STRASBURG, Va., Oct. 25, 2017 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (OTC:FXNC) today reported net income of $1.8 million and earnings per share of $0.37 for the third quarter ended September 30, 2017. This was a $138 thousand, or 8%, increase when compared to net income of $1.7 million and earnings per share of $0.34 for the third quarter of 2016. The increase in net income resulted primarily from an increase in net interest income and a decrease in noninterest expenses.

For the nine months ended September 30, 2017, net income increased $905 thousand, or 21%, to $5.1 million and $1.04 per share, compared to net income of $4.2 million and $0.86 per share for the same period of 2016. The increase in net income resulted primarily from an increase in net interest income and a decrease in noninterest expenses.

Select highlights for the third quarter of 2017:

• Return on equity of 12.78%
• Return on average assets of 1.00%
• Net loans increased 9% annualized during the quarter
• Net interest income increased $573 thousand, or 10%
• Net interest margin increased for the fourth consecutive quarter to 3.79%
• Nonperforming assets to total assets of 0.32%
• Efficiency ratio improved to 66.38%
• Expanded to the Richmond, Virginia market with experienced banking team

“We are pleased with the continued growth of earnings and profitability.  Loan growth and disciplined pricing resulted in a $1.3 million increase in revenue from net interest income, while noninterest expenses decreased $590 thousand, when comparing the nine months ended September 30, 2017 to the same period in the prior year,” said Scott Harvard, president and chief executive officer of First National.  Harvard added, “Earlier this month, the Company expanded its franchise with the addition of an experienced banking team and a branch office located in the Westhampton neighborhood of Richmond.  The recent expansion is expected to contribute to the continued growth of the Company, while diversifying our business into another attractive Virginia market.”

BALANCE SHEET

Total assets of First National increased $18.8 million to $731.5 million at September 30, 2017, compared to one year ago.  While total assets increased, the composition of the balance sheet changed as loans, net of the allowance for loan losses, increased $44.2 million, or 9%, and securities and interest-bearing deposits in banks decreased $24.5 million, or 13%.  The loan-to-asset ratio increased to 70% at September 30, 2017, up from 66% one year ago, and the loan-to-deposit ratio increased to 78% from 73%.

Total deposits increased $15.5 million, or 2%, to $656.3 million, compared to $640.7 million at September 30, 2016.  When comparing the composition of the deposit portfolio at September 30, 2017 to one year ago, noninterest-bearing demand deposits increased $11.1 million, from 26% to 27% of total deposits, while time deposits decreased $5.6 million, from 21% to 19%.

Shareholders’ equity increased $6.6 million to $57.5 million at September 30, 2017 compared to $51.0 million one year ago, primarily from an increase in retained earnings. Tangible common equity totaled $56.5 million at the end of the third quarter, compared to $49.2 million at September 30, 2016. The Company’s wholly-owned banking subsidiary, First Bank, was considered well-capitalized based on regulatory requirements at the end of the third quarter.

ANALYSIS OF THE THREE MONTH PERIOD

Net interest income increased $573 thousand, or 10%, to $6.4 million for the quarter ended September 30, 2017, compared to $5.8 million for the third quarter of 2016. The increase resulted from a higher net interest margin and higher average earning asset balances. Average earning asset balances increased 3%, and the net interest margin increased 22 basis points to 3.79% for the quarter ended September 30, 2017, compared to 3.57% for the same period in 2016. The increase in the net interest margin resulted from a 28 basis point increase in the yield on total earning assets, which was partially offset by a 6 basis point increase in interest expense as a percent of average earning assets.

The higher yield on earning assets was attributable to an increase in yields from all earning asset classes and a change in the composition of earning assets.  Yields increased on loans, securities, and interest-bearing deposits in banks by 12 basis points, 17 basis points and 66 basis points, respectively.  A change in the asset composition also favorably impacted the earning asset yield as average loan balances increased to 75% of average earning assets for the quarter ended September 30, 2017, compared to 71% of average earning assets for the same period in 2016.

The increase in interest expense as a percent of average earning assets was primarily attributable to higher interest rates paid on interest-bearing deposits, with the largest impact coming from a 17 basis point increase in the cost of interest-bearing checking accounts, when comparing the periods.

Noninterest income totaled $2.0 million, compared to $2.3 million for the same period of 2016. This was primarily a result of decreases in service charges on deposits and other operating income.  Service charges on deposits decreased $181 thousand, primarily from lower overdraft revenue.  The $113 thousand decrease in other operating income was primarily attributable to a $102 thousand life insurance benefit recorded during the third quarter of the prior year. These decreases were partially offset by an increase in wealth management revenue.

Noninterest expense decreased $46 thousand, or 1%, to $5.8 million. Amortization expense decreased $36 thousand, supplies expense decreased $27 thousand, ATM and check card expense decreased $24 thousand, and FDIC assessment decreased $22 thousand.  These decreases were partially offset by increases in salaries and employee benefits of $38 thousand, legal and professional fees of $37 thousand, and bank franchise tax of $22 thousand.

ANALYSIS OF THE NINE MONTH PERIOD

For the nine months ended September 30, 2017, net interest income increased $1.3 million, or 8%, to $18.7 million, compared to $17.3 million for the same period in 2016. The increase resulted from a higher net interest margin and higher average earning asset balances. Average earning asset balances increased 4%, and the net interest margin increased 13 basis points to 3.74% for the nine months ended September 30, 2017, compared to 3.61% for the same period in 2016. The increase in the net interest margin resulted from a 17 basis point increase in the yield on total earning assets, which was partially offset by a 4 basis point increase in interest expense as a percent of average earning assets.

The higher yield on earning assets was attributable to an increase in yields from all earning asset classes and a change in the composition of earning assets.  Yields increased on loans, securities, and interest-bearing deposits in banks by 3 basis points, 14 basis points and 35 basis points, respectively.  A change in the asset composition also favorably impacted the earning asset yield, as average loan balances increased to 74% of average earning assets for the nine months ended September 30, 2017, compared to 70% of average earning assets for the same period in 2016.

The increase in interest expense as a percent of average earning assets was primarily attributable to higher interest rates paid on interest-bearing deposits, with the largest impact coming from a 16 basis point increase in the cost of interest-bearing checking accounts, when comparing the periods.

Noninterest income totaled $5.9 million, compared to $6.4 million for the same period of 2016. This was primarily a result of decreases in service charges on deposits and other operating income.  Service charges on deposits decreased $385 thousand, primarily from lower overdraft revenue.  The decrease in other operating income was primarily attributable to a $102 thousand life insurance benefit recorded in the prior year.  These decreases were partially offset by increases in wealth management revenue.

Noninterest expense decreased $590 thousand, or 3%, to $17.3 million. Salaries and employee benefits decreased $457 thousand, or 5%, FDIC assessment decreased $114 thousand, amortization expense decreased $112 thousand, and occupancy decreased $75 thousand. These decreases were partially offset by a $126 thousand increase in net other real estate owned expense and a $58 thousand increase in marketing expense. Other real estate owned expense totaled $6 thousand for the nine month period of 2017, compared to other real estate income of $120 thousand for the same period of 2016.

ASSET QUALITY/LOAN LOSS PROVISION

There was no provision for loan loss during the three month and nine month periods ended September 30, 2017. Net charge-offs totaled $143 thousand for the third quarter of 2017.  For the nine month period, net charge-offs totaled $20 thousand. Nonperforming assets totaled $2.4 million, or 0.32% of total assets at September 30, 2017, which was an improvement compared to $3.8 million, or 0.53% of total assets, one year ago. The allowance for loan losses totaled $5.3 million at September 30, 2017 and $5.6 million at September 30, 2016, representing 1.03% and 1.19% of total loans, respectively.

FORWARD-LOOKING STATEMENTS

Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, and other filings with the Securities and Exchange Commission.

ABOUT FIRST NATIONAL CORPORATION

First National Corporation (OTC:FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, two loan production offices, a customer service center in a retirement community, and 15 bank branch office locations located throughout the Shenandoah Valley and central regions of Virginia. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management.  First Bank also owns First Bank Financial Services, Inc., which invests in entities that provide investment services and title insurance.

CONTACTS

Scott C. Harvard  
President and CEO 
(540) 465-9121 
sharvard@fbvirginia.com

M. Shane Bell
Executive Vice President and CFO
(540) 465-9121
sbell@fbvirginia.com

FIRST NATIONAL CORPORATION
Quarterly Performance Summary
(in thousands, except share and per share data)
	(unaudited) For the Quarter Ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31,  2016				September 30,  2016
Income Statement
Interest income
Interest and fees on loans	$	6,138			$	5,933			$	5,646			$	5,556			$	5,500
Interest on deposits in banks	92				86				61				55				73
Interest on securities
Taxable interest	637				634				662				655				613
Tax-exempt interest	148				145				143				139				136
Dividends on restricted securities	21				21				20				21				20
Total interest income	$	7,036			$	6,819			$	6,532			$	6,426			$	6,342
Interest expense
Interest on deposits	$	446			$	405			$	383			$	353			$	338
Interest on subordinated debt	91				89				89				91				91
Interest on junior subordinated debt	79				76				68				69				65
Interest on other borrowings	—				—				—				—				1
Total interest expense	$	616			$	570			$	540			$	513			$	495
Net interest income	$	6,420			$	6,249			$	5,992			$	5,913			$	5,847
Provision for loan losses	—				—				—				—				—
Net interest income after provision for loan losses	$	6,420			$	6,249			$	5,992			$	5,913			$	5,847
Noninterest income
Service charges on deposit accounts	$	760			$	735			$	755			$	877			$	941
ATM and check card fees	516				527				501				505				529
Wealth management fees	359				355				347				353				339
Fees for other customer services	131				137				140				154				143
Income from bank owned life insurance	117				102				85				109				123
Net gains (losses) on sales of securities	11				13				—				(2		)		4
Net gains on sale of loans	54				34				33				42				50
Other operating income	69				75				80				89				182
Total noninterest income	$	2,017			$	1,978			$	1,941			$	2,127			$	2,311
Noninterest expense
Salaries and employee benefits	$	3,221			$	3,122			$	3,242			$	2,897			$	3,183
Occupancy	379				348				367				364				380
Equipment	400				400				408				402				406
Marketing	138				136				136				210				125
Supplies	81				105				91				138				108
Legal and professional fees	216				245				197				238				179
ATM and check card fees	205				229				162				211				229
FDIC assessment	84				77				79				72				106
Bank franchise tax	111				110				104				90				89
Telecommunications expense	95				108				110				112				110
Data processing expense	153				152				150				159				160
Postage expense	62				74				61				56				56
Amortization expense	151				160				169				179				187
Other real estate owned expense (income), net	—				4				2				—				1
Net loss on disposal of premises and equipment	—				—				—				—				8
Other operating expense	511				435				473				507				526
Total noninterest expense	$	5,807			$	5,705			$	5,751			$	5,635			$	5,853
Income before income taxes	$	2,630			$	2,522			$	2,182			$	2,405			$	2,305
Income tax expense	798				766				639				724				611
Net income	$	1,832			$	1,756			$	1,543			$	1,681			$	1,694

FIRST NATIONAL CORPORATION
Quarterly Performance Summary
(in thousands, except share and per share data)
	(unaudited) For the Quarter Ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31,  2016				September 30,  2016
Common Share and Per Common Share Data
Net income, basic	$	0.37			$	0.36			$	0.31			$	0.34			$	0.34
Weighted average shares, basic	4,943,301				4,940,904				4,935,421				4,927,728				4,925,753
Net income, diluted	$	0.37			$	0.36			$	0.31			$	0.34			$	0.34
Weighted average shares, diluted	4,946,128				4,942,726				4,937,625				4,933,572				4,929,922
Shares outstanding at period end	4,945,056				4,941,604				4,940,766				4,929,403				4,926,546
Tangible book value at period end	$	11.42			$	11.08			$	10.64			$	10.26			$	9.99
Cash dividends	$	0.035			$	0.035			$	0.035			$	0.03			$	0.03
Key Performance Ratios
Return on average assets	1.00		%		0.96		%		0.88		%		0.94		%		0.95		%
Return on average equity	12.78		%		12.79		%		11.78		%		13.04		%		13.44		%
Net interest margin	3.79		%		3.73		%		3.70		%		3.60		%		3.57		%
Efficiency ratio (1)	66.38		%		66.71		%		69.52		%		67.05		%		68.57		%
Average Balances
Average assets	$	729,651			$	730,838			$	714,714			$	711,834			$	710,005
Average earning assets	681,800				682,132				667,184				663,982				661,624
Average shareholders’ equity	56,857				55,068				53,132				51,295				50,160
Asset Quality
Loan charge-offs	$	243			$	161			$	106			$	337			$	195
Loan recoveries	100				154				236				48				71
Net charge-offs (recoveries)	143				7				(130		)		289				124
Non-accrual loans	2,121				1,913				1,596				1,520				3,521
Other real estate owned, net	250				250				250				250				250
Nonperforming assets	2,371				2,163				1,846				1,770				3,771
Loans 30 to 89 days past due, accruing	1,960				1,368				2,606				2,583				2,036
Loans over 90 days past due, accruing	89				151				119				116				59
Troubled debt restructurings, accruing	287				291				296				300				392
Special mention loans	9,677				10,378				12,896				13,073				14,238
Substandard loans, accruing	9,218				9,295				7,877				8,056				8,273
Capital Ratios (2)
Total capital	$	71,318			$	69,325			$	67,264			$	65,590			$	65,759
Tier 1 capital	66,017				63,881				61,813				60,269				60,149
Common equity tier 1 capital	66,017				63,881				61,813				60,269				60,149
Total capital to risk-weighted assets	13.91		%		13.82		%		13.53		%		13.47		%		13.90		%
Tier 1 capital to risk-weighted assets	12.87		%		12.73		%		12.43		%		12.38		%		12.72		%
Common equity tier 1 capital to risk-weighted assets	12.87		%		12.73		%		12.43		%		12.38		%		12.72		%
Leverage ratio	9.06		%		8.76		%		8.66		%		8.48		%		8.48		%

FIRST NATIONAL CORPORATION
Quarterly Performance Summary
(in thousands, except share and per share data)
	(unaudited) For the Quarter Ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31,  2016				September 30,  2016
Balance Sheet
Cash and due from banks	$	9,162			$	9,801			$	10,593			$	10,106			$	8,955
Interest-bearing deposits in banks	24,480				40,937				35,246				30,986				47,902
Securities available for sale, at fair value	93,102				89,741				91,907				94,802				88,323
Securities held to maturity, at carrying value	49,376				50,824				51,999				53,398				55,263
Restricted securities, at cost	1,570				1,570				1,570				1,548				1,548
Loans held for sale	660				999				—				337				1,053
Loans, net of allowance for loan losses	509,406				498,389				492,319				480,746				465,224
Other real estate owned, net of valuation allowance	250				250				250				250				250
Premises and equipment, net	20,510				20,501				20,709				20,785				20,852
Accrued interest receivable	1,886				1,728				1,753				1,746				1,631
Bank owned life insurance	14,232				14,115				14,013				13,928				13,808
Core deposit intangibles, net	1,071				1,222				1,382				1,551				1,730
Other assets	5,798				5,580				5,555				5,817				6,133
Total assets	$	731,503			$	735,657			$	727,296			$	716,000			$	712,672
Noninterest-bearing demand deposits	$	179,351			$	176,780			$	173,963			$	168,076			$	168,204
Savings and interest-bearing demand deposits	350,879				362,128				353,958				349,067				340,884
Time deposits	126,032				122,920				126,848				128,427				131,654
Total deposits	$	656,262			$	661,828			$	654,769			$	645,570			$	640,742
Other borrowings	—				—				—				—				—
Subordinated debt	4,943				4,939				4,934				4,930				4,926
Junior subordinated debt	9,279				9,279				9,279				9,279				9,279
Accrued interest payable and other liabilities	3,485				3,644				4,336				4,070				6,742
Total liabilities	$	673,969			$	679,690			$	673,318			$	663,849			$	661,689
Preferred stock	$	—			$	—			$	—			$	—			$	—
Common stock	6,181				6,177				6,176				6,162				6,158
Surplus	7,238				7,177				7,155				7,093				7,046
Retained earnings	44,368				42,709				41,126				39,756				38,223
Accumulated other comprehensive loss, net	(253		)		(96		)		(479		)		(860		)		(444		)
Total shareholders’ equity	$	57,534			$	55,967			$	53,978			$	52,151			$	50,983
Total liabilities and shareholders’ equity	$	731,503			$	735,657			$	727,296			$	716,000			$	712,672
Loan Data
Mortgage loans on real estate:
Construction and land development	$	37,182			$	36,783			$	36,024			$	34,699			$	34,518
Secured by farm land	657				666				676				688				695
Secured by 1-4 family residential	203,896				205,114				205,623				198,763				196,492
Other real estate loans	221,497				215,076				215,915				210,522				202,148
Loans to farmers (except those secured by real estate)	525				511				461				1,316				737
Commercial and industrial loans (except those secured by real estate)	33,922				30,690				28,731				28,665				25,114
Consumer installment loans	12,047				9,938				5,279				4,611				4,283
Deposit overdrafts	196				245				199				264				260
All other loans	4,785				4,810				4,862				6,539				6,587
Total loans	$	514,707			$	503,833			$	497,770			$	486,067			$	470,834
Allowance for loan losses	(5,301		)		(5,444		)		(5,451		)		(5,321		)		(5,610		)
Loans, net	$	509,406			$	498,389			$	492,319			$	480,746			$	465,224

FIRST NATIONAL CORPORATION
Quarterly Performance Summary
(in thousands, except share and per share data)
	(unaudited) For the Quarter Ended
	September 30, 2017				June 30, 2017				March 31, 2017				December 31,  2016				September 30,  2016
Reconciliation of Tax-Equivalent Net Interest Income
GAAP measures:
Interest income – loans	$	6,138			$	5,933			$	5,646			$	5,556			$	5,500
Interest income – investments and other	898				886				886				870				842
Interest expense – deposits	(446		)		(405		)		(383		)		(353		)		(338		)
Interest expense – subordinated debt	(91		)		(89		)		(89		)		(91		)		(91		)
Interest expense – junior subordinated debt	(79		)		(76		)		(68		)		(69		)		(65		)
Interest expense – other borrowings	—				—				—				—				(1		)
Total net interest income	$	6,420			$	6,249			$	5,992			$	5,913			$	5,847
Non-GAAP measures:
Tax benefit realized on non-taxable interest income – loans	$	18			$	18			$	19			$	25			$	26
Tax benefit realized on non-taxable interest income – municipal securities	76				74				74				71				70
Total tax benefit realized on non-taxable interest income	$	94			$	92			$	93			$	96			$	96
Total tax-equivalent net interest income	$	6,514			$	6,341			$	6,085			$	6,009			$	5,943

FIRST NATIONAL CORPORATION
Year-to-Date Performance Summary
(in thousands, except share and per share data)
	(unaudited) For the Nine Months Ended
	September 30, 2017				September 30, 2016
Income Statement
Interest income
Interest and fees on loans	$	17,717			$	16,106
Interest on deposits in banks	239				183
Interest on securities
Taxable interest	1,933				2,037
Tax-exempt interest	436				425
Dividends on restricted securities	62				60
Total interest income	$	20,387			$	18,811
Interest expense
Interest on deposits	$	1,234			$	1,000
Interest on federal funds purchased	—				3
Interest on subordinated debt	269				270
Interest on junior subordinated debt	223				190
Interest on other borrowings	—				6
Total interest expense	$	1,726			$	1,469
Net interest income	$	18,661			$	17,342
Provision for loan losses	—				—
Net interest income after provision for loan losses	$	18,661			$	17,342
Noninterest income
Service charges on deposit accounts	$	2,250			$	2,635
ATM and check card fees	1,544				1,532
Wealth management fees	1,061				1,009
Fees for other customer services	408				427
Income from bank owned life insurance	304				316
Net gains (losses) on sales of securities	24				10
Net gains on sale of loans	121				102
Other operating income	224				335
Total noninterest income	$	5,936			$	6,366
Noninterest expense
Salaries and employee benefits	$	9,585			$	10,042
Occupancy	1,094				1,169
Equipment	1,208				1,232
Marketing	410				352
Supplies	277				312
Legal and professional fees	658				646
ATM and check card fees	596				655
FDIC assessment	240				354
Bank franchise tax	325				282
Telecommunications expense	313				339
Data processing expense	455				434
Postage expense	197				182
Amortization expense	480				592
Other real estate owned expense (income), net	6				(120		)
Other operating expense	1,419				1,374
Total noninterest expense	$	17,263			$	17,853
Income before income taxes	$	7,334			$	5,855
Income tax expense	2,203				1,629
Net income	$	5,131			$	4,226

      

FIRST NATIONAL CORPORATION
Year-to-Date Performance Summary
(in thousands, except share and per share data)
	(unaudited) For the Nine Months Ended
	September 30, 2017				September 30, 2016
Common Share and Per Common Share Data
Net income, basic	$	1.04			$	0.86
Weighted average shares, basic	4,939,905				4,923,598
Net income, diluted	$	1.04			$	0.86
Weighted average shares, diluted	4,942,189				4,926,380
Shares outstanding at period end	4,945,056				4,926,546
Tangible book value at period end	$	11.42			$	9.99
Cash dividends	$	0.105			$	0.09
Key Performance Ratios
Return on average assets	0.95		%		0.80		%
Return on average equity	12.47		%		11.62		%
Net interest margin	3.74		%		3.61		%
Efficiency ratio (1)	67.51		%		72.41		%
Average Balances
Average assets	$	725,106			$	703,173
Average earning assets	677,092				653,203
Average shareholders’ equity	55,029				48,572
Asset Quality
Loan charge-offs	$	510			$	451
Loan recoveries	490				537
Net charge-offs (recoveries)	20				(86		)
Reconciliation of Tax-Equivalent Net Interest Income
GAAP measures:
Interest income – loans	$	17,717			$	16,106
Interest income – investments and other	2,670				2,705
Interest expense – deposits	(1,234		)		(1,000		)
Interest expense – federal funds purchased	—				(3		)
Interest expense – subordinated debt	(269		)		(270		)
Interest expense – junior subordinated debt	(223		)		(190		)
Interest expense – other borrowings	—				(6		)
Total net interest income	$	18,661			$	17,342
Non-GAAP measures:
Tax benefit realized on non-taxable interest income – loans	$	55			$	76
Tax benefit realized on non-taxable interest income – municipal securities	224				219
Total tax benefit realized on non-taxable interest income	$	279			$	295
Total tax-equivalent net interest income	$	18,940			$	17,637

⁽¹⁾ The efficiency ratio is computed by dividing noninterest expense excluding other real estate owned income/expense, amortization of intangibles, and gains and losses on disposal of premises and equipment by the sum of net interest income on a tax-equivalent basis and noninterest income, excluding gains and losses on sales of securities.  Tax-equivalent net interest income is calculated by adding the tax benefit realized from interest income that is nontaxable to total interest income then subtracting total interest expense. The tax rate utilized in calculating the tax benefit is 34%. See the tables above for tax-equivalent net interest income and reconciliations of net interest income to tax-equivalent net interest income.  The efficiency ratio is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency.  Such information is not prepared in accordance with U.S. generally accepted accounting principles (GAAP) and should not be construed as such.  Management believes, however, such financial information is meaningful to the reader in understanding operational performance, but cautions that such information not be viewed as a substitute for GAAP.

⁽²⁾ All capital ratios reported are for First Bank.

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