First National Corporation reports Q4 EPS (14c) vs 76c last year

Tangible book value per share increased by 8% to $18.06. Assets totaled $1.4 billion on December 31, 2023, which was a $50.0 million, or 4%, increase compared to total assets one year ago on December 31, 2022. Interest-bearing deposits in banks increased by $23.8 million and loans, net of the allowance for credit losses on loans, increased by $44.5 million, or 5%. “While the fourth quarter financial results were disappointing, we are pleased with the company’s overall performance in 2023. After absorbing a $6.0 million provision for credit losses in the fourth quarter and the Federal Reserve raising the Federal funds rate four times during the year, the return on average assets was still a respectable 0.71% for the year and book value increased to $18.06 per share from $16.79 at the end of last year,” said Scott Harvard, president and chief executive officer of First National. Harvard continued, “Our team continued to serve customers as trusted advisors and were able to grow loans by $48.9 million, stabilize the net interest margin in the fourth quarter at 3.35%, and retain 31% of total deposits in noninterest-bearing accounts. I remain optimistic about the ability of our team to deliver people first service that results in value creation for our shareholders over time.”