First National Corp., the parent company of First National Bank, reported Thursday that third quarter net income rose by 151% to a record $1.3 million, up from $500,000 during the previous third quarter. First National reported nine-month net income that rose by 23% to $2 million, up from $1.6 million during the like period a year earlier.
First National reported that assets rose by 34% to $475 million on Sept. 30, up from $355 million a year ago. Deposits increased by 40%, to $441 million, up from $315 million a year ago. Total loans increased by 16%, to $314 million, up from $271 million a year ago.
First National linked its record profits to growth in non-interest related income. First National’s mortgage banking business was servicing $400 million in loans on Sept. 30, up from just $136 million a year ago.