8-K
NATIONAL BANKSHARES INC (NKSH)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 19, 2022
NATIONAL BANKSHARES, INC.
(Exact name of Registrant as specified in its charter)
| Virginia | 0-15204 | 54-1375874 |
|---|---|---|
| (State or other jurisdiction<br><br> <br>of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
101 Hubbard Street
Blacksburg , VA 24060
(Address of principal executive offices)
(540) 951-6300
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report) Not applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | NKSH | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| ☐ | Emerging growth company |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| ITEM 2.02. | RESULTS OF OPERATIONS, FINANCIAL STATEMENTS AND EXHIBITS |
|---|
On July 19, 2022, National Bankshares, Inc. issued a press release announcing and commenting on its financial results for the quarter ended June 30, 2022. A copy of the press release is attached as Exhibit 99.1.
| ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
|---|---|
| (d) | Exhibits |
| --- | --- |
| 99.1 | National Bankshares, Inc. Press Release, dated July 19, 2022. |
| --- | --- |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| --- | --- |
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NATIONAL BANKSHARES, INC.
Date: July 19, 2022
| By: /s/ F. BRAD DENARDO |
|---|
| F. Brad Denardo<br><br> <br>Chairman, President & CEO |
Page 2 of 2 Pages
ex_396234.htm
Exhibit 99.1
FOR IMMEDIATE RELEASE
| CONTACTS: | F. Brad Denardo, Chairman, President & CEO | Lora M. Jones, Treasurer & CFO |
|---|---|---|
| (540) 951-6213 bdenardo@nbbank.com | (540) 951-6238 ljones@nbbank.com |
National Bankshares, Inc. Reports Second Quarter and First Half Earnings
BLACKSBURG, VA., July 19, 2022 -- National Bankshares, Inc. **** (NASDAQ: NKSH), parent company of The National Bank of Blacksburg, today announced its results of operations for the second quarter and first half of 2022. The Company reported net income of $10.46 million, or $1.74 per common share, for the six months ended June 30, 2022. This compares to net income of $9.38 million, or $1.49 per common share, for the six months ended June 30, 2021. National Bankshares, Inc. ended the first half of 2022 with total assets of $1.73 billion.
President and Chief Executive Officer F. Brad Denardo commented, “We are pleased to report good results for the first half of 2022, with solid growth in net income, loans, and fee income. We made key investments during the period, opening a new Loan Production Office in Charlottesville and adding Zelle® payment services to our digital banking platform, all while maintaining costs at a level consistent with last year. Serving our customers, supporting our communities, and rewarding our shareholders have been and will remain our key priorities.”
Highlights for the Six Months Ended June 30, 2022
Income Statement
| - | The return on average assets for the six months ended June 30, 2022 was 1.22%, compared with 1.18% for the six months ended June 30, 2021. |
|---|---|
| - | The return on average equity for the six months ended June 30, 2022 was 12.45%, up from 9.63% for the six months ended June 30, 2021. |
| --- | --- |
| - | The cost of interest-bearing liabilities was 0.22% for the six months ended June 30, 2022, improved from 0.32% for the six months ended June 30, 2021. |
| --- | --- |
| - | The yield on earning assets^(1)^ decreased to 2.86% for the six months ended June 30, 2022, from 3.03% for the six months ended June 30, 2021. Excluding Paycheck Protection Plan (PPP) loans, the yield on earning assets^(1)^ for the six months ended June 30, 2021 was 2.89%. |
| --- | --- |
| - | Our net interest margin^(1)^ for the six months ended June 30, 2022 was 2.70%, down from 2.80% for the six months ended June 30, 2021. Excluding PPP loans, the net interest margin for the six months ended June 30, 2021 would have been 2.66%. |
| --- | --- |
Balance Sheet
| - | Total assets increased from June 30, 2021 by $67.94 million, or 4.09%, to $1.73 billion at June 30, 2022. |
|---|---|
| - | Total deposits increased from June 30, 2021 by $128.21 million, or 8.84%, to $1.58 billion at June 30, 2022. |
| --- | --- |
| - | Gross loans outstanding were $849.27 million at June 30, 2022, an increase of $42.07 million from June 30, 2021. |
| --- | --- |
| - | Total stockholders’ equity at June 30, 2022 was $136.24 million, a decrease from $191.24 million at June 30, 2021. Accumulated other comprehensive loss, a component of total stockholders’ equity, worsened from a loss of $2.06 million at June 30, 2021 to a loss of $62.78 million at June 30, 2022, reflecting unrealized losses in the securities portfolio. |
| --- | --- |
Other Notable Information
| - | The Company repurchased 41,977 shares in the 2^nd^ quarter of 2022. |
|---|
101 Hubbard Street / Blacksburg, Virginia 24060
P.O. Box 90002 / Blacksburg, Virginia 24062-9002
540 951-6300 / 800 552-4123
www.nationalbankshares.com
| - | Nonperforming loans as a percentage of total loans were 0.35% at June 30, 2022, down from 0.47% at June 30, 2021. |
|---|---|
| - | The efficiency ratio^(1)^ was 49.40% for the six months ended June 30, 2022, an improvement from the 53.26% reported for the six months ended June 30, 2021. |
| --- | --- |
| - | The allowance for loan losses to total loans was 0.95% at June 30, 2022, down from 1.00% at June 30, 2021, a reflection of our continuing good credit quality. |
| --- | --- |
| - | Net charge offs for the six months ended June 30, 2022 were $49 thousand, compared with net charge offs of $458 thousand for the six months ended June 30, 2021. |
| --- | --- |
| - | The book value per common share as of June 30, 2022 was $22.78, down from $30.99 as of June 30, 2021. |
| --- | --- |
| - | Following our Strategic Plan, we opened a loan production office in Charlottesville in June. |
| --- | --- |
^(1)^ Non-GAAP Financial Measures
In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include the efficiency ratio and the net interest margin, which is presented on a fully taxable-equivalent (“FTE”) basis. Efficiency ratio is calculated as noninterest expense, less non-recurring items, divided by the sum of noninterest income and net interest income on an FTE basis. FTE basis is calculated using the federal statutory income tax rate of 21%. The Company believes certain non-GAAP financial measures enhance the understanding of its business and performance. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.
About National Bankshares
National Bankshares, Inc., headquartered in Blacksburg, Virginia, is the parent company of The National Bank of Blacksburg, which does business as National Bank, and of National Bankshares Financial Services, Inc. National Bank is a community bank operating from 24 full-service offices and two loan production offices throughout Southwest Virginia. National Bankshares Financial Services, Inc. is an investment and insurance subsidiary in the same trade area. The Company’s stock is traded on the NASDAQ Capital Market under the symbol “NKSH.” Additional information is available at www.nationalbankshares.com.
Forward-Looking Statements
Certain statements in this press release may be “forward-looking statements.” Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about future events or results that are not statements of historical fact and that involve significant risks and uncertainties. Although the Company believes that its expectations with regard to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual Company results will not differ materially from any future results implied by the forward-looking statements. Actual results may be materially different from past or anticipated results because of many factors, some of which may include changes in economic conditions, the interest rate environment, legislative and regulatory requirements, new products, competition, changes in the stock and bond markets, and technology. The Company does not update any forward-looking statements that it may make.
2
National Bankshares, Inc.
Consolidated Balance Sheets
(Unaudited)
| ( in thousands, except for share and per share data) | June 30,<br><br> <br>2021 | December 31,<br><br> <br>2021 | ||||||
|---|---|---|---|---|---|---|---|---|
| Assets | **** | **** | **** | **** | **** | **** | **** | **** |
| Cash and due from banks | 11,798 | $ | 13,813 | $ | 8,768 | |||
| Interest-bearing deposits | 95,812 | 150,708 | 130,021 | |||||
| Securities available for sale, at fair value | 682,251 | 617,756 | 686,080 | |||||
| Restricted stock | 941 | 845 | 845 | |||||
| Total securities | 683,192 | 618,601 | 686,925 | |||||
| Mortgage loans held for sale | 488 | 222 | 615 | |||||
| Loans: | ||||||||
| Loans, net of unearned income and deferred fees and costs | 848,814 | 805,194 | 803,248 | |||||
| Less: allowance for loan losses | (8,069 | ) | (8,077 | ) | (7,674 | ) | ||
| Loans, net | 840,745 | 797,117 | 795,574 | |||||
| Premises and equipment, net | 9,773 | 9,896 | 9,722 | |||||
| Accrued interest receivable | 5,506 | 5,275 | 5,104 | |||||
| Other real estate owned, net | 957 | 1,007 | 957 | |||||
| Intangible assets and goodwill | 5,848 | 5,848 | 5,848 | |||||
| Bank-owned life insurance | 42,833 | 41,860 | 42,354 | |||||
| Other assets | 32,636 | 17,305 | 16,287 | |||||
| Total assets | 1,729,588 | $ | 1,661,652 | $ | 1,702,175 | |||
| Liabilities and Stockholders' Equity | **** | **** | **** | **** | **** | **** | **** | **** |
| Noninterest-bearing deposits | 334,576 | $ | 332,944 | $ | 317,430 | |||
| Interest-bearing demand deposits | 943,574 | 838,254 | 890,124 | |||||
| Savings deposits | 218,716 | 190,094 | 208,065 | |||||
| Time deposits | 80,965 | 88,332 | 78,968 | |||||
| Total deposits | 1,577,831 | 1,449,624 | 1,494,587 | |||||
| Accrued interest payable | 46 | 48 | 48 | |||||
| Other liabilities | 15,471 | 20,745 | 15,789 | |||||
| Total liabilities | 1,593,348 | 1,470,417 | 1,510,424 | |||||
| Stockholders' Equity | **** | **** | **** | **** | **** | **** | **** | **** |
| Preferred stock, no par value, 5,000,000 shares authorized; none issued and outstanding | - | - | - | |||||
| Common stock of 1.25 par value. Authorized 10,000,000 shares; issued and outstanding 5,980,775 shares at June 30, 2022, 6,063,937 shares at December 31, 2021 and 6,170,058 at June 30, 2021 | 7,476 | 7,713 | 7,580 | |||||
| Retained earnings | 191,541 | 185,580 | 188,229 | |||||
| Accumulated other comprehensive loss, net | (62,777 | ) | (2,058 | ) | (4,058 | ) | ||
| Total stockholders' equity | 136,240 | 191,235 | 191,751 | |||||
| Total liabilities and stockholders' equity | 1,729,588 | $ | 1,661,652 | $ | 1,702,175 |
All values are in US Dollars.
3
National Bankshares, Inc.
Consolidated Statements of Income
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands, except for share and per share data) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||
| Interest Income | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Interest and fees on loans | $ | 8,324 | $ | 8,466 | $ | 16,424 | $ | 17,016 | ||
| Interest on federal funds | **** | - | - | **** | - | - | ||||
| Interest on interest-bearing deposits | **** | 202 | 39 | **** | 251 | 67 | ||||
| Interest on securities - taxable | **** | 2,949 | 1,910 | **** | 5,422 | 3,693 | ||||
| Interest on securities - nontaxable | **** | 447 | 482 | **** | 875 | 1,003 | ||||
| Total interest income | **** | 11,922 | 10,897 | **** | 22,972 | 21,779 | ||||
| Interest Expense | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Interest on time deposits | **** | 37 | 72 | **** | 74 | 162 | ||||
| Interest on other deposits | **** | 610 | 762 | **** | 1,228 | 1,527 | ||||
| Total interest expense | **** | 647 | 834 | **** | 1,302 | 1,689 | ||||
| Net interest income | **** | 11,275 | 10,063 | **** | 21,670 | 20,090 | ||||
| Provision for loan losses | **** | 310 | 4 | **** | 444 | 54 | ||||
| Net interest income after provision for loan losses | **** | 10,965 | 10,059 | **** | 21,226 | 20,036 | ||||
| Noninterest Income | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Service charges on deposit accounts | **** | 603 | 471 | **** | 1,165 | 940 | ||||
| Other service charges and fees | **** | 51 | 43 | **** | 106 | 84 | ||||
| Credit card fees | **** | 535 | 479 | **** | 975 | 913 | ||||
| Trust income | **** | 439 | 434 | **** | 882 | 849 | ||||
| Bank-owned life insurance | **** | 241 | 210 | **** | 479 | 416 | ||||
| Other income | **** | 243 | 304 | **** | 796 | 1,068 | ||||
| Realized securities gain, net | **** | - | - | **** | - | 5 | ||||
| Total noninterest income | **** | 2,112 | 1,941 | **** | 4,403 | 4,275 | ||||
| Noninterest Expense | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Salaries and employee benefits | **** | 4,011 | 3,952 | **** | 7,989 | 7,858 | ||||
| Occupancy and furniture and fixtures | **** | 464 | 443 | **** | 956 | 931 | ||||
| Data processing and ATM | **** | 793 | 786 | **** | 1,580 | 1,564 | ||||
| FDIC assessment | **** | 111 | 93 | **** | 222 | 176 | ||||
| Net cost of other real estate owned | **** | - | 1 | **** | 10 | 38 | ||||
| Franchise taxes | **** | 371 | 357 | **** | 733 | 692 | ||||
| Other operating expenses | **** | 561 | 815 | **** | 1,434 | 1,724 | ||||
| Total noninterest expense | **** | 6,311 | 6,447 | **** | 12,924 | 12,983 | ||||
| Income before income tax expense | **** | 6,766 | 5,553 | **** | 12,705 | 11,328 | ||||
| Income tax expense | **** | 1,192 | 940 | **** | 2,245 | 1,949 | ||||
| Net Income | $ | 5,574 | $ | 4,613 | $ | 10,460 | $ | 9,379 | ||
| Basic and fully diluted net income per share | $ | 0.93 | $ | 0.74 | $ | 1.74 | $ | 1.49 | ||
| Weighted average number of common shares outstanding | ||||||||||
| Basic and Diluted | **** | 6,004,425 | 6,214,079 | **** | 6,025,709 | 6,310,347 | ||||
| Dividends declared per share | $ | 0.72 | $ | 0.70 | $ | 0.72 | $ | 0.70 | ||
| Dividend payout ratio | **** | --- | --- | **** | 41.34 | % | 46.05 | % | ||
| Book value per share | $ | 22.78 | $ | 30.99 | $ | 22.78 | $ | 30.99 |
4
National Bankshares, Inc.
Consolidated Statements of Comprehensive Loss
(Unaudited)
| ( in thousands) | June 30, 2021 | |||
| Net income | 5,574 | $ | 4,613 | |
| Other Comprehensive (Loss) Income, Net of Tax | **** | **** | **** | **** |
| Unrealized holding (loss) gain on available for sale securities net of tax of (6,617) for the period ended June 30, 2022 and 1,922 for the period ended June 30, 2021 | (24,893 | ) | 7,235 | |
| Other comprehensive (loss) income, net of tax | (24,893 | ) | $ | 7,235 |
| Total Comprehensive (Loss) Income | (19,319 | ) | $ | 11,848 |
All values are in US Dollars.
| **** | |||||
|---|---|---|---|---|---|
| ( in thousands) | June 30, 2021 | ||||
| Net income | 10,460 | $ | 9,379 | ||
| Other Comprehensive (Loss) Income, Net of Tax | **** | **** | **** | **** | **** |
| Unrealized holding loss on available for sale securities net of tax of (15,609) for the period ended June 30, 2022 and (1,349) for the period ended June 30, 2021 | (58,719 | ) | (5,074 | ) | |
| Reclassification adjustment for gain included in net income, net of tax of (1) for the period ended June 30, 2021 | - | (4 | ) | ||
| Other comprehensive loss, net of tax | (58,719 | ) | $ | (5,078 | ) |
| Total Comprehensive (Loss) Income | (48,259 | ) | $ | 4,301 |
All values are in US Dollars.
5
National Bankshares, Inc.
Key Ratios and Other Data
(Unaudited)
| Three Months Ended | **** | Six Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||
| Average Balances | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Cash and due from banks | $ | 12,063 | $ | 12,102 | $ | 11,879 | $ | 11,885 | ||||
| Interest-bearing deposits | **** | 90,606 | 143,812 | **** | 102,365 | 131,629 | ||||||
| Securities available for sale | **** | 696,399 | 589,746 | **** | 696,860 | 574,051 | ||||||
| Restricted stock | **** | 941 | 845 | **** | 899 | 1,036 | ||||||
| Mortgage loans held for sale | **** | 141 | 409 | **** | 179 | 631 | ||||||
| Gross Loans | **** | 833,576 | 792,211 | **** | 818,841 | 781,532 | ||||||
| Loans, net | **** | 825,307 | 781,615 | **** | 810,643 | 771,276 | ||||||
| Intangible assets | **** | 5,848 | 5,848 | **** | 5,848 | 5,848 | ||||||
| Total assets | **** | 1,719,128 | 1,609,876 | **** | 1,711,248 | 1,570,610 | ||||||
| Total deposits | **** | 1,554,048 | 1,400,107 | **** | 1,528,123 | 1,357,803 | ||||||
| Stockholders' equity | **** | 149,019 | 189,394 | **** | 167,072 | 192,477 | ||||||
| Interest-earning assets^(1)^ | **** | 1,676,001 | 1,520,458 | **** | 1,649,631 | 1,480,379 | ||||||
| Interest-bearing liabilities | **** | 1,215,253 | 1,075,058 | **** | 1,196,599 | 1,050,279 | ||||||
| Financial Ratios | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Return on average assets^(2)^ | **** | 1.30 | % | 1.15 | % | **** | 1.22 | % | 1.18 | % | ||
| Return on average equity^(2)^ | **** | 15.00 | % | 9.77 | % | **** | 12.45 | % | 9.63 | % | ||
| Net interest margin^(3)^ | **** | 2.75 | % | 2.72 | % | **** | 2.70 | % | 2.80 | % | ||
| Net interest income-fully taxable equivalent^(3)^ | $ | 11,505 | $ | 10,301 | $ | 22,127 | $ | 20,574 | ||||
| Efficiency ratio^(4)^ | **** | 46.35 | % | 52.66 | % | **** | 49.40 | % | 53.26 | % | ||
| Average equity to average assets | **** | 8.67 | % | 11.76 | % | **** | 9.76 | % | 12.25 | % | ||
| Allowance for Loan Losses | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Beginning balance | $ | 7,788 | $ | 8,536 | $ | 7,674 | $ | 8,481 | ||||
| Provision for losses | **** | 310 | 4 | **** | 444 | 54 | ||||||
| Charge-offs | **** | (75 | ) | (539 | ) | **** | (135 | ) | (586 | ) | ||
| Recoveries | **** | 46 | 76 | **** | 86 | 128 | ||||||
| Ending balance | $ | 8,069 | $ | 8,077 | $ | 8,069 | $ | 8,077 | ||||
| (1) | Does not included the unrealized gain/loss on securities available for sale or the allowance for loan losses. | |||||||||||
| --- | --- | |||||||||||
| (2) | The return on average assets and return on average equity are calculated by annualizing net income and dividing by average year-to-date assets or equity, respectively. When net income includes certain nonrecurring items, the annualization factor magnifies their effect. In order to reduce distortion, the Company removes from net income certain non-recurring items prior to annualization, applies the annualization factor to the adjusted net income and then adds back the items to annualized net income. | |||||||||||
| --- | --- | |||||||||||
| (3) | The net interest margin is calculated by dividing annualized taxable equivalent net interest income by total average earning assets. Because a portion of interest income earned by the Company is nontaxable, the tax equivalent net interest income is considered in the calculation of this ratio. Tax equivalent net interest income is calculated by adding the tax benefit realized from interest income that is nontaxable to total interest income then subtracting total interest expense. The tax rate utilized in calculating the tax benefit is 21%. | |||||||||||
| --- | --- | |||||||||||
| (4) | The efficiency ratio is calculated as noninterest expense divided by the sum of noninterest income, less non-recurring items, and net interest income on a fully taxable equivalent basis. | |||||||||||
| --- | --- |
6
National Bankshares, Inc.
Asset Quality Data
(Unaudited)
| ($ in thousands) | June 30, 2022 | June 30, 2021 | ||||
|---|---|---|---|---|---|---|
| Nonperforming Assets | **** | **** | **** | **** | **** | **** |
| Nonaccrual loans | $ | 168 | $ | 713 | ||
| Nonaccrual restructured loans | **** | 2,811 | 3,109 | |||
| Total nonperforming loans | **** | 2,979 | 3,822 | |||
| Other real estate owned | $ | 957 | $ | 1,007 | ||
| Total nonperforming assets | $ | 3,936 | $ | 4,829 | ||
| Accruing restructured loans | **** | 2,998 | 3,011 | |||
| Loans 90 days or more past due | $ | 7 | $ | 28 | ||
| Asset Quality Ratios | **** | **** | **** | **** | **** | **** |
| Nonperforming assets to loans^(1)^ plus other real estate owned | **** | 0.46 | % | 0.60 | % | |
| Allowance for loans losses to total loans^(1)^ | **** | 0.95 | % | 1.00 | % | |
| Allowance for loan losses to total loans^(1)^, excluding SBA PPP loans | **** | 0.95 | % | 1.04 | % | |
| Allowance for loan losses to nonperforming loans | **** | 270.86 | % | 211.33 | % | |
| Loans past due 90 days or more to loans^(1)^ | **** | 0.00 | % | 0.00 | % | |
| (1) | Loans are net of unearned income and deferred fees and costs | |||||
| --- | --- |
7