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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 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.
First National Corporation (NASDAQ: FXNC) announced the completion of its acquisition of The Bank of Fincastle effective July 1, 2021. Fincastle shareholders will receive either 0.1649 shares of FXNC stock, $3.30 in cash, or a combination, with a cap of 22% cash if more than 20% of shares opt for cash. Post-merger, the merged entity will have approximately $1.2 billion in assets, $868 million in loans, and $1.1 billion in deposits. The company anticipates greater resources for small businesses and a positive community impact from this merger.
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