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 (NASDAQ: FXNC) is the parent and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. This news page aggregates company announcements, earnings releases, dividend declarations, and other corporate updates related to FXNC.
Investors and observers can use this feed to follow First National’s reported financial performance, including quarterly earnings results, net interest margin trends, loan and deposit balances, noninterest income and expense developments, and asset quality metrics. The company’s news releases also discuss liquidity, capital ratios, and other balance sheet characteristics for both First National Corporation and First Bank.
FXNC news frequently covers strategic developments such as acquisitions and integrations. For example, the company has reported on the completion of its merger with Touchstone Bankshares, Inc. and the resulting combined branch network across the Shenandoah Valley, the Roanoke Valley, the Richmond area, central and south-central Virginia, and northern North Carolina. Updates may also highlight leadership changes, including the appointment of senior executives and regional market leaders.
Dividend-focused readers can track Board decisions on quarterly cash dividends, including the timing and amount of declared dividends and commentary on the company’s dividend history. Operational updates may describe changes in noninterest income sources, operating expenses, and efficiency measures as the company integrates acquisitions and adjusts its cost structure.
By reviewing the FXNC news stream on this page, users can monitor how First National communicates its community banking and wealth management activities, regional expansion, and capital and liquidity positions over time. This provides context for understanding the company’s commercial banking profile and its role in the regional financial services landscape.
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First National Corporation (NASDAQ: FXNC) reported unaudited consolidated net income of $3.8 million for Q1 2023, down from $4.8 million in Q4 2022. Diluted earnings per share (EPS) were $0.61, compared to $0.76 in the previous quarter. Key highlights include:
- Tangible book value per share: $17.30
- Return on average assets: 1.15%
- Net interest margin: 3.60%
- Nonperforming assets improved to 0.13% of total assets.
Despite increasing deposit costs affecting net interest margin, the company maintained a strong liquidity position with $562.4 million in liquidity sources. Shareholders received a dividend of $0.15 per share, reflecting a 7% increase from the previous year.
First National Corporation (NASDAQ: FXNC) announced the appointment of W. Todd Ross as the Market President for the Roanoke Valley Region on April 24, 2023. Todd will oversee all aspects of business banking and development while collaborating with retail, treasury, and mortgage banking functions. With over 30 years of regional banking experience, Todd aims to strengthen the bank's presence in Botetourt and Roanoke Counties. His local expertise and existing relationships with commercial customers are expected to benefit First National's growth strategy post the 2021 merger with the former Bank of Fincastle. CEO Scott C. Harvard expressed confidence in Todd's ability to enhance community banking services and meet diverse banking needs, setting a path for expansion in the region.
The Board of Directors of First National Corporation (NASDAQ: FXNC) has declared a quarterly cash dividend of $0.15 per share, marking a 7% increase from the previous quarter's dividend paid on December 16, 2022. The dividend payment is scheduled for March 10, 2023, to shareholders of record as of February 24, 2023. This increase reflects the company's commitment to returning value to its shareholders amid a stable banking environment.
First National Corporation (NASDAQ: FXNC) reported a fourth quarter 2022 net income of $4.8 million and diluted EPS of $0.76, up from $4.5 million and $0.71 in Q3 2022. For the full year, net income reached $16.8 million ($2.68 EPS), compared to $10.4 million ($1.86 EPS) in 2021. Key metrics include a return on assets of 1.37%, improved net interest margin to 3.70%, and annualized loan growth of 6%. Nonperforming assets decreased to 0.21% of total assets from 0.30% a year prior, while the allowance for loan losses rose to 0.81%.
First National Corporation (NASDAQ: FXNC) reported a net income of $4.5 million for Q3 2022, reflecting a 16% increase from the previous quarter's $3.8 million. Basic and diluted earnings per share rose to $0.71, up from $0.61. Key highlights include a 12% annualized loan growth, improved net interest margin of 3.58%, and an efficiency ratio of 61.10%. The board authorized a $5.0 million stock repurchase plan. While non-performing assets remained stable at 0.15%, total assets decreased by 9% due to lower interest-bearing deposits.
First National Corporation (NASDAQ: FXNC) reported net income of $3.8 million for Q2 2022, up from $3.3 million year-over-year. Basic earnings per share were $0.61, down from $0.69. The quarter saw a 20% increase in loans and a 12% rise in noninterest-bearing deposits. Net interest income grew 7% to $11.3 million, reflecting a favorable interest rate environment. However, the company faced a $400,000 provision for loan losses compared to a $1 million recovery last year. Total assets increased 38% to $1.4 billion compared to last year.