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First National Corporation Reports Fourth Quarter 2020 Financial Results


First National Corporation Reports Fourth Quarter 2020 Financial Results
STRASBURG, Va., Jan. 29, 2021 (GLOBE NEWSWIRE) First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), reported unaudited consolidated net income of $3.2 million, or $0.65 per diluted share, for the fourth quarter of 2020, which resulted in a return on average assets of 1.31% and a return on average equity of 15.03%. This compares to net income of $2.7 million, or $0.55 per diluted share, and a return on average assets of 1.36% and a return on average equity of 14.10% for the fourth quarter of 2019. Recovery of loan losses of $200 thousand and provision for loan losses of $250 thousand were included in net income for the three-month periods ending December 31, 2020 and 2019, respectively. ....

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