 19.19 | |||||||||||||||
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PERIOD-END BALANCES |
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Securities |
$ | 700,523 | $ | 651,995 | $ | 474,806 | $ | 700,523 | $ | 474,806 | ||||||||||
|
Loans held for sale |
8,481 | 9,518 | 15,591 | 8,481 | 15,591 | |||||||||||||||
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Loans, net |
1,946,580 | 1,940,332 | 2,015,056 | 1,946,580 | 2,015,056 | |||||||||||||||
|
Goodwill and other intangibles |
89,675 | 90,026 | 91,139 | 89,675 | 91,139 | |||||||||||||||
|
Assets |
3,334,597 | 3,289,063 | 3,050,010 | 3,334,597 | 3,050,010 | |||||||||||||||
|
Assets - tangible (a) |
3,244,922 | 3,199,037 | 2,958,871 | 3,244,922 | 2,958,871 | |||||||||||||||
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Deposits |
2,890,353 | 2,862,081 | 2,611,330 | 2,890,353 | 2,611,330 | |||||||||||||||
|
Customer repurchase agreements |
41,128 | 26,595 | 42,551 | 41,128 | 42,551 | |||||||||||||||
|
Long-term borrowings |
28,232 | 28,207 | 35,630 | 28,232 | 35,630 | |||||||||||||||
|
Shareholders' equity |
354,792 | 350,387 | 337,894 | 354,792 | 337,894 | |||||||||||||||
|
Shareholders' equity - tangible (a) |
265,117 | 260,361 | 246,755 | 265,117 | 246,755 | |||||||||||||||
|
AVERAGE BALANCES |
||||||||||||||||||||
|
Securities (b) |
$ | 654,595 | $ | 569,508 | $ | 372,529 | $ | 549,554 | $ | 347,952 | ||||||||||
|
Loans held for sale |
8,121 | 9,835 | 8,601 | 11,257 | 6,578 | |||||||||||||||
|
Loans, net |
1,943,238 | 1,913,446 | 2,063,397 | 1,953,121 | 2,008,683 | |||||||||||||||
|
Interest-earning assets |
3,154,730 | 2,989,661 | 2,754,455 | 2,967,799 | 2,551,913 | |||||||||||||||
|
Goodwill and other intangibles |
89,855 | 90,257 | 91,358 | 90,413 | 91,751 | |||||||||||||||
|
Assets |
3,357,223 | 3,199,514 | 2,971,505 | 3,176,564 | 2,773,007 | |||||||||||||||
|
Assets - tangible (a) |
3,267,368 | 3,109,257 | 2,880,147 | 3,086,151 | 2,681,256 | |||||||||||||||
|
Interest-bearing deposits |
1,868,695 | 1,817,595 | 1,701,395 | 1,797,385 | 1,595,694 | |||||||||||||||
|
Deposits |
2,914,381 | 2,768,268 | 2,536,363 | 2,736,571 | 2,342,353 | |||||||||||||||
|
Customer repurchase agreements |
39,645 | 29,681 | 40,819 | 37,632 | 42,937 | |||||||||||||||
|
Other short-term borrowings |
- | - | - | - | 1 | |||||||||||||||
|
Long-term borrowings |
28,218 | 28,192 | 35,617 | 31,878 | 35,586 | |||||||||||||||
|
Shareholders' equity |
352,395 | 351,646 | 335,671 | 348,158 | 329,353 | |||||||||||||||
|
Shareholders' equity - tangible (a) |
262,540 | 261,389 | 244,313 | 257,745 | 237,602 |
|
American National Bankshares Inc. |
|
Financial Highlights |
|
(Dollars in thousands, except per share data) |
At or for the Twelve Months |
||||||||||||||
|
4th Qtr |
3rd Qtr |
4th Qtr |
Ended December 31, |
||||||||||||
|
2021 |
2021 |
2020 |
2021 |
2020 |
|||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||
|
CAPITAL |
|||||||||||||||
|
Weighted average shares outstanding - basic |
10,774,268 | 10,833,875 | 10,975,349 | 10,873,817 | 10,981,623 | ||||||||||
|
Weighted average shares outstanding - diluted |
10,776,970 | 10,836,293 | 10,978,931 | 10,877,231 | 10,985,790 | ||||||||||
|
COMMON STOCK REPURCHASE PROGRAM |
|||||||||||||||
|
Total shares of common stock repurchased |
16,580 | 100,764 | - | 264,579 | 62,669 | ||||||||||
|
Average price paid per share of common stock |
$ | 37.12 | $ | 32.87 | $ | - | $ | 33.10 | $ | 34.90 | |||||
|
ALLOWANCE FOR LOAN LOSSES |
|||||||||||||||
|
Beginning balance |
$ | 20,630 | $ | 20,097 | $ | 21,088 | $ | 21,403 | $ | 13,152 | |||||
|
(Recovery of) Provision for loan losses |
(1,955 | ) | 482 | 585 | (2,825 | ) | 8,916 | ||||||||
|
Charge-offs |
(76 | ) | (19 | ) | (331 | ) | (146 | ) | (1,006 | ) | |||||
|
Recoveries |
79 | 70 | 61 | 246 | 341 | ||||||||||
|
Ending balance |
$ | 18,678 | $ | 20,630 | $ | 21,403 | $ | 18,678 | $ | 21,403 | |||||
|
LOANS |
|||||||||||||||
|
Construction and land development |
$ | 134,221 | $ | 120,193 | $ | 140,071 | $ | 134,221 | $ | 140,071 | |||||
|
Commercial real estate - owner occupied |
391,517 | 404,029 | 373,680 | 391,517 | 373,680 | ||||||||||
|
Commercial real estate - non-owner occupied |
731,034 | 713,339 | 627,569 | 731,034 | 627,569 | ||||||||||
|
Residential real estate |
289,757 | 280,351 | 269,137 | 289,757 | 269,137 | ||||||||||
|
Home equity |
93,203 | 95,317 | 104,881 | 93,203 | 104,881 | ||||||||||
|
Commercial and industrial |
299,773 | 320,278 | 491,256 | 299,773 | 491,256 | ||||||||||
|
Consumer |
7,075 | 6,825 | 8,462 | 7,075 | 8,462 | ||||||||||
|
Total |
$ | 1,946,580 | $ | 1,940,332 | $ | 2,015,056 | $ | 1,946,580 | $ | 2,015,056 | |||||
|
NONPERFORMING ASSETS AT PERIOD-END |
|||||||||||||||
|
Nonperforming loans: |
|||||||||||||||
|
90 days past due and accruing |
$ | 216 | $ | - | $ | 262 | $ | 216 | $ | 262 | |||||
|
Nonaccrual |
2,006 | 1,903 | 2,434 | 2,006 | 2,434 | ||||||||||
|
Other real estate owned and repossessions |
143 | 213 | 958 | 143 | 958 | ||||||||||
|
Nonperforming assets |
$ | 2,365 | $ | 2,116 | $ | 3,654 | $ | 2,365 | $ | 3,654 | |||||
|
ASSET QUALITY RATIOS |
|||||||||||||||
|
Allowance for loan losses to total loans |
0.96 | % | 1.06 | % | 1.06 | % | 0.96 | % | 1.06 | % | |||||
|
Allowance for loan losses to nonperforming loans |
840.59 | 1,084.08 | 793.88 | 840.59 | 793.88 | ||||||||||
|
Nonperforming assets to total assets |
0.07 | 0.06 | 0.12 | 0.07 | 0.12 | ||||||||||
|
Nonperforming loans to total loans |
0.11 | 0.10 | 0.13 | 0.11 | 0.13 | ||||||||||
|
Annualized net charge-offs (recoveries) to average loans |
(0.00 | ) | (0.01 | ) | 0.05 | (0.01 | ) | 0.03 | |||||||
|
OTHER DATA |
|||||||||||||||
|
Fiduciary assets at period-end (c) (d) |
$ | 752,410 | $ | 697,528 | $ | 614,016 | $ | 752,410 | $ | 614,016 | |||||
|
Retail brokerage assets at period-end (c) (d) |
$ | 418,850 | $ | 406,408 | $ | 362,022 | $ | 418,850 | $ | 362,022 | |||||
|
Number full-time equivalent employees (e) |
346 | 345 | 342 | 346 | 342 | ||||||||||
|
Number of full service offices |
26 | 26 | 26 | 26 | 26 | ||||||||||
|
Number of loan production offices |
1 | 1 | 1 | 1 | 1 | ||||||||||
|
Number of ATMs |
36 | 36 | 37 | 36 | 37 |
|
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 December 31, 2021 and 2020 |
|
(Dollars in thousands) |
|
Interest |
||||||||||||||||||||||||
|
Average Balance |
Income/Expense (a) |
Yield/Rate |
||||||||||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
|||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
|
Loans: |
||||||||||||||||||||||||
|
Commercial |
$ | 310,175 | $ | 507,750 | $ | 3,386 | $ | 5,354 | 4.33 | % | 4.19 | % | ||||||||||||
|
Real estate |
1,634,660 | 1,556,192 | 18,244 | 17,206 | 4.46 | 4.42 | ||||||||||||||||||
|
Consumer |
6,524 | 8,056 | 112 | 137 | 6.81 | 6.77 | ||||||||||||||||||
|
Total loans (b) |
1,951,359 | 2,071,998 | 21,742 | 22,697 | 4.45 | 4.38 | ||||||||||||||||||
|
Securities: |
||||||||||||||||||||||||
|
U.S. Treasury |
116,629 | 14,126 | 242 | 4 | 0.83 | 0.11 | ||||||||||||||||||
|
Federal agencies & GSEs |
93,042 | 76,606 | 265 | 276 | 1.14 | 1.44 | ||||||||||||||||||
|
Mortgage-backed & CMOs |
355,492 | 206,817 | 1,117 | 916 | 1.26 | 1.77 | ||||||||||||||||||
|
State and municipal |
63,148 | 53,257 | 314 | 304 | 1.99 | 2.28 | ||||||||||||||||||
|
Other |
26,284 | 21,723 | 305 | 286 | 4.64 | 5.27 | ||||||||||||||||||
|
Total securities |
654,595 | 372,529 | 2,243 | 1,786 | 1.37 | 1.92 | ||||||||||||||||||
|
Deposits in other banks |
548,776 | 309,928 | 223 | 84 | 0.16 | 0.11 | ||||||||||||||||||
|
Total interest-earning assets |
3,154,730 | 2,754,455 | 24,208 | 24,567 | 3.07 | 3.56 | ||||||||||||||||||
|
Non-earning assets |
202,493 | 217,050 | ||||||||||||||||||||||
|
Total assets |
$ | 3,357,223 | $ | 2,971,505 | ||||||||||||||||||||
|
Deposits: |
||||||||||||||||||||||||
|
Demand |
$ | 505,528 | $ | 433,356 | 37 | 50 | 0.03 | 0.05 | ||||||||||||||||
|
Money market |
743,354 | 647,320 | 101 | 380 | 0.05 | 0.23 | ||||||||||||||||||
|
Savings |
257,289 | 215,233 | 6 | 16 | 0.01 | 0.03 | ||||||||||||||||||
|
Time |
362,524 | 405,486 | 511 | 1,375 | 0.56 | 1.35 | ||||||||||||||||||
|
Total deposits |
1,868,695 | 1,701,395 | 655 | 1,821 | 0.14 | 0.43 | ||||||||||||||||||
|
Customer repurchase agreements |
39,645 | 40,819 | 3 | 22 | 0.03 | 0.21 | ||||||||||||||||||
|
Long-term borrowings |
28,218 | 35,617 | 386 | 509 | 5.47 | 5.72 | ||||||||||||||||||
|
Total interest-bearing liabilities |
1,936,558 | 1,777,831 | 1,044 | 2,352 | 0.21 | 0.53 | ||||||||||||||||||
|
Noninterest bearing demand deposits |
1,045,686 | 834,968 | ||||||||||||||||||||||
|
Other liabilities |
22,584 | 23,035 | ||||||||||||||||||||||
|
Shareholders' equity |
352,395 | 335,671 | ||||||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ | 3,357,223 | $ | 2,971,505 | ||||||||||||||||||||
|
Interest rate spread |
2.86 | % | 3.03 | % | ||||||||||||||||||||
|
Net interest margin |
2.93 | % | 3.22 | % | ||||||||||||||||||||
|
Net interest income (taxable equivalent basis) |
23,164 | 22,215 | ||||||||||||||||||||||
|
Less: Taxable equivalent adjustment (c) |
60 | 69 | ||||||||||||||||||||||
|
Net interest income |
$ | 23,104 | $ | 22,146 |
|
Notes: |
|
(a) - Interest income includes net accretion/amortization of acquired loan fair value adjustments and the net accretion/ amortization of deferred loan fees and costs. |
|
(b) - Nonaccrual loans are included in the average balances. |
|
(c) - A tax rate of 21% was used in adjusting interest on tax-exempt assets to a fully taxable equivalent basis. |
|
Net Interest Income Analysis |
|
For the Twelve Months Ended December 31, 2021 and 2020 |
|
(Dollars in thousands) |
|
Interest |
||||||||||||||||||||||||
|
Average Balance |
Income/Expense (a) |
Yield/Rate |
||||||||||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
|||||||||||||||||||
| (Unaudited) | (Audited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||||
|
Loans: |
||||||||||||||||||||||||
|
Commercial |
$ | 372,538 | $ | 475,068 | $ | 18,819 | $ | 17,768 | 5.05 | % | 3.74 | % | ||||||||||||
|
Real estate |
1,584,856 | 1,531,195 | 67,887 | 69,525 | 4.28 | 4.54 | ||||||||||||||||||
|
Consumer |
6,984 | 8,998 | 475 | 588 | 6.80 | 6.53 | ||||||||||||||||||
|
Total loans (b) |
1,964,378 | 2,015,261 | 87,181 | 87,881 | 4.44 | 4.36 | ||||||||||||||||||
|
Securities: |
||||||||||||||||||||||||
|
U.S. Treasury |
57,048 | 9,010 | 507 | 51 | 0.89 | 0.57 | ||||||||||||||||||
|
Federal agencies & GSEs |
97,943 | 72,112 | 1,132 | 1,423 | 1.16 | 1.97 | ||||||||||||||||||
|
Mortgage-backed & CMOs |
308,158 | 200,612 | 4,142 | 4,060 | 1.34 | 2.02 | ||||||||||||||||||
|
State and municipal |
61,698 | 45,836 | 1,272 | 1,175 | 2.06 | 2.56 | ||||||||||||||||||
|
Other |
24,707 | 20,382 | 1,205 | 1,098 | 4.88 | 5.39 | ||||||||||||||||||
|
Total securities |
549,554 | 347,952 | 8,258 | 7,807 | 1.50 | 2.24 | ||||||||||||||||||
|
Deposits in other banks |
453,867 | 188,700 | 598 | 440 | 0.13 | 0.23 | ||||||||||||||||||
|
Total interest-earning assets |
2,967,799 | 2,551,913 | 96,037 | 96,128 | 3.24 | 3.77 | ||||||||||||||||||
|
Non-earning assets |
208,765 | 221,094 | ||||||||||||||||||||||
|
Total assets |
$ | 3,176,564 | $ | 2,773,007 | ||||||||||||||||||||
|
Deposits: |
||||||||||||||||||||||||
|
Demand |
$ | 476,710 | $ | 386,790 | 152 | 344 | 0.03 | 0.09 | ||||||||||||||||
|
Money market |
710,948 | 574,510 | 758 | 2,634 | 0.11 | 0.46 | ||||||||||||||||||
|
Savings |
243,123 | 198,313 | 26 | 117 | 0.01 | 0.06 | ||||||||||||||||||
|
Time |
366,604 | 436,081 | 2,709 | 6,634 | 0.74 | 1.52 | ||||||||||||||||||
|
Total deposits |
1,797,385 | 1,595,694 | 3,645 | 9,729 | 0.20 | 0.61 | ||||||||||||||||||
|
Customer repurchase agreements |
37,632 | 42,937 | 22 | 259 | 0.06 | 0.60 | ||||||||||||||||||
|
Other short-term borrowings |
- | 1 | - | - | - | 0.50 | ||||||||||||||||||
|
Long-term borrowings |
31,878 | 35,586 | 1,738 | 2,032 | 5.45 | 5.71 | ||||||||||||||||||
|
Total interest-bearing liabilities |
1,866,895 | 1,674,218 | 5,405 | 12,020 | 0.29 | 0.72 | ||||||||||||||||||
|
Noninterest bearing demand deposits |
939,186 | 746,659 | ||||||||||||||||||||||
|
Other liabilities |
22,325 | 22,777 | ||||||||||||||||||||||
|
Shareholders' equity |
348,158 | 329,353 | ||||||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ | 3,176,564 | $ | 2,773,007 | ||||||||||||||||||||
|
Interest rate spread |
2.95 | % | 3.05 | % | ||||||||||||||||||||
|
Net interest margin |
3.05 | % | 3.30 | % | ||||||||||||||||||||
|
Net interest income (taxable equivalent basis) |
90,632 | 84,108 | ||||||||||||||||||||||
|
Less: Taxable equivalent adjustment (c) |
241 | 288 | ||||||||||||||||||||||
|
Net interest income |
$ | 90,391 | $ | 83,820 |
|
Notes: |
|
(a) - Interest income includes net accretion/amortization of acquired loan fair value adjustments and the net accretion/ amortization of deferred loan fees and costs. |
|
(b) - Nonaccrual loans are included in the average balances. |
|
(c) - A tax rate of 21% was used in adjusting interest on tax-exempt assets to a fully taxable equivalent basis. |
|
American National Bankshares Inc. |
|
Reconciliation of Non-GAAP Financial Measures |
|
(Dollars in thousands, except per share data) |
At or for the Twelve Months |
|||||||||||||||||||
|
4th Qtr |
3rd Qtr |
4th Qtr |
Ended December 31, |
|||||||||||||||||
|
2021 |
2021 |
2020 |
2021 |
2020 |
||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||
|
EFFICIENCY RATIO |
||||||||||||||||||||
|
Noninterest expense |
$ | 15,463 | $ | 14,843 | $ | 14,659 | $ | 59,008 | $ | 54,565 | ||||||||||
|
Add/subtract: gain/loss on sale of OREO |
- | - | (8 | ) | (111 | ) | 4 | |||||||||||||
|
Subtract: core deposit intangible amortization |
(351 | ) | (361 | ) | (391 | ) | (1,464 | ) | (1,637 | ) | ||||||||||
| $ | 15,112 | $ | 14,482 | $ | 14,260 | $ | 57,433 | $ | 52,932 | |||||||||||
|
Net interest income |
$ | 23,104 | $ | 23,093 | $ | 22,146 | $ | 90,391 | $ | 83,820 | ||||||||||
|
Tax equivalent adjustment |
60 | 59 | 69 | 241 | 288 | |||||||||||||||
|
Noninterest income |
4,844 | 5,123 | 4,221 | 21,031 | 16,843 | |||||||||||||||
|
Subtract: gain on securities |
(35 | ) | - | - | (35 | ) | (814 | ) | ||||||||||||
|
Add: loss on fixed assets |
297 | 107 | 13 | 885 | 110 | |||||||||||||||
| $ | 28,270 | $ | 28,382 | $ | 26,449 | $ | 112,513 | $ | 100,247 | |||||||||||
|
Efficiency ratio |
53.46 | % | 51.03 | % | 53.92 | % | 51.05 | % | 52.80 | % | ||||||||||
|
TAX EQUIVALENT NET INTEREST INCOME |
||||||||||||||||||||
|
Non-GAAP measures: |
||||||||||||||||||||
|
Interest income - loans |
$ | 21,742 | $ | 22,012 | $ | 22,697 | $ | 87,181 | $ | 87,881 | ||||||||||
|
Interest income - investments and other |
2,466 | 2,327 | 1,870 | 8,856 | 8,247 | |||||||||||||||
|
Interest expense - deposits |
(655 | ) | (781 | ) | (1,821 | ) | (3,645 | ) | (9,729 | ) | ||||||||||
|
Interest expense - customer repurchase agreements |
(3 | ) | (3 | ) | (22 | ) | (22 | ) | (259 | ) | ||||||||||
|
Interest expense - long-term borrowings |
(386 | ) | (400 | ) | (509 | ) | (1,738 | ) | (2,032 | ) | ||||||||||
|
Total net interest income |
$ | 23,164 | $ | 23,155 | $ | 22,215 | $ | 90,632 | $ | 84,108 | ||||||||||
|
Less non-GAAP measures: |
||||||||||||||||||||
|
Tax benefit on nontaxable interest - loans |
(36 | ) | (38 | ) | (43 | ) | (141 | ) | (181 | ) | ||||||||||
|
Tax benefit on nontaxable interest - securities |
(24 | ) | (24 | ) | (26 | ) | (100 | ) | (107 | ) | ||||||||||
|
GAAP measures |
$ | 23,104 | $ | 23,093 | $ | 22,146 | $ | 90,391 | $ | 83,820 | ||||||||||
|
RETURN ON AVERAGE TANGIBLE EQUITY |
||||||||||||||||||||
|
Return on average equity (GAAP basis) |
12.82 | % | 11.58 | % | 10.48 | % | 12.50 | % | 9.12 | % | ||||||||||
|
Impact of excluding average goodwill and other intangibles |
4.81 | 4.43 | 4.42 | 4.84 | 4.07 | |||||||||||||||
|
Return on average tangible equity (non-GAAP) |
17.63 | % | 16.01 | % | 14.90 | % | 17.34 | % | 13.19 | % | ||||||||||
|
TANGIBLE EQUITY TO TANGIBLE ASSETS |
||||||||||||||||||||
|
Equity to assets ratio (GAAP basis) |
10.64 | % | 10.65 | % | 11.08 | % | 10.64 | % | 11.08 | % | ||||||||||
|
Impact of excluding goodwill and other intangibles |
(2.47 | ) | (2.51 | ) | (2.74 | ) | (2.47 | ) | (2.74 | ) | ||||||||||
|
Tangible equity to tangible assets ratio (non-GAAP) |
8.17 | % | 8.14 | % | 8.34 | % | 8.17 | % | 8.34 | % | ||||||||||
|
TANGIBLE BOOK VALUE |
||||||||||||||||||||
|
Book value per share (GAAP basis) |
$ | 32.95 | $ | 32.51 | $ | 30.77 | $ | 32.95 | $ | 30.77 | ||||||||||
|
Impact of excluding goodwill and other intangibles |
(8.33 | ) | (8.35 | ) | (8.30 | ) | (8.33 | ) | (8.30 | ) | ||||||||||
|
Tangible book value per share (non-GAAP) |
$ | 24.62 | $ | 24.16 | $ | 22.47 | $ | 24.62 | $ | 22.47 | ||||||||||
|
ADJUSTED LOAN LOSS ALLOWANCE |
||||||||||||||||||||
|
Allowance for loan losses |
$ | 18,678 | $ | 20,630 | $ | 21,403 | $ | 18,678 | $ | 21,403 | ||||||||||
|
Credit discount on purchased loans |
4,474 | 5,258 | 7,255 | 4,474 | 7,255 | |||||||||||||||
|
Adjusted loan loss allowance |
$ | 23,152 | $ | 25,888 | $ | 28,658 | $ | 23,152 | $ | 28,658 | ||||||||||
|
Total loans, net of deferred fees and costs |
$ | 1,946,580 | $ | 1,940,332 | $ | 2,015,056 | $ | 1,946,580 | $ | 2,015,056 | ||||||||||
|
Subtract: PPP loans, net |
(12,239 | ) | (37,199 | ) | (211,275 | ) | (12,239 | ) | (211,275 | ) | ||||||||||
|
Total loans less PPP loans, net |
$ | 1,934,341 | $ | 1,903,133 | $ | 1,803,781 | $ | 1,934,341 | $ | 1,803,781 | ||||||||||
|
Adjusted loan loss allowance to total loans less PPP loans, net |
1.20 | % | 1.36 | % | 1.59 | % | 1.20 | % | 1.59 | % | ||||||||||
|
Allowance for loan losses to total loans less PPP loans, net |
0.97 | % | 1.08 | % | 1.19 | % | 0.97 | % | 1.19 | % |