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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 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.
First National Corporation (NASDAQ: FXNC) has appointed Matt Paciocco as Senior Vice President and Regional Executive for Richmond, Virginia, effective May 11, 2022. Paciocco, a Richmond native with over 18 years of banking experience, will oversee community impact and all banking lines. He leads a team of 12 bankers and aims to significantly grow the bank's presence in the Richmond market, targeting $250 million in loans and $100 million in deposits. This strategic hire aligns with First Bank's commitment to transformational growth in the competitive Richmond banking sector.
First National reported unaudited consolidated net income of $3.7 million, or $0.60 per share, for Q1 2022, up from $2.4 million or $0.50 per share in Q1 2021. Key highlights include a 40% increase in net interest income to $10.5 million, and total assets rose 38% to $1.4 billion. Noninterest income increased 27% to $2.7 million. Despite a 30% rise in noninterest expenses, the company remains profitable with improved return metrics: ROAA at 1.06% and ROAE at 13.40%. The bank continues to show strong loan growth despite economic challenges.
First National Corporation (NASDAQ: FXNC) has declared a quarterly cash dividend of $0.14 per share, effective March 11, 2022. This marks a 17% increase compared to the previous quarterly dividend paid on December 10, 2021. Shareholders of record as of February 25, 2022 will receive the dividend. The company, established in 1907, operates a community bank in Virginia and offers a range of banking products and services, including wealth management.
First National Corporation (NASDAQ: FXNC) reported a net income of $2.2 million, or $0.35 per diluted share, for Q4 2021, down from $3.2 million, or $0.65 per diluted share, in Q4 2020. For the full year, net income rose to $10.4 million, or $1.86 per diluted share. This period included $3.5 million in merger expenses. Notable highlights include a 31% loan increase and a 37% rise in noninterest income. Total assets surged 46% to $1.4 billion, driven by acquisitions. The company maintains a well-capitalized status, despite facing merger-related expenses.
First National Corporation (NASDAQ: FXNC) reported third-quarter 2021 net income of $2.4 million, or $0.38 per diluted share, up from $1.8 million, or $0.36 per diluted share in Q3 2020. The increase in income was driven by a $2.2 million rise in net interest income and a significant growth in total assets, which rose 44% to $1.4 billion. The company completed the acquisition of The Bank of Fincastle and acquired an $82.6 million loan portfolio from SmartBank, enhancing its market presence. Return on average assets was 0.71%, while return on average equity improved to 8.64%.
First National Corporation (NASDAQ: FXNC) announces the appointment of Matt Paciocco as Regional Market Executive for Richmond. He brings an experienced team to lead commercial growth strategies. The company has also agreed to acquire approximately $83 million in loans and assets from SmartBank's Richmond branch, with the transition expected to finalize in Q4 2021. Paciocco's appointment and asset acquisition signify First National's commitment to expanding its presence in a growing market.
First National Corporation (NASDAQ: FXNC) reported a net income of $3.3 million, or $0.69 per diluted share, for Q2 2021, a significant increase from $2.2 million, or $0.46 per diluted share, in Q2 2020. Key metrics include return on average assets of 1.31% and return on average equity of 15.33%. The company incurred $277,000 in merger-related expenses following the acquisition of The Bank of Fincastle. Noninterest income rose by 37% to $2.4 million, bolstered by strong growth in banking services. Total assets grew to $1.0 billion, primarily driven by an increase in deposits.
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