First National Corporation reported unaudited consolidated net income of $2.2 million, or $0.36 per diluted common share, for the third quarter of 2024. Adjusted net income for the quarter was $2.4 million, resulting in adjusted basic and diluted earnings per common share of $0.39.
Net interest income increased by $255 thousand, or 2%, to $11.7 million compared to the second quarter of 2024, with the net interest margin rising to 3.43% from 3.40%. Noninterest income also saw a significant increase of $517 thousand, or 19%, reaching $3.2 million, driven by growth across all income categories including ATM and check card fees and wealth management fees.
Asset quality metrics showed a decrease in nonperforming assets (NPAs) to $6.0 million, or 0.41% of total assets, down from $8.5 million in the prior quarter. However, net charge-offs increased to $1.6 million, and the provision for credit losses totaled $1.7 million, primarily due to increases in specific reserves on commercial and industrial loans and a higher projected unemployment rate.
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