First National Corporation announces first quarter results

Published 1:10 pm Thursday, April 28, 2016

STRASBURG — First National Corporation recently reported earnings of $1.1 million and earnings per share of 22 cents for the quarter ended March 31, compared to $813,000 or 17 cents per share for the fourth quarter of 2015, and $215 thousand or 4 cents per share for the first quarter of 2015.

First National has locations in Dillwyn and Farmville.

“The company benefited from loan growth, lower expenses and a full quarter with no outstanding preferred stock,” said Scott C. Harvard, president and chief executive officer of First National.

“During the first quarter, net interest income and net interest margin increased over prior quarters as the earning asset mix continued to improve from loan growth while the company was able to maintain its low-cost funding. Expenses decreased again this quarter with lower legal and professional fees and lower other real estate owned expense. We’ve been pleased with the execution of our balance sheet strategies that included growing deposits through acquisition, deploying liquidity into the loan portfolio and reducing the cost of capital by redeeming preferred stock.”