| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 3.28 | 0.0% |
| Total Income | 3.28 | 0.0% |
| Expenditure | -2.78 | 301.4% |
| PBT | 6.07 | 219.5% |
| Net Profit | 4.89 | 205.6% |
| OPM | — | |
| NPM | 100.00% | 51.21pp |
| EPS | 0.54 | 200.0% |
First National Corporation Reports Q1 2026 Earnings
03 May 2026 · 3 May, 6:10 pm
Summary
First National Corporation reported a consolidated net income of $4.9 million for the first quarter ended March 31, 2026. Diluted earnings per share were $0.54, compared to $0.18 in the previous year. The net interest margin increased to 3.99% from 3.77% year-over-year. Loan growth was $14.7 million, representing a 4.0% annualized growth rate, and deposit growth was $37.7 million, an 8.4% annualized growth rate.
Key Highlights
- 1
First National Corporation reported consolidated net income of $4.9 million for the first quarter ended March 31, 2026.
- 2
Diluted earnings per share were $0.54 per share, compared to $0.18 one year prior.
- 3
Adjusted diluted earnings per share was $0.54 per share, compared to $0.35 one year prior adjusted for merger expenses.
- 4
The return on average assets was 0.98% compared to 0.32% one year prior.
- 5
The tax equivalent net interest margin was 3.99%, up from 3.77% one year prior.
- 6
Net loan growth was $14.7 million for the quarter, a 4.0% annualized growth rate.
- 7
Deposit growth reached $37.7 million, an 8.4% annualized growth rate.
Management Comments
Scott C. Harvard
“After a slow start to the first quarter, loan production picked up in March and lifted loan balances for the quarter. Deposit flows were also strong in the quarter with an eight percent annualized growth rate. We were excited to see our recently hired bankers teaming up with our legacy bankers to produce solid success on both sides of the balance sheet. With fewer days, the first quarter is typically the most challenging of the year for profitability, yet we were pleased to exceed our budgeted metrics for earnings, deposits, loans, and asset quality. We expect that the loan production late in the quarter will reap benefits going forward and we will begin the year with good momentum.”
Informational and educational content only. Not investment advice.