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First National Corp (FXNC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

SEC Filings

First National Corp

CIK: 719402 Ticker: FXNC
 
Exhibit 99.1
 
 
 
Contact:
   
     
Scott C. Harvard
 
M. Shane Bell
President and CEO
 
Executive Vice President and CFO
(540) 465-9121
 
(540) 465-9121
sharvard@therespowerinone.com
 
sbell@therespowerinone.com
     
News Release
   
February 10, 2012
   
 

First National Corporation Announces Financial Results

Strasburg, Virginia (February 10, 2012) --- First National Corporation (the “Company”) (OTCBB: FXNC), the parent company of First Bank (the “Bank”), reported financial results for the quarter and year ending December 31, 2011.  The core banking operation continued strong performance during the quarter.  However, financial results were impacted by a one-time, non-cash charge to income tax expense, provisions for loan losses and charges related to other real estate owned (OREO).  As a result, net loss was $7.8 million and net loss to common shareholders was $8.0 million, or $2.72 per basic and diluted share, for the fourth quarter of 2011.  For the same quarter of 2010, net loss was $6.1 million and net loss to common shareholders was $6.3 million, or $2.14 per basic and diluted share.  The one-time, non-cash charge to income tax expense totaling $6.1 million in the fourth quarter of 2011 was due to the establishment of a valuation allowance on net deferred tax assets.  Fourth quarter results also included a $3.0 million provision for loan losses and $1.4 million of OREO valuation adjustments and losses on OREO dispositions.

Scott C. Harvard, President and CEO of the Company and the Bank commented, “The fourth quarter of 2011 wrapped up a very challenging year for First National Corporation and our subsidiary, First Bank.  During the year, we came to grips with our asset quality problems and we believe that we have taken prudent and appropriate actions to both recognize potential losses in the loan portfolio and to rebuild the credit function to support a stronger growth oriented banking company.  Nonperforming assets improved by decreasing 36% in the fourth quarter as a result of aggressive marketing of OREO, charge offs of loans believed to be unsalvageable, and improvement in specific loans.  During the year the Bank maintained strong performance in its core banking functions while making an effective transition to new leadership. In spite of the losses we experienced during the quarter and the year, they were a necessary part of rebuilding our banking company for the future.  Our net interest margin exceeded four percent for the fourth quarter and non-interest income continued to exceed peer banks.  We are looking forward to providing banking services to our customers in 2012 and beyond, and delivering the level of customer service that can only be found in a strong bank committed to the communities it serves.”

Operating Highlights for the Fourth Quarter

 
·
The core banking company continued to deliver strong performance supported by a net interest margin of 4.07%, total revenues of $6.7 million, and continued strong non-interest income from trust and investment advisory services.

 
·
Nonperforming assets decreased $10.1 million or 36% during the fourth quarter to 3.38% of total assets at December 31, 2011.

 
·
The Bank sold eight OREO properties with carrying values of $2.8 million and contracted to sell thirteen

 
 

The following information was filed by First National Corp (FXNC) on Monday, February 13, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: FXNC
CIK: 719402
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-137491
Submitted to the SEC: Wed Mar 28 2012 4:45:55 PM EST
Accepted by the SEC: Wed Mar 28 2012
Period: Saturday, December 31, 2011
Industry: State Commercial Banks

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