First National reports earnings increase
STRASBURG — First National Corporation (FNC) — the parent company of First Bank — reported a net income of $1.5 million and earnings per share of 31 cents for the first quarter on Wednesday, April 26.
According to a FNC press release, the first quarter ended March 31.
“This was a $444,000 increase when compared to earnings for the first quarter of 2016, which totaled $1.1 million or 22 cents per share,” FNC officials said in the release.
According to the release, the increase in net income resulted from a $366,000 decrease in non-interest expenses and a $293,000 increase in net interest income.
“Total deposits increased $9.2 million during the quarter to $654.8 million, and were $21.7 million higher than total deposits at March 31, 2016,” FNC officials said.
Officials said in the release the bank has 14 bank branch office locations throughout the Shenandoah Valley and central regions of Virginia, including at 201 S. Main St. in Farmville and 3474 Rosney Road in Dillwyn.