AMERICAN NATIONAL BANKSHARES INC. - FORM 8-K - EX-99.2 - FINANCIAL DATA 12-31-10

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8-K - 8-K EARNINGS RELEASE - AMERICAN NATIONAL BANKSHARES INC.	jan242011_8k.htm
EX-99.1 - NEWS RELEASE 1-24-11 - AMERICAN NATIONAL BANKSHARES INC.	jan242011_newsrelease.htm

American National Bankshares Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share and per share data)
Unaudited

	December 31
ASSETS	2010			2009

Cash and due from banks	$	9,547		$	13,250
Interest-bearing deposits in other banks		8,967			10,693

Securities available for sale, at fair value		228,295			188,795
Securities held to maturity		3,334			6,529
Total securities		231,629			195,324

Restricted stock, at cost		4,062			4,362
Loans held for sale		3,135			2,490

Loans		520,781			527,991
Less allowance for loan losses		(8,420	)		(8,166	)
Net Loans		512,361			519,825

Premises and equipment, net		19,509			19,195
Other real estate owned, net		3,716			3,414
Goodwill		22,468			22,468
Core deposit intangibles, net		1,320			1,698
Accrued interest receivable and other assets		16,950			16,254

Total assets	$	833,664		$	808,973

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
Demand deposits -- noninterest-bearing	$	105,240		$	101,735
Demand deposits -- interest-bearing		90,012			97,025
Money market deposits		59,891			75,554
Savings deposits		62,522			61,873
Time deposits		322,433			268,086
Total deposits		640,098			604,273

Short-term borrowings:
Customer repurchase agreements		47,084			65,929
Other short-term borrowings		6,110			-
Long-term borrowings		8,488			8,638
Trust preferred capital notes		20,619			20,619
Accrued interest payable and other liabilities		3,178			3,125
Total liabilities		725,577			702,584

Shareholders' equity:
Common stock, $1 par, 20,000,000 shares authorized,
6,127,735 shares outstanding at December 31, 2010 and
6,110,335 shares outstanding at December 31, 2009		6,128			6,110
Capital in excess of par value		27,268			26,962
Retained earnings		74,850			72,208
Accumulated other comprehensive income (loss), net		(159	)		1,109
Total shareholders' equity		108,087			106,389

Total liabilities and shareholders' equity	$	833,664		$	808,973


American National Bankshares Inc. and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except share and per share data)
Unaudited

	Three Months Ended						Twelve Months Ended
	December 31						December 31
	2010			2009			2010			2009
Interest and Dividend Income:
Interest and fees on loans	$	6,960		$	7,445		$	28,180		$	31,062
Interest and dividends on securities:
Taxable		1,198			1,259			5,042			4,853
Tax-exempt		647			437			2,288			1,673
Dividends		24			25			95			95
Other interest income		92			91			360			378
Total interest and dividend income		8,921			9,257			35,965			38,061

Interest Expense:
Interest on deposits		1,704			1,771			6,708			8,399
Interest on short-term borrowings		85			127			382			675
Interest on long-term borrowings		64			66			256			342
Interest on trust preferred capital notes		343			343			1,373			1,373
Total interest expense		2,196			2,307			8,719			10,789

Net Interest Income		6,725			6,950			27,246			27,272
Provision for loan losses		485			328			1,490			1,662

Net Interest Income After Provision
for Loan Losses		6,240			6,622			25,756			25,610

Noninterest Income:
Trust fees		936			815			3,391			3,153
Service charges on deposit accounts		457			536			1,897			2,085
Other fees and commissions		307			264			1,163			1,014
Mortgage banking income		543			390			1,560			1,605
Securities gains, net		84			1			126			3
Foreclosed real estate (losses), net		(304	)		(253	)		(583	)		(1,475	)
Other		579			184			977			658
Total noninterest income		2,602			1,937			8,531			7,043

Noninterest Expense:
Salaries		2,789			2,314			10,379			10,048
Employee benefits		618			750			2,455			3,201
Occupancy and equipment		725			762			2,934			2,927
FDIC assessment		206			202			803			1,186
Bank franchise tax		167			159			670			642
Core deposit intangible amortization		94			94			377			377
Other		1,603			1,243			5,210			4,937
Total noninterest expense		6,202			5,524			22,828			23,318

Income Before Income Taxes		2,640			3,035			11,459			9,335
Income Taxes		789			866			3,181			2,525
Net Income	$	1,851		$	2,169		$	8,278		$	6,810

Net Income Per Common Share:
Basic	$	0.30		$	0.36		$	1.35		$	1.12
Diluted	$	0.30		$	0.35		$	1.35		$	1.12
Average Common Shares Outstanding:
Basic		6,126,817			6,108,340			6,123,870			6,097,810
Diluted		6,141,123			6,116,800			6,131,650			6,102,895

American National Bankshares Inc. and Subsidiaries
Financial Highlights

(In thousands, except share, ratio and
nonfinancial data, unaudited)	4th Qtr			3rd Qtr			4th Qtr			YTD			YTD
	2010			2010			2009			2010			2009
EARNINGS
Interest income	$	8,921		$	8,982		$	9,257		$	35,965		$	38,061
Interest expense		2,196			2,223			2,307			8,719			10,789
Net interest income		6,725			6,759			6,950			27,246			27,272
Provision for loan losses		485			435			328			1,490			1,662
Noninterest income		2,602			2,246			1,937			8,531			7,043
Noninterest expense		6,202			5,536			5,524			22,828			23,318
Income taxes		789			806			866			3,181			2,525
Net income		1,851			2,228			2,169			8,278			6,810

PER COMMON SHARE
Earnings per share - basic	$	0.30		$	0.36		$	0.36		$	1.35		$	1.12
Earnings per share - diluted		0.30			0.36			0.35			1.35			1.12
Cash dividends declared		0.23			0.23			0.23			0.92			0.92
Book value per share		17.64			18.10			17.41			17.64			17.41
Book value per share - tangible (a)		13.76			14.20			13.46			13.76			13.46
Closing market price		23.55			21.94			21.90			23.55			21.90

FINANCIAL RATIOS
Return on average assets		0.88	%		1.07	%		1.07	%		1.00	%		0.84	%
Return on average equity		6.69			8.11			8.24			7.59			6.57
Return on average tangible equity (b)		8.83			10.69			11.03			10.05			8.94
Average equity to average assets		13.12			13.14			12.93			13.18			12.79
Net interest margin, taxable equivalent		3.67			3.74			3.88			3.78			3.81
Efficiency ratio		65.70			59.54			58.79			61.53			63.46
Effective tax rate		29.89			26.57			28.53			27.76			27.05

PERIOD-END BALANCES
Securities	$	235,691		$	218,096		$	199,686		$	235,691		$	199,686
Loans held for sale		3,135			3,952			2,490			3,135			2,490
Loans, net of unearned income		520,781			519,421			527,991			520,781			527,991
Goodwill and other intangibles		23,788			23,883			24,166			23,788			24,166
Assets		833,664			824,217			808,973			833,664			808,973
Assets - tangible (a)		809,876			800,334			784,807			809,876			784,807
Deposits		640,098			625,630			604,273			640,098			604,273
Customer repurchase agreements		47,084			54,285			65,929			47,084			65,929
Other short-term borrowings		6,110			-			-			6,110			-
Long-term borrowings		29,107			29,144			29,257			29,107			29,257
Shareholders' equity		108,087			110,868			106,389			108,087			106,389
Shareholders' equity - tangible (a)		84,299			86,985			82,223			84,299			82,223

AVERAGE BALANCES
Securities	$	215,208		$	214,532		$	167,546		$	203,296		$	153,237
Loans held for sale		5,629			4,991			4,394			4,159			5,436
Loans, net of unearned income		521,832			519,101			540,103			520,315			553,831
Interest-earning assets		770,649			762,742			744,007			754,833			741,308
Goodwill and other intangibles		23,844			23,935			24,217			23,982			24,360
Assets		843,922			836,033			814,232			827,422			810,140
Assets - tangible (a)		820,078			812,098			790,015			803,440			785,780
Interest-bearing deposits		537,662			530,191			499,725			522,614			507,014
Deposits		647,526			633,692			604,506			625,822			606,700
Customer repurchase agreements		52,068			59,126			70,014			59,270			63,115
Other short-term borrowings		251			92			91			87			1,037
Long-term borrowings		29,136			29,174			29,287			29,192			30,849
Shareholders' equity		110,688			109,885			105,302			109,060			103,625
Shareholders' equity - tangible (a)		86,844			85,950			81,085			85,078			79,265

CAPITAL
Average shares outstanding - basic		6,126,817			6,125,359			6,108,340			6,123,870			6,097,810
Average shares outstanding - diluted		6,141,123			6,131,129			6,116,800			6,131,650			6,102,895
Shares repurchased		-			-			-			-			7,600
Average price of shares repurchased	$	-		$	-		$	-		$	-		$	15.92

ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	8,542		$	8,135		$	8,260		$	8,166		$	7,824
Provision for loan losses		485			435			328			1,490			1,662
Charge-offs		(662	)		(137	)		(485	)		(1,531	)		(1,601	)
Recoveries		55			109			63			295			281
Ending balance	$	8,420		$	8,542		$	8,166		$	8,420		$	8,166

LOANS
Construction and land development	$	37,168		$	42,602		$	40,371		$	37,168		$	40,371
Commercial real estate		210,393			206,142			208,066			210,393			208,066
Residential real estate		119,398			118,554			121,639			119,398			121,639
Home equity		61,064			64,847			64,678			61,064			64,678
Commercial and industrial		85,051			80,818			86,312			85,051			86,312
Consumer		7,707			6,458			6,925			7,707			6,925
Total	$	520,781		$	519,421		$	527,991		$	520,781		$	527,991

NONPERFORMING ASSETS AT PERIOD-END
Nonperforming loans:
90 days past due	$	-		$	-		$	-		$	-		$	-
Nonaccrual		2,597			3,910			3,642			2,597			3,642
Foreclosed real estate		3,716			3,987			3,414			3,716			3,414
Nonperforming assets	$	6,313		$	7,897		$	7,056		$	6,313		$	7,056

ASSET QUALITY RATIOS
Annualized net chargeoffs to average loans		0.47	%		0.02	%		0.31	%		0.24	%		0.24	%
Nonperforming assets to total assets		0.76			0.96			0.87			0.76			0.87
Nonperforming loans to total loans		0.50			0.75			0.69			0.50			0.69
Allowance for loan losses to total loans		1.62			1.64			1.55			1.62			1.55
Allowance for loan losses to nonperforming loans		324.22			218.47			224.22			324.22			224.22

OTHER DATA
Fiduciary assets at period-end (c)	$	368,018		$	370,016		$	358,124		$	368,018		$	358,124
Retail brokerage assets at period-end (c)	$	49,311		$	47,507		$	54,696		$	49,311		$	54,696
Number full-time equivalent employees (d)		242			242			238			242			238
Number of full service offices		18			18			18			18			18
Number of loan production offices		1			1			2			1			2
Number of ATM's		26			26			24			26			24




Notes:

(a) - Excludes goodwill and other intangible assets
(b) - Excludes amortization expense, net of tax, of intangible assets
(c) - Market value
(d) - Average for quarter
N/A - Percentage change is not applicable or not meaningful

Net Interest Income Analysis
For the Three Months Ended December 31, 2010 and 2009
(in thousands, except yields and rates)

					Interest				Average
	Average Balance				Income/Expense				Yield/Rate

	2010		2009		2010		2009		2010			2009
Loans:
Commercial	$	75,012	$	80,712	$	900	$	986		4.76	%		4.89	%
Real estate		445,017		452,136		5,949		6,338		5.35			5.61
Consumer		7,432		7,255		144		148		7.69			8.16
Total loans		527,461		540,103		6,993		7,472		5.30			5.53

Securities:
Federal agencies & GSE		48,184		61,858		382		555		3.17			3.59
Mortgage-backed & CMO's		57,251		38,002		484		482		3.38			5.07
State and municipal		103,692		59,358		1,255		839		4.84			5.65
Other		6,081		8,328		55		76		3.62			3.65
Total securities		215,208		167,546		2,176		1,952		4.04			4.66

Deposits in other banks		27,980		36,358		92		91		1.30			1.00

Total interest-earning assets		770,649		744,007		9,261		9,515		4.80			5.12

Non-earning assets		73,273		70,225

Total assets	$	843,922	$	814,232

Deposits:
Demand	$	93,133	$	94,764		18		27		0.08			0.11
Money market		60,500		72,342		86		74		0.56			0.41
Savings		63,010		62,026		22		33		0.14			0.21
Time		321,019		270,593		1,578		1,637		1.95			2.42
Total deposits		537,662		499,725		1,704		1,771		1.26			1.42

Customer repurchase agreements		52,068		70,014		85		127		0.65			0.73
Other short-term borrowings		251		91		0		0		0.14			0.39
Long-term borrowings		29,136		29,287		407		409		5.59			5.59

Total interest-bearing liabilities		619,117		599,117		2,196		2,307		1.41			1.54

Noninterest bearing demand deposits		109,864		104,781
Other liabilities		4,253		5,032
Shareholders' equity		110,688		105,302
Total liabilities and
shareholders' equity	$	843,922	$	814,232

Interest rate spread										3.39	%		3.58	%
Net interest margin										3.67	%		3.88	%

Net interest income (taxable equivalent basis)						7,065		7,208
Less: Taxable equivalent adjustment						340		258
Net interest income					$	6,725	$	6,950

Net Interest Income Analysis
For the Years Ended 2010 and 2009
(in thousands, except yields and rates)

					Interest				Average
	Average Balance				Income/Expense				Yield/Rate

	2010		2009		2010		2009		2010			2009
Loans:
Commercial	$	77,382	$	88,551	$	3,726	$	4,213		4.82	%		4.76	%
Real estate		440,318		463,093		24,045		26,294		5.46			5.68
Consumer		6,774		7,623		541		659		7.99			8.64
Total loans		524,474		559,267		28,312		31,166		5.40			5.57

Securities:
Federal agencies & GSE		59,960		52,694		1,917		2,139		3.20			4.06
Mortgage-backed & CMO's		50,178		40,363		1,957		2,100		3.90			5.20
State and municipal		86,439		52,687		4,478		2,972		5.18			5.64
Other		6,719		7,493		240		261		3.57			3.48
Total securities		203,296		153,237		8,592		7,472		4.23			4.88

Deposits in other banks		27,063		28,804		360		378		1.33			1.31

Total interest-earning assets		754,833		741,308		37,264		39,016		4.94			5.26

Non-earning assets		72,589		68,832

Total assets	$	827,422	$	810,140

Deposits:
Demand	$	94,236	$	98,576		76		290		0.08			0.29
Money market		73,358		72,918		371		527		0.51			0.72
Savings		63,484		62,219		88		148		0.14			0.24
Time		291,536		273,301		6,173		7,434		2.12			2.72
Total deposits		522,614		507,014		6,708		8,399		1.28			1.66

Customer repurchase agreements		59,270		63,115		382		670		0.64			1.06
Other short-term borrowings		87		1,037		0		5		0.42			0.48
Long-term borrowings		29,192		30,849		1,629		1,715		5.58			5.56

Total interest-bearing liabilities		611,163		602,015		8,719		10,789		1.43			1.79

Noninterest bearing demand deposits		103,208		99,686
Other liabilities		3,991		4,814
Shareholders' equity		109,060		103,625
Total liabilities and
shareholders' equity	$	827,422	$	810,140

Interest rate spread										3.51	%		3.47	%
Net interest margin										3.78	%		3.81	%

Net interest income (taxable equivalent basis)						28,545		28,227
Less: Taxable equivalent adjustment						1,299		955
Net interest income					$	27,246	$	27,272

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AMERICAN NATIONAL BANKSHARES INC. Reports

AMERICAN NATIONAL BANKSHARES INC. - FORM 8-K - EX-99.2 - FINANCIAL DATA 12-31-10 - January 24, 2011

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AMERICAN NATIONAL BANKSHARES INC. Reports