First National Corp., which last May acquired...

First National Corp., which last May acquired National Bankshares of La Jolla and National Bank of Fairbanks Ranch, reported $193,000 in net income for the fourth quarter ended Dec. 31, 1987. On a consolidated basis, the three institutions would have reported a $631,000 net loss for the previous fourth quarter.

First National Corp., the parent company of First National Bank, reported $1.8 million in net income for the year ended Dec. 31, 1987. The three institutions reported a total of $613,000 in net income for 1986.

First National had $422 million in total assets on Dec. 31. The three banks reported total assets of $380 million at the end of 1986. First National reported $280 million in net loans, compared to a consolidated total of $235 million in 1986.

Deposits fell to $321 million, down from $387 million on a consolidated basis in 1986.