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 reports recurring developments as the bank holding company of First Bank, a community bank offering loans, deposit products, mobile banking, ATM access and wealth management services. Company news commonly covers quarterly and annual earnings, net interest income, loan and deposit trends, asset quality, liquidity, capital levels and noninterest income.
Updates also include cash dividend actions, market and branch-network activity, banker additions in Virginia markets, integration of the completed Touchstone acquisition and activity within First Bank Wealth Management and related financial services operations.
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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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.