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American National Bankshares announces first quarter earnings

American National Bankshares Inc., parent company of American National Bank and Trust Company, announced first quarter 2012 net income of $4,175,000 compared to $1,778,000 for the first quarter of 2011, a $2,397,000 or 135 percent increase.  

Earnings per share, basic and diluted, were $0.53 for the 2012 quarter compared to $0.29 for the 2011 quarter. This quarterly net income produced for 2012 a return on average assets of 1.27 percent, a return on average equity of 10.80 percent, and a return on average tangible equity of 16.70 percent.

Earnings for the first quarter of 2012 were favorably impacted by the mid 2011 merger between American National and MidCarolina Financial Corporation (“MidCarolina”). Unless otherwise noted, most of the material changes between periods are related to the merger. 

Charles H. Majors, chairman and chief executive officer, reported, “As we begin 2012, American National is continuing to adjust to its larger size and complexity after the 2011 merger with MidCarolina. In addition, during this quarter, we made major changes to the bank’s management information systems, a computer software conversion, in an effort to lay the foundation for a 21st century community bank. As one would expect, it was a large and complex  project, and ultimately vital to the long range well-being of our bank by insuring our ability to take care of our customers’ banking needs. 

 “As we begin the second quarter of 2012, we believe the merger related transition and the computer and management information system transition have been successful.”

Majors concluded, “There is a lot going on in our industry and with our community bank. This is truly an exciting time for American National. We invite our customers and shareholders to help us build and grow a community bank for the new century.”