FIRST NATL CORP STRASBURG VA - FXNC STOCK NEWS

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.

First National (NASDAQ: FXNC) and The Bank of Fincastle (OTC: BFTL) have received shareholder approval for their merger, expected to finalize in Q3 2021. The merger will create a combined entity with approximately $1.2 billion in assets, $1.1 billion in deposits, and $868 million in loans. This strategic move aims to enhance market presence and operational efficiency, benefiting shareholders through potential synergies.

First National Corporation (NASDAQ: FXNC) reported a net income of $2.4 million or $0.50 per diluted share for Q1 2021, improving from $1.7 million or $0.34 per share in Q1 2020. Key metrics included a return on average assets of 1.00% and a return on average equity of 11.53%. The company announced a merger with The Bank of Fincastle, incurring $405 thousand in merger expenses, impacting EPS by $0.07. Total assets rose 26% to $1.0 billion, driven by a 27% increase in deposits. Despite challenges from the pandemic, the Bank maintained robust operations and increased efficiency.