American National Bankshares Reports Second Quarter Earnings – American National… – Press Release

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DANVILLE, Va., July 25, 2023 (GLOBE NEWSWIRE) — American National Bankshares Inc. AMNB (“American National” or the “Company”) today reported second quarter 2023 earnings of $7.1 million, or $0.67 per diluted common share. Those results compare to earnings of $8.1 million, or $0.76 per diluted common share, during the same quarter in the prior year, and earnings of $9.2 million, or $0.86 per diluted common share, for the first quarter of 2023. Earnings for the six months ended June 30, 2023 were $16.3 million, or $1.53 per diluted common share, compared to $17.1 million, or $1.60 per diluted common share, for the same period of 2022.

President and Chief Executive Officer, Jeffrey V. Haley, commented, “The quarter was in line with our expectations as the impact of the rapid rise in interest rates over the past fifteen months accelerated the cost of liabilities on our balance sheet, resulting in reduced margins. Credit quality remained strong, expenses were in line and several of our fee-based business lines had nice revenue growth. The balance sheet was stable during the quarter, with good growth in loans and deposits.

“We jointly announced this morning that we have entered into a definitive merger agreement for Atlantic Union Bankshares Corporation (“Atlantic Union”) to acquire American National in an all-stock transaction. We are excited about this partnership, having had a peer relationship with Atlantic Union for many years. We believe their culture and business strategy around employee engagement and customer focus are aligned with our own. The synergies, product enhancements and additional operating leverage should generate incremental financial performance on a combined basis over the long term. Combining the two organizations will strengthen Atlantic Union by deepening its presence in Southwest and Southside Virginia, as well as provide a meaningful entry into the contiguous Piedmont Triad and Raleigh regions of north-central North Carolina.”   

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