First Natl Corp Stock Price, News & Analysis

First National Corporation (NASDAQ: FXNC) announced the completion of its acquisition of The Bank of Fincastle effective July 1, 2021. Fincastle shareholders will receive either 0.1649 shares of FXNC stock, $3.30 in cash, or a combination, with a cap of 22% cash if more than 20% of shares opt for cash. Post-merger, the merged entity will have approximately $1.2 billion in assets, $868 million in loans, and $1.1 billion in deposits. The company anticipates greater resources for small businesses and a positive community impact from this merger.

First National (NASDAQ: FXNC) and The Bank of Fincastle (OTC: BFTL) have received shareholder approval for their merger, expected to finalize in Q3 2021. The merger will create a combined entity with approximately $1.2 billion in assets, $1.1 billion in deposits, and $868 million in loans. This strategic move aims to enhance market presence and operational efficiency, benefiting shareholders through potential synergies.

First National Corporation (NASDAQ: FXNC) reported a net income of $2.4 million or $0.50 per diluted share for Q1 2021, improving from $1.7 million or $0.34 per share in Q1 2020. Key metrics included a return on average assets of 1.00% and a return on average equity of 11.53%. The company announced a merger with The Bank of Fincastle, incurring $405 thousand in merger expenses, impacting EPS by $0.07. Total assets rose 26% to $1.0 billion, driven by a 27% increase in deposits. Despite challenges from the pandemic, the Bank maintained robust operations and increased efficiency.

First National Corporation (NASDAQ: FXNC) has announced a definitive merger agreement to acquire The Bank of Fincastle, valued at approximately $31.6 million. Upon completion, the combined entity will boast $1.2 billion in assets, $868 million in loans, and $1.0 billion in deposits with 20 branch offices across Virginia. The merger is expected to increase earnings per share by about 10%. Shareholders of Fincastle will receive $3.09 per share, with a mix of stock and cash options. The transaction is set to close in Q3 2021, pending shareholder and regulatory approvals.

The Board of Directors of First National Corporation (NASDAQ: FXNC) announced a quarterly cash dividend of $0.12 per share on February 10, 2021, representing a 9% increase from the previous quarter's dividend. This dividend will be paid on March 12, 2021 to shareholders of record as of February 26, 2021. The company emphasizes its commitment to returning value to shareholders amidst economic uncertainties.

First National Corporation (NASDAQ: FXNC) reported a Q4 2020 net income of $3.2 million ($0.65 per share), reflecting a return on average assets of 1.31% and equity of 15.03%. This compares favorably to $2.7 million ($0.55 per share) in Q4 2019. For the full year, net income was $8.9 million ($1.82 per share), down from $9.6 million in 2019. Loan growth included $64.7 million in PPP loans, while total assets rose to $950.9 million, a 19% increase. Wealth management revenue surged 21%, but nonperforming assets increased to $6.7 million.

First National Corporation (NASDAQ: FXNC) reported third-quarter 2020 net income of $1.8 million ($0.36 per diluted share), down from $2.5 million in Q3 2019. The annualized return on assets was 0.74%, with a 0.86% return on equity. A $1.5 million provision for loan losses was noted, contrasting with no provision in Q3 2019. Despite challenges, net interest income rose by 7%, and wealth management revenue grew 20%. Total assets increased by 21% to $942.7 million, mainly driven by deposit growth from Paycheck Protection Program loans, while nonperforming assets surged 5.4 million to $7.0 million.

First Bank announced the re-election of CEO Scott C. Harvard to the board of the Federal Home Loan Bank of Atlanta for a second four-year term starting January 1, 2021. Harvard, who previously served from 2003 to 2012, expressed gratitude for the continued opportunity to represent Virginia's financial institutions. FHLBank Atlanta, a cooperative bank with over $125 billion in assets, supports housing finance and community lending, having provided over $151 million in affordable housing grants in Virginia over the last decade. First Bank operates across Virginia, offering various banking services.