Bank deal boosts American National’s 4Q profit

American National Bancshares Inc. reported Thursday a 48.8% increase in fourth-quarter net income to $7.44 million.

The bank, based in Danville, Va., has three branches in Burlington, two in Greensboro and one each in Graham, Mebane and Winston-Salem. The bank recently opened its first full-service Winston-Salem branch at 22 Miller St. adjacent to the Publix grocery store.

Diluted earnings were 67 cents, up 10 cents from a year ago.

The profit boost came primarily from its purchase during the year of HomeTown Bank. Loan income rose 33.1% to just under $20 million. Fee income was up 29% to $3.87 million.

For fiscal 2019, net income was down 7.4% to $20.9 million. The bank took $11.8 million in merger charges related to the HomeTown deal.

Richard Craver

Impairment charges leads to Bassett fourth-quarter loss

Bassett Furniture Industries Inc. reported Thursday a $5.1 million loss for the fourth quarter that was caused primarily by two impairment charges worth a combined $6.36 million.

Bassett had $1.9 million in net income a year ago.

The company had an earnings loss of 51 cents, compared with diluted earnings of 18 cents a year ago.

When excluding the asset and goodwill impairment charges, adjusted net income was $700,000 and adjusted earnings were 7 cents a share.

Sales for the quarter were down 2.6% to $113.6 million. The company also reported $700,000 in litigation costs that it did not describe during the quarter.

For the full year, Bassett had a $1.93 million loss, compared with net income of $8.22 million.

Richard Craver

N.C. gains $176,815 from national ResMed settlement

The N.C. Attorney General’s office said Wednesday that the state will receive $176,815 out of a $39.5 million multistate settlement to resolve allegations of Medicaid fraud with ResMed Corp.

ResMed is a Minnesota corporation that sells health care goods and services.

The settlement resolves allegations that ResMed caused the submission of false claims to several state Medicaid programs and violated the Federal False Claims Act and the N.C. False Claims Act.

ResMed manufactures and sells positive airway pressure machines, masks and other supplies designed to treat or diagnose sleep-related respiratory disorders or for home sleep tests.

The company allegedly had unlawful agreements with suppliers, sleep laboratories, physicians and other health care providers that caused the submission of false Medicaid claims involving the sale or rental of its equipment or the performance of sleep tests.

Richard Craver

City Wide service company opens Greensboro office

City Wide, a national managed services company for commercial businesses, has opened an office at 800 W. Smith St., Suite 201B, in Greensboro.

The office is its third in North Carolina. The Kansas City-based company has more than 60 offices in the U.S. and Canada.

For more information, go to www.GoCityWide.com/Triad.

Richard Craver

Danville bank agrees to be sold to Va. competitor

Pinnacle Bankshares Corp., based in Altavista, Va., said Wednesday it plans to purchase Virginia Bank Bankshares Inc. of Danville, Va. The deal is projected to close in the third quarter.

The combined bank would have $703 million in total assets as of Sept. 30.

Pinnacle shareholders will own 71% of the combined bank. There are no plans for branch closures from the deal.

Richard Craver

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