First National Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Loan Charge-Offs for the Fourth Quarter of 2013
January 29, 2014 at 07:29 am
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First National Corporation announced unaudited earnings results for the fourth quarter and full year ended December 31, 2013. Net income totaled $7.5 million for the fourth quarter of 2013, compared to $943,000 for the same period of 2012. The significant increase in earnings was primarily a result of the reversal of the valuation allowance on net deferred tax assets which decreased income tax expense by $4.8 million. Return on average assets was 5.65% compared to 0.72% for the fourth quarter of 2012. Return on average equity was 64.03% for the fourth quarter of 2013 compared to 8.37% for the fourth quarter of 2012. Net interest income totaled $4.5 million for the quarter, compared to $4.7 million for the same period one year ago. Income before income taxes was $3.236 million against $1.019 million a year ago. Net income available to common shareholders was $7.293 million or $1.49 per basic and diluted share compared to $717,000 or $0.15 per basic and diluted share a year ago period.
Net income totaled $10.0 million for year ended December 31, 2013 compared to $2.8 million for the same period one year ago. Return on average assets was 1.87% and return on average equity was 22.16% for the year ended December 31, 2013, compared to 0.53% and 6.80%, respectively, for the same period in 2012. Net interest income totaled $18.4 million compared to $19.3 million for 2012. Income before income taxes was $5.252 million against $3.765 million a year ago. Net income available to common shareholders was $9.093 million or $1.85 per basic and diluted share compared to $1.897 million or $0.48 per basic and diluted share a year ago period. Book value per share at December 31, 2013 was $7.98.
For the fourth quarter of 2013, the company reported loan charge-offs of $193,000 compared to $1,210,000 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, 2013; Reports Loan Charge-Offs for the Fourth Quarter of 2013