Welcome to our dedicated page for American National Bankshares news (Ticker: AMNB), a resource for investors and traders seeking the latest updates and insights on American National Bankshares stock.
American National Bankshares Inc. (NASDAQ: AMNB) is a multi-state bank holding company headquartered in Danville, Virginia. Established in 1909, the company operates under its primary subsidiary, American National Bank and Trust Company. With approximately 26 full-service banking offices spread across Virginia and North Carolina, American National Bank serves as a vital community bank offering a wide range of financial services.
American National Bank provides comprehensive financial services that include personal and business banking, wealth management, mortgage services, and investment products. The bank manages an additional $1.2 billion in trust, investment, and brokerage assets through its Wealth Management Division.
Recent Milestones and Financial Performance
In recent news, American National reported its fourth quarter 2023 earnings of $4.0 million, translating to $0.38 per diluted common share. This reflects a decrease from the previous quarter's earnings of $5.8 million but an increase in its overall annual performance with earnings totaling $26.2 million for the year. The company continues to maintain a robust balance sheet with total assets approximating $3.1 billion, a slight increase from the previous year.
Additionally, American National has declared a quarterly cash dividend of $0.30 per common share, payable on December 15, 2023. The dividend yield, based on the stock's closing price of $43.08 as of November 20, 2023, is approximately 2.8%.
Strategic Developments
A significant development for American National is its definitive merger agreement with Atlantic Union Bankshares Corporation (NYSE: AUB). This merger is expected to enhance its presence in Southwest and Southside Virginia, and also provide entry into North Carolina’s attractive Piedmont Triad region and Raleigh. The merger aims to create a stronger regional bank with combined assets of $23.7 billion, total deposits of $19.1 billion, and gross loans of $17.3 billion, based on financial data as of June 30, 2023. The transaction is projected to close in the first quarter of 2024, subject to regulatory and shareholder approvals.
Community and Market Position
American National Bank remains committed to community banking principles, supporting local businesses, and individuals with personalized banking services. Its long-standing history and strong market presence in Virginia and North Carolina enable it to compete effectively against larger national and regional banks.
To learn more about American National Bankshares Inc., visit their About Us page or explore their various locations here.
American National Bankshares Inc. (AMNB) reported first quarter 2023 earnings of $9.2 million, or $0.86 per diluted share, reflecting growth from $9.0 million, or $0.84, in the same quarter last year.
The company experienced a return on average tangible common equity of 15.95%, a notable improvement from 14.14% year-over-year. Despite a decline in average deposits by 8.8% annualized, period-end deposits rose by 2.5% annualized.
Net interest margin was 3.20%, slightly down from 3.33% in Q4 2022. Noninterest revenues increased 21.1% from the previous quarter, though decreased 21.9% year-over-year. Overall, American National maintains strong liquidity and capital despite challenges in the banking sector.
American National Bankshares Inc. has announced significant leadership changes as Charles H. Majors retires after 41 years on the Board. Effective May 16, 2023, Jeffrey V. Haley will take over as Chair of the Board while continuing as President and CEO. New nominees Rickey J. Barker and Adrian T. Smith will join the Board, alongside re-nominations for several directors. Executive promotions include Jeffrey W. Farrar and Edward C. Martin, now Senior Executive Vice Presidents. Currently, American National boasts total assets of approximately $3.0 billion and manages an additional $1.2 billion in trust and investment assets.
American National Bankshares (NASDAQ: AMNB) has declared a quarterly cash dividend of $0.30 per common share, payable on March 17, 2023, to shareholders of record on March 3, 2023. This maintains the same dividend as the previous quarter, representing a $0.02 or 7.1% increase from the first quarter of 2022. With a closing stock price of $33.52 on February 21, 2023, the dividend yield stands at approximately 3.6%. American National Bankshares is a multi-state bank holding company with total assets of around $3.0 billion and operates in Virginia and North Carolina.
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