The inaudible boom: American National Bankshares Inc. (NASDAQ: AMNB)

American National Bankshares Inc. stock identified change of 24.59% away from 52-week low price and recently located move of -14.77% off 52-week high price. It has market worth of $390.13M and dividend yield of 3.05%. AMNB stock has been recorded 1.31% away from 50 day moving average and 0.74% away from 200 day moving average. Moving closer, we can see that shares have been trading 0.21% off 20-day moving average.

American National Bankshares Inc. (AMNB) recently reported net income of $8,692,000 for the third quarter of 2019 contrast to $5,785,000 for the third quarter of 2018, a $2,907,000 or 50.3% increase.  Basic and diluted net income per ordinary share was $0.78 for the 2019 quarter contrast to $0.66 for the 2018 quarter. Net income for the third quarter of 2019 produced annualized returns on average assets of 1.43%, on average equity of 11.04%, and on average tangible equity of 16.31%.

Net income for the first nine months of 2019 was $13,465,000 contrast to $17,577,000 for the comparable period of 2018, a $4,112,000 or 23.4% decrease. Basic and diluted net income per ordinary share was $1.30 for the 2019 period contrast to $2.02 for the 2018 period. The nine-month period for 2019 was adversely influenced by $11.3M in one time, merger related expenses associated with the HomeTown Bankshares Corporation (“HomeTown”) acquisition in April 2019.

Financial Performance and Overview

Jeffrey V. Haley, President and Chief Executive Officer, stated, “Net income for the third quarter of 2019 was $8.7M. This was a $2.9M or 50.3% increase over the comparable quarter of 2018. This increase was primarily related to the April 1, 2019 merger with HomeTown.

“Net interest income for the 2019 quarter contrast to the 2018 quarter importantly increased, it was up $5.9M or 39.8%.

“The improvement in net interest income was related to a higher average balance of loans for the 2019 quarter contrast to the 2018 quarter. Loan average balances for the 2019 quarter were up $491.3M or 36.9% over the 2018 quarter. Loan yields for the 2019 quarter were 40 basis points higher than the 2018 quarter.

“End of period loan balances for September 30, 2019, contrast to December 31, 2018, increased $447.0M. Of this increase, $444.3M was the result of the HomeTown merger and $2.7M represents other growth in the franchise.

“September 30, 2019 loan balances contrast to June 30, 2019 balances fell $31.8M (1.7%). These balances were adversely influenced by unpredictable consumer pay downs. They resulted from sales of businesses, debt reduction from cash, movement into the permanent, non-recourse market, and other drivers. These unpredictable pay downs aggregated roughly $36M during the 2019 quarter.

“Average interest bearing deposits for the 2019 quarter contrast to the 2018 quarter also increased substantially, up $325.0M or 29.0% with a 27 basis point higher cost. This cost increase reflects increased deposit competition throughout our franchise.

“End of period interest bearing deposit balances for September 30, 2019, contrast to December 31, 2018, increased $307.0M. Of this increase, $364.2M was the result of the HomeTown merger and $57.2M represents deposit reduction throughout the franchise.

“Average non interest bearing deposits for the 2019 quarter contrast to the 2018 quarter also increased; they were up $144.7M or 34.1%.

The Financial sector company, American National Bankshares Inc. noticed change of -0.98% to $35.37 along volume of 20695 shares in recent session compared to an average volume of 16.45K. The stock observed return of 0.28% in 5 days trading activity. The stock was at 0.71% over one-month performance. AMNB’s shares are at 0.48% for the quarter and driving a -5.45% return over the course of the past year and is now at 20.68% since this point in 2018.   The average volatility for the week at 1.68% and for month was at 1.78%. There are 11.03M shares outstanding and 10.55M shares are floated in market. Right now the stock beta is 1.06.

 

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