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First National Corporation (FXNC) has reported 133.33 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.69 million, or $0.34 a share in the quarter, compared with $0.73 million, or $0.08 a share for the same period last year.
Revenue during the quarter grew 6.36 percent to $8.16 million from $7.67 million in the previous year period. Net interest income for the quarter rose 7.76 percent over the prior year period to $5.85 million. Non-interest income for the quarter rose 2.99 percent over the last year period to $2.31 million.
Net interest margin improved 17 basis points to 3.57 percent in the quarter from 3.40 percent in the last year period. Efficiency ratio for the quarter improved to 68.56 percent from 81.38 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"The Company improved profitability for the fifth consecutive quarter by increasing revenue and lowering expense levels," said Scott Harvard, president and chief executive officer of First National. Harvard added, "We continued to reap the benefits of the 2015 branch deposit acquisition, executing on our strategy of deploying deposits into loans, while reducing expenses and improving efficiency."
Deposits stood at $640.74 million as on Sep. 30, 2016, up 4.37 percent compared with $613.91 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $168.20 million or 26.25 percent of total deposits on Sep. 30, 2016, compared with $149.18 million or 24.30 percent of total deposits on Sep. 30, 2015.
Investments stood at $143.59 million as on Sep. 30, 2016, down 12.15 percent or $19.86 million from year-ago. Shareholders equity was at $50.98 million as on Sep. 30, 2016.
Return on average assets moved up 53 basis points to 0.95 percent in the quarter from 0.42 percent in the last year period. At the same time, return on average equity increased 864 basis points to 13.44 percent in the quarter from 4.80 percent in the last year period.
Nonperforming assets moved down 50.96 percent or $3.92 million to $3.77 million on Sep. 30, 2016 from $7.69 million on Sep. 30, 2015.
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