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.
Touchstone Bankshares (OTC Pink: TSBA) reported Q2 2024 net income of $451,000 or $0.14 per share, up 58.2% from $285,000 or $0.09 per share in Q2 2023. Key highlights:
- Net interest income increased 0.9% to $5.2 million
- Net interest margin improved 3 basis points to 3.47%
- Noninterest income decreased 8.9% to $871,000
- Noninterest expense decreased 7.4% to $5.2 million
- Total assets grew 0.6% to $662.7 million
- Total loans decreased 1.6% to $500.6 million
- Total deposits increased 0.8% to $546.7 million
Results were impacted by $186,000 provision for credit losses and $202,000 in merger-related expenses for pending merger with First National Excluding merger costs, adjusted Q2 EPS would have been $0.19.
First National reported unaudited consolidated net income of $3.2 million and diluted earnings per common share of $0.51 for the first quarter of 2024. Key highlights include a return on average assets of 0.90%, return on average equity of 11.07%, and an increase in deposits by $25.4 million. The company announced an agreement to acquire Touchstone Bankshares, Inc.
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.
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.
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