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.
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.
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