SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
[ X ] AMENDED QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT of 1934 FOR THE QUARTERLY
PERIOD ENDED March 31, 2000
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[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
FROM TO
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Commission file number 0-12820
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AMERICAN NATIONAL BANKSHARES INC.
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(Exact name of registrant as specified in its charter)
VIRGINIA 54-1284688
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
628 Main Street
Danville, Virginia 24541
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(Address of principal executive offices) (Zip Code)
(804) 792-5111
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No .
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The number of shares outstanding of the issuer's common stock as of May 11, 2000
was 6,103,772.
Consolidated Statements of Cash Flows
American National Bankshares Inc. and Subsidiary
(In Thousands)
(Unaudited)
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Three Months Ended
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2000 1999
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Cash Flows from Operating Activities:
Net income....................................................................$ 2,115 $ 1,924
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses................................................. 215 180
Depreciation.............................................................. 250 240
Core deposit intangible amortization...................................... 112 112
Amortization (accretion) of premiums and discounts
on investment securities................................................ (10) 20
Gain on sale of securities................................................ - (8)
Gain on sale of loans..................................................... (62) (116)
Deferred income taxes benefit............................................. (84) (133)
Increase in interest receivable........................................... (429) (114)
(Increase) decrease in other assets....................................... (289) 41
Increase (decrease) in interest payable................................... 54 (28)
Increase in other liabilities............................................. 720 550
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Net cash provided by operating activities............................... 2,592 2,668
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Cash Flows from Investing Activities:
Proceeds from maturities, calls, and sales of securities ..................... 1,468 23,836
Purchases of securities available for sale.................................... (6,894) (15,986)
Net increase in loans......................................................... (8,685) (8,755)
Purchases of property and equipment........................................... (44) (293)
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Net cash used in investing activities....................................... (14,155) (1,198)
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Cash Flows from Financing Activities:
Net increase (decrease) in demand, money market,
and savings deposits........................................................ 6,818 (1,672)
Net increase in time deposits................................................. 4,685 6,575
Net decrease in federal funds purchased
and repurchase agreements................................................... (425) (11,573)
Net increase in Federal Home Loan Bank borrowings............................. 90 3,540
Cash dividends paid........................................................... (824) (732)
Proceeds from exercise of stock options....................................... 1 -
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Net cash (used in) provided by financing activities......................... 10,345 (3,862)
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Net (Decrease) Increase in Cash and Cash Equivalents............................ (1,218) (2,392)
Cash and Cash Equivalents at Beginning of Period................................ 17,291 14,778
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Cash and Cash Equivalents at End of Period......................................$ 16,073 $ 12,386
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Supplemental Schedule of Cash and Cash Equivalents:
Cash:
Cash and due from banks.....................................................$ 14,267 $ 12,367
Interest-bearing deposits in other banks.................................... 1,806 19
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$ 16,073 $ 12,386
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Supplemental Disclosure of Cash Flow Information:
Interest paid.................................................................$ 3,897 $ 3,600
Income taxes paid.............................................................$ 5 $ 250
The accompanying notes to consolidated financial statements are an integral part of these statements.