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 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.