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American National Bankshares reports fourth quarter earnings

American National Bankshares Inc., parent company of American National Bank and Trust Company, Friday announced fourth quarter 2012 net income available to common shareholders of $3,918,000 compared to $4,600,000 for the fourth quarter of 2011, a $682,000 or 14.8 percent decrease.

Diluted earnings per share were $0.50 for the 2012 quarter compared to $0.59 for the 2011 quarter. 

This quarterly net income produced for 2012 a return on average assets of 1.21 percent, a return on average equity of 9.59 percent, and a return on average tangible equity of 14.12 percent. 

Net income available to common shareholders for 2012 was $16,006,000 compared to $11,468,000 for 2011, a $4,538,000 or 39.6 percent increase. Basic and diluted earnings per share were $2.04 for 2012 compared to  $1.64 for 2011.  

Earnings for all of 2012 and for the second half of 2011 were favorably impacted by the July 2011 merger between American National and MidCarolina Financial Corporation (“MidCarolina”).