American National Bankshares Inc. Annual Report 2013

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FY2013 Annual Report · American National Bankshares Inc.

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2 0 1 3 S U M M A R Y
A N N U A L R E P O R T

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GENERAL CORPORATE INFORMATION

Annual Meeting
The 2014 Annual Meeting of Shareholders of American National
Bankshares Inc. will be held on Tuesday, May 20, 2014, 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.”

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 2013 and 2012.

High

Low

Dividend Per Share

This Report
The American National Bankshares Inc. 2013 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 2013 Annual Report on Form 10-K filed with the Securities and
Exchange Commission.

Investor Relations & Financial Statements
A copy of the Company’s annual reports on 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:

2013

2012

1st Quarter
2nd Quarter
3rd Quarter
4th Quarter

$22.00
23.46
25.90
27.74

1st Quarter
2nd Quarter
3rd Quarter
4th Quarter

$22.19
24.00
23.99
22.81

$19.57
19.60
20.77
21.16

$18.54
20.91
21.60
18.50

$0.23
0.23
0.23
0.23
$0.92

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.

Shareholder Information
Shareholders needing information on stock transfer requirements,
lost certificates, dividends, the dividend reinvestment plan and other
shareholder matters may contact:

Corporate Headquarters
American National Bankshares Inc.
628 Main Street
Danville, VA 24541
434.792.5111

Registrar and Transfer Company
10 Commerce Drive
Cranford, NJ 07016
800.368.5948

Independent Auditors
Yount, Hyde & Barbour P.C.
50 South Cameron Street
Winchester, VA 22601

Regulatory and Securities Counsel
LeClairRyan
951 East Byrd Street
Eighth Floor
Richmond, VA 23219

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; changes in the economic scenario; changes in regulatory requirements; and 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

American National . . . Pass It On . . . . . . . . . . . . . . . . . . . . . . . . . . . .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 $628 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, Mobile Deposit and Telephone Banking. Chartered in 1909, the
Bank is entering its 106th 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. The Bank 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.

American
National
operates
under a
strong
community
bank
philosophy
as a
leader in
charitable
and civic
support.

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LETTER FROM THE EXECUTIVE CHAIRMAN

April 2, 2014

To Our Shareholders:

By standard banking measurements, American National continued to be a high-performing
banking company in 2013. As we all continued to emerge slowly from the “great recession,” our
earnings per share were $2.00 for 2013, only slightly less than the $2.04 we reported for 2012.

Net income available to common shareholders for 2013 was $15.7 million compared to $16
million for 2012. This net income produced for 2013 a return on average assets of 1.20 percent, a
return on average equity of 9.52 percent and a return on average tangible assets of 13.75 percent.

Last year I reminded you that a significant portion of our earnings was driven by merger-related
fair value accounting, primarily from the loan portfolio purchase discount. While we continued
to benefit from this “accretion income,” it was less in 2013 than the prior year. The good news
is that this means our core earnings (without the fair value accretion income) were stronger this
year. The favorable earnings impact of the merger and the related fair value accounting continues
to decrease rapidly quarter to quarter, which is normal in the context of current rules for merger
accounting.

Our capital ratios remain strong and continue to exceed all regulatory minimums for “well
capitalized” banking organizations. At December 31, 2013, average shareholders’ equity for the
year was 12.65 percent of average assets, up from 12.19 percent at December 31, 2012. Our book
value per common share was $21.23 at year end, compared to $20.80 at the end of 2012.

We have continued successfully our CEO transition plan. During 2012, Jeff Haley served as
President of the Company as well as President and Chief Executive Officer of the Bank. On
January 1, 2013, he became Chief Executive Officer of the Company. I believe the transition has
been seamless and successful. Jeff has done and will continue to do a great job. I am proud to
have him succeed me and to lead the Company in the future.

Your Board also does a great job of representing the shareholders by providing strategic policy
leadership and management oversight. You should be proud of them. I know I am.

We have two directors who are retiring at the annual meeting of shareholders in May. Les Hudson
has been a director since 1984 and will be retiring pursuant to our directors’ retirement policy.
While we will miss his long and valuable service as a director, he will continue as a Director
Emeritus during the next year. Martha Medley, who has been a director since 2008, has chosen
not to seek re-election at the annual meeting. We appreciate Martha’s contributions to the board
and we are pleased that she will continue to advise us as a member of the Bank’s Virginia State
Advisory Board.

We know the importance of your investment in our Company. We appreciate your support and
your patronage. Your continued willingness to invest in American National is critical to our
ongoing success. We work hard to manage it prudently and appropriately. We will continue to do
so.

Very truly yours,

Charles H. Majors
Executive Chairman
American National Bankshares Inc.
American National Bank and Trust Company

LETTER FROM THE PRESIDENT & CEO

April 2, 2014

To Our Shareholders:

The year 2013 was an exciting and productive one for American National, as Charley Majors
outlined in his message. The Company enjoyed another strong year, and it was my pleasure
to serve as the Company’s new Chief Executive Officer. I am happy to continue in this role
alongside Charley, our Board of Directors, our management group and all of our employees—
who altogether do an outstanding job leading American National.

Last year, we began to talk about American National in a new way, as “. . . just the bank you
would imagine.” We introduced this message in our 2012 Summary Annual Report; the Bank
also launched a comprehensive branding campaign that included TV and radio. We even
developed a new video titled “Pass it On” (amnb.com/investors-pass-it-on). All in all, we are
proud of the following strides we have made toward fulfilling this new brand promise.

We Imagine Solutions
To enhance the customer experience, we launched several new 21st century services: Mobile
Deposit for smartphone users wanting a deposit option while on the go; Rapid Deposit Automated
Teller Machines (ATMs) at select locations for deposit-taking capabilities; and Instant Issue Debit
Cards, available at most all of our banking offices.

In addition, American National improved internal processes to benefit our employees. We
deployed a centralized electronic documentation library for our policies and procedures. We
equipped banking offices with iPads to foster Online Banking enrollment. We also launched our
new customer relationship management platform so that employees could more effectively see
and communicate about the customer’s entire relationship.

We Imagine Growth
One of our 2013 strategic priorities was to focus on organic growth. To that end, we reorganized,
naming a chief banking officer and five market presidents, responsible for the leadership and
growth of our six regions. We also hired a senior vice president to begin development of a new
retail banking strategy that deals with the emerging retail needs of our consumers in today’s
technologically savvy world.

We Imagine Excellence
American National was fortunate to receive the following honors in 2013:
• Nifty 50 (Bank Director magazine)
• Top 10—2013 Performance Scorecard (Bank Director magazine)
• Raymond James Community Bankers Cup

Each of these awards recognizes American National as a high-performing community bank when
compared to others around the nation.

As we continue to evolve into “. . . just the bank you would imagine,” I want to thank our
employees who work tirelessly to serve our customers while maintaining our community banking
traditions developed over the past 105 years. Thanks also to our loyal and valued customers and
to our shareholders who continue their support. It is critical to our ongoing success.

Sincerely,

Jeffrey V. Haley
President & Chief Executive Officer
American National Bankshares Inc.
American National Bank and Trust Company

Why choose to do business with American National? To open
a first checking account? To get a mortgage for a first home? To obtain a
loan in order to grow a business? To maintain a trust relationship?

We believe our commitment to grow as “. . . just the bank you would
imagine” is the answer.

We’ve offered banking services to individuals and businesses for more
than a century, working with customers just like you. Every customer
relationship we have and each decision we make is backed by the
collective experience of everyone who has ever worked here and the
wisdom gained through every customer relationship we’ve ever had.

trust

relationship

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We don’t rest on experience alone, though. Instead, we
combine our experience with the technology necessary
for doing business in the 21st century, offering banking
solutions that work for people today.

Summed up, “We have more than a century of
experience and offer 21st century banking solutions.”

Everyone is invited to find out
what a difference that
can make . . .

community
century

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a
b

We’ve
offered
banking
services to
individuals
and
businesses
for more
than a
century.

Experience. Why is it important for customers—both individuals
and businesses—to consider the longevity of their bank? If good times are
all they ever experience, then maybe it doesn’t matter as much how long
their bank has been around. Experience tells us that times won’t always be
good. That’s when people want a bank that takes a long view, one that has
weathered a few storms.

American National has stood right by our customers and we have stood the
test of time.

21st century banking solutions. How do
we provide the banking services people need today? By listening and
responding. By learning more about how our customers want to interact with
us and how they want to bank. By keeping pace with technology.

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technology

solutions

Last year, we introduced Rapid Deposit ATMs at
select locations, allowing customers to make deposits
with no deposit slip or envelope and have the balance
totaled for them. Fast. We began offering Instant Issue
Debit Cards, which means customers can open a new
account at most of our offices and walk out with a debit
card in hand that day. Convenient. After introducing
Mobile Banking in 2012, we added Mobile Deposit
in 2013 for smartphone users to enjoy another level of
convenience. Easy.

While we will always be focused on relationships, our
goal is to continue to grow as “. . . just the bank you
would imagine.” That’s what we believe the people who
have worked here over the years would want us to be.
It’s the legacy they passed on to us.

We’ve got a great story to tell . . . a long history and a
bright future. Join us as we continue to

pass it on.

Click here to see
what it means at
American National
to “pass it on!”

deposits
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Our goal is
to continue
to grow as
“. . . just
the bank
you would
imagine.”

Scan this QR code to watch our
“Pass it On” video on YouTube.

Or, visit
amnb.com/investors-pass-it-on
to view it on our website.

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

2013

2012

December 31,
2011

2010

2009

52,956
6,583
46,373
294
10,827
35,105
21,801
6,054
15,747

$ 1,307,512
794,671
351,013
1,057,675
167,551
125,349

2.00
2.00
0.92
21.23
15.89

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

Weighted average shares outstanding, basic
Weighted average shares outstanding, diluted

7,872,870
7,884,561

7,834,351
7,845,652

6,982,524
6,989,877

6,123,870
6,131,650

6,097,810
6,102,895

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

Capital Ratios:
Total risk-based capital ratio
Tier 1 risk-based capital ratio
Tier 1 leverage ratio
Tangible equity to tangible assets ratio4

1.20%
9.52%
13.75%
46.03%
57.57%
4.10%

1.23%
10.08%
15.25%
45.06%
58.23%
4.44%

1.59%

1.54%

248.47%
0.65%
(0.02)%

18.14%
16.88%
11.81%
9.91%

227.95%
0.90%
0.07%

17.00%
15.75%
11.27%
9.64%

1.07%
8.88%
12.97%
55.50%
58.48%
4.35%

1.28%

76.76%
1.46%
0.16%

15.55%
14.36%
10.32%
8.52%

1.00%
7.59%
10.05%
68.08%
61.53%
3.78%

0.84%
6.57%
8.94%
82.40%
63.46%
3.81%

1.62%

1.55%

324.22%
0.76%
0.24%

19.64%
18.38%
12.74%
10.41%

224.22%
0.87%
0.24%

18.82%
17.56%
12.81%
10.48%

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 plus 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 other real estate owned 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.

PERFORMANCE GRAPHS

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 $3,340 in 2013 and $2,367 in 2012

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

Customer repurchase agreements
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, 7,890,697 shares

outstanding at December 31, 2013, and 7,846,912 shares outstanding at
December 31, 2012

Capital in excess of par value
Retained earnings
Accumulated other comprehensive income, net

Total shareholders’ equity
Total liabilities and shareholders’ equity

December 31,
2013
2012

19,808
47,873

20,435
27,007

346,124
4,889
2,760

794,671
(12,600)
782,071

335,246
5,287
13,852

788,705
(12,118)
776,587

23,674

24,543

3,422
39,043
3,159
14,746
19,943
$ 1,307,512

229,347
167,736
185,270
85,724
389,598
1,057,675

39,478
9,951
27,419
5,438
1,139,961

6,193
39,043
4,660
14,289
16,545
$ 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

–

7,891
58,050
99,090
2,520
167,551
$ 1,307,512

7,847
57,211
90,591
7,597
163,246
$ 1,283,687

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

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
Data processing
Software
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

$
$

For the Years Ended December 31,
2012

2013

2011

44,817

49,189

40,688

3,530
4,213
245
151
52,956

5,460
40
329
754
6,583
46,373
294
46,079

3,689
1,750
1,864
2,008
192
1,324
10,827

14,059
3,848
3,614
647
745
1,501
1,248
923
1,523
–
6,997
35,105
21,801
6,054
15,747
–
15,747

2.00
2.00

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
512
1,028
528
19
7,899
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
–
855
296
1,607
6,257
30,000
16,481
4,910
11,571
103
11,468

1.64
1.64

$
$

7,872,870
7,884,561

7,834,351
7,845,652

6,982,524
6,989,877

MANAGEMENT AND BOARD OF DIRECTORS

MANAGEMENT

American National Bankshares Inc.

BOARD OF
DIRECTORS

American National Bankshares Inc.
and American National Bank
and Trust Company

Board of Directors
Fred A. Blair
President
Blair Construction Inc.
Gretna, VA
Director since 1992
Committees 1, 5, 6

Frank C. Crist Jr., D.D.S.
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 & Chief Executive Officer
American National Bankshares Inc.
American National Bank and Trust

Company
Danville, VA
Director since 2010
Committee 7

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 (as of Jan. 1, 2014)

Charles H. Majors
Executive Chairman

Jeffrey V. Haley
President
Chief Executive Officer

William W. Traynham
Executive Vice President
Chief Financial Officer

H. Gregg Strader
Executive Vice President
Chief Banking Officer

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
Ma rket President—Central &

Danville Regions

Dabney T.P. Gilliam Jr.
Executive Vice President
Chief Administrative Officer

Michael P. Haley
Advisor
Fenway Partners
New York, NY
Director since 2002
Committees 1, 4, 6, 8

Charles S. Harris
Executive Vice President
Averett University
Danville, VA
Director since 2008
Committees 5, 6

F. D. Hornaday III
President & Chief Executive Officer
Knit Wear Fabrics Inc.
Burlington, NC
Director since 2011
Committees 3, 6, 7

Lester A. Hudson Jr., Ph.D.
Professor & 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 & Chief Executive Officer
W. E. Love & Associates Inc.
Burlington, NC
Director since 2011
Committees 5, 6

Franklin W. Maddux, M.D.
Chief Medical Officer
Executive Vice President for Clinical

& Scientific Affairs

Fresenius Medical Care North

America
Waltham, MA
Director since 2002
Committees 1, 3, 6

Charles H. Majors
Executive Chairman
American National Bankshares Inc.
American National Bank and Trust

Company
Danville, VA
Director since 1981
Committee 7

Martha W. Medley
Partner
Daniel, Medley & Kirby P.C.
Danville and Martinsville, VA
Director since 2008
Committees 5, 6, 7

Claude B. Owen Jr.
Retired Chairman & Chief Executive

Officer
DIMON Inc.
Danville, VA
Director since 1984
Committees 2, 3, 6, 7, 8

Dan M. Pleasant
Chief Operating Officer
The Dewberry Companies Inc.
Fairfax, VA
Director since 2011
Committees 4, 6, 8

Robert A. Ward
Retired Executive Vice President &

Chief Financial Officer

Unifi Inc.
Greensboro, NC
Director since 2011
Committees 1, 6, 8

Committees (as of Jan. 1, 2014)
1. Audit
2. Chief Executive Officer’s Advisory
3. Corporate Governance and

Nominating

4. Human Resources and

Compensation

5. Risk and Compliance
6. Stock Grant and Option
7. Trust
8. Capital Management

Management Group
Pictured (l-r): Charles T. Canaday Jr.,
S. Cabell Dudley Jr., R. Helm Dobbins,
Charles H. Majors, Jeffrey V. Haley,
William W. Traynham, H. Gregg
Strader, Dabney T.P. Gilliam Jr.

Board of Directors
Pictured (l-r): F.D. Hornaday III; Dan M. Pleasant; Charles S. Harris; Lester A. Hudson Jr., Ph.D.; Claude B. Owen Jr.; Charles H. Majors; Fred A. Blair;
Jeffrey V. Haley; Michael P. Haley; John H. Love; Frank C. Crist Jr., D.D.S.; Martha W. Medley; Ben J. Davenport Jr. Not Pictured: Franklin W. Maddux, M.D.;
Robert A. Ward

ADVISORY BOARDS

NORTH CAROLINA
Dexter R. Barbee Sr.
President
Barbee Holdings Inc.
H. Thomas Bobo
Retired Chairman
Fairystone Fabrics
Thomas E. Chandler Sr.
Chairman
Chandler Concrete Company Inc.
Dawn S. Chaney
President
Chaney Properties
Paul E. Cobb Jr.
Retired Managing Partner
Cobb, Ezekiel, Loy and Company P.A.
James R. Copland III
Chairman
Copland Fabrics Inc.
Copland Industries Inc.
James B. Crouch Jr.
Vice President
Harris, Crouch, Long, Scott & Miller Inc.
J. Nathan Duggins III
Partner
Tuggle, Duggins & Meschan P.A.
Victor E. Euliss
Retired President
Tarheel Dental Studio
Anthony E. Foriest
Retired
Xerox Corporation
J. Pat Harman
Chairman & Chief Executive Officer
North State Telecommunications
Corporation
John A. Holt Sr.
President & Chief Financial Officer
DynaYarn USA LLC

Herman C. Johnson
President
Burlington Mechanical Contractors Inc.
Teena M. Koury
Owner
Carolina Hosiery Mills
John B. Leath
Chief Executive Officer
Acucote Inc.
Phillip J. Nahser Jr., M.D.
Cardiologist
Cone Health
Fred W. Reiber
President
Burlington Printing Company Inc.
Alamance Professional Supplies Inc.
Jeanne S. Robertson
Professional Speaker
JSR Inc.
Gary A. Rogers
Vice President
D.H. Griffin Construction
Diane M. Rumley, CPA
Partner
Leeper, Kean & Rumley LLP
Charles K. Scott, M.D.
President
Burlington/Mebane Pediatrics
Kenneth J. Shahbaz, CPA
Partner
Shahbaz Southern & Company P.A.
James H. Smith Jr.
President
Villane Inc.
George C. Waldrep Jr.
Retired Executive
Burlington Industries

VIRGINIA
Kim E. Adkins
Mayor
City of Martinsville
President
KEA Consulting Services
Jay E. Barker
President
JEB International Tobacco Company
James E. Barkhouser
President
Barkhouser Motors Inc.
J. Brian Burton
President
J.E. Burton Construction Company
Thomas C. Capps
President
Capps Shoe Company Inc.
Timothy J. Clark
Operations Officer
Blair Construction Inc.
James D. Coleman Jr.
President
Rives Brown Realty
Eric Deaton
Market President
Danville Regional Medical Center
Tiffany M. Franks, Ph.D.
President
Averett University
Harold E. Green Jr.
President
Distinct Impressions Inc.

Wanda B. Jeffress
Owner
Jeffress Funeral Home
Earnest C. Jordan
Retired Senior Vice President
American National Bank and Trust
Company
Brian J. Kelleher
Vice President
Atlantic Precision Resources Inc.
Chris A. Lumsden
Chief Executive Officer
Halifax Regional Hospital
Chris F. Mohr
Chairman & Chief Executive Officer
Ameristaff Inc.
James K. Muehleck, D.D.S.
Dentist
Martinsville
Thomas S. Stump
President & Chief Executive Officer
First Piedmont Corporation
Michael A. Thornton
President
Progress Printing
William C. Vaughn
Vice President
J & R Management Inc.
Lewis E. Wall Jr.
President
Davenport Energy

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