Business
First National Corporation Reports Second Quarter Financial Results
STRASBURG, Va., July 31, 2024 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), reported unaudited
About this update from First National Corporation
[{"type":"text","content":"STRASBURG, Va., July 31, 2024 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), reported unaudited consolidated net income of $2.4 million and basic and diluted earnings per common share of $0.39 for the second quarter of 2024 and adjusted net income(1) of $3.0 million and adjusted basic and diluted earnings per common share(1) of $0.48. (Dollars in thousands, except earnings per share) Three Months Ended Jun 30, 2024 Mar 31, 2024 Jun 30, 2023 Net income $2,442 $3,209 $3,505 Basic and diluted earnings per share $0.39 $0.51 $0.56 Return on average assets 0.68% 0.90% 1.02%Return on average equity 8.31% 11.07% 12.56% Non-GAAP Measures: Adjusted net income (1) $3,008 $3,209 $3,505 Adjusted diluted earnings per share (1) $0.48 $0.51 $0.56 Adjusted return on average assets (1) 0.84% 0.90% 1.02%Adjusted return on equity (1) 10.23% 11.07% 12.56%Net interest margin (1) 3.40% 3.24% 3.36%Efficiency ratio (1) 70.65% 65.65% 68.37% “The Company finished an eventful first half of the year with solid second quarter financial performance in a very challenging banking environment,” said Scott C. Harvard, President and CEO. Harvard continued, “We continue to make progress on the recently announced acquisition of Touchstone Bankshares, Inc., receiving regulatory approval from the Federal Reserve, preparing for the August 29 special meetings of shareholders, and remaining on schedule for a fourth quarter closing. Excluding $571 thousand in merger related expenses, the Company reported adjusted net income of $3.0 million for the quarter, experienced a $13.7 million increase in noninterest-bearing deposits, and benefited from a 16-basis point increase in the net interest margin.” SECOND QUARTER HIGHLIGHTS Key highlights of the three months ended June 30, 2024, are as follows. Comparisons are to the three-month period ended March 31, 2024, unless otherwise stated: Net interest margin(1) improved 16 basis points to 3.40%Loans increased $17.0 million, or 7% annualizedDeposits increased $6.7 million, or 2% annualizedNoninterest-bearing deposits were stable at 31% of total depositsMerger expenses totaled $571 thousandTangible book value per share (1) increased to $18.59 MERGER WITH TOUCHSTONE BANKSHARES, INC. On March 26, 2024, the Company and Touchstone Bankshares, Inc. (Touchstone) announced they had enter...