American National Bankshares Inc. (AMNB) announced second quarter 2012 net income of $4.27 million up from $1.01 million for the second quarter of 2011. Earnings per share were $0.54 for the 2012 quarter compared to $0.16 for the 2011 quarter.
Earnings for the 2012 quarter was favorably impacted by the July 2011 merger between American National and MidCarolina Financial Corporation. Earnings for the 2011 quarter were negatively impacted by costs associated with the merger.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share. Analysts' estimates typically exclude special items.
Net Interest Income for the quarter increased to $12.82 million from $6.60 million last year. Total noninterest income for the quarter rose to $2.80 million from $1.99 million last year.
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