First National announces second quarter earnings
First National Corporation, the parent company to Strasburg-based First Market Bank, announced second-quarter earnings of $444,000 on July 31.
The figure of $444,000 is lower than the $1.5 million in earnings First National saw in the second quarter of last year.
The company also expanded its branch total from 10 to 16 in the second quarter, with new locations in Farmville and Waynesboro.
First National President and CEO Scott Harvard stated in a news release that the company took on $186 million in deposits as a result of the branch expansion.
“We believe the transaction represents inexpensive and reliable core funding for the foreseeable future,” Harvard stated.
First National announced that its net interest income reached $5.1 million, an increase of 9 percent from the first quarter.
The company also saw noninterest income of $2.3 million, which is 2.6 percent higher than the $1.7 million reported for the second quarter of 2014.
To date, the company has reported total net earnings of $998,000, which is 63 percent lower than the $2.7 million reported at this time last year.