First Natl Corp Stock Price, News & Analysis

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.

First National Corporation (NASDAQ: FXNC) has appointed Matt Paciocco as Senior Vice President and Regional Executive for Richmond, Virginia, effective May 11, 2022. Paciocco, a Richmond native with over 18 years of banking experience, will oversee community impact and all banking lines. He leads a team of 12 bankers and aims to significantly grow the bank's presence in the Richmond market, targeting $250 million in loans and $100 million in deposits. This strategic hire aligns with First Bank's commitment to transformational growth in the competitive Richmond banking sector.

First National reported unaudited consolidated net income of $3.7 million, or $0.60 per share, for Q1 2022, up from $2.4 million or $0.50 per share in Q1 2021. Key highlights include a 40% increase in net interest income to $10.5 million, and total assets rose 38% to $1.4 billion. Noninterest income increased 27% to $2.7 million. Despite a 30% rise in noninterest expenses, the company remains profitable with improved return metrics: ROAA at 1.06% and ROAE at 13.40%. The bank continues to show strong loan growth despite economic challenges.