Air carrier First Officer reported receiving a low altitude alert from ATC during approach. Pilot corrected and landed without incident.

Narrative

On approach into XNA; I was the pilot flying and the Captain was PM. We were instructed by Razorback Approach to keep our speed up to be first on the approach; cleared down to 3000 ft. We were coming in at about a 60 degree intercept angle; at approximately 250 kts. IAS. We were set up for ILS 16L; and were cleared for the visual 16L. We began to slow and configure for the approach. Given the angle of intercept I was anticipating intercepting the course above the glide slope. I called for flaps 20 within limits; continued to slow; and started to descend in order to intercept localizer and glide slope. In the process of the turn; I descended below the 3000 ft FAF altitude; and received an low altitude alert" via Tower. I corrected immediately; and we informed Tower we were correcting altitude; had the airfield in sight; and continuing the approach. We continued the stable approach; landed without incident; and taxied to the gate. I was focused on trying to intercept glide slope and localizer at a constant rate of descent and airspeed; and missed the crossing altitude. At no point was the aircraft unstable or in a safety of flight condition; but I will certainly be more cognizant of all designated altitudes and procedures during visual approaches. It was a valuable lesson learned and will not be repeated."