AMERICAN NATIONAL BANKSHARES INC. - FORM 8-K - EX-99.2 - FINANCIAL DATA 1-23-13

Attached files

file	filename
8-K - 8-K NEWS RELEASE 1-23-13 (PDF) - AMERICAN NATIONAL BANKSHARES INC.	jan2313_8k.pdf
EX-99.1 - NEWS RELEASE 1-23-13 (PDF) - AMERICAN NATIONAL BANKSHARES INC.	jan2313.pdf
EX-99.2 - FINANCIAL DATA 1-23-13 (PDF) - AMERICAN NATIONAL BANKSHARES INC.	jan2313_exhibit.pdf
8-K - 8-K NEWS RELEASE 1-23-13 - AMERICAN NATIONAL BANKSHARES INC.	jan2313_8k.htm
EX-99.1 - NEWS RELEASE 1-23-13 - AMERICAN NATIONAL BANKSHARES INC.	jan2313.htm

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

	December 31
ASSETS	2012			2011

Cash and due from banks	$	20,435		$	22,561
Interest-bearing deposits in other banks		27,007			6,332

Securities available for sale, at fair value		335,246			333,366
Restricted stock, at cost		5,287			6,019
Loans held for sale		13,852			6,330

Loans		788,705			824,758
Less allowance for loan losses		(12,118	)		(10,529	)
Net Loans		776,587			814,229

Premises and equipment, net		24,543			25,674
Other real estate owned, net		6,193			5,353
Goodwill		39,043			38,899
Core deposit intangibles, net		4,660			6,595
Bank owned life insurance		13,487			13,058
Accrued interest receivable and other assets		17,347			26,290

Total assets	$	1,283,687		$	1,304,706


Liabilities
Demand deposits -- noninterest-bearing	$	217,275		$	179,148
Demand deposits -- interest-bearing		153,578			189,212
Money market deposits		166,111			182,347
Savings deposits		81,135			74,193
Time deposits		409,568			433,854
Total deposits		1,027,667			1,058,754

Short-term borrowings:
Customer repurchase agreements		49,942			45,575
Other short-term borrowings		-			3,000
Long-term borrowings		10,079			10,206
Trust preferred capital notes		27,317			27,212
Accrued interest payable and other liabilities		5,436			7,130
Total liabilities		1,120,441			1,151,877

Shareholders' equity
Preferred stock, $5 par, 2,000,000 shares authorized,
none outstanding		-			-
Common stock, $1 par, 20,000,000 shares authorized,
7,846,912 shares outstanding at December 31, 2012 and
7,806,869 shares outstanding at December 31, 2011		7,847			7,807
Capital in excess of par value		57,211			56,395
Retained earnings		90,591			81,797
Accumulated other comprehensive income, net		7,597			6,830
Total shareholders' equity		163,246			152,829

Total liabilities and shareholders' equity	$	1,283,687		$	1,304,706


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
	2012			2011			2012		2011
Interest and Dividend Income:
Interest and fees on loans	$	11,965		$	14,881		$	49,189	$	40,688
Interest and dividends on securities:
Taxable		914			1,149			4,044		4,595
Tax-exempt		1,062			1,089			4,280		3,646
Dividends		58			43			213		131
Other interest income		33			15			80		127
Total interest and dividend income		14,032			17,177			57,806		49,187

Interest Expense:
Interest on deposits		1,552			1,957			6,843		7,203
Interest on short-term borrowings		23			81			150		325
Interest on long-term borrowings		83			85			335		229
Interest on trust preferred capital notes		197			194			813		1,023
Total interest expense		1,855			2,317			8,141		8,780

Net Interest Income		12,177			14,860			49,665		40,407
Provision for loan losses		334			1,972			2,133		3,170

Net Interest Income After Provision
for Loan Losses		11,843			12,888			47,532		37,237

Noninterest Income:
Trust fees		929			834			3,703		3,561
Service charges on deposit accounts		442			567			1,757		1,963
Other fees and commissions		445			427			1,768		1,510
Mortgage banking income		569			470			2,234		1,262
Securities gains (losses), net		(2	)		17			158		(1	)
Other		303			272			1,790		949
Total noninterest income		2,686			2,587			11,410		9,244

Noninterest Expense:
Salaries		3,932			3,702			15,785		12,409
Employee benefits		947			785			3,604		2,681
Occupancy and equipment		1,009			888			3,951		3,199
FDIC assessment		162			155			692		651
Bank franchise tax		152			206			690		763
Core deposit intangible amortization		421			548			1,935		1,282
Foreclosed real estate, net		98			(194	)		528		296
Merger related expenses		-			73			19		1,607
Other		2,282			2,466			9,439		7,112
Total noninterest expense		9,003			8,629			36,643		30,000

Income Before Income Taxes		5,526			6,846			22,299		16,481
Income Taxes		1,608			2,194			6,293		4,910
Net Income		3,918			4,652			16,006		11,571
Dividends on preferred stock		-			52			-		103
Net income available to common shareholders	$	3,918		$	4,600		$	16,006	$	11,468

Net Income Per Common Share:
Basic	$	0.50		$	0.59		$	2.04	$	1.64
Diluted	$	0.50		$	0.59		$	2.04	$	1.64
Average Common Shares Outstanding:
Basic		7,844,545			7,804,245			7,834,351		6,982,524
Diluted		7,854,083			7,811,243			7,845,652		6,989,877

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
	2012			2012			2011			2012			2011
EARNINGS
Interest income	$	14,032		$	13,546		$	17,177		$	57,806		$	49,187
Interest expense		1,855			2,046			2,317			8,141			8,780
Net interest income		12,177			11,500			14,860			49,665			40,407
Provision for loan losses		334			333			1,972			2,133			3,170
Noninterest income		2,686			2,690			2,587			11,410			9,244
Noninterest expense		9,003			8,880			8,629			36,643			30,000
Income taxes		1,608			1,338			2,194			6,293			4,910
Net income		3,918			3,639			4,652			16,006			11,571

PER COMMON SHARE
Earnings per share - basic	$	0.50		$	0.46		$	0.59		$	2.04		$	1.64
Earnings per share - diluted		0.50			0.46			0.59			2.04			1.64
Cash dividends declared		0.23			0.23			0.23			0.92			0.92
Book value per share		20.80			20.66			19.58			20.80			19.58
Book value per share - tangible (a)		15.23			15.03			13.75			15.23			13.75
Closing market price		20.19			22.59			19.49			20.19			19.49

FINANCIAL RATIOS
Return on average assets		1.21	%		1.12	%		1.42	%		1.23	%		1.07
Return on average equity		9.59			9.11			12.28			10.08			8.88
Return on average tangible equity (b)		14.12			13.69			18.77			15.25			12.97
Average equity to average assets		12.60			12.32			11.59			12.19			12.10
Net interest margin, taxable equivalent		4.37			4.14			5.27			4.44			4.35
Efficiency ratio		58.36			62.00			49.57			58.23			58.48
Effective tax rate		29.10			26.88			32.05			28.22			29.79

PERIOD-END BALANCES
Securities	$	340,533		$	333,278		$	339,385		$	340,533		$	339,385
Loans held for sale		13,852			8,118			6,330			13,852			6,330
Loans, net of unearned income		788,705			797,818			824,758			788,705			824,758
Goodwill and other intangibles		43,703			44,124			44,640			43,703			45,494
Assets		1,283,687			1,305,707			1,304,522			1,283,687			1,304,706
Assets - tangible (a)		1,239,984			1,261,583			1,259,882			1,239,984			1,259,212
Deposits		1,027,667			1,052,427			1,058,754			1,027,667			1,058,754
Customer repurchase agreements		49,942			45,761			45,575			49,942			45,575
Long-term borrowings		37,396			37,403			37,418			37,396			37,418
Shareholders' equity		163,246			162,045			152,829			163,246			152,829
Shareholders' equity - tangible (a)		119,543			117,921			108,189			119,543			107,335

AVERAGE BALANCES
Securities	$	320,718		$	323,555		$	322,018		$	324,842		$	270,441
Loans held for sale		10,535			8,237			5,989			7,533			3,042
Loans, net of unearned income		789,611			802,213			819,688			806,171			671,724
Interest-earning assets		1,167,206			1,166,572			1,172,965			1,170,626			974,601
Goodwill and other intangibles		43,970			44,561			44,455			44,762			34,158
Assets		1,296,709			1,297,698			1,306,699			1,303,081			1,077,094
Assets - tangible (a)		1,252,739			1,253,137			1,262,244			1,258,319			1,042,936
Interest-bearing deposits		821,286			839,902			886,551			838,230			720,163
Deposits		1,043,192			1,044,434			1,060,013			1,051,359			863,367
Customer repurchase agreements		45,510			46,297			49,257			46,939			46,411
Other short-term borrowings		2			-			130			496			66
Long-term borrowings		37,406			37,413			37,434			37,415			30,991
Shareholders' equity		163,384			159,868			151,496			158,847			130,320
Shareholders' equity - tangible (a)		119,414			115,307			107,041			114,085			96,162

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
	2012			2012			2011			2012			2011
CAPITAL
Average shares outstanding - basic		7,844,545			7,838,314			7,804,245			7,834,351			6,982,524
Average shares outstanding - diluted		7,854,083			7,855,537			7,811,243			7,845,652			6,989,877

ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	11,998		$	12,099		$	9,086		$	10,529		$	8,420
Provision for loan losses		334			333			1,972			2,133			3,170
Charge-offs		(404	)		(614	)		(906	)		(2,086	)		(1,863	)
Recoveries		190			180			377			1,542			802
Ending balance	$	12,118		$	11,998		$	10,529		$	12,118		$	10,529

LOANS
Construction and land development	$	48,812		$	50,688		$	54,433		$	48,812		$	54,433
Commercial real estate		355,433			356,692			351,961			355,433			351,961
Residential real estate		161,033			162,404			179,812			161,033			179,812
Home equity		91,313			95,008			96,195			91,313			96,195
Commercial and industrial		126,192			126,339			134,166			126,192			134,166
Consumer		5,922			6,687			8,191			5,922			8,191
Total	$	788,705		$	797,818		$	824,758		$	788,705		$	824,758

NONPERFORMING ASSETS AT PERIOD-END
Nonperforming loans:
90 days past due	$	-		$	-		$	197		$	-		$	197
Nonaccrual		5,316			7,815			13,520			5,316			13,520
Foreclosed real estate		6,193			6,259			5,353			6,193			5,353
Nonperforming assets	$	11,509		$	14,074		$	19,070		$	11,509		$	19,070

ASSET QUALITY RATIOS
Annualized net chargeoffs to average loans		0.11	%		0.22	%		0.26	%		0.07	%		0.16
Nonperforming assets to total assets		0.90			1.08			1.46			0.90			1.46
Nonperforming loans to total loans		0.67			0.98			1.66			0.67			1.66
Allowance for loan losses to total loans		1.54			1.50			1.28			1.54			1.28
Allowance for loan losses to
nonperforming loans		227.95			153.53			76.76			227.95			76.76

OTHER DATA
Fiduciary assets at period-end (c)	$	386,210		$	391,055		$	355,202		$	386,210		$	355,202
Retail brokerage assets at period-end (c)	$	155,079		$	154,632		$	140,688		$	155,079		$	140,688
Number full-time equivalent employees (d)		307			318			315			307			315
Number of full service offices		25			25			25			25			25
Number of loan production offices		2			2			2			2			2
Number of ATM's		31			31			31			31			31




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

Net Interest Income Analysis
For the Three Months Ended December 31, 2012 and 2011
(in thousands, except rates)

					Interest
	Average Balance				Income/Expense				Yield/Rate

	2012		2011		2012		2011		2012			2011
Loans:
Commercial	$	122,697	$	134,836	$	1,506	$	1,555		4.87	%		4.58	%
Real estate		671,180		682,631		10,368		13,205		6.18			7.74
Consumer		6,269		8,210		120		156		7.59			7.54
Total loans		800,146		825,677		11,994		14,916		5.99			7.22

Securities:
Federal agencies		35,728		33,427		110		181		1.23			2.17
Mortgage-backed & CMO's		85,623		99,817		419		577		1.96			2.31
State and municipal		187,545		180,254		1,945		1,983		4.15			4.40
Other		11,822		8,520		103		86		3.49			4.04
Total securities		320,718		322,018		2,577		2,827		3.21			3.51

Deposits in other banks		46,342		25,270		33		15		0.28			0.24

Total interest-earning assets		1,167,206		1,172,965		14,604		17,758		5.00			6.05

Non-earning assets		129,503		133,728

Total assets	$	1,296,709	$	1,306,693

Deposits:
Demand	$	145,539	$	180,874		36		123		0.10			0.27
Money market		169,647		195,534		107		190		0.25			0.39
Savings		79,492		73,674		23		29		0.11			0.16
Time		426,608		436,469		1,386		1,615		1.29			1.47
Total deposits		821,286		886,551		1,552		1,957		0.75			0.88

Customer repurchase agreements		45,510		49,257		23		81		0.20			0.65
Other short-term borrowings		2		130		0		0		0.75			0.43
Long-term borrowings		37,406		37,434		280		279		2.99			2.98
Total interest-bearing
liabilities		904,204		973,372		1,855		2,317		0.81			0.95

Noninterest bearing
demand deposits		221,906		173,462
Other liabilities		7,215		8,369
Shareholders' equity		163,384		151,490
Total liabilities and
shareholders' equity	$	1,296,709	$	1,306,693

Interest rate spread										4.19	%		5.10	%
Net interest margin										4.37	%		5.27	%

Net interest income (taxable equivalent basis)						12,749		15,441
Less: Taxable equivalent adjustment						572		581
Net interest income					$	12,177	$	14,860

Net Interest Income Analysis
For the Years Ended December 31, 2012 and 2011
(in thousands, except yields and rates)

					Interest
	Average Balance				Income/Expense				Yield/Rate

	2012		2011		2012		2011		2012			2011
Loans:
Commercial	$	128,031	$	107,376	$	6,642	$	4,947		5.19	%		4.61	%
Real estate		677,314		559,656		42,088		35,298		6.21			6.31
Consumer		8,359		7,734		605		575		7.24			7.43
Total loans		813,704		674,766		49,335		40,820		6.06			6.05

Securities:
Federal agencies		36,066		36,247		545		946		1.51			2.61
Mortgage-backed & CMO's		94,183		75,902		1,906		2,148		2.02			2.83
State and municipal		182,939		151,254		7,829		6,872		4.28			4.54
Other		11,654		7,038		435		279		3.73			3.96
Total securities		324,842		270,441		10,715		10,245		3.30			3.79

Deposits in other banks		32,080		29,394		80		127		0.25			0.43

Total interest-earning assets		1,170,626		974,601		60,130		51,192		5.14			5.25

Non-earning assets		132,455		102,493

Total assets	$	1,303,081	$	1,077,094

Deposits:
Demand	$	142,296	$	137,211		190		290		0.13			0.21
Money market		174,027		132,906		521		572		0.30			0.43
Savings		78,358		68,038		111		98		0.14			0.14
Time		443,549		382,008		6,021		6,243		1.36			1.63
Total deposits		838,230		720,163		6,843		7,203		0.82			1.00

Customer repurchase agreements		46,939		46,411		148		325		0.32			0.70
Other short-term borrowings		496		66		2		0		0.42			0.45
Long-term borrowings		37,415		30,991		1,148		1,252		3.07			4.04
Total interest-bearing
liabilities		923,080		797,631		8,141		8,780		0.88			1.10

Noninterest bearing
demand deposits		213,129		143,204
Other liabilities		8,025		5,939
Shareholders' equity		158,847		130,320
Total liabilities and
shareholders' equity	$	1,303,081	$	1,077,094

Interest rate spread										4.26	%		4.15	%
Net interest margin										4.44	%		4.35	%

Net interest income (taxable equivalent basis)						51,989		42,412
Less: Taxable equivalent adjustment						2,324		2,005
Net interest income					$	49,665	$	40,407

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AMERICAN NATIONAL BANKSHARES INC. Reports

AMERICAN NATIONAL BANKSHARES INC. - FORM 8-K - EX-99.2 - FINANCIAL DATA 1-23-13 - January 24, 2013

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