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 (FXNC), the parent company of First Bank, provides essential community banking services across Virginia and North Carolina. This news hub offers investors and stakeholders timely access to official announcements and financial developments.
Track FXNC's strategic initiatives through press releases covering quarterly earnings, regulatory updates, leadership appointments, and community partnership programs. Our curated collection ensures transparent access to material information affecting the company's position in regional banking.
Key updates include detailed reports on loan portfolio performance, deposit growth trends, and wealth management service expansions. All content originates from verified corporate sources, maintaining compliance with financial disclosure standards.
Bookmark this page for centralized access to FXNC's financial communications. Combine regular monitoring with professional advisory services when making investment decisions related to community banking institutions.
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.
