American National Bankshares Inc. Annual Report 2014

FY2014 Annual Report · American National Bankshares Inc.

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TAKE
ANOTHER
LOOK

2 0 14 S U M M A R Y A N N U A L R E P O R T

G E N E R A L C O R P O R A T E I N F O R M A T I O N

Annual Meeting
The 2015 Annual Meeting of Shareholders of American National
Bankshares Inc. will be held on Tuesday, May 19, 2015, at 9 a.m.
(EDT) at The Wednesday Club, 1002 Main Street, 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 2014
and 2013.

High

Low

Dividend Per Share

2014
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter

2013
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter

$26.08
24.06
23.53
25.00

$22.00
23.46
25.90
27.74

$21.54
20.65
20.90
21.69

$19.57
19.60
20.77
21.16

$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:

Computershare Inc.
PO Box 30170
College Station, TX 77842
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

Equal Opportunity Employer
American National, a wholly owned subsidiary of 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.

This Report
The American National Bankshares Inc. 2014 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 2014 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:

American National Bankshares Inc.
Investor Relations
PO Box 191
Danville, VA 24543
800.240.8190

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

Banking Offices

VIRGINIA

NORTH CAROLINA

Bedford
Chatham
Collinsville
Danville (5)
Gretna
Hardy*
Lovingston

Lynchburg (3)
Martinsville
Ridgeway
Rocky Mount*
South Boston
Union Hall*

Burlington (3)
Graham
Greensboro (2)
Mebane
Yanceyville

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.

*Franklin Community Bank, a division of American National, banking offices will become American National banking offices during second quarter 2015.

TA B L E O F C O N T E N T S

General Corporate Information . . . . . . . . . . . . . . . . . . . . . . . 2

Letter from the Chairman of the Board . . . . . . . . . . . . . . . . . 4

Letter from the President & Chief Executive Officer. . . . . . . 5

Take Another Look . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 $1.5 billion.
Headquartered in Danville, Va., it is the holding company of American National Bank
and Trust Company (the “Bank”), a community bank serving the piedmont of Virginia
and North Carolina through 27 banking offices. In addition, the Bank manages $661
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 debit cards
to real-time Online Banking, Online Bill Pay, Mobile Banking, Mobile Deposit and
Telephone Banking. Chartered in 1909, American National is entering its 107th 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.

L E T T E R F R O M T H E C H A I R M A N O F T H E B OA R D

March 23, 2015

To Our Shareholders:

I am pleased to report to you that 2014 was another successful year for American National. Our earnings
continue to be strong and we acquired MainStreet BankShares, Inc., and its banking subsidiary, Franklin
Community Bank, effective January 1, 2015.

Net income for 2014 was $12.7 million, a decline from 2013 due to the expected reduction in accretion
income from the MidCarolina merger and merger-related costs for the pending MainStreet acquisition. I
reminded you last year that our “accretion income” would decrease in 2014. However, our core earnings
(without the fair value adjustments from MidCarolina and the expenses related to the MainStreet transaction)
were stronger this year.

Our capital ratios remain strong and continue to exceed all regulatory minimums for “well capitalized” banking
organizations. At December 31, 2014, average shareholders’ equity for the year was 13.1 percent of average assets,
up from 12.65 percent at December 31, 2013. Our book value per common share was $22.07 at year end, compared to

$21.23 at the end of 2013.

As earlier reported, I retired as an employee on December 31, 2014. I now serve as non-executive Chairman of the Board. When I joined
the Bank as President in 1993, I quickly realized that “change” was going to be a necessary and ongoing ingredient for future success. As
I reflect on my 22 years as an employee, there have been many changes, challenges and opportunities in the banking world and here at
American National.

We have been through many economic cycles, the most difficult of which was the recent “great recession.” Our strategic focus of strong
capital, consistent credit underwriting, prudent risk management and a high dividend kept us in good stead through all cycles, good
and bad.

However, the biggest change in my tenure has been in the technology area. In 1993, there were no personal computers – just terminals
that gave basic account information on “green screens.” Today, of course, we have PCs, smartphones and iPads. We not only use
telephone conference calls, we hold multi-office meetings through the use of video conferencing. Our customers have access to their
accounts by telephone and online banking. Not only can they withdraw money from the ATM, they can deposit money at the ATM and
move money from one account to another by phone, PC or ATM. And who, in 1993, would have believed that they would today have a
smartphone and could use it for mobile banking. However, we still have the personal touch and interaction for customers who want to
meet or talk with one of us (and not an out-sourced 800 number). Technology will continue to change and it will change the way we all
do business – banking and otherwise.

Throughout all this change, I have enjoyed my opportunity to lead the Company. I know the future is very bright under the strong
leadership of Jeff Haley.

I wish to recognize two retiring directors and one new director. Les Hudson retired as a regular director last May pursuant to our
directors’ retirement policy. He is serving this year as a Director Emeritus. I appreciate his long and valuable service as a director. Bob
Ward was a director of MidCarolina Financial Corporation and joined our Board upon the consummation of that merger in July 2011.
He is retiring at the annual meeting of shareholders in May, pursuant to the retirement policy. We appreciate very much his service
and contributions to the combined organization, and we are pleased that he will continue as a Director Emeritus during the next year.
Joel Shepherd, the previous chairman of the board for MainStreet BankShares, Inc., joined our Board on January 1, 2015, with the
consummation of the merger. We welcome Joel and look forward to working with him.

The Company and the Bank are fortunate to have a strong and effective Board of Directors. They do an outstanding job of representing
the shareholders by providing strategic policy leadership and management oversight. You should be proud of them. I am proud to work
with them.

Your investment in our Company is critically important to our continued success. We appreciate your support and your patronage. We
work hard to manage the Company prudently and appropriately.

Very truly yours,

Charles H. Majors
Chairman of the Board
American National Bankshares Inc.
American National Bank and Trust Company

L E T T E R F R O M T H E P R E S I D E N T & C H I E F E X E C U T I V E O F F I C E R

March 23, 2015

To Our Shareholders:

As Charley noted in his letter, I am pleased to report that 2014 was another successful year for American
National. It also was a year of growth for us in several ways.

I am extremely happy with the 2014 growth in our loan portfolio. At the end of the year, American National
had $840 million in loans, an increase of $46 million or 5.8 percent. This increase is the largest organic
growth rate we’ve experienced in the past five years.

As part of our commitment to provide 21st century solutions to meet the needs of today’s customers, we
introduced several technology enhancements.

• We opened our first test site (Mebane, N.C.) for a new retail banking office model where one-to-one service is

practiced in conjunction with high technology for an enhanced customer experience.

• We launched a new service, Card Watch debit card text and email alerts, for enhanced account monitoring and fraud

detection.

• We introduced a new and improved Mobile Banking app with more functionality and a fresh look.

We also experienced growth of our footprint. On January 1, 2015, American National acquired MainStreet BankShares, Inc., the parent
company for subsidiary Franklin Community Bank, located in Franklin County, Va. With the closing of the acquisition, our total assets
now stand at approximately $1.5 billion, total branches amount to 27, and we manage $661 million of trust, investment and brokerage
assets in our Trust and Investment Services division.

We are excited about the opportunities this merger presents—especially the entry into the Roanoke metropolitan statistical area and
the addition of a talented group of employees. As we enter our 107th year of operation, we look forward to achieving more high quality
organic growth while preparing American National for the next appropriate strategic acquisition opportunity that may arise.

Please allow me to express my thanks to you for your support and patronage as an investor. I also appreciate the productivity, leadership
and collaboration of our Board of Directors, our management group and all of our employees, and I feel fortunate to serve alongside
them as the Company’s President and Chief Executive Officer.

Finally, in closing, I would like to recognize the man who has led much of our growth, Charley Majors. Since Charley joined American
National in 1993 as the President of both the Company and Bank, American National’s assets have grown from approximately $240
million to about $1.5 billion and from six branches in Danville, Va., to 27 branches across 18 communities. Charley also witnessed an
extraordinary evolution of technology within the banking industry. Thank you, Charley! I have thoroughly enjoyed your mentorship, and
I appreciate your continued guidance.

Sincerely,

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

As we enter our 107th year of
operation, we look forward to
achieving more high quality
organic growth while preparing
American National for the next
appropriate strategic acquisition
opportunity that may arise.

T A K E A N O T H E R L O O K

Each business day, the staff at American National performs a balancing act.

While not as perilous as walking a tightrope without a net, the price that hangs in the balance is high:

a customer relationship. Or more than one. Perhaps, a lot of them. This struggle for balance is between

being in the business of providing personal, one-to-one service in a comfortable, traditional branch setting

and extending our services to customers who connect and manage their account relationships with us

through desktop computers, laptops, tablets and smartphones. Perhaps these customers never enter a

branch. Maybe they never meet any of us in person.

If that is how some customers want to bank, we need to be in that business, too.

And we are.

T A K E A N O T H E R L O O K

With more than a century of experience behind us, we are committed to offering a high standard of

personal service through our branch network. For many customers, it is why they came to us in the first

place – to form a relationship with a local bank, with people who know them and know the place they call

home. Some customers came to us with piggy banks filled with change and opened their first accounts,

because their parents banked here. Some because their grandparents did. Perhaps even great-grandparents.

These personal relationships run deep.

Just as much, we are committed to continuing to give people reasons to bank with us, because the products

and services we offer are what they need today. While relationships will always be important, the day-to-

day lives of our customers have changed and will continue to change. As technology provides solutions for

getting things done more quickly and efficiently, the mandate falls to us to make those services available to

our customers.

And we do.

Technology-driven products and services at American National include:

Mobile Banking and Mobile Deposit
These services allow customers to bank and make deposits from their

smartphones. From wherever they are with just a few clicks, balances can be

checked, bills paid, deposits made and more.

Online Mortgage Applications
Quickly and easily from anywhere, customers can get the

process started for new mortgage loans. They’ll simply go

to amnb.com, click on Mortgage Loans and “Apply Now”

and it is as easy as 1-2-3. They can even come back to the application if the

process is interrupted.

Instant Issue Debit Cards
Gone are the days where customers waited to receive their debit cards

in the mail and new PINs under separate cover. They can walk into an

American National office and walk out with a new or replacement card in

hand today, ready to do business.

Rapid Deposit ATMs
Many of our ATMs are now “Rapid Deposit

ATMs.” With no envelope and no deposit slip,

customers can deposit multiple checks and cash, and the ATM

will total the deposit and provide a receipt. It’s “in the bank,”

as we like to say.

Card Watch Debit Card Alerts
To help manage and protect their checking account with us, customers download

and use our Card Watch app to set balance and usage alerts for quick, easy

notification if there is a change to or a transaction on their account that is outside

of their established comfort zone.

And more.

Future plans call for American National to launch these products:

Apple Pay®
Customers can make purchases with this leading-edge mobile payment service . . .

your digital wallet provided by Apple and American National.

Europay, MasterCard® and Visa®
Customers can enjoy chip and pin technology for their credit and debit cards,

making it safer and easier to use with “no signature required.”

Online Deposit Account Opening
Open and fund new accounts with us from the comfort of home or from anywhere

in the world. Customers will be able to establish a first relationship with us, add a

new account, or take advantage of a special interest rate or another opportunity.

And we’re not finished.

That’s what we’re doing.

Now, this is what we ask of you . . .

TAKE ANOTHER LOOK
at American National.

What we offer. Who we are. What we have accomplished.

How we serve the community. If you are looking for a bank

that has exactly what you need today, don’t look any further.

The future is so much bigger
than the past.

Tim Berners-Lee

Inventor, the World Wide Web

F I N A N C I A L H I G H L I G H T S

(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

2014

2013

December 31,
2012

2011

2010

47,455
5,730
41,725
400
11,176
34,558
17,943
5,202
12,741

$ 1,346,492
840,925
349,250
1,075,837
173,780
132,692

1.62
1.62
0.92
22.07
16.86

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

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

7,867,198
7,877,576

7,872,870
7,884,561

7,834,351
7,845,652

6,982,524
6,989,877

6,123,870
6,131,650

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

0.97%
7.40%
10.31%
56.80%
63.41%
3.66%

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

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

1.48%

1.59%

1.54%

302.21%
0.46%
0.07%

17.86%
16.59%
12.16%
10.00%

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%

1.62%

324.22%
0.76%
0.24%

19.64%
18.38%
12.74%
10.41%

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.

P E R F O R M A N C E G R A P H S

Total Deposits (in millions)

Total Loans (in millions)

$1,500

$1,400

$1,300

$1,200

$1,100

$1,000

$900

$800

$700

$600

$500

$640

$1,500

$1,400

$1,300

$1,200

$1,059

$1,058

$1,028

$1,076

$1,100

$825

$789

$795

$841

$1,000

$900

$800

$700

$600

$500

$521

2010

2011

2012

2013

2014

2010

2011

2012

2013

2014

Total Assets (in millions)

$1,305

$1,284

$1,308

$1,347

$1,500

$1,400

$1,300

$1,200

$1,100

$1,000

$900

$800

$700

$600

$500

$834

2010

2011

2012

2013

2014

C O N S O L I DAT E D B A L A N C E S H E E T S

(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 $2,971 in 2014 and $3,340 in 2013

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, 7,873,474 shares

outstanding at December 31, 2014, and 7,890,697 shares outstanding at
December 31, 2013

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

Total shareholders’ equity
Total liabilities and shareholders’ equity

December 31,
2014
2013

29,272
38,031

19,808
47,873

344,716
4,534
616

840,925
(12,427)
828,498

346,124
4,889
2,760

794,671
(12,600)
782,071

23,025

23,674

2,119
39,043
2,045
15,193
19,400
$ 1,346,492

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

254,458
193,432
174,000
90,130
363,817
1,075,837

53,480
9,935
27,521
5,939
1,172,712

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

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

–

7,872
57,650
104,594
3,664
173,780
$ 1,346,492

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

C O N S O L I DAT E D S TA T E M E N T S O F I N C O M E

(Dollars in thousands, except per share data)

For the Years Ended December 31,
2013

2012

2014

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, 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

Net Income Per Common Share:

Basic
Diluted

39,257

44,817

49,189

3,775
3,971
296
156
47,455

4,654
9
325
742
5,730
41,725
400
41,325

4,196
1,735
1,903
1,126
505
1,711
11,176

14,688
2,988
3,727
647
901
1,114
1,448
1,019
240
780
7,006
34,558
17,943
5,202
12,741

1.62
1.62

$
$

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

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

2.04
2.04

$
$

Average Common Shares Outstanding:

Basic
Diluted

7,867,198
7,877,576

7,872,870
7,884,561

7,834,351
7,845,652

M A N AG E M E N T A N D B OA R D O F D I R E C T O R S (as of January 1, 2015)

MANAGEMENT

Jeffrey V. Haley
President
Chief Executive Officer

R. Helm Dobbins
Executive Vice President
Chief Credit Officer

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

H. Gregg Strader
Executive Vice President
Chief Banking Officer

William W. Traynham
Executive Vice President
Chief Financial Officer

BOARD OF DIRECTORS

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

Director Emeritus

Lester A. Hudson Jr., Ph.D.

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, 5, 6

Ben J. Davenport Jr.
Chairman
First Piedmont Corporation
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

Michael P. Haley
Advisor
Fenway Partners
New York, NY
Director since 2002
Committees 1, 2, 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

John H. Love
President & Chief Executive Officer
W. E. Love & Associates Inc.
Burlington, NC
Director since 2011
Committees 4, 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
Chairman of the Board
American National Bankshares Inc.
American National Bank and Trust Company
Danville, VA
Director since 1981
Committee 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

Joel R. Shepherd
President
Virginia Home Furnishings Inc.
220 Self Storage Inc.
Roanoke, VA
Director since 2015

Robert A. Ward
Retired Executive Vice President &

Chief Financial Officer

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

Committees

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

A DV I S O RY B OA R D S (as of January 1, 2015)

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 B. Crouch Jr.
Vice President
Harris, Crouch, Long, Scott & Miller Inc.

J. Nathan Duggins III
Partner
Tuggle, Duggins & Meschan P.A.

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

Gary A. Rogers
Vice President
D.H. Griffin Construction

Diane M. Rumley, CPA
Partner
Leeper, Kean & Rumley LLP

James H. Smith Jr.
President
Villane Inc.

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
Vice President
Blair Construction Inc.

James D. Coleman Jr.
President
Rives Brown Realty

S. Cabell Dudley Jr.
Retired Executive
American National Bank and Trust Company

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

Martha W. Medley
Partner
Daniel, Medley & Kirby P.C.

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

FRANKLIN COUNTY, VA

Dr. Al Angle II
Owner
Drs. Saxon, Angle and Assoc. P.C.

W. Kelvin Bowles
President
Eastern Communications Associates Inc.

Charles L. Dalton
Vice President & General Manager
Dalton Insurance Agency

John Mac Deekens
Retired General Manager
Stuart Forest Products

Danny M. Perdue
Vice President
Perdue Properties Inc.

Michael A. Turner
Chief Executive Officer
Turner’s Building Inc.

PO Box 191
Danville, VA 24543

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