First National Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Quarter Ended December 31, 2014
January 29, 2015 at 07:04 pm
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First National Corporation announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income was $4.805 million against $4.549 million a year ago. Total interest income was $5.214 million against $5.093 million a year ago. Income before income taxes was $5.533 million against $3.038 million a year ago. Net income available to common shareholders
was $3.368 million or $0.68 basic and diluted per share against $7.162 million or $1.46 basic and diluted per share a year ago. As on date, book value per share was $9.17 against $7.96 per share a year ago. Return on average assets was 2.81% against 5.55% a year ago. Return on average equity was 25.03% against 62.96% a year ago.
For the year, the company reported net interest income was $18.621 million against $18.448 million a year ago. Total interest and dividend income was $20.399 million against $21.157 million a year ago. Income before income taxes was $11.13 million against $5.054 million a year ago. Net income available to common shareholders was $6.493 million or $1.32 basic and diluted per share against $8.961 million or $1.83 basic and diluted per share a year ago. Return on average assets was 1.45% against 1.85% a year ago. Return on average equity was 13.49% against 21.87% a year ago.
For the quarter, the company reported net charge-offs of $0.151 million against $1.719 million a year ago.
First National Corporation is a bank holding company for First Bank (the Bank), which is a commercial bank. The Bank offers loan, deposit, and wealth management products and services. Its loan products and services include consumer loans, residential mortgages, home equity loans and commercial loans. Deposit products and services include checking accounts, treasury management solutions, savings accounts, money market accounts, certificates of deposit and individual retirement accounts. Wealth management services include estate planning, investment management of assets, trustee under an agreement, trustee under a will, individual retirement accounts and estate settlement. Its customers include small and medium-sized businesses, individuals and others. It operates over 20 branches throughout the Shenandoah Valley, central regions of Virginia, and the Richmond and Roanoke market areas. It also operates a loan production office and two customer service centers in retirement communities.
First National Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Quarter Ended December 31, 2014