SHOAL CREEK, Ala. - income jumped by 47%, to $1.04 million, in the first quarter, its highest quarterly earnings ever. The increase was attributed to strong internal growth as well as an improving net interest margin, the bank said. Return on average assets also increased to an all-time high of 1.51%, compared with 1.11% last year. Return on equity declined to 13.65% from 14.62%, as a result of the bank's paying off all its outstanding debt in the fourth quarter of 1994. Alabama National's efficiency ratio dropped to 63.75% from 73.65%.

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