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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.
