First National Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017
January 30, 2018 at 06:00 pm IST
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First National Corporation announced unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income was $7,265,000 against $6,426,000 a year ago. Net interest income was $6,605,000 against $5,913,000 a year ago. The increase resulted from a higher net interest margin and higher average earning asset balances. Net interest income after provision for loan losses was $6,505,000 against $5,913,000 a year ago. Income before income taxes was $2,840,000 against $2,405,000 a year ago. Net income was $1,317,000 against $1,681,000 a year ago. Net income per basic and diluted share was $0.27 against $0.34 a year ago. Return on average assets was 0.71% against 0.94% a year ago. Return on average equity was 9.01% against 13.04% a year ago. Non-GAAP total tax-equivalent net interest income was $6,698,000 against $6,009,000 a year ago. The increase in other operating income was attributable to a $305,000 life insurance benefit recorded during the fourth quarter of 2017. These increases were partially offset by net losses on sales of securities totaling $114,000 and a $99,000 decrease in service charges on deposits.
For the year, the company reported total interest income of $27,652,000 against $25,237,000 a year ago. Net interest income was $25,266,000 against $23,255,000 a year ago. Net interest income after provision for loan losses was $25,166,000 against $23,255,000 a year ago. Income before income taxes was $10,174,000 against $8,260,000 a year ago. Net income was $6,448,000 against $5,907,000 a year ago. Net income per basic and diluted share was $1.30 against $1.20 a year ago. Return on average assets was 0.89% against 0.84% a year ago. Return on average equity was 11.57% against 12.00% a year ago. Non-GAAP total tax-equivalent net interest income was $25,638,000 against $23,646,000 a year ago.
For the fourth quarter of 2017, the company's net charge-offs was $75,000 against $289,000 a year ago.
First National Corporation is a bank holding company for First Bank (the Bank), which is a commercial bank. The Bank offers loan, deposit, and wealth management products and services. Its loan products and services include consumer loans, residential mortgages, home equity loans and commercial loans. Deposit products and services include checking accounts, treasury management solutions, savings accounts, money market accounts, certificates of deposit and individual retirement accounts. Wealth management services include estate planning, investment management of assets, trustee under an agreement, trustee under a will, individual retirement accounts and estate settlement. Its customers include small and medium-sized businesses, individuals and others. It operates over 20 branches throughout the Shenandoah Valley, central regions of Virginia, and the Richmond and Roanoke market areas. It also operates a loan production office and two customer service centers in retirement communities.
First National Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017