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Wednesday, February 6, 2013
The parent company of HomeTown Bank finished 2012 on a positive note, with profits from operations bolstered by a gain from a one-time tax asset, the company said.
Roanoke-based HomeTown Bankshares Corp. earned nearly $4.6 million last year compared with $1.9 million in 2011, according to a report Friday. The final result included a one-time gain of nearly $2.1 million.
The ongoing cost of participating in the Troubled Asset Relief Program, or TARP, trimmed the actual results. The bottom line for common shareholders was nearly $4 million, compared to $1.3 million the previous year.
“We are very pleased with another year of strong operating results in 2012,” said company President Susan Still in a prepared release.
The bank, which caters to individuals and small and medium businesses, has five locations.
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