05:12 PM EST, 03/05/2024 (MT Newswires) -- First National Financial Corporation ( FNLIF ) announced Tuesday announced its financial results for the three and 12 months ended Dec. 31, 2023.

First National reported that Q4 Net income was $44.2 million ($0.72 per share), compared to $42.7 million ($0.70 per share) a year ago.

"First National had a very successful year in 2023," said Jason Ellis, President and Chief Executive Officer, in a statement. "Despite challenging market conditions brought on by the cumulative effect of higher interest rates, total originations including renewals came close to equalling our previous record set in 2022. In the case of our commercial business, annual volumes were best-ever at over $13 billion, fueled by customer demand for high-quality insured multi-unit mortgage products."

With much higher MUA, revenue increased 29% and operating profitability was up 54%.

"2023 was a good example of the efficiency of our business model as well as the team's dedication to supporting customers and partners in both good times and bad. I thank all members of the team for working tirelessly to deliver these strong results," said Ellis in a statement. "Although we expect lower single family mortgage origination to start 2024 compared to this time last year due to a market slowdown that was evident in the final quarter, First National is well positioned to compete, serve and execute our business plan. We can also look forward to generating income and cashflow from our expanded servicing and securitization portfolio."

The company derives virtually all of its earnings from its wholly owned subsidiary, First National Financial LP.

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