American National Bankshares Inc., parent company of American National Bank and Trust Co., announced Monday a 149 percent increase in net income from fourth quarter 2010 to fourth quarter 2011.
That’s net income available to common shareholders of $4.6 million in the 2011 quarter compared to $1.85 million for the 2010 quarter, according to a news release. For 2011 compared to 2010, net income was $11.5 million compared to $8.3 million, or a 39 percent increase.
The merger between American National and MidCarolina Financial Corp. impacted earnings favorably and grew bank assets to $1.3 billion from $800 million. Yet, the company recorded $1.6 million in non-recurring merger-related expenses in 2011.
Now, American National has more than $800 million in loans and more than $1 billion in deposits, said Chairman and CEO Charles H. Majors in a statement.
“This was a truly remarkable year for American National. We invite our customers and shareholders to help us build and grow a community bank for the new century,” Majors said.
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