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First National Corporation Reports First Quarter 2021 Financial Results Company Release - 4/30/2021 7:00 AM ET STRASBURG , Va . , April 30 , 2021 ( GLOBE NEWSWIRE ) -- First National Corporation ( the " Company " or " First National " ) ( NASDAQ : FXNC ) , the bank holding company of First Bank ( the " Bank " ) , reported unaudited consolidated net income of $ 2.4 million , or $ 0.50 per diluted share , for the first quarter of 2021 , which resulted in return on average assets of 1.00 % and return on average equity of 11.53 % . This compares to net income of $ 1.7 million , or $ 0.34 per diluted share , and return on average assets of 0.85 % and return on average equity of 8.72 % for the first quarter of 2020 . During the first quarter of 2021 , the Company entered into an agreement to acquire The Bank of Fincastle ( the " Merger " ) and incurred merger related expenses totaling $ 405 thousand . The merger related expenses were comprised of legal and professional fees and had a $ 0.07 per share impact to basic and diluted earnings per share for the period . Key highlights of the first quarter of 2021 are as follows . Comparisons are to the corresponding period in the prior year unless otherwise stated : • • Merger related expenses totaled $ 405 thousand , which impacted earnings per share by $ 0.07 • Return on average assets of 1.00 % • Return on average equity of 11.53 % Efficiency ratio of 64.53 % • Net interest income increased $ 486 thousand , or 7 % • Wealth management revenue increased $ 118 thousand , or 22 % • Tangible book value increased 9 % to $ 17.65 per share " During the first quarter , our banking company exceeded $ 1.0 billion in assets , announced an agreement to acquire The Bank of Fincastle , absorbed merger related expenses , and delivered excellent financial results , " said Scott Harvard , president and chief executive officer of First National . Harvard continued , " The entire team continues to adopt more efficient delivery processes resulting in the highest levels of productivity in our history . During the quarter , customers continued to take advantage of Bank's digital delivery channels as the number of accounts opened online increased 88 % when compared to same period of 2020 and represented 10 % of all accounts opened in the quarter . Growth in net interest income combined with diligent expense management also positively contributed to profitability . " COVID - 19 PANDEMIC UPDATE