First National Corporation reported earnings of $1.52 million, or $0.18 per diluted common share, for the first quarter of 2025. Adjusted earnings, excluding acquisition-related items, were $3.1 million, or $0.35 per adjusted diluted common share, reflecting the immediate post-merger financial state.
Net interest income for the quarter was $17.5 million, a decrease of $908 thousand from the prior quarter, primarily due to the impact of amortization on early payoffs of Touchstone loans. The net interest margin (FTE) was 3.77%, down from 3.83% in Q4 2024 but up from 3.24% in Q1 2024, indicating underlying margin expansion despite temporary factors.
Noninterest expense decreased by $3.6 million to $18.3 million from the prior quarter, but still included approximately $1.9 million in pre-tax merger costs and duplicative operating expenses until the Touchstone system conversion was completed in late February 2025. Non-performing assets decreased by $2.2 million to $4.9 million, or 0.24% of total assets, showing an improvement in asset quality, while net charge-offs totaled $2.4 million.
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