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.