First National Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of $818,000. After the effective dividend on preferred stock, net income available to common shareholders was $598,000 or $0.20 per basic and diluted share compared to $1,284,000 in net income or $0.44 per basic and diluted share for the same period in 2008. Net interest income increased slightly to $4,774,000 compared to $4,618,000 for the same quarter of 2008. Income before income taxes was $1,165,000 compared to $1,877,000 for the same period of last year. Return on assets was 0.59% compared to 0.95% for the same period in 2008, and return on equity was 6.11% compared to 12.78% for the same period in 2008. For the nine months, the company's net income was $1.1 million. After the effective dividend on preferred stock, net income available to common shareholders was $608,000 or $0.21 per basic and diluted share compared to $4,099,000 or $1.41 per basic and diluted share, for the same period in 2008. Return on assets was 0.27% compared to 1.02% for the same period in 2008, and return on equity was 2.97% compared to 13.87% for the same period in 2008. Net interest income decreased 3% to $13,438,000 compared to $13,850,000 for the same period in 2008. Income before income taxes was $1,433,000 compared to $5,996,000 for the same period of last year. Book value at period end was $13.52 per share compared to $13.84 per share for the same period of last year.

First National Corp. reported unaudited earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income of $237,000. After the effective dividend on preferred stock, net income available to common shareholders was $17,000, or $0.01 per basic and diluted share, compared to $1.4 million in net income, or $0.48 per basic and diluted share, for the same period in 2008. The decrease in second quarter 2009 earnings compared to second quarter 2008 was primarily attributable to $575,000 in losses from declines in the value of certain foreclosed real estate, a $405,000 increase in the provision for loan losses and a one-time special assessment by the FDIC totaling $246,000. Return on assets and return on equity were 0.17% and 1.80%, respectively, for the second quarter of 2009 compared to 1.05% and 14.23% for the same quarter in 2008. Net interest income decreased slightly to $4.5 million for the second quarter of 2009, a decrease of 2%, compared to $4.6 million for the same quarter of 2008. Total interest and dividend income was $6,749,000, compared to $7,564,000 for the same period last year. Income before income taxes was $282,000, compared to $2,054,000 for the same period last year. Book value per share at period end was $13.15, compared to $13.49 for the same period last year. For the six months ended June 30, 2009, net income was $274,000. After the effective dividend on preferred stock, net income available to common shareholders was $10,000, compared to $2.8 million, or $0.97 per basic and diluted share, for the same period in 2008. Return on assets was 0.10% for the six months ended June 30, 2009 compared to 1.05% for the same period in 2008, and return on equity was 1.17% for the six months ended June 30, 2009 compared to 14.45% for the same period in 2008. Net interest income decreased 6% to $8.7 million for the six months ended June 30, 2009 compared to $9.2 million for the same period in 2008. Total interest and dividend income was $13,466,000, compared to $16,004,000 for the same period last year. Income before income taxes was $268,000, compared to $4,119,000 for the same period last year. Net charge-offs were $23,000 for the second quarter of 2009, compared to $77,000 for the second quarter of 2008.

First National Corp. announced earnings results for the first quarter ended March 31, 2009. For the quarter, the company reported net income of $37,000 and net loss available to common stockholders of $7,000 or $0.00 per basic and diluted share on total interest and dividend income of $6,717,000 compared to a net income of $1,415,000 and net income available to common stockholders of $1,415,000 or $0.49 per diluted share on total interest and dividend income of $8,440,000 for the same period a year ago. Net interest income after provision for loan losses for the period was $3,022,000 against $4,382,000 reported for the same period a year ago. Loss before income taxes was $2,000 compared to income before income taxes of $2,065,000 for the same period a year ago.