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American National Bankshares Reports Fourth Quarter and Full Year 2020 Earnings
DANVILLE, Va., Jan. 21, 2021 (GLOBE NEWSWIRE) American National Bankshares Inc. (NASDAQ: AMNB) (“American National” or the “Company”) today reported fourth quarter 2020 earnings of $8.8 million, or $0.80 per diluted common share. Those results compare to $7.4 million, or $0.67 per diluted common share, during the same quarter in the prior year, and net income of $7.2 million, or $0.66 per diluted common share, recognized for the third quarter of 2020. Earnings for the twelve months ended December 31, 2020 were $30.0 million, or $2.73 per diluted common share, compared to $20.9 million, or $1.98 per diluted common share for the same period of 2019. Earnings for the twelve months ended December 31, 2019 were impacted by $11.8 million in merger related expenses.
ASSET QUALITY
Nonperforming assets (“NPAs”) totaled $3.7 million as of December 31, 2020, down from $4.6 million at September 30, 2020, and up slightly from $3.6 million at December 31, 2019. NPAs as a percentage of total assets were 0.12% at December 31, 2020, compared to 0.16% at September 30, 2020 and 0.15% at December 31, 2019.
The provision for loan losses was $585 thousand for the fourth quarter of 2020, as compared to $2.6 million for the previous quarter and $462 thousand for the same period in the previous year. The fourth quarter of 2020 warranted a significantly lower provision than third quarter based on the economic outlook, ongoing low charge-off and delinquency rates, and overall strong asset quality metrics. The allowance for loan losses was $21.4 million at December 31, 2020, compared to $21.1 million at September 30, 2020 and $13.2 million at December 31, 2019. Annualized net charge-offs as a percentage of average loans outstanding was 0.05% for the fourth qua
the private wealth division, which was lending trump the money, dismissed these concerns as overblown and these transactions really weren t questionable, but just to go over what you were saying, every bank has these systems in place. any kind of transaction that seems at all questionable. there are both computers that look at them and there are human beings, there are investigative units throughout the bank. and in this case, an investigative unit flagged some of trump s transactions and said, we should file with the government a suspicious activity report. it doesn t mean we think it s illegal, it just means we think the treasury should know about it. and again, the bank decided not to do that. and it raises a whole host of questions. congress is going to want to know about these transactions. the other thing weapon don t know, stephanie, is robert mueller did go down this road at all? did he look at all at donald trump s banking relationship with this bank that has laundered russian
they got it by letting him borrow it by this other part of the bank. they moved him as a real estate client into this other part of the bank, the wealth division that doesn t deal with real estate at all. it was always really strange. and this is where i point out that couple months ago, right after thanksgiving when german police raided deutsche bank s world headquarters in a new separate money laundering investigation that appears to be related to russia, the division that authorities swooped in to search was the private wealth management division. the weird part of that bank that they shuttled him into and started behaving really strangely towards him. as i said, we don t know if the tower of money laundering problems has anything to do with their relationship of president trump. maybe trump really knows how to pick them but there is a lot, many tens of billions of dollars of elicit russian money apparently pouring through du