-----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, JA7cT2O6TIgNk0gTnsmpVe3md8il3pMRdNiuee01iVZor5ri9iY0zEAIkpm6MAwy e71OSRDSB4GxTxmfvD6T5g== 0000741516-04-000014.txt : 20040421 0000741516-04-000014.hdr.sgml : 20040421 20040421150252 ACCESSION NUMBER: 0000741516-04-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040421 ITEM INFORMATION: FILED AS OF DATE: 20040421 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: 04745299 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 apr2104-8k.txt APRIL 21, 2004 8K AMERICAN NAT'L BANKSHARES INC 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: April 21, 2004 -------------- Commission file number 0-12820 ------- AMERICAN NATIONAL BANKSHARES INC. --------------------------------- (Exact name of registrant as specified in its charter) VIRGINIA 54-1284688 -------------------------------- -------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) 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 12. Results of Operations and Financial Condition On April 21, 2004, American National Bankshares Inc. issued a press release announcing first quarter results for the period ended March 31, 2004. 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 21, 2004 By: /s/ Charles H. Majors -------------------------- President and CEO EX-99 2 ex991apr21048k.txt EXHIBIT 99.1 04/21/04 8K AMER NAT'L BANKSHARES EXHIBIT 99.1 April 21, 2004 FOR IMMEDIATE RELEASE Contact: Charles H. Majors - (434) 773-2219 AMERICAN NATIONAL BANKSHARES INC. REPORTS RECORD FIRST QUARTER EARNINGS DANVILLE, Va., April 21, 2004 / PRNewswire-FirstCall/ -- American National Bankshares Inc. (NASDAQ: AMNB) today reported record first quarter earnings of $2,470,000, up 5.8% from the first quarter of 2003. Diluted earnings per share were $0.43, up 7.5% from the $0.40 earned in the first quarter of 2003. AMNB's first quarter 2004 results produced an annualized return on average equity (ROE) and an annualized return on average assets (ROA) of 13.62% and 1.54%, respectively, compared to 13.23% and 1.55%, respectively, for the first three months of 2003. Charles H. Majors, President and Chief Executive Officer stated, "We are pleased with our record first quarter earnings. Our focus on growing non-interest income is paying off with overall growth of 26.7% compared to the previous year. We continue to aggressively manage our net interest margin during this low interest rate environment and feel we are well positioned for the higher interest rates now being forecast. As we increased total revenue we also reduced overhead expenses, resulting in a strong efficiency ratio of 49.8% for the quarter, which is considerably better than those of our peer banks. While non-performing assets increased from a year ago and from the previous quarter, we are committed to reducing these numbers to their more traditional levels. We will continue to focus on growing existing and new customer financial relationships and to look for opportunities to expand into new areas." Total assets of the Corporation were $645.9 million at March 31, 2004, compared to $614.2 million for the comparable period in 2003. Shareholders' equity at March 31, 2004 was $73.1 million and represents 11.3% of total assets. American National Bankshares Inc. is the holding company of American National Bank and Trust Company, a community bank with fourteen offices in Danville, Chatham, Collinsville, Gretna, Martinsville, Henry County, and South Boston, Virginia, and Yanceyville, North Carolina. Services are also provided through twenty ATMs, "AmeriLink" internet banking, and our 24-hour "Access American" phone banking. Banking subsidiaries include ANB Mortgage Corp. (secondary mortgage origination), ANB Investor Services (retail brokerage) and ANB Insurance Services (full-service insurance agency).Additional information is available on our website at WWW.AMNB.COM. This release contains forward-looking statements within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. A forward-looking statement encompasses any estimate, prediction, opinion or statement of belief contained in this release and the underlying management assumptions. Forward-looking statements are based on current expectations and assessments of potential developments affecting market conditions, interest rates and other economic conditions, and results may ultimately vary from the statements made in this release. Consolidated Balance Sheets American National Bankshares Inc. and Subsidiary (In Thousands) Unaudited - ------------------------------------------------------------------------------------------------------------
March 31 ---------------------------- 2004 2003 ------------ ----------- ASSETS Cash and due from banks.........................................................$ 12,755 $ 15,962 Interest-bearing deposits in other banks........................................ 7,250 2,045 Securities: Securities available for sale................................................. 186,969 138,578 Securities held to maturity................................................... 20,194 25,975 ----------- ----------- Total securities.............................................................. 207,163 164,553 ----------- ----------- Loans held for sale............................................................. 1,753 1,576 Loans, net of unearned income .................................................. 404,988 419,752 Less allowance for loan losses.................................................. (5,323) (5,771) ----------- ----------- Net loans..................................................................... 399,665 413,981 ----------- ----------- Bank premises and equipment..................................................... 7,864 7,982 Core deposit intangibles, net................................................... 822 1,271 Accrued interest receivable and other assets.................................... 8,626 6,807 ----------- ----------- Total assets..................................................................$ 645,898 $ 614,177 =========== =========== LIABILITIES and SHAREHOLDERS' EQUITY Liabilities: Demand deposits -- non-interest bearing.......................................$ 80,683 $ 63,642 Demand deposits -- interest bearing........................................... 72,092 61,536 Money market deposits......................................................... 53,111 46,545 Savings deposits.............................................................. 84,064 79,458 Time deposits................................................................. 212,537 231,896 ----------- ----------- Total deposits................................................................ 502,487 483,077 ----------- ----------- Repurchase agreements......................................................... 46,040 34,803 FHLB borrowings............................................................... 21,000 21,500 Accrued interest payable and other liabilities................................ 3,283 3,880 ----------- ----------- Total liabilities............................................................. 572,810 543,260 ----------- ----------- Shareholders' equity: Common stock, $1 par, 10,000,000 shares authorized, 5,633,172 shares outstanding at March 31, 2004 and 5,745,816 shares outstanding at March 31, 2003.............................. 5,633 5,746 Capital in excess of par value................................................ 9,472 9,514 Retained earnings............................................................. 56,210 53,597 Accumulated other comprehensive income, net................................... 1,773 2,060 ----------- ----------- Total shareholders' equity.................................................... 73,088 70,917 ----------- ----------- Total liabilities and shareholders' equity....................................$ 645,898 $ 614,177 =========== ===========
Consolidated Statements of Income American National Bankshares Inc. and Subsidiary (In Thousands) (Unaudited) - --------------------------------------------------------------------------------------------------
Three Months Ended March 31 ------------------ 2004 2003 -------- -------- Interest Income: Interest and fees on loans....................................................$ 5,741 $ 6,559 Interest on deposits in other banks........................................... 31 25 Income on securities: Federal agencies............................................................ 822 549 Mortgage-backed............................................................. 233 454 State and municipal......................................................... 512 469 Other investments........................................................... 242 346 -------- ------- Total interest income....................................................... 7,581 8,402 -------- ------- Interest Expense: Interest on deposits: Demand...................................................................... 59 68 Money market................................................................ 102 139 Savings..................................................................... 109 225 Time........................................................................ 1,327 1,720 Interest on repurchase agreements............................................. 127 125 Interest on other borrowings.................................................. 241 242 -------- ------- Total interest expense...................................................... 1,965 2,519 -------- ------- Net Interest Income............................................................. 5,616 5,883 Provision for Loan Losses....................................................... 215 240 -------- ------- Net Interest Income After Provision For Loan Losses............................................................... 5,401 5,643 -------- ------- Non-Interest Income: Trust and investment services................................................. 728 606 Service charges on deposit accounts........................................... 574 423 Other fees and commissions.................................................... 246 228 Mortgage banking income....................................................... 133 128 Securities gains, net......................................................... 105 2 Other income.................................................................. 67 75 -------- ------- Total non-interest income................................................... 1,853 1,462 -------- ------- Non-Interest Expense: Salaries...................................................................... 1,768 1,721 Pension and other employee benefits........................................... 422 448 Occupancy and equipment....................................................... 617 641 Core deposit intangible amortization ......................................... 112 112 Other expenses................................................................ 882 887 -------- ------- Total non-interest expense.................................................. 3,801 3,809 -------- ------- Income Before Taxes............................................................. 3,453 3,296 Income Tax Provision............................................................ 983 962 -------- ------- Net Income......................................................................$ 2,470 $ 2,334 ======== ======= - -------------------------------------------------------------------------------------------------- Net Income Per Common Share: Basic.........................................................................$ .44 $ .41 Diluted.......................................................................$ .43 $ .40
Financial Highlights American National Bankshares Inc. and Subsidiary (Dollars in thousands, except per share data)
Three Months Ended March 31 ------------------------ 2004 2003 Change ----------- ----------- -------- EARNINGS Interest income $ 7,581 $ 8,402 (9.8)% Interest expense 1,965 2,519 (22.0) Net interest income 5,616 5,883 (4.5) Provision for loan losses 215 240 (10.4) Noninterest income 1,853 1,462 26.7 Noninterest expense 3,801 3,809 (.2) Income taxes 983 962 2.2 Net income 2,470 2,334 5.8 PER COMMON SHARE Earnings per share - basic $ .44 $ .41 7.3 % Earnings per share - diluted .43 .40 7.5 Cash dividends paid .19 .18 5.6 Book value 12.97 12.34 5.1 Closing market price 24.41 24.63 (.9) FINANCIAL RATIOS Return on average assets 1.54 % 1.55 % (1)bp Return on average shareholders' equity 13.62 13.23 39 Average equity to average assets 11.32 11.69 (37) Net interest margin (FTE) 3.84 4.24 (40) Efficiency ratio 49.76 50.29 (53) PERIOD END BALANCES Securities $ 207,163 $ 164,553 25.9 % Loans held for sale 1,753 1,576 11.2 Loans - net of unearned income 404,988 419,752 (3.5) Assets 645,898 614,177 5.2 Total deposits 502,487 483,077 4.0 Repurchase agreement funding 46,040 34,803 32.3 FHLB borrowings 21,000 21,500 (2.3) Shareholders' equity 73,088 70,917 3.1 AVERAGE BALANCES Loans - net of unearned income $ 407,911 $ 410,249 (.6)% Interest-earning assets 614,311 577,215 6.4 Assets 640,869 603,670 6.2 Interest-bearing deposits 423,615 412,716 2.6 Repurchase agreement funding 49,277 34,615 42.4 FHLB borrowings 21,416 21,747 (1.5) Shareholders' equity 72,531 70,576 2.8 CAPITAL Average shares outstanding - basic 5,648,278 5,756,094 (1.9)% Average shares outstanding - diluted 5,705,869 5,817,153 (1.9) Shares repurchased 32,200 35,000 Average price of shares repurchased $ 25.23 $ 25.40 ALLOWANCE FOR LOAN LOSSES Beginning balance $ 5,292 $ 5,622 (5.9)% Provision for loan losses 215 240 (10.4) Charge-offs (223) (164) 36.0 Recoveries 39 73 (46.6) ----------- ----------- ------ Ending balance $ 5,323 $ 5,771 (7.8)%
Financial Highlights American National Bankshares Inc. and Subsidiary (Dollars in thousands, except per share data)
Three Months Ended March 31 ------------------------ 2004 2003 Change ----------- ----------- --------- COMPOSITION OF RISK ASSETS Nonperforming loans: 90 days past due $ 15 $ 214 (93.0)% Nonaccrual 3,828 448 754.5 OREO 360 30 1,100.0 ----------- ----------- --------- Nonperforming assets $ 4,203 $ 692 507.4 % ASSET QUALITY RATIOS ** Nonperforming loans to total loans .95 % .16 % 79 bp Allowance for loan losses to total loans 1.31 1.37 (6) Allowance for loan losses to nonperforming loans 1.39 X 8.72 X (733) Notes: bp - Change is measured as difference in basis points ** - Balance sheet amounts used in calculations are based on period end balances
-----END PRIVACY-ENHANCED MESSAGE-----