- Last Updated on 04:28 PM 10/25/12
- BY The Gazette-Virginian
American National Bankshares Inc., parent company of American National Bank and Trust Company, recently announced third quarter 2012 net income available to common shareholders of $3,639,000 compared to $4,078,000 for the third quarter of 2011, a $439,000 or 10.77 percent decrease.
Diluted earnings per share were $0.46 for the 2012 quarter compared to $0.52 for the 2011 quarter.
This quarterly net income produced for 2012 a return on average assets of 1.12 percent, a return on average equity of 9.11 percent, and a return on average tangible equity of 13.69 percent.
Net income available to common shareholders for the nine months of 2012 was $12,088,000 compared to $6,868,000 for the comparable period of 2011. Basic and diluted earnings per share were $1.54 for the 2012 period compared to $1.02 for the 2011 period.
Earnings for the 2012 quarter and nine month period were favorably impacted by the July 2011 merger between American National and MidCarolina Financial Corporation (“MidCarolina”).
Earnings for the comparable 2011 quarter were also favorably impacted by the merger; however the nine month period was negatively impacted by costs associated with the merger.