News / The Northern Virginia Daily/nvdaily.com
First Bank has much better 2012 than 2011
Daily Staff Reports
Strasburg-based First Bank's parent company, First National Corp., is reporting a roughly $9 million turnaround between the fourth quarter of 2012 and the fourth quarter of the previous year.
According to a news release from First National, its fourth-quarter net income in the last quarter was $966,000, compared to an $8.1 million net loss at the same period in 2011.
The corporation's net income for the year was $2.8 million, "which was a dramatic improvement compared to a net loss of $11 million for the same period in 2011," the release states.
By the end of 2012, net income available to common shareholders was $1.9 million, which was 49 cents per basic and diluted share, according to the release, while in 2011, net loss figures were $11.9 million, or abut $4 per share.
In the release, First National CEO and President Scott C. Harvard called 2012 a "turnaround year."
"The year 2012 was a rebuilding year across all areas of the company and we met our goals of being profitable each quarter, raising capital to add financial strength, lowering non-performing asset levels, and focusing on our core strength of delivering exceptional customer service," he states in the release. "We are pleased that through the hard work of our dedicated staff, we achieved these goals, and in the fourth quarter we grew the loan portfolio for the first time in over two years. As one of the few independent banks in our communities, we remain excited about the prospects for the future."
Other highlights include an additional $7.8 million in capital raised in June, leaving the TARP program in August and an $8.8 million lower provision for loan losses, according to the release.