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American National reports increase in 3rd quarter earnings

American National Bankshares Inc., parent company of American National Bank and Trust Company, has announced third quarter 2013 net income of $4,243,000 compared to $3,639,000 for the third quarter of 2012, a $604,000 or 16.6 percent increase.  

Diluted earnings per share were $0.54 for the 2013 quarter and $0.46 for the comparable 2012 quarter. This quarterly net income produced for 2013 a return on average assets of 1.30 percent, a return on average equity of 10.40 percent, and a return on average tangible equity of 14.90 percent.

Net income for the first nine months of 2013 was $12,604,000 compared to $12,088,000 for the comparable period of 2012, a $516,000 or 4.3 percent increase. Diluted earnings per share were $1.60 for the 2013 period compared to $1.54 for the 2012 period.

Earnings for the 2013 and 2012 periods were favorably impacted by the July 2011 merger between American National and MidCarolina Financial Corporation (“MidCarolina”).