GAINESVILLE, Ga. - First National Bancorp earned $28 million last year, a 5.6% increase from 1993. Fourth-quarter earnings slipped by 10% from the year-earlier period, to $7.2 million.

The decline in the fourth quarter was attributed in part to the 39% drop in noninterest income deriving from a sharp falloff in mortgage refinancings.

The net interest margin in the fourth quarter, however, grew to 4.94%, the bank said.

The company owns 17 banks with 54 offices.

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