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About First National Corporation (FXNC)
First National Corporation is a bank holding company that operates First Bank, a community bank known for its personalized financial solutions and deep regional roots. With a history that stretches back over a century, the company has established a reputation for tailoring its banking services to meet the unique needs of individual customers while serving the broader community. The mission of First National is encapsulated in its belief that "there is power in one," emphasizing the importance of every single customer in building a better banking experience.
Core Business Areas and Services
At its core, First National Corporation specializes in a diverse range of financial products and services that include:
- Loans and Credit Solutions: The company offers various lending products such as personal loans, residential mortgages, home equity loans, and commercial loans. These products are designed to cater to both individual borrowers and businesses, ensuring flexible financing solutions that support long-term financial health.
- Deposit Products: With a wide range of deposit accounts including checking and savings products, First National emphasizes ease of access and security for customer funds. Their approach ensures that customers enjoy both the convenience of modern banking and the personalized touch of a community institution.
- Wealth Management Services: In addition to traditional banking, the company's wealth management division provides estate planning, investment management, retirement account services, and estate settlement solutions. These services are built around the concept of proactive financial stewardship, offering expertise that helps clients plan and preserve their wealth.
Customer-Centric and Community-Focused Approach
First National Corporation is committed to the principle that individualized service is the cornerstone of effective banking. By balancing the benefits of a large, robust financial institution with the personal attention typically associated with smaller banks, the company manages to create a unique niche in the competitive financial services landscape. This is achieved through:
- Personalized Service: Customers are recognized for their individuality, and tailored financial solutions are developed to cater to their specific needs.
- Innovative Banking Platforms: Leveraging both digital tools and traditional banking channels, First National provides seamless access to essential services through its website, mobile applications, ATMs, and branch networks.
- Community Engagement: With deep roots in its operating regions, the company actively supports local communities and emphasizes building long-lasting relationships that extend beyond transactions.
Operational Excellence and Industry Expertise
Beyond providing routine banking services, First National Corporation emphasizes operational excellence and a strong commitment to reliability. The company is known for its disciplined approach to managing assets and liabilities, ensuring that customers benefit from a stable and secure financial environment. Key industry-specific facets include:
- Risk Management: A focus on asset quality and comprehensive credit evaluation allows the institution to manage risk effectively while continuing to support lending and deposit growth.
- Revenue Generation: The bank harnesses income from interest on loans and deposits, fees for wealth management and other services, and maintains a balanced cost structure designed for efficiency in a competitive market.
- Strategic Acquisitions: Through thoughtful mergers and acquisitions, the company has expanded its footprint and enhanced its scale, while maintaining the community-focused culture that distinguishes it from larger, less personalized institutions.
Significance in the Regional and Financial Landscape
Operating primarily in key regions, including the Shenandoah Valley, Roanoke Valley, and central areas of Virginia and North Carolina, First National Corporation holds a significant position in the community banking sector. Its commitment to individualized service, coupled with a comprehensive product portfolio, positions the company as a pivotal player in delivering essential financial solutions in an evolving economic environment.
Expertise, Innovation, and the Future of Community Banking
First National Corporation continuously adapts to changing market conditions through innovation and technological enhancements without sacrificing its core values of personal service and community engagement. The company leverages industry-specific insights to deliver clear, practical banking solutions with an emphasis on long-term relationships and consistent service quality. The meticulous focus on customer needs and the integration of modern banking platforms ensure that First National remains a trusted institution for individuals and businesses alike.
Overall, First National Corporation exemplifies a balanced approach to banking – blending tradition with innovation. It underscores the belief that every customer matters and that tailored financial solutions are at the heart of a robust, community-oriented banking experience.
First National (NASDAQ: FXNC) has announced the appointment of Brad E. Schwartz as Executive Vice President and Chief Financial Officer, effective March 31, 2025. Schwartz brings over 40 years of banking experience in Virginia, including roles as President and COO of TowneBank and CEO, CFO, and COO of Monarch Bank.
At First National, Schwartz will join the executive team alongside Dennis Dysart (EVP and COO) and Scott Harvard (President and CEO). His responsibilities will include overseeing financial planning, strategy, budgeting, investor relations, accounting operations, and regulatory filings.
The appointment comes at a strategic time for First Bank, which has completed three acquisitions in the past decade. First Bank operates thirty-three branch offices across Virginia and northern North Carolina, offering traditional banking services, wealth management, and title insurance services through its subsidiaries.
First National (NASDAQ: FXNC) has announced the appointment of Joe Shearin as President of Greater Richmond Market for First Bank. Shearin, who brings over 40 years of banking experience, will lead the bank's strategic efforts across Richmond, Southside Virginia, and northern North Carolina following the 2024 merger with Touchstone Bank.
As former President and CEO of Sonabank, Shearin successfully grew the bank from $500 million to over $3.4 billion in assets. Currently serving as Executive Director of the Small Business Financing Authority (VSBFA) and Founder/CEO of Jamescrest Consulting Group, he will focus on community impact and business development in First Bank's expanded footprint.
First National (NASDAQ: FXNC) reported mixed results for Q4 2024, with a net loss of $933,000 ($0.10 per share) but adjusted operating earnings of $6.0 million ($0.66 per share). The company completed its largest acquisition to date with Touchstone Bankshares on October 1, 2024, expanding total assets to $2.0 billion with 33 branch offices.
Key financial metrics include a net interest margin increase of 40 basis points to 3.83%, with noninterest bearing deposits comprising 29% of total deposits. The Touchstone acquisition added $664.3 million in total assets, including $479.3 million in loans and $555.4 million in deposits. The company recorded a preliminary bargain purchase gain of $2.9 million and incurred pre-tax merger costs of $7.3 million in Q4 2024.
Asset quality remained stable with nonperforming assets at 0.35% of total assets. The company maintained its dividend policy, paying $0.155 per share in Q4 2024, up from $0.15 in previous quarters.
First National (Nasdaq: FXNC) announced a 3% increase in its quarterly cash dividend to $0.155 per share, marking the company's tenth consecutive year of dividend growth. The Board of Directors declared the dividend on November 13, 2024, payable on December 13, 2024, to shareholders of record as of November 29, 2024. This represents an increase from the previous quarterly dividend paid on September 13, 2024.
First National (NASDAQ: FXNC) reported Q3 2024 unaudited consolidated net income of $2.2 million and earnings per share of $0.36. Key highlights include a net interest margin improvement to 3.43%, a 2% annualized loan growth, stable noninterest-bearing deposits at 31% of total deposits, and a 19% increase in noninterest income. The company completed the acquisition of Touchstone Bankshares on October 1, 2024, resulting in a combined entity with approximately $2.1 billion in assets, $1.5 billion in loans, and $1.8 billion in deposits. The allowance for credit losses on loans stood at 1.28% of total loans, with net charge-offs at 0.63% for the quarter.
First National (NASDAQ: FXNC) has completed the acquisition of Touchstone Bankshares, Inc. effective October 1, 2024. The merger terms include a 0.8122 share exchange ratio for Touchstone's common and preferred stock. Former Touchstone Bank branches will operate as divisions of First Bank until system integration in February 2025. The combined entity would have approximately $2.1 billion in assets, $1.5 billion in loans, and $1.8 billion in deposits on a pro-forma basis as of August 30, 2024. The merged company will serve customers through 33 branch offices in Virginia and North Carolina, 3 loan production offices, and online banking services. First National's CEO, Scott Harvard, emphasized the merger's potential to enhance resources for small businesses and positively impact communities. The combined market capitalization is expected to position the company near the Russell 2000 index.
Touchstone Bankshares, Inc. (OTC Pink: TSBA) has declared a pro rata annual cash dividend of $0.16 per share for both common and preferred stockholders. This dividend is in anticipation of the company's upcoming merger with First National (NASDAQ: FXNC). The dividend will be paid on September 27, 2024, to shareholders of record as of September 20, 2024.
The dividend amount is calculated based on the elapsed days in 2024 until the expected merger closing, minus the period for which Touchstone shareholders are likely to receive First National dividends post-merger. The merger is anticipated to close in the fourth quarter of 2024, subject to customary closing conditions.
First National (NASDAQ: FXNC) and Touchstone Bankshares, Inc. (OTCPK: TSBA) have received shareholder approval for their previously announced merger. The all-stock transaction, approved on August 29, 2024, will see Touchstone merge into First National, with Touchstone Bank subsequently merging into First Bank. This strategic move, expected to be finalized in Q4 2024, marks a significant development in the banking sector, potentially enhancing First National's market presence and operational capabilities. The merger's approval by shareholders of both companies indicates strong support for the strategic direction and anticipated benefits of the combined entity.
First National (NASDAQ: FXNC) and Touchstone Bankshares, Inc. (OTCPK: TSBA) have received regulatory approvals for their all-stock merger. The merger, expected to close in Q4 2024, will create a combined entity with approximately $2.1 billion in assets, $1.8 billion in deposits, and $1.5 billion in loans, based on March 31, 2024 data. The deal will expand First National's presence in the Richmond metro area with seven additional branches.
Shareholder approvals are pending, with special meetings scheduled for August 29, 2024. Post-merger, Touchstone Bank will merge into First Bank, with account conversion anticipated in February 2025. Until then, customers will continue to use their respective bank services.
First National (NASDAQ: FXNC) reported unaudited consolidated net income of $2.4 million and basic and diluted earnings per common share of $0.39 for the second quarter of 2024. The company's adjusted net income was $3.0 million with adjusted basic and diluted earnings per share of $0.48. Key highlights include:
- Net interest margin improved 16 basis points to 3.40%
- Loans increased $17.0 million, or 7% annualized
- Deposits increased $6.7 million, or 2% annualized
- Noninterest-bearing deposits remained stable at 31% of total deposits
- Merger expenses totaled $571 thousand
- Tangible book value per share increased to $18.59
The company is progressing with its planned acquisition of Touchstone Bankshares, Inc., which is expected to close in the fourth quarter of 2024.
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