First Bank releases earnings report

Parent company of First Bank, First National Corporation, showed positive growth over the prior quarter and the third quarter from 2015, according to its third quarter earnings report published Wednesday, continuing a trend of “consistency.” The quarter ended Sept. 30.

Earnings of $1.7 million and 34 cemts a share were reported for the third quarter, compared to $1.4 million and 29 cents a share for the second quarter of 2016. The third quarter of 2015 saw earnings of $398,000 and 8 cents per share, comparatively.

For the year to date, as of Sept. 30, First National Corporation reported earnings of $4.2 million and 86 cents per share, compared to $729,000 and 15 cents per share over the same plan in 2015.

The report cited integration costs as the reason for $897,000 in expenses stemming from the corporation’s acquisition of six branches in 2015.

CEO Scott Harvard said those acquisitions have gone well and that a good deal of the company’s growth can be attributed to them.

“The acquisition, we think has been very effectively executed,” he said. “We still have deposits to lend so we still have opportunities to grow. … We think we have a chance to positively impact earnings.”

Furthermore, return on equity saw positive growth as well, increasing from 11.9 percent to 13.44 percent over the last quarter.

Harvard was very pleased with the corporation’s performance for the quarter.

“The return on equity was 13.44 percent, which is pretty good, about as good as you can get in the community bank space,” he said. “I think investors that invest their money there would be pretty happy about it. … I think our stockholders are being rewarded by continued improved performance.”

Contact staff writer Nathan Budryk at 540-465-5137 ext. 155, or nbudryk@nvdaily.com

Comment Policy

Print This Article

Business