First National Corporation reports Q3 EPS 50c vs 71c last year

Tangible book value per common share totaled $17.38, up $2.07 from one year ago. At September 30, 2023, assets totaled $1.4 billion, which was an $8.0 million decrease from the linked quarter ended June 30, 2023. “We are pleased with the Company’s performance during the third quarter considering we operated in a challenging interest rate environment,” said Scott C. Harvard, president, and chief executive officer of First National. “The interest margin stabilized during the period as higher earning asset yields offset the higher cost of funds. The Bank’s deposit portfolio, which is comprised of a high percentage of noninterest-bearing deposits, also mitigated pressure on deposit costs during the period. Although nonaccrual loans increased during the quarter, we believe that asset quality remains excellent, with nonperforming assets remaining at historically low levels. Loan growth continued at an annualized pace of 10% during the third quarter, bolstered by the addition of new bankers. We will continue to remain vigilant around credit quality, as well as loan and deposit pricing, as we navigate the impact of Federal Reserve actions on the economy.”