American National Bankshares Inc. Announces Share Repurchase Authorization

Rhea-AI Summary

American National Bankshares (NASDAQ: AMNB) has authorized the repurchase of up to 350,000 shares of its outstanding common stock through December 31, 2021. The repurchases can occur via open market purchases or privately negotiated transactions, with the actual timing and pricing at management's discretion. This strategy aims to enhance shareholder value amidst varying market conditions. American National's total assets are approximately $2.9 billion, indicating a strong financial position.

Positive

• Authorized buyback of 350,000 shares potentially increases shareholder value.
• Strong balance sheet with total assets of $2.9 billion.

Negative

• Buyback may create opportunity costs if funds are diverted from other investments.
• Market conditions are uncertain, potentially affecting buyback effectiveness.

DANVILLE, Va., Jan. 11, 2021 (GLOBE NEWSWIRE) -- American National Bankshares Inc. (“American National”) (NASDAQ: AMNB), parent company of American National Bank and Trust Company, today announced that its Board of Directors has authorized the repurchase of up to 350,000 shares of American National’s outstanding common stock through December 31, 2021. Repurchases may be made through open market purchases or in privately negotiated transactions at prevailing market prices. The actual means and timing of any purchases, target number of shares and range of prices under the program will be determined by management in its discretion and will depend on a number of factors, including the market price of the shares, general market and economic conditions, share issuances under equity plans, and applicable legal requirements and other conditions.

About American National
American National is a multi-state bank holding company with total assets of approximately $2.9 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving Virginia and North Carolina with 25 banking offices. American National Bank also manages an additional $884 million of trust, investment and brokerage assets in its Trust and Investment Services Division. Additional information about the company and the bank is available on the bank's website at www.amnb.com.

Forward-Looking Statements
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. American National intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. American National’s ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors that could have a material effect on the operations and future prospects of American National include but are not limited to: (1) the impacts of the ongoing COVID-19 pandemic; (2) expected revenue synergies and cost savings from acquisitions and depositions; (3) changes in interest rates, general economic conditions, legislation and regulation, and monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury, Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System; (4) the quality and composition of the loan and securities portfolios, demand for loan products, deposit flows, competition, and demand for financial services in American National’s market areas; (5) the implementation of new technologies, and the ability to develop and maintain secure and reliable electronic systems; (6) accounting principles, policies, and guidelines; and (7) other risk factors detailed from time to time in filings made by American National with the Securities and Exchange Commission. American National undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:	Jeffrey W. Farrar, Chief Financial Officer / Chief Operating Officer
	434-773-2274
	farrarj@amnb.com

FAQ

What is the purpose of American National's share buyback program on AMNB?

The share buyback program aims to enhance shareholder value by reducing the number of shares outstanding.

How many shares is American National authorized to repurchase under the buyback program?

American National is authorized to repurchase up to 350,000 shares.

Until when is the share repurchase program effective for AMNB?

The share repurchase program is effective through December 31, 2021.

What factors will influence the timing and price of the shares bought back by AMNB?

Factors include market price, general market conditions, and legal requirements.