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American National reports first quarter 2014 earnings

National Bankshares Inc., parent company of American National Bank and Trust Company, has announced first quarter of 2014 net income of $3,450,000 compared to $4,151,000 for the first quarter of 2013, a $701,000 or 16.9 percent decrease. 

Basic and diluted earnings per share were $0.44 for the 2014 quarter compared to $0.53 for the 2013 quarter. 

Net income for the first quarter of 2014 produced a return on average assets of 1.06 percent, a return on average equity of 8.12 percent, and a return on average tangible equity of 11.54 percent. 

Earnings for the 2014 and 2013 quarters were favorably impacted by the July 2011 merger between American National and MidCarolina Financial Corporation (“MidCarolina”).