Profitable 4Q for First Bank parent
Posted: January 31, 2013
The Winchester Star
STRASBURG — First National Corp., the parent company of First Bank, capped an eventful 2012 with a profitable fourth quarter.
The company announced Wednesday fourth quarter net income of $966,000, compared to a net loss of $8.1 million during the same period of 2011.
For 2012, net income totaled $2.8 million — a dramatic improvement compared to the $11 million net loss in 2011.
“We are quite pleased with the earnings turnaround at our company and the improvements we made over the year,” said First National President and CEO Scott C. Harvard in a Wednesday email.
In 2012, First National held a large stock offering, exited the federal government’s Troubled Asset Relief Program, and hired Winchester resident Jim Youngblood to help strengthen loan oversight.
First National Bank has a combined four locations in Winchester and Frederick County.
For the fourth quarter of 2012, net income available to common shareholders totaled $740,000, or 15 cents per basic and diluted share after the effective dividend on preferred stock — compared to a net loss available to common shareholders of $8.4 million or $2.82 per basic and diluted share for the same period of 2011.
For 2012, net income available to common shareholders totaled $1.9 million or 49 cents per basic and diluted share, compared to a net loss available to common shareholders of $11.9 million or $4.01 per basic and diluted share for the same period of 2011.
— Contact Conor Gallagher at email@example.com