First National Corporation reported earnings of $813 thousand and earnings per share of $0.17 for the quarter ended December 31, 2015, compared to $398 thousand or $0.08 per share for the third quarter of 2015, and $3.4 million or $0.68 per share for the fourth quarter of 2014.
Earnings in the fourth quarter of 2014 were impacted by a $3.2 million recovery of loan losses during the period. For the year ended December 31, 2015, reported earnings totaled $1.5 million or $0.31 per share, compared to $6.5 million or $1.32 per share for the year ended December 31, 2014. Earnings for 2014 were impacted by a $3.9 million recovery of loan losses.
Select highlights for the fourth quarter
- Redeemed all $14.6 million of outstanding preferred stock on November 6, 2015
- Return on equity increased to 7.01% compared to 4.80% for the third quarter of 2015
- Net income available to common shareholders increased $415 thousand, or 104%, to $813 thousand compared to the third quarter of 2015 resulting from a $172 thousand increase in net interest income, a $189 thousand reduction in noninterest expense, and a $200 thousand decrease in the effective dividend on preferred stock
- Net interest margin increased to 3.53% compared to 3.40% for the third quarter of 2015
- Net loans increased $32.6 million or 8% during the quarter, and increased $61.8 million or 17% over the prior year
- Net interest income increased $172 thousand or 3% over the third quarter of 2015, and increased $793 thousand or 17% compared to the fourth quarter of 2014
- Noninterest income, excluding gains on sale of securities, decreased by $46 thousand compared to the third quarter of 2015, and increased $514 thousand compared to the fourth quarter of 2014
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