First National Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 26, 2017 at 04:20 am IST
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First National Corporation announced unaudited earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income was $6.426 million against $6.021 million a year ago. Net interest income was $5.913 million against $5.598 million a year ago. Net interest income after provision for loan losses was $5.913 million against $5.598 million a year ago. Income before income taxes was $2.395 million against $1.284 million a year ago. Net income available to common shareholders was $1.675 million against $0.813 million a year ago. Net income per diluted share was $0.34 against $0.17 a year ago. Return on average assets was 0.94% against 0.54% a year ago. Return on average equity was 13.08% against 7.01% a year ago. The increase in net income available to common shareholders resulted primarily from an $0.867 million decrease in noninterest expenses, a $0.315 million increase in net interest income and a $0.128 million decrease in the effective dividend on preferred stock.
For the year, the company reported total interest income was $25.237 million against $22.165 million a year ago. Net interest income was $23.255 million against $20.724 million a year ago. Net interest income after provision for loan losses was $23.255 million against $20.824 million a year ago. Income before income taxes was $8.250 million against $3.611 million a year ago. Net income available to common shareholders was $5.901 million against $1.542 million a year ago. Net income per diluted share was $1.20 against $0.31 a year ago. Tangible book value at period end was $9.98 against $8.87 a year ago. Return on average assets was 0.84% against 0.41% a year ago. Return on average equity was 12.01% against 4.58% a year ago.
For the fourth quarter of 2016, the company's net charge-offs was $0.289 million against $0.051 million 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, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016