American National Bankshares reports Q2 EPS 76c vs. 86c last year

Total assets at June 30, 2023 were $3.1 billion, an increase of $37.5 million, or 1.2% from March 31, 2023, and a decrease of $120.6 million, or 3.7%, from June 30, 2022. The Company continues to be well-capitalized as defined by regulators, with tangible common equity to tangible assets of 7.94% at June 30, 2023 compared to 8.06% at March 31, 2023 and compared to 7.58% at June 30, 2022. The Company’s preliminary common equity Tier 1, Tier 1, total, and Tier 1 leverage capital ratios were 11.68%, 12.81%, 13.84% and 10.60%, respectively, at June 30, 2023. President and CEO, Jeffrey 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 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.”