American National sees 16.6 percent growth in net income

Published October 18, 2013 by Robert Powell, III

THE TAKE: Danville-based American National Bankshares Inc., parent company of American National Bank and Trust Co., announced third-quarter  net income rose 16.6 percent to $4.24 million. Diluted earnings per share were 54 cents for the 2013 quarter and 46 cents for the comparable 2012 quarter.

BY THE NUMBERS:
Quarterly net income: $4.24 million for the third quarter of 2013, compared with $3.64 million in the third quarter 2012.
Quarterly diluted earnings per share: 54 cents, up from 46 cents.
Return on assets: 1.30 percent.
Return on average equity: 10.4 percent.
Nine months net income: $12.6 million in 2013 compared with $12.1 million in 2012.
Nine months diluted earnings per share: $1.60 in 2013 compared with $1.54 for 2012.
Loan growth: On Sept. 30, 2013, the bank had $799 million in loans compared with $797.8 million the year before.

COMPANY’S TAKE:
“We are pleased that over the past year our loan portfolio has seen growth. This is the third consecutive quarter that our loan portfolio has grown, albeit modest growth,” Jeffrey V. Haley, President and CEO said in a statement. “The growth was noteworthy because this is the first time since the July 2011 merger with MidCarolina that we’ve been able to report year-over-year loan growth. The bank’s loan growth was driven by its North Carolina market.”