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First National Bancshares Q1 net income down

First National Bancshares has reported a net income of $735,000 for the first quarter ended March 31, 2008, compared to a net income of $852,000 for the first quarter of 2007.

The company said that its net income for the first quarter of 2008 included net income from the net accretion of purchase accounting adjustments related to the Carolina National acquisition of $153,000, net of income taxes.

Net interest income was $5.2 million in the first quarter ended March 31, 2008, an increase of 30.2% or $1.2 million, as compared to $4 million recorded during the same period in 2007.

Total assets increased to $848.3 million as of March 31, 2008, an increase of $339.8 million or 66.8% since March 31, 2007. Loans, excluding loans held for sale, grew to $701.5 million, an increase of 73.6% or $297.3 million over total loans of $404.2 million as of March 31, 2007. Deposits rose by $262.9 million since March 31, 2007, to $671.5 million, as of March 31, 2008, an increase of 64.3%.

These amounts include $220.9 million, $203.3 million and $187.3 million in assets, loans and deposits, respectively, from the acquisition of Carolina National Corporation.

Jerry Calvert, president and CEO, said: Our net interest income for the quarter has increased over the same period last year as our bank continues to grow. We are excited to welcome the Carolina National customers, employees and shareholders to the First National family.