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Press Release - American National Bankshares Inc. (AMNB)

“Our vision is to be our communities’ premier provider of financial services on a relationship basis and that is to make sure that we are successful by building a relationship with our customers over time. That is the way we compete against the larger financial institutions and the way we compete against start-ups as well.” - Charles H. Majors (AMNB) (Interview published December 21, 2007)

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Contact:

William W. Traynham, Chief Financial Officer

           

434-773-2242 

 

traynhamw@amnb.com

 

 

 

 

Traded:

NASDAQ Global Select Market

Symbol:

AMNB


April 21, 2010


 

 American National Bankshares Inc. and Subsidiaries   
 Consolidated Balance Sheets   
 (Dollars in thousands, except share and per share data)   
Unaudited  
         
  March 31  
ASSETS   2010   2009  
         
Cash and due from banks    $     11,059    $     13,632  
Interest-bearing deposits in other banks          25,531          18,188  
         
Securities available for sale, at fair value         190,949         163,846  
Securities held to maturity            5,802            6,811  
      Total securities         196,751         170,657  
         
Restricted stock, at cost            4,362            4,135  
Loans held for sale            2,208            2,782  
         
Loans         515,366         569,003  
  Less allowance for loan losses           (8,112)           (7,836)  
      Net Loans         507,254         561,167  
         
Premises and equipment, net          19,145          18,018  
Other real estate owned, net            3,815            3,345  
Goodwill          22,468          22,468  
Core deposit intangibles, net            1,603            1,981  
Accrued interest receivable and other assets          16,458          13,105  
         
      Total assets    $   810,654    $   829,478  
         
LIABILITIES AND SHAREHOLDERS' EQUITY          
         
Liabilities:          
   Demand deposits -- noninterest-bearing    $   101,190    $     98,926  
   Demand deposits -- interest-bearing          98,968          94,505  
   Money market deposits          79,225          72,085  
   Savings deposits          64,721          63,553  
   Time deposits         265,517         286,819  
      Total deposits         609,621         615,888  
         
   Short-term borrowings:          
      Customer repurchase agreements          60,372          60,768  
      Other short-term borrowings                   -          12,440  
   Long-term borrowings            8,600          13,750  
   Trust preferred capital notes          20,619          20,619  
   Accrued interest payable and other liabilities            4,260            4,098  
      Total liabilities         703,472         727,563  
         
Shareholders' equity:          
   Common stock, $1 par, 10,000,000 shares authorized,          
       6,123,275 shares outstanding at March 31, 2010 and          
       6,079,161 shares outstanding at March 31, 2009            6,123            6,079  
   Capital in excess of par value          27,063          26,488  
   Retained earnings          72,985          70,379  
   Accumulated other comprehensive income (loss), net            1,011           (1,031)  
      Total shareholders' equity         107,182         101,915  
         
      Total liabilities and shareholders' equity    $   810,654    $   829,478  
         
         
         




    

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