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First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a commercial bank serving the Shenandoah Valley, Central Virginia, the Roanoke Valley, and Richmond. Established in 1907 and headquartered in Strasburg, Virginia, First Bank provides a comprehensive range of personal and business banking solutions, including loans, deposits, and wealth management services. The bank's loan portfolio encompasses personal loans, residential mortgages, home equity loans, and commercial loans, while its deposit products include various checking and savings accounts.
First Bank's wealth management division offers estate planning, investment management, retirement accounts, and estate settlement services, positioning itself as a full-service financial institution. Despite its growth, First Bank remains committed to personalized customer service, knowing clients by name and addressing their unique financial needs.
Recent achievements highlight First Bank's robust asset quality and strategic expansions. The bank reported nonperforming assets at historically low levels and demonstrated strong loan growth, with net loans increasing by $48.9 million in 2023. Furthermore, First Bank has been proactive in enhancing its technology and expanding its footprint, including plans to acquire Touchstone Bankshares, a move expected to close by late 2024.
The financial performance of First Bank reflects its resilience in a challenging interest rate environment. For the year ending December 31, 2023, the bank reported a net interest income of $43.4 million and maintained a commendable return on average assets of 0.71%. First Bank's liquidity remains robust, with substantial liquidity sources and well-capitalized status under regulatory guidelines.
First Bank's leadership, under the guidance of President and CEO Scott C. Harvard, continues to focus on operational efficiency and customer satisfaction. The bank's strategic initiatives and consistent performance underscore its commitment to delivering value to its shareholders and the communities it serves.
First National Corporation (NASDAQ: FXNC) reported unaudited consolidated net income of $3.8 million for Q1 2023, down from $4.8 million in Q4 2022. Diluted earnings per share (EPS) were $0.61, compared to $0.76 in the previous quarter. Key highlights include:
- Tangible book value per share: $17.30
- Return on average assets: 1.15%
- Net interest margin: 3.60%
- Nonperforming assets improved to 0.13% of total assets.
Despite increasing deposit costs affecting net interest margin, the company maintained a strong liquidity position with $562.4 million in liquidity sources. Shareholders received a dividend of $0.15 per share, reflecting a 7% increase from the previous year.
First National Corporation (NASDAQ: FXNC) announced the appointment of W. Todd Ross as the Market President for the Roanoke Valley Region on April 24, 2023. Todd will oversee all aspects of business banking and development while collaborating with retail, treasury, and mortgage banking functions. With over 30 years of regional banking experience, Todd aims to strengthen the bank's presence in Botetourt and Roanoke Counties. His local expertise and existing relationships with commercial customers are expected to benefit First National's growth strategy post the 2021 merger with the former Bank of Fincastle. CEO Scott C. Harvard expressed confidence in Todd's ability to enhance community banking services and meet diverse banking needs, setting a path for expansion in the region.
The Board of Directors of First National Corporation (NASDAQ: FXNC) has declared a quarterly cash dividend of $0.15 per share, marking a 7% increase from the previous quarter's dividend paid on December 16, 2022. The dividend payment is scheduled for March 10, 2023, to shareholders of record as of February 24, 2023. This increase reflects the company's commitment to returning value to its shareholders amid a stable banking environment.
First National Corporation (NASDAQ: FXNC) reported a fourth quarter 2022 net income of $4.8 million and diluted EPS of $0.76, up from $4.5 million and $0.71 in Q3 2022. For the full year, net income reached $16.8 million ($2.68 EPS), compared to $10.4 million ($1.86 EPS) in 2021. Key metrics include a return on assets of 1.37%, improved net interest margin to 3.70%, and annualized loan growth of 6%. Nonperforming assets decreased to 0.21% of total assets from 0.30% a year prior, while the allowance for loan losses rose to 0.81%.
First National Corporation (NASDAQ: FXNC) reported a net income of $4.5 million for Q3 2022, reflecting a 16% increase from the previous quarter's $3.8 million. Basic and diluted earnings per share rose to $0.71, up from $0.61. Key highlights include a 12% annualized loan growth, improved net interest margin of 3.58%, and an efficiency ratio of 61.10%. The board authorized a $5.0 million stock repurchase plan. While non-performing assets remained stable at 0.15%, total assets decreased by 9% due to lower interest-bearing deposits.
First National Corporation (NASDAQ: FXNC) reported net income of $3.8 million for Q2 2022, up from $3.3 million year-over-year. Basic earnings per share were $0.61, down from $0.69. The quarter saw a 20% increase in loans and a 12% rise in noninterest-bearing deposits. Net interest income grew 7% to $11.3 million, reflecting a favorable interest rate environment. However, the company faced a $400,000 provision for loan losses compared to a $1 million recovery last year. Total assets increased 38% to $1.4 billion compared to last year.
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