-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EplN3Lo2M6a5xdYYEBarmhR744z9rdyyefa0LDqEnwwg39Dds9iNoLYgpxRYvVO8 Op8zw64ZbkAK6O5Q+c2dEw== 0000741516-03-000009.txt : 20030416 0000741516-03-000009.hdr.sgml : 20030416 20030416114412 ACCESSION NUMBER: 0000741516-03-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030331 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN NATIONAL BANKSHARES INC CENTRAL INDEX KEY: 0000741516 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 541284688 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12820 FILM NUMBER: 03651921 BUSINESS ADDRESS: STREET 1: 628 MAIN ST CITY: DANVILLE STATE: VA ZIP: 24541 BUSINESS PHONE: 4347925111 MAIL ADDRESS: STREET 1: 628 MAIN STREET STREET 2: P O BOX 191 CITY: DANVILLE STATE: VA ZIP: 24543 8-K 1 april16038k.txt 8-K APRIL 16, 2003 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: April 16, 2003 -------------- AMERICAN NATIONAL BANKSHARES INC. --------------------------------- (Exact name of registrant as specified in its charter) Virginia 0-12820 54-1284688 - ------------------------ ------------------------ ------------------- (State of Incorporation) (Commission File Number) (IRS Employer Identification No.) 628 Main Street, Danville, Virginia 24541 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (434) 792-5111 ---------------------------------------------------- (Registrant's telephone number, including area code) Item 9. Regulation FD Disclosure (Information provided pursuant to Item 12) The purpose of this Current Report on Form 8-K is to file the Registrant's "Quarterly Financial Update" for the first quarter of 2003. Exhibits 99.1 News Release and supporting schedules - -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERICAN NATIONAL BANKSHARES INC. --------------------------------- (Registrant) Date - April 16, 2003 By: /s/ Brad E. Schwartz -------------------------- Senior Vice President and Secretary-Treasurer (Chief Financial Officer) EX-99 2 ex99-10416038k.txt EXHIBIT 99.1 8-K APRIL 16, 2003 Exhibit 99.1 April 16, 2003 FOR IMMEDIATE RELEASE Contact: Brad Schwartz, Chief Financial Officer, (434) 773-2242 American National Bankshares Reports Quarterly Financial Update American National Bankshares Inc. today reported first quarter 2003 net income of $2,334,000, a 6.1% increase over the same period in 2002. This represents income of $.41 on a basic per share basis. In the first quarter of 2002, the Corporation earned $2,199,000 million, which represented $.38 per share. Assets of the Corporation increased to $614 million at March 31, 2003 compared to $575 million for the comparable period in 2002. Total loans at quarter-end increased to $421 million from $382 million one year earlier. Shareholders' equity at March 31, 2003 was $71 million and represents 11.6% of total assets. The return on average assets (ROA) for the first quarter of 2003 was 1.55%, on an annualized basis, and the return on average equity (ROE) for the quarter was 13.23% annualized. For the first quarter of 2002, the ROA was 1.56% and the ROE was 13.32%. Charles H. Majors, President and Chief Executive Officer stated, "Based on the current economic climate, we are pleased that our performance has resulted in such positive results. Our emphasis on managing our spread was evident as our net interest margin improved and resulted in a 9% increase in our net interest income compared to one year ago. We continued to invest in people as we position for future growth in interest and non-interest income. At the same time we worked hard to control expenses, resulting in a strong efficiency ratio of 50.3% for the quarter, which is considerably better than those of our peer banks. We are pleased that our credit quality and loan demand remained strong and we continue to focus on growing existing and new customer financial relationships." American National Bankshares Inc. is the holding company of American National Bank and Trust Company, a community bank with fourteen offices in Danville, Chatham, Collinsville, Gretna, Martinsville, Henry County, and South Boston, Virginia, and Yanceyville, North Carolina. Services are also provided through fifteen ATMs, "AmeriLink" internet banking, and our 24-hour "Access American" phone banking. Banking subsidiaries include ANB Mortgage Corp. (secondary mortgage origination), ANB Investor Services (retail brokerage) and ANB Insurance Services (full-service insurance agency). Additional information is available on our website at www.amnb.com. ------------ This release contains forward-looking statements within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. A forward-looking statement encompasses any estimate, prediction, opinion or statement of belief contained in this release and the underlying management assumptions. Forward-looking statements are based on current expectations and assessments of potential developments affecting market conditions, interest rates and other economic conditions, and results may ultimately vary from the statements made in this release. Consolidated Balance Sheets American National Bankshares Inc. and Subsidiary (In thousands) Unaudited - ---------------------------------------------------------------------------------------------------------
March 31 ------------------------- 2003 2002 ---------- ---------- ASSETS Cash and due from banks.........................................................$ 15,962 $ 11,468 Interest-bearing deposits in other banks........................................ 2,045 22,885 Investment securities: Securities available for sale................................................. 138,578 117,886 Securities held to maturity................................................... 25,975 27,881 ---------- ---------- Total investment securities................................................... 164,553 145,767 ---------- ---------- Loans, held for sale............................................................ 1,576 924 Loans, net of unearned income................................................... 419,752 380,964 Less allowance for loan losses.................................................. (5,771) (5,423) ---------- ---------- Net Loans..................................................................... 413,981 375,541 ---------- ---------- Bank premises and equipment..................................................... 7,982 8,354 Core deposit intangibles........................................................ 1,271 1,721 Accrued interest receivable and other assets.................................... 6,807 7,899 ---------- ---------- Total assets..................................................................$ 614,177 $ 574,559 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Demand deposits--non-interest bearing.........................................$ 63,642 $ 56,613 Demand deposits--interest bearing............................................. 61,536 57,892 Money market deposits......................................................... 46,545 39,665 Savings deposits.............................................................. 79,458 68,354 Time deposits................................................................. 231,896 234,545 ---------- ---------- Total deposits................................................................ 483,077 457,069 Repurchase agreements........................................................... 34,803 34,719 FHLB borrowings................................................................. 21,500 13,000 Accrued interest payable and other liabilities.................................. 3,880 4,019 ---------- ---------- Total liabilities............................................................. 543,260 508,807 ---------- ---------- SHAREHOLDERS' EQUITY: Common stock, $1 par, 10,000,000 shares authorized, 5,745,816 shares outstanding at March 31, 2003 and 5,815,756 shares outstanding at March 31, 2002.............................. 5,746 5,816 Capital in excess of par value................................................ 9,514 9,583 Retained earnings............................................................. 53,597 49,772 Accumulated other comprehensive income........................................ 2,060 581 ---------- ---------- Total shareholders' equity.................................................... 70,917 65,752 ---------- ---------- Total liabilities and shareholders' equity....................................$ 614,177 $ 574,559 ========== ==========
Consolidated Statements of Income American National Bankshares Inc. and Subsidiary (In thousands) Unaudited - ---------------------------------------------------------------------------------------------------------
Three Months Ended March 31 ------------------------- 2003 2002 ---------- ---------- INTEREST INCOME: Interest and fees on loans....................................................$ 6,559 $ 6,749 Interest on deposits in other banks........................................... 25 82 Income on securities: Federal agencies............................................................ 549 427 Mortgage-backed............................................................. 454 656 State and municipal......................................................... 469 456 Other investments........................................................... 346 431 ---------- ---------- Total interest income....................................................... 8,402 8,801 INTEREST EXPENSE: Interest on deposits: Demand...................................................................... 68 119 Money market................................................................ 139 190 Savings..................................................................... 225 265 Time........................................................................ 1,720 2,530 Interest on repurchase agreements............................................. 125 149 Interest on other borrowings.................................................. 242 171 ---------- ---------- Total interest expense...................................................... 2,519 3,424 ---------- ---------- NET INTEREST INCOME............................................................. 5,883 5,377 PROVISION FOR LOAN LOSSES....................................................... 240 183 ---------- ---------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES............................................................... 5,643 5,194 NON-INTEREST INCOME: Trust and investment services................................................. 606 666 Service charges on deposit accounts........................................... 423 365 Other fees and commissions.................................................... 228 196 Mortgage banking income....................................................... 128 82 Securities gains, net......................................................... 2 19 Other income.................................................................. 75 67 ---------- ---------- Total non-interest income..................................................... 1,462 1,395 ---------- ---------- NON-INTEREST EXPENSE: Salaries...................................................................... 1,721 1,553 Pension and other employee benefits........................................... 448 375 Occupancy and equipment....................................................... 641 612 Core deposit intangible amortization.......................................... 112 112 Other expenses................................................................ 887 846 ---------- ---------- Total non-interest expense.................................................... 3,809 3,498 ---------- ---------- INCOME BEFORE TAXES............................................................. 3,296 3,091 Income Tax Provision............................................................ 962 892 ---------- ---------- NET INCOME......................................................................$ 2,334 $ 2,199 ========== ========== NET INCOME PER COMMON SHARE: Basic.........................................................................$ .41 $ .38 Diluted.......................................................................$ .40 $ .38
Financial Highlights American National Bankshares Inc. and Subsidiary (Dollars in thousands, except per share data)
Three Months Ended March 31 2003 2002 Change ----------- ----------- ---------- EARNINGS Interest income $ 8,402 $ 8,801 (4.5)% Interest expense 2,519 3,424 (26.4) Net interest income 5,883 5,377 9.4 Provision for loan losses 240 183 31.1 Noninterest income 1,462 1,395 4.8 Noninterest expense 3,809 3,498 8.9 Income taxes 962 892 7.8 Net income 2,334 2,199 6.1 PER COMMON SHARE Earnings per share - basic $ .41 $ .38 7.9 % Earnings per share - diluted .40 .38 5.3 Cash dividends paid .18 .17 5.9 Book value 12.34 11.31 9.1 Closing market price 24.63 19.55 26.0 FINANCIAL RATIOS Return on average assets 1.55 % 1.56 % (1)bp Return on average shareholders' equity 13.23 13.32 (9) Average equity to average assets 11.69 11.72 (3) Net interest margin (FTE) 4.24 4.17 7 Efficiency ratio 50.29 49.97 32 PERIOD END BALANCES Securities $ 164,553 $ 145,767 12.9 % Loans held for sale 1,576 924 70.6 Loans - net of unearned income 419,752 380,964 10.2 Assets 614,177 574,559 6.9 Total deposits 483,077 457,069 5.7 Repurchase agreement funding 34,803 34,719 .2 FHLB borrowings 21,500 13,000 65.4 Shareholders' equity 70,917 65,752 7.9 AVERAGE BALANCES Loans - net of unearned income $ 410,249 $ 376,900 8.8 % Interest-earning assets 577,215 539,401 7.0 Assets 603,670 563,787 7.1 Interest-bearing deposits 412,716 398,897 3.5 Repurchase agreement funding 34,615 30,076 15.1 FHLB borrowings 21,747 13,000 67.3 Shareholders' equity 70,576 66,059 6.8 CAPITAL Average shares outstanding - basic 5,756,094 5,821,367 (1.1) Average shares outstanding - diluted 5,817,153 5,852,000 ( .6) Shares repurchased 35,000 6,600 Average price of shares repurchased $ 25.40 $ 20.10 ALLOWANCE FOR LOAN LOSSES Beginning balance $ 5,622 $ 5,334 5.4 % Provision for loan losses 240 183 31.1 Charge-offs (164) (116) 41.4 Recoveries 73 22 231.8 Ending balance 5,771 5,423 6.4
Financial Highlights American National Bankshares Inc. and Subsidiary (Dollars in thousands, except per share data)
Three Months Ended March 31 2003 2002 Change ----------- ----------- ---------- COMPOSITION OF RISK ASSETS Nonperforming loans: 90 days past due 214 171 25.1 % Nonaccrual 448 771 (41.9) OREO 30 117 (74.4) Nonperforming assets 692 1,059 (34.7) ASSET QUALITY RATIOS ** Nonperforming loans to total loans .16 % .25 % (9)bp Allowance for loan losses to total loans 1.37 1.42 (5) Allowance for loan losses to nonperforming loans 8.72 X 5.76 X 296 Notes: bp - Change is measured as difference in basis points. ** - Balance sheet amounts used in calculations are based on period end balances.
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