Business
First National Corporation Reports First Quarter 2020 Net Income
STRASBURG, Va., April 29, 2020 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC) reported unaudited
About this update from First National Corporation
[{"type":"text","content":"STRASBURG, Va., April 29, 2020 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC) reported unaudited consolidated net income of $1.7 million, or $0.34 per diluted share, for the first quarter of 2020, which resulted in a return on average assets of 0.85% and a return on average equity of 8.72%. This was a $556 thousand, or 25%, decrease compared to net income for the first quarter of 2019, which totaled $2.3 million or $0.46 per diluted share, and a return on average assets of 1.21% and a return on average equity of 13.47%.\n Highlights for the first quarter of 2020: Provision for loan losses totaled $900 thousand, compared to no provision in Q1 2019Cash and unencumbered securities totaled $133.4 million, or 16% of assetsNonperforming assets decreased to 0.19% of assetsLoans increased $30.8 million, or 6%Deposits increased $36.4 million, or 5%Shareholders’ equity increased 13%, or $8.8 millionWealth management revenue increased 20%, or $88 thousandThe Company’s banking subsidiary, First Bank (the “Bank”) exceeded all regulatory well-capitalized metrics “Over the last month, our team of associates has demonstrated an incredible commitment to their customers, their communities, and one another,” said Scott Harvard, president and chief executive officer of First National. Harvard continued, “As the world was being turned upside down by the health crisis, our teammates overcame their own anxieties to support our neighbors and small businesses across our footprint. It has been so heartening to witness their dedication as financial first responders, working overtime to deliver payroll protection funds to small businesses, providing access to deposit accounts via changing delivery channels and reassuring customers, all while supporting their families and each other. We talk often about First Bank being a people business that depends on each employee’s powerful actions to enhance the customer experience. Those actions are occurring daily at First Bank, making all of us proud of how we serve our customers and communities. “We were pleased with the financial performance of the Company in the first quarter. Expenses were under control while net interest income and noninterest income both improved over the first quarter of 2019. During this crisis, we have earned additional new business through...