American National Bankshares Inc.
Annual Report 2012

Plain-text annual report

imagine 2 0 1 2 S U M M A R Y A N N U A L R E P O R T GENER AL CORPOR ATE INFORMATION Annual Meeting The 2013 Annual Meeting of Shareholders of American National Bankshares Inc. will be held on Tuesday, May 21, 2013, at 9 a.m. (EDT) at The Wednesday Club, 1002 Main St., Danville, Va. Stock Listing The common stock of American National Bankshares Inc. (the “Company”) is traded on the NASDAQ Global Select Market under the symbol “AMNB.” This Report The American National Bankshares Inc. 2012 Summary Annual Report is presented in a summary format to provide information regarding the performance of the Company in a manner that is meaningful and useful to the widest range of readers. The audited consolidated financial statements of the Company and other more detailed analytical information regarding the Company are contained in the 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission. American National Bankshares Inc. Stock Price and Dividends The following represent the intra-day high and low sales prices of the Company’s common stock as traded on the NASDAQ Global Select Market, as well as the quarterly cash dividends declared by the Company’s Board of Directors each quarter for the years 2012 and 2011. Investor Relations & Financial Statements A copy of Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission, are available without charge to shareholders upon written request and are also available on our website, amnb.com. Those with requests for this or other financial information about American National Bankshares Inc. should contact: High Low Dividend Per Share 2012 2011 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $22.19 24.00 23.99 22.81 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $24.14 23.95 21.00 19.89 $18.54 20.91 21.60 18.50 $20.00 17.11 17.67 17.70 $0.23 0.23 0.23 0.23 $0.92 $0.23 0.23 0.23 0.23 $0.92 Shareholder Information Shareholders needing information on stock transfer requirements, lost certificates, dividends, the dividend retirement plan and other shareholder matters may contact: Registrar and Transfer Company 10 Commerce Drive Cranford, NJ 07016 800.368.5948 Independent Auditors Yount, Hyde & Barbour, PC 50 South Cameron Street Winchester, VA 22601 Regulatory and Securities Counsel LeClairRyan 951 East Byrd Street Eighth Floor Richmond, VA 23219 American National Bankshares Inc. Investor Relations PO Box 191 Danville, VA 24543 800.240.8190 Equal Opportunity Employer American National Bankshares Inc. is an equal opportunity employer. All matters regarding recruiting, hiring, training, compensation, benefits, promotions, transfers and all other personnel policies will remain free from discriminatory practices. Corporate Headquarters American National Bankshares Inc. 628 Main Street Danville, VA 24541 434.792.5111 North Carolina Burlington (4) Graham Greensboro (2) Mebane Yanceyville Banking Offices Virginia Bedford Chatham Collinsville Danville (5) Gretna Lovingston Lynchburg (3) Martinsville Ridgeway South Boston Forward-Looking Statements This Summary Annual Report may contain “forward-looking statements,” within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies or guidelines; significant changes in the economic scenario; significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company’s most recent Form 10-K report and other documents filed with the Securities and Exchange Commission. American National Bankshares Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Table of Contents General Corporate Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Letter from the Executive Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Letter from the President & Chief Executive Officer . . . . . . . . . . . . . . . . 5 imagine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Performance Graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Consolidated Statements of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Management/Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Advisory Boards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 About American National American National Bankshares Inc. is a bank holding company with assets of $1.3 billion. Headquartered in Danville, Va., it is the holding company of American National Bank and Trust Company (the “Bank”), a community bank serving Central and Southside Virginia and the Piedmont of North Carolina through 25 banking offices. In addition, the Bank manages $541 million through its Trust & Investment Services division. The Bank provides a full array of financial products and services, including personal and business banking, trust and investment services and mortgage and insurance services. Electronic banking solutions range from a convenient Automated Teller Machine (ATM) network and check cards to real-time Online Banking, Online Bill Pay, Mobile Banking and Telephone Banking. Chartered in 1909, American National is entering its 105th year of operation. It has grown from a single office on Main Street in Danville to a progressive multi-state, regional financial institution. The focus on building relationships through quality financial services with exceptional customer service has remained constant. American National operates under a strong community bank philosophy as a leader in charitable and civic support. Many Bank employees serve on the boards of civic organizations throughout the Bank’s market area. 3 LETTER FROM THE EXECUTIVE CHAIRMAN April 12, 2013 To Our Shareholders: It is my belief that our 2012 financial results provide positive validation that the 2011 merger of MidCarolina Financial Corporation into American National was the “right thing” for our Company and our shareholders. Earnings per share were $2.04 for 2012 compared to $1.64 for 2011. Net income available to common shareholders for 2012 was slightly over $16.0 million, up 39.6 percent from 2011. This net income produced for 2012 a return on average assets of 1.23 percent, a return on average equity of 10.08 percent and a return on average tangible equity of 15.25 percent. I must remind you that a significant portion of our earnings was driven by merger-related fair value accounting, primarily from the loan portfolio purchase discount. The fiscal impact was larger than we expected because, during 2012, our credit improvement efforts resulted in favorable resolutions of several major problem loans we acquired with the MidCarolina merger. We all should understand that the favorable earnings impact of the merger and the related fair value accounting is decreasing rapidly quarter to quarter. This is normal in the context of current rules for merger accounting. Our capital ratios remain strong and exceed all regulatory minimums for “well capitalized” banking organizations. Average equity to average assets for the entire year was 12.19 percent. Our book value per common share was $20.80 at year end, compared to $19.58 at the end of 2011. Furthermore, we exceeded expectations and rebuilt our tangible book value per common share to pre-merger levels in one year, rather than the anticipated three years. We have continued successfully our CEO transition plan. During 2012, Jeff Haley served as President of the Company and President and Chief Executive Officer of the Bank. He also joined the Company’s Board of Directors in January 2012. In December, the Board of Directors named him as Chief Executive Officer of the Company, effective Jan. 1, 2013. So as of that date, we have cleared the confusion: Jeff Haley is President and Chief Executive Officer of the Company and the Bank. I have been named Executive Chairman of the Company and the Bank. Jeff has done a great job and will continue to do so. He is the right man for the job. I am confident that he will continue those things that have made our Company successful, and he will use “imagination” to implement new or modified strategies that will take us forward in the future. Your Board has done a great job of representing the shareholders. A prime example is their selection of the new CEO; they did a wonderful job and handled it just right. I hope you are proud of them—I am. The Board and the executive management group are mindful of the importance of your investment in our Company. We appreciate your support, your patronage and your willingness to invest in American National. It is critical to our ongoing success. We will do all in our power to manage it prudently and appropriately. Very truly yours, Charles H. Majors Executive Chairman American National Bankshares Inc. American National Bank and Trust Company 4 LETTER FROM THE PRESIDENT & CEO April 12, 2013 To Our Shareholders: As American National enters its 105th year of community banking, I am honored to have assumed the role of Chief Executive Officer of the company this past January. It is a position I take very seriously, but at the same time realize must be met with creativity and imagination as our banking industry enters a new era. I’d like to thank an integral source of our bank’s progress and imagination thus far—and someone who has set the tone for me as Chief Executive Officer—Executive Chairman Charley Majors. I pledge to continue to infuse our culture with the imagination he has set in motion in order to create a better experience for our customers and financial performance for our shareholders. We Imagine Solutions From the days of abundant teller lines when our doors opened 104 years ago to today’s 21st century Online Banking, we have put our customers’ needs first. For this reason, we imagine and develop service channels that speak to the ever-growing preferences of our communities. In 2012, we launched Mobile Banking and FI (Financial Institution) Transfer for online interbank transfers. On the horizon are instant-issue debit cards, deposit-taking Automated Teller Machines (ATMs), Mobile Deposit (remote check depositing via smartphone) and Online Financial Management (a dashboard for monitoring all accounts and investments). We Imagine Growth In 2012, imagination met reality when the legacy American National offices and the former MidCarolina offices fully integrated as one bank. American National’s name brand extended to Burlington, Graham, Greensboro and Mebane, N.C., adding eight banking offices for customers. All 25 banking offices in North Carolina and Virginia converted to a new core operating system, Jack Henry SilverLake,® which enabled Virginia offices to upgrade to real-time banking and offered other important advantages. At the same time, we launched a new line of deposit products and a new website, amnb.com. We Imagine Excellence On a continual basis, American National imagines how to maximize efficiency and excellence. Because roughly 83 percent of our customer transactions now occur electronically, we are investing significant dollars to transform our technology, branch network and offerings in order to stay at the forefront of community banking and to accommodate the shifting needs of the customer. To assist our employees in providing the most flexible and responsive service that customers demand or require, we have established an internal support center. Plus, shareholder voting goes online for the first time this year. While working toward all of these improvements, as Charley noted in his message, we were pleased to report slightly more than $16 million of net income available to common shareholders for 2012. Thank you for your support in 2012, and we look forward to expanding our imagination in 2013. Sincerely, Jeffrey V. Haley President & Chief Executive Officer American National Bankshares Inc. American National Bank and Trust Company 5 imagine 6 . . . A bank focused on meeting the needs of its customers. Where doing things right matters. . . . A bank that serves the community. With time, expertise and resources. . . . A bank with 21st century solutions. And more than a century of experience. . . . A bank that gets results. Imagine American National. 7 Today, customers bank in ways that only a few short years ago were … well, unimaginable. From ATMs to check cards, to Online Banking, Online Bill Pay and Mobile Banking, banking services are becoming more automated, faster and increasingly more mobile. Including, making a deposit. Not that long ago in order to make a deposit, you brought your check and deposit slip to the bank. Now, deposits are made at ATMs, from a desktop scanner and computer and even from your smartphone. Now, customers are able to take pictures of checks with their smartphones and electronically transmit them to the bank to be deposited . . . from anywhere in the world. Unimaginable? Reality. At American National, we work hard to be a leading provider of the latest in banking innovation, giving our customers access to new products and services. There is more to come in 2013 and beyond. We imagine banking in new ways, but still with great personal service. 8 We have used, and will continue to use, our collective imagination to build and be the bank . . . where the brightest and most talented want to work. . . . that supports the communities we serve in new and meaningful ways. . . . that rewards our shareholders for their support. . . . that embraces our past, but keeps our eyes firmly focused on tomorrow. American National Bank and Trust . . . just the bank you would imagine. 9 FINANCIAL HIGHLIGHTS (Amounts in thousands, except per share information and ratios) Results of Operations: Interest income Interest expense Net interest income Provision for loan losses Noninterest income Noninterest expense Income before income tax provision Income tax provision Net income Financial Condition: Assets Loans, net of unearned income Securities Deposits Shareholders' equity Shareholders' equity, tangible Per Share Information: Earnings per share, basic Earnings per share, diluted Cash dividends paid Book value Book value, tangible 2012 2011 December 31, 2010 2009 2008 $ $ 57,806 8,141 49,665 2,133 11,410 36,643 22,299 6,293 16,006 $ 1,283,687 788,705 340,533 1,027,667 163,246 119,543 $ 2.04 2.04 0.92 20.80 15.23 $ $ 49,187 8,780 40,407 3,170 9,244 30,000 16,481 4,910 11,571 $ 1,304,706 824,758 339,385 1,058,754 152,829 107,335 $ 1.64 1.64 0.92 19.58 13.75 $ $ $ $ 35,933 8,719 27,214 1,490 9,114 23,379 11,459 3,181 8,278 833,664 520,781 235,691 640,098 108,087 84,299 1.35 1.35 0.92 17.64 13.76 $ $ $ $ 38,061 10,789 27,272 1,662 8,518 24,793 9,335 2,525 6,810 808,973 527,991 199,686 604,273 106,389 82,223 1.12 1.12 0.92 17.41 13.46 $ $ $ $ 42,872 15,839 27,033 1,620 8,002 22,213 11,202 3,181 8,021 789,184 571,110 140,816 589,138 102,300 77,757 1.32 1.31 0.92 16.81 12.78 Weighted average shares outstanding, basic Weighted average shares outstanding, diluted 7,834,351 7,845,652 6,982,524 6,989,877 6,123,870 6,131,650 6,097,810 6,102,895 6,096,649 6,105,154 Selected Ratios: Return on average assets Return on average equity1 Return on average tangible equity2 Dividend payout ratio Efficiency ratio3 Net interest margin Asset Quality Ratios: Allowance for loan losses to period-end loans Allowance for loan losses to period-end non-performing loans Non-performing assets to total assets Net charge-offs to average loans 1.23% 10.08% 15.25% 45.06% 58.23% 4.44% 1.54% 227.95% 0.90% 0.07% 1.07% 8.88% 12.97% 55.50% 58.48% 4.35% 1.28% 76.76% 1.46% 0.16% 1.00% 7.59% 10.05% 68.08% 61.53% 3.78% 0.84% 6.57% 8.94% 82.40% 63.46% 3.81% 1.02% 7.79% 10.60% 69.89% 60.83% 3.87% 1.62% 1.55% 1.37% 324.22% 0.76% 0.24% 224.22% 0.87% 0.24% 275.01% 0.91% 0.21% Capital Ratios: Total risk-based capital ratio Tier 1 risk-based capital ratio Tier 1 leverage ratio Tangible equity to tangible assets ratio4 ____________________ 1 Return on average common equity is calculated by dividing net income available to common shareholders by average common equity. 2 Return on average tangible common equity is calculated by dividing net income available to common shareholders less amortization of intangibles tax effected by average common equity less average intangibles. 3 The efficiency ratio is calculated by dividing noninterest expense excluding gains or losses on the sale of OREO by net interest income including tax equivalent income on nontaxable loans and securities and excluding (a) gains or losses on securities and (b) gains or losses on sale of premises and equipment. 4 Tangible equity to tangible assets ratio is calculated by dividing period-end common equity less period-end intangibles by period-end assets less period-end intangibles. 17.00% 15.75% 11.27% 9.64% 19.64% 18.38% 12.74% 10.41% 18.82% 17.56% 12.81% 10.48% 15.55% 14.36% 10.32% 8.52% 17.92% 16.67% 13.04% 10.17% 10 PERFORMANCE GR APHS (in millions) (in millions) (in millions) 11 CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) ASSETS Cash and due from banks Interest-bearing deposits in other banks Securities available for sale, at fair value Restricted stock, at cost Loans held for sale Loans, net of unearned income Less allowance for loan losses Net loans Premises and equipment, net Other real estate owned, net of valuation allowance of $2,367 in 2012 and $1,902 in 2011 Goodwill Core deposit intangibles, net Bank-owned life insurance Accrued interest receivable and other assets Total assets LIABILITIES and SHAREHOLDERS’ EQUITY Liabilities: Demand deposits—noninterest bearing Demand deposits—interest bearing Money market deposits Savings deposits Time deposits Total deposits Short-term borrowings: Customer repurchase agreements Other short-term borrowings Long-term borrowings Trust preferred capital notes Accrued interest payable and other liabilities Total liabilities Shareholders’ equity: Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding Common stock, $1 par, 20,000,000 shares authorized, 7,846,912 shares outstanding at December 31, 2012, and 7,806,869 shares outstanding at December 31, 2011 Capital in excess of par value Retained earnings Accumulated other comprehensive income, net Total shareholders’ equity Total liabilities and shareholders’ equity December 31, 2012 2011 $ 20,435 27,007 $ 22,561 6,332 335,246 5,287 13,852 788,705 (12,118) 776,587 333,366 6,019 6,330 824,758 (10,529) 814,229 24,543 25,674 6,193 39,043 4,660 13,487 17,347 $ 1,283,687 $ 217,275 153,578 166,111 81,135 409,568 1,027,667 49,942 – 10,079 27,317 5,436 1,120,441 5,353 38,899 6,595 13,058 26,290 $ 1,304,706 $ 179,148 189,212 182,347 74,193 433,854 1,058,754 45,575 3,000 10,206 27,212 7,130 1,151,877 – – 7,847 57,211 90,591 7,597 163,246 $ 1,283,687 7,807 56,395 81,797 6,830 152,829 $ 1,304,706 12 CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data) For the Years Ended December 31, 2011 2010 2012 Interest and Dividend Income: Interest and fees on loans Interest and dividends on securities: Taxable Tax-exempt Dividends Other interest income Total interest and dividend income Interest Expense: Interest on deposits Interest on short-term borrowings Interest on long-term borrowings Interest on trust preferred capital notes Total interest expense Net Interest Income Provision for Loan Losses Net Interest Income after Provision for Loan Losses Noninterest Income: Trust fees Service charges on deposit accounts Other fees and commissions Mortgage banking income Securities gains (losses), net Other Total noninterest income Noninterest Expense: Salaries Employee benefits Occupancy and equipment FDIC assessment Bank franchise tax Core deposit intangible amortization Foreclosed real estate, net Merger-related expenses Other Total noninterest expense Income before income taxes Income taxes Net Income: Dividends on preferred stock Net Income Available to Common Shareholders Net Income Per Common Share: Basic Diluted Average Common Shares Outstanding: Basic Diluted $ 49,189 $ 40,688 $ 28,148 4,044 4,280 213 80 57,806 6,843 150 335 813 8,141 49,665 2,133 47,532 3,703 1,757 1,768 2,234 158 1,790 11,410 15,785 3,604 3,951 692 690 1,935 528 19 9,439 36,643 22,299 6,293 16,006 – 16,006 2.04 2.04 $ $ $ 4,595 3,646 131 127 49,187 7,203 325 229 1,023 8,780 40,407 3,170 37,237 3,561 1,963 1,510 1,262 (1) 949 9,244 12,409 2,681 3,199 651 763 1,282 296 1,607 7,112 30,000 16,481 4,910 11,571 103 11,468 1.64 1.64 $ $ $ 5,042 2,288 95 360 35,933 6,708 382 256 1,373 8,719 27,214 1,490 25,724 3,391 1,897 1,163 1,560 126 977 9,114 10,063 2,442 2,936 795 670 378 754 – 5,341 23,379 11,459 3,181 8,278 – 8,278 1.35 1.35 $ $ $ 7,834,351 7,845,652 6,982,524 6,989,877 6,123,870 6,131,650 13 MANAGEMENT American National Bankshares Inc. Executive Officers Charles H. Majors Executive Chairman Jeffrey V. Haley President Chief Executive Officer William W. Traynham Senior Vice President Chief Financial Officer American National Bank and Trust Company Executive Group Charles H. Majors Executive Chairman Jeffrey V. Haley President Chief Executive Officer William W. Traynham Executive Vice President Chief Financial Officer BOARD OF DIRECTORS Charles T. Canaday, Jr. Executive Vice President President-North Carolina Banking R. Helm Dobbins Executive Vice President Chief Credit Officer S. Cabell Dudley, Jr. Executive Vice President Chief Banking Officer-Virginia Dabney T.P. Gilliam, Jr. Executive Vice President Chief Administrative Officer American National Bankshares Inc. and American National Bank and Trust Company Director Emeritus James R. Copland, III Board of Directors Fred A. Blair President Blair Construction, Inc. Gretna, VA Director since 1992 Committees 1, 5, 6 Frank C. Crist, Jr., DDS President Brady & Crist Dentists, Inc. Lynchburg, VA Director since 2006 Committees 3, 6 Ben J. Davenport, Jr. Chairman First Piedmont Corporation Chatham, VA Chairman Davenport Energy, Inc. Chatham, VA Director since 1992 Committees 2, 4, 6 Jeffrey V. Haley President and Chief Executive Officer American National Bankshares Inc. American National Bank and Trust Company Danville, VA Director since 2010 Committee 7 Michael P. Haley Advisor Fenway Partners New York, NY Director since 2002 Committees 1, 4, 6 14 Charles S. Harris Executive Vice President Averett University Danville, VA Director since 2008 Committees 5, 6 Martha W. Medley Partner Daniel, Medley & Kirby, P.C. Danville and Martinsville, VA Director since 2008 Committees 5, 6, 7 F. D. Hornaday, III President and Chief Executive Officer Knit Wear Fabrics, Inc. Burlington, NC Director since 2011 Committees 3, 6 Claude B. Owen, Jr. Retired Chairman and Chief Executive Officer DIMON, Inc. Danville, VA Director since 1984 Committees 2, 3, 6, 7 Lester A. Hudson, Jr., Ph.D. Professor and Wayland H. Cato Chair of Leadership McColl School of Business Queens University Charlotte, NC Director since 1984 Committees 2, 4, 6 John H. Love President and Chief Executive Officer W. E. Love & Associates, Inc. Burlington, NC Director since 2011 Committees 5, 6 Dan M. Pleasant Chief Operating Officer The Dewberry Companies, Inc. Fairfax, VA Director since 2011 Committees 4, 6 Robert A. Ward Retired Executive Vice President and Chief Financial Officer Unifi, Inc. Greensboro, NC Director since 2011 Committees 1, 6 Franklin W. Maddux, M.D. FACP Chief Medical Officer Executive Vice President for Clinical and Scientific Affairs Fresenius Medical Care North America Waltham, MA Director since 2002 Committees 1, 3, 6 Committees 1. Audit and Compliance 2. Chief Executive Officer’s Advisory 3. Corporate Governance and Nominating 4. Human Resources and Compensation 5. Operational Risk and Security 6. Stock Option 7. Trust Charles H. Majors Executive Chairman American National Bankshares Inc. American National Bank and Trust Company Danville, VA Director since 1981 Committee 7 Standing (l–r): S. Cabell Dudley, Jr., Dabney T.P. Gilliam, Jr., R. Helm Dobbins, Charles T. Canaday, Jr. Seated (l–r): William W. Traynham, Charles H. Majors, Jeffrey V. Haley ADVISORY BOARDS STATE OF NORTH CAROLINA Dexter R. Barbee, Sr. Former Owner and Founder Apollo Chemical Corp. Chief Executive Officer Barbee Holdings H. Thomas Bobo Retired Chairman of the Board Fairystone Fabrics, Inc. Thomas E. Chandler, Sr. Chairman Chandler Concrete Company, Inc. James B. Crouch, Jr. Vice President Harris, Crouch, Long, Scott & Miller, Inc. John A. Holt, Sr. President and Chief Financial Officer Dynayarn USA, LLC Teena M. Koury Owner Carolina Hosiery Mills James H. Smith, Jr. President Villane, Inc. George C. Waldrep, Jr. Retired Vice President Burlington Industries CENTRAL VIRGINIA Doyle B. Allen Chairman Hurt & Proffitt, Inc. Mary Jo Boone Executive Director and Chief Executive Officer Bedford YMCA Thomas C. Capps President Capps Shoe Company, Inc. Brian J. Kelleher Vice President Atlantic Precision Resources, Inc. James E. Owen Owner Owen’s Market and Owen’s Trucking GRAHAM, NORTH CAROLINA Dexter R. Barbee, Sr. Former Owner and Founder Apollo Chemical Corp. Chief Executive Officer Barbee Holdings Paul E. Cobb, Jr. Semi-retired Managing Partner Cobb, Ezekiel, Loy and Company, P.A. Victor E. Euliss Retired President Tar Heel Dental Studio, Inc. Former Mayor of Graham Anthony E. Foriest Retired Supply Account Manager Xerox Corporation J. Pat Harman Executive Vice President North State Telecommunication Corporation Herman C. Johnson President Burlington Mechanical Contractors, Inc. John B. Leath Chief Executive Officer Acucote, Inc. Fred W. Reiber Owner Burlington Printing Co., Inc. Alamance Professional Supply, Inc. Jeanne S. Robertson Professional Speaker JSR, Inc. Charles K. Scott, M.D. Physician Mebane Pediatrics Stan S. Wyrick President Bulla-Warren Tire & Automotive Co., Inc. GREENSBORO, NORTH CAROLINA Dawn S. Chaney President Chaney Properties J. Nathan Duggins, III Partner Tuggle, Duggins & Meschan, P.A. Philip J. Nahser, Jr., M.D. Cardiologist LeBauer Healthcare Gary A. Rogers Vice President D.H. Griffin Construction Diane M. Rumley, CPA Accountant Leeper, Kean & Rumley, LLC Kenneth J. Shahbaz, CPA Accountant Shahbaz Southern & Company, P.A. MARTINSVILLE-HENRY COUNTY, VIRGINIA Joey R. Arrington President Arrington Manufacturing, Inc. James D. Coleman, Jr. President Rives Brown Realty Joseph C. Compton Retired Vice President Compton Wood Products, Inc. Shirley A. Craven President Adkins Construction Corp. Phillip G. Gardner Attorney Gardner, Barrow & Sharpe William F. Lemons President W.F.L. Company, Inc. James K. Muehleck, DDS Dentist Dr. James K. Muehleck, DDS, Inc. Grady W. Phillips, III Chief Executive Officer Memorial Hospital of Martinsville & Henry County G. Ronald Pigg President John Barnes Hardwood Dimensions Stuart L. Thomas President Thomas Insurance Agencies John E. Turner Co-owner Riverside Tire Company William C. Vaughn Vice President J & R Management, Inc. SOUTH BOSTON-HALIFAX COUNTY, VIRGINIA William W. Bennett, Jr. Retired Executive Director Southern Va. Higher Education Center Gerald C. Burnett, M.D. Physician J. Brian Burton President J.E. Burton Construction Co., Inc. James Edmunds, II Farmer Member - Virginia House of Delegates W. Joseph Ferguson, M.D. Physician Harold E. Green, Jr. President Distinct Impresions, Inc. Wanda B. Jeffress Vice President Jeffress Funeral Home Chris A. Lumsden Chief Executive Officer Halifax Regional Health System 15 PO Box 191 Danville, VA 24543 amnb.com 

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