First National fourth quarter and full year results
STRASBURG — First National Corporation, the parent company of First Bank, recently reported net income available to common shareholders of $1.7 million and earnings per share of 34 cents for the fourth quarter, ending Dec. 31.
According to a press release, this was an $862 thousand increase when compared to earnings for the fourth quarter of 2015, which totaled $813 thousand or 17 cents per share.
“The increase in net income available to common shareholders resulted primarily from an $867 thousand decrease in noninterest expenses, a $315 thousand increase in net interest income and a $128 thousand decrease in the effective dividend on preferred stock. These changes were offset by a $377 thousand increase in income tax expense and a $71 thousand decrease in noninterest income,” bank officials said.
“Since closing on the branch deposit acquisition in the second quarter of 2015, our banking team has successfully executed on two primary drivers of value of the transaction,” said Scott Harvard, president and chief executive officer of First National.
First Bank has locations in Farmville and Dillwyn.