First National announces earnings
Published 2:07 pm Thursday, July 28, 2016
STRASBURG — First National Corp. has reported earnings of $1.4 million and earnings per share of 29 cents for the second quarter ending June 30 — a 30- percent increase compared to $1.1 million or 22 per share for the first quarter of 2016.
According to a press release, earnings for the second quarter of 2015 were $116 thousand or two cents per share.
“For the six months ended June 30 … reported earnings totaled $2.5 million or 51 cents per share, compared to $331 thousand or seven cents per share for the six months ended June 30, 2015. Year-to-date earnings for 2016 were positively impacted by higher revenues from net interest income and noninterest income, combined with lower noninterest expenses,” according to the release.
In addition, net income available to common shareholders was favorably impacted by the elimination of dividends on preferred stock, according to the release. “Year-to-date earnings for 2015 were negatively impacted by integration expenses totaling $877 thousand related to the acquisition of six bank branches and the assumption of $186.8 million of deposit liabilities.”
First National has branches in Farmville and Dillwyn.