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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


July 27, 2010

 

 American National Bankshares Inc. and Subsidiaries   
 Consolidated Balance Sheets   
 (Dollars in thousands, except share and per share data)   
Unaudited  
         
  June 30  
ASSETS   2010   2009  
         
Cash and due from banks    $  11,398    $  13,905  
Interest-bearing deposits in other banks        22,705        26,879  
         
Securities available for sale, at fair value      211,574      140,344  
Securities held to maturity          4,823          6,712  
      Total securities      216,397      147,056  
         
Restricted stock, at cost          4,362          4,362  
Loans held for sale          2,879        10,408  
         
Loans      519,416      557,042  
  Less allowance for loan losses         (8,135)         (7,934)  
      Net Loans      511,281      549,108  
         
Premises and equipment, net        19,658        18,912  
Other real estate owned, net          3,730          4,033  
Goodwill        22,468        22,468  
Core deposit intangibles, net          1,509          1,886  
Accrued interest receivable and other assets        16,257        12,466  
         
      Total assets    $ 832,644    $ 811,483  
         
LIABILITIES AND SHAREHOLDERS' EQUITY          
         
Liabilities:          
   Demand deposits -- noninterest-bearing    $ 100,099    $ 101,449  
   Demand deposits -- interest-bearing        92,771        91,424  
   Money market deposits        81,247        81,306  
   Savings deposits        64,425        62,768  
   Time deposits      291,609      278,284  
      Total deposits      630,151      615,231  
         
   Short-term borrowings:          
      Customer repurchase agreements        61,665        59,437  
   Long-term borrowings          8,563          8,712  
   Trust preferred capital notes        20,619        20,619  
   Accrued interest payable and other liabilities          2,886          4,866  
      Total liabilities      723,884      708,865  
         
Shareholders' equity:          
   Common stock, $1 par, 20,000,000 shares authorized,          
       6,124,892 shares outstanding at June 30, 2010 and          
       6,100,330 shares outstanding at June 30, 2009          6,125          6,100  
   Capital in excess of par value        27,131        26,772  
   Retained earnings        73,590        70,682  
   Accumulated other comprehensive income (loss), net          1,914            (936)  
      Total shareholders' equity      108,760      102,618  
         
      Total liabilities and shareholders' equity    $ 832,644    $ 811,483  
         




    

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