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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.