American National profit dips in fourth quarter but is up for the year
Published
THE TAKE: Danville-based American National Bankshares Inc., the parent company of American National Bank and Trust Co., reported fourth-quarter 2012 net income available to common shareholders of $3.9 million, compared with $4.6 million for the fourth quarter of 2011, a $682,000 or 14.8 percent decrease, primarily because of declining yields on earning assets. Diluted earnings per share were 50 cents for the 2012 quarter compared to 59cents for the 2011 quarter.
Net income available to common shareholders for 2012 was $16 million compared with $11.5 million for 2011, a $4.5 million, 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 Corp. in North Carolina.
THE NUMBERS:
Fourth-quarter net income: $3.9 million, diluted EPS of 50 cents
Full-year net income: 16 million, diluted EPS of $2.04
Net interest margin: 4.37 percent for fourth quarter 2012
Nonperforming assets: 0.90 percent of total assets
Average shareholders’ equity: $163 million, 12.60 percent of average assets
THE COMPANY’S TAKE:
“The current operating environment for community banking is challenging in all areas: economic, regulatory, technological, and operational,” Jeffrey V. Haley, the company’s president and CEO, said in a statement. “But, nevertheless, in this situation there are and will continue to be opportunities for banks with strong capital, superior asset quality and a culture of imagination. We are continuing our quest for high quality organic growth and, at the same time, preparing American National for appropriate s strategic acquisition opportunities that may arise.”
