Welcome to our dedicated page for First Natl news (Ticker: FXNC), a resource for investors and traders seeking the latest updates and insights on First Natl stock.
First National Corporation (FXNC), the parent company of First Bank, provides essential community banking services across Virginia and North Carolina. This news hub offers investors and stakeholders timely access to official announcements and financial developments.
Track FXNC's strategic initiatives through press releases covering quarterly earnings, regulatory updates, leadership appointments, and community partnership programs. Our curated collection ensures transparent access to material information affecting the company's position in regional banking.
Key updates include detailed reports on loan portfolio performance, deposit growth trends, and wealth management service expansions. All content originates from verified corporate sources, maintaining compliance with financial disclosure standards.
Bookmark this page for centralized access to FXNC's financial communications. Combine regular monitoring with professional advisory services when making investment decisions related to community banking institutions.
First National (NASDAQ: FXNC) and Touchstone Bankshares, Inc. (OTCPK: TSBA) have received shareholder approval for their previously announced merger. The all-stock transaction, approved on August 29, 2024, will see Touchstone merge into First National, with Touchstone Bank subsequently merging into First Bank. This strategic move, expected to be finalized in Q4 2024, marks a significant development in the banking sector, potentially enhancing First National's market presence and operational capabilities. The merger's approval by shareholders of both companies indicates strong support for the strategic direction and anticipated benefits of the combined entity.
First National (NASDAQ: FXNC) and Touchstone Bankshares, Inc. (OTCPK: TSBA) have received regulatory approvals for their all-stock merger. The merger, expected to close in Q4 2024, will create a combined entity with approximately $2.1 billion in assets, $1.8 billion in deposits, and $1.5 billion in loans, based on March 31, 2024 data. The deal will expand First National's presence in the Richmond metro area with seven additional branches.
Shareholder approvals are pending, with special meetings scheduled for August 29, 2024. Post-merger, Touchstone Bank will merge into First Bank, with account conversion anticipated in February 2025. Until then, customers will continue to use their respective bank services.
First National (NASDAQ: FXNC) reported unaudited consolidated net income of $2.4 million and basic and diluted earnings per common share of $0.39 for the second quarter of 2024. The company's adjusted net income was $3.0 million with adjusted basic and diluted earnings per share of $0.48. Key highlights include:
- Net interest margin improved 16 basis points to 3.40%
- Loans increased $17.0 million, or 7% annualized
- Deposits increased $6.7 million, or 2% annualized
- Noninterest-bearing deposits remained stable at 31% of total deposits
- Merger expenses totaled $571 thousand
- Tangible book value per share increased to $18.59
The company is progressing with its planned acquisition of Touchstone Bankshares, Inc., which is expected to close in the fourth quarter of 2024.
Touchstone Bankshares (OTC Pink: TSBA) reported Q2 2024 net income of $451,000 or $0.14 per share, up 58.2% from $285,000 or $0.09 per share in Q2 2023. Key highlights:
- Net interest income increased 0.9% to $5.2 million
- Net interest margin improved 3 basis points to 3.47%
- Noninterest income decreased 8.9% to $871,000
- Noninterest expense decreased 7.4% to $5.2 million
- Total assets grew 0.6% to $662.7 million
- Total loans decreased 1.6% to $500.6 million
- Total deposits increased 0.8% to $546.7 million
Results were impacted by $186,000 provision for credit losses and $202,000 in merger-related expenses for pending merger with First National Excluding merger costs, adjusted Q2 EPS would have been $0.19.
First National reported unaudited consolidated net income of $3.2 million and diluted earnings per common share of $0.51 for the first quarter of 2024. Key highlights include a return on average assets of 0.90%, return on average equity of 11.07%, and an increase in deposits by $25.4 million. The company announced an agreement to acquire Touchstone Bankshares, Inc.
Touchstone Bankshares, Inc. reported net income of $327K and earnings per share of $0.10 for Q1 2024, with a positive impact on results excluding merger expenses. The pending merger with First National influenced financials, with plans to merge in Q4 2024. The Company postponed the 2024 annual meeting for a special meeting to consider the merger. The CEO highlighted challenges faced in the financial industry related to net interest margin compression due to rising deposit costs, an inverted yield curve, and competitive pressures. Despite challenges, the Company maintained progress and growth, focusing on stakeholders and preparation for the partnership with First National.
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